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19 September 2011, 00:00
• H1’11 revenue of €561.6m up 45% vs. H1’10
• Operating profit of +€25m vs. -€7m in H1’10 and -€104m in H1’09
• Positive net income of +€15m vs. -€14m in H1’10
• Net debt at €92m with 24% gearing ratio, also reflecting positive SFERT merger impact
• H2’11 revenue secured by strong backlog, but still subject to suppliers’ deliveries
• Confirmed 2011 outlook with 30% revenue growth and 4-to-5% EBIT margin
Ancenis – Sept 19, 2011 – Jean-Christophe Giroux, Manitou President & Chief Executive
Officer, declared: “With all 3 divisions profitable, a positive bottom line and a
strengthened balance-sheet, we're at least 6 months ahead of our 2011 financial recovery
objectives. Equity is back above its June 30, 2009 level while net debt has been divided by
4. We still have a lot to do but we can at least celebrate the end of a very dark period
and we are particularly proud of Compact Equipment getting back in the black.
Looking forward, we're sold out throughout end-2011 and our H2 performance will only
depend on suppliers' deliveries, that remain our #1 problem. Having said that, new clouds
in worldwide economics could affect our customers' confidence in renewing or expanding
their equipment fleets, and we will be carefully monitoring order-intake in the coming
months to ascertain possible new business trends. In the meantime we will continue on
our efforts on new-engines roadmaps, and will increase our focus on customers and
market drivers.”
€ in millions
RTH IMH CE Conso
H1’11
Conso
H1’10
Variance
Revenue 397.1 73.8 90.6 561.6 387.1 +45%
Gross profit 59.0 10.2 15.7 84.9 55.5 +53%
GP % 14.9% 13.8% 17.3% 15.1% 14.3% +80bps
Op. Profit 20.7 0.1 0.5 25.3 -7.3
Net Income na na na 15.2 -14.3
Net Debt 92.4 182.4 -50%
Net Equity 381.1 336.9 +13%
Gearing (%) 24% 54%
Working Cap 294.2 261.8 +12%
Divisional Review
• The Rough Terrain Handling (RTH) Division generated revenue of €397.1m up 45%
compared with last year H1 despite suppliers constraints. The profitability flow-down
has been affected by price pressure, strong production ramp-up, costs variances
generated by unfavourable base effects (stock depreciation & quality) or derived from
suppliers’ technical issues. Boosted by volumes, OP margin at 5.2% improved by
+180bps vs. H1’10.
• The Industrial Material Handling (IMH) Division posted revenue of €73.8m, up 24%
compared with last year’s first half. While mobilized on the finalization of the transfer
of its warehousing production activity to Beaupréau (West of France), the division
enjoyed a steady development of distribution activities in France. Despite this mix
effect and after 2 difficult years, IMH is back to profit and now leveraging its new
manufacturing capacity.
• The Compact Equipment (CE) Division enjoyed a sales rebound of 68% vs. H1’10.
Boosted by volumes and pricing management, gross profit jumped by 930bps at 17.3%.
Also enhanced by lower SG&A costs (end of 2009-2010 bad debt crisis), the Division is
back to the black with an operating margin of 0.5%, or 1.9% excluding one-off-costs to
combine the former Gehl and Manitou organizations in North-America and in Europe.
Technical Elements
Manitou has implemented a new financial reporting system aiming at better tracking its
operational performance and business organization. As a result, historical data will no
longer be directly comparable with the exception of 2010 data, that have been restated
accordingly. On another note, the merger of Manitou with its holding company SFERT,
approved at both EGMs on June 9, 2011, has had (i) a net positive €4.1m P&L impact from
the merger badwill, reported under the total consolidated figures but not allocated by
divisions (ii) a net positive Equity impact of €46.2m, out of which €36.6m of net cash.
New Appointment to Executive Committee
Effective September 20, Henri Brisse is joining Manitou Group as Vice-President, Sales &
Marketing, in charge of commercial operations across all brands and geographies. Henri
Brisse is 49 and married with 3 children. He holds a MBA from ESCP and has built 20 years
of experience in the car industry with Ford, Rover and Nissan. Since 2005, he has been Vice
President for worldwide Sales & Marketing with Bénéteau Boats.
2011 Outlook
Current order-book confirms H2 could be very close to H1, resulting in a 30% topline
growth on a full year basis. Final operational performance will however depend upon
suppliers’ delays, progress on certain technical aspects and especially the general
economic climate that directly affects our end-customers’ confidence in their buying
patterns.
Manitou, the Material-Handling Reference, is headquartered in Ancenis (West of France).
Manitou designs, assembles and distributes material-handling solutions for agriculture,
construction and industry markets. Manitou reported in 2010 revenue of €838 millions, of
which two thirds outside France. Business is conducted under the Manitou®, Gehl®,
Mustang®, Loc® et Edge® trademarks, through 1,400 independent dealers in more than
120 countries. As of December 31, 2010, Manitou employed 2,800 people of which 40%
outside France.
Forthcoming event
October 27, 2011: Q3’11 Revenue
Corporate information is available at: www.manitou.com
Shareholder information: communication.financiere@manitou.com
Listing codes
ISIN: FR0000038606 • MNO: MTU • Reuter: MANP.PA • Bloomberg code: MTU.FP
Indices: CAC Mid & Small, CAC Small, CAC All-Tradable, NEXT 150
Source: KHL GROUP LLP
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