Manitou Group — Annual Report 2008

Apr 1, 2009

EXTRACT

OF THE 2008 FINANCIAL REPORT

Structure of MANITOU Group as at 31.12.2008

PARENT COMPANY

SUBSIDIARIES

MANITOU BF SA		COMPAGNIE FRANCAISE DE MANUTENTION
Share capital: 37 809 040 EUR	98,9%	Share capital: 1 320 000 EUR
430, rue de l'Aubinière		510, bd Pierre et Marie Curie - 44150 ANCENIS, France
44150 ANCENIS, France		CIE INDUSTRIELLE DE MATERIELS DE MANUTENTION
	82%	Share capital: 1 800 000 EUR
		Route de Challain-la-Potherie - 49440 CANDE, France
		MLM
	99,9%	Share capital: 1 800 000 EUR
		Av. du Vert-Galant - 95130 SAINT-OUEN-L'AUMONE, France
		AUMONT BSBH
	99,9%	Share capital: 1 747 200 EUR
		ZA Bout de Lande - 35890 LAILLE, France
		BTMI
	82%	Share capital: 230 000 EUR
		59, rue de la Cité - 49600 BEAUPREAU, France
		GEHL Company Inc.		GEHL POWER PRODUCTS, Inc
	100%	Share capital: 361 101 000 USD	100%	Share capital: 100 USD
		WEST BEND, Wisconsin, USA		YANKTON, South-Dakota, USA
				MUSTANG MANUFACTURING COMPANY, Inc.
			100%	Share capital: 15 USD
				OWATONNA, Minnesota, USA
				COMPACT EQUIPMENT ATTACHMENTS, Inc.
			100%	Share capital: 1 USD
				CEDARBURG, Wisconsin, USA
				GEHL EUROPE GmbH
			100%	Share capital: 1 950 000 EUR
				NEUENKIRCHEN, Germany
				GEHL Receivables II, LLC
			100%	Share capital: 1 000 USD
				WEST BEND, Wisconsin, USA
				GEHL Funding, LLC
			100%	Share capital: 1 000 USD
				WEST BEND, Wisconsin, USA
		MANITOU NORTH AMERICA Inc.
	100%	Share capital: 63 900 USD
		WACO, Texas, U.S.A
		MANITOU UK Ltd.		PLEDGEMEAD
	98,7%	Share capital: 230 000 GBP	100%	Share capital 10 000 GBP
		VERWOOD, United-Kingdom		VERWOOD, United-Kingdom
		MANITOU COSTRUZIONI INDUSTRIALI Srl		OMCI ATTACHMENTS Srl
	75%	Share capital: 5 000 000 EUR	50%	Share capital 50 000 EUR
		CASTELFRANCO EMILIA, Italy		CASTELFRANCO EMILIA, Italy
		MANITOU BENELUX SA		DE LADDERSPECIALIST B.V.
	98%	Share capital: 500 000 EUR	100%	Share capital 117 418 EUR
		PERWEZ, Belgium		GOES, Netherland
		EMPILHADORES DE PORTUGAL SA		EPL ALGARVE
	90%	Share capital: 600 000 EUR	51,3%	Share capital: 50 000 EUR
		VILLA FRANCA, Portugal		ST BARTHOLOMEU DE MESSINES, Portugal
		MANITOU DEUTSCHLAND GmbH		EPL CENTRO
	100%	Share capital: 800 000 EUR	51,3%	Share capital: 50 000 EUR
		OBER-MÖRLEN, Germany		POMBAL, Portugal
		MANITOU ASIA PTE Ltd.
	93%	Share capital: 400 000 SGD
		Singapore
		MANITOU SOUTHERN AFRICA PTY Ltd.
	100%	Share capital: 796 875 ZAR
		SPARTAN EXTENSION, South Africa
		MANITOU AUSTRALIA PTY Ltd.
	75%	Share capital: 400 000 AUD
		ALEXANDRIA, Australia
		MANITOU HANGZHOU MATERIAL HANDLING Co Ltd.
	100%	Share capital: 5 400 000 USD
		HANGZHOU, China
		SL MANITOU MANUTENCION ESPANA
	100%	Share capital: 200 000 EUR
		MADRID, Spain
		CHARIOTS ELEVATEURS MANITOU CANADA Inc.
	100%	Share capital: 20 000 CAD
		MONTREAL, Canada
		MANITOU VOSTOK LLC
	100%	Share capital: 350 000 RUB
		BELGOROD, Russia
		MANITOU POLSKA Sp z.o.o.
	100%	Share capital: 200 000 PLN
		OBORKINI, Poland
		MANITOU TR
	99,6%	Share capital: 250 000 000 000 TRL
		ISTANBUL, Turkey

Structure of MANITOU Group as at 31.12.2008

PARENT COMPANY

SUBSIDIARIES

MANITOU BF SA		TOYOTA INDUSTRIAL EQUIPMENT SA
Share capital: 37 809 040 EUR	20%	Share capital 9 000 000 EUR
430, rue de l'Aubinière		ANCENIS, France
44150 ANCENIS, France		MANITOU FINANCE FRANCE SAS
	49%	Share capital 19 600 000 EUR
		PUTEAUX, France
		MANITOU FINANCE Ltd.
	49%	Share capital 2 000 000 GBP
		BASINGSTOKE, United kingdom
		FIMAN
	49%	Share capital 2 600 ILS
		TEL AVIV, Israel
		ALGOMAT
	30,4%	Share capital 20 000 000 DZD
		ALGIERS , Algeria
		HANGZHOU MANITOU MACHINERY EQUIPMENT Co Ltd.
	40%	Share capital 3 000 000 USD	38,7%
		HANGZHOU, China
			ACTIS LOCATION
			Share capital 62 000 EUR
			ANCENIS, France

Consolidated income statement

	At 31.12.2008	At 31.12.2007
in € thousands
Sales Changes in inventories of finished goods and work in progress	1 277 717 -23 821	1 260 246 19 796
Goods and raw materials consumed Personnel costs External costs Taxation Amortisation Provisions and depreciations Impairment of intangible assets Other operating income and expense Income from sale of activity	-850 377 -128 019 -138 968 -11 468 -26 029 -9 372 -51 634 6 951	-870 087 -120 872 -135 480 -10 131 -18 835 -3 769 7 194 3 050
CURRENT OPERATING INCOME	44 980	131 112
Financial income Financial expenses Net financial expenses	4 119 -12 645 -8 526	5 105 -2 977 2 129
CONSOLIDATED INCOME BEFORE TAX	36 454	133 240
Income tax expense	-28 546	-45 091
Share of profits of associates	2 455	4 278
NET INCOME
Group share	4 126	86 076
Minority interests	6 237	6 351

Cash-flow statement

in € thousands	At 31.12.2008	At 31.12.2007
INCOME FOR THE YEAR	10 363	92 427
Less share of profits of associates	-2 455	-4 278
Elimination of income and expense with no effect on operating cash-flow and not linked to operating activities
+ Amortisation	26 030	18 834
- Provisions, depreciation and impairment	61 467	5 280
- Change in deferred tax	5 349	3 087
- Income from asset disposals	-2 535	-18 292
+ Net book value of asset disposals	1 643	14 144
+/- Other	1 296	584
WORKING CAPITAL FROM OPERATIONS	101 158	111 786
Changes in cash-flows from operating activities
+/- Change in inventories	-16 059	-64 366
+/- Change in trade receivables	84 431	-29 737
+/- Change in sales financing receivables	495
+/- Change in other operating receivables	13 940	-1 947
+/- Change in trade accounts payable	-140 766	46 768
+/- Change in other operating liabilities	-13 981	-7 794
+/- Change in debt linked to sales financing	2 339
CASH-FLOW FROM OPERATING ACTIVITIES	31 557	54 710
Changes in cash-flows from investing activities
+ Proceeds from sale of intangible assets
+ Proceeds from sale of property, plant and equipment	2 138	2 773
+ Proceeds from sale of long-term investments	554	15 520
- Purchases of intangible assets	-11 160	-13 191
- Purchases of property, plant and equipment	-36 874	-43 515
- Acquisition of subsidiaries (net of treasury acquired)	-234 738	-1 645
- Increase in capital of associates	-2 940	0
+ Dividends received from associates	1 131	1 136
+/- Changes in liabilities towards suppliers of fixed assets	3 906	-4 171
CASH-FLOW FROM INVESTING ACTIVITIES	-277 983	-43 093
Changes in cash-flows from financing activities
+ Increase in share capital
- Decrease in share capital
- Dividends paid during the period	-42 379	-42 479
+/- Purchase/sale of treasury shares	-1 724	-4 338
+/- Change in financial liabilities	202 962	-4 651
+/- Change in current financial assets +/- Other	51 431	9 716
CASH-FLOW FROM FINANCING ACTIVITIES	210 290	-41 752
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND BANK OVERDRAFTS	-36 136	-30 135
Cash, cash equivalents and bank overdrafts at beginning of the year	73 530	105 827
Exchange gains/(losses) on cash and bank overdrafts	-3 014	-2 162
CASH, CASH EQUIVALENTS AND BANK OVERDRAFTS AT END OF THE YEAR	34 380	73 530
CURRENT FINANCIAL ASSETS (REMINDER)	254	51 662

Consolidated balance sheet

ASSETS	At 31.12.2008	At 31.12.2007
in € thousands	Net book value	Net book value
NON-CURRENT ASSETS
GOODWILL	4 100	612
INTANGIBLE ASSETS	76 761	23 256
PROPERTY, PLANT AND EQUIPMENT	181 423	121 675
INVESTMENTS IN ASSOCIATES	27 954	24 848
NON-CURRENT FINANCIAL ASSETS	4 749	19 337
NON-CURRENT FINANCE CONTRACT RECEIVABLES	91 816
OTHER NON-CURRENT ASSETS	811	5 155
DEFERRED TAX ASSETS	4 845	4 640
	392 459	199 523
CURRENT ASSETS
INVENTORIES & WORK IN PROGRESS	403 215	306 996
TRADE RECEIVABLES	306 137	265 681
FINANCE CONTRACT RECEIVABLES	116 511
OTHER RECEIVABLES
Current income tax	22 977	8 798
Other receivables	16 944	26 956
CURRENT FINANCIAL ASSETS	254	51 662
CASH AND CASH EQUIVALENTS	57 387	73 530
	923 425	733 623
TOTAL ASSETS	1 315 884	933 146

Consolidated balance sheet

LIABILITIES	At 31.12.2008	At 31.12.2007
in € thousands	Net book value	Net book value
	37 809	37 809
Share capital Share premiums	439	439
Treasury shares	-21 009	-19 364
Consolidated reserves	467 630	423 810
Translation difference	-23 535	-5 374
Net profit (Group share)	4 126	86 076
SHAREHOLDERS' EQUITY (Group share)	465 460	523 396
MINORITY INTERESTS	3 599	3 467
TOTAL EQUITY	469 059	526 863
NON-CURRENT LIABILITIES
DEFERRED TAX LIABILITIES	18 676	4 417
NON-CURRENT PROVISIONS	39 078	10 220
NON-CURRENT FINANCIAL LIABILITIES Loans and other financial liabilities	85 447	40 105
ORHER NON-CURRENT LIABILITIES	2 947	0
	146 148	54 743
CURRENT LIABILITIES
CURRENT PROVISIONS	29 061	17 198
TRADE ACCOUNTS PAYABLE	143 344	254 564
OTHER CURRENT LIABILITIES
Current income tax	1 086	1 944
Other liabilities	76 512	69 407
CURRENT FINANCIAL LIABILITIES	450 674	8 429
	700 677	351 541
TOTAL LIABILITIES	1 315 884	933 146

8 MANITOU GROUP / EXTRACT OF THE 2008 FINANCIAL REPORT