Manitou Group — Audit Report / Information 2009

Mar 31, 2010

STRUCTURE OF MANITOU GROUP AS AT 31.12.2009

STRUCTURE OF MANITOU GROUP AS AT 31.12.2009

PARENT COMPANY SUBSIDIARIES

STATEMENT OF COMPREHENSIVE INCOME

1- CONSOLIDATED INCOME STATEMENT

	At 31.12.2009	At 31.12.2008
In € Thousands
Sales	684 111	1 277 717
Changes in inventories of finished goods and work in progress	-52 099	-23 821
Goods and raw materials consumed	-439 845	-850 377
Personnel costs	-114 911	-128 019
External costs	-101 920	-138 968
Taxation	-8 160	-11 468
Amortisation	-35 978	-26 029
Provisions and depreciations	-9 049	-9 372
Other operating income and expenses	-3 213	6 951
RECURRING OPERATING RESULT	-81 063	96 614
Impairment of assets	-51 429	-51 634
Other non recurring income and expenses	-13 360
OPERATING RESULT	-145 853	44 980
Financial income	18 187	4 119
Financial expenses	-35 812	-12 645
Net financial expenses	-17 625	-8 526
CONSOLIDATED INCOME (LOSS) BEFORE TAX	-163 477	36 454
Income taxes	33 313	-28 546
Share of profits of associates	-1 080	2 455
NET INCOME (LOSS)
Group share	-131 320	4 126
Minority interests	76	6 237

Earnings per share (in euros)

Earnings per share	-3,55	0,11
Fully diluted earnings per share	-3,55	0,11

STATEMENT OF COMPREHENSIVE INCOME

2 - OTHER ELEMENTS OF COMPREHENSIVE INCOME AND COMPREHENSIVE INCOME

In € Thousands	31.12.2009	31.12.2008
INCOME (LOSS) FOR THE YEAR	-131 244	10 363
Adjustments in the fair value of available-for-sale financial assets	0	3 336
Booked in shareholders' funds	0	3 336
Booked in the income statement	0	0
Translation differences arising on foreign activities	-1 151	-18 265
Group share	-1 241	-18 161
Minority interests	90	-104
Actuarial gains (losses) on defined benefits plans	981	-7 653
Group share	981	-7 622
Minority interests	0	-31
Interest rates hedging instruments	-383	-2 167
Group share	-383	-2 167
Minority interests
TOTAL GAINS AND LOSSES BOOKED IN SHAREHOLDERS'FUNDS	-553	-24 749
TOTAL INCOME AND EXPENSE FOR THE PERIOD	-131 797	-14 386
GROUP SHARE	-131 963	-20 488
MINORITY INTERESTS	166	6 102

STATEMENT OF FINANCIAL POSITION

ASSETS	At 31.12.2009	At 31.12.2008
In € Thousands	Net	Net
NON-CURRENT ASSETS
GOODWILL	1 257	4 100
INTANGIBLE ASSETS	32 394	76 761
PROPERTY, PLANT, EQUIPMENT	159 898	181 423
INVESTMENTS IN ASSOCIATES	26 331	27 954
NON-CURRENT FINANCIAL ASSETS	3 472	4 749
NON-CURRENT FINANCE CONTRACTS RECEIVABLES	61 023	91 816
OTHER NON6CURRENT ASSETS	621	811
DEFERRED TAXES	5 826	4 845
	290 821	392 459
CURRENT ASSETS
INVENTORIES	226 645	403 215
TRADE RECEIVABLES	157 319	306 137
FINANCE CONTRACTS RECEIVABLES	63 802	116 511
OTHER RECEIVABLES
Current income tax	32 463	22 977
Other receivables	13 390	16 944
CURRENT FINANCIAL ASSETS	300	254
CASH AND CASH EQUIVALENTS	72 078	57 387
	565 997	923 425
TOTAL ASSETS	856 818	1 315 884

STATEMENT OF FINANCIAL POSITION

LIABILITIES	At 31.12.2009	At 31.12.2008
In € Thousands	Net	Net
Share capital	37 568	37 809
Share premiums	439	439
Treasury shares	-14 439	-21 009
Consolidated reserves	466 502	467 630
Translation difference	-24 776	-23 535
Net profit / loss ( Group share)	-131 320	4 126
SHAREHOLDERS' EQUITY (Group share)	333 973	465 460
MINORITY INTERESTS	331	3 599
TOTAL EQUITY	334 304	469 059
NON CURRENT LIABILITIES
DEFERRED TAX LIABILITIES	14 926	18 676
NON-CURRENT PROVISIONS	35 296	39 078
NON-CURRENT FINANCIAL LIABILITIES
Loans and other financial liabilities	141 901	85 447
OTHER NON-CURRENT LIABILITIES	3	2 947
	192 126	146 148
CURRENT LIABILITIES
CURRENT PROVISIONS	27 808	29 061
TRADE ACCOUNTS PAYABLE	79 824	143 344
OTHER CURRENT LIABILITIES
Current income tax	3 681	1 086
Other liabilities	45 697	76 512
CURRENT FINANCIAL LIABILITIES	173 377	450 674
	330 388	700 677
TOTAL LIABILITIES	856 818	1 315 884

CASH-FLOW STATEMENT

In € Thousands	At 31.12.2009	At 31.12.2008
INCOME (LOSS) FOR THE YEAR	-131 244	10 363
Less share of profits of associates	1 080	-2 455
Elimination of income and expense with no effect on op. cash-flow & not linked to op. activities
+ Amortisation and depreciation	35 977	26 030
+/- Provisions & impairment of assets	63 330	61 467
- Change in deferred taxes	-4 418	5 349
- Income from assets disposals	-1 276	-2 535
+ Net book value of assets disposals	1 208	1 643
+/- Other	89	1 296
WORKING CAPITAL FROM OPERATIONS	-35 254	101 158
Changes in cash flows from operating activities
+/- Change in inventories	170 419	-16 059
+/- Change in trade receivables	148 321	84 431
+/- Change in sales financing receivables	79 482	495
+/- Change in other operating receivables	-8 598	13 940
+/- Change in trade payables	-77 410	-140 766
+/- Change in other operating liabilities	-15 845	-13 981
+/- Change in debt linked to sales financing	-72 743	2 339
FLUX DE TRÉSORERIE D'EXPLOITATION	188 372	31 557
Change in cash flows from investing activities
+ Proceeds from sale of property, plant and equipment	839	2 138
+ Proceeds from sale of long-term investments	1 059	554
- Purchases of intangible assets	-6 393	-11 160
- Purchases of property, plant and equipment	-15 160	-36 874
- Acquisition of subsidiaries (net of treasury acquired)	-37 218	-234 738
- Increase of capital of associates	0	-2 940
+ Dividends received from associates	592	1 131
+/- Changes in liabilities towards suppliers of fixed assets	-7 379	3 906
CASH FLOW FROM INVESTING ACTIIVITIES	-63 660	-277 983
Changes in cash flows from financing activities
- Dividends paid	-427	-42 379
+/- Purchase / sale of treasury shares	154	-1 724
+/- Change in financial liabilities	-87 951	202 962
+/- Change in current financial assets	-46	51 431
CASH FLOW FROM FINANCING ACTIVITIES	-88 270	210 290
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND BANK OVERDRAFTS	36 442	-36 136
Cash, cash equivalents and bank overdrafts at beginning of the year	34 380	73 530
Exchange gains (losses) on cash and bank overdrafts	1 238	-3 014
CASH, CASH EQUIVALENTS AND BANK OVERDRAFTS END OF THE YEAR	72 060	34 380

2009 Financial Report Extract

MANITOU BF

Société Anonyme with share capital of 37,567,540 euros BP 10249 – 430 rue de l'Aubinière – 44158 Ancenis Cedex, France – Tél + 33 (2) 40 09 10 11 – Fax + 33 (2) 40 09 10 89 RCS Nantes B857 802 508 – Siret 857 802 508 00047 – APE 292 D / NAF 2822Z www.manitou.com