Skip to main content

AI assistant

Sign in to chat with this filing

The assistant answers questions, extracts KPIs, and summarises risk factors directly from the filing text.

Sign up Log in

Manitou Group Earnings Release 2010

Mar 2, 2011

1503_10-k_2011-03-02_85bac38d-f20e-466a-b451-607284f7e994.pdf

Earnings Release

Open in viewer

Opens in your device viewer

Full Year 2010 Earnings

Jean-Christophe Giroux, CEO Hervé Rochet, CFO

Highlights

  • •FY10 Revenue up +23% at €838m
  • • R-EBITDA+€12m vs. -€36m in 2009
  • • OP+€2m vs. -€146m in 2009
  • •Net loss of -€16.7m vs. -€131m in 2009 131m
  • •Net debt -43% at €139m; gearing of 42%
  • • FY11 outlook withcirca 20% revenue growth
  • •Target positive EPS with 2-4% EBIT margin

Riding the new Growth Cycle

1. 2010 in retrospect2. FY'10 Financial Results3. Manitou Up!4. 2011 Focus Points & Outlook

Appendix: Focus on Ag Market

2010 in the mirror

  • •January Manitou Next!
  • •March New MT625
  • •
  • •
  • •
  • •
  • •
  • •
  • •
  • •
  • •October EN15000
  • •
  • •
  • •January '11 Manitou Up!

April Reorg.of French Mftg Entities April Cross-OEM with Genie May Synapse Initiative June Introduction of Red Series June Launch of Gehl ALs in the US July Change in Toyota Mftg gameplan September US Banks repaid + DLL contract September New Sales organization(s) November Suppliers Convention

  • November New China Gameplan

The Year of the Rebound

2008 – 2009 – 2010 Evolution

2
0
0
9
1
0
-
2
0
0
8
0
1
-		 F
r
a
n
c
e		 E
u
r
o
p
e
F
e
x
c.
r
a
n
c
e		 A
i
m
e
r
c		 R
W
o		 l
T
t
o
a
R
T
H		 2
%
1
+
4
6
%
-		 2
%
1
+
4
6
%
-		 3
%
1
+
2
7
%
-		 6
%
4
+
2
3
%
-		 2
%
1
+
4
3
%
-
I
M
H		 1
2
%
+
%
4
4
-		 1
1
%
-
0
%
5
-		 -
-		 4
0
%
-
2
%
7
-		 -
%
4
5
-
C
E		 -
5
0
%
-		 0
%
5
+
2
3
%
-		 9
%
7
+
4
9
%
-		 9
0
%
+
3
3
%
-		 %
7
1
+
4
3
%
-
l
T
t
o
a		 1
2
%
+
4
5
%
-		 2
0
%
+
4
5
%
-		 5
8
%
+
4
5
%
-		 3
4
%
+
2
6
%
-		 2
3
%
+
4
3
%
-

Variances even out on a 2-year period

FY Revenue Matrix

2
0
0
9
F
Y
R
e
v
e
n
u
e		 2
0
F
Y		 0
1
R
e
v		 e
n
u
e
F
r.		 E
u
r.		 A
m		 R
W
o		 T
t
o		 €
m
%
t
t
o		 F
r.		 E
u
r.		 A
m		 R
W
o		 T
t
o
1
6
3		 2
5
0		 2
3		 4
9		 4
8
5		 R
T
H		 1
8
4		 3
0
2		 3
0		 7
2		 5
8
6
2
4
%		 3
7
%		 3
%		 7
%		 7
1
%		 2
2
%		 3
6
%		 4
%		 9
%		 7
0
%
7
9		 2
7		 5 1
3		 1
2
4		 I
M
H		 8
8		 2
4		 4 8 1
2
4
1
1
%		 4
%		 1
%		 2
%		 1
8
%		 1
0
%		 3
%		 0
%		 1
%		 1
5
%
1 2
3		 4
5		 6 7
5		 C
E		 1 3
4		 8
0		 1
2		 1
2
8
0
%		 3
%		 %
7		 %
1		 %
1
1		 0
%		 %
4		 0
%
1		 %
1		 %
1
5
2
3
4		 3
0
0		 2
7		 6
9		 6
8
4		 2
2
7		 3
6
1		 1
1
4		 9
2		 8
3
8
3
5
%		 4
4
%		 1
1
%		 1
0
%		 1
0
0
%		 T
t
o		 3
2
%		 4
3
%		 1
4
%		 1
1
%		 1
0
0
%

RTH: Rough Terrain Handling Division

IMH: Industrial Material Handling Division

CE: Compact Equipment

2010 RTH Scorecard

•Highlights

  • –Quality up - focus and results
  • Restored dialog with suppliers
  • –Success with MT625
  • Back to profits in H1
  • –Sweet & sour EN15000

•Lowlights

  • Elongated leadtimes
  • Market share attrition (?)
  • Slow simplification & reforms
  • Morale & climate

Gain & Pain… but how to scale ?

2010 IMH Scorecard

•Highlights

  • –Organization coming together
  • Redeployment of warehousing
  • –Market share expansion in France
  • Toyota masts certification
  • –PSA contract

•Lowlights

  • Delicate situation with Toyota
  • P300-2 Roadmap
  • Operational hickups (TMT…)
  • Credibility outside France (?)

Faith & Focus… but still unproven story

2010 CE Scorecard

•Highlights

  • –Management reorganization
  • Business and margin rebound
  • –Financing upturn
  • Shift in US business model
  • –Traction with Manitou networks
  • –Re-aligned US go-to-market

•Lowlights

  • Still below breakeven point
  • Blank year for Telehandler/Rental
  • Postponed combination plan(s)

A spectacular shift… but another mile to go

Profit & loss

M
€		 H
1		 H
2		 2
0
0
9		 H
1		 H
2		 2
0
1
0
l
N
S
t
e
a
e
s		 3
5
8		 3
2
6		 6
8
4		 3
8
7		 4
5
1		 8
3
8
G
M
i
g
r
o
s
s
a
r
n		 0
0
1		 9
2		 9
2
1		 2
9
1		 9
1
4		 2
8
7
l
%
N
S
t
e
a
e
s		 2
7
9
%
,		 2
8
3
%
,		 2
8
1
%
,		 3
3
4
%
,		 3
3
0
%
,		 3
3
2
%
,
l
C
O
R
t
t
r
r
e
n
p
e
s
u
u		 4
1
-		 0
4
-		 8
1
-		 5
-		 9 4
l
%
N
S
t
e
a
e
s		 4
%
-		 1
2
%
-		 1
1
8
%
-
,		 1
3
%
-
,		 2
%		 0
5
%
,
R
A
i
E
B
I
T
D
g
e
c
r
r
n
u		 2
5
-		 1
1
-		 3
6
-		 2 0
1		 2
1
R
i
&
t
t
t
e
s
r
u
c
u
r
a
o
n
i
i
t
m
p
a
r
m
e
n		 6
3
-		 2
-		 6
5
-		 2
-		 0 2
-
l
O
i
R
t
t
g
p
e
r
a
n
e
s
u		 1
0
4
-		 4
2
-		 1
4
6
-		 7
-		 9 2
i
i
l
l
F
t
n
a
n
c
a
r
e
s
u		 0
1
-		 8
-		 8
1
-		 6
-		 6
-		 3
1
-
I
t
n
c
o
m
e
a
x		 9
1		 1
4		 3
3		 2
-		 5
-		 7
-
l
N
R
t
t
e
e
s
u		 9
4
-		 3
8
-		 1
3
1
-		 1
4
-		 2
-		 1
7
-

Profit & loss by Divisions

€
M		 R
T
H		 I
M
H		 C
E		 2
0
0
9		 R
T
H		 I
M
H		 C
E		 2
0
0
1
l
N
S
t
e
a
e
s		 4
8
5		 1
2
4		 7
5		 6
8
4		 5
8
6		 1
2
4		 1
2
8		 8
3
8
G
M
i
r
o
s
s
a
r
g
n		 1
5
1		 3
9		 2 1
9
2		 2
0
3		 3
6		 3
9		 2
7
8
%
S
l
N
t
e
a
e
s		 3
1,
1
%		 3
1,
7
%		 2
5
%
,		 2
8
1
%
,		 3
4
6
%
,		 2
9,
2
%		 3
0
5
%
,		 3
3
2
%
,
C
O
t
r
r
e
n
p
u		 l
R
t
e
s
u		 1
9
-		 4
-		 5
9
-		 8
1
-		 2
6		 4
-		 1
8
-		 4
l
%
N
S
t
e
a
e
s		 3
8
%
-
,		 2
9
%
-
,		 7
8
%
-		 1
1,
8
%
-		 4
4
%
,		 2
9
%
-
,		 1
4
%
-		 0
5
%
,
R
i
E
B
e
c
r
r
n
g
u		 I
T
D
A		 2 4 4
2
-		 3
6
-		 3
9		 0 2
8
-		 1
2
R
t
t
t
e
s
r
u
c
u
r
a
i
i
t
m
p
a
r
m
e
n		 &
i
o
n		 0
1
-		 4
-		 5
1
-		 6
5
-		 0 2
-		 0 2
-
O
i
R
t
g
p
e
r
a
n		 l
t
e
s
u		 2
8
-		 8
-		 1
1
0
-		 1
4
6
-		 2
6		 6
-		 1
8
-		 2

Gross Margin 2010 vs. 2009

FY'10 Earnings I March 3, 2011Page 13

Recurring OP 2010 vs. 2009

Balance sheet

€
M		 2
0
0
9		 2
0
1
0		 V
a
r		 %
V
a
r
N
*
t
t
o
n
c
u
r
r
e
n
a
s
s
e
s		 2
3
0		 2
3
1		 1
7
-		 %
7
-
I
i
t
n
e
n
o
r
e
s
v		 2
2
7		 2
2
1		 6
-		 2
%
-
d
b
l
T
i
r
a
e
r
e
c
e
v
a
e
s		 1
5
7		 8
8
1		 3
1		 9
%
1
F
i
i
b
l
t
t
n
a
n
c
e
c
o
n
r
a
c
s
r
e
c
e
v
a
e
s		 1
2
5		 7
3		 5
2
-		 4
2
%
-
h
b
l
O
i
t
e
r
r
e
c
e
v
a
e
s		 4
6		 5
2		 6 1
3
%
C
h
&
h
l
i
t
a
s
c
a
s
e
q
u
v
a
e
n		 2
7		 5
4		 8
1
-		 2
%
5
-
T
O
T
A
L
A
S
S
E
T
S		 8
5
7		 8
0
0		 5
7
-		 7
%
-
E
i
t
q
u
y		 3
3
4		 3
3
3		 2
-		 0
%
l
l
b
l
F
i
i
i
i
i
i
t
n
a
n
c
a
a
e
s		 3
1
5		 9
3
1		 2
2
1
-		 3
9
%
-
T
d
b
l
t
r
a
e
a
c
c
o
n
s
p
a
a
e
s
u
y		 8
0		 1
4
2		 6
2		 7
8
%
h
l
b
l
O
i
i
i
i
t
t
t
e
r
n
o
n
c
u
r
r
e
n
a
e
s		 7
8		 6
6		 1
2
-		 1
5
%
-
O
h
l
i
b
i
l
i
i
t
t
t
e
r
c
u
r
r
e
n
a
e
s		 9
4		 6
6		 6
1		 3
3
%
T
O
A
T
L
L
I
A
B
I
L
I
T
I
E
S		 8
5
7		 8
0
0		 5
7
-		 7
%
-
W
k
i
C
i
l
i
M
€
t
g
o
r
n
a
p
a
n		 2
7
2		 2
3
3		 3
9
-		 1
4
%
-
R
i
i
d
f
t
t
a
o
n
a
y
s
o
u
r
n
o
v
e
r
I
i
t
n
v
e
n
o
r
e
s		 1
1
9		 9
5		 2
4
-		 2
0
%
-
R
b
l
i
e
c
e
v
a
e
s		 8
4		 8
1		 3
-		 3
%
-
P
b
l
a
a
e
s
y		 4
2		 6
1		 1
9		 4
5
%
k
l
d
W
i
C
i
i
t
g
o
r
n
a
p
a
n
a
y
s		 1
4
4		 1
0
0		 4
4
-		 3
1
%
-

* Excluding non current financial contracts receivables

Capital Expenditure

in €m

i
€
n
m		 2
0
0
9		 2
0
1
0
R
&
D		 4 4
E
R
P
/
I
T		 2 1
h
O
t
e
r		 1
l
b
l
T
i
i
t
t
g
o
a
n
a
n
e
s		 7 5
l
d
B
i
i
g
u
n
s		 7 1
d
l
I
i
i
t
t
n
s
r
a
e
q
p
m
e
n
u
u		 4 2
h
O
t
e
r		 2 2
b
l
l.
l
f
l
T
i
R
t
t
g
a
n
e
s
e
x
c
e
n
a
e
e		 1
3		 5
*
l
f
l
R
t
t
e
n
a
e
e		 2 1
0

* incl. €7m for PSA Aulnay-Sous-Bois contract

Finance Contracts (FC)

i
€
n
m		 0
8
D
e
c		 0
9
J
n
u		 0
9
D
e
c		 0
J
1
n
u		 0
D
1
e
c
b
l
F
i
C
i
t
t
n
a
n
c
e
o
n
r
a
c
s
r
e
c
e
v
a
e
s		 2
0
8		 1
7
2		 1
2
5		 1
1
1		 7
3
F
i
C
f
i
i
t
t
g
n
a
n
c
e
o
n
r
a
c
s
r
e
n
a
n
c
n
S
i
i
i
t
t
g
e
c
u
r
z
a
o
n
p
r
o
r
a
m		 9
3
-		 5
5
-		 2
8
-
L
i
i
d
t
m
e
r
e
c
o
u
r
s
e		 6
0
-		 5
4
-		 4
8
-		 7
1
-		 5
2
-
f
d
b
F
C
i
i
t
g
r
e
n
a
n
c
n
e		 1
5
3
-		 1
0
9
-		 7
6
-		 7
1
-		 5
2
-
b
l
N
(
)
t
t
e
a
a
n
c
e
a
s
s
e		 5
5		 6
3		 4
9		 4
0		 2
1
h
l
f
C
F
t
u
u
r
e
a
s
o
w
=

Inventories (gross)

Cash Flow

i
€
n
m		 0
9
D
e
c		 0
J
1
n
u		 0
D
1
e
c
h
f
l
f
C
i
t
a
s
o
w
r
o
m
o
p
e
r
a
o
n
s		 3
5
-		 6
-		 7
-
C
h
i
k
i
i
l
t
g
g
a
n
e
n
w
o
r
n
c
a
p
a		 2
2
4		 7
9		 9
9
/
i
i
t
o
w
n
v
e
n
o
r
e
s		 1
7
0		 8 1
8
/
d
i
b
l
t
o
w
r
a
e
r
e
c
e
v
a
e
s		 1
4
8		 1
6
-		 2
8
-
/
f
i
i
b
l
(
)
t
t
t
o
w
n
a
n
c
e
c
o
n
r
a
c
s
r
e
c
e
v
a
e
s
n
e		 7 1
7		 3
6
/
d
b
l
t
t
o
w
r
a
e
a
c
c
o
u
n
s
p
a
y
a
e
s		 7
7
-		 5
9		 6
1
h
f
l
f
C
i
i
i
i
i
t
t
t
g
a
s
o
w
r
o
m
n
v
e
s
n
a
c
v
e
s		 6
4
-		 1
3
-		 1
3
-
b
l
b
l
/
i
i
&
i
t
t
t
g
g
o
w
n
a
n
e
a
n
e
a
s
s
e
s		 2
2
-		 1
1
-		 2
0
-
f
d
l
/
i
i
t
o
w
x
e
a
s
s
e
s
s
u
p
p
e
r
s		 7
-		 1
-		 1
-
f
b
d
/
i
i
i
i
i
i
t
o
a
c
q
s
o
n
o
s
s
a
r
e
s
w
u
u		 3
7
-		 1
-		 4
-
b
d
d
l
/
i
i
i
i
o
s
s
a
r
e
s
s
p
o
s
a
w
u		 1 2
1
h
l
C
f
f
f
i
i
i
i
i
t
t
g
a
s
o
w
r
o
m
n
a
n
c
n
a
c
v
e
s		 8
8
-		 6
4
-		 1
0
0
-
h
i
f
i
i
l
l
i
b
i
l
i
i
/
t
g
o
w
c
a
n
e
n
n
a
n
c
a
a
e
s		 8
8
-		 6
4
-		 0
2
1
-
/
d
i
l
f
h
t
o
w
s
p
o
s
a
o
r
e
a
s
u
r
y
s
a
r
e
s		 2
h
h
f
l
C
i
&
i
i
t
t
g
a
n
e
n
c
a
s
c
u
r
r
e
n
n
a
n
c
a
a
s
s
e
s		 3
6		 6
-		 2
1
-

Net debt

i
€
n
m		 D
0
8
e
c		 J
0
9
u
n		 D
0
9
e
c		 J
1
0
u
n		 D
1
0
e
c
h
l
C
&
f
i
i
t
t
a
s
c
r
r
e
n
n
a
n
c
a
a
s
s
e
s
u		 5
8		 1
6
4		 7
2		 6
9		 5
4
d
b
A
i
i
i
t
t
c
q
u
s
o
n
e
M
i
i
t
t
n
o
r
y
p
u
s		 2
0
7
3
6		 2
0
6
3		 1
7
1
3		 1
3
9
2		 1
1
8
3
l
&
C
&
f
l
R
B
i
i
i
t
e
v
o
v
e
r
a
c
e
s		 2
3		 1
1
4		 2 5
S
d
d
b
S
i
i
U
t
g
y
n
c
a
e
o
r
r
o
w
n
S
i
i
i
t
t
g
e
c
u
r
z
a
o
n
p
r
o
r
a
m
d
L
i
i
t
m
e
r
e
c
o
u
r
s
e		 8
4
9
3
6
0		 6
2
5
5
5
4		 3
7
2
8
8
4		 1
1
7
1		 2
5
l
&
h
F
i
t
n
a
n
c
e
e
a
s
e
s
o
e
r
s
D
i
i
t
e
r
v
a
v
e
s		 2
1
2
1		 2
2
1
1		 2
0
8		 2
3
5		 2
1
3
l
l
l
b
l
f
i
i
i
i
i
i
T
t
t
o
a
n
a
n
c
a
a
e
s		 5
3
6		 5
2
7		 3
1
5		 2
5
2		 1
9
3
N
E
T
D
E
B
T		 4
7
8		 3
6
3		 2
4
3		 1
8
3		 1
3
9
G
i
g
e
a
r
n		 1
0
2
%		 9
7
%		 7
3
%		 5
4
%		 4
2
%

Liquidity status as at March 2nd, 2011

i
L
n
e		 é
é
f
i
i
i
B
n
c
a
r
e
s		 T
e
r
m		 d
U
s
e
R
l
l
i
B
e
v
o
v
e
r
n
e		 M
i
B
F
t
a
n
o
u		 2
0
1
3
t
s
e
p		 4
0
M
€
*		 N
d
t
o
u
s
e
R
l
l
i
C
*
e
o
e
r
n
e
v
v
\$
l
i
(
/
€
)
t
m
u
c
u
r
r
e
n
c
y		 i
B
M
F
t
a
n
o
u		 2
0
3
1
t
s
e
p		 3
3
€
*
M		 d
N
t
o
s
e
u
O
h
f
i
l
i
i
t
t
e
r
a
c
e
s		 S
d
n
r
u
y		 - 0
€
*
4
M		 d
N
t
o
s
e
u
l
d
T
t
o
a
u
n
u
s
e		 3
€
*
1
1
M
h
d
F
i
L
i
i
i
(
M
t
t
g
o
r
e
c
o
m
n
q
u
y		 *
2
0
1
1
)
3
8
M
€		 h
l
C
&
i
t
a
s
e
q
u
v
a
e
n
T
l
F
t
o
a
p
r
o
o
r
m
a		 1
5
1
€
*
M

* \$45m or €equivalent

NB: Gehl financing by Manitou BF : cap at \$€45m – \$15m used at this date. No tension foreseen in 2011 considering needs & positive Cash-Flow s generated by the Finance contracts receivables.

Headcount

Headcount & temps.

Headcount & temps in full time equivalent

1. 2010 in retrospect2. FY'10 Financial Results3. Manitou Up !4. 2011 Focus Points & Outlook

Appendix: Focus on Ag Market

2 main features: cyclicality ANDvolatility

Manage Cyclicity!

Ride the wave, anticipate inflexions

Contain Volatility!

Influence the market, smoothen our production

Manitou Up!

COMMERCIAL UNIVERSE

Up as in Climb Up!

Increase our business whatever its current level (country-segment-share)

CAPTURINGGROWTH

Don't wait for it to come in but organize it

Don't just be a leader, but impose leadership

Commit on Order Intake & Backlog

OPERATIONAL UNIVERSE

Up as in Stand Up!

Define/restore/upgrade our operational standards, tools, processes

DELIVERING GROWTH

Don't make getaway promises but stand for it

Uphold our commitments and restore our brand equity

Commit on Deliveries & Revenue

On the 'capturing' side…

• DevelopNew Presence

  • Create usage & market reference
  • Find an angle
  • Righsize local organization
  • Growdealers presence

• LeverageMarket Leadership

  • Make Manitou «Easy to deal with»
  • Enlarge the product offer "cross-sell"
  • Develop the key accounts sales
  • Improve the upsell per machine

CREATINGGROWTH !

Form scalable beachheadsin new markets

STIMULATINGGROWTH !

Raise the dealers' barrierin mature markets

…on the 'delivering' side

ENABLINGGROWTH !

Shift processes from Reactiveness to anticipation

GUARANTEEINGGROWTH !

Load clockwork with firepowercost, leadtime, quality -

•Instill Forecast culture & tools

  • For business predictability (ours+dealers')
  • –For customer focus
  • For suppliers' visibility
  • – For manpowerramp-up

• EnforceOps Predictability

  • Manage diversity
  • –Improve productivity
  • Increase competencies
  • –Revisit domain boundaries

Appendix: Focus on Ag Market

1. Red Series

•12 'regular' models just produced differently

  • Batch processing for better predictability/availability/quality
  • Leadtime half the average one
  • Important both for suppliers and dealers (upstream & downstream)

•Good & quick commercial acceptance

  • 50% of volumes in France (90% in agriculture !)
  • 25% abroad with faster ramp-up now

•Interesting lessons to be learned

  • Differentiation can be managed differently (staggered, pushed out)
  • Batch processing also works for mid-series and Rental
  • Special Affairs to be boosted

2. Suppliers

•New Suppliers Executive Program

  • New Rules of Engagement (quality, leadtimes, buffer stocks)
  • Suppliers Convention in Ancenis in november with > 200 people
  • • Traction & recognition with Synapse initiative
  • For 280 'local' PaysPays-de-Loire suppliers & subcontractors
  • Manitou as a facilitator between banks, local authorities etc…
  • €11m of financing arranged + 17 diversification actions
  • • But still numerous alerts & defaults
  • Capacity ramp-up is tough for everyone
  • It is true all along the chain (supplier's suppliers also)
  • We have our own share of responsibility (ERP, processes)

3. Focus on Engines

• All 2012-EU soldmachines will have to be IIIB but:

  • Franchise for 20%(?) of last 5-years average volumes by category
  • Further tolerance if IIIA engine/machine stocked in the EU < Dec.31
  • • Implied challenge for truck manufacturers
  • Deepredesign (exteriors exteriors, cooling cooling, architecture) on a , tight roadmap
  • Significant cost impact with little/no customer benefi t
  • • Implied challenge for engines suppliers
  • Ramp-up of IIIA stocks + IIIB preseries… on top of organic demand!
  • Risk of delays
  • Probable allocations
  • 2011/2012 impact

4. New China Setup

From 2006….

…Into 2010

4. New China Setup

• Downplay the original manufacturing-onlyangle

  • Gain on labour offset by freight
  • Subcritical for local suppliers
  • • Leverage the HangCha power
  • Domestic leader on chinesemarket with rival Heli (both 25%)
  • New Lin'An industrial park with 80,000 trucks capacity + suppliers!
  • Wants to create future growth relay with Manitou for China

•Experience dual go-to-market strategy

  • Animate local dealers thru MCN for 'hi-value' applications
  • Use HMME for downcosting+distribution of 3 basic RTH models
  • Rebalance 50-50% shareholding for governance & alignment

5. Rearrangement of Family Control

•Global protocol signed by all family members

    1. Merger of Manitou and SFERT (42% holdco)
    1. New Shareholders' Agreement
    1. Parents-Children transmission

• Good progress vs. announcement datedFeb. 9

  • Completion by June 9, 2011 (Manitou EGM)
  • Secured and transparent process

• Reaffirmed and organizedfamily control

  • Over a reinforced Manitou (ca.€50m contributed cash & equivalents)
  • With Family up a few points (65% vs. 63% today)
  • With a clarified and improved governance

Revenue & OP Margin over 11 years

What to learn ? Where to go ?

Why a slow profitability ramp ?

  • •Compound inflation
  • •Size of commercial & central structure
  • •Manufacturing overcapacity (2011/2012)
  • •Regulatory & Safety environment
  • •Different Pricing strategy & Revenue mix
  • •Difficult supplier leverage (2011)
  • •Poor operational efficiency (2011)

Double-digit EBIT Margin still a target

Outlook & Guidance

  • •2011 will be the year of the recovery…
  • • …financially but alsooperationally
  • •Bury the past and deliver the present…
  • • …but also prepareand invent the future
  • •This is just the beginning of a new cycle
  • •The trend is clear, the slope & pace are less
  • •Success is for us to lose

Manitou Up!

  1. 2010 in retrospect2. FY'10 Financial Results3. Manitou Up !4. 2011 Focus Points & Outlook

Appendix: Focus on Ag Market

Agriculture Macro-trends

  • • World demand up for all ag products
  • • Increasing net ag value add
  • • Farms getting to critical size

  • • Higher productivity and mechanization

  • • Cost of energy and fertilizers

  • • Erratic cereal production
  • • Expensive ag rawproducts
  • • Difficult financial balance to manage

A (more and more) Volatile Environment

Material-Handling for Agriculture

•Adiverse market

  • –Variety in usages/applications
  • –Specificity in tastes/environments
  • Difference user/buyer

• Ademandingmarket

  • –'Handling solutions' leveraging attachments
  • Mission-critical equipment, at work 24/7
  • –'Always on' and serviceability, short renewal cycles

• Achangingmarket

  • Towards more compact/versatile equipment
  • –Towards more economic value (TCO)
  • Towards higher customer benefits and value

Outlook

  • • Europe: material-handling is key
  • Family farming getting bigger and bigger
  • New environment & safety regulations
  • • North America: still a very different market
  • Skidloader isking
  • Slow opening to new concepts
  • • New Markets: a blend & a mix
  • Whereas farm size, usage, manpower
  • Whereas taste, cultures, influences

An Immense Potential!

Manitou at SIMA 2011

Manitou at SIMA 2011

  • • Adiverse market
  • –Variety in usages/applications
  • –Specificity in tastes/environments
  • Difference user/buyer

• Ademandingmarket

  • –'Handling solutions' with attachments
  • Mission-critical equipment, at work 24/7
  • –'Always on' and serviceability,

• Achangingmarket

  • more compact/versatile equipment
  • –more economic value (TCO)
  • higher customer benefits and value

Thank You for your Attention

More from Manitou Group

Earnings Release 2026
Apr 28
Earnings Release 2026
Apr 28
Report Publication Announcement 2026
Apr 24
Report Publication Announcement 2026
Apr 24
Annual Report 2026
Apr 24
Board/Management Information 2026
Apr 23
Board/Management Information 2026
Apr 23
Board/Management Information 2026
Apr 11
Board/Management Information 2026
Apr 11
Environmental & Social Information 2026
Mar 11
View all filings →