Manitou Group — Interim / Quarterly Report 2009

Sep 16, 2009

2009 HALF YEAR REPORT - EXTRACT MANITOU WORLD LEADER IN ROUGH TERRAIN MATERIAL HANDLING

STATEMENTS OF COMPREHENSIVE INCOME

1- CONSOLIDATED INCOME STATEMENT

		At	At	At
In € Thousands		30.06.2009	30.06.2008	31.12.2008
	Note
Sales	13	357 810	725 192	1 277 717
Changes in inventories of finished goods		-29 401	26 489	-23 821
an and work in progress
Goods and raw materials consumed		-228 701	-519 807	-850 377
Personnel costs		-64 401	-66 252	-128 019
External costs		-52 375	-71 611	-138 968
Taxation		-4 115	-5 424	-11 468
Amortisation		-17 663	-11 591	-26 029
Provisions and depreciations		2 012	-4 030	-9 372
Other operating income and expenses		-4 096	2 835	6 951
RECURRING OPERATING RESULT		-40 930	75 800	96 614
	Note
Impairment of assets	3	-50 137		-51 634
Other non recurring income and
expenses		-12 585
CURRENT OPERATING INCOME
(LOSS)		-103 652	75 800	44 980
Financial income		13 772	2 205	4 119
Financial expenses		-23 324	-1 156	-12 645
Net financial expenses		-9 552	1 049	-8 526
CONSOLIDATED INCOME (LOSS)
BEFORE TAX		-113 204	76 850	36 454
Income taxes		19 466	-26 214	-28 546
Share of profits of associates		-10	1 485	2 455
NET INCOME (LOSS)		-93 749	52 121	10 363
Group share		-93 752	48 477	4 126
Minority interests		3	3 644	6 237

Earnings per share (in euros)	At 30.06.2009	At 30.06.2008	At 31.12.2008
Earnings per share	-2,53	1,31	0,11
Fully diluted earnings per share	-2,53	1,31	0,11

STATEMENTS OF COMPREHENSIVE INCOME

2 – OTHER ELEMENTS OF COMPREHENSIVE INCOME AND COMPREHENSIVE INCOME

en milliers d'euros		30.06.2009	30.06.2008	31.12.2008
RÉSULTAT DE LA
PÉRIODE		-93 749	52 121	10 363
Ajustements de juste valeur des actifs financiers
disponibles à la vente		0	3 336	-2 646
	Dont variation de juste valeur portée en capitaux propres
	Dont variation de juste valeur transférée en résultat de la période	0 0	3 336 0	-2 646 0
Ecarts de change résultant des activités à l'étranger	Dont part revenant au	1 040	-18 265	-3 687
	Groupe	973	-18 161	-3 672
	Dont part revenant aux minoritaires	67	-104	-15
	Gains (pertes) actuariels sur engagements de retraite
et assimilés		1 446	-7 653	0
	Dont part revenant au
	Groupe	1 436	-7 622	0
	Dont part revenant aux minoritaires	10	-31	0
Instruments de couverture de taux d'intérêt		-300	-2 167	0
	Dont part revenant au
	Groupe	-300	-2 167	0
	Dont part revenant aux minoritaires	0	0	0
TOTAL DES GAINS ET PERTES COMPTABILISES DIRECTEMENT EN CAPITAUX PROPRES		2 186	-24 749	-6 333
RESULTAT GLOBAL DE LA PÉRIODE		-91 563	45 788	-14 386
	DONT PART REVENANT AU GROUPE	-91 643	42 159	-20 488
	DONT PART REVENANT AUX MINORITAIRES	80	3 629	6 102

STATEMENT OF FINANCIAL POSITION

ASSETS

	Notes	At 30.06.2009 Net	At 31.12.2008 Net	At 30.06.2008 Net
In € thousands		Book value	Book value	Book Value
NON-CURRENT ASSETS
GOODWILL	Note 3	1 792	4 100	629
INTANGIBLE ASSETS	Note 3	53 634	76 761	27 196
PROPERTY,PLANT AND EQUIPMENT	Note 4	153 485	181 423	126 070
INVESTMENTS IN ASSOCIATES		27 785	27 954	25 541
NON-CURRENT FINANCIAL ASSETS	Note 5	5 129	4 749	16 668
NON-CURRENT FINANCE CONTRACT RECEIVABLES	Note 8	76 710	91 816
OTHER NON-CURRENT ASSETS		531	811	6 212
DEFERRED TAX ASSETS		8 230	4 845	5 075
		327 295	392 459	207 392
CURRENT ASSETS
INVENTORIES & WORK IN PROGRESS	Note 6	324 972	403 215	376 888
TRADE RECEIVABLES	Note 7	181 517	306 137	311 811
NON-CURRENT FINANCE CONTRACT RECEIVABLES	Note 8	95 006	116 511
OTHER RECEIVABLES
Current income tax Other receivables		13 684 17 364	22 977 16 944	1 902 24 400
CURRENT FINANCIAL ASSETS	Note 5	326	254	215
CASH AND CASH EQUIVALENTS	Note 5	163 290	57 387	60 615
		796 159	923 425	775 831
TOTAL ASSETS		1 123 454	1 315 884	983 223

STATEMENT OF FINANCIAL POSITION

LIABILITIES

		At 30.06.2009	At 31.12.2008	At 30.06.2008
In € thousands
Share capital	Note 9	37 568	37 809	37 809
Share premiums		439	439	439
Treasury shares		-14 437	-21 009	-21 673
Consolidated reserves		467 402	467 630	468 112
Translation difference		-22 565	-23 535	-8 988
Net profit / loss (Group share)		-93 752	4 126	48 477
SHAREHOLDERS' EQUITY (Group share)		374 655	465 460	524 175
MINORITY INTERESTS		722	3 599	4 531
TOTAL EQUITY		375 377	469 059	528 706
NON CURRENT LIABILITIES
DEFERRED TAX LIABILITIES		12 561	18 676	6 659
NON-CURRENT PROVISIONS	Note 10	40 290	39 078	10 413
NON-CURRENT FINANCIAL LIABILITIES
Loans and other financial liabilities	Note 5	82 451	85 447	39 665
OTHER NON-CURRENT LIABILITIES		93	2 947	0
		135 395	146 148	56 738
CURRENT LIABILITIES
CURRENT PROVISIONS	Note 10	27 046	29 061	18 602
TRADE ACCOUNTS PAYABLE		73 497	143 344	276 913
OTHER CURRENT LIABILITIES Current income tax		774	1 086	9 102
Other liabilities		67 331	76 512	64 664
CURRENT FINANCIAL LIABILITIES	Note 5	444 034	450 674	28 498
		612 682	700 677	397 779
TOTAL LIABILITIES		1 123 454	1 315 884	983 223

STATEMENT OF CONSOLIDATED CASH FLOWS

In € thousands	At 30.06.2009	At 31.12.2008	At 30.06.2008
INCOME (LOSS) FOR THE YEAR	-93 752	10 363	52 121
Less share of profits of associates	10	-2 455	-1 485
Elimination of income and expense with no effect on op. cash flow and not linked to operating activities
+ Amortisation and depreciation	17 662	26 030	11 611
- Provisions and Impairment of assets	48 518	61 467	4 123
- Change in deferred taxes	-10 329	5 349	1 800
- Income from asset disposals	-104	-2 535	-747
+ Net book value of assets dsposal	77	1 643	342
+/- Other	407	1 296
WORKING CAPITAL FROM OPERATIONS	-37 511	101 158	67 765
Changes in cash flows from operating activities
+/- Change in inventories	76 155	-16 059	-73 216
+/- Change in trade receivables	127 128	84 431	-48 357
+/- Change in sales financing receivables	35 847	495
+/- Change in other operating receivables	9 337	13 940	10 216
+/- Change in trade payables	-68 851	-140 766	21 376
+/- Change in other operating liabilities	-740	-13 981	5 152
+/- Change in debt linked to sales financing	-41 114	2 339
CASH FLOW FROM OPERATING ACTIVITIES	100 251	31 557	-17 064
Change in cash flows from investing activities
Proceeds from sale of property, plant and
+ equipment	104	2 138	747
+ Proceeds from sale of long-term investments		554	382
- Purchases of intangible assets	-4 230	-11 160	-5 798
- Purchases of property, plant and equipment	-11 874	-36 874	-14 854
- Acquisition of subsidiaries	-37 176	-234 738	218
- Increase in capital of associates	0	-2 940
+ Dividends received from associates	376	1 131	0
Changes in liabilities towards suppliers of fixed +/- assets	-5 028	3 906	-1 108
CASH FLOW FROM INVESTING ACTIVITIES	-57 828	-277 983	-20 413
Changes in cash flows from financing activities
- Dividends paid during the period	-428	-42 379	-42 078
+/- Purchase/sale of treasury shares	-70	-1 724	-2 136
+/- Change in financial liabilities	80 165	202 962	17 388
+/- Change in current financial assets	-72	51 431	51 469
CASH FLOW FROM FINANCING ACTIVITIES	79 595	210 290	24 643
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND BANK OVERDRAFTS	122 018	-36 136	-12 834
Cash, cash equivalents and bank overdrafts at
beginning of the year	34 380	73 530	73 530
Exchange gains/(losses) on cash and bank overdrafts	962	-3 014	-1 625
CASH, CASH EQUIVALENTS AND BANK OVERDRAFTS AT END OF THE YEAR	157 360	34 380	59 070

STRUCTURE OF MANITOU GROUP as at 30.06.2009

Share capital: 37 567 540 EUR		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
		MLM
		Share capital: 1 800 000 EUR
	PARENT COMPANY SUBSIDIARIES MANITOU BF SA COMPAGNIE FRANCAISE DE MANUTENTION 100% 100% Share capital: 1 800 000 EUR Route de Challain-la-Potherie - 49440 CANDE, France 100% Av. du Vert-Galant - 95130 SAINT-OUEN-L'AUMONE, France AUMONT BSBH 100% Share capital: 1 747 200 EUR ZA Bout de Lande - 35890 LAILLE, France BTMI 100% Share capital: 230 000 EUR 59, rue de la Cité - 49600 BEAUPREAU, France GEHL POWER PRODUCTS, Inc. GEHL Company Inc. 100% 100% Share capital: 361 101 000 USD 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% 100% Share capital: 230 000 GBP Share capital 10 000 GBP VERWOOD, United-Kingdom VERWOOD, United-Kingdom MANITOU COSTRUZIONI INDUSTRIALI Srl OMCI ATTACHMENTS Srl 100% 100% Share capital: 5 000 000 EUR Share capital 50 000 EUR CASTELFRANCO EMILIA, Italy CASTELFRANCO EMILIA, Italy MANITOU BENELUX SA DE LADDERSPECIALIST B.V. 98% 100% Share capital: 500 000 EUR Share capital 117 418 EUR PERWEZ, Belgium GOES, Netherland EMPILHADORES DE PORTUGAL SA EPL ALGARVE 90% 51,3% Share capital: 600 000 EUR Share capital: 50 000 EUR ST BARTHOLOMEU DE MESSINES, Portugal VILLA FRANCA, Portugal MANITOU DEUTSCHLAND GmbH EPL CENTRO 100% 51,3% Share capital: 800 000 EUR Share capital: 50 000 EUR OBER-MÖRLEN, Germany POMBAL, Portugal MANITOU ASIA PTE Ltd. 100% Share capital: 400 000 SGD Singapore MANITUU SUUTHERN AFRICA PTY Ltd. 100% Share capital: 796 875 ZAR SPARTAN EXTENSION, South Africa MANITOU AUSTRALIA PTY Ltd. 80% 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.
			Share capital: 200 000 PLN OBORKINI, Poland MANITOU TR
	100%
	99,6%	Share capital: 250 000 000 000 TRL
		ISTANBUL, Turkey

	MANITOU BF SA		TOYOTA INDUSTRIAL EQUIPMENT SA
	Share capital: 37 567 540 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
А			MANITOU FINANCE Ltd.
S		49%	Share capital 2 000 000 GBP
s			BASINGSTOKE, United kingdom
o			FIMAN
C.		49%	Share capital 2 600 ILS
			TEL AVIV, Israel
А			ALGOMAT
т		30,4%	Share capital 20 000 000 DZD
E			ALGIERS, Algeria
s			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