Manitou Group — Interim / Quarterly Report 2011

Sep 19, 2011

2011 HALF YEAR REPORT - EXTRACT

CONSOLIDATED FINANCIAL STATEMENTS

1 STATEMENT OF COMPREHENSIVE INCOME

CONSOLIDATED INCOME STATEMENT

In € thousands	30.06.2010	31.12.2010	30.06.2011
Sales	387 110	838 309	561 568
Cost of goods & services sold	-331 598	-715 896	-476 681
Research & development costs	-8 845	-16 460	-8 629
Selling, marketing and service expenses	-31 729	-63 797	-30 753
Administrative expenses	-21 543	-40 074	-20 953
Other operating income and expenses	1 395	2 168	-1 798
CURRENT OPERATING RESULT	-5 209	4 250	22 754
Impairment of assets	0	0	0
Other non-recurring income and expenses	-2 045	-2 241	2 543
OPERATING RESULT	-7 253	2 009	25 297
Financial income	5 804	8 445	6 087
Financial expenses	-11 974	-21 101	-10 733
Net financial expenses	-6 170	-12 656	-4 646
Share of profits of associates	888	1 097	487
CONSOLIDATED INCOME (LOSS) BEFORE TAX	-12 535	-9 550	21 137
Income taxes	-1 712	-7 115	-5 982
NET INCOME (LOSS)	-14 247	-16 664	15 155
Parent company shareholders' share	-14 323	-16 681	15 039
Minority interests share	76	17	116
Earnings per share (in euros)	30.06.2010	31.12.2010	30.06.2011
Earnings per share	-0,39	-0,45	0,40
Fully diluted earnings per share	-0,39	-0,45	0,40

OTHER COMPONENTS OF COMPREHENSIVE INCOME AND EXPENSE

In € thousands	30.06.2010	31.12.2010	30.06.2011
INCOME (LOSS) FOR THE YEAR	-14 247	-16 664	15 155
Adjustements in the fair value of available-for-sale financial assets	0	0	0
Of which booked to equity	0	0	0
Of which transferred to income of the year	0	0	0
Translation differences arising on foreign activities	20 848	12 040	-9 489
Group share	20 777	11 962	-9 477
Minority interests	71	78	-12
Actuarial gains (losses) on defined benefits plans	-3 625	-658	401
Group share	-3 623	-658	401
Minority interests	-2	0	0
Interest rates hedging instruments	-205	906	862
Group share	-205	906	862
Minority interests	0	0	0
TOTAL OTHER COMPONENTS OF COMPREHENSIVE INCOME	17 018	12 288	-8 226
TOTAL COMPREHENSIVE INCOME	2 771	-4 376	6 929
GROUP SHARE	2 626	-4 471	6 825
MINORITY INTERESTS	145	95	104

2 STATEMENT OF FINANCIAL POSITION

ASSETS

			Net amount
In € thousands	Notes	31.12.2010	30.06.2011
NON-CURRENT ASSETS
PROPERTY, PLANT AND EQUIPMENT	Note 3	150 042	138 515
INVESTMENT PROPERTY			4 033
GOODWILL	Note 2	1 257	1 257
INTANGIBLE ASSETS
	Note 2	31 757	31 447
INVESTMENTS IN ASSOCIATES		19 355	18 738
NON-CURRENT FINANCE CONTRACT RECEIVABLES	Note 9	18 335	11 906
DEFERRED TAX ASSETS		5 966	5 176
NON-CURRENT FINANCIAL ASSETS	Note 6	714	5 854
OTHER NON-CURRENT ASSETS		3 776	3 207
		231 202	220 134
CURRENT ASSETS
INVENTORIES & WORK IN PROGRESS	Note 7	221 037	257 894
TRADE RECEIVABLES
	Note 8	187 763	221 781
NON-CURRENT FINANCE CONTRACT RECEIVABLES		54 196	32 725
	Note 9
OTHER RECEIVABLES
Current income tax		26 187	25 699
Other receivables		25 379	28 446
CURRENT FINANCIAL ASSETS	Note 6	364	2 215
CASH AND CASH EQUIVALENTS	Note 6	54 105	72 870
		569 031	641 630
TOTAL ASSETS		800 233	861 764

LIABILITIES AND EQUITY

In € thousands			Net amount
		31.12.2010	30.06.2011
Share capital	Note 10	37 568	39 548
Share premiums		439	44 631
Treasury shares		-9 679	-9 537
Consolidated reserves		333 830	313 552
Translation differences		-12 818	-22 291
Ne profit (loss) – Group share		-16 681	15 039
SHAREHOLDERS' EQUITY		332 659	380 942
MINORITY INTERESTS		177	168
TOTAL EQUITY		332 836	381 110
NON-CURRENT LIAIBILITIES
NON-CURRENT PROVISIONS	Note 11
		30 635	36 782
OTHER NON-CURRENT LIABILITIES		1 159	358
DEFERRED TAX LIABILITIES		14 423	12 093
NON-CURRENT LIABILITIES
Loans and other financial liabilities	Note 6	104 244	97 924
		150 461	147 157
CURRENT LIABILITIES
CURRENT PROVISIONS	Note 11	20 050	21 331
TRADE ACCOUNTS PAYABLE		140 263	170 807
OTHER CURRENT LIABILITIES
Current income tax		6 826	12 818
Other liabilities		60 681	58 970
CURRENT FINANCIAL LIABILITIES	Note 6	89 116	69 571
		316 936	333 497
TOTAL LIABILITIES		800 233	861 764

3 CHANGES IN SHAREHOLDER'S EQUITY

In € thousands	Share capital	Sare premiums	Treasury shares	Réserves	Group net profit	Translation differences	Revaluation surplus	TOTAL SHAREHOLDE RS' EQUITY (Group share)	Minority interests	TOTAL EQUITY
Balance at 31.12.2009	37 568	439	-14 439	465 592	-131 320	-24 776	908	333 973	331	334 304
Income for the year 2009				-131 320	131 320			0		0
Income for the year 30.06.2010					-14 323			-14 323	76	-14 247
Dividends								0	-93	-93
Changes in translation difference						20 777		20 777	71	20 848
Valuation difference under IFRS				-152				-152		-152
Treasury shares			-19	53				34		34
Actuarial (gain) losses on defined benefits plan				-3 623				-3 623	-2	-3 625
Change in consolidation scope & other				-6				-6	-79	-85
Shareholders' agreements				12				12	-72	-60
Balance at 30.06.2010	37 568	439	-14 458	330 556	-14 323	-3 999	908	336 692	232	336 924
Income for H2 2010					-2 358			-2 358	-59	-2 417
Dividends								0	-27	-27
Change in translation difference						-8 815		-8 815	7	-8 808
Valuation difference under IFRS				1 323				1 323		1 323
Treasury shares			4 779	-1 911				2 868		2 868
Change in consolidation scope & other				-16		0		-16	2	-14
Actuarial (gain) losses on defined benefits plan				2 965				2 965	2	2 967
Shareholders' agreements				0				0	20	20
Balance at 31.12.2010	37 568	439	-9 679	332 917	-16 681	-12 814	908	332 659	177	332 836
Income for the year 2010				-16 681	16 681			0		0
Income for the year 30.06.2011					15 039			15 039	116	15 155
SFERT merger	1 980	44 192		-5 285				40 887		40 887
Dividends								0	-24	-24
Change in translation difference						-9 477		-9 477	-12	-9 489
Valuation difference under IFRS				1 514				1 514		1 514
Treasury shares			142	-223				-81		-81
Actuarial (gain) losses on defined benefits plan				401				401	0	401
Change in consolidation scope & other				0				0	0	0
Shareholders' agreements				0				0	-89	-89
Balance at 30.06.2011	39 548	44 631	-9 537	312 643	15 039	-22 291	908	380 942	168	381 110

4 CASH FLOW STATEMENT

In € thousands	30.06.2011	30.06.2010
INCOME (LOSS) FOR THE YEAR	15 155	-14 247
Less share of profits of associates	-487	-888
Elimination of income and expense with no effect on operating cash flow and not linked to operating activities
+ Amortisation and depreciation	15 487	16 482
- Provisions and impairment	7 855	-8 452
- Change in deferred taxes	-2 513	601
+/- Income (loss) from non-current asset disposal	-171	370
- Change in capitalized leased machines	-2 083	-6 617
+/- Other	-4 633	259
EARNINGS BEFORE DEPRECIATION AND AMORTISATION	28 611	-12 492
Changes in cash flows from operating activities
+/- Change in inventories	-44 108	8 254
+/- Change in trade receivables	-36 997	-16 492
+/- Change in finance contracts receivables	28 114	33 360
+/- Change in other operating receivables	-3 529	-7 107
+/- Change in trade accounts payable	32 686	56 589
+/- Change in other operating liabilities	-1 215	9 709
+/- Changes in taxes payable and receivable	5 623	8 736
+/- Change in liabilities linked to finance contracts receivables	-15 855	-16 794
CASH FLOW FROM OPERATING ACTIVITIES	-6 670	63 763
Changes in cash flows from investing activities
+ Proceeds from sale of property, plant and equipment	901	107
+ Proceeds from sale of long-term investments	43
- Purchase of intangible assets, property, plant and equipment (excl. rental fleet)	-6 675	-4 650
- Decrease (increase) of other financial assets	-655	0
- Acquisition of subsidiaries or minority interests		-1 234
+ Dividends received from associates	847	0
CASH FLOW FROM INVESTING ACTIVITIES	-5 539	-5 777
Changes in cash flows from financing activities
+ Merger	36 585
- Dividends paid	-18	-93
+/- Purchase / sale of treasury shares	145	62
+/- Change in financial liabilities	-14 282	-61 018
+/- Other	2 309	-3 003
CASH FLOW FROM FINANCING ACTIVITIES	24 739	-64 052
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND BANK OVERDRAFTS	12 530	-6 066
Cash, cash equivalents and bank overdrafts at beginning of the year	51 411	72 060
Exchange gains / (losses) on cash and bank overdrafts	-245	2 801
CASH, CASH EQUIVALENTS, AND BANK OVERDRAFTS AT END OF THE YEAR A LA CLÔTURE	63 696	68 795
CURRENT FINANCIAL ASSETS (REMINDER)	2 215	324

Certain reclassifications have been made in the cash flow statement as of 30.06.2010. The primary impacts were the following:

Rental fleet investments:

Equipment capitalised for rental were reclassified from the cash flows from investing activities to the cash flows from operating activities under the line item "changes in capitalized leased machines" (impact as at 30.06.2010, €6,617 thousand).

Changes in taxes payable and receivable:

Changes in taxes payable and receivable were recorded on a separate line item within the changes in working capital in the amount of €8,736 thousand as of 30.06.2010.

5 INFORMATION ON OPERATING SEGMENTS

INCOME STATEMENT BY DIVISION

30.06.2011

In € thousands	Rough Terrain Handling (RTH)	Industrial Material Handling (IMH)	Compact Equipment (CE)	Other	Total
Sales	397 142	73 836	90 591		561 568
Cost of goods & services sold	-338 152	-63 642	-74 887		-476 680
Research and development costs	-5 399	-1 517	-1 714		-8 629
Selling, marketing and service expenses	-19 951	-4 526	-6 276		-30 753
Administrative expenses	-11 096	-3 690	-6 167		-20 953
Other operating income and expense	-1 808	-186	195		-1 799
CURRENT OPERATING RESULT	20 737	276	1 742	0	22 754
Impairment of assets					0
Other non recurring income and expenses	-67	-186	-1 263	4 059	2 543
OPERATING RESULT	20 670	90	479	4 059	25 297

30.06.2010

In € thousands	Rough Terrain Handling (RTH)	Industrial Material Handling (IMH)	Compact Equipment (CE)	Total
Sales	273 927	59 246	53 936	387 110
Cost of goods & services sold	-232 038	-49 953	-49 607	-331 598
Research and development costs	-6 346	-966	-1 533	-8 845
Selling, marketing and service expenses	-18 808	-4 517	-8 405	-31 729
Administrative expenses	-8 585	-5 530	-7 427	-21 543
Other operating income and expense	1 112	112	172	1 396
CURRENT OPERATING RESULT	9 263	-1 608	-12 864	-5 209
Impairment of assets				0
Other non recurring income and expenses	-8	-2 037		-2 045
OPERATING RESULT	9 255	-3 645	-12 864	-7 253

6 STRUCTURE OF MANITOU GROUP AS AT 30.06.2011

PARENT COMPANY			SUBSIDIARIES
MANITOU BF SA		COMPAGNIE FRANCAISE DE MANUTENTION
Share capital: 39 547 824 EUR	100%	Share capital: 1 320 000 EUR
430, rue de l'Aubinière 44150 ANCENIS, France		510, bd Pierre et Marie Curie - 44150 ANCENIS, France CIE INDUSTRIELLE DE MATERIELS DE MANUTENTION
	100%	Share capital: 1 800 000 EUR
		Route de Challain-la-Potherie - 49440 CANDE, France
		MLM
	100%	Share capital: 1 800 000 EUR
		Av. du Vert-Galant - 95130 SAINT-OUEN-L'AUMONE, France
		MANITOU AMERICAS 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
				100%	GEHL Receivables II, LLC Share capital: 1 000 USD
					WEST BEND, Wisconsin, USA
					GEHL Funding, LLC
				100%	Share capital: 1 000 USD
					WEST BEND, Wisconsin, USA
		MANITOU UK Ltd.			PLEDGEMEAD
	99,4%	Share capital: 230 000 GBP		100%	Share capital 10 000 GBP
		VERWOOD, United-Kingdom			VERWOOD, United-Kingdom
		MANITOU COSTRUZIONI INDUSTRIALI Srl			OMCI ATTACHMENTS Srl
	100%	Share capital: 5 000 000 EUR		100%	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
		MANITOU PORTUGAL SA			EPL CENTRO
	100%	Share capital: 600 000 EUR		57,0%	Share capital: 50 000 EUR
		VILLA FRANCA, Portugal			POMBAL, Portugal
		MANITOU DEUTSCHLAND GmbH
	100%	Share capital: 800 000 EUR
		OBER-MÖRLEN, Germany
	100%	GEHL EUROPE GmbH Share capital: 1 950 000 EUR
		NEUENKIRCHEN, Germany
		MANITOU ASIA PTE Ltd.
	100%	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.
	86%	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
		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
		ALGOMAT
	30,4%	Share capital 20 000 000 DZD
		ALGIERS, Algeria
		HANGZHOU MANITOU MACHINERY EQUIPMENT Co Ltd.
	50%	Share capital 3 000 000 USD