Manitou Group — Interim / Quarterly Report 2012

Aug 29, 2012

2012 HALF YEAR REPORT EXTRACT

1 Manitou Group / 2012 Half Year Report - Extract

CONSOLIDATED FINANCIAL STATEMENTS AT 30.06.2012

1. STATEMENTS OF COMPREHENSIVE INCOME

CONSOLIDATED INCOME STATEMENT

In € thousands	31.12.2011	30.06.2011	30.06.2012
Sales	1 131 145	561 568	672 285
Cost of goods & services sold	-957 532	-476 681	-574 693
Research & development costs	-16 596	-8 629	-10 873
Selling, marketing and service expenses	-61 634	-30 753	-38 551
Administrative expenses	-42 528	-20 953	-22 136
Other operating income and expenses	-1 594	-1 798	3 497
RECURRING OPERATING INCOME	51 262	22 754	29 529
Impairment of assets	-981	0	-20
Other non-recurring income and expenses	2 655	2 543	1 226
OPERATING INCOME	52 935	25 296	30 735
Financial income	9 527	6 087	4 918
Financial expenses	-18 555	-10 733	-10 576
Net financial expenses	-9 027	-4 646	-5 658
Share of profits of associates	962	487	507
CONSOLIDATED INCOME (LOSS) BEFORE TAX	44 870	21 137	25 584
Income taxes	-8 361	-5 982	-4 295
NET INCOME (LOSS)	36 509	15 155	21 289
Attributable to equity holders of the Parent	36 408	15 039	21 048
Attributable to minority interests	101	116	241
EARNINGS PER SHARE (in euros)	31.12.2011	30.06.2011	30.06.2012
Net income (loss) attributable to the equity holders of the Parent	0,95	0,40	0,54
Diluted earnings per share	0,94	0,40	0,53

OTHER COMPONENTS OF COMPREHENSIVE INCOME AND EXPENSE & COMPREHENSIVE INCOME

In € thousands		31.12.2011	30.06.2011	30.06.2012
INCOME (LOSS) FOR THE YEAR		36 509	15 155	21 289
Adjustements in the fair value of available-for-sale financial assets		50	0	-800
	Of which booked to equity
	Of which transferred to income of the year
Translation differences arising on foreign activities		2 559	-9 489	4 226
	Attributable to equity holders of the Parent	2 540	-9 477	4 207
	Attributable to minority interests	19	-12	20
Actuarial gains (losses) on defined benefits plans		-5 736	401	-3 769
	Attributable to equity holders of the Parent	-5 733	401	-3 770
	Attributable to minority interests	-3	0	1
Interest rates hedging instruments		-358	862	334
	Attributable to equity holders of the Parent	-358	862	334
	Attributable to minority interests	0	0	0
TOTAL GAINS & LOSSES BOOKED IN EQUITY		-3 485	-8 226	-9
TOTAL INCOME & EXPENSE FOR THE PERIOD		33 025	6 929	21 280
	Attributable to equity holders of the Parent	32 907	6 825	21 019
	Attributable to minority interests	118	104	261

2. STATEMENT OF FINANCIAL POSITION

ASSETS

			Net Amount
In € thousands	Notes	31.12.2011	30.06.2012
NON-CURRENT ASSETS
PROPERTY, PLANT AND EQUIPMENT	Note 3	138 176	134 248
INVESTMENT PROPERTY		3 752	3 611
GOODWILL	Note 2	294	294
INTANGIBLE ASSETS	Note 2	32 646	32 200
INVESTMENTS IN ASSOCIATES		19 672	20 819
NON-CURRENT FINANCE CONTRACT RECEIVABLES	Note 8	8 732	8 278
DEFERRED TAX ASSETS		4 911	7 672
NON-CURRENT FINANCIAL ASSETS	Note 5	5 505	5 477
OTHER NON-CURRENT ASSETS		2 648	2 100
		216 335	214 699
CURRENT ASSETS
INVENTORIES & WORK IN PROGRESS	Note 6	307 872	351 581
TRADE RECEIVABLES	Note 7	238 830	292 562
CURRENT FINANCE CONTRACT RECEIVABLES	Note 8	22 808	13 830
OTHER RECEIVABLES
Current income tax		26 031	26 698
Other receivables		31 029	34 557
CURRENT FINANCIAL ASSETS	Note 5	3 181	3 559
CASH AND CASH EQUIVALENTS	Note 5	42 680	27 026
		672 431	749 813
TOTAL ASSETS		888 767	964 512

LIABILITIES AND EQUITY

			Net Amount
In € thousands		31.12.2011	30.06.2012
Share capital	Note 9	39 549	39 549
Share premiums		44 645	44 645
Treasury shares		-9 243	-9 349
Consolidated reserves		306 068	326 962
Translation differences		-10 274	-6 068
Net profit (loss) – Group share		36 409	21 048
SHAREHOLDERS' EQUITY		407 153	416 787
MINORITY INTERESTS		101	82
TOTAL EQUITY		407 255	416 869
NON-CURRENT LIABILITIES
NON-CURRENT PROVISIONS	Note 10	35 938	41 737
OTHER NON-CURRENT LIABILITIES		1 309	1 462
DEFERRED TAX LIABILITIES		9 007	7 731
NON-CURRENT FINANCIAL LIABILITIES
Loans and other financial liabilities	Note 5	65 444	67 506
		111 698	118 436
CURRENT LIABILITIES
CURRENT PROVISIONS	Note 10	27 914	27 539
TRADE ACCOUNTS PAYABLE		203 444	218 075
OTHER CURRENT LIABILITIES
Current income tax		4 857	5 887
Other liabilities		67 671	67 347
CURRENT FINANCIAL LIABILITIES	Note 5	65 928	110 359
		369 814	429 207
TOTAL LIABILITIES		888 767	964 512

3. CHANGES IN SHAREHOLDER'S EQUITY

In € thousands	Share Capital	Share premiums	Treasury shares	Reserves	Group net profit	Translation differences	Revaluation surplus	TOTAL SHAREHO LDERS' EQUITY (Group share)	Minority interests	TOTAL EQUITY
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 at 30.06.2011					15 039			15 039	116	15 155
SFERT merger	1 980	44 192		-5 285				40 887		40 887
Dividends									-24	-24
Change in translation differences						-9 477		-9 477	-12	-9 489
Valuation differences under IFRS				1 514				1 514		1 514
Treasury shares			142	-223				-81		-81
Actuarial (gain) losses on employee benefits				401				401		401
Change in consolidation scope & other									0
Shareholders' agreements									-89	-89
Balance at 30.06.2011	39 548	44 631	-9 537	312 643	15 039	-22 291	908	380 942	169	381 110
Income for H2'2011					21 369			21 369	-15	21 354
Dividends				0				0	-23	-23
Change in translation differences						12 017		12 017	31	12 048
Valuation differences under IFRS				-1 573				-1 573	-146	-1 719
Treasury shares			294	223				517		517
Actuarial (gain) losses on employee benefits				-6 133				-6 134	-3	-6 137
Change in consolidation scope & other	1	14			0			15		15
Shareholders' agreements									89	89
Balance at 31.12.2011	39 549	44 645	-9 243	305 160	36 408	-10 274	908	407 153	101	407 254
Income for the year 2011				36 408	-36 408
Income at 30.06.2012					21 048			21 048	241	21 289
Dividends				-11 774				-11 774	-88	-11 862
Change in translation differences						4 207		4 207	20	4 226
Valuation differences under IFRS				28				28	-192	-164
Treasury shares			-106					-106		-106
Actuarial (gain) losses on employee benefits				-3 769				-3 769	1	-3 768
Change in consolidation scope & other
Shareholders' agreements									-192	-192
Balance at 30.06.2012	39 549	44 645	-9 349	326 053	21 048	-6 068	908	416 787	82	416 869

4. CASH FLOW STATEMENT

In € thousands	31.12.2011	30.06.2011	30.06.2012
INCOME (LOSS) FOR THE YEAR	36 509	15 155	21 289
Less share of profits of associates	-962	-487	-507
Elimination of income and expense with no effect on operating cash flow and not linked to
operating activities
+ Amortisation and depreciation	30 546	15 487	14 655
- Provisions and impairment	-2 891	7 855	-3 319
- Change in deferred taxes	-4 901	-2 513	-3 451
+/- Income (loss) from non-current asset disposal	-216	-171	-1 884
- Change in capitalized leased machines	-3 895	-2 083	-1 586
+/- Other	-4 753	-4 633	322
EARNINGS BEFORE DEPRECIATION AND AMORTISATION	49 438	28 611	25 518
Changes in cash flows from operating activities
+/- Change in inventories	-83 012	-44 108	-40 420
+/- Change in trade receivables	-47 211	-36 997	-49 910
+/- Change in finance contracts receivables	51 351	28 114	14 056
+/- Change in other operating receivables	-5 705	-3 529	-3 120
+/- Change in trade accounts payable	62 830	32 686	12 692
+/- Change in other operating liabilities	7 430	-1 215	569
+/- Changes in taxes payable and receivable	-3 246	5 623	325
+/- Change in liabilities linked to finance contracts receivables	-24 923	-15 855	-12 262
CASH FLOW FROM OPERATING ACTIVITIES	6 952	-6 670	-52 553
Changes in cash flows from investing activities
+ Proceeds from sale of property, plant and equipment	387	901	3 471
+ Proceeds from sale of long-term investments	43	43	0
- Purchase of intangible assets, property, plant and equipment (excl. rental fleet)	-18 178	-6 675	-9 335
- Decrease (increase) of other financial assets	-2 107	-655	-1 061
- Acquisition of subsidiaries or minority interests	0		0
- Increase in capital of associates	0		-504
+ Dividends received from associates	847	847	0
CASH FLOW FROM INVESTING ACTIVITIES	-19 008	-5 539	-7 430
Changes in cash flows from financing activities
+ Increase in capital	15	0	0
- Decrease in capital	0	0	0
- Merger	36 584	36 584	0
- Dividends paid	-47	-18	-11 802
+/- Purchase / sale of treasury shares	469	145	27
+/- Change in financial liabilities	-41 862	-15 649	45 477
+/- Other	-2 401	2 309	401
CASH FLOW FROM FINANCING ACTIVITIES	-7 241	23 372	34 103
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND BANK OVERDRAFTS	-19 297	11 163	-25 880
Cash, cash equivalents and bank overdrafts at beginning of the year	52 778	52 778	34 216
Exchange gains (losses) on cash and bank overdrafts	736	-245	117
CASH, CASH EQUIVALENTS, AND BANK OVERDRAFTS AT END OF THE YEAR	34 216	63 696	8 453
CURRENT FINANCIAL ASSETS (REMINDER)	3 181	2 215	3 559

5. INFORMATION ON OPERATING SEGMENTS

The Group is organized into three divisions :

• Rough Terrain Handling Division (RTH) : assembly and distribution of rough terrain handling equipment.
• Industrial Material Handling Division (IMH) : assembly and distribution of industrial handling and warehousing equipment.
• Compact Equipment Division (CE) : assembly and distribution of compact equipment.

Assets, cash flows and liabilities are not allocated to the individual divisions, as the operating segment information used by the Group's management does not include those items.

INCOME STATEMENT BY DIVISION

30.06.2012

	RTH Rough Terrain	IMH Industrial Material	CE Compact Equipment	Other	Total
In € thousands	Handling	Handling
Sales	473 002	83 943	115 341		672 285
Cost of goods & services sold	-405 095	-72 793	-96 804		-574 693
Research and development costs	-8 217	-1 050	-1 607		-10 873
Selling, marketing and service expenses	-25 560	-6 869	-6 123		-38 551
Administrative expenses	-12 762	-3 146	-6 228		-22 136
Other operating income and expense	1 782	316	1 399		3 497
RECURRING OPERATING INCOME	23 150	400	5 979		29 529
Impairment of assets		-20			-20
Other non-recurring income and expense	-24	1 249	1		1 226
OPERATING INCOME	23 126	1 629	5 980		30 735

30.06.2011
	RTH	IMH	CE	Other (1)	Total
	Rough	Industrial	Compact
	Terrain	Material	Equipment
In € thousands	Handling	Handling
Sales	397 142	73 836	90 591		561 568
Cost of goods & services sold	-338 152	-63 642	-74 887		-476 682
Research and development costs	-5 399	-1 517	-1 714		-8 629
Selling, marketing and service expenses	-19 951	-4 525	-6 277		-30 753
Administrative expenses	-11 096	-3 690	-6 167		-20 953
Other operating income and expense	-1 808	-186	195		-1 799
RECURRING OPERATING INCOME	20 737	276	1 742		22 754
Impairment of assets
Other non-recurring income and expenses	-67	-186	-1 263	4 059	2 543
OPERATING INCOME	20 670	90	478	4 059	25 296

(1) "Other" includes income and expenses as of June 30, 2011 related to the SFERT merger which were not allocated to the various divisions.

SALES BY DIVISION AND GEOGRAPHIC REGION

30.06.2012

In € thousands	Southern Europe	Northern Europe	Americas	APAM	Total
RTH	183 938	205 246	27 870	55 948	473 002
IMH	63 755	10 983	2 236	6 968	83 942
CE	3 822	14 813	86 489	10 217	115 341
TOTAL	251 515	231 042	116 595	73 133	672 285

30.06.2011

	Southern	Northern
In € thousands	Europe	Europe	Americas	APAM	Total
RTH	170 407	170 292	17 878	38 565	397 142
IMH	58 336	8 080	1 955	5 465	73 836
CE	5 341	15 499	61 820	7 930	90 590
TOTAL	234 084	193 871	81 653	51 960	561 568

6. MANITOU GROUP CONSOLIDATION SCOPE AT 30.06.2012

	PARENT COMPANY		SUBSIDIARIES
	MANITOU BF SA 100%	MANITOU AMERICAS Inc. Share capital 361 101 000 USD		100%	GEHL POWER PRODUCTS, Inc Share capital 100 USD
	Share capital 39 548 949 EUR	WEST BEND, Wisconsin, United States			YANKTON, South-Dakota, United States
	430, rue de l'Aubinière				MUSTANG MANUFACTURING COMPANY, Inc.
	44150 ANCENIS, France			100%	Share capital 15 USD
					OWATONNA, Minnesota, United States
					COMPACT EQUIPMENT ATTACHMENTS, Inc.
				100%	Share capital 1 USD
					CEDARBURG, Wisconsin, United States
					GEHL Receivables II, LLC
				100%	Share capital 1 000 USD
					WEST BEND, Wisconsin, United States
					GEHL Funding, LLC
				100%	Share capital 1 000 USD WEST BEND, Wisconsin, United States
		CHARIOTS ELEVATEURS MANITOU CANADA Inc.
	100%	Share capital 20 000 CAD
		MONTREAL, Canada
		MANITOU BRASIL MANIPULACAO de CARGAS LTDA.
	99,5%	Share capital 600 000 BRL		0,5%
		SAO PAULO, Brazil
		COMPAGNIE FRANCAISE DE MANUTENTION
	100%	Share capital 1 320 000 EUR
		510, bd Pierre et Marie Curie - 44150 ANCENIS, France
		MANITOU COSTRUZIONI INDUSRTRIALI SRL			OMCI ATTACHMENTS Srl
	100%	Share capital 5 000 000 EUR CASTELFRANCO EMILIA, Italy		100%	Share capital 50 000 EUR CASTELFRANCO EMILIA, Italy
		MANITOU UK Ltd.			PLEDGEMEAD
	99,4%	Share capital 230 000 GBP		100%	Share capital 10 000 GBP
		VERWOOD, United Kingdoom			VERWOOD, United Kingdom
FULLY CONSOLIDATED SUBSIDIARIES		MANITOU BENELUX SA			DE LADDERSPECIALIST B.V.
	98%	Share capital 500 000 EUR		100%	Share capital 117 418 EUR
		PERWEZ, Belgium			GOES, Netherlands
		MANITOU INTERFACE and LOGISTICS EUROPE
	100%	Share capital 500 000 EUR
		PERWEZ, Belgium
		MANITOU DEUTSCHLAND GmbH
	100%	Share capital 2 750 000 EUR OBER - MÖRLEN, Germany
		MANITOU PORTUGAL SA			EPL CENTRO
	100%	Share capital 600 000 EUR		57,0%	Share capital 50 000 EUR
		VILLA FRANCA, Portugal			POMBAL, Portugal
		MANITOU MANUTENCION ESPANA SL
	100%	Share capital 200 000 EUR
		MADRID, Spain
		MANITOU VOSTOK LLC
	100%	Share capital 350 000 RUB
		BELGOROD, Russia MANITOU POLSKA Sp z.o.o.
	100%	Share capital 200 000 PLN
		OBORNIKI, Poland
		MANITOU TR
	99,6%	Share capital 250 000 000 000 TRL
		ISTAMBUL, Turkey
		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 ASIA PTE Ltd.
	100%	Share capital 400 000 SGD
		SINGAPORE
		MANITOU SOUTH ASIA PTE Ltd.
	100%	Share capital 9 400 000 INR
		GURGAON, India
	100%	MANITOU CHINA Co Ltd. Share capital 7 900 000 USD
		HANGZHOU, China
		MANITOU FINANCE FRANCE SAS
	49%	Share capital 19 600 000 EUR
		PUTEAUX, France
		MANITOU FINANCE Ltd.
	49%	Share capital 2 870 000 GBP
		BASINGSTOKE, United Kingdom
ASSOCIATES		ALGOMAT
	30,4%	Share capital 20 000 000 DZD
		ALGER , Algeria
		HANGZHOU MANITOU MACHINERY EQUIPMENT Co Ltd.
	50%	Share capital 3 000 000 USD
		HANGZHOU, China

Manitou Group / 2012 Half Year Report - Extract