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Manitou Group — Interim / Quarterly Report 2016
Jul 27, 2016
1503_iss_2016-07-27_512bff40-feb2-4ccc-a803-386c5d57d914.pdf
Interim / Quarterly Report
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Manitou: 2016 Half-year results
- Sales revenues in H1 2016 of €689 million, a +1% increase versus H1 2015, 3% at constant exchange rates
- Order intake on equipment in Q2 of $E$ 276 million versus $E$ 252 million in Q2 2015
- Order backlog at the end of Q2 of $\epsilon$ 304 million versus $\epsilon$ 281 million in Q2 2015
- Recurring operating income of $639$ million (5.6 % of sales) versus $631$ million (4.5% of sales) in H1 2015
- EBITDA1 of $\epsilon$ 53 million (7.7% of sales) versus $\epsilon$ 47 million (6.8% of sales) in H1 2015
- Net income of $E$ 23 million versus $E$ 17 million in H1 2015
- Confirmation of the outlook for an increase in sales of +2%
- . Outlook for an improved recurring operating income of approximately 50 basis points
July 27, 2016, Ancenis – The Manitou BF Board of Directors met today to approve the 2016 half-year financial
statements. Michel Denis, President & Chief Executive Officer stated: "Sales revenues increasing by 5% in Q2 compared to 2015 permitted us to close the first half of the year with a 3% increase of sales at constant exchange rates. Southern Europe, which includes France, drove our good performance while the North American region was still stronaly decreasing. From a market point of view, we achieved strong arowth in the construction sector, especially business with rental companies and dealers boosted by the impact of the Macron law in France. Conversely the agricultural business suffered from the worldwide drop in milk prices and other commodities.
This first half of the year should be one more milestone for the improvement of our profitability with a 110 basis points increase of our recurring operating income. This good beginning of the year combined with a stronger order book puts us ahead of our planned roadmap. This is most welcome in an environment where the agricultural business shows no sign of improvement in the short-term, where markets are exposed to the impact of Brexit and in which the seasonality of production rates might not be as favourable as in H1.
This situation permits us to confirm sales growth prospects of around 2% in 2016 with an improved recurring operating income of approximately 50 basis points compared to December 2015."
| MHA | CEP | S&S | Total | MHA | CEP | S&S | Total | ||
|---|---|---|---|---|---|---|---|---|---|
| In million euros | $H1'15^2$ | $H1'15^2$ | $H1'15^2$ | $H1'15^2$ | H1'16 | H1'16 | H1'16 | H1'16 | Change |
| Sales Revenues | 426,6 | 144,7 | 109,9 | 681,2 | 475,1 | 103,2 | 111,0 | 689,3 | $+1%$ |
| Margin/Sales | 57,8 | 22,3 | 25,0 | 105,1 | 75,4 | 11,1 | 26,4 | 112,8 | $+7%$ |
| Margin/Sales % | 13,5% | 15,4% | 22,7% | 15,4% | 15,9% | 10,7% | 23,8% | 16,4% | |
| Recurring OI | 18,9 | 6,9 | 4,8 | 30,6 | 35,8 | $-2,6$ | 5,4 | 38,6 | $+26%$ |
| Recurring OI % | 4,4% | 4,8% | 4,4% | 4,5% | 7,5% | $-2,5%$ | 4,8% | 5,6% | |
| $\overline{O}$ | 18,5 | 6,8 | 4,5 | 29,8 | 35,1 | $-2,6$ | 5,2 | 37,7 | $+27%$ |
| Group portion of NI | n/a | n/a | n/a | 17,1 | n/a | n/a | n/a | 22,8 | $+34%$ |
| Net debt | 125,1 | 92,4 | $-26%$ | ||||||
| Shareholder's equity | 474,9 | 494,4 | $+4%$ | ||||||
| % Gearing | 26% | 19% | |||||||
| Working capital | 458 | 446 | $-3%$ |
Audit procedures performed
$1$ EBITDA: Earnings before interest, taxes, depreciation and amortization
$^2$ Financial indicators for H1 2015 restated from the change in the reporting of exchange gains & losses adopted in the financial statements as at 31.12.2015
Sales by division
| In million of euros | Quarter | Half-year | ||||
|---|---|---|---|---|---|---|
| Q2 2015 | Q2 2016 | % | H1 2015 | H1 2016 | % | |
| MHA | 227 | 258 | 13% | 427 | 475 | 11% |
| CEP | 74 | 62 | $-15%$ | 145 | 103 | $-29%$ |
| S&S | 57 | 57 | 0% | 110 | 111 | 1% |
| Total | 358 | 377 | 5% | 681 | 689 | 1% |
Sales by region
| In million of euros | Quarter | Half-year | ||||
|---|---|---|---|---|---|---|
| Q2 2015 | Q2 2016 | $\%$ | H1 2015 | H1 2016 | % | |
| Southern Europe | 97 | 121 | 25% | 186 | 253 | 36% |
| Northern Europe | 142 | 148 | 4% | 257 | 247 | $-4%$ |
| Americas | 88 | 80 | $-10%$ | 175 | 134 | $-24%$ |
| APAM | 31 | 29 | $-7%$ | 63 | 55 | $-12%$ |
| Total | 358 | 377 | 5% | 681 | 689 | 1% |
Business review by division
The Material Handling and Access Division (MHA) achieved half-year sales of $\epsilon$ 475 million, a +13% increase at constant exchange rates compared to H1 2015. The business activity benefited from the acceleration of the construction business in Southern Europe, more pronounced in France due to the Macron law. The industrial sector showed good performance while the agricultural sector decreased due to still very low price levels of milk and agricultural commodities.
The division very strongly improved its profitability leveraged by the business growth and the operational and financial control. The division's operating income amounted to 7.4% of sales compared to 4.3% in 2015.
The Compact Equipment Products Division (CEP) achieved sales of €103 million, a decrease of -29% compared to H1 2015. For the record, this same decrease was -42% at the end of Q1 2016 compared to Q1 2015. The business activity in North America remained hit by the weak business activity of rental companies, a decreasing agricultural sector and the dollar pressure on products exported outside the US.
The competitive pressure and the extent of the volume decrease in Q1 did not permit the division to achieve its break-even point over the half-year period. The recurring operating income amounted to -2.5% of sales compared to 4.7% in H1 2015.
With sales of $\epsilon$ 111 million, the Services and Solutions Division (S&S) reported an increase of 1% in its business activity (3% at constant exchange rates). The division continued developing and restructuring new service offers and new tools.
The work performed on the division's fundamentals will permit the continued improvement of its financial profile with a 4.7% recurring operating income of sales compared to 4.1% in H1 2015.
Manitou confirms its outlook for an increase in sales of 2% and an improved recurring operating income of approximately 50 basis points.
ISIN code: FR0000038606
Indices: CAC All-Tradable, CAC Ind. Engin. CAC Industrials, CAC Mid & Small, CAC Small, Enternext PEA PME 150
October 20, 2016: Q3 2016 Sales Revenues
Manitou Group, world-leader in all-terrain material-handling, designs, manufactures, distributes and services equipment for construction, agriculture and the industries.
The group product ranges encompass: telehandlers, all-terrain, semi-industrial and industrial masted forklifts, skidsteers, track loaders, articulated loaders, access platforms, truck-mounted forklifts, warehousing equipment and attachments.
Through its core brands, Manitou, Gehl, and Mustang, together with its international network of 1,400 independent dealers, the group provides the best solutions delivering highest value for its customers.
Headquartered in France, the group registered in 2015 a revenue of €1.29 billion in 140 countries, and employs 3,200 people all committed to satisfying customers.
AS AT 30.06.2016 HALF-YEAR REPORT - EXTRACT
| CONSOLIDATED FINANCIAL STATEMENTS | |
|---|---|
| 1. Statements of comprehensive income | |
| 2. Statement of financial position | |
| 3. Changes in consolidated shareholders' equity | |
| 4. Consolidated cash flow statement | 5 |
| 5. Extract from the notes | |
| 6. Information on operating segments |
CONSOLIDATED FINANCIAL STATEMENTS AT 30.06.2016
$11$ STATEMENTS OF COMPREHENSIVE INCOME
CONSOLIDATED INCOME STATEMENT
| In $\epsilon$ thousands | 31 12 2015 | 30.06.2015* | 30,06,2016 |
|---|---|---|---|
| Net Sales | 1 287 157 | 681 207 | 689 307 |
| Cost of goods & services sold | $-1084030$ | -576 147 | -576 498 |
| Research & development costs | $-20,595$ | $-11754$ | $-10.326$ |
| Selling, marketing and service expenses | $-77.591$ | -40 507 | -40 563 |
| Administrative expenses | 44 060 | -22 167 | -23 074 |
| Other operating income and expenses | $-358$ | 10 | $-235$ |
| RECURRING OPERATING INCOME | 60 523 | 30 642 | 38 610 |
| Impairment of assets | $-257$ | $-116$ | $\theta$ |
| Other non-recurring income and expenses | $-3117$ | -739 | $-874$ |
| OPERATING INCOME | 57 149 | 29 787 | 37 737 |
| Share of profits of associates | 2 7 2 3 | 1 3 6 4 | 1 3 8 3 |
| OPERATING INCOME INCLUDING NET INCOME FROM ASSOCIATES | 59 872 | 31 151 | 39 119 |
| Financial income | 11 166 | 6835 | 11 791 |
| Financial expenses | $-21578$ | $-10800$ | $-15702$ |
| Net financial expenses | $-10412$ | $-3965$ | $-3911$ |
| CONSOLIDATED INCOME (LOSS) BEFORE TAX | 49 459 | 27 186 | 35 208 |
| Income taxes | $-16919$ | $-10$ 117 | $-12377$ |
| NET INCOME (LOSS) | 32 541 | 17 069 | 22 831 |
| Attributable to equity holders of the Parent | 32 298 | 16 992 | 22792 |
| Attributable to minority interests | 242 | 77 | 39 |
| Earnings per share (in euros) | 31.12.2015 | 30.06.2015* | 30.06.2016 |
| Net income (loss) attributable to the equity holders of the Parent | 0,82 | 0,43 | 0,58 |
| Diluted earnings per share | 0,82 | 0,43 | 0,58 |
OTHER COMPONENTS OF COMPREHENSIVE INCOME AND EXPENSE & COMPREHENSIVE INCOME
| In $\epsilon$ thousands | 31 12 2015 | 30.06.2015* | 30.06.2016 |
|---|---|---|---|
| INCOME (LOSS) FOR THE YEAR | 32 541 | 17 069 | 22 831 |
| Adjustments in the fair value of available-for-sale financial assets | 40 | 120 | 330 |
| Of which booked to equity | 40 | 120 | 330 |
| Of which transferred to income of the year | |||
| Translation differences arising on foreign activities | 18 312 | 16848 | $-5,384$ |
| Attributable to equity holders of the Parent | 18 314 | 16833 | $-5377$ |
| Attributable to minority interests | -2 | 15 | -7 |
| Interest rates hedging instruments | 537 | 2 5 6 7 | 1 0 9 2 |
| Attributable to equity holders of the Parent | 537 | $-2567$ | 1 0 9 2 |
| Attributable to minority interests | |||
| Items that will be reclassified to profit or loss in subsequent periods | 18889 | 14 401 | $-3962$ |
| Actuarial gains (losses) on defined benefits plans | 1 086 | 928 | $-5485$ |
| Attributable to equity holders of the Parent | 1 0 8 9 | 926 | $-5481$ |
| Attributable to minority interests | -3 | ||
| Items that will not be reclassified to profit or loss in subsequent periods | 1 086 | 928 | $-5485$ |
| OTHER COMPONENTS OF COMPREHENSIVE INCOME | 19 974 | 15 329 | -9 447 |
| COMPREHENSIVE INCOME | 52 515 | 32 398 | 13 3 84 |
| ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT | 52 278 | 32 304 | 13 356 |
| ATTRIBUTABLE TO MINORITY INTERESTS | 237 | 93 | 28 |
The other components of comprehensive income and loss are presented net of the associated taxes. The tax impact may be split as follows:
| In $\epsilon$ thousands | 31 12 2015 | 30.06.2015* | 30.06.2016 |
|---|---|---|---|
| Items reclassified to comprehensive income | -331 | 1 252 | -699 |
| Items not reclassified to comprehensive income | $-729$ | -423 | 2 708 |
| Total tax impact | -1 060 | 829 | 2010 |
* Consolidated financial statements presented in comparative include changes in the reporting of exchange gains and losses adopted in the consolidated financial statements as at 31 december 2015.
STATEMENT OF FINANCIAL POSITION $2.$
ASSETS
| In $\epsilon$ thousands | 31 12 2015 | Net Amount 30.06.2016 |
|---|---|---|
| NON-CURRENT ASSETS | ||
| PROPERTY, PLANT AND EQUIPMENT | 140 432 | 139 797 |
| INVESTMENT PROPERTY | ||
| GOODWILL | 288 | 288 |
| INTANGIBLE ASSETS | 27 439 | 28 638 |
| INVESTMENTS IN ASSOCIATES | 25 1 26 | 23 0 31 |
| NON-CURRENT FINANCE CONTRACT RECEIVABLES | 2446 | 1 960 |
| DEFERRED TAX ASSETS | 21 938 | 20 417 |
| NON-CURRENT FINANCIAL ASSETS | 7 1 5 3 | 6842 |
| OTHER NON-CURRENT ASSETS | 286 | 292 |
| 225 109 | 221 264 | |
| CURRENT ASSETS | ||
| INVENTORIES & WORK IN PROGRESS | 377 122 | 431 231 |
| TRADE RECEIVABLES | 266 192 | 302 466 |
| CURRENT FINANCE CONTRACT RECEIVABLES | 1 150 | 987 |
| OTHER RECEIVABLES | ||
| Current income tax | 12 4 34 | 10 190 |
| Other receivables | 21 3 65 | 24 374 |
| CURRENT FINANCIAL ASSETS | 1 2 6 5 | 2872 |
| CASH AND CASH EQUIVALENTS | 57 299 | 14 175 |
| 736827 | 786 295 | |
| TOTAL ASSETS | 961936 | 1 007 559 |
LIABILITIES & EQUITY
| Net Amount | ||
|---|---|---|
| In $\epsilon$ thousands | 31 12 2015 | 30.06.2016 |
| Share capital | 39 552 | 39 552 |
| Share premiums | 44 682 | 44 682 |
| Treasury shares | $-9154$ | $-8868$ |
| Consolidated reserves | 370 478 | 384 490 |
| Translation differences | 17 0 26 | 11 709 |
| Net profit (loss) – Equity holder of the Parent | 32 298 | 22 792 |
| SHAREHOLDERS' EQUITY | 494 883 | 494 357 |
| MINORITY INTERESTS | 87 | 88 |
| TOTAL EQUITY | 494 970 | 494 445 |
| NON-CURRENT LIABILITIES | ||
| NON-CURRENT PROVISIONS | 50 894 | 59 660 |
| OTHER NON-CURRENT LIABILITIES | 1 1 9 7 | 1 0 8 4 |
| DEFERRED TAX LIABILITIES | 213 | 310 |
| NON-CURRENT FINANCIAL LIABILITIES | ||
| Loans and other financial liabilities | 105 618 | 89 690 |
| 157922 | 150 745 | |
| CURRENT LIABILITIES | ||
| CURRENT PROVISIONS | 21 770 | 20 471 |
| TRADE ACCOUNTS PAYABLE | 180 054 | 226 533 |
| OTHER CURRENT LIABILITIES | ||
| Current income tax | 1 1 5 4 | 2858 |
| Other liabilities | 87 018 | 92 792 |
| CURRENT FINANCIAL LIABILITIES | 19 048 | 19715 |
| 309 044 | 362 368 | |
| TOTAL EQUITY & LIABILITIES | 961 936 | 1 007 559 |
* Consolidated financial statements presented in comparative include changes in the reporting of exchange gains and losses adopted in the consolidated financial statements as at 31 december 2015.
$31$ CHANGES IN SHAREHOLDERS' EQUITY
| In $\epsilon$ thousands share) 39 549 44 645 $-8989$ 351 156 456 349 Balance at 31.12.2014 30 397 $-1302$ 908 456 365 $-15$ Income for the year 2014 30 397 $-30.397$ $\mathbf 0$ 0 Income at 30.06.2015 16 992 16 992 77 17 069 -13 735 $-13735$ $-13735$ Dividends 16 833 16 848 Change in translation differences 16 833 15 $-2339$ -2 3 3 9 Valuation differences under IFRS $-2339$ $-220$ $-220$ 220 Treasury shares Actuarial (gain) losses on employee 926 $\overline{2}$ 928 926 benefits $\mathsf{O}\xspace$ Change in consolidation scope & other 1 $\overline{c}$ $\overline{2}$ Shareholders' agreements $-9209$ 80 474 902 Balance at 30.06.2015 39 549 44 645 366 406 16 992 15 532 908 474 822 15 307 15 472 Income H2' 2015 15 307 165 Dividends 1481 1481 $-16$ 1 4 6 4 Change in translation differences 3013 3013 3013 Valuation differences under IFRS 55 55 Treasury shares 55 Actuarial (gain) losses on employee 158 163 163 $-5$ benefits 37 $-12$ 42 3 42 Change in consolidation scope & other 14 $-137$ $-137$ Shareholders' agreements $-9154$ 87 494 970 Balance at 31.12.2015 39 552 44 682 369 571 32 298 17 0 26 908 494 883 $-32298$ 32 298 $\mathbf 0$ Income for the year 2015 0 22 831 22 792 39 Income at 30.06.2016 22 792 $-14136$ $-14136$ $-14136$ Dividends $-5377$ -5377 -5 384 Change in translation differences -7 1 2 7 2 Valuation differences under IFRS 1 2 7 2 1 272 286 286 286 Treasury shares Actuarial (gain) losses on employee $-5481$ $-5485$ $-5481$ $\overline{a}$ benefits 58 $\mathbf 0$ 59 118 118 Change in consolidation scope & other $-27$ $-27$ Shareholders' agreements 494 445 Balance at 30.06.2016 39 552 44 682 $-8868$ 383 581 22 792 11709 908 494 357 88 |
Share Capital |
Share pre- miums |
Treasury shares |
Reserves | Group net profit |
Translation differences |
Reva- luation surplus |
TOTAL SHARE- HOLDERS' EQUITY (Group |
Minority interests |
TOTAL EQUITY |
|---|---|---|---|---|---|---|---|---|---|---|
* Consolidated financial statements presented in comparative include changes in the reporting of exchange gains and losses adopted in the consolidated
financial statements as at 31 december 2015.
CASH FLOW STATEMENT $\overline{4}$
| In $\epsilon$ thousands | 31 12 2015 | 30 06 2015 | 30,06,2016 | |
|---|---|---|---|---|
| INCOME (LOSS) FOR THE YEAR | 32 541 | 17 069 | 22 831 | |
| Less share of profits of associates | $-2723$ | $-1.364$ | $-1383$ | |
| Elimination of income and expense with no effect on operating cash flow and not linked to operating activities | ||||
| Amortization and depreciation | 33 278 | 16 598 | 15 582 | |
| Provisions and impairment | $-1671$ | $-501$ | 382 | |
| Change in deferred taxes | 4679 | 2 4 9 4 | 3 4 5 8 | |
| $+/-$ | Income (loss) from non-current asset disposal | 19 | $-279$ | 26 |
| Change in capitalized leased machines | $-9549$ | $-1801$ | -4 043 | |
| $+/-$ | Other | $-135$ | -359 | $-173$ |
| EARNINGS BEFORE DEPRECIATION AND AMORTIZATION | 56 439 | 31 857 | 36 681 | |
| Changes in cash flows from operating activities | ||||
| $+/-$ | Change in inventories | 45 159 | 18732 | -58 300 |
| $+/-$ | Change in trade receivables | $-15878$ | 45 910 | -39 034 |
| $+/-$ | Change in finance contracts receivables | 341 | 939 | 1529 |
| $+/-$ | Change in other operating receivables | $-121$ | 1 3 6 8 | $-3057$ |
| $+/-$ | Change in trade accounts payable | 3723 | $-8013$ | 47 705 |
| $+/-$ | Change in other operating liabilities | $-7819$ | 3 3 0 6 | 7 0 7 9 |
| $+/-$ | Change in taxes payable and receivable | $-5601$ | 4 4 1 1 | 4 0 9 2 |
| $+/-$ | Change in liabilities linked to finance contracts receivables | $-467$ | $-385$ | $-12$ |
| CASH FLOW FROM OPERATING ACTIVITIES | 75 777 | 6 3 0 5 | $-3316$ | |
| Changes in cash flows from investing activities | ||||
| $\ddot{}$ | Proceeds from sale of property, plant and equipment | 373 | 324 | 737 |
| Proceeds from sale of long-term investments | 74 | |||
| Purchase of intangible assets, property, plant and equipment (excl. rental fleet) | $-32970$ | $-17624$ | $-14.327$ | |
| Decrease (increase) of other financial assets | $-989$ | $-671$ | $-254$ | |
| Acquisition of subsidiaries or minority interests | 0 | |||
| Increase in capital of associates | $-2887$ | $-2888$ | $\Omega$ | |
| Dividends received from associates | 4 4 1 0 | 4 4 1 0 | 1 9 9 3 | |
| CASH FLOW FROM INVESTING ACTIVITIES | -32 063 | $-16450$ | $-11776$ | |
| Changes in cash flows from financing activities | ||||
| Increase in capital | 40 | $\mathbf 0$ | ||
| Capital reduction | ||||
| Dividends paid | $-13734$ | -13 735 | $-14$ 133 | |
| $+/-$ | Purchase / sale of treasury shares | $-16$ | 161 | |
| $+/-$ | Change in financial liabilities | 9985 | 18 124 | $-16000$ |
| Of which loans taken during the year | 48 985 | 23 985 | 0 | |
| Of which loans repaid during the year | -39 000 | $-5860$ | $-16000$ | |
| $+/-$ | Other | 832 | 190 | 559 |
| CASH FLOW FROM FINANCING ACTIVITIES | $-2876$ | 4 5 6 3 | $-29412$ | |
| NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND BANK OVERDRAFTS | 40 838 | $-5582$ | -44 505 | |
| Cash, cash equivalents and bank overdrafts at beginning of the year | 11 880 | 11 880 | 53 800 | |
| Exchange gains (losses) on cash and bank overdrafts | 1 0 8 1 | 394 | 752 | |
| CASH, CASH EQUIVALENTS, AND BANK OVERDRAFTS AT END OF THE YEAR | 53 800 | 6692 | 10 047 | |
| CURRENT FINANCIAL ASSETS (REMINDER) | 1 2 6 5 | 815 | 2872 |
$51$ EXTRACT FROM THE NOTES
Standards and interpretations applied
The condensed interim financial statements related to the 6 month period ended June 30, 2016 of the Manitou Group have been prepared in accordance with IAS 34 "Interim Financial Reporting".
Regarding the condensed financial statements, they do not include all information required by IFRS for the preparation of annual financial statements and should be read in conjunction with the group consolidated financial statements related to the period ended December 31, 2015, prepared in accordance with IFRS as adopted by the European Union and issued by the International Accounting Standard Board (IASB).
The accounting methods applied are consistent with those applied in the annual financial statements at December 31, 2015 with the exception of the new standards and interpretations.
The standards, interpretations and amendments of existing and applicable standards, which are mandatory to apply from the beginning of the fiscal-year 2016, have no significant impact on the group's financial statements.
The new standards, interpretations and amendment of existing and applicable standards, applicable by anticipation from the beginning of the fiscal-year 2016, have not been adopted by the Group.
The consolidated financial statements were approved by the Board of Directors on July, 27, 2016.
Change in the accounting presentation
As a reminder, the group decided to present for the year-ended 31 December 2015, foreign exchange gains and losses realized on operating activities, resulting from the difference between the valuation at the rate of the transaction date and the rate at the payment date in the line "Cost of goods and services sold" instead of "Other operating income and expenses". This change in the presentation allows the group to give a more relevant information on the group's performance. It has no impact on the recurring operating result and the net income of the group.
The 30 June 2015 consolidated financial statements have been restated and the impact is presented below:
| in $\epsilon$ thousands | 30 06 2015 published |
Foreign exchange gains and losses |
30 06 2015 restated |
|---|---|---|---|
| Net sales | 681 207 | 681 207 | |
| Cost of goods & services sold | $-575617$ | -530 | -576 147 |
| Research and development costs | $-11754$ | $-11754$ | |
| Selling, marketing and service expenses | -40 507 | -40 507 | |
| Administrative expenses | -22 167 | -22 167 | |
| Other operating income and expense | -520 | 530 | 10 |
| RECURRING OPERATING INCOME | 30 642 | 0 | 30 642 |
| OPERATING INCOME | 29 7 8 7 | 29 787 | |
| OPERATING INCOME INCLUDING NET INCOME FROM ASSOCIATES | 31 151 | 31 151 | |
| Financial result | $-3965$ | $-3965$ | |
| Taxes | $-10117$ | $-10117$ | |
| NET INCOME (LOSS) | 17 069 | 17 069 | |
| Attributable to the equity holders of the parent | 16 992 | 16 992 | |
| Attributable to minority interests | 77 | 77 |
INFORMATION ON OPERATING SEGMENTS $6.$
The Group is organized around three divisions, two product divisions and a service division:
-
The MHA - Material Handling and Access product division: its mission is to optimize the development and production of telehandlers. rough-terrain and industrial forklifts, truck-mounted forklifts and aerial working platforms branded Manitou,
-
The CEP - Compact Equipment Products division optimizes the development and production of skidsteer loaders, track loaders, articulated loaders and telehandlers branded Gehl and Mustang
-
The S&S - Services & Solutions, Service division includes service activities to support sales (financing approaches, warranty contracts, maintenance contracts, full service, fleet management, etc.), after-sales (parts, technical training, warranty management, fleet management, etc.) and services to end users (geo-location, user training, advice, etc.). The mission of the division is to develop service offers to meet the needs of each of our customers in our value chain and to increase resilient sales revenue for the Group.
Assets, cash flows or even liabilities are not allocated to the individual divisions, as the operating segment information used by the group's management does not incorporate those various items.
INCOME STATEMENT BY DIVISION
Share of profits of associates
OPERATING INCOME INCLUDING NET INCOME FROM ASSOCIATES
| 30.06.2016 | MHA | CEP | S&S | TOTAL |
|---|---|---|---|---|
| Material | Compact | |||
| Handling | Equipment | Services & | ||
| in $\epsilon$ thousands | and Access | Products | Solutions | |
| Net sales | 475 098 | 103 241 | 110 968 | 689 307 |
| Cost of goods & services sold | -399 746 | $-92159$ | -84 593 | -576 498 |
| Research and development costs | $-8513$ | $-1813$ | $-10.326$ | |
| Selling, marketing and service expenses | $-18061$ | $-5509$ | $-16993$ | -40 563 |
| Administrative expenses | $-12935$ | $-6161$ | -3978 | -23 074 |
| Other operating income and expense | $-51$ | $-160$ | $-25$ | $-235$ |
| RECURRING OPERATING INCOME | 35 791 | $-2560$ | 5 3 7 9 | 38 610 |
| Impairment of assets | ||||
| Other non-recurring income and expense | $-691$ | $-30$ | $-152$ | $-874$ |
| OPERATING INCOME | 35 100 | $-2590$ | 5 2 2 7 | 37 737 |
| Share of profits of associates | $-270$ | 1653 | 1 3 8 3 | |
| OPERATING INCOME INCLUDING NET INCOME FROM ASSOCIATES | 34 830 | $-2590$ | 6880 | 39 119 |
| 30.06.2015 | MHA * | CEP* | S&S* | TOTAL* |
| Material | Compact | |||
| Handling | Equipment | Services & | ||
| in $\epsilon$ thousands | and Access | Products | Solutions | |
| Net sales | 426 608 | 144 670 | 109 928 | 681 207 |
| Cost of goods & services sold | -368 825 | $-122399$ | -84 922 | 576 146 |
| Research and development costs | $-9338$ | $-2416$ | $-11754$ | |
| Selling, marketing and service expenses | $-17427$ | $-6596$ | $-16484$ | -40 507 |
| Administrative expenses | $-11935$ | $-6445$ | $-3787$ | $-22167$ |
| Other operating income and expense | $-166$ | 91 | 86 | 10 |
| RECURRING OPERATING INCOME | 18 917 | 6904 | 4821 | 30 642 |
| Impairment of assets | $-72$ | $-22$ | $-22$ | $-116$ |
| Other non-recurring income and expense | -354 | $-98$ | -286 | -739 |
| OPERATING INCOME | 18 491 | 6784 | 4512 | 29 787 |
* Consolidated financial statements presented in comparative include changes in the reporting of exchange gains and losses adopted in the consolidated financial statements as at 31 december 2015.
$-57$
18 4 34
6784
1 4 21
5934
1 3 6 4
31 151
SALES BY DIVISION AND GEOGRAPHIC REGION
| 30.06.2016 | |||||
|---|---|---|---|---|---|
| Southern | Northern | Americas | APAM | TOTAL | |
| In $\epsilon$ thousands | Europe | Europe | |||
| MHA | 208 578 | 198 489 | 31 4 52 | 36 579 | 475 098 |
| CEP | 4 2 2 7 | 12 575 | 79 466 | 6974 | 103 241 |
| S&S | 40 526 | 35 874 | 22 805 | 11764 | 110 968 |
| TOTAL | 253 331 | 246 937 | 133 722 | 55 316 | 689 307 |
| In $\epsilon$ thousands | Southern Europe |
Northern Europe |
Americas | APAM | 30 06 2015 TOTAL |
| MHA | 141 415 | 213 074 | 29 7 85 | 42 334 | 426 608 |
| CEP | 3774 | 10883 | 121 901 | 8 1 1 2 | 144 670 |
| S&S | 40 812 | 32 9 29 | 23 547 | 12 642 | 109 928 |
| TOTAL | 186 001 | 256 886 | 175 233 | 63088 | 681 207 |