Manitou Group — Interim / Quarterly Report 2021

Jul 29, 2021

Manitou Group: 2021 Half-year results

• H1 21 net sales of €970m, up +27% vs. H1 20 and +30% like for like*
• Q2 21 order intake on equipment of €858m vs. €180m in Q2 20
• Order book on equipment at the end of H1 21 of €1788m vs. €555m in H1 20
• H1 recurring operating income at $£85.0m$ (8.8%) vs. $£30.1m$ (3.9%) in H1 20
• Net income at $€64.2m$ vs. $€13.5m$ in H1 20
• EBITDA** €110m (11.3%) vs. €48m (6.3%) in H1 20
• A $E15m$ surplus cash position over the debt***
• Outlook for a growth of 2021 annual revenue of around +20% compared to 2020
• . Outlook for an annual growth of recurring operating income rate of around 130 basis points compared to 2020

Ancenis, 29 July 2021 - The Board of Directors of Manitou BF, meeting on this day, closed the accounts for the

first half of 2021. Michel Denis, Chief Executive Officer, said: "In a context of a strong rebound in activity, we closed the first half of the year with a level of performance that exceeded our objectives and a depth of order book that we had never experienced. This dynamism was recorded in all markets and geographies, characterised by an historical acceleration in order intake, high billings and an exceptional backlog at the end of June of $\epsilon$ 1.8 billion.

To meet the high demands of our customers, all the teams have been mobilised. Production rates are gradually being ramped up despite significant supply chain tensions.

In the first half of the year, we have a high net sales sequence with purchase prices only slightly impacted by the announced price increases and operating costs under control, resulting in a peak of the recurring operating income of 8.8% of net sales, i.e. $\epsilon$ 85 million, as much as for the full year of 2020, a very good performance reinforced by a positive cash position at the end of June.

This sudden rebound in the markets is supported by very high inflation in our purchases, particularly in steel and transport, which will impact our financial performance in the second half of the year.

For the rest of the year, our sales are expected to be stronger than initially forecasted, but below our customers' demand. In addition, raw material increases will be fully implemented while our sales price adjustments will only bear fruit over the end of the year and the first half of 2022. This configuration will have a substantial squeeze on the margin in the second half of 2021.

This sequence will allow us to deliver a strong improvement in our performance in 2021 compared to 2020, and leads us to upgrade our revenue growth outlook for the year of around 20% compared to 2020 (previously more than 15%) as well as to upgrade our recurring operating margin growth expectation for the year of around 130 basis points compared to 2020 (previously more than 40 basis points)."

	Product division	S&S division	Total	Product division	S&S division	Total
In millions of euros	H1 2020	H1 2020	H1 2020	H1 2021	H1 2021	H1 2021	Var.
Net sales	619.7	141.9	761.6	802.8	166.9	969.6	$+27%$
Sales margin	68.2	42.1	110.3	130.3	46.9	177.2	$+61%$
Sales margin as a % of sales	11.0%	29.6%	14.5%	16.2%	28.1%	18.3%
Recurring Operating Income	13.0	17.1	30.1	67,4	17.6	85.0	$+182%$
Recurring Op. Income as a % of sales	2.1%	12.0%	3.9%	8.4%	10.5%	8.8%
Operating Income	9.9	16.9	26.9	69.0	17.7	86.8	$+223%$
Net income attributable to the group	n/a	n/a	13.5	n/a	n/a	63.8	+376%
Net debt excluding IFRS 16			164.0			$-14.8$
Net debt including IFRS 16			178.8			6.7
Shareholder's equity			682			715	$+7%$
% Gearing**** excluding IFRS 16			24%			$-2%$
% Gearing**** including IFRS 16			26%			1%
Working capital			591			453

Percentage figures in brackets express a percentage of turnover.

Half-year financial statements and Statutory Auditors' review report available online on the company website (in French)

Limited review procedures performed by the auditors

* like for like, at constant scope and exchange rate: $\overline{\phantom{a}}$

scope: there is no acquisition and no exit in 2020 and in 2021

application of the prior year's exchange rate $\mathbb{Z}$

** EBITDA: Earnings before interest, taxes, depreciation, and amortization, restated from IFRS 16 impact

*** excluding IFRS 16

**** Gearing: Financial ratio measuring the net debt divided by shareholders' equity

Sales by division

In millions of euros	Quarter			Half-year
	Q2 2020	Q2 2021	%	H1 2020	H1 2021	%
Product division	273	414	52%	620	803	30%
S&S	68	84	24%	142	167	18%
Total	341	498	46%	762	970	27%

Sales by geographic region

In millions of euros	Quarter			Half-year
	Q2 2020	Q2 2021	$\%$	H1 2020	H1 2021	%
Southern Europe	122	164	35%	274	313	14%
Northern Europe	121	197	63%	272	390	43%
Americas	68	88	28%	148	175	19%
APAM	29	50	69%	68	91	35%
Total	341	498	46%	762	970	27%

Review by division

The Product Division (grouping of the former MHA and CEP divisions) achieved a revenue of €802.8 million, up 29.5% over 6 months compared to a 2020 baseline strongly impacted by the Covid 19 crisis (+ 32% at constant exchange rates and scope). The Product division benefited from the rebound seen at the end of 2020. Its revenue increased in all geographic areas, and more particularly in the Northern Europe and APAM areas, in all of its markets (construction, agriculture, industries).

The division finalized the implementation of the new organization and made considerable efforts to increase the production rates. A major renewal of its range of construction equipment has been launched.

The recurring operating income of the Product division increased by $\epsilon$ 54.4 million (+418.1%) to reach $\epsilon$ 67.4 million (8.4% of sales) compared to €13.0 million in the first half of 2020 (2.1% of sales).

With a revenue of $E$ 167 million, the Services & Solutions Division (S&S) recorded an increase of 17.6% over 6 months (+ 19% at constant exchange rates and perimeter). Activity grew in all geographic areas and more particularly in the APAM area, and in all of its markets, with the exception of service activities which were more resilient in 2020.

Recurring operating income amounts to €17.6 million (10.5% of sales), up €0.5 million compared to the first half of 2020 (€17.1 million, or 12.0% of revenue).

ISIN code: FR0000038606 Indices: CAC ALL SHARES, CAC ALL-TRADABLE, CAC INDUSTRIALS, CAC MID & SMALL, CAC SMALL, EN FAMILY BUSINESS

FORTHCOMING EVENTS

Manitou Group is a worldwide reference in the handling, access platforms, and earthmoving. By improving workplace conditions, safety, and performance, our environment remains renewable and sustainable for mankind.

Through its 3 iconic brands-Manitou, Gehl, and Mustang by Manitou-the group develops, manufactures, and provides equipment and services for the construction, agriculture, and industrial markets.

October 21, 2021 (after market closing) Q3 2021 Sales Revenues

By constantly innovating its products & services, Manitou Group constantly adds value to exceed its stakeholders' expectations.

Always attuned to its customers via its expert network of over 1,050 dealers, the group continues to be true to its roots by keeping its headquarters in France. That focus, which powered sales to €1.6 billion in 2020, informs its talented worldwide team of 4,400 today whose passion ceaselessly motivates the group.

Warning regarding forward-looking items

This presentation may include forward-looking statements, which are based on current beliefs, expectations and assumptions, including without limitation assumptions regarding present and future business strategies and the business environment in which the Company operates, and involve known and unknown risk, uncertainties and other factors, which may cause actual results, performances or achievements, or industry results or other events, to be materially different from those expressed or implied by such forward-looking statements. Forward-looking statements speak only as of the date of this presentation and the Company expressly disclaims any obligation or undertaking to release any update or revisions to any forward-looking statements that this presentation may contain to reflect any change in expectations or any change in events, conditions or circumstances on which these forward-looking statements are based. Forward looking statements are for illustrative purposes only. Recipients of this presentation are cautioned that forward-looking information and statements are not guarantees nor undertakings of future performances and are subject to various risks and uncertainties, many of which are difficult to predict and beyond the control of the Company.

FINANCIAL EXTRACT

JUNE 30, 2021

1. CONSOLIDATED INCOME STATEMENT

	in thousands of euros	2020	H 1 2020	H1 2021
Net sales		1 5 8 5 1 0 5	761 626	969 626
Cost of goods & services sold		$-1336314$	$-651357$	$-792412$
Research & development costs		$-24520$	$-12579$	$-13528$
Selling, marketing and services expenses		$-89879$	$-45790$	$-51152$
Administrative expenses		$-51958$	$-24239$	$-29405$
Other operating expenses and income		2 9 0 7	2 4 1 6	1828
Recurring operating income		85 342	30 0 77	84 957
Other non-recurring income and expenses		$-10561$	$-3225$	1797
Operating income		74 781	26852	86755
Share of profits of associates		1683	1011	1 1 3 3
Operating income including net income from associates		76 4 64	27863	87887
Financial income		37418	35 348	17 2 2 3
Financial expenses		$-48733$	$-40874$	$-19642$
Financial result		$-11315$	$-5526$	$-2418$
Income before tax		65 149	22 3 3 7	85 4 69
Income taxes		$-24851$	$-8791$	$-21313$
Net income		40 298	13 5 45	64 15 6
Attributable to equity holders of the parent		39 5 8 3	13 45 9	63837
Attributable to non-controlling equity interests		715	86	319

EARNINGS PER SHARE (IN EUROS)

	2020	S1 2020	S1 2021
Net income attributable to the equity holders of the parent	1.03	0.35	1,67
Diluted earnings per share	1.03	0.35	1,67

2. CONSOLIDATED COMPREHENSIVE INCOME

OTHER COMPONENTS OF COMPREHENSIVE INCOME AND EXPENSES & COMPREHENSIVE INCOME

in thousands of euros	2020	H 1 2020	H 1 2021
Income (loss) for the year	40 298	13 5 45	64 156
Items that will be reclassified to profit or loss in subsequent periods
Adjustments to fair value of the financial assets	219	20	$\circ$
Translation differences arising on foreign activities	$-23200$	$-4691$	8369
Interest rate hedging and exchange instruments	2227	2701	$-145$
Items that will not be reclassified to profit or loss in subsequent periods
Actuarial gains (losses) on defined benefits plans	$-169$	4999	3 2 3 9
Total gains and losses recognized directly in other components of comprehensive income	$-20923$	3029	11463
Comprehensive income	19 3 74	16575	75 619
Attributable to equity holders of the parent	19 103	17 258	75 103
Attributable to non-controlling interests	271	$-683$	516

The other components of comprehensive income and expenses are presented net of the associated taxes.

The tax impact may be split as follows :

in thousands of euros	2020	H 1 2020	H 1 2021
Items that will be reclassified to profit or loss in subsequent periods	$-1191$	$-1279$
Items that will not be reclassified to profit or loss in subsequent periods	156	$-1198$	$-1.034$
Total tax impacts	$-1035$	-2 477	$-977$

3. CONSOLIDATED STATEMENT OF FINANCIAL POSITION

ASSETS

	in thousands of euros	December 31, 2020	Net amount as at June 30, 2021
Goodwill		288	566
Intangible assets		56 879	60 098
Tangible assets		212 663	206 910
Right-of-use of leased assets		15 7 85	20248
Investments in associates		18 277	16939
Sales financing receivables		6699	4915
Other non-current assets		11766	13 696
Deferred tax assets		14 8 29	16 3 5 8
Non-current assets		337 186	339729
Inventories & Work in progress		450 867	465 778
Net trade receivables		300 034	351 727
Current income tax		13777	4703
Other current assets		48 25 6	59 656
Cash and cash equivalents		120721	189 248
Current assets		933 656	1071112
Non-current assets held for sale		0	0
Total assets		1 270 842	1410841

EQUITY & LIABILITIES

in thousands of euros December 31, 2020		Net amount as at June 30, 2021
Share capital	39 668	39 6 68
Share premiums	46 098	46 098
Treasury shares	$-23799$	$-23932$
Reserves and profit for the year - equity holder of the parent	597 042	652 575
Equity attributable to owners of parent	659 009	714 409
Non-controlling interests	6780	881
Total equity	665 789	715 290
Non-current provisions	47 157	45 102
Non-current financial liabilities	145 089	144 696
Non-current lease debts	12 105	16 4 39
Other non-current liabilities	2 1 3 0	2 2 1 3
Deferred tax liabilities	2841	5830
Non-current liabilities	209 323	214 281
Current provisions	20 403	20 3 5 9
Current financial liabilities	17375	31854
Current lease debts	4806	5 1 1 1
Trade payables	215 887	270 501
Current income tax	1 1 3 9	1979
Other current liabilities	136 120	151 466
Current liabilities	395 730	481 270
Total equity & liabilities	1 270 842	1410841

4. CONSOLIDATED SHAREHOLDERS' EQUITY

						Total equity
In thousands of euros	Share capital	Share premium	Cumultaive translation adjustment	Treasury shares	Consolidated reserves	Attributable to equity holders of the parent company	Non- controlling interests	Total
As of December 31, 2019	39 668	46 098	8 1 4 8	$-23714$	594 446	658 831	5815	664 646
Impact of new standards
As of January 1, 2020	39 668	46 098	8 1 4 8	$-23714$	594 446	658 831	5815	664 646
Gains and losses recognized in equity			$-4692$		7720	3799	$-769$	3 0 2 9
Net income					13 5 4 5	13 4 5 9	86	13 545
Comprehensive income	$\circ$	$\circ$	$-4692$	$\mathbb O$	21 265	17 258	$-683$	16 575
Stock option plan-related
Dividends paid
Treasury shares				$\mathbf{1}$		$1\,$		$\mathbf 1$
Capital increase
Changes in control of consolidated entites Aquisitions and disposal of
minority interests' shares Purchase commitments for
minority interests' shares					690		690 8	690
Other As of June 30, 2020	39 668	46 098	3456	$-23713$	386 616788	378 676 468		386 682 298
Impact of new standards							5831
	39 668	46 098	3456	$-23713$	616 788	676 468	5830	682 298
As of July 1, 2020 Gains and losses recognized in
equity			$-18508$		$-5443$	$-24279$	325	$-23953$
Net income					26 753	26 124	629	26 753
Comprehensive income	$\mathsf O$	$\mathbb O$	$-18508$	$\mathbb O$	21 310	1845	954	2 8 0 0
Stock option plan-related
Dividends paid					$-19443$	$-19417$	$-25$	$-1943$
Treasury shares				$-86$	18	$-68$		$-68$
Capital increase
Changes in control of consolidated entites
Aquisitions and disposal of minority interests' shares
Purchase commitments for minority interests' shares					29		28	28
Other					174	182	$-8$	174
As December 31, 2020	39 668	46 098	$-15052$	$-23799$	618 874	659 009	6780	665 789
Impact of new standards								$\circ$
As January 1, 2021	39 668	46 098	$-15052$	$-23799$	618874	659 009	6780	665 789
Gains and losses recognized in equity			8 3 6 9		3094	11 267	196	11 463
Net income					64 15 6	63 837	319	64 15 6
Comprehensive income	$\circ$	$\circlearrowright$	8 3 6 9	$\circ$	67 250	75 104	515	75 619
Stock option plan-related								$\circ$
Dividends paid					$-22975$	$-22966$	-9	$-22975$
Treasury shares				$-133$	47	$-86$		$-86$
Capital increase								$\circledcirc$
Changes in control of consolidated entites								$\circlearrowright$
Aquisitions and disposal of					$-2993$	3 4 9 2	$-6485$	$-2993$
minority interests' shares Purchase commitments for								$\circledcirc$
minority interests' shares
Other					$-64$	$-144$	80	$-64$
As June 30, 2021	39 668	46 098	$-6684$	$-23932$	660 139	714 409	881	715 290

5. CASH FLOW STATEMENT

	In thousands of euros	2020	H1 2020	H1 2021
Net income		40 298	13545	64 156
Income from equity affiliates net of dividends		$-1683$	$-1012$	1689
Amortizations and depreciations		53 077	24 9 34	26514
Provisions and impairments		1 1 8 4	637	82
Income tax expense (current and deferred)		24 851	8791	21 3 1 3
Other non-cash income and expenses		437	401	$-2196$
Cash flow operations		118 165	47 29 6	111557
Tax paid		$-30876$	$-10266$	$-10989$
Change in working capital requirement		146 443	15 9 94	2 4 9 1
Change in capitalized lease machines		$-12180$	$-4418$	$-10172$
Cash flow from operating activites		221552	48 605	92 887
Proceeds from sales of intangible assets		$-18330$	$-9386$	$-10293$
Proceeds from sales of tangible assets		$-28117$	$-15734$	$-8679$
Change in fixed assets payables		$-3593$	$-2724$	$-1291$
Disposals of property, plant and equipment and intangible assets		$-37$	68	9875
Acquisitions of investments in obtaining control		0	$\circ$	$-0$
Disposals of investments with loss of control		$\Omega$	$\Omega$	$\Omega$
Others		$-197$	$-461$	285
Cash flow from investing activites		$-50275$	$-28238$	$-10103$
Capital increase		$\bigcap$	$\Omega$	$\bigcap$
Dividends paid		$-19442$	$\circ$	$-22976$
Purchase of treasury shares		$\Omega$	$\Omega$	$\bigcap$
Repurchase of non-controlling interests		$\Omega$	$\Omega$	$-2993$
Change in others financials liabilities and assets		$-20424$	91 604	6569
Payment of finance lease liabilities		$-5600$	$-3143$	$-3087$
Others		$-512$	$-3230$	30
Cash flow from financing activites		$-45977$	85 231	$-22457$
		$\Omega$
Net increase (decrease) in cash, cash equivalents, and bank overdrafts		125 300	105 598	60326
Cash, cash equivalents and bank overdrafts at beginning of the year		$-4997$	$-4997$	119818
Exchange gains (losses) on cash and bank overdrafts		$-485$	966	1662
Cash, cash equivalents and bank overdrafts at end of year		119818	101 567	181807

6. EXTRACT FROM THE NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AT JUNE 30, 2021

6.1.OPERATIONAL DATA

$6.1.1.$ SEGMENT INFORMATION

In accordance with IFRS 8, the information by operating segment is prepared on the basis of operating reports submitted to group management. This information is prepared in accordance with the IFRS applicable to consolidated financial statements.

In 2021, Manitou group reorganized its operational management in order to accelerate the implementation of its new roadmap to 2025, the "New Horizons 2025" plan. This new operational management system promotes the pooling of know-how by bringing together teams working in similar fields.

Thus, as of the closing of the consolidated accounts for the first half of 2021, and following the merger of the Material Handling & Access (MHA) and Compact Equipment Products (CEP) divisions, the group is organised around two operating divisions:

• The Product division groups together all the French, Italian, American and Indian production sites dedicated in particular to telescopic handlers, industrial and rough-terrain forklifts, on-board trucks, aerial work platforms, compact wheel loaders, tracked and articulated loaders, backhoe loaders and telehandlers. Its mission is to optimise the development and production of these Manitou, Gehl and Mustang by Manitou brands;
• The S&S (Services & Solutions) division brings together all sales services activities (financing approaches, warranty contracts, maintenance contracts, full service, fleet management, etc.), after-sales services (spare parts, technical training, warranty management, second-hand management, etc.) and end-user services (geolocation, user training, consulting, etc.). The objective of this division is to build service offerings that meet the expectations of each of our customers in our value chain and to increase the group's resilient turnover.

These two divisions design and assemble the products and services that are distributed through the sales and marketing organisation to the group's dealers and key accounts in 140 countries.

The 2020 segment information has been restated to allow comparison and monitoring of operating performance.

RESULT BY DIVISION

	Product Division		S&S Division		TOTAL
In thousands of euros	H1 2020	H1 2021	H1 2020	H1 2021	H1 2020	H1 2021
Net sales	619 691	802 776	141 936	166 850	761 626	969 626
Cost of goods & services sold	$-551482$	$-672440$	$-99875$	$-119972$	$-651357$	$-792412$
Gross margin	68 209	130 336	42 060	46878	110 269	177 214
As a %	11,0%	16,2%	29,6%	28,1%	14,5%	18,3%
R&D expenses	$-12579$	$-13528$	$\Omega$	$\cap$	$-12579$	$-13528$
Selling, Marketing & Service expenses	$-24938$	$-27468$	$-20852$	$-23685$	$-45790$	$-51152$
Administrative expenses	$-19743$	$-23563$	$-4496$	$-5842$	$-24239$	$-29405$
Other operating income and expenses	2057	1607	359	221	2 4 1 6	1828
Recurring operating profit	13 006	67385	17071	17573	30077	84 957
As a %	2,1%	8,4%	12,0%	10,5%	3,9%	8,8%
Non-recurring operating income and expenses	$-3080$	1642	$-145$	155	$-3225$	1797
Operating income	9926	69 0 27	16926	17728	26852	86755
As a %	1,6%	8,6%	11,9%	10,6%	3,5%	8,9%
Share of profits of associates			1012	1 1 3 3	1012	1 1 3 3
Operating Income including Net Income from associates	9926	69 0 27	17939	18861	27864	87888

SALES BY DIVISION AND REGION

		H 1 2020 net sales						H 1 2021 net sales
SOUTHERN EUROPE	NORTHERN EUROPE	AMERICAS	APAM*	TOTAL	In $\epsilon$ m and % of total	SOUTHERN EUROPE	NORTHERN EUROPE	AMERICAS	APAM*	TOTAL
223,6	222,4	121,3	52,4	619,7	Product	253,7	331,4	146,5	71,2	802,8
29%	29%	16%	7%	81%	Division	26%	34%	15%	7%	83%
50,3	50,0	26,2	15,3	141,9	S&S	59,5	58,7	28,5	20,2	166,8
7%	7%	3%	2%	19%	Division	6%	6%	3%	2%	17%
273,9	272,5	147,6	67,7	761,6	TOTAL	313,2	390,1	174.9	91.4	969,6
36%	36%	19%	9%	100%		32%	40%	18%	9%	100%

* Asia, Pacific, Africa, Middle East

6.2. CONTINGENT LIABILITIES

MONITORING OF LITIGATION FOR INFRINGEMENT OF INTELLECTUAL PROPERTY RIGHTS

In May 2017, Manitou Group was sued by JC Bamford Excavators Limited (JCB) in France, the United Kingdom and then Italy for alleged infringement of two European patents relating to certain features concerning the overload cut-off control system of certain telescopic forklift trucks manufactured and/or marketed in these three countries.

In May 2017, the plaintiff filed a claim in the French court for a provision of 20 million euros, to be increased to 50 million euros in June 2018. The financial claims before the English court were not quantified and are still not quantified at the date of publication of this report, but the summons indicates that for procedural purposes the commercial value of the claim is estimated to be in excess off 10 million. For Italy, the summons does not specify any quantified claim.

In December 2018, JCB served Manitou Group with a new patent infringement suit in France and the United Kingdom relating to a third European patent, also relating to certain features concerning the overload cut-off control system of certain telescopic forklift trucks. This summons takes up the request for a provision in the amount of 50 million euros, subsequently increased to 100 million euros in its last conclusions communicated in May 2020. The summons for this third patent has been the subject of joint proceedings in the United Kingdom but remains separate in France.

In 2018. JCB had produced an expert opinion estimating its damages of 160 million euros for the first two patents. At the end of 2019, in the first main proceedings. JCB increased its damage assessment to 190 million euros in its final conclusions. This increase is due to an update of the injury in its duration, which according to JCB is until March 2019. This assessment also includes the estimated injury under the third patent.

In France, in the context of a procedural incident in 2018, JCB applied for preliminary injunctions against Manitou BF. A decision was issued by the Pre-Trial Judge on 31 January 2019, which dismissed the applicant's request for preliminary injunction on the first patent on which JCB based its allegations and, regarding the second patent, prohibited Manitou BF from manufacturing, offering for sale, renting and owning an old configuration of certain telescopic forklift trucks. This decision has no impact on Manitou BF's business as it relates to the ordering system for certain models produced and sold before August 2017 which are therefore no longer manufactured by Manitou BF, as underlined in the order. Manitou BF immediately appealed this decision in order to challenge the prohibition order in so far as it related only to a configuration that Manitou had ceased to produce for 18 months. This immediate appeal on the grounds of abuse of authority was held to be inadmissible, reserving the possibility of appeal with judgment on the merits

On the occasion of the same incident, Manitou BF had proposed in the alternative, if the judge considered the request for prohibition to be wellfounded, the establishment of a bank guarantee of 470,000 euros for the two patents as a replacement for the prohibitions. This proposal became irrelevant for the first patent, for which the judge did not pronounce a

prohibition. JCB requested that this guarantee, if ordered, be 30 million euros (also for the two patents) on the basis of the expert opinion it had produced estimating its damages at 160 million euros (for the two patents). This proposal was not accepted by the judge, nor was JCB's request for a penalty payment of 100 000 euros per day of delay, the penalty payment ordered by the judge being 1 000 euros per infringement, the decision having emphasized that the damage alleged by the plaintiff relates to the overload cut-off control system alone and not to the machine as a whole

In 2020, the legal proceedings on the merits of the dispute relating to the first two patents continued. On February 26, 2021, the Paris Court of Justice ("Tribunal Judiciaire") ruled, in first instance, on the French part relating to these first two patents.

Under the terms of this decision, the Tribunal invalidated the French part of the second patent in its entirety rendering ineffective the January 31, 2019 preliminary injunction order against Manitou BF.

The Court also invalidated most of the claims of the French part of the first patent. The Court found that only two claims of the French part of the first patent were infringed by three models of equipment from an old configuration which is no longer marketed by Manitou BF since May 2017. Manitou challenges this decision while noting that it has no impact on its business as this old configuration is no longer marketed.

Given the very residual character of the infringement uphold, the Court ordered Manitou BF to pay the plaintiff the total sum of 150,000 euros for the loss suffered, rejecting the claim of JCB, which was claiming a loss of 190 million euros. The Court's decision reinforces the position of Manitou, which has always contested the merits of the plaintiff's action and the disproportionate nature of its claims.

In the United Kingdom, no progress was made in the course of 2018 as JCB did not carry out any due diligence in this respect. A case management conference was held in January 2019 after JCB finally performed its due diligence. The litigation schedule has been established. However, the hearing originally scheduled for October 2020 has been postponed due to the increased length of the trial resulting from the addition of the third patent in the proceeding, the first available date being November 2021.

In Italy, the proceedings on the merits relating to these first two patents remain in a preliminary phase, the appointment of a court expert was pronounced at the end of 2019 and the court expert measures are still in progress at the closing date.

In Italy, JCB had also requested interim injunctions against Manitou's Italian subsidiary on the second and third patents. This request was rejected by the Italian courts by decision of January 30, 2020. JCB has not appealed this decision.

Following the decision of the Paris Court of Justice on February 26, 2021, which strengthened the group's position, a provision of 0.2 million euros was recorded for the first patent and no provision was recorded for the second patent.

For the third patent, given the progress of the proceedings, the financial risk likely to be incurred is still difficult to measure with reliability. Furthermore, a significant outflow of resources in respect of this claim seems unlikely in respect of the matters put forward by Manitou Group to defend itself. Consequently, no provision for this claim has been recognized in the group's financial statements.

The group will continue to firmly defend itself against infringement allegations of three patents claimed by JCB.

6.3. POST-CLOSING EVENTS

To the best of the company's knowledge, there are no significant events subsequent to the closing date of the condensed consolidated financial statements for the six months ended June 30, 2021 by the Board of Directors on July 29, 2021.

6.4. LIST OF SUBSIDIARIES AND AFFILIATES

	Parent company
Manitou BF	Ancenis, France
	Consolidated companies	Consolidation method	% control	% interest
Production companies
LMH Solutions	Beaupréau-en-Mauges, France	FC	100%	100%
Manitou Equipment America LLC	West Bend, Wisconsin, United-States	FC	100%	100%
Manitou Equipment India	Greater Noïda, India	FC	100%	100%
Manitou Italia S.R.L	Castelfranco Emilia, Italia	FC	100%	100%
Distribution companies
Compagnie Francaise de Manutention Ile-de- France	Jouy le Moutier, France	FC	100%	100%
Manitou Asia Pte Ltd.	Singapore	FC	100%	100%
Manitou Australia Pty Ltd.	Alexandria, Australia	FC	100%	100%
Manitou Brasil Ltda	São Paulo, Brazil	FC	100%	100%
Manitou Benelux SA	Perwez, Belgium	FC	100%	100%
Manitou Chile	Las Condes, Chile	FC	100%	100%
Manitou China Co Ltd.	Shanghai, China	FC	100%	100%
Manitou Deutschland GmbH	Ober-Mörlen, Germany	FC	100%	100%
Manitou Global Services	Ancenis, France	FC	100%	100%
Manitou Interface and Logistics Europe	Perwez, Belgium	FC	100%	100%
Manitou Japan Co Ltd	Tokyo, Japan	FC	100%	100%
Manitou Malaysia MH	Kuala Lumpur, Malaisia	FC	100%	100%
Manitou Manutencion Espana SL	Madrid, Spain	FC	100%	100%
Manitou Mexico	Mexico DF, Mexico	FC	100%	100%
Manitou Middle East Fze	Jebel Ali, United Arab Emirates	FC	100%	100%
Manitou Nordics Sia	Riga, Latvia	FC	100%	100%
Manitou North America LLC	West Bend, Wisconsin, United-States	FC	100%	100%
Manitou Polska Sp Z.o.o.	Raszyn, Poland	FC	100%	100%
Manitou Portugal SA	Villa Franca, Portugal	FC	100%	100%
Manitou South Asia Pte Ltd.	Gurgaon, India	FC	100%	100%
Manitou Southern Africa Pty Ltd.	Johannesbourg, South Africa	FC	100%	100%
Manitou UK Ltd.	Verwood, United-Kingdom	FC	99,4%	99,4%
Manitou Vostok Llc	Moscou, Russia Federation	FC	100%	100%
Marpoll Pty Ltd (LiftRite Hire & Sales)	Perth, Australia	FC	95,5%	95,5%
Mawsley Machinery Ltd.	Northampton, United-Kingdom	FC	85%	85%
Associates companies
Manitou Group Finance	Nanterre, France	EM	49%	49%
Manitou Finance Ltd.	Basingstoke, United-Kingdom	EM	49%	49%
Other companies*
Cobra MS*	Ancenis, France	FC	100%	100%
Gehl Power Products, Inc.	Yankton, South-Dakota, United-States	FC	100%	100%
Manitou America Holding Inc.	West Bend, Wisconsin, United-States	FC	100%	100%
Manitou Développement	Ancenis, France	$\mathsf{FC}$	100%	100%
Manitou PS	Verwood, United-Kingdom	$\mathsf{FC}$	85%	85%

FC: Full Consolidation

E. Fun consolidation

EM: Equity Method

*Holdings and companies without activity