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Manitou Group Investor Presentation 2024
1503_10-q_2024-10-24_3cf93272-d454-47f3-a7b6-d47f80edc2a4.pdf
Investor Presentation
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Q3 2024 Revenues
Michel Denis - President and CEO Hervé Rochet - Chief Transformation & Governance Officer
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This presentation includes only summary information and does not in any way purport to be comprehensive. None of the Company or any of its affiliates, directors, officers, advisors and employees accepts any obligation, liability, claim or remedy for any loss arising from any use of these presentation materials or their contents or otherwise arising in connection with these materials, whether or not arising from the negligence of the Company.
This presentation may include market data and certain industry forecasts obtained from internal surveys, estimates, reports and studies, as well as external market research, publicly available information and industry publications. The Company, its affiliates, directors, officers, advisors and employees have not independently verified the accuracy, adequacy, reliability, completeness of any such market data and industry forecasts and make no representations or warranties in relation thereto.
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.
Neither this presentation nor any copy of it may be taken, transmitted into or distributed in the United States of America, Canada, Japan or in any other jurisdiction where applicable laws restrict the transmission or distribution of this presentation.
- » 9-month revenues of €2,000m, 3% vs. 9-month revenues 23, -3% like for like(1)
- » Q3 24 revenues of €593m, 10% vs. Q3 23
- » Q3 24 order intake on equipment of €252m vs. €216m in Q3 23
- » End of Q3 24 order book(2) on equipment at €1,107m vs. €2,718m in Q3 23
Group adaptation to a less dynamic environment
(1) at constant scope and exchange rates: terms defined in the appendix (2) term defined in the appendix
Highlights - Inauguration of the Yankton plant 4
- » Celebrating 50 years of the Yankton plant (South Dakota)
- » 7,000 m² extension of the site dedicated to the production of telescopic forklifts for the North American market, and articulated loaders
- » Investment of €18 million to meet the growing needs of demand in the North American market
Highlights - Laying the foundation stone 5
- » Lays the first stone of the mechanical welding site in Candé (France) on October 1st
- » An investment of €60 million to integrate the upstream structure phase of the telescopic articulated platform booms
- » Absorb activity peaks in the long term and optimize production control
- » Work planned until the end of 2025 for start of production scheduled in summer 2026
» Participation in the 6th edition of "Rencontres du Matériel Durable" on September 24, 2024
- » An event organized by the Community of Sustainable Equipment Actors
- » 90 French players in the construction sector gathered
- » Objective of accelerating the energy transition of an entire sector by bringing together the major players in the sector
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Highlights - Acquisitions 7
- » Finalization of the acquisition of Dezzo activities, in South Africa
- » Objective to sustain activities and strengthen service to customers based in this region
- » Turnover of 8 million euros achieved in 2023
Highlights - Products & Innovation
» Launch of a new range of ME lift forklifts
- » Five new compact electric models ranging from 1.6t to 3t lifting capacity
- » A lithium battery with an extended lifespan
- » Distribution throughout Europe
| Q3 2023 Revenue | Q3 2024 Revenue | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| South Eur. North Eur. | Americas | APAM | Tot. | €m % tot. |
South Eur. North Eur. | Americas | APAM | Tot. | ||
| 180 | 208 | 126 | 46 | 559 | Product | 168 | 153 | 124 | 45 | 489 |
| 27% | 32% | 19% | 7% | 85% | Division | 28% | 26% | 21% | 8% | 82% |
| 34 | 32 | 18 | 13 | 97 | S&S | 39 | 34 | 18 | 14 | 104 |
| 5% | 5% | 3% | 2% | 15% | Division | 7% | 6% | 3% | 2% | 18% |
| 214 | 240 | 144 | 59 | 656 | 207 | 186 | 142 | 58 | 593 | |
| 33% | 37% | 22% | 9% | 100% | Total | 35% | 31% | 24% | 10% | 100% |
S&S: Services and Solutions Faster-growing boxes (vs.avg) shown in green
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Q3 2024 Net sales | October 24th, 2024
Evolution Q3 2024 vs Q3 2023 10
| Rev. in €m in % |
South Europe |
North Europe |
Americas | APAM | Total | |||
|---|---|---|---|---|---|---|---|---|
| Product Division |
-12 | -7% | -55 | -27% | -2 -2% |
-1 -2% |
-70 -13% |
|
| S&S Division | +5 | +15% | +2 | +5% | -0 -2% |
+1 +7% |
+7 +8% |
|
| Total | -7 | -3% | -53 | -22% | -2 -2% |
-0 -0% |
-63 -10% |
9 months Revenue 11
| 9 months 2023 Revenue | 9 months 2024 Revenue | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| South Eur. North Eur. | Americas | APAM | Tot. | €m % tot. |
South Eur. North Eur. | Americas | APAM | Tot. | ||
| 578 | 649 | 396 | 137 | 1761 | Product | 590 | 599 | 357 | 146 | 1692 |
| 28% | 32% | 19% | 7% | 86% | Division | 30% | 30% | 18% | 7% | 85% |
| 108 | gg | 52 | 38 | 297 | ટેકેટ | 114 | 102 | 53 | 39 | 308 |
| 5% | 5% | 3% | 2% | 14% | Division | 6% | 5% | 3% | 2% | 15% |
| 686 | 748 | 448 | 175 | 2058 | 704 | 701 | 410 | 185 | 2000 | |
| 33% | 36% | 22% | 9% | 100% | Total | 35% | 35% | 20% | 9% | 100% |
S&S: Services and Solutions Faster-growing boxes (vs.avg) shown in green
12 Evolution 9 months 2024 vs 9 months 2023
| Rev. in €m in % |
South Europe |
North Europe |
Americas | APAM | I otal | |
|---|---|---|---|---|---|---|
| Product | +12 | -50 | -39 | +9 | -69 | |
| Division | +2% | -8% | -10% | +6% | -4% | |
| ટેક્ટર | +6 | +3 | +1 | +1 | +11 | |
| Division | +6% | +3% | +2% | +3% | +4% | |
| Total | +18 | -47 | -38 | +10 | -58 | |
| +3% | -6% | -9% | +6% | -3% |
Evolution vs 2023 13
| Rev. in €m % vs. Rev. N-1 |
2023.09 | Exchange rate |
Scope change |
Evolution at constant scope * |
2024.09 |
|---|---|---|---|---|---|
| Product Division |
1761 | -0 -0% |
+9 +7% |
-78 -4% |
1692 -4% |
| S&S Division |
297 | -0 | +0 | +11 | 308 |
| Total | 2053 | -0% -0 -0% |
+0% +10) +0% |
+4% -67/ -3% |
+4% 2000 -3% |
* at constant scope and exchange rates: definition in appendix
Order intake and order book on equipment (€m) 14
The order book on equipment becomes gradually normalized around 6 months of activity.
Operational review 15
- » Business slowdown through Q3
- » Miscellaneous dynamics regarding sales area and product line
- » Slow operational increase in North America
- » Rebound in order intake on equipment, but still restrained considering the high level of dealer inventories in some sales area
- » Agile adjustment of the operational chain to this new environment
- » Expectation of a 2024 revenues dipped about 7% compared with 2023
- » Expectation of a 2024 recurring operating profit to be over 7% of revenues
Appendix - Definitions 17
Like for like, so at constant scope and exchange rates:
- » Scope:
- for the company GI.ERRE acquired in March 2023, restatement from January 1 of the current year to the anniversary date of its acquisition,
- for the companies acquired in 2024 (COME S.R.L and Metal Work S.R.L in January 2024), restatement from the date of their acquisition to September 30, 2024,
- no company exited the scope in 2023 and 2024.
- » Application of the exchange rate of the previous year on the aggregates of the current year.
Order book:
The order book corresponds to machine orders received and not yet delivered, for which the group:
- » has not yet provided the promised machines to the customer,
- » has not yet received consideration and has not yet been entitled to consideration.
These orders are delivered within less than one year and may be cancelled.
The order book may vary due to changes in consolidation scope, adjustments, and foreign currency translation effects.
THANK YOU
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