COMMUNIQUÉ RÉGLEMENTÉ

par MANITOU (EPA:MTU)

2023 annual results, a record year

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PRESSRELEASE

2023 annual results, a record year

●    FY’23 Net sales of €m 2,871, +22% vs. FY’22, +23% like for like(1)

●    Recurring operating income at €m 211.6 (7.4%) vs. €m 84.6 (3.6%) in 2022

●    Net income group part at €m 143.4 vs. €m 54.7 in 2022

●    EBITDA(2) at €m 260 (9.0%) vs. €m 130 (5.5%) in 2022

●    Net debt(3) at €m 389, gearing(3) at 44%, leverage(3) at 1.5

●    Dividend payment proposition at €1.35 per share

●    Expectation of stable revenue in 2024 compared with 2023

●    Expectation of recurring operating profit for 2024 to be over 6.5% of revenues

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Ancenis, March 06, 2024 - Michel Denis, President & Chief Executive Officer, stated "2023 was a year of further commercial development and strong growth in profitability. The under-performance of 2022 has been completely erased. The Group delivers its historical revenue record and its highest level of recurring operating profit in 15 years.

The development of our profitability in 2023 is the result of substantive work initiated at the beginning of 2022 to react to the explosion in inflation following the outbreak of war in Ukraine. Sales price rises have gradually offset inflation in raw materials and expenses, and the supply-chain tensions encountered since the Covid pandemic have eased, giving way to improvements in industrial efficiency.

The improvement of these parameters and the anticipated deflation of our order book have led us to return to the operating modes we knew before the inflation peak of 2022, such as delivery times close to our targets, as well as the fixity of order prices, which we have begun to restore.

For 2024, we anticipate stable revenues compared with 2023. The downturn in European markets, particularly in construction, should be offset by the dynamism of the North American market. This polarisation of markets will affect our production sites in different ways, with some remaining at record production rates, and others slowing down compared with 2023.

This outlook leads us to expect recurring operating profit for 2024 to be over 6.5% of sales."

in millions of euros

Net sales

Product division

2022

1, 971.8

S&S division

2022

389.9

Total

Product division 2023

S&S division 2023

Total

2023

Var.

2022

2 361.6

2,472.4

398.9

2,871.3

+22%

Sales margin

204.1

108.2

312.3

377.8

109.9

487.7

+56%

Sales margin as a % of sales

10.4%

27.8%

13.2%

15.3%

27.6%

17.0%

Recurring operating income

43.7

41.0

84.6

183.6

28.0

211.6

+150%

Recurring op. income as a % of sales

2.2%

10.5%

3.6%

7.4%

7.0%

7.4%

Operating income

41.5

40.8

82.3

179.5

28.1

207.6

+152%

Net income attributable to the group

54.7

143.4

+162%

Net debt excluding IFRS 16

213.4

389.4

+82%

Net debt including IFRS 16

234.4

412.8

+76%

Shareholder's equity

791.6

895.2

+13%

% Gearing excluding IFRS 16

27.0%

43.5%

% Gearing including IFRS 16

29.6%

46.1%

Working capital requirement

699.6

925.0

+32%

Percentage data in parentheses expresses a percentage of revenue. Audit procedures performed by the auditors.

Business review by division

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The Product division reported revenues of €2,472 million, up 25% in 2022 (+27% at constant scope and exchange rates). The division benefited from the policy of increases in selling prices implemented since 2022 to face inflation in raw materials prices, from higher production rates and from steady improvements in the fluidity of the supply chain. The division's margin on cost of sales stood at €377.8 million, up 85% compared with 2022. This variation is explained by the increase in activity and by a margin rate that has improved by 4.9 points thanks to the pricing policy implemented to compensate for the increase in raw materials prices, which had strongly deteriorated the division's margins in 2022. R&D costs were up by €5.1 million, impacted by inflation but also by an increase in resources to continue the deployment of innovation programmes, in particular the development of electric ranges, in order to achieve the objectives of the Group's carbon trajectory. Structure costs were also up by 20.1% (+€25.5 million). This increase was relatively slower than the rise in sales, and is explained by the rise in prices and resources to support the division's growth and structuring.

As a result, the Product division's recurring operating profit is increasing by €139.9 million (+320%) to €183.6 million (7.4% of sales), compared with €43.7 million in 2022 (2.2% of sales).

The Services & Solutions division recorded growth revenues of 2% over the year (+3% at constant scope and exchange rates). The division was driven by its spare parts activity, with a gradual improvement in the supply chain. Margin on cost of sales rose by €1.7 million (+1.6%) to €109.9 million. This change is mainly attributable to higher sales. The margin rate over the period was almost stable, thanks to a pricing policy that limited the impact of inflation. Administrative, commercial, marketing and service expenses rose by 22.4% (+€15.0m) in an inflationary environment. The division strengthened its after-sales teams, the capacity of its logistics platforms, and continued to reinforce its service offerings.

As a result, the division's profitability stood at 28.0 million euros (7.0% of sales), down 13.0 million euros compared with 2022 (41.0 million euros, or 10.5% of sales).

Dividend proposed at the next Shareholders’ meeting

The Board of directors has decided to propose to the Annual general shareholders’ meeting, to be held on June 13, 2024, the payment of a dividend of €1.35 per share.

Glossary

(1)  Like for like, so at constant scope and exchange rates: - Scope:

- for the company Lifttek acquired in May 2022, restatement from January 1 of the current year to the anniversary date of its acquisition,

- for the companies acquired in 2023 (easyLi in January 2023 and GI.ERRE SRL in March 2023), restatement from the date of their acquisition to December 31, 2023,

- no company exited the scope in 2022 and 2023.

- Application of the exchange rate of the previous year on the aggregates of the current year.

(2)  EBITDA: Earnings before interest, taxes, depreciation, and amortization, restated from IFRS 16 impact

(3)  Net debt, gearing and leverage: excluding lease commitments IFRS 16

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.

In order to limit the effects of inflation, the group had integrated since H1 2022 mechanisms for adjusting its sales prices at the time of delivery. These mechanisms were likely to influence the valuation of the orderbook on equipment, which was booked and valued at the price on the day of the order. This mechanism has been stopped for new orders as from the last quarter of 2023.

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The Group also introduced during 2022, a new policy of gradually opening the order intake horizons for dealers in order to limit the effects of anticipation without an end market customer.

ISIN code: FR0000038606

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

image                                                       FORTHCOMING EVENT                                    April 25, 2024 (after market closing)

Q1’24 sales revenues

Company information is available at www.manitou-group.com

Shareholder information: communication.financiere@manitou-group.com

As a world reference in the handling, aerial work platform and earth moving sectors, Manitou Group’s mission is to improve working conditions, safety and performance around the world, while protecting people and their environment. Through its flagship brands – Manitou and Gehl – the group designs, produces, distributes and services equipment for construction, agriculture and industry. By placing innovation at the heart of its development, Manitou Group constantly seeks to bring value to all its stakeholders. Through the expertise of its network of 800 dealers, the group works more closely with its customers every day. Staying true to its roots, Manitou Group is headquartered in France. It achieved a 2023 turnover of €2.9 billion and brings together 5,500 talented people worldwide, all driven by a shared passion.

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 FINANCIAL EXTRACT 2023

1.STATEMENTS OF COMPREHENSIVE INCOME

CONSOLIDATED INCOME STATEMENT

In thousands of euros

2022

2023

Net sales

2 361 637

2 871 312

Cost of goods & services sold

-2 049 278

-2 383 640

Research & development costs

-34 924

-40 365

Selling, marketing and services expenses

-127 376

-153 012

Administrative expenses

-66 659

-81 557

Other operating income and expenses

1 247

-1 187

Recurring operating income

84 638

211 552

Non-recurring operating income and expenses

-2 357

-3 902

Operating income

82 281

207 650

Share of profits of associates

1 986

2 535

Operating income including Net income from associates

84 267

210 185

Financial income

38 007

55 113

Financial expenses

-42 270

-71 193

Financial result

-4 263

-16 080

Income before tax

80 004

194 105

Income taxes

-24 950

-50 600

Net income

55 054

143 505

Attributable to equity holders of the parent

54 725

143 391

Attributable to non-controlling equity interests

329

114

EARNINGS PER SHARE (IN EUROS)  

 

2022

2023

Net income attributable to the equity holders of the parent                                                                                     

1,43

3,75

Diluted earnings per share                                                                                                                                    

1,43

3,75

OTHER COMPONENTS OF COMPREHENSIVE INCOME AND EXPENSES & COMPREHENSIVE INCOME

In thousands of euros

2022

2023

Income (loss) of the year

55 054

143 505

Items that will be reclassified to profit of loss in subsequent periods

Adjustments to fair value of the financial assets

-71

38

Translation differences arising on foreign activities

9 422

-12 692

Interest rate hedging and exchange instruments

4 069

-102

Tax impacts

-1 035

17

Items that will not be reclassified to profit or loss in subsequent periods

Actuarial gains (losses) on defined benefits plans

5 943

-1 721

Tax impacts

-1 507

449

Total gains and losses recognized directly in other components of comprehensive income

16 822

-14 010

Comprehensive income of the year

71 877

129 495

Attributable to equity holders of the parent

71 609

129 364

Attributable to non-controlling interests

268

130

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2. CONSOLIDATED STATEMENT OF FINANCIAL POSITION

ASSETS  

In thousands of euros

December 31, 2022

Net amount as of December 31, 2023

Goodwill

3 221

5 880

Intangible assets

69 665

88 509

Tangible assets

256 436

302 230

Right-of-use of leased assets

19 228

21 665

Investments in associates

19 160

20 718

Sales financing receivables

2 343

577

Other non-current assets

12 654

11 889

Deferred tax assets

13 062

17 846

Non-current assets

395 770

469 313

Inventories & work in progress

717 978

881 570

Net trade receivables

488 635

644 892

Current income tax

10 084

12 834

Other current assets

89 978

102 510

Cash and cash equivalents

60 704

54 165

Assets held for sale

0

0

Current assets

1 367 379

1 695 971

Total assets

 

1 763 148

2 165 284

EQUITY & LIABILITIES  

In thousands of euros

December 31, 2022

Net amount as of December 31, 2023

Share capital

39 668

39 668

Share premiums

46 098

46 098

Treasury shares

-23 820

-23 884

Reserves and profit for the year – equity holder of the parent

Equity attributable to owners of parent

728 874

832 872

790 821

894 755

Non-controlling interests

759

427

Total Equity

791 579

895 182

Non-current provisions

34 833

39 865

Non-current financial liabilities

138 759

150 875

Non-current lease debts

14 973

16 404

Other non-current liabilities

6 654

15 028

Deferred tax liabilities

4 086

4 856

Non-current liabilities

199 304

227 027

Current provisions

26 727

27 819

Current financial liabilities

142 622

300 708

Current lease debts

6 006

6 959

Trade payables

420 341

467 633

Current income tax

4 437

8 742

Other current liabilities

172 132

231 214

Current liabilities

772 265

1 043 075

Total equity & liabilities

1 763 148

2 165 284

3.CONSOLIDATED SHAREHOLDERS’ EQUITY

CHANGES IN CONSOLIDATED SHAREHOLDERS’ EQUITY

In thousands of euros

Share capital

Share premium

Cumulative translation adjustment

Treasury shares

Consolidated reserves

Attribuable to equity holders of the parent company

Non-

controlling interest 

Total equity

As of december 31, 2022

39 668

46 098

4 367

-23 998

684 109

750 244

1 019

751 263

Gains and losses recognized in equity

-

-

9 461

-

7 423

16 884

-61

16 822

Net income

-

-

-

-

54 725

54 725

329

55 054

Comprehensive income

-

-

9 461

-

62 148

71 609

268

71 877

Stock option planrelated expenses

-

-

-

-

-

-

-

-

Dividends paid

-

-

-

-

-30 614

-30 614

-53

-30 667

Treasury shares

-

-

-

178

-89

90

-

90

Capital increase

-

-

-

-

-

-

-

-

Changes in control of consolidated entities

-

-

-

-

-

-

-

-

Acquisition and disposal of minority interests' shares

-

-

-7

-

64

57

-268

-212

Purchase commitments for minority interests' shares

-

-

-

-

-

-

-

-

Other

-

-

-

-

-565

-565

-206

-771

As of December 31, 2022

39 668

46 098

13 821

-23 820

715 054

790 820

759

791 579

Gains and losses recognized in equity

-

-

-12 707

-

-1 320

-14 026

16

-14 010

Net income

-

-

-

-

143 391

143 391

114

143 505

Comprehensive income

-

-

-12 707

-

142 071

129 364

130

129 495

Stock option planrelated expenses

-

-

-

-

-

-

-

-

Dividends paid

-

-

-

-

-24 126

-24 126

-244

-24 371

Treasury shares

-

-

-

-64

-

-64

-

-64

Capital increase

-

-

-

-

-

-

-

-

Changes in control of consolidated entities

-

-

-

-

-

-

-

-

Acquisition and disposal of minority interests' shares

-

-

-2

-

-148

-150

-218

-368

Purchase commitments for minority interests' shares

-

-

-

-

-728

-728

-

-728

Other

-

-

-

-

-364

-364

-

-364

As of december 31, 2023

39 668

46 098

1 113

-23 884

831 759

894 755

427

895 182

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4. CASH FLOW STATEMENT

In thousands of euros

December 31, 2022

December 31, 2023

Net income

55 054

143 505

Income from equity affiliates net of dividends

-1 503

-1 408

Amortizations and depreciations

54 911

60 735

Provisions and impairments

3 673

4 597

Income tax expense (current and deferred)

24 950

50 600

Other non-cash income and expenses

-87

-536

Cash flow operations

136 998

257 493

Tax paid

-20 842

-52 903

Change in working capital requirement

-209 501

-236 736

Change in capitalized lease machines

-11 122

-20 480

Net cash flow from operating activities

-104 466

-52 626

Proceeds from sales of intangible assets

-20 839

-32 427

Proceeds from sales of tangible assets

-72 693

-72 609

Change in fixed assets payables

1 076

11 523

Disposals of tangible and intangible assets

598

928

Acquisitions of investments in obtaining control, net of cash acquired

-3 274

-2 706

Disposals of investments with loss of control, net of cash transferred

0

0

Others

-862

386

Net cash flow from investing activities

-95 994

-94 905

Capital increase

0

0

Dividends paid

-30 667

-24 371

Purchase of treasury shares

178

-64

Repurchase of non-controlling interests

-212

-366

Change in others financials liabilities and assets

64 634

154 574

Payment of finance lease liabilities

-6 405

-7 707

Others

-4 567

-1 760

Net cash flow from financing activities

22 961

120 307

Net increase (decrease) in cash, cash equivalents, and bank overdrafts

-177 499

-27 224

Cash, cash equivalents and bank overdrafts at beginning of the year

192 712

15 996

Exchange gains (losses) on cash and bank overdrafts

783

418

Cash, cash equivalents and bank overdrafts at end of year

15 996

-10 810


CHANGE IN SCOPE

§   easyLi

On January 23, 2023, the group acquired a stake of 82% in the company easyLi, specialized in the design and production of lithium-ion batteries. This operation allows the group to equip itself with specific skills as part of its energy transition. Based in Poitiers (France), the easyLi company has a workforce of 18 employees and achieved a turnover of 0.9 million euros in 2023.

Crossed call and put options have been contracted with minority shareholders on 18% of the capital. The Group has taken these options into account in calculating its percentage interests, which is 100% at December 31, 2023. A discounted debt for the investment of 0.6 millions euros has been recognized in this regard (earn-out). A social debt has also been booked for 0.1 million euros between the estimated repurchase value of the shares and their nominal value, difference qualified as additional remuneration.

Besides, a BSPCE plan with a share buyback option has been set up to encourage the managers and staff concerned to participate in the development of Easyli’s business within the Group. A social debt has been recorded for 0.1 million euros in this respect (IFRS 2 share-based payment).

§   GI.Erre SRL

On 1 March 2023, the group acquired all the shares of the Italian company GI.ERRE SRL, based in Castelfranco, Italy and specialized in service activities for Manitou products. GI.ERRE achieved a turnover of 3.6 million euros in 2023 with a workforce of 17 employees.

§   Manitou PS

In May 2023, the Manitou group completed its participation in the company Manitou PS (United Kingdom), itself holder of 100% of the share capital of Mawsley Machinery, and now holds 90% of the share capital of the company. The impact of this operation is not significant on the group's financial statements.

No disposals took place during the period.

5. EXTRACT FROM THE NOTES OF THE CONSOLIDATED FINANCIAL STATEMENTS OF THE UNIVERSAL REGISTRATION DOCUMENT

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JCB

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 and one UK patent (respectively European patent EP 1 532 065 B2(EP 065) its equivalent UK Patent GB 2390 595 B (GB565) and European patent EP 2 263 965 B9) 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 December 2018, JCB served Manitou Group with a new patent infringement suit in France and the United Kingdom relating to a third European patent (EP 2 616 382 B3 (EP 382), also relating to certain features concerning the overload cut-off control system of certain telescopic forklift trucks.

Since 2017, these disputes have led to a succession of legal proceedings in France, the UK and Italy, and JCB had estimated its loss at 190 million euros.

During these proceedings, the group has always contested the infringements and defended itself with the utmost firmness.

In December 2023, Manitou BF and J.C. Bamford Excavators Limited agreed to terminate all patent infringement litigation between them.

The end of this litigation has no impact on the present or future business of either party, nor on the characteristics of the products marketed by each of them.

CONTINGENT LIABILITIES

The Group has contingent liabilities relating to legal, arbitration and regulatory proceedings arising in the normal course of its activities. Each known litigation or ongoing proceeding in which Manitou BF or Group companies are involved has been reviewed at the end of the reporting period.

INFORMATION ON OPERATING SEGMENTS

CONSOLIDATED INCOME STATEMENT BY DIVISION

The information on operating segments is communicated on the basis of the group operational organization, with two divisions:

§   the Product division includes all French, Italian, American, and Indian production sites dedicated in particular to telehandlers, industrial masted forklift trucks and all-terrain trucks, truck-mounted forklifts, aerial work platforms, compact wheel loaders, compact track loaders, and articulated compact loaders, backhoe loaders and telescopic loaders. Its mission is to optimize the development and production of Manitou, Gehl, and Mustang by Manitou brand name products.

§   the S&S (Services & Solutions) division includes service activities to support sales (financing approaches, warranty contracts, maintenance and full service contracts, fleet management, etc.), after-sales services (spare parts, technical training, warranty contract management, used equipment management, etc.) and services to end users (geolocation, user training, advice, etc.). The aim of this division is to create service offers to meet the expectations of each of our customers in our value chain and increase the resilience of group sales. 

These two divisions design and assemble the products and services that are distributed by the sales and marketing organization to dealers and the group’s major accounts in 140 countries. 

In thousands of euros

Product division

S&S division

TOTAL

2022

2023

2022

2023

2022

2023

Net Sales

Cost of goods & services sold

Gross margin

As a %

Research & development costs

Selling, marketing & service expenses

Administrative expenses

Other operating income and expenses

Recurring operating profit

As a %

Non-recurring operating income and expenses

Operating income 

As a %

Share of profits of associates

1 971 774

-1 767 637

204 137

10,4%

-34 924

-71 779

-55 287

1 525

43 671

2,2%

-2 188

41 483

2,1% 0

2 472 435

389 854

398 878

2 361 627

2 871 312

-2 094 671

-281 641

-288 970

-2 049 278

-2 383 640

377 764

108 213

109 908

312 349

487 672

15,3%

27,8%

27,6%

13,2%

17,0%

-40 068

0

-297

-34 924

-40 365

-85 716

-55 597

-67 296

-127 376

-153 012

-66 875

-11 371

-14 681

-66 659

-81 557

-1 505

-278

318

1 247

-1 187

183 600

40 967

27 952

84 638

211 552

7,4%

10,5%

7,0%

3,6%

7,4%

-4 070

-168

167

-2 357

-3 902

179 531

40 798

28 119

82 281

207 650

7,3%

10,5%

7,0%

3,5%

7,2%

0

1 986

2 535

1 986

2 535

Operating Income including Net Income from associates

41 483

179 531

42 785

30 654

84 267

210 185

The spare parts and accessories distribution business, which is integrated within the Services & Solutions division, benefits from services provided by the Product division (R&D, qualification of parts, qualification of suppliers), the already existing basis of sold units, as well as the brand name recognition built by those divisions.

In order to compensate for all of these benefits, the group’s divisional reporting includes fees from the Services & Solutions division to the Product division. This fee is calculated based on comparable indicators of external independent spare parts distributors for which the median operating income over a five year period amounted to 3.90% in Europe and the US, the main regions in which the S&S division operates. That fee is included in the line item «Cost of goods and services sold» of each division, which therefore includes the charges related to goods and services sold plus or minus the interdivision fees.

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 item.


NET SALES BY DIVISION AND GEOGRAPHICAL REGION

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* Asia, Pacific, Africa, Middle East                                                                                                 


POST-CLOSING EVENTS
SIGNATURE OF AN ADDITIONAL CREDIT LINE OF 160 MILLION EUROS

In January 2024, the Group signed an amendment to the July 2022 credit agreement to set up an additional RCF (Revolving Credit Facility) line for an amount of 160 million euros and a maturity of 5 years, with the possibility of a one-year extension.

This additional line of financing strengthens the group’s financial structure to allow it to continue its development and finance its investment projects.

ACQUISITION OF A MAJORITY STAKE IN THE ITALIAN COMPANIES COME AND METAL WORK

In January 2024, the group completed a 75% stake in COME S.R.L and Metal Work S.R.L, based in Emilia Romagna (Italy). 

The acquisition of these two historical partners will help support the growth of Manitou Group by integrating the production of strategic components. 

COME and Metal Work will also continue to develop the business with all their customers.

COME S.R.L is specialized in the production of mechanically welded parts. It generated revenue of €46 million in 2022 and employs 280 people.

Metal Work S.R.L is specialized in laser cutting and folding. It achieved a turnover of €31 million in 2022 and employs 70 employees.

LIST OF SUBSIDIARIES AND AFFILIATES

Parent company

Manitou BF

Ancenis, France

Consolidated companies

Consolidation method

% interest

Production companies

EasyLi

Poitiers, France 

FC

100%

LMH Solutions

Beaupréau-en-Mauges, France

FC

100%

Manitou Equipment America LLC

West Bend, Wisconsin, United-States

FC

100%

Manitou Equipment India

Greater Noïda, India

FC

100%

Manitou Italia S.R.L

Castelfranco Emilia, Italy

FC

100%

Distribution companies

Compagnie Française de Manutention  Île-de-France

Jouy-le-Moutier, France

FC

100%

Gi.Erre SRL

Castelfranco Emilia, Italy

FC

100%

LiftRite Hire & Sales Pty Ltd (ex. Marpoll Pty Ltd)

Perth, Australia

FC

100%

Manitou Asia Pte Ltd

Singapore

FC

100%

Manitou Australia Pty Ltd

Lidcombe, Australia

FC

100%

Manitou Brasil Ltda

São Paulo, Brazil

FC

100%

Manitou Benelux SA

Perwez, Belgium

FC

100%

Manitou Center Singapore

Singapore

FC

100%

Manitou Centres SA Pty Ltd

Johannesbourg, South Africa

FC

100%

Manitou Chile

Las Condes, Chile

FC

100%

Manitou China Co Ltd

Shanghai, China

FC

100%

Manitou Deutschland GmbH

Friedrichsdorf, Germany

FC

100%

Manitou Global Services

Ancenis, France

FC

100%

Manitou Interface and Logistics Europe

Perwez, Belgium

FC

100%

Manitou Japan Co Ltd

Tokyo, Japan

FC

100%

Manitou Malaysia MH

Kuala Lumpur, Malaisia

FC

100%

Manitou Manutencion Espana SL

Madrid, Spain

FC

100%

Manitou Mexico

Mexico DF, Mexico

FC

100%

Manitou Middle East Fze

Jebel Ali, United Arab Emirates

FC

100%

Manitou Nordics Sia

Riga, Latvia

FC

100%

Manitou North America LLC

West Bend, Wisconsin, United-States

FC

100%

Manitou Polska Sp Z.o.o.

Raszyn, Poland

FC

100%

Manitou Portugal SA

Villa Franca, Portugal

FC

100%

Manitou South Asia Pte Ltd

Gurgaon, India

FC

100%

Manitou Southern Africa Pty Ltd

Johannesbourg, South Africa

FC

100%

Manitou UK Ltd

Verwood, United-Kingdom

FC

99,4%

Mawsley Machinery Ltd

Northampton, United-Kingdom

FC

85%

MN-Lifttek Oy

Vantaa, Finland

FC

100%

Associates companies

Manitou Group Finance

Nanterre, France

EM

49%

Manitou Finance Ltd

Basingstoke, United-Kingdom

EM

49%

Other companies*

Cobra MS*

Ancenis, France

FC

100%

Manitou America Holding Inc.

West Bend, Wisconsin, United-States

FC

100%

Manitou Asia Pacific Holding

Singapore

FC

100%

Manitou Group Newco Spain, S.L.

Madrid, Spain

FC

100%

Manitou Développement

Ancenis, France

FC

100%

Manitou Holding Southern Africa Pty Ltd

Johannesbourg, South Africa

FC

100%

Manitou PS

Verwood, United-Kingdom

FC

90%

Manitou Vostok Llc

Moscou, Russia Federation

FC

100%

FC: Full Consolidation

EM: Equity Method

* Holdings and companies without activity 

 

The adress of Manitou BF’s headquarters is 430, rue de l’Aubinière, 44158 Ancenis, France.

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