par MANITOU (EPA:MTU)
2024 Half-Year results
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PRESSRELEASE
2024 Half-Year results
● H1 24 Net sales of €m 1,407, +0.4% vs. H1 23, -0.1% like for like(1)
● Q2 24 revenues of €m 721, -2% vs. Q2 23
● Q2 24 order intake on equipment of €m 86 vs. €m 287 in Q2 23
● End of Q2 24 order book(2) on equipment at €m 1 344 vs. €m 3,061 in Q2 23
● Recurring operating income at €m 127.5 (9.1%) vs. €m 88.1 (6.3%) in H1 2023
● Net income at €m 81.8 vs. €m 62.6 in H1 2023
● EBITDA(3) at €m 159.8 (11.4%) vs. €m 114.0 (8.1%) in H1 2023
● Net debt(4) at €m 394, gearing(4) at 42%, leverage(4) at 1.3
● Confirmation of expectations of stable revenue in 2024 compared with 2023 and a recurring operating profit for
2024 above 6.5% of revenues
 |
Ancenis, July 30, 2024
The Board of Directors of Manitou BF, chaired by Jacqueline Himsworth, today approved the Group's consolidated financial statements for the first half of 2024.
Michel Denis, President & CEO, stated: "The group closes a very good half-year in a context of contrasting activity and outlook. Sales for the first half were stable compared with the first half of 2023. Driven by stronger than expected momentum in Southern Europe, growth in Europe offset the decline in North America. Our ambitions for further growth in North America have been compromised by a lack of operational fluidity and by a much slower than expected ramp-up of our US industrial capacities, both of which we are gradually rectifying.
Our first-half financial performance continues to benefit from the improvements we have been making over the past 18 months.The delayed effect of the realignment of sales prices with raw material prices achieved throughout the previous year is now bearing full fruit. This has been combined with a more favorable customer and product mix as well as reasonable control of fixed costs. All these factors helped to raise recurring operating profit for the half-year to 9.1% of net sales, the highest level for the last 15 years.
However, this excellent performance will not be repeated in the second half of the year. In fact, the order intake dynamic remains an important area of concern, and it is too early to know its medium-term direction. In addition, the disparity in the depth of the order book between product lines has led us to reduce production at most of our industrial sites.
All these factors allow us to confirm our sales and recurring operating profit guidance for 2024."
in millions of euros Net sales | Product division H1 2023 1,201.4 | S&S division H1 2023 200.1 | Total | Product division H1 2024 1,202.9 | S&S division H1 2024 203.9 | Total H1 2024 1,406.8 | Var. |
H1 2023 | |||||||
1,401.5 | +0.4% | ||||||
Sales margin | 167.9 | 53.3 | 221.2 | 222.9 | 52.9 | 275.7 | +24.7% |
Sales Margin as a % of sales | 14.0% | 26.6% | 15.8% | 18.5% | 25.9% | 19.6% | |
Recurring Operating Income | 74.4 | 13.6 | 88.1 | 119.3 | 8.2 | 127.5 | +44.7% |
Recurring Op. Income as a % of sales | 6.2% | 6.8% | 6.3% | 9.9% | 4.0% | 9.1% | |
Operating Income | 75.3 | 13.9 | 89.2 | 118.2 | 8.2 | 126.3 | +41.6% |
Net Income attributable to the group | 62.5 | 81.8 | +30.7% | ||||
Net debt excluding IFRS 16 | 387.0 | 394.3 | +1.9% | ||||
Net debt including IFRS 16 | 407.7 | 424.7 | +4.2% | ||||
Shareholders’ equity | 819.1 | 934.1 | +14.0% | ||||
% Gearing excluding IFRS 16 | 47.2% | 42.2% | |||||
% Gearing including IFRS 16 | 49.8% | 45.5% | |||||
Working capital | 884.8 | 914.6 | +3.4% |
Revenues evolution
Net sales by division
in millions of euros | Quarter | Half-year | ||||
Q2 2023 | Q2 2024 | Var. | H1 2023 | H1 2024 | Var. | |
Product division | 639 | 620 | -2.9% | 1 201 | 1 203 | +0.1% |
S&S division | 97 | 101 | +3.8% | 200 | 204 | +1.9% |
Total | 736 | 721 | -2.0% | 1 402 | 1 407 | +0.4% |
 |
Net sales by geographic region
in millions of euros | Quarter | Half-year | ||||
Q2 2023 | Q2 2024 | Var. | H1 2023 | H1 2024 | Var. | |
Southern Europe | 244 | 259 | +6.1% | 472 | 497 | +5.2% |
Northern Europe | 264 | 252 | -4.7% | 509 | 515 | +1.2% |
Americas | 168 | 144 | -14.4% | 304 | 268 | -11.8% |
APAM | 60 | 67 | +11.0% | 117 | 127 | +8.8% |
Total | 736 | 721 | -2.0% | 1 402 | 1 407 | +0.4% |
Review by division
The Product division reported revenues of €1,203 million, stable over six months compared with 2023 (steady at constant scope and exchange rates). It continues to benefit from the policy of increasing selling prices that has been in place since 2022 to counter inflation on raw materials, and is also benefiting from an improvement in production efficiency linked to the reduction of tensions on our supply chain. Since January 2024, the division has also included the mechanical welding activities from the acquisition of 2 Italian companies, which contributed €7 million.
The division's margin on cost of sales reached €222.9 million, up 33% compared with the first half of 2023, thanks to a sharp improvement of 4.5 points in the margin on cost of sales. The margin recovery is attributable to the pricing policy implemented to offset the increase in raw material prices, and to the improvement in industrial efficiency thanks to the investment programs.
Recurring operating profit of the Product division rose sharply by €44.9 million to €119.3 million (9.9% of sales), compared with €74.4 million in the first half of 2023 (6.2% of sales).
With revenues of €204 million, the Services & Solutions division (S&S) recorded growth of +1,9% over 6 months (also +1,9% at constant scope and exchange rates). Over the first half, the division was driven by the dynamism of its machine rental business (+11%) and by the strengthening of its service offer (+15%), particularly in digital services and machine maintenance.
The margin on cost of sales fell by €0.4 million (-0.8%) compared with the first half of 2023, reaching €52.9 million. This decline was due to a 0.7 point deterioration in the margin rate on cost of sales, impacted by pressure on the selling prices of parts and an increase in depreciation expenses as a result of higher depreciation of the rental fleet. Thus, the division's profitability came to €8.2 million (4.0% of sales), down by €5.7 million compared with the first half of 2023 (€13.9 million, or 6.9% of sales).
Glossary
Data as a percentage in parentheses express a percentage of net sales.
Half-year financial statements and Statutory auditors‘ review report available online on the company website (in French). Limited review procedures performed by the auditors.
(1)
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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 June 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.
(2) 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.
(3) EBITDA: Earnings before interest, taxes, depreciation, and amortization, restated from IFRS 16 impact (on 6 months) (4) Net debt, gearing and leverage excluding IFRS 16
ISIN code: FR0000038606
Indices: CAC ALL SHARES, CAC ALL-TRADABLE, CAC INDUSTRIALS, CAC MID & SMALL, CAC SMALL, EN FAMILY BUSINESS
FORTHCOMING EVENTS: October 24, 2024
Q3 2024 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.
FINANCIAL EXTRACT JUNE 30, 2024
1.STATEMENTS OF COMPREHENSIVE INCOME
CONSOLIDATED INCOME STATEMENT
in thousands of euros | 2023 | H1 2023 | H1 2024 |
Net sales |
| ||
Cost of goods & services sold | |||
Research & development costs Selling, marketing and services expenses Administrative expenses | -40,365 -20,857 | -22,382 | |
-153,012 -73,576 | -84,858 | ||
-81,557 -39,484 | -42,780 | ||
Other operating expenses and income | -1,187 793 | 1,733 | |
Recurring operating income Other non-recurring income and expenses Operating income Share of profits of associates Operating income including net income from associates | 211,552 88,070 | 127,457 | |
-3,902 1,135 | -1,131 | ||
207,650 89,205 | 126,326 | ||
2,535 1,148 | 1,430 | ||
210,185 90,353 | 127,757 | ||
Financial income | 55,113 40,740 | 36,480 | |
Financial expenses Financial result Income before tax Income taxes Net income | -71,193 -45,396 | -50,307 | |
-16,080 -4,655 | -13,826 | ||
194,105 85,698 | 113,930 | ||
-50,600 -23,096 | -32,151 | ||
143,505 62,600 | 81,779 | ||
Attributable to equity holders of the parent | 143,391 62,531 | 81,753 | |
Attributable to non-controlling equity interests | 114 69 | 26 | |
EARNINGS PER SHARE (IN EUROS)
OTHER COMPONENTS OF COMPREHENSIVE INCOME AND EXPENSES & COMPREHENSIVE INCOME
in thousands of euros | 2023 | H1 2023 | H1 2024 |
Income (loss) for the year | 143,505 | 62,600 | 81,779 |
Items that will be reclassified to profit or loss in subsequent periods | |||
Adjustments to fair value of the financial assets | 38 | 0 | 0 |
Translation differences arising on foreign activities | -12,692 | -8,162 | 9,523 |
Interest rate hedging and exchange instruments | -102 | -3,412 | -3,420 |
Tax impacts | 17 | 881 | 880 |
Items that will not be reclassified to profit or loss in subsequent periods | |||
Actuarial gains (losses) on defined benefits plans | -1,721 | 3 | 2,632 |
Tax impacts | 449 | 194 | -678 |
Total gains and losses recognized directly in other components of comprehensive income | -14,010 | -10,496 | 8,938 |
Comprehensive income | 129,495 | 52,105 | 90,717 |
Attributable to equity holders of the parent | 129,364 | 52,013 | 90,681 |
Attributable to non-controlling interests | 130 | 92 | 36 |
2. CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
ASSETS
 |
in thousands of euros | December 31, 2023 | Net amount as at June 30, 2024 | |
Goodwill | 5,880 | 15,787 | |
Intangible assets | 88,509 | 94,168 | |
Tangible assets Right-of-use of leased assets Investments in associates Sales financing receivables Other non-current assets | 302,230 21,665 20,718 577 11,889 | 339,645 | |
29,831 | |||
22,361 | |||
562 | |||
12,470 | |||
Deferred tax assets | 17,846 | 21,586 | |
Non-current assets Inventories & Work in progress Net trade receivables Current income tax Other current assets | 469,313 881,570 644,892 12,834 102,510 | 536,410 | |
941,875 | |||
528,633 | |||
3,254 | |||
93,877 | |||
Cash and cash equivalents | 54,165 | 65,169 | |
Current assets Non-current assets held for sale Total assets | 1,695,971 0 2,165,284 | 1,632,808 | |
0 | |||
2,169,218 |
EQUITY & LIABILITIES
in thousands of euros | December 31, 2023 | Net amount as at June 30, 2024 | |
Share capital Share premiums Treasury shares Reserves and profit for the year – equity holder of the parent | 39,668 46,098 -23,884 832,872 | 39,668 | |
46,098 | |||
-23,976 | |||
872,186 | |||
Equity attributable to owners of parent | 894,755 | 933,976 | |
Non-controlling interests Total equity Non-current provisions Non-current financial liabilities Non-current lease debts | 427 895,182 39,865 150,875 16,404 | 112 | |
934,088 | |||
45,258 | |||
159,930 | |||
20,959 | |||
Other non-current liabilities | 15,028 | 16,757 | |
Deferred tax liabilities Non-current liabilities Current provisions Current financial liabilities Current lease debts | 4,856 227,027 27,819 300,708 6,959 | 5,637 | |
248,540 | |||
25,493 | |||
304,116 | |||
9,437 | |||
Trade payables | 467,633 | 399,859 | |
Current income tax Other current liabilities Current liabilities Total equity & liabilities | 8,742 231,214 1,043,075 2,165,284 | 23,742 | |
223,943 | |||
986,590 | |||
2,169,218 |
3.CONSOLIDATED SHAREHOLDERS’ EQUITY
4. CASH FLOW STATEMENT |
|
In thousands of euros | 2023 | H1 2023 | H1 2024 |
Net income | 143,505 | 62,600 | 81,779 |
Income from equity affiliates net of dividends | -1,408 | -30 | -1,430 |
Amortizations and depreciations | 60,735 | 28,959 | 39,438 |
Provisions and impairments | 4,597 | 3,832 | 2,811 |
Income tax expense (current and deferred) | 50,600 | 23,096 | 32,151 |
Other non-cash income and expenses (of which gains and losses on disposal of fixed assets) | -536 | -95 | 192 |
Cash flow operations | 257,493 | 118,363 | 154,941 |
Tax paid | -52,903 | -14,393 | -11,198 |
Change in working capital requirement | -236,736 | -192,570 | 17,898 |
Change in capitalized lease machines | -20,480 | -7,031 | -14,162 |
Cash flow from operating activities | -52,626 | -95,630 | 147,478 |
Proceeds from sales of intangible assets | -32,427 | -11,790 | -13,570 |
Proceeds from sales of tangible assets | -72,609 | -30,127 | -34,972 |
Change in fixed assets payables | 11,523 | -1,222 | -3,654 |
Disposals of property, plant and equipment and intangible assets | 928 | 142 | 296 |
Acquisitions of investments in obtaining control, net of cash acquired | -2,706 | -2,706 | -20,015 |
Disposals of investments with loss of control, net of cash transferred | 0 | 0 | 0 |
Others | 386 | 354 | 872 |
Cash flow from investing activities | -94,905 | -45,349 | -71,042 |
Capital increase | 0 | 0 | 0 |
Dividends paid | -24,371 | -24,145 | -51,778 |
Purchase of treasury shares | -64 | -155 | -92 |
Repurchase of non-controlling interests | -366 | -366 | -736 |
Change in others financials liabilities and assets | 154,574 | 109,593 | 33,109 |
Payment of finance lease liabilities | -7,707 | -3,119 | -5,356 |
Others | -1,760 | -1,662 | 922 |
Cash flow from financing activities | 120,307 | 80,146 | -23,931 |
Net increase (decrease) in cash, cash equivalents, and bank overdrafts | -27,224 | -60,833 | 52,506 | |
Cash, cash equivalents and bank overdrafts at beginning of the year | 15,996 | 15,996 | -10,810 | |
Exchange gains (losses) on cash and bank overdrafts | 418 | -354 | -1,178 | |
Cash, cash equivalents and bank overdrafts at end of year | -10,810 | -45,190 | 40,518 |
5. EXTRACT FROM THE NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AT JUNE 30, 2024 |
ACQUISITIONS
§ COME and Metal Work
In January 2024, the Group finalized the acquisition of a 75% stake in COME and Metal Work, based in Emilia-Romagna (Italy). Cross put and call options have been contracted with the non-controlling shareholders on 25% of the capital. The Group has taken these options into account in the calculation of its percentage interest, which is 100% at June 30, 2024. A discounted debt of 6.5 million euros has been recognized in this respect.
The acquisition of these two long-standing partners will support Manitou Group's growth by integrating the production of strategic components.
COME and Metal Work will continue to develop their business with all their customers.
|
COME is specialized in the production of mechanical welded parts. It generated net sales of 60 million euros in 2023, mainly with Manitou Italia S.R.L., with workforce of 238 employees.
Metal Work is specialized in laser cutting and bending. It recorded net sales of 29 million euros in 2023, mainly with COME S.R.L., with workforce of 66 employees.
CONTINGENT LIABILITIES
The Group has contingent liabilities relating to legal, arbitration, and regulatory proceedings arising in the normal course of business. All known disputes and pending proceedings involving Manitou BF or Group companies were reviewed at the balance sheet date.
INFORMATION ON OPERATING SEGMENTS
CONSOLIDATED INCOME STATEMENT BY DIVISION
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.
The group is organised around two operating 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.
NET SALES BY DIVISION AND GEOGRAPHICAL REGION
H1 2023 net sales |
| H1 2024 net sales | ||||||||
SOUTHERN EUROPE | NORTHERN EUROPE | AMERICAS | APAM* | TOTAL | In €m and % of total | SOUTHERN EUROPE | NORTHERN EUROPE | AMERICAS | APAM* | TOTAL |
398.4 | 441.2 | 270.4 | 91.4 | 1,201.4 | Division Produits | 422.1 | 446.2 | 233.2 | 101.3 | 1,202.9 |
28% | 31% | 19% | 7% | 86% | 30% | 32% | 17% | 7% | 86% | |
74.0 | 67.3 | 33.6 | 25.3 | 200.1 | Division S&S | 74.9 | 68.6 | 34.9 | 25.5 | 203.9 |
5% | 5% | 2% | 2% | 14% | 5% | 5% | 2% | 2% | 14% | |
472.4 | 508.5 | 304.0 | 116.6 | 1,401.5 | TOTAL | 497.1 | 514.8 | 268.1 | 126.8 | 1,406.8 |
34% | 36% | 22% | 8% | 100% | 35% | 37% | 19% | 9% | 100% | |
* Asia, Pacific, Africa, Middle East
POST-CLOSING EVENTS
To the company's knowledge, there were no significant post-closing events at the date of approval of the consolidated half-year financial statements ended on June 30th, 2024 by the Board of Directors on July 30, 2024.
LIST OF SUBSIDIARIES AND AFFILIATES
Parent company | |||
Manitou BF | Ancenis, France | ||
Consolidated companies | Consolidation method | % interest | |
Production companies | |||
COME S.R.L | Alfonsine, Italy | FC | 100% |
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 SRL | Castelfranco Emilia, Italy | FC | 100% |
Metal Work S.R.L | Forli, Italy | FC | 100% |
Distribution companies | |||
Compagnie Francaise de Manutention Ile-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. | Alexandria, Australia | FC | 100% |
Manitou Brasil Ltda | São Paulo, Brazil | FC | 100% |
Manitou Benelux SA | Perwez, Belgium | FC | 100% |
Manitou Center Madrid S.L. | Madrid, Spain | 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 | 99,42% |
Mawsley Machinery Ltd. | Northampton, United-Kingdom | FC | 100% |
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 Développement | Ancenis, France | FC | 100% |
Manitou Holding Southern Africa Pty Ltd | Johannesbourg, South Africa | FC | 100% |
Manitou PS | Verwood, United-Kingdom | FC | 100% |
Manitou Vostok Llc | Moscou, Russia Federation | FC | 100% |
FC: Full Consolidation
EM: Equity Method
*Holdings and companies without activity