Manitou: 2016 Results

Transcription

1 Manitou: 2016 Results Sales revenue of 1,332 million growing at a rate of +3.5% against 2015 (+5% at constant exchange rate) Recurring operating income at 71 million (5.3%) against 61 million (4.7%) in 2015 EBITDA* of 99 million (7.4%) against 90 million in 2015 Net income attributable to the equity holders of the Parent of 43 million against 32 million in 2015 Total net debt at 59 million, gearing** of 11% Anticipation of an increase in sales for 2017 of approximately +5 to +7% Anticipation of an improved recurring operating income rate of approximately 50 basis points Dividend to be proposed at the upcoming Shareholders meeting of 0.43 per share / Ancenis, 1st March 2017 The Manitou BF board of directors, which met today, approved the full-year financial statements for Michel Denis, President & CEO, stated : 2016 was another year in which the Manitou group went from strength to strength as regards market share, in terms of our capacity to develop new products and services which were a success in 2016, in our expanding geographical presence, in our commitment to CSR, as well as from a financial point of view. With overall turnover growing at a constant rate of 5%, the group improved its recurring operating income by 17% despite a negative impact of exchange rates, net income attributable to the equity holders of the Parent by 33% while also lowering its debt by 11%. In geographic terms, business activity in 2016 was particularly strong in France and in Southern Europe. In market terms, progress has been most marked in the construction sector outside the United States and in the industrial sector. The positive trend in order intakes which was observed at the end of last year has been significantly amplified across both markets and geographical areas, most notably in the United States. The increased confidence of our customers allows us to anticipate for 2017 a growth in sales of approximately +5% to +7% compared to 2016 and, bearing in mind the rapid adaptive measures to this new context, an increase in the order book and in purchase prices, a growth in our recurring operating income of approximately 50 basis points. MHA CEP S&S Total MHA CEP S&S Total In millions of Var. Net sales , , % Sales margin % Sales margin as a % of sales 14.3% 14.1% 23.2% 15.8% 15.5% 10.4% 24.8% 16.3% Recurring OI % Recurring OI as a % of sales 5.3% 1.8% 5.6% 4.7% 6.9% -2.9% 6.3% 5.3% OP % Net income attributable to the group n/a n/a n/a 32.3 n/a n/a n/a % Net debt % Shareholder's equity % % Gearing 13% 11% Working capital % Auditing procedures performed *EBITDA: Earnings before interest, taxes, depreciation, and amortization ** Gearing : Financial ratio measuring the net debt divided by shareholders equity.

2 / Business review by division The Material Handling & Access Division (MHA) reported sales of 904 M in 2016 against 827 M in 2015, a growth of +9% (+11% at constant exchange rate). The year was marked by a very strong new increase in profitability based on growth in volume and on the management of the supply chain and costs. The division ended the financial year with a recurring operating income of 62.3 M, or 6.9% of turnover, an increase of 1.6 point over The Compact Equipment Products Division (CEP) reported sales of 203 M in 2016, a downturn of -15% against The division suffered from a sharp decline in sales on American markets which are both very depressed and highly competitive, and from the added pressure on exports caused by the high price of the dollar. The financial impact caused by the scale of the downturn was only partially offset by a reduction in the break-even point. The recurring operating income closed at -6.0 M or 2.9% of sales compared to +1.8% in With sales of 225 M, the Services & Solutions Division (S&S) recorded a +2% sales increase in its activity (+4% at constant exchange rate) against The division continues to develop numerous services dedicated to users. In 2016 it registered a recurring operating income of 14.3 M, or 6.3% of sales, an increase of 0.7 point against / 2017 Outlook Manitou confirms its outlook for an increase in sales of approximately +5% to +7% and an improved recurring operating income of around 50 basis points. ISIN code: FR Indices: CAC All-Tradable, CAC Ind. Engin. CAC Industrials, CAC Mid & Small, CAC Small, Enternext PEA PME 150 Euronext Family Business April 20, 2017 (after market closing): Q1 17 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 2016 a revenue of 1.3 billion in 140 countries, and employs 3,300 people all committed to satisfying customers.

3 1. STATEMENT OF COMPREHENSIVE INCOME 1.1 CONSOLIDATED INCOME STATEMENT Net sales Note Cost of goods & services sold Research & development costs Selling, marketing and service expenses Administrative expenses Other operating income and expenses Note RECURRING OPERATING INCOME Impairment of assets Note Other non-recurring income and expenses Note OPERATING INCOME Share of profits of associates Note OPERATING INCOME INCLUDING NET INCOME FROM ASSOCIATES Financial income Financial expenses Net financial expenses Note CONSOLIDATED INCOME (LOSS) BEFORE TAX Income taxes Note NET INCOME (LOSS) Attributable to equity holders of the Parent Attributable to minority interests EARNINGS PER SHARE (IN EUROS) Net income (loss) attributable to the equity holders of the Parent Note ,82 1,11 Diluted earnings per share Note ,82 1, OTHER COMPONENTS OF COMPREHENSIVE INCOME AND EXPENSE & COMPREHENSIVE INCOME INCOME (LOSS) FOR THE YEAR Adjustments in the fair value of available-for-sale financial assets Of which booked to equity Of which transferred to income of the year Translation differences arising on foreign activities Attributable to equity holders of the Parent Attributable to minority interests Interest rates hedging instruments Attributable to equity holders of the Parent Attributable to minority interests 0 0 Items that will be reclassified to profit or loss in subsequent periods Actuarial gains (losses) on defined benefits plans Attributable to equity holders of the Parent Attributable to minority interests Items that will not be reclassified to profit or loss in subsequent periods OTHER COMPONENTS OF COMPREHENSIVE INCOME COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT ATTRIBUTABLE TO MINORITY INTERESTS The other components of comprehensive income and loss are presented net of the associated taxes. The tax impact may be split as follows: Items that will be reclassified to profit or loss in subsequent periods Items that will not be reclassified to profit or loss in subsequent periods Total tax impacts Financial report extract I MANITOU GROUP Page 1

4 2. CONSOLIDATED STATEMENT OF FINANCIAL POSITION ASSETS Net amount NON-CURRENT ASSETS PROPERTY, PLANT AND EQUIPMENT Note GOODWILL Note INTANGIBLE ASSETS Note INVESTMENTS IN ASSOCIATES Note NON-CURRENT FINANCE CONTRACT RECEIVABLES Note DEFERRED TAX ASSETS Note NON-CURRENT FINANCIAL ASSETS Note OTHER NON-CURRENT ASSETS CURRENT ASSETS INVENTORIES & WORK IN PROGRESS Note TRADE RECEIVABLES Note CURRENT FINANCE CONTRACT RECEIVABLES Note OTHER RECEIVABLES Current income tax Other receivables Note CURRENT FINANCIAL ASSETS Note CASH AND CASH EQUIVALENTS Note TOTAL ASSETS EQUITY AND LIABILITIES Net amount Share capital Note Share premiums Treasury shares Consolidated reserves Translation differences Net profit (loss) Equity holder of the Parent SHAREHOLDERS EQUITY MINORITY INTERESTS TOTAL EQUITY NON-CURRENT LIABILITIES NON-CURRENT PROVISIONS Note OTHER NON-CURRENT LIABILITIES DEFERRED TAX LIABILITIES Note NON-CURRENT FINANCIAL LIABILITIES Loans and other financial liabilities Note CURRENT LIABILITIES CURRENT PROVISIONS Note TRADE ACCOUNTS PAYABLE Note OTHER CURRENT LIABILITIES Current income tax Note Other liabilities CURRENT FINANCIAL LIABILITIES Note TOTAL EQUITY & LIABILITIES Financial report extract I MANITOU GROUP Page 2

5 3. CONSOLIDATED SHAREHOLDERS EQUITY AS AT DECEMBER 31, 2016 CHANGES IN CONSOLIDATED SHAREHOLDERS EQUITY In thousands of euros Share Capital Share premiums Treasury shares Reserves Group net profit Translation differences Revaluation surplus TOTAL SHARE- HOLDER EQUITY (Group share) Minority interests TOTAL EQUITY Balance at Income for the year Income at Dividends Change in translation differences Valuation differences under IFRS Treasury shares Actuarial (gain) losses on employee benefits Change in consolidation scope & other Shareholders agreements Balance at Income for the year Income at Dividends Change in translation differences Valuation differences under IFRS Treasury shares Actuarial (gain) losses on employee benefits Change in consolidation scope & other Shareholders agreements Balance at Financial report extract I MANITOU GROUP Page 3

6 4. CASH FLOW STATEMENT AS AT DECEMBER 31, 2016 INCOME (LOSS) FOR THE YEAR Less share of profits of associates Elimination of income and expense with no effect on operating cash flow and not linked to operating activities + Amortisation and depreciation Provisions and impairment Change in deferred taxes /- Income (loss) from non-current asset disposal Change in capitalized leased machines /- Other EARNINGS BEFORE DEPRECIATION AND AMORTISATION Changes in cash flows from operating activities +/- Change in inventories /- Change in trade receivables /- Change in finance contracts receivables /- Change in other operating receivables /- Change in trade accounts payables /- Change in other operating liabilities /- Change in taxes payables and receivables /- Change in liabilities linked to finance contracts receivables CASH FLOW FROM OPERATING ACTIVITIES Changes in cash flows from investing activities + Proceeds from sale of property, plant and equipment Proceeds from sale of long-term investments Purchase of intangible assets, property, plant and equipment (excl. rental fleet) Decrease (increase) of other financial assets Acquisition of subsidiaries or minority interests 0 - Increase in capital of associates Dividends received from associates CASH FLOW FROM INVESTING ACTIVITIES Changes in cash flows from financing activities + Increase in capital Capital reduction - Merger - Dividends paid /- Purchase / sale of treasury shares /- Change in financial liabilities Of which loans taking during the year Of which loans repaid during the year /- Other CASH FLOW FROM FINANCING ACTIVITIES NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND BANK OVERDRAFTS Cash, cash equivalents and bank overdrafts at beginning of the year Exchange gains (losses) on cash and bank overdrafts CASH, CASH EQUIVALENTS, AND BANK OVERDRAFTS AT END OF THE YEAR CURRENT FINANCIAL ASSETS (REMINDER) Financial report extract I MANITOU GROUP Page 4

7 5. EXTRACT FROM THE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT DECEMBER 31, 2016 HIGHLIGHTS AMENDMENT AND EXTENSION OF THE GROUP CREDIT FACILITY In December 2016, Manitou announces the amendment and the extension of its credit facility executed in June 2013 for a new amount of 180m and a new 5-year maturity with a possible 2-year additional extension. Structured only with a multi-currency revolving credit facility of 180m, this credit completes the various long term bonds and financial issues of 50m executed during previous years. SCOPE OF CONSOLIDATION During the fiscal year 2016, the Manitou Group subsidiarised its dealership of Toyota and Manitou brand products, located in Herblay (95), This business has been transferred to a new dedicated company, CFM Ile de France. The activity was previously carried out in the CFM company, now known as Manitou Global Services (MGS). The Group has also sold its stake in the company Algomat (Algeria), which was under significant influence. This operation has no impact on the Manitou Group s results. LIST OF SUBSIDIARIES AND AFFILIATES Parent company Manitou BF SA Ancenis, France Consolidated companies Consolidation method % of voting rights % of interest Manitou Americas Inc. West Bend, Wisconsin, United States FC 100% 100% Gehl Power Products, Inc Yankton, South-Dakota, United States FC 100% 100% Manitou Brasil Manipulacao de Cargas Ltda. São Paulo, Brazil FC 100% 100% Manitou Chile Las Condes, Chile FC 100% 100% Compagnie Francaise de Manutention Ile-de-France Herblay, France FC 100% 100% Manitou Global Services (ex-compagnie Française de Manutention) Ancenis, France FC 100% 100% LMH Solutions SAS Beaupréau-en-Mauges, France FC 100% 100% Manitou Développement* Ancenis, France FC 100% 100% Cobra MS* Ancenis, France FC 100% 100% Manitou Italia Srl Castelfranco Emilia, Italy FC 100% 100% Manitou UK Ltd. Verwood, United Kingdom FC 99,4% 99,4% Manitou Benelux SA Perwez, Belgium FC 100% 100% Manitou Interface and Logistics Europe Perwez, Belgium FC 100% 100% Manitou Deutschland GmbH Ober-Mörlen, Germany FC 100% 100% Manitou Portugal SA Villa Franca, Portugal FC 100% 100% Manitou Manutencion Espana Sl Madrid, Spain FC 100% 100% Manitou Vostok Llc Moscou, Russia FC 100% 100% Manitou Polska Sp Z.o.o. Raszyn, Poland FC 100% 100% Manitou Nordics Sia Riga, Latvia FC 100% 100% Manitou Southern Africa Pty Ltd. Johannesburg, South Africa FC 100% 100% Manitou Australia Pty Ltd. Alexandria, Australia FC 86% 86% Manitou Asia Pte Ltd. Singapore FC 100% 100% Manitou South Asia Pte Ltd. Gurgaon, India FC 100% 100% Manitou China Co Ltd. Shanghai, China FC 100% 100% Manitou Middle East Fze Jebel Ali, United Arab Emirates FC 100% 100% Manitou Malaysia Mh Kuala Lumpur, Malaysia FC 100% 100% Manitou Finance France SAS Puteaux, France EM 49% 49% Manitou Finance Ltd. Basigstoke, United Kingdom EM 49% 49% Hangzhou Manitou Machinery Equipment Co Ltd. Hangzhou, China EM 50% 50% 2016 Financial report extract I MANITOU GROUP Page 5

8 FC : Full consolidation EM : Equity method * dormant companies INFORMATION ON OPERATING SEGMENTS The Group is organized around three divisions, two product divisions and a service division: THE MHA PRODUCT DIVISION - Material Handling and Access manages the French and Italian production sites manufacturing telehandlers, rough terrain and industrial forklifts, truck-mounted forklifts and aerial working platforms. Its mission is to optimize the development and production of these equipments branded Manitou. THE CEP PRODUCT DIVISION - Compact Equipment Products optimizes the development and production of skidsteer loaders, track loaders, articulated loaders and telehandlers branded Gehl and Mustang. THE S&S DIVISION - Services & Solutions 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. The three divisions design and assemble products and services which are distributed by the Sales and Marketing organization to dealers and key accounts in 140 countries. CONSOLIDATED INCOME STATEMENT BY DIVISION MHA Material Handling and In thousands of euros Access CEP Compact Equipment Products S&S Services & Solutions Net sales Cost of goods & services sold Research and development costs Selling, marketing and service expenses Administrative expenses Other operating income and expense RECURRING OPERATING INCOME Impairment of assets Other non-recurring income and expense OPERATING INCOME Share of profits of associates OPERATING INCOME INCLUDING NET INCOME FROM ASSOCIATES MHA Material Handling and In thousands of euros Access CEP Compact Equipment Products S&S Services & Solutions Net sales Cost of goods & services sold Research and development costs Selling, marketing and service expenses Administrative expenses Other operating income and expense RECURRING OPERATING INCOME Impairment of assets Other non-recurring income and expense OPERATING INCOME Share of profits of associates OPERATING INCOME INCLUDING NET INCOME FROM ASSOCIATES Total Total 2016 Financial report extract I MANITOU GROUP Page 6

9 The spare parts and accessories distribution business, which is integrated within the Services & Solutions division, benefits from services provided by the MHA and the CEP divisions (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 MHA and CEP divisions. 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 4.25% and 4.87% in Europe and the US, respectively, 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 items. SALES BY DIVISION AND GEOGRAPHIC REGION In thousands of euros Southern Europe Northern Europe Americas APAM Total MHA CEP S&S TOTAL In thousands of euros Southern Europe Northern Europe Americas APAM Total MHA CEP S&S TOTAL Financial report extract I MANITOU GROUP Page 7