Manitou Bf Sa · EURONEXT:MTU
Manitou Bf Sa — Manitou Group — FY2023 Earnings Presentation
46 slides from Manitou Bf Sa's earnings presentation, Mar 6, 2024
Slide 1: Earnings 2023
Earnings 2023 Michel Denis, President and CEO Hervé Rochet, Chief Transformation & Governance officer 2023 Annual results - March 6, 2024
Slide 2: Disclaimer
2 Disclaimer 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 pr
Slide 3: Our Vision: Make Life Safe & Easy
3 OUR VISION MAKE LIFE SAFE & EASY At Manitou Group, we see both human life and the environment as precious assets to be protected and nurtured. We play our part with powerful brands that aim to improve user safety and quality of life. Brands committed to reducing their environmental impact while de
Slide 4: Manitou Group's mission
As a worldwide reference in handling, access platforms and earthmoving, Manitou Group's mission is to improve working conditions, safety and performance throughout the world, while protecting people and their environment. 2023 Annual results - March 6, 2024
Slide 5: CSR Roadmap 2021-2025
CSR Roadmap 2021-2025 2023 Annual results - March 6, 2024
Slide 6: Manitou Group's contribution to the SDGs
RSHIPS PARTNE S E GOAL Manitou Group’s FOR T H contribution to OD GO AND A LTH EING HE L-B L WE Y QUALIT AT ION EDUC CLIMATE GENDER ACTION EQUALITY IBLE ONS RESP N PTIO SUM CON N CTIO ODU & PR SU E S CI TAI BL CO TIE NA R DA AN MM S A BL FO L E UN ND E AF ND C GY ITI A NER E ES ORK NT W E RED DEC IN
Slide 7: 2023 Annual results - March 6, 2024
2023 Annual results - March 6, 2024
Slide 8: Group's life - Evolution of the Executive committee
8 Group’s life - Evolution of the Executive committee » Evolution of the group’s governance as of January 29, 2024 » Hervé Rochet now assumes the role of Chief Transformation & Governance Officer to accelerate the transformation and ensure the group’s sustainability and development. » Céline Brard has
Slide 9: Highlights - Acquisitions
9 Highlights - Acquisitions » Finalization of acquisition of majority stake (82%) of the French company easyLi » Specialized in the production and maintenance of Lithium-ion batteries » Expertise in the development of battery management systems » Closing January 2023 » Finalization of the acquisitio
Slide 10: Highlights - Acquisitions
10 Highlights - Acquisitions » Finalization of the acquisition of a majority stake in the Italian companies COME and Metal Work » COME, specialized in the manufacturing of mechanical welded parts » Metal Work, expert in bending and laser cutting » Closing January 2024 2023 Annual results - March 6,
Slide 11: Highlights - Investments
11 Highlights - Investments » New Mecalux automated pick & store at the Ancenis spare parts center » Inauguration February 2023 » Inauguration of the Madison (SD) plant expansion & celebration of its 50th anniversary in October 2023 » Additional capacities in compact equipment » US and international
Slide 12: Highlights - Investments
12 Highlights - Investments » Investment in a new mechanical welding center adjoining the Candé AWP plants to secure future business growth. » Investment of €60 million in addition to the €460 million New Horizons 2025 plan. Commissioning scheduled for late 2025. 2023 Annual results - March 6, 2024
Slide 13: Highlights - CSR
13 Highlights - CSR » Manitou Group joins the Convention of Companies for the Climate. » Signature of an exclusive partnership with Kiloutou for the first retrofit project to equip used Manitou combustion-engine telehandler with electrification kits. » On the way up #3 Third edition of our program dedi
Slide 14: Highlights - CSR
14 Highlights - CSR » Adhesion to the FRET 21 charter (France) » Ambition: better integrate the impacts of transport in our sustainable development plan » Target : reduce by 8% the group’s GHG emissions linked to road transport of machines and spare parts from France to Europe by 2025. 2023 Annual r
Slide 15: Highlights - Products & Innovation
15 Highlights - Products & Innovation » Full renewal of the skid and track compact loaders range » Launch of a telehandlers range for the North American construction market and rental sector » Electric models dedicated to the US market : » Electrical rough terrain aerial work platforms ATJ 60 e and
Slide 16: Highlights - Products & Innovation
16 Highlights - Products & Innovation » Launch of a new scissors lift range dedicated to the European market » Entry into the most voluminous aerial work platform market » Enabling the group to become a full-liner in the aerial work platform market 2023 Annual results - March 6, 2024
Slide 17: Highlights - Awards
17 Highlights - Awards Innovation » 23rd out of 200 French innovation leaders according to a Les Echos Statista survey » Two innovations, the Manitou steering ministick and the Stop & start, rewarded at the INNOV'SPACE 2023 2023 Annual results - March 6, 2024
Slide 18: Highlights - Awards
18 Highlights - Awards CSR » Sustainable industry trophy 2023 in the “decarbonization" category » 1st place in Capital Magazine's 2023 ranking of employees' favorite companies in the industrial machinery and equipment specialists sector » Manitou Group awarded at the “Trophées Industrie Grand Ouest”
Slide 19: Highlights - Awards
19 Highlights - Awards Products » No1 in agricultural telescopic forklift registrations in France for the 3rd year running » Grands Prix Matériel 2023 of Chantiers de France in the “heavy range” category for the MRT 2260 e and 2660 e » The 160 ATJ+ e MEWP receives the “Product of the year” award at
Slide 20: Highlights - Awards
20 Highlights - Awards Products » Equipment Today’s 2023 Top 50 New Product awarded to the new V series compact skid loaders and VT compact track loaders. » The electric aerial work platform ATJ+e received the Spanish Movicarga Awards in the Best self-propelled boom platform category. » The new MTA
Slide 21: Group's life
21 Group’s life » Signing of an additional €160m credit facility » Strengthening of the group’s liquidity » Supporting growth » End of patent litigation with JCB » End of litigation opened since 2017 » No impact on products or group’s activity » Opening of an anti-dumping investigation by European C
Slide 22: Activity
Activity 2023 Annual results - March 6, 2024
Slide 23: 2023 Addressable Markets: €62 bn
23 2023 ADDRESSABLE MARKETS: €62 bn Off-road addressable market by product range in billion of euros PRODUCTS bn € % Aerial work platforms 7.2 28.1 Telehandlers 6.2 24.2 Track loaders 5.1 19.9 Industrial handling addressable market by product range in billion of euros Backhoe loaders 2.2 8.6 PRODUCT
Slide 24: Manitou Group's positioning in 2023
24 MANITOU GROUP’S POSITIONING in 2023 Leader Challenger Outsider WORLD EUROPE NORTH AMERICA REST OF WORLD Rough-terrain material handling Aerial work platforms Compact equipment Industrial and warehousing forklifts 2023 Annual results - March 6, 2024
Slide 25: A presence in 3 markets
25 A PRESENCE in 3 markets* CONSTRUCTION AGRICULTURE INDUSTRIES In 2022, the distribution was respectively 59%, 28%, 13%. *Distribution of revenues in 2023 2023 Annual results - March 6, 2024
Slide 26: Highlights
26 Highlights » 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 » EBITDA(2) at €m 260 (9.0%) vs. €m 130 (5.5%) in 2022 » Net income group part at €m 143 vs. €m 55 in 2022 » Net debt(3) at €m 389, gearing(3
Slide 27: 12 months revenue
27 12 months revenue S&S: Services and Solutions Faster-growing boxes (vs.avg) shown in green 2023 Annual results - March 6, 2024
Slide 28: Evolution 12 months 2023 vs 12 months 2022
28 Evolution 12 months 2023 vs 12 months 2022 2023 Annual results - March 6, 2024
Slide 29: Evolution vs. 2022
29 Evolution vs. 2022 * at constant scope and exchange rates: definition in appendix 2023 Annual results - March 6, 2024
Slide 30: Order intake and order book on equipment (€m)
30 Order intake and order book on equipment (€m) The order intake suspension over some product lines helped to reduce the order book. 2023 Annual results - March 6, 2024
Slide 31: Product Division
31 Product Division Advantages - Historical business level - Huge supply chain improvement - Profitability - Production capacity strengthening for previously saturated activities - Growth opportunities in (US) markets and previous constrained client sector Drawbacks - European building market slowdow
Slide 32: S&S Division
32 S&S Division Advantages - Moderated growth - Good business for spare parts - Digital strengthening pursuance - Organisation strengthening Drawbacks - Operating leverage - Internal rental business penalised by the Group rental park non renewing in 2022 The financial performance is set back and furt
Slide 33: Financial results
Financial results 2023 Annual results - March 6, 2024
Slide 34: Income statement
34 Income statement 2023 Annual results - March 6, 2024
Slide 35: Income statement by half-year period
35 Income statement by half-year period 2023 Annual results - March 6, 2024
Slide 36: Income statement by division
36 Income statement by division 2023 Annual results - March 6, 2024
Slide 37: Recurring operating profit evolution 2023 vs. 2022
37 Recurring operating profit evolution 2023 vs. 2022 2023 Annual results - March 6, 2024
Slide 38: Balance sheet
38 Balance sheet 2023 Annual results - March 6, 2024
Slide 39: Cash-flow
39 Cash-flow 2023 Annual results - March 6, 2024
Slide 40: Investments
40 Investments 2023 Annual results - March 6, 2024
Slide 41: Net debt
41 Net debt 2023 Annual results - March 6, 2024 EBITDA: Earnings before interest, taxes, depreciation, and amortization, restated from IFRS 16 impacts
Slide 42: Outlook
Outlook 2024 2023 Annual results - March 6, 2024
Slide 43: Outlook
Outlook Expectation of stable revenue in 2024 compared with 2023 Expectation of recurring operating profit for 2024 to be over 6.5% of revenues 2023 Annual results - March 6, 2024
Slide 44: Q&A
Q&A 2023 Annual results - March 6, 2024
Slide 45: Definitions
45 Definitions 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, GI.ERRE SRL in Marc
Slide 46: Thank you
THANK YOU THANK YOU 2023 Annual results - March 6, 2024