Q4’12 Revenue: Sustained business in a difficult environment

PR Newswire/Les Echos/ 
Q4'12 Revenue: Sustained business in a difficult environment 
* Q4'12 revenue of EUR306m, flat year-on-year and up 7% sequentially
* FY'12 revenue of EUR1,265m, up 12% versus 2011
* Sustained Q4 order intake with 9,000 units (vs. 6,300 in Q3)
* Steep adjustment of manufacturing capacities
* Several supplier/quality alerts still under evaluation
* 2012 OP margin revised down to approx. 4% tentatively
* Confirmed vision of 2013 revenue flat vs. 2012 
Ancenis, January 29, 2013 - Jean-Christophe Giroux, Manitou President Et CE0
declared: "We're very pleased to deliver a 12% annual growth over 2011, quite an
achievement in the current context. Yet the real good news is the Q4 uptick in
order intake after a drop in Q3 that, looking back, appears more and more to be
a technical consequence of our reduced leadtimes. Still, business remains very
volatile and calls for on greater agility, mainly for rental RFPs that are
gradually coming back.
Operationally, Q4 has been very difficult with a steep adjustment of our
manufacturing throughput, and quality alerts from certain key components that
we're still evaluating from a technical and financial impact. Those elements,
together with shrinking margins, will inevitably weigh on our consolidated
margin, which we revise to 4% approx. range vs. our 5% guidance. This should not
hide the progress towards a better operational performance and overall
competitiveness moving forward." 
Net sales by division 
EUR in millions          Q4              FY 12 months 
             2011  2012    %      2011   2012     %
RTH             214.1 196.7  -8%     796.3   856.6    8%
IMH              43.3  42.2  -3%     146.9   162.9   11%
CE               52.4  67.4  29%     187.9   245.2   30%
Total           309.8 306.2  -1%   1,131.1 1,264.8   12% 
Net sales by region 
EUR in millions          Q4              FY 12 months 
              2011  2012    %      2011    2012     %
Southern Europe  129.8 101.6 -22%     462.0   445.3   -4%
Northern Europe   91.3  95.1   4%     373.1   416.1   12%
Americas          52.9  69.9  32%     178.1   249.7   40%
APAM              35.9  39.7  10%     117.9   153.7   30%
Total            309.8 306.2  -1%   1,131.1 1,264.8   12% 
Divisional Review 
* The Rough Terrain Handling (RTH) Division generated revenue of EUR196.7m down
  8% vs. Q4'11. Construction has been quite weak in Southern Europe but stable 
  in Northern Europe. Agriculture remains sustained while New Business 
  activities show solid growth, and firming up our positions in emerging 
  markets. 
* The Industrial Material Handling (IMH) Division posted revenue of EUR42.2m
  down 3% vs. Q4'1 1 - a shortfall primarily attributable to the Toyota mast
  subcontracting business. Other activities, including finishing Toyota forklift
  distribution, have been quite good and driven by the new Manitou-branded
  forklift range launched in February 2012 outside France, and also available in
  France since the beginning of 2013. 
* The Compact Equipment (CE) Division generated a 29% revenue growth at EUR67.4m
  vs. Q4'11. North America has been fueling that growth again, both in 
  Agriculture and Rental. Northern Europe remains good, contrasting with 
  Southern Europe (the traditional skidsteer market) that still faces a very 
  difficult environment. 


              Presentation available on www.manitou-group.com

Manitou, THE Material-Handling Reference, is headquartered in Ancenis (West of
France). Manitou designs, assembles and distributes material-handling solutions
for agriculture, construction and industry markets. Manitou reported in 2012
revenue of EUR1,265 million, of which three quarters outside France. Business is
conducted under the Manitou, Gehl, Mustang, Loc and Edge trademarks, through
1,400 independent dealers in more than 120 countries. As of December 31, 2012,
Manitou employed approximately 3,300 people of which 40% outside France.
                              Forthcoming event 
                March 6, 2013 (post closing): FY'12 Earnings
         Corporate information is available at: www.manitou-group.com 
     Shareholder information: communication.financiere@manitou-group.com
                               Listing codes: 
     ISIN: FR0000038606 * MNO: MTU * Reuter: MANP.PA * Bloomberg: MTU.FP 
      Indexes: CAC Mid Et Small, CAC Small, CAC All-Tradable, NEXT 150


                  
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-0- Jan/30/2013 07:02 GMT
 
 
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