Q1’13 Revenue: sales pause, demand remains solid

PR Newswire/Les Echos/ 
Q1'13 Revenue: sales pause, demand remains solid 
* Q1'13 revenue of EUR272m, down 14% versus Q1'12
* Record order intake at the end of Q1 over a four quarter period (9,100
  units)
* Increase in the order backlog
* Acceleration of RTH equipment production
* Continued evolution in governance
* Confirmation of full-year 2013 revenue at the same level as 2012 revenue 
Ancenis, April 25, 2013 - Dominique Bamas, CEO stated: "The pause in Q1 revenue
resulted from the natural flow of the vacuum in order intake recorded in the
third quarter of 2012. It's not representative of current demand which 
continues to be strong, although remaining volatile. Excluding the impact of 
the termination of the Toyota contract at the end of 2012 in France, two of our
three divisions continued to grow as compared to the first quarter of 2012. So
instead of only focusing on revenue, we're happily focusing on our first 
quarter order intake, which reached its highest level in a year, and we're 
organizing ourselves accordingly.
Our order book is growing and, this time, we're adjusting our production rate
upwards. Each change in the cycle represents an effort for us, but our 
continued work to reform permits us to get through these cycles better and
better.
The solid strength of final demand, and the acceleration of operations,
therefore permit us to maintain our objective of stable revenue for 2013." 
Net sales by division
EUR in millions                 Year-on-year            Sequentially 
                     Q1 2012   Q1 2013   %    Q4 2012  Q1 2013    %
RTH                       221.4     171.9  -22%     196.7   171.9   -13%
IMH                        40.7      35.1  -14%      42.2    35.1   -17%
CE                         53.6      64.8  +21%      67.4    64.8    -4%
Total                     315.7     271.8  -14%     306.2   271.8   -11%
*IMH +6% vs. Q1 '12 at a comparable scope 
Net sales by region
EUR in millions                 Year-on-year            Sequentially 
                     Q1 2012   Q1 2013   %    Q4 2012  Q1 2013    %
Southern Europe           121.3     97.3   -20%    101.6     97.3    -4%
Northern Europe           109.5     79.8   -27%     95.1     79.8   -16%
Americas                   54.0     64.6   +20%     69.9     64.6    -8%
APAM                       30.9     30.2    -2%     39.7     30.2   -24%
Total                     315.7    271.8   -14%    306.2    271.8   -11% 
Divisional review 
* With revenue of EUR171 .9m, the Rough Terrain Handling Division (RTH) 
  recorded a decrease in sales of 22% as compared to Q1 2012. The decrease in 
  sales was due to the sharp fall in orders recorded in Q3 2012 and the gradual 
  return to increased production rates. The European continent was affected the 
  most by the slowdown in revenue, which occurred in spite of the increasing 
  growth of order intake. 
* The Industrial Material Handling Division (IMH) realized quarterly revenue 
  of EUR35.1m, a decrease of 14% compared to Q1 2012. Excluding the impact of 
  the termination of the Toyota distribution contract, for which the full 
  impact will not be felt until Q2 2013, the division reported growth of +6% 
  compared to Q1 2012. In response to that trend, the division launched its 
  new range of industrial trucks in France, thus profiting from a unique 
  product range for all territories for the first time. 
* The Compact Equipment Division (CE) reported an increase of 21% in revenue,
  when compared to Q1 2012, to EUR64.8m. In North America, sales remained 
  strong under the expectation of the marked presence of rental companies in 
  the second half of the year. In Europe, all markets affected by the sluggish 
  economy recorded decreases, with a recovery in Italy nonetheless, which is 
  the largest market for skidsteers on the continent. 
Continued evolution in governance 
* The arrival of Agnès Michel-Segalen in the Board of Directors, Agnès
  Michel-Segalen has now joined the Board of Directors, as board member and as
  audit committee member, thereby replacing Dominique Bamas. Her nomination 
  will be proposed at the shareholders' meeting on June 28.
  Agnes Michel-Segalen, IEP Paris, with a Graduate Degree in History, has 
  worked as an auditor at Arthur Andersen and the Lagardère Group and, 
  afterwards, within the financial function and the mergers & acquisitions 
  function at EADS and the Sodexo Group. Since 2011, she has been exercising 
  the activities of a notary trainee. 
* Changes in the executive management team
  As an extension to the transition launched on March 6, 2013, Hervé Saulais, 
  the General Secretary, will leave the group by mutual agreement at the end 
  of the first-half of 2013. 
 Hervé Rochet, the group's Chief Financial Officer since 2005, combined his
 perimeter with the responsibility of General Secretary. 
 François-Frédéric Piffard was appointed VP of Sales and Marketing, thereby
 combining the responsibilities of his previous position as VP of New Business.
 François-Frédéric Piffard has been working within the group since 1990 and
 enormously contributed to the success of our international sales. 
 Dominique Bamas, CEO, stated: "The Manitou group thanks Hervé Saulais for his
 contribution to the recovery and development of the group in recent years. In
 the current period of the consolidation of our functions, I'm choosing a 
 closely knit team with intimate knowledge of the group, its customers, its 
 employees and its history". 


           The presentation is available at www.manitou-group.com

Manitou, the Material-Handling Reference, is headquartered in Ancenis (in the
Loire-Atlantic region of France). The group designs, manufactures and
distributes material-handling solutions for the construction, agricultural and
industrial sectors. Manitou realized sales of EUR1,265 million (nearly three
fourths of which internationally) under the brand names Manitou(r), Gehl(r),
Mustang(r), Loc(r) and Edge(r), through 1,400 independent dealers in over 120
countries. At December 31, 2012, Manitou had over 3,300 employees, of which, 
40% were based outside of France.
                              Forthcoming events 
                    June 28, 2013: Shareholders' Meeting 
            July 18, 2013 (after market closing): Q2'13 Revenue
        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 & Small, CAC Small, CAC All-Tradable, NEXT 150


                  
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-0- Apr/26/2013 09:40 GMT
 
 
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