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The Manitowoc Company, Inc. 2008 Annual Report Changing the Balance Heavy Lifting The Manitowoc Company, Inc. Inc. 2008 Annual Report The Manitowoc Company, A mega-crane like the 31000 2400 South 44th Street The Manitowoc Company, Inc. 2008 Annual Report requires a mega-sized load P.O. Box 66 block. Designed and manufac- Manitowoc, WI 54221-0066 tured in the Netherlands, the Changing the Balance 31000’s load block is 12 feet wide, measures 30 feet tall, and weighs 110,000 pounds. It is equipped with 22 sheaves that are reeved with two-inch diameter wire rope to provide the 44 parts of line the 31000 requires for its 2,500-ton maximum capacity. Financial Highlights Investor Information Corporate Headquarters CEO Certifi cation to the New York Stock Exchange The Manitowoc Company, Inc. During 2008, the chief executive offi cer of the company timely 2400 South 44th Street submitted to the New York Stock Exchange the CEO certifi cation P.O. Box 66 required by Section 12(a) of the NYSE corporate governance listing Net Sales EBITDA Manitowoc, WI 54221-0066 standards. The certifi cation was not qualifi ed in any way. Additionally, ($ Millions) Since 2003, our EBITDA Telephone: 920-684-4410 the company’s principal executive offi cer and principal fi nancial offi cer has grown 522%, the Telefax: 920-652-9778 have timely submitted the certifi cations required by Section 302 of the result of increased Sarbanes-Oxley Act as exhibits to the company’s annual report on $1,331 $1,468 $2,028 $2,651 $3,684 $4,503 Independent Registered Public Accounting Firm profitability and value- Form 10-K. enhancing investments. PricewaterhouseCoopers LLP Millions of dollars, except employee, shareholder, 100 East Wisconsin Avenue Corporate Governance Guidelines, Code of Conduct & debt-to-capitalization, shares, per share, and return data For the Years Ended December 31 Suite 1800 Code of Ethics Milwaukee, WI 53202 The Manitowoc Company’s corporate governance guidelines, committee For the Year 2008 2007 % Change Stock Transfer Agent charters, code of conduct, and code of ethics are posted in the investor Net sales $4,503.0 $3,684.0 22.2% Computershare Trust Company, N.A. relations section of our Web site: www.manitowoc.com. This information Operating earnings from continuing operations $ 519.8 $ 475.8 9.2% may also be obtained by any shareholder, without charge, upon written First Class, Registered & Certifi ed Mail: request to: 03 04 05 06 07 08 EBITDA 639.8 573.6 11.5% P.O. Box 43078 Maurice D. Jones For the 14th consecutive Number of employees (approximate) 18,400 10,500 75.2% Providence, RI 02940-5068 Senior Vice President, General Counsel & Secretary year, Manitowoc reported Number of registered shareholders 2,512 2,520 -0.3% Overnight or Other Delivery: The Manitowoc Company, Inc. record revenues, with net P.O. Box 66 EVA® 250 Royall Street sales increasing 22% to Financial Position Canton, MA 02021-1011 Manitowoc, WI 54221-0066 $4.5 billion in 2008. ($ Millions) EVA $ 268.5 $ 207.0 29.7% Telephone: Dividends 4.6 15.6 22.6 Manitowoc has paid continuous dividends, without interruption, since -$ Total assets $6,065.4 $2,871.4 111.2% $ 1-866-641-4263 -$ Debt to capitalization 67.1% 14.6% — $116.9 $207.0 $268.5 1-800-952-9245 (Hearing impaired in US) 1971. The amount and timing of any dividend will be determined by the Board of Directors. Stockholders’ equity $1,299.8 $1,349.9 -3.7% 1-781-575-4592 (Hearing impaired outside US) Average shares outstanding (diluted) 129,930,749 127,489,416 1.9% Web site: Dividend Reinvestment & Stock Purchase Plan www.computershare.com/investor Computershare sponsors and administers a Dividend Reinvestment and Diluted Earnings per Share Stock Purchase Plan for The Manitowoc Company’s common stock. Annual Meeting Under this plan, shareholders may also purchase shares by investing Earnings from continuing operations $ 0.61 $ 2.47 The annual meeting of The Manitowoc Company shareholders will cash, as often as once a month, in varying amounts from $10 up to a be held at 9:00 a.m., CDT, Tuesday, May 5, 2009, at the Holiday Inn, Gain (loss) from discontinued operations, net of income taxes (1.10) 0.17 maximum of $120,000 each calendar year. Participation is voluntary. 03 04 05 06 07 08 4601 Calumet Avenue, Manitowoc, WI 54220. We encourage our To receive an information booklet and enrollment form, please Gain (loss) on sale or closure of discontinued operations, shareholders to participate in this meeting either in person or by proxy. Manitowoc’s commitment contact our stock transfer agent, Computershare. net of income taxes 0.41 — to generating shareholder Stock Listing & Related Information Investor Inquiries Net earnings $ (0.08) $ 2.64 value was reflected in the Manitowoc’s common stock is traded on the New York Stock Exchange Security analysts, portfolio managers, individual investors, and media 30% gain in EVA that the and is identifi ed by the ticker symbol MTW. Current trading volume, professionals seeking information about Manitowoc are encouraged to Diluted Earnings per Share Before Special Items company generated in share price, dividends, and related information can be found in the visit our Web site, or contact the following individuals: 2008. Rising $61 million fi nancial section of most daily newspapers. Diluted earnings (loss) per share $ (0.08) $ 2.64 above 2007’s results, Quarterly common stock price information for our three most recent Analysts & Portfolio Managers: Special items, net of tax: Manitowoc’s 2008 EVA fi scal years can be found on page 15 of our Form 10-K, which is part Carl J. Laurino Senior Vice President & Chief Financial Offi cer Loss (gain) on currency hedge 1.87 (0.01) set a single-year record of this annual report. Shares of Manitowoc’s common stock have been of $268.5 million. publicly traded since 1971. Telephone: 920-652-1720 Enodis results (net of interest expense) 0.25 — Telefax: 920-652-9775 Pension settlements — 0.03 Manitowoc Shareholders On December 31, 2008, there were 130,359,554 shares of Mani- Media Inquiries: Crane segment restructuring expense 0.11 — towoc common stock outstanding. On that date, there were 2,512 Steven C. Khail Early extinguishment of debt 0.02 0.06 shareholders of record. Director of Investor Relations & Corporate Communications Gain on sale of parts line — (0.02) Telephone: 920-652-1713 Form 10-K Report Telefax: 920-652-9775 Gain on sale of Marine segment (0.41) — Each year, Manitowoc fi les its Annual Report on Form 10-K with the Impairment charge related to discontinued operation 1.33 (0.02) Securities and Exchange Commission. Most of the fi nancial information General Inquiries: contained in that report is included in this Annual Report to Shareholders. Joan E. Risch Diluted earnings per share before special items $ 3.10 $ 2.68 Shareholder Relations A copy of Form 10-K, as fi led with the Securities and Exchange Commission for 2008, may be obtained by any shareholder, without Telephone: 920-652-1731 Other Information Telefax: 920-652-9775 Cash Flow charge, upon written request to: Net cash provided by operating activities $ 309.0 $ 244.0 26.6% from Operations Steven C. Khail Join MTW on the Internet Director of Investor Relations & Corporate Communications About the Cover Property, plant and equipment, net $ 728.8 $ 468.9 55.4% Solid cash flow gives Manitowoc provides a variety of information about its businesses, The Manitowoc Company, Inc. Our 2008 acquisition Capital expenditures $ 150.3 $ 112.8 33.2% us the flexibility to fund products, and markets at its Web site address: www.manitowoc.com. P.O. Box 66 of Enodis plc—the largest Depreciation $ 80.2 $ 80.2 0.0% capital investments that Equal Opportunity fuel our growth and to Manitowoc, WI 54221-0066 in our history—coupled Amortization $ 11.6 $ 5.8 100.0% Manitowoc believes that a diverse workforce is required to compete with the divestiture of our reduce our debt. It also successfully in today’s global marketplace. The company provides equal former Marine segment, Dividends paid $ 10.4 $ 9.5 9.5% reflects our operational employment opportunities in its global operations without regard to has changed the face of Net debt $2,482.3 $ (136.3) — efficiency, global scale, race, color, age, gender, religion, national origin, or physical disability. The Manitowoc Company. Return on invested capital 18.5% 23.8% and expanding revenue It gives our Foodservice Return on equity of continuing operations 6.1% 23.3% base. In 2008, Manitowoc generated $309 million portfolio greater balance Return on assets of continuing operations 1.3% 11.0% between hot and cold in cash from its operating equipment. It also gives activities, a 27% improve- us two global growth ment over 2007. platforms in Cranes and Foodservice that will generate more stable earnings going forward. This report is printed on recycled and recyclable paper using soy-based ink. 1103637_Cover03637_Cover 2 33/19/09/19/09 77:58:37:58:37 PPMM Business Segment Manitowoc’s Revenues 2008 Manitowoc’s Strategic Balance Corporate Values Cranes Foodservice • Integrity 86% 14% • Commitment to Stakeholders • Passion for Excellence Growth Lifting Global Global market Economies Balanced Growth leadership in Manitowoc Cranes Since 1995, Manitowoc the Crane and continues to introduce has used organic growth Foodservice powerful new products and strategic acquisitions businesses. that do the heavy lifting to build two fast-growing, to expand the infra- global platforms. Our structures and energy Crane and Foodservice Innovation grids of developed and businesses bring power- Continuous emerging economies ful, innovative brands to development around the world. every market segment of new and in- Pages 10-13 we serve.
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