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Annual Report ANNUAL 2019 REPORT bauma - April 2019 To Our Valued Shareholders: I am pleased to report to you that 2019 was an outstanding We continued to invest in growth in 2019 to expand our year for The Manitowoc Company. Our strong operational market share in key products and reinforce our value execution, guided by the principles of our business operating proposition. We targeted differentiated technologies and system, The Manitowoc Way, led the way to improved earnings solutions using the “Voice of Customer” product development and cash flows. In addition, we continued to make solid process to ensure that our innovative products meet our progress on our four strategic priorities – margin expansion, customers’ needs and expectations, and ultimately deliver growth, innovation and velocity – and we successfully navigated the best return on their invested capital. Using this proven through competitive forces and market uncertainties to process, we launched 10 new cranes in the year, including deliver value to our shareholders. six at the bauma trade show in Munich in April. Customer reception to these new cranes was outstanding, and the Our strong performance and solid financial results were a competition has taken notice. result of our entire team of approximately 4,900 employees working together and making day-to-day improvements An important purchase criterion for crane customers is within our company. The culture we have achieved, aftermarket support – this is where we demonstrate a underpinned by the guiding principles of The Manitowoc significant advantage compared to other manufacturers, Way, continues to positively transform our organization in and it underscores profitable growth opportunities for innumerable ways. Manitowoc. Manitowoc Crane Care offers a total lifecycle product-support solution for our customers. We continue to Positioning For Long-Term Growth invest in providing unmatched technical support, spare parts In March 2019, we accomplished the vital goal of refinancing availability and training coupled with remote diagnostics our capital structure. The interest savings are substantial, and troubleshooting tools aimed at our goal of maximizing but more importantly, we have significantly increased our uptime of customers’ equipment while driving recurring flexibility to deploy capital to increase shareholder value, revenue for Manitowoc. such as funding potential acquisitions, further investing in innovation, and the ability to repurchasing our shares. In 2019, our board authorized a share repurchase program of up to $30 million of the Company’s common stock. Under this program, we bought back approximately 473,000 shares or 1.3% of our total stock outstanding. 21 Committing to a Sustainable Future 2019 Financial Results We also measure operational excellence across a number of On essentially flat revenue we generated over $40 million Environment, Health & Safety (EH&S) metrics and prioritize of additional adjusted EBITDA, and as a percentage of sales, safety, energy consumption and waste reduction. These adjusted EBITDA grew to 8.5%, a margin improvement of initiatives are important for all our stakeholders and the approximately 220 basis points over the prior year. The fourth communities where we work. quarter of 2019 marked our eleventh straight quarter of year- over-year adjusted EBITDA margin improvement. In addition, One of the accomplishments that I’m most proud of is our our diluted earnings per share (EPS) increased to $1.31 from a 2019 safety results. Our most important goal is to create loss of $1.88 and our adjusted diluted EPS increased 195% to a zero-incident workplace. Our safety measurables have $1.89. always been better than the industry average; but that’s not good enough. We continue to strive for improvement in our 2019 gross profit increased 100 basis points over the prior workplace through our hazard reduction program called year, enabled by our strategic pricing actions and favorable SLAM, which stands for Stop, Look, Assess, and Manage. product mix. We also decreased our engineering, selling Our SLAM activity increased threefold in 2019 to over 18,000 and administrative costs by 10% during 2019 primarily as assessments globally. You can find SLAM cards throughout all a result of cost containment activities. As a result of the our facilities around the world. While we’re not at zero injuries increase in gross profit and reductions in engineering, selling yet, we are absolutely determined to achieve this goal. and administrative costs, our adjusted operating income increased 52% year-over-year. Our excellent operational performance drove an improvement of almost $150 million in free cash flows during 2019, with our ending cash balance rising to nearly $200 million at December 31, 2019. As a result of our strong cash generation and refinancing our capital structure, our liquidity increased $168 million year-over-year while reducing our net debt to $113 million, providing us with a strong base and the flexibility to pursue both organic and inorganic growth strategies. 3 Looking Forward By adhering to the principles of The Manitowoc Way, we are committed to our goal of providing superior returns to our shareholders throughout the crane cycle. We will achieve this by delivering on our strategic priorities of margin expansion, growth, innovation and velocity. In 2019 we successfully expanded our product offerings in new growth segments, expanded our presence in attractive end markets and set the foundation to further grow recurring revenue streams. Our Lean journey continues each and every day, as we continue to invest in our manufacturing facilities globally, broaden our Lean manufacturing practices, and significantly improve our capital structure. We have aligned our production levels with current demand and are prepared to swiftly react to market conditions – positive or negative, as in the crane business, conditions can turn very quickly. We are committed to the “Voice of Customer” development process and look forward to bringing to market more groundbreaking cranes. We will continue to actively pursue recurring revenue streams, both organic and inorganic, to help mitigate the effects of the cyclical nature of our market. The refinancing of our debt has enabled us flexibility for acquisitions, and we are actively looking for a good fit, but with an extremely disciplined approach. We still face some market challenges. However, rest assured we understand how to balance short-term strategies for cost containment and cash generation with long-term initiatives that sustain competitive advantages, strengthen customer relationships, and build platforms for growth. In closing, on behalf of the Board of Directors, I would like to take this opportunity to thank our customers, shareholders and employees for their continued commitment and support. We are excited for what 2020 will bring and strive to deliver results for all our stakeholders that exceed expectations. Sincerely, Barry L. Pennypacker President & Chief Executive Officer The Manitowoc Company, Inc. 4 2019 FINANCIAL HIGHLIGHTS REVENUE & ADJUSTED EBITDA FREE CASH FLOWS ADJUSTED DILUTED NET INCOME MILLIONS MILLIONS LOSS FROM CONTINUING OPERATIONS PER SHARE .% .% 214 . , .% . , .% . . , , Revenue Adj. EBITDA Margin ADJUSTED OPERATING INCOME ADJUSTED EBITDA SALES BY REGION MEAP % AMERICAS % Million Million EURAF % + BPS vs + BPS vs NET DEBT TO EQUITY WORKING CAPITAL LIQUIDITY MILLIONS AS A PERCENTAGE OF SALES MILLIONS .% .% .% .% .% .% .% .% Net Debt Net Debt to Equity Total Liquidity Cash/cash equivalents 5 Margin Expansion Our success in Margin Expansion, our first strategic priority, has been a direct result of our Lean transformation and the guiding principles of The Manitowoc Way. One key contributor to the 220-basis point adjusted EBITDA margin expansion in 2019 was the successful execution of our Lean initiatives. The initiatives that Manitowoc carried out throughout the . year drove greater operational efficiencies and increased productivity, cut waste and improved lead times. Our execution of the items within our control, including cost controls and favorable price realization, was excellent. The result is a more profitable business despite a challenging environment. We continued to optimize plant capacity and improve our manufacturing agility through rigorous Kaizen activities and other initiatives. In our operations around the world, we identified and carried out many changes that resulted in smarter, more efficient operations. For example, in Niella Tanaro, Italy, where both mobile rough- In our Niella Tanaro, Italy, facility, new advanced manufacturing technologies have significantly improved productivity. terrain and tower cranes are manufactured, we implemented one-piece flow manufacturing and automated manufacturing technologies. These manufacturing advancements enabled us to achieve substantial improvements in throughput and productivity. There are numerous other examples. In Wilhelmshaven, Germany, the Logistics team developed an innovative App to dramatically speed up the material handling process on a just-in-time basis and reduce waste, meaning less downtime waiting for materials and lower costs. In Moulins, France, significant progress was made using OEE (Overall Equipment Effectiveness) data, a manufacturing productivity metric, to improve productivity in machining and robot welding. In Shady Grove, Pennsylvania, employees spearheaded the creation of a machining cell, allowing
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