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The Manitowoc Company, Inc. 2007 Annual Report the Manitowoc Company, Inc The Manitowoc Company, Inc. 2007 Annual Report The Manitowoc Company, The Manitowoc Company, Inc. The Manitowoc Company, Inc. 2400 South 44th Street 2007 Annual Report P.O. Box 66 Manitowoc, WI 54221-0066 Making It Real Contents Corporate Headquarters Corporate Governance Guidelines, Code of Conduct & Information Investor Manitowoc’s About the Cover Making It The Manitowoc Company, Inc. Code of Ethics One of 16 new crane products introduced in Real in 2400 South 44th Street The Manitowoc Company’s corporate governance guidelines, committee Strategic P.O. Box 66 charters, code of conduct, and code of ethics are posted in the investor 2007, a Grove GTK1100 works at a nuclear Cranes – page 12 Manitowoc, WI 54221-0066 relations section of our Web site: www.manitowoc.com. This information may Imperatives power plant in Germany. Innovative products With global brands Telephone: 920-684-4410 also be obtained by any shareholder, without charge, upon written request to like the GTK1100 have helped Manitowoc and the most extensive Telefax: 920-652-9778 Maurice D. Jones, Senior Vice President, General Counsel & Secretary, at the company’s address indicated at left. Growth expand its markets around the world and service network in the Independent Registered Public Accounting Firm Global market leadership in the Crane and achieve record sales and earnings. industry, Manitowoc’s Crane PricewaterhouseCoopers LLP Dividends Manitowoc has paid continuous dividends, without interruption, since 1971. Foodservice businesses. Marine business segment is a world leader 100 East Wisconsin Avenue Suite 1800 The amount and timing of any dividend will be determined by the board of will be a leader in its niche. Financial Highlights – page 1 in lifting solutions. Milwaukee, WI 53202 directors. Stock Transfer Agent Dividend Reinvestment & Stock Purchase Plan Innovation Letter to Shareholders – page 2 Computershare Trust Company, N.A. Computershare sponsors and administers a Dividend Reinvestment and Continuous development of new and innova- Chairman Terry Growcock and President Stock Purchase Plan for The Manitowoc Company’s common stock. Under First Class, Registered & Certifi ed Mail: Making It Real in Marine – page 17 this plan, shareholders may also purchase shares by investing cash, as tive products, processes, and services that and CEO Glen Tellock review Manitowoc’s P.O. Box 43102 often as once a month, in varying amounts from $10 up to a maximum of enhance our customers’ businesses and 2007 performance and its progress toward Providence, RI 02940-5068 achieving its seven strategic imperatives. $120,000 each calendar year. Participation is voluntary. the value of our brands. Overnight or Other Delivery: To receive an information booklet and enrollment form, please contact 250 Royall Street our stock transfer agent, Computershare. Customer Focus Canton, MA 02021-1011 Manitowoc also participates in the Low-Cost Stock Ownership Plan as Fully integrated global company that is a Telephone: offered and administered by Better Investing, formerly known as the National Association of Investors Corporation. flexible business partner. 1-866-641-4263 1-800-952-9245 (Hearing impaired in US) Investor Inquiries 1-781-575-4592 (Hearing impaired outside US) Security analysts, portfolio managers, individual investors, and media Excellence in Operations professionals seeking information about Manitowoc are encouraged to visit Drive world-class performance in our manu- & – page 4 Web site: www.computershare.com/investor our Web site, or contact the following individuals: facturing and business practices. Q A Glen Tellock, Manitowoc’s new President Annual Meeting Analysts & Portfolio Managers: The annual meeting of Manitowoc Company shareholders will be held at Carl J. Laurino People and Organizational and CEO, answers some of the questions Manitowoc has become the shipbuilder of Senior Vice President & Chief Financial Offi cer asked by shareholders, employees, and 9:00 a.m., CDT, Tuesday, May 6, 2008, at the Holiday Inn, 4601 Calumet Development choice for complex, mid-sized government Avenue, Manitowoc, WI. We encourage our shareholders to participate in Telephone: 920-652-1720 Attract, engage, and develop top talent and investment analysts. and commercial vessels. this meeting either in person or by proxy. Telefax: 920-652-9775 structure the organization to lead and man- Stock Listing & Related Information Media Inquiries: age the global business. Manitowoc at a Glance – page 6 Making It Real in Foodservice – page 18 Manitowoc’s common stock is traded on the New York Stock Exchange and Steven C. Khail is identifi ed by the ticker symbol MTW. Current trading volume, share price, Director of Investor Relations & Corporate Communications Cranes Marine Telephone: 920-652-1713 Aftermarket Services 81% 8% dividends, and related information can be found in the fi nancial section of most daily newspapers. Telefax: 920-652-9775 All products will be enhanced with superior Quarterly common stock price information for our three most recent General Inquiries: aftermarket service and support. fi scal years can be found on page 15 of our Form 10-K, which is part of this Joan Risch annual report. Shares of Manitowoc’s common stock have been publicly Shareholder Relations Value Creation traded since 1971. Telephone: 920-652-1731 Telefax: 920-652-9775 Generate year-over-year improvement in Foodservice Manitowoc Shareholders 11% Economic Value-Added. On December 31, 2007, there were 129,880,734 shares of Manitowoc Quarterly Earnings An overview of our businesses and their common stock outstanding. On that date, there were 2,520 shareholders Manitowoc is planning to announce its quarterly earnings for calendar 2008 markets, competitive advantages, and of record. according to the following schedule: Innovation extends our leadership through- 1st Quarter − April 28, 2008 prospects for the future. Form 10-K Report out the “cold side” of the commercial Each year, Manitowoc fi les its Annual Report on Form 10-K with the 2nd Quarter − July 28, 2008 foodservice equipment industry. Securities and Exchange Commission. Most of the fi nancial information 3rd Quarter − October 28, 2008 Making It Real – page 8 contained in that report is included in this Annual Report to Shareholders. 4th Quarter − To be announced Building Real Value – page 22 A copy of Form 10-K, as fi led with the Securities and Exchange Join MTW on the Internet Commission for 2007, may be obtained by any shareholder, without charge, CFO Carl Laurino offers an overview of Manitowoc provides a variety of information about its businesses, products, upon written request to: and markets at its Web site address: www.manitowoc.com. our 2007 fi nancial performance and key Maurice D. Jones Equal Opportunity fi nancial measurements. Senior Vice President, General Counsel & Secretary Manitowoc believes that a diverse workforce is required to compete The Manitowoc Company, Inc. successfully in today’s global marketplace. The company provides equal P.O. Box 66 Introduction to the 10-K and employment opportunities in its global operations without regard to race, Manitowoc, WI 54221-0066 10-K Contents Listing – page 24 color, age, gender, religion, national origin, or physical disability. CEO Certifi cation to the New York Stock Exchange During 2007, the chief executive offi cer of the company timely submitted Glossary of Terms – page 26 to the New York Stock Exchange the CEO certifi cation required by Section 12(a) of the NYSE corporate governance listing standards. The certifi cation Investor Information – IBC was not qualifi ed in any way. Additionally, the company’s principal executive Manitowoc’s greatest strength is its people. offi cer and principal fi nancial offi cer have timely submitted the certifi cations We are doing more than ever to attract the required by Section 302 of the Sarbanes-Oxley Act as exhibits to the best people and develop, retain, and inspire company’s annual report on Form 10-K. them—across our worldwide operations. This report is printed on recycled and recyclable paper using soy-based ink. Millions of dollars, except employee, shareholder, debt-to-capitalization, shares, per share, and return data For the Years Ended December 31 Highlights Financial For the Year 2007 2006 % Change Net sales $4,005.0 $2,933.3 36.5% Operating earnings from continuing operations $ 501.9 $ 302.4 66.0% Earnings from continuing operations $ 333.6 $ 166.5 100.3% Earnings from continuing operations as a percentage of sales 8.3% 5.7% 45.6% Number of employees (approximate) 10,500 9,500 10.5% Number of shareholders 2,520 2,531 -0.4% Financial Position EVA $ 207.0 $ 116.9 77.1% Total assets $2,868.7 $2,219.5 29.2% Debt to capitalization 14.6% 25.7% Stockholders’ equity $1,349.9 $ 774.5 74.3% Average shares outstanding (diluted) 127,489,416 125,571,532 1.5% Basic Earnings per Share Earnings from continuing operations $ 2.68 $ 1.36 Gain (loss) from discontinued operations, net of income taxes 0.02 (—) Net earnings $ 2.70 $ 1.36 Diluted Earnings per Share Earnings from continuing operations $ 2.62 $ 1.33 Gain (loss) from discontinued operations, net of income taxes 0.02 (—) Net earnings $ 2.64 $ 1.32 Other Information Net cash provided by operating activities $ 238.2 $ 294.1 -19.0% Property, plant and equipment, net $ 489.5 $ 398.9 22.7% Capital expenditures $ 119.6 $ 67.6 77.0% Depreciation $ 82.3 $ 69.0 19.3% Amortization of intangible assets $ 5.8 $ 3.3 74.6% Dividends paid $ 9.5 $ 8.6 9.9% Debt reduction $ 43.3 $ 241.4 -82.1% Return on invested capital 23.8% 18.5% Return on equity 24.7% 21.5% Return on assets 11.6% 7.5% Net Sales Earnings from EBITDA ($ Millions) Continuing Operations ($ Millions) ($ Millions) $4,005 $333.6 $601.8 $2,933 $374.7 $2,254 $166.5 $1,845 $1,468 $1,253 $190.6 $39.0 $38.1 $158.6 $157.5 $144.1 $8.6 $59.1 02 03 04 05 06 07 02 03 04 05 06 07 02 03 04 05 06 07 For the 13th consecutive year, Manitowoc Earnings from continuing operations grew by 100% Since 2002, earnings before interest, taxes, reported record revenues.
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