HANDLING YOUR WORLD 2018 ANNUAL REPORT ANNUAL REPORT ANNUAL 2018 2 3 HANDLING YOUR WORLD CONTENTS GROUP PROFILE 4 KEY FIGURES 6 HIGHLIGHTS OF THE YEAR 7 HANDLING YOUR WORLD BOARD OF DIRECTORS 8 Material handling is the heart of Manitou Group’s business and a MANITOU ON THE STOCK EXCHANGE 9 field it is truly committed to with regard to all its stakeholders. EXECUTIVE COMMITTEE 10 Knowledge and expertise enable Manitou Group to respond to all material handling requirements, whatever the country, STRATEGIC PRIORITIES 11 terrain or application. ECONOMIC MODEL & INNOVATION 12 By making its customers’ world, and by extension the entire world, its field of operation, Manitou clearly asserts its leadership HUMAN RESOURCES 14 and desire to offer solutions and services that create value for its customers. CORPORATE SOCIAL RESPONSIBILITY 16 DIVISIONS 18 APPLICATION MARKETS 24 SALES REGIONS 28 REGISTRATION DOCUMENT 31 4 5 HANDLING YOUR WORLD 80% 1.9 €BN 28 of sales outside Net sales 2018 companies FIRMLY FOCUSED ON of France THE FUTURE Capital held at The Manitou group offers innovative 64% 4 400 11 by the founding employees production sites listed on the Paris solutions throughout the world. families worldwide Stock Exchange Three brands distributed by 1 500 dealers in 140 countries The Manitou group is a global market leader in rough-terrain material handling. It designs, manufactures, distributes and services equipment MISSION for the construction, agriculture and industrial sectors. The mission of the Manitou group is to improve working conditions, The group’s product ranges include rough-terrain With its iconic brands, Manitou, Gehl and Mustang safety and efficiency all around fixed, rotating and heavy-duty telehandlers, by Manitou and its network of 1 500 dealers the world. The group designs, rough-terrain, semi-industrial and industrial forklift worldwide, the group offers the best solutions manufactures, distributes and trucks, wheeled or tracked skid-steer loaders, while maximizing value for its customers. services products and solutions articulated loaders, backhoe loaders, aerial work With its head office in France, the group recorded for the material handling, platforms, truck-mounted forklifts, warehousing sales of 1.9 billion euros across 140 countries access equipment and compact equipment and attachments. in 2018, and employs 4 400 people committed earthmoving activities that work to customer satisfaction. smarter, faster, safer and cost effectively. 1972 1984 1993 2010 2014 2016 2017 2018 2018 2018 The Group enters Manitou is listed The first MRT rotating Gehl and Mustang Michel Denis is appointed Manitou Group Terex Equipment India Columba Leadership Trust The Mustang brand The Manitou group presents foreign markets. on the stock telehandlers launch. articulated loaders President and CEO. inaugurates a takeover (backhoe loaders acquires a 26% stake in Manitou becomes Mustang the world’s first electric exchange. launch. new production and skid-steer loaders). Southern Africa. by Manitou. telehandler prototype. site in Brazil. 1958 1981 1993 2008 2013 2015 2017 2018 2018 2018 Marcel Braud The first Manitou The first range of Takeover of the American Yanmar partnership Manitou sells its A majority holding taken An R&D Test Center Aerial work platforms and The Manitou brand conceives the idea of telehandler launches. aerial work platforms company Gehl. consolidated as Yanmar 500 000th machine in LiftRite (Distributor in opens in Ancenis, industrial forklift trucks launch celebrates its the Manitou truck. launches. becomes a group shareholder worldwide. Australia). France. in the USA. 60th anniversary. with a 6.26% stake. 6 7 HANDLING YOUR WORLD 1 884 1 591 HIGHLIGHTS 1 332 1 287 2018 KEY 1 246 FIGURES 2014 2015 2016 2017 2018 SALES (IN €M) 4% 3% 1. 2. 3. 4. 10% TRADE SERVICES APAM* 20% R&D Test Center opens in Launch of an initiative, entitled Elevation Launch of the employer brand: Columba Leadership Trust INDUSTRIES 12% Ancenis, France. Frontiers, to advance the Sustainable Join the Up Movement! acquires a 26% stake in SPARE 40% Development Goals (SDGs) of the Manitou Southern Africa. 19% NORTHERN PARTS AMERICAS United Nations (UN). EUROPE 51% CONSTRUCTION 81% 5. 6. 7. PRODUCTION 29% Launch of two new Launch of two new semi-industrial Launch of two new track loaders: 31% AGRICULTURE rough-terrain forklift forklifts, the MSI 25 and MSI 35 and the most compact on the market, SOUTHERN trucks, the MC 25 and the new “ER” range of electric reach the Gehl RT 105 and the Mustang by EUROPE the MC 30. masted forklift trucks. Manitou 1050 RT, and new telehandler models from the Gehl brand. SALES BY SALES BY SALES BY GEOGRAPHIC AREA TYPE MARKET 148 OUR PROGRAMMES 126 8. 9. 67 The Manitou brand celebrates Industrial forklift trucks its 60th anniversary and the first and aerial work platforms 47 97 45 Manitou forklift. launch in the USA. 90 43 76 70 66 29 10. 11. 12. 57 59 The Mustang brand becomes Launch of the new REDUCE platform The Manitou group presents the Mustang by Manitou. incorporating three components: world’s first electric telehandler 46 REDUCE Fuel, REDUCE TCO, prototype. and REDUCE Risks. 13. 14. Manitou Poland Record order book and celebrates its sales for the group. 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 10th anniversary OPERATING RESULT (IN €M) NET DEBT (IN €M) INVESTMENTS (IN €M) 1. The Manitou group wins the “Foglie 2. The Manitou group wins the “Digital 5. Excellence Award finalist for the 4 425 d’oro” prize at the Fieragricola trade Technology for HR Efficiency” prize at BMA Milwaukee Bell Awards in MHA CEP S & S fair in Verona (Italy) for the “Comfort the 2018 Digital HR Team Awards. recognition of the marketing campaign 3 900 Steering System” which equips its for the Pilot Series from the Gehl 314 276 MLT 840 and 1040 telescopic loaders, 3. The MLA-T 533 wins the award brand ranges. 3 307 3 301 1 294 for best telescopic handler at the 244 252 and also the “Foglia d’argento” prize Movicarga awards in Spain. 2018 mention award at the EIMA 3 214 1 095 203 for the Easy MANAGER connected 6. NUMEROUS machine solution. trade fair in Italy for innovations in 904 225 4. Prize awarded at the SIMA Awards for the New Ag range. PRIZES the “Eco Stop” function available on AWARDED the MLT agricultural machines. 2014 2015 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 WORKFORCE (IN NUMBER SALES BY DIVISION (IN €M) OF PEOPLE) *ASIA, PACIFIC, AFRICA AND MIDDLE EAST 1 2 3 4 5 6 8 9 BOARD MANITOU OF DIRECTORS ON THE STOCK EXCHANGE MESSAGE FROM THE CHAIRPERSON The launch of a new initiative entitled “Elevation Frontiers” to promote the United Nations Sustainable Development Goals, the expansion of the OF THE BOARD OF DIRECTORS “REDUCE” programme, dedicated to risk prevention and the reduction of 140 200 000 ANALYSTS COVERING our environmental impact, and the development of models using electrical 180 000 120 It is with great satisfaction that the Board of Directors energy with the introduction of the world’s first electric telehandler 160 000 THE MANITOU SHARE can look back on 2018 as a very positive year that prototype, are all examples of the move in this direction. 100 140 000 has never been equated, and send this message of 120 000 CM CIC Market Solutions Mainfirst confidence to customers, employees, shareholders and At the core of our strategy, innovation and customer satisfaction remain 80 all stakeholders of the Manitou group. the cornerstones of our growth. The numerous awards won for our 100 000 Ebrahim Homani Louise Boyer 60 machines and services in 2018, together with a record end of year order 80 000 The Board of Directors and I are very proud to have supported the projects book, reinforce and reward the work of all the teams. 40 60 000 Gilbert Dupont Oddo BHF that helped achieve these great results. 40 000 On the strength of this success, in 2018 the shareholders reiterated their 20 Stephen Benhamou Emmanuel Matot Among these projects, we would like to highlight the inauguration of the support for Michel Denis. Stability and performance enable us to stay on 20 000 R&D Test Center at the beginning of the year. We must continue to turn the course for sustained and profitable growth. 0 0 ID MidCaps Portzamparc reliability and quality of our machines into competitive assets. I would like to thank all our partners: suppliers, dealers and of course our Denis Scherrer Yann de Peyrelongue During 2018, the capacity of our production sites has increased, and there employees, whose constant commitment has contributed to our collective 02/01/201802/02/201802/03/201802/04/201802/05/201802/06/201802/07/201802/08/201802/09/201802/10/201802/11/201802/12/201802/01/201902/02/201902/03/2019 Société Générale are many more projects still to come. performance and made our Manitou, Gehl and Mustang by Manitou Change in Manitou’s share price in indices Kepler Cheuvreux Cross Asset Research On an international and strategic level, the expansion of our activities in brands shine. and volume since 02.01.2018 Charles-Louis Scotti Marie-Line Fort India continues to be successful. In addition, the launch of aerial work I also want to thank the members of our Board, who are, as they were in Volume Manitou Cac all-tradable platforms and industrial forklifts in the United States will strengthen our 2018, committed to supporting the teams in 2019 to further the group’s presence and help us increase our market share in this growth region. progress, meet new challenges and continue this amazing collective We also highlight the 10 year anniversary of our company Manitou Poland.