Manitou: 2018 Half-year results

31.07.2018 11:55 "Agro Perspectiva" (Kyiv) — The board of directors of Manitou BF, meeting on this day, closed the accounts for the first half of 2018. Michel Denis, President and Chief Executive Officer, stated: "The Group achieved another record quarter and revenue growth of 17% compared to H1 2017. Business was buoyant in all geographies and in our three markets of construction, agriculture and industries. Order intake for the second quarter was sustained and increased compared to Q2 2017 if we exclude the exceptional effects generated in France by the end of the tax law on equipment over-amortization in April 2017. In this very favourable environment, the Manitou group continued to expand its products range, gain market shares and increase its production rate. Growth made great demands on the operational chain, which remained tense but under control. The increase in production rates enabled us to accelerate the reduction of the depth of the order book, something we want to continue, in order to be more responsive to our customers. All these factors led to close the semester with a current operating income of 6.7% of sales revenue, an increase of 70 basis points. At constant scope and exchange rate, current operating income was 7.0% of sales revenue.

Business prospects remain positive, with markets that we still see well oriented in all regions. At this stage, the impact of changes in import duties in certain countries resulted in an increase in production costs in the United States which, like all American manufacturers, we pass on to our customers.

The performance achieved in the first half-year, the favourable economic context and the size of our order book allow us to confirm our expectations of sales revenue growth of more than 15% for the financial year, and a growth in current operating income of around 80 basis points compared to 2017, or around 6.8%."

H1'18 net sales of EUR941m up +17% vs. H1'17 and +18% on a comparable basis

Q2 machine order intake of EUR371m vs. EUR408m in Q2'17

H1 machine order intake of EUR926m vs. EUR842m in H1'17

Q2 end book of EUR830m vs. EUR506m in Q2'17

Current operating income at EUR63m (6.7%) vs. EUR8m (6.0%) in H1'17

EBITDA1 EUR80m (8.5%) vs. EUR62m in H1'17

Net income attributable to the equity holders of the Parent of EUR41m vs. EUR30m in H1'17

Confirmation of 2018 sales growth outlook of more than 15% compared to 2017

Confirmation of a 80 basis points increase in recurring operating income as a percentage of revenue compared to 2017

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