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Manitou Group. 2022 annual results

FY22 Net sales of m 2,362, +26% vs. FY21 (+23% like for like(1))
Recurring operating income at m 84.6 (3.6%) vs. m 123.7 (6.6%) in 2021
EBITDA(2) at m 130 (5.5%) vs. m 167 (8.9%) in 2021
Net income group part at m 55 vs. m 87 in 2021
Net debt(3) at m 213, gearing(3) at 27%, leverage(3) at 1.6
Dividend payment proposition at 0.63 per share
Expected revenue growth in 2023 up around 20% compared to 2022
Expected recurring operating income rate in 2023 up around 100 basis points

Michel Denis, President & CEO, stated: «The year 2022 was marked by strong revenue growth in a context of very dynamic markets and a very deep order book. The tensions on the supply chain and the inflation were very strong. The commitment of the teams enabled us to overcome the supply chain difficulties and to significantly accelerate production. Inflation was immediately reflected in sales prices, but with a time lag effect due to the depth of the order book. This situation caused a significant cyclical squeeze on margins. Recurring operating income amounted to 84.6 million, or 3.6% of revenues.

In this difficult context, the group has made progress on its roadmap. The year 2022 was marked by our commitment to a low-carbon trajectory validated in June by the SBTi and supported by the launch of our first electric telehandlers, by the acquisition of a company producing batteries, and by the presentation of our hydrogen strategy and our first hydrogen prototype.

In services, we intensified our digitalization efforts, acquired two companies in Finland and Italy, and strengthened the capacities of our parts distribution platforms.

In terms of products, we have renewed our core construction range developed on a new shared platform, accelerated innovation, inaugurated our new aerial work platforms plant in France and launched a massive plan to expand the industrial capacities of our two American production sites.

Finally, we continued to hire and develop our teams, strengthening their skills and diversity.

The demand from our markets and the depth of our order book lead us to anticipate revenue growth of around 20% in 2023, despite constant pressure on our supply chain and an increase in the recurring operating income as a percentage of sales of around 100 basis points, thanks to an improvement in the second half.»

Business review by division

The Product division reported revenue of 1,972 million in 2022, up 28% compared to 2021 (+25% at constant exchange rates and scope). Growth was disrupted by supply chain tensions and, at the beginning of the year, by the health crisis. Operations focused on accelerating production rates, supply chain management, R&D investments and capacity expansions in progress in France and the United States. The sales margin of the division came to 204.1 million, down 9% on the year-earlier period. The sales margin as a percentage of sales deteriorated by 4.2 points, impacted by inflation in raw materials and energy. Given the depth of the order book, the major sales price increases announced had a partial effect in 2022, and the very high invoicing in Q4 concerned old low-margin orders. The R&D costs increased by 7.6 million with the continuation of innovation programs in order to achieve the objectives of the Group’s carbon trajectory. The structural costs also rose by 18% (+19.7 million) to support projects and were impacted by inflation. Thus, the recurring operating income of the Product division is down by 47.6 million (-52%) to 43.7 million (2.2% of revenues) compared with 91.3 million in 2021 (5.9% of revenues).
In order to limit overly high expectations of orders for 2024, these are now being opened gradually with dealers.

The Services & Solutions (S&S) division recorded revenue growth of 15% for the year (+11% at constant exchange rates and scope). The division benefited from very strong market demand, with tensions over availability and prices in the distribution of spare parts. It is also increasing the capacity of its logistics platforms and continuing to strengthen its service offerings. Business grew in all geographic regions, particularly in the Americas and Northern Europe, as well as in all of its activities, in particular in the used machines. The sales margin was up by 15.7 million (+17%) to 108.2 million compared with 2021. This increase is explained by the growth in activity and a 0.5 point improvement in the sales margin as a percentage of sales. The pricing policy enabled the division to limit the impact of inflation. The administrative, selling, marketing and service expenses were contained in an inflationary environment, with an increase of 10.9% (+6.6 m). As a result, the division’s profitability came to 41.0 million (10.5% of revenues), up by 8.5 million compared with FY 2021 (32.5 million, or 9.6% of revenues).

Dividend proposed at the next Shareholders meeting

The Board of directors has decided to propose to the Annual general shareholders meeting, to be held on June 15, 2023, the payment of a dividend of 0.63 per share.


Press Release
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Tel: +38 (044) 486-8119

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