Jean-Christophe Giroux, Manitou President & CEO declared: “Q1’12 comes in as the prolongation of the 2011 momentum, to substantiate our 2012 operating plan. The combination of growing revenue, sustained order intake and high backlog provides some good visibility for H1 and even beyond. Things are undoubtedly getting more and more difficult in Southern Europe but Northern Europe, US, and Asia are showing resilient signs for positive business.

At the same time, we are happy to see the first results in our internal reforms, with a better appreciation for end-demand and a more fluid operational chain. Irrespective of the unstable environment, we are positive 2012 will be for Manitou the year of the Refoundation, with a new performance to sustain our mid-term ambitions. This is what we will share with our partners (customers, dealers, suppliers, press etc...) at a worldwide event we’re organizing end-May.

We confirm our 2012 objectives, with revenue up 10-15% and EBIT margin up 1 point.

Net Sales by Division

€ in million Year-on-year Sequentially
Q1 2011 Q1 2012 % Q4 2011 Q1 2012 %
RTH 191,5 221,4 +16% 214,1 221,4 +3%
IMH 34,0 40,7 +20% 43,3 40,7 -6%
CE 40,8 53,6 +31% 52,4 53,6 +2%
Total 266,3 315,7 +19% 309,8 315,7 +2%

Net Sales by Region

€ in million Year-on-year Sequentially
Q1 2011 Q1 2012 % Q4 2011 Q1 2012 %
Southern Europe 109,2 121,3 +11% 129,8 121,3 -6%
Northern Europe 94,6 109,5 +16% 91,3 109,5 +20%
Americas 37,7 54,0 +43% 52,9 54,0 +2%
APAM 24,8 30,9 +25% 35,9 30,9 -14%
Total 266,3 315,7 +19% 309,8 315,7 +2%

Divisional Review

The Rough Terrain Handling (RTH) Division posted revenue of €221.4m up 16% compared with Q1’11. Construction continues to progress, thanks to seasonal and rental firms pull effect. Growth comes from Northern Europe and Americas primarily while Southern Europe shows some early slow-down signals associated with the general economic environmnent. Agriculture also continues to be healthy outside Southern Europe.

The Industrial Material Handling (IMH) Division generated revenue of €40.7m, up 20% vs. Q1’11. Forklift trucks, warehousing and masts sub-contracting activities went quite well on all areas. The launch outside France of the new Industrial forklift range taps a new expansion potential in a more uncertain environment however.

With revenue of €53.6m, the Compact Equipment (CE) Division registered 31% increase vs. last year. In North America rental firms motivated by renewal needs and a better construction market are back to an unseen level of activity over a 3 year period of time. In Europe, the Division continues to organize its distribution structure and suffers from a deep market slow down in Southern Europe.