The board of directors of Manitou BF closed the accounts for 2017. Michel Denis, President and Chief Executive Officer stated: "The group closed the financial year 2017 with a +19% rise in revenues, having also strengthened our sales positions, expanded our operations outside France with the acquisition of two entities in India and Australia and lastly, having improved further our financial profitability. A year during which we have enjoyed the full and unwavering commitment of all our teams and partners. Recurring operating income increased by +35% to reach 6% of sales revenues, hitting the target we set ourselves in our 2014-2018 roadmap a year ahead of schedule. I also note that, excluding exchange rate impact, this profit rate is 6.5% of sales revenues.
"We were also pleased to see a return to profitability last year for the Compact Equipment Products division after two difficult years and the remarkable financial performance of the Services and Solutions division, which is now the group's top contributing division.
"The large size of our order book and the ongoing favorable market conditions mean that we are organizing ourselves to continue to ramp up production operations at all of our sites, with the supply chain conditions occasionally strained and remaining inflationary. The full effects of this acceleration will be visible in the second half of the year.
"All of these elements enable us to predict for 2018, at constant exchange rates, a growth in sales revenues above +10% and an improvement in recurring operating income of around 50 base points, equivalent to approximately 6.5% of sales revenues."
"Having reached its 2014-2018 target a year ahead of schedule, Michel Denis presented the Manitou group vision for 2022.
"Our vision is that by 2022, the Manitou group will strengthen its leadership position by providing innovative and cutting edge solutions across the globe and by expanding its range of products and services. Constantly adding value for its customers, Manitou group will continue expanding its commercial presence to increase its market share and deliver sustainable growth.
"By boosting our geographical coverage and innovation, combined with the expansion of our ranges of products and services, we should be able - all other things being equal - to generate higher growth than market trends. This new development framework leads us to define our recurring operating income target at more than 8% of our sales revenues in 2022, an exciting challenge that all of the teams are already working towards."
Synopsis of Results for 2017
- Sales revenue of €1,591 million growing at a rate of +19% against 2016 (+18% at constant exchange rate and scope)
- Recurring operating income at €95.4 million (6.0% of net sales and 6.5% at constant exchange rate) against €71 million (5.3%) in 2016
- EBITDA* of €124 million (8%) against €99 million (7.4%) in 2016
- Net income attributable to the equity holders of the Parent of €60 million against €43 million in 2016
- Dividend to be proposed at the upcoming Shareholders' meeting of €0.62 per share
- Anticipation of an increase in sales for 2018 above +10%
- Anticipation of an improved recurring operating income rate for 2018 of approximately 50 basis points
- New 5-years roadmap: improved goal of recurring operating income rate higher than 8% of net sales for 2022
