FIRST QUARTER 2016 May 12 th , 2016 31.03.2016 2 Main Features - PowerPoint PPT Presentation

FIRST QUARTER 2016 May 12 th , 2016

31.03.2016 2

Main Features � TURNOVER at € 33,7 M (-0,8%, in line with lift truck market) � NET DEBT at € 29,5 M, -€ 7,0 M in twelve months. 3

RECENT MARKET TREND 4

World market trend 200.000 174.931 170.901 168.541 164.295 164.055 162.393 156.992 157.952 151.109 144.068 160.000 120.000 80.000 40.000 - Avg Q 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q1 2016 Avg Q 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 vs Q1 2015 EUROPE 33.213 34.001 33.781 31.044 34.024 36.005 34.067 30.948 37.233 38.306 6,4% Of which West Europe 23.792 28.101 26.736 24.137 28.032 30.765 28.937 25.242 31.312 32.854 6,8% -3,7% USA e CANADA 28.165 28.692 28.218 26.822 37.156 30.091 30.545 28.944 34.629 28.975 -1,2% ASIA 82.168 91.782 97.502 85.483 78.555 84.566 93.049 71.726 67.731 83.531 -13,5% REST OF THE WORLD 13.447 14.066 15.430 14.603 14.560 13.393 13.240 12.450 11.516 11.581 WORLD 156.992 168.541 174.931 157.952 164.295 164.055 170.901 144.068 151.109 162.393 -1,0% 5

West European and North American market trend 40.000 37.156 35.000 34.629 30.545 32.854 30.091 28.692 28.944 28.218 26.822 30.000 28.975 31.312 30.765 23.792 28.937 28.101 28.032 25.000 26.736 25.242 24.137 28.165 20.000 15.000 10.000 5.000 Avg Q 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 USA and CANADA West Europe Q1 2016 Avg Q 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 vs Q1 2015 EUROPE 33.213 34.001 33.781 31.044 34.024 36.005 34.067 30.948 37.233 38.306 6,4% Of which West Europe 23.792 28.101 26.736 24.137 28.032 30.765 28.937 25.242 31.312 32.854 6,8% USA and CANADA 28.165 28.692 28.218 26.822 37.156 30.091 30.545 28.944 34.629 28.975 -3,7% ASIA 82.168 91.782 97.502 85.483 78.555 84.566 93.049 71.726 67.731 83.531 -1,2% REST OF THE WORLD 13.447 14.066 15.430 14.603 14.560 13.393 13.240 12.450 11.516 11.581 -13,5% WORLD 156.992 168.541 174.931 157.952 164.295 164.055 170.901 144.068 151.109 162.393 -1,0% 6

FINANCIALS - 31.03.2016 7

Net sales breakdown: 1Q 2015 vs 1Q 2016 -0,8% 34,0 33,7 -5,9% 4,5 4,2 +0,7% 5,1 5,2 -0,2% 24,4 24,4 Q1 2015 Q1 2016 EUROPE NORTH AMERICA REST OF THE WORLD 8

Consolidated income statement in 1Q 2016 % Var. Thousands of Euro Q1 2015 1Q 2016 2015 vs 2014 TURNOVER 34.016 33.743 -0,8% � EBITDA stands at 8,0% and it includes non current costs for Hyster- EBITDA 3.418 2.703 -20,9% EBITDA margin % 10,0% 8,0% Yale operation. EBIT 1.850 1.135 -38,6% � NET RESULT has been EBIT margin % 5,4% 3,4% affected by a negative effect on exchange rates for € 0,6 M (last year RESULT BEFORE TAXES 2.801 251 -91,0% margin % 8,2% 0,7% positive for € 1,3 M). GROUP RESULT AFTER TAXES 2.248 196 -91,3% margin % 6,6% 0,6% 9

Consolidated cash flow statement NET DEBT 01.01.2016 (29.134) Net result 240 341 664 451 Changes in reserves and associated companies (593) 1.104 Depreciation 1.457 Changes in net working capital (451) (493) - Inventories Net Result 240 (884) Reserve - 593 - Trade receivables Depreciation 1.457 56 - Trade payables 870 29.486 29.134 - Others Net capital expenditure (*) (341) FREE CASH FLOW 312 Equity and third parties changes (**) (664) Net debt Operating cash Change in net Capex Equity and Net debt Dividend distribution 0 Dec 15 flow working capital minorities March 16 changes NET DEBT 31.03.2016 (29.486) (*) of which € 0,5 M of exchange rate effect 10

Net debt: Short and long term Thousands of Euro 31.03.2015 31.12.2015 31.03.2016 Cash and cash equivalent 6.292 9.080 7.137 Current portion of long term debts (23.808) (15.706) (15.425) Net financial position - short term (17.516) (6.626) (8.288) Non current portion of long term debts (19.013) (22.508) (21.198) Net financial position - M/L term (19.013) (22.508) (21.198) Net financial position (36.529) (29.134) (29.486) Net financial position has been decreased by Euro 7,0 in twelve months. 11

Working capital and other KPI Million € % on net sales 24,00% 23,06% 19,81% 19,30% 20,61% 17,90% 20,10% 21,87% 18,90% 18,20% 19,07% 30,2 27,7 26,7 26,8 26,4 26,1 24,5 24,3 21,1 18,4 18,1 2007 2008 2009 2010 2011 2012 2013 2014 31.03.2015 2015 31.03.2016 2007 2008 2009 2010 2011 2012 2013 2014 31.03.2015 2015 31.03.2016 Accounts payable turnover ratio at 31.03.2016: 85 days vs 82 days at 31.12.2015 Accounts receivables turnover ratio at 31.03.2016 : 77 days vs 71 days at 31.12.2015 Inventory turnover ratio at 31.03.2016 : 68 days vs 66 days at 31.12.2015 12

Assets and liabilities Thousands of Euro 31.12.2015 31.03.2016 Net fixed assets 51.799 51.063 Net working capital 26.358 26.808 Leaving indemnity and other reserves (4.814) (4.631) Net capital employed 73.343 73.240 Net Equity 40.943 40.554 Minority interest 3.266 3.200 Net financial position 29.134 29.486 Net Debt / Equity 0,66 0,67 13

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