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Manitowoc Company

Manitowoc Company

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Published by ArvinLedesmaChiong
Annual Report Services 2010
Annual Report Services 2010

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Published by: ArvinLedesmaChiong on Dec 18, 2011
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01/03/2013

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 eM ani    t   ow o c  C  om p an y ,I  n c . 0 0nn u al    R e p o t  
SeTTIng The STAge
 
    T    h   e    M   a   n    i   t   o   w   o   c    C   o   m   p   a   n   y ,    I   n   c .
Our performance under tough operatingconditions reinforced the benefits of Manitowoc’s diversification strategy and well-balanced portfolio.
    F    i   n   a   n   c    i   a    l    H    i   g    h    l    i   g    h    t   s
On the Cover:
The Grove GMK6300L offers some of the strongest lift capabilities of any six-axle, all-terraincrane in the world. The seven-section, 262-foot main boom delivers a maximum capacity of 350 US tons and a384-foot tip height when rigged with its 121-foot hydraulic jib. The 6300L also features five outrigger positionsfor ultimate flexibility, complemented by patented Megatrak 
suspension and steer-by-wire technology.
Numbers in millions except share data, number o employees, number o shareholders, debt to capitalization, and shares outstanding
For the Years Ended December 31
 
2010
2009
% Change
Net sales
$3,141.7
$3,619.8 -13.2%Operating earnings rom continuing operations
$ 206.5
$ (512.4) NMEBITDA (Credit Agreement Defnition)
$ 342.6
$ 383.2 -11.5%Number o employees (approximate)
13,300
13,100 1.5%Number o shareholders
2,482
3,470 -28.5%
Financial Position
EVA
$ (160.3)
$ (147.7) NMTotal assets
$4,009.3
$4,278.7 -6.3%Debt to capitalization
80.7%
78.2%Total equity
$ 478.5
$ 607.2 -21.2% Average shares outstanding (diluted)
130,581,040
130,268,670 0.2%
Diluted Earnings per Share
Earnings rom continuing operations
$ (0.50)
$ (4.96)Earnings (loss) rom discontinued operations, net o income taxes
$ (0.06)
$ (0.26)
Gain (loss) on sale or closure of discontinued operations, net of income taxes
 
$
$ (0.19)Net earnings
$ (0.56)
$ (5.41)
Diluted Earnings (Loss) per Share
Diluted earnings (loss) per share
Beore Special Items
attributable to Manitowoc common shareholders
$ (0.56)
$ (5.41)Special items, net o tax:(Earnings) loss rom discontinued operations
$ 0.06
$ 0.26(Gain) loss on sale o discontinued operations
$
$ 0.19Intangible asset impairment – discontinued operations
$
$ 0.23Intangible asset impairment – continuing operations
$
$ 4.70Early extinguishment o debt
$ 0.22
$ 0.05Restructuring expense
$
0.02
$ 0.20Loss on sale o product lines
$
0.01
$ 0.02Deerred tax asset valuation allowances
$
0.39
$ Other
$
$ 0.03Diluted earnings (loss) per share beore special itemsattributable to Manitowoc common shareholders
$
0.13
$ 0.26
Other Inormation
Net cash provided by operating activities
$ 209.3
$ 339.5 -38.4%Property, plant and equipment, net
$ 565.8
$ 641.1 -11.7%Capital expenditures
$ 36.1
$ 69.2 -47.8%Depreciation
$ 87.2
$ 87.9 -0.8%Amortization o intangible assets
$ 38.3
$ 38.4 -0.3%Dividends paid
$ 10.6
$ 10.5 1.0%Debt
$ 1,895*
$ 2,173 -12.8%
*Includes proceeds rom Kysor/Warren divestiture in 2011.
 
 C  an e S  e  gm en t  
1
Product Leadership
(pages 5, 6, 8, & 9)New products are helping Manitowoc—andits customers—meet new market demands. Thenew Grove RT9150E rough-terrain crane is wellsuited or reineries, power plants, and otherlarge projects. The award-winning Multiplex
®
 MB-8 Blend-in-Cup
System is turning restau-rants into beverage destinations o choice.
Letter to Shareholders
(pages 2 & 3)
 
Chairman, President, and CEO Glen Tellock explains how Manitowoc is preparing to takeadvantage o the up-cycle that lies ahead.
Centers of Excellence
(pages 4 & 7) A new approach to innovation and engineeringis helping both businesses improve quality andbring new products to market aster than theircompetitors.
World-Class Support
(page 5)
 Manitowoc is reconfguring its global manuac-turing and sales ootprint to build products asclose as possible to their intended end markets.In Cranes, investments in robotic manuactur-ing are increasing speed and precision to meetcustomer demand or shorter lead times.
 
 eM ani    t   ow o c  C  om p an y ,I  n c .
 S  t   a t   e   gi    c  o c  u s 
Manitowoc’s seven strategic imperatives set the stage for growth.
Aftermarket Services
Deliver superior value throughworld-class aftermarket serviceand support.
Excellence in Operations
Drive world-class performance inour manufacturing and businesspractices.
Manitowoc’s sevenstrategic imperativesInnovation
Continuous development of newand innovative products, processes,and services.
Customer Focus
Fully integrated global companythat is a flexible business partner.
Growth
Global market leadership in theCrane and Foodservice businesses.
People and OrganizationalDevelopment
 Attract, engage, and develop toptalent to advance global strategies.
Value Creation
Generate consistent improvement inEconomic Value-Added
®
.
1
Customer Satisfaction
(pages 5, 6, & 9)
 Customers beneft rom the expertise Mani-towoc product engineers, service specialists,and culinary experts bring to each relationship.In addition, our global Crane Care service,our STAR Service Program, and our onlineparts identifcation and ordering services givecustomers the industry’s most comprehensiveatermarket support.
Responsible Action
(page 9)
 
Manitowoc Foodservice was named ENERGYSTAR Partner o the Year or a secondconsecutive year.
Margin Improvement
(pages 3 & 11)Investments in Lean manuacturing helped bothbusinesses improve their margins and set thetable or strong cash fow and higher operatingearnings.
Financial Discipline
(page 11)
Senior Vice President and CFO Carl Laurinodiscusses how Manitowoc is staying on track to reduce debt while investing in its uture.

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