马尼托沃克 2024年度报告

Message fromour CEO Dear Fellow Shareholders: On my desk sits a big, yellow book: Berkshire Hathaway Letters to Shareholders 1965-2014. While it is a constantreminder that the simple objective of any investment is to generate a return that exceeds the cost of capital,it also offers a profound lesson on the constancy of purpose. When Warren Buffett acquired a controlling interest in Berkshire Hathaway, it was a struggling textile company.In fact, he owned it for over 20 years, facing plenty of recessionary and inflationary periods, particularly inthe 1970s; it’s no surprise that Buffett became wary of capital-intensive businesses. Similarly, over the lastfour years, Manitowoc has faced comparable economic challenges, which only strengthens our resolve in ourCRANES+50 strategy to grow our less cyclical, higher margin aftermarket business. Our goal is simple, to transform Manitowoc into a business capable of generating higher returns regardless ofthe ebbs and flows of the crane cycle. To do so, we must increase our non-new machine sales, which is lesscapital intensive, more proƒtable, and less cyclical; ultimately, this will yield higher shareholder returns. This isthe foundational principle behind our CRANES+50 strategy as the catalyst to grow our aftermarket business. 2024 Financial Summary Manitowoc reported net sales of approximately $2.2 billion in 2024, down 2.2% versus the prior year. Whilesales were relatively flat, we experienced a signiƒcant shift in our mix as the European tower crane marketcycled down. Consequently, our adjusted EBITDA margins contracted 200 basis points to 5.9%, and ouradjusted Return on Invested Capital (ROIC)1for the year was 6.0%. Regarding our balance sheet, in 2024, we successfully completed the reƒnancing of our debt while extendingits tenor, and ended the year with $320.9 million in liquidity. Our Strategy I’m proud to report that we have made signiƒcantprogress on our CRANES+50 strategy. During 2024,in spite of a cyclical downturn in our European towercrane business, we set another record for non-newmachine sales, achieving $629.1 million, a 67% increasefrom 2020. To further expand our direct support to customers, in2024, we opened a new location in Barnsley, UK, andrelocated to purpose-built facilities in Phoenix, Arizona,and Baton Rouge, Louisiana. We are continuing toexpand our global team of revenue-producingƒeldservice technicians, now numbering over 460 teammembers, to support our customers and grow ouraftermarket business. Furthermore, in theƒrst few months of 2025, we announced the acquisition of dealer territories in)eorgia,North Carolina, and South Carolina. We are also in the process of relocating our small workshops in Paris,France, and Sydney, Australia, to larger service centers to better service our customer needs. In addition, wecontinue to explore other expansion opportunities throughout the globe. The Manitowoc Way The Manitowoc Way is how we approach our business and engage our stakeholders – customers, suppliers,partners, shareholders, employees, and the communities where we operate. Our business system is built onthe philosophy of kaizen, or continuous improvement, with a goal of getting a little better each day. While wetypically discuss The Manitowoc Way in the context of kaizens, I want to take this opportunity to highlighthow we address safety using the principles of The Manitowoc Way. Safety is paramount in the crane industry. In 2024, Manitowoc had an outstanding year, achieving the second-lowest recordable incident rate (RIR) in its history at 1.19, with only 2023 being lower, and the lowest numberofƒrst aid incidents ever at 377 cases. The Company improved our Risk Assessment or SLAM (Stop, Look,Assess, Manage) and Interactive Observation processes; we delivered Safety Leadership training to over 600employees; and we launched the inaugural Manitowoc Safety Month in October to raise safety awarenessduring our seasonally high period of incidents. I’ve found that the best initiatives are driven by employees at the grassroots level. First, our mobile craneƒeldservice technicians challenged the organization to adapt and develop our hazard identiƒcation process (SLAM’s)and the Safety Management System (SMS) forƒeld service work. In response, new tools and capabilities willbe launched in 2025 to make it easier for ourƒeld service technicians to conduct risk assessments. Second,our tower service team in France organized Safety Days, a full-day training event at four branch locations,which received great feedback. During 2025, we intend to expand Safety Days to all our service centers. Achieving zero injuries remains a critical responsibility for everyone at Manitowoc. Conclusion We remain very optimistic about our future. Signiƒcant capital is being deployed worldwide for large infrastructureprojects – the AI boom is fueling data center construction, there is signiƒcant growth in the semiconductormarket, along with an increasing need