Hyster-Yale Materials Handling (HY) 8-K Results of Operations and Financial Condition

Friday, August 24, 2018

Seaport Global

Roadshow

Exhibit 99

Solutions that DRIVE Productivity

2

Safe Harbor Statement & Disclosure

This presentation includes forward-looking comments subject to important risks

and uncertainties. It may also contain financial measures that are not in

conformance with accounting principles generally accepted in the United States

of America (GAAP).

Refer to Hyster-Yale’s reports filed on Forms 8-K (current), 10-Q (quarterly), and

10-K (annual) for information on factors that could cause actual results to differ

materially from information in this presentation and for information reconciling

financial measures to GAAP. Past performance may not be representative of

future results.

Guidance noted in the following slides was effective as of the Company’s most

recent earnings release and conference call (August 1, 2018). Nothing in this

presentation should be construed as reaffirming or disaffirming such guidance.

This presentation is not an offer to sell or a solicitation of offers to buy any of

Hyster-Yale’s securities.

Solutions that DRIVE Productivity

Hyster-Yale at a Glance

3

Hyster-Yale Materials Handling, Inc. (NYSE:HY) is a leading globally integrated, full-line lift truck manufacturer

offering a broad array of solutions aimed at meeting the specific materials handling needs of its customers.

_____________________

(1)

EBITDA and ROTCE are non-GAAP measures and should not be considered in isolation or as a substitute for GAAP measures.  See non-GAAP explanations and the related reconciliations to GAAP measures in the Financial Appendix starting on page 28.

(2)

Includes 600 employees from HY Maximal, acquired by the Company on June 1, 2018.

Key Metrics

In

millions (except employee data)

LTM

6/30/18

Lift Truck

Bolzoni

Nuvera

Revenue

$2,867.3

$197.4

$1.4

Operating Profit (loss)

$96.4

$9.5

($41.5)

Net Income (loss)

$57.4

$6.5

($28.9)

EBITDA

(1)

$157.0

$20.1

($35.2)

ROTCE

(1)

(Net debt basis)

17.0%

4.4%

n/m

Net Debt at end of period

$92.8

$28.0

n/m

Approximate # of Employees (globally)

6,500

(2)

900

200

LTM 6/30/18 Sales by Segment

Separate lift truck, attachment and fuel cell segments

Americas

62.6%

EMEA

25.3%

JAPIC

6.4%

Bolzoni

5.6%

Nuvera

0.1%

Forklifts

Internal

Combustion

Engine

Lithium-Ion

Reach

Stackers

Big Trucks

Very Narrow Aisle Trucks

Products for All Needs…

4

Electric

Counterbalanced

Rider Trucks

Electric Narrow

Aisle Trucks

Electric Hand

Trucks

Internal

Combustion

Engine

(cushion tire)

Internal Combustion

Engine (pneumatic tire)

3

wheel

Electric

4 wheel Electric

Pallet Trucks

Stackers

Order Pickers

Reach Trucks

Empty

/

Laden  

CLASS 1

CLASS 2

CLASS 3

CLASS 4

CLASS 5

1.0T to 5.5T

1.5T to 6.0T

1.5T to 8.0T

1.0T to 7.0T

1.0T to 52.0T

Warehouse Equipment

Warehouse Equipment

Over 290 different truck models available

Electric

CB

Electric

CB

Container

Handlers

Internal

Combustion Engine

Counterbalance

Solutions that DRIVE Productivity

…with a Broad Range of Power Options, Attachments and Solutions

5

Push Pulls

Lifting Tables

Electric Counterbalanced

Rider Trucks

Electric Narrow Aisle Trucks

Electric Hand Trucks

Internal Combustion Engine (cushion tire)

Internal Combustion Engine (pneumatic tire)

CLASS 1, 2 & 3

Fuel Cell

Engine

LPG &

Bi-fuel

Diesel Tier 3 /

Stage III

LPG & CNG

Diesel Tier 4 /

Stage IV

Lithium-ion

Battery

CLASS  4 & 5

Clamps

Multipallets

Rotators

Sideshifters

Fork

Positioners

Forks

45,000+ assets

under management

Power Options

Attachments

Solutions

Solutions that DRIVE Productivity

Key Perspectives

6

Global markets

expected to be strong

for next several years

Investments

to expand

HY’s product and

solutions portfolio and

geographic breadth

and

depth

Core lift truck

programs

aim to

trigger organic growth

through intensified

industry focus

Nuvera

remains

a

venture

business

with

developed

technology;

break

even

by

late 2019

Lift Truck business objective of 7% operating profit margin in the medium term, with an

added focus on progressive revenue growth and achieving ROTCE above 20%

Solutions that DRIVE Productivity

Solutions that DRIVE Productivity

Long-term CAGR (2004 –

2017) = 5.4%

_____________________

Source: ITA. Represents quarterly order intake.

Global Industry Remains Strong

(units in thousands)

Global Lift Truck Industry Size

_____________________

Trend line represents 5.4% long-term CAGR Average Industry Size. Source:  WITS.  Represents annual order intake.

North America Retail Lift Truck at Peak Trend

Lift Truck Industry –

Unit Distribution by Class

_____________________

Source: WITS.  LTM 6/30/18

Orders Reports.

ICE = Internal Combustion Engine

Total Industry  = 1,502k Units

Class 4

ICE

4%

Market Size -

$

_____________________

Source: Internal Company estimates

Market Size -

Units

Class 5

ICE

56%

Class 1

Electric

19%

Class 2

Electric

11%

Class 3

Electric

10%

Estimated Industry Revenue Mix

_____________________

Source: WITS.  LTM 6/30/18

Orders Reports.

Global Lift Truck Industry Breakdown (Units)

Trend                     

Upper Limit                        

Lower Limit                          

NA

7

Class 1 Electric

17%

Class 2 Electric

9%

Class 3

Electric

36%

Class 4 ICE

2%

Class 5 ICE

36%

Europe 32%

Americas 22%

China 29%

Japan 6%

Asia-Pacific 7%

Middle East & Africa 4%

872

547

794

975

944

1,010

1,094

1,100

1,182

1,395

1,502

0

300

600

900

1,200

1,500

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

LTM2018

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

A Positive Profitability Trend Despite Strengthening Headwinds

8

Key Variables

Impacting

Performance

Impact on HY

2017

2018

Market Cycle

by Country

+

=

Market Size by Industry

+

+

Market Size by Product

= / +

=

Commodity Prices/Tariffs

_

_

Pricing

+

= /

-

Strength

of Dollar

=

_

Operational Effectiveness

+

+

Core SG&A Expenses

_

_

($ in millions)

7% LIFT TRUCK OPERATING PROFIT MARGIN TARGET

4.1%

Gap

3.6%

Gap

Solutions that DRIVE Productivity

$57.5

$72.4

$96.4

2.1%

2.9%

3.4%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

$20.0

$45.0

$70.0

$95.0

$120.0

$145.0

2007

2016

LTM Q2 2018

Solutions that DRIVE Productivity

Lift Truck Business Target Economics Goal and Gap to Target

Achieve 7%

operating profit

margin

target over

the medium term

Achieve ROTCE

> 20%

Target

Economics gap

closure can be

achieved with

unit volume…

Stronger Industry

+ Share Growth

= Volume Leverage

LTM 6/30/18 Gap to Target Economics

Actual Lift Truck Operating Profit Margin %

3.4%

Margin

Variances

1.7%

Volume

Variances*

1.9%

Manufacturing

variances/other

0.2%

Operating Expenses

1.7%

Lift Truck Operating Profit Margin % Gap

3.6%

Lift Truck Operating Profit Margin % Target

7.0%

*Expected to achieve with annual sales of 115,000 HY-produced lift

truck units, excluding trucks sold by Maximal.

9

Our Strategies address Changing Landscape and will Drive Our Economic Engine

Basic Business Areas

Geographic

and Product

Balance

Worldwide

Distribution

Strength to Drive

Market Share

Parts and Service

Volume

Large Lift Truck

Population in Service

Volume

Economies

of Scale

Design

Component commonality

Supply Chain

Manufacturing

Quality

Marketing

Parts

Infrastructure

Capital requirements

Leader in

Independent

Distribution

Grow in

Emerging

Markets

Leader in Delivery of Industry-

& Customer-Focused Solutions

Leader in Fuel Cells &

Their Applications

Low Cost of Ownership

& Enhanced

Productivity for

Customers

Hyster-Yale’s economic engine is driven by increasing unit volume and economies of scale. Core strategic initiatives are

designed to drive the economic engine by increasing market share... 

Leader in the

Attachments

Business

A

large

lift

truck

population

base

drives

parts

and

service

volume

resulting

in

enhanced

profitability

for

Hyster-Yale

and

dealers

10

Solutions that DRIVE Productivity

Solutions that DRIVE Productivity

#1: Leader in Independent Distribution

11

Enhancing performance

Dealer Excellence programs

Dealer incentives

Term-based contracts

1,000+

global dealer

locations

2,000+

application

consultants

11,000+

service

technicians

Strengthening the

distribution footprint

Sales and Service territories (SSTs)

Competitor conversions

In-territory acquisitions

Independent

Exclusive

Entrepreneurial

Profitable

Committed partner

Dual-line or single

Solutions that DRIVE Productivity

Solutions that DRIVE Productivity

#2: Leadership in Delivering Industry-

& Customer-Focused Solutions

12

Solutions that DRIVE Productivity

LOGISTICS

MANUFACTURING

DURABLE

GOODS

FOOD &

BEVERAGE

NATURAL

RESOURCES

& MATERIALS

CONSUMER

& BUSINESS

TRADES

SHORT-

TERM

RENTALS

Source: 2017 ITA Market Size and Mix by Vertical and Segment

Warehouse                    Counterbalanced

Solutions that DRIVE Productivity

Sales Deployment

13

Top Buyers

~200 accounts

Industry

Leaders

~1600 Accounts

Rest

of the

Market

35%

40%

•

Committed to customer-obsessed, industry-specific, strategic partnerships

•

~200

designated accounts with annual purchases of ~60,000 units and high

market share

•

Over 2,400

Customer and Dealer Visits per year

•

Committed to working with dealers to identify, serve needs of large

“Industry Leader” accounts

•

Develop and execute “Account Development Plans”  and enhance the

knowledge /skills of dealer sales personnel

•

Create “why change, why now, why us” messaging

•

Area Business Managers

•

Field-Based Specialized Sales Support

•

Inside Sales Support

•

Field Parts Sales Support

•

Financial Services Managers

•

Regional Aftermarket Managers

•

Field Service Engineers

High

Value

25%

Percentage of Lift Truck Market and Market Share Performance

Solutions that DRIVE Productivity

Solutions that DRIVE Productivity

#3: Delivering Low Cost of Ownership & Enhanced Productivity for Customers

14

New RS45 Reachstacker

Segmentation –

Right Product at Right Price

Leads to Lower Cost of

Ownership

Constant power and refuel

as quick as 3 minutes

No batteries or battery

charging rooms

Environmentally clean

Battery Box Replacements

Balyo

Collaboration

Automated

Reach Truck

Internally

Developed

Automation (IDA)

HY Automation with Dual-Mode Operation

Lithium Ion Solutions

Battery Box Replacement

Trucks Lithium-ion Ready 

•

Food and beverage

•

Paper industry

•

Automotive

•

Cold storage

Integrated Lithium-ion Truck

ICE like Performance

•

High-voltage powertrain

•

Excellent productivity

•

6-9T capacity

•

Fast charge

Solutions that DRIVE Productivity

Solutions that DRIVE Productivity

#4: Grow in Emerging Markets

15

MATURE MARKETS 817,880

EMERGING MARKETS 683,980

M A R K E T   S I Z E   S U B

–

T O T A L S

Indicative Map Only: Company’s estimate of market type

Emerging

versus Mature

Lift Truck Market Size (Last 12 months)

Top Global Manufacturers

are increasing product depth

into utility and standard product

line-up

Lift Truck Competition

is Repositioning

Premium

Sub-Utility

Standard

Utility

Top Chinese Manufacturers

are increasing quality and

specification of Utility &

Standard product line-up

NORTH

AMERICA

283,370

WESTERN

EUROPE

400,650

PACIFIC

25,600

JAPAN

88,320

MIDDLE

EAST &

AFRICA

46,170

INDIAN

SUBCONTINENT

15,000

ASIA

67,370

CHINA

428,180

EASTERN

EUROPE

86,650

LATIN

AMERICA

24,400

BRAZIL

16,210

MEXICO

11,580

SOUTH

AFRICA

8,360

Solutions that DRIVE Productivity

Solutions that DRIVE Productivity

16

Best Value

Best Fit

Best Potential

•

Management

•

Culture

•

Local market experience

•

Production and design capability

•

Facilities and location

•

Brand and distribution network

•

Utility Counterbalance forklifts

•

Big Trucks

•

Rough Terrain forklifts

•

Side Loader forklift

Organization

Product

People

Acquired a 75% Interest in Hyster-Yale Maximal Forklift [Zhejiang] Co., Ltd.

Rationalize

Operations

Leverage Cost

Advantage

Improve

Operations

Enhance

Development

Expand

Products

Optimize

Distribution

Near Term Synergy Plan

Solutions that DRIVE Productivity

Solutions that DRIVE Productivity

#5: Leader in Attachments Business

17

A complete range of attachments to serve material handling industries in the area of forest

products, food and beverage, white goods, logistics, chemistry, automotive and many others…

Synergy Opportunities

•

Growth of Attachment business in Americas

•

Growth of Lift Truck business in Europe

•

Utilize Bolzoni’s

excess capacity

Stand-Alone Supplier

Preferred supplier to HY

Arms-length sales

Commercial

confidentiality

Key supplier partner

Purchasing leverage

Broader market access

Part of Hyster-Yale

One of the

worldwide leading

manufacturers of

lift truck

attachments, forks

and lift tables

Solutions that DRIVE Productivity

Solutions that DRIVE Productivity

#6:  Leader in fuel cells and their applications

18

High technology fuel cell company

Integrator of fuel cell engines into lift trucks

Solutions that DRIVE Productivity

Design of BBR and

Integrated Solutions

Reliability Growth

Engineering

Manufacture of BBR and

Integrated Solutions

Sales & Marketing

Product Support in Field

Design of Fuel Cell Stacks

and Engines

Reliability Growth

Engineering

Manufacture of Fuel Cell

Stacks and Engines

Sales & Marketing to

OEM’s  and Partners

Development of

Hydrogen Compression

Technology & Products

Solutions that DRIVE Productivity

Future Non-Lift Truck Growth Opportunities

19

Heavy duty applications

Port equipment 

Delivery vehicles

Buses

China market entry

Market research

First agreement signed

Other opportunities in evaluation

Low

cost sourcing

Solutions that DRIVE Productivity

Solutions that DRIVE Productivity

        HY

        HY

        HY

Lift Truck

(1)

Bolzoni

(1)

Nuvera

(1)

        Q2 2018

       Q2 2017

Variance

    LTM 6/30/18

Revenues

$720.1

$52.5

$0.4

$765.6

$685.5

$80.1

$3,040.4

Gross Profit

$110.3

$16.8

($0.7)

$126.2

$121.7

$4.5

$513.1

Operating Expenses

($93.0)

($13.6)

($8.8)

($115.4)

($104.2)

($11.2)

($449.3)

Operating Profit (Loss)

$17.3

$3.2

($9.5)

$10.8

$17.5

($6.7)

$63.8

Net Income (Loss)

$11.0

$2.1

($6.9)

$5.6

$16.4

($10.8)

$34.6

EBITDA

(2)

$26.7

$5.5

($10.1)

$21.9

$31.2

($9.3)

$141.3

Results for Q2 2018 Consolidated vs. Q2 2017

Hyster-Yale’s business units are at different stages, which makes the variance best understood by individual business unit

($ in millions)

20

_____________________

(1)

These entities are presented on a stand-alone basis, and as such, do not sum to the Consolidated financial information.

(2)

EBITDA is a non-GAAP measure and should not be considered in isolation or as a substitute for GAAP measures.  See non-GAAP explanations and the related reconciliations to GAAP measures in the Financial Appendix starting on page 28.

Q2 2018 Trends

•

Revenue improvement on increased volumes,

currency translation and Maximal acquisition

•

Gross profit percent declined due to unit margin

compression related to material price inflation

•

Operating expenses continue to grow consistent

with strategic programs

2018 Outlook

•

Lift Truck: Expected FY increase in units and parts revenues, but modest decrease in

FY operating profit as H2 improvements driven by price increases gaining traction not

expected to fully offset H1 declines from material cost inflation and higher SG&A.

Absence of 2017 unfavorable tax adjustments expected to lead to higher net income.

•

Bolzoni: Revenues, operating profit and net income expected to increase

•

Nuvera: Operating loss expected to modestly decrease & net loss comparable to

2017

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Hyster-Yale Use of Cash Priorities

21

Return Cash to Stockholders

Investments in Adjacent or Complementary

Businesses

Investments in Fuel Cell Business

Investments in Share Gain Programs

Investments in Lift Truck & Attachments Businesses

Strategic initiatives to accelerate growth or

enhance margins

Acquisitions of technologies and other

forklift-related businesses

Investments

to

commercialize

Nuvera’s

fuel

cell technology

2016

2017

YTD 2018

Annual Dividends

(1)

$19.2m

$1.18/share

$19.8m

$1.21/share

$10.1m

$1.24/share

2012 to 2014

Share Buyback

$49.8m  /   694,653 shares of Class A common stock

Solutions that DRIVE Productivity

Valuation Approach Needs to Vary By Business

22

Lift Truck and Attachment Businesses

Lift Truck and Attachment Businesses

Fuel Cell Business

Fuel Cell Business

•

Board Oversight as Separate Businesses

•

Incentives Tied to Individual Businesses

Strong Operating Cash Generation

Market Leading Products and Position

Mature Cyclical Industry

Value using Traditional Valuation Model of

EBITDA Multiple on a Net Debt Basis

Multiple should reflect ROIC levels and

growth prospects

Developing / Technology Industry

Distinct Technology / Patents in Fuel Cell

and Hydrogen Generation

Operating Cash Invested in New Product

Commercialization / Ramp Up

Value as Venture Business with Developed

Technology

Solutions that DRIVE Productivity

One Set of Strategies, Different Priorities for Execution

23

Americas

HYG Position: Strong

Full execution of strategies

Significant investment to

enhance share

Increased dual-brand coverage

Europe,

Middle East, Africa

HYG Position :Moderate

Industry and customer solutions

Low cost of ownership

Distribution enhancements

JAPIC

HYG Position: Varies

Acquisition and partnership

Emerging Market

Development Center

Distribution strengthening

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Key Developments Over Past 18 Months

24

Nuvera strategy

implementation –

clear focus

Bolzoni fully

integrated and

performing well

Improved financial

performance in core lift

truck business

Developments in

automation and key

product platforms

Industry focus with new

sales and marketing

organizations

Solid base for expansion

in developing markets

being established

Solutions that DRIVE Productivity

A Compelling Investment Scenario over the Next Few Years

25

Core lift truck business poised for strong revenue and income growth

•

Aggressive investments in share gain

•

New product platforms under development

Core lift truck business poised for strong revenue and income growth

•

Aggressive investments in share gain

•

New product platforms under development

Bolzoni

business

has

significant

upside

•

Additional products under review

•

Americas growth potential

Bolzoni

business

has

significant

upside

•

Additional products under review

•

Americas growth potential

Nuvera business currently having a significant impact on current valuation, but:

•

Solid path for profitability established

•

Partner established in China, others in process

Nuvera business currently having a significant impact on current valuation, but:

•

Solid path for profitability established

•

Partner established in China, others in process

Solutions that DRIVE Productivity

by selling and

producing

115,000

HY-factory

trucks

by selling and

producing

115,000

HY-factory

trucks

In Summary, Over the Next Few Years….

26

Get to

approximately

$4 billion

HY Lift Truck

segment

revenue

irrespective of

industry size and

maintain ROTCE

>20%

Get to

approximately

$4 billion

HY Lift Truck

segment

revenue

irrespective of

industry size and

maintain ROTCE

>20%

to

Fill existing

assembly

line

capacity

through

Significant

share

growth

Which leverages

Technology

accelerators and

business

acquisitions

Get

Bolzoni

operating profit

margins to 7%

Move

Nuvera to

break-

even by late 2019 then on

toward profitability

Solutions that DRIVE Productivity

27

Financial Appendix

Solutions that DRIVE Productivity

Non-GAAP Disclosure

28

EBITDA

and

return

on

total

capital

employed

are

not

measurements

under

U.S.

GAAP,

should

not

be

considered

in

isolation

or

as

a

substitute

for

GAAP

measures,

and

are

not

necessarily

comparable

with

similarly

titled

measures

of

other

companies.

Hyster-Yale

defines

each

as

the

following:

EBITDA

is

defined

as

income

(loss)

before

asset

impairment

charges,

income

taxes

and

noncontrolling

interest

income

(loss)

plus

net

interest

expense

and

depreciation

and

amortization

expense;

Return

on

Total

Capital

Employed

(“ROTCE”)

is

defined

as

net

income

(loss),

as

reported,

before

interest

expense,

after

tax

and

before

the

impact

of

U.S.

Tax

Reform

legislation,

divided

by

average

capital

employed.

Average

capital

employed

is

defined

as

average

stockholders’

equity

plus

average

debt

less

average

cash.

Adjusted

Cash

Flow

before

Financing

is

defined

as

cash

from

operating

activities

less

cash

from

investing

activities,

excluding

the

approximately

$80m

impact

of

an

unplanned

systems-related

acceleration

of

supplier

payments

in

December

2016.

For

reconciliations

from

GAAP

measurements

to

non-GAAP

measurements,

see

the

following

pages.

Solutions that DRIVE Productivity

Non-GAAP Reconciliation

29

_____________________

Note: EBITDA in this investor presentation is provided solely as a supplemental disclosure with respect to operating results. EBITDA does not represent net income (loss), as defined by U.S. GAAP and should not be considered as a substitute for net income or net loss, or as an indicator of operating performance. The Company defines

EBITDA as income (loss) before asset impairment charges, income taxes and noncontrolling interest income (loss) plus net interest expense and depreciation and amortization expense. EBITDA is not a measurement under U.S. GAAP and is not necessarily comparable with similarly titled measures of other companies.

($ in millions)

Year Ended December 31

Qtr.

Qtr.

Consolidated

2013

2014

2015

2016

2017

6/30/2017

6/30/2018

6/30/2018

Reconciliation of EBITDA

Net income attributable to stockholders

$      110.0

$      109.8

$        74.7

$      42.8

$          48.6

16.4

$         

5.6

$           

$          34.6

Nuvera asset impairment

-

-

-

-

4.9

-

-

4.9

Noncontrolling interest income (loss)

0.2

0.4

0.4

(0.5)

0.3

-

0.1

0.4

Income tax provision (benefit)

17.2

39.9

29.4

(4.0)

44.9

1.9

3.8

45.5

Interest expense

9.0

3.9

4.7

6.7

14.6

2.6

4.0

18.2

Interest income

(1.8)

(1.1)

(1.5)

(2.0)

(3.6)

(0.5)

(1.0)

(4.6)

Depreciation and amortization expense

30.2

29.7

28.9

39.1

42.8

10.8

9.4

42.3

EBITDA

$      164.8

182.6

$     

136.6

$

82.1

$

152.5

$

31.2

$         

21.9

$         

141.3

$      

Trailing         

12 Months

($ in millions)

Year Ended December 31

Qtr.

Qtr.

Lift Truck

2013

2014

2015

2016

2017

6/30/2017

6/30/2018

6/30/2018

Reconciliation of EBITDA

Net income attributable to stockholders

$      110.0

$      111.2

$        89.3

$         66.9

$         71.8

23.8

$       

11.0

$       

$          57.4

Noncontrolling interest income (loss)

0.2

0.4

0.4

(0.5)

(0.4)

(0.2)

-

(0.2)

Income tax provision

17.2

40.7

39.4

12.2

59.4

5.1

5.2

56.9

Interest expense

9.0

3.9

4.7

6.9

13.9

2.4

3.8

17.5

Interest income

(1.8)

(1.1)

(1.5)

(3.0)

(3.7)

(0.5)

(1.0)

(4.7)

Depreciation and amortization expense

30.2

29.6

27.3

28.1

29.6

7.6

7.7

30.1

EBITDA

164.8

184.7

159.6

$     110.6

170.6

38.2

26.7

157.0

Trailing         

12 Months

$

$

$

$

$

$

$

Solutions that DRIVE Productivity

Non-GAAP Reconciliation (continued)

30

_____________________

Note: EBITDA in this investor presentation is provided solely as a supplemental disclosure with respect to operating results. EBITDA does not represent net income (loss), as defined by U.S. GAAP and should not be considered as a substitute for net income or net loss, or as an indicator of operating performance. The Company 

defines EBITDA as income (loss) before asset impairment charges, income taxes and noncontrolling interest income (loss) plus net interest expense and depreciation and amortization expense. EBITDA is not a measurement under U.S. GAAP and is not necessarily comparable with similarly titled measures of other companies.

($ in millions)

Qtr.

Qtr.

Nuvera

2014

2015

2016

2017

6/30/2017

6/30/2018

6/30/2018

Reconciliation of EBITDA

Net loss attributable to stockholders

$         (1.4)

$       (14.6)

$       (23.8)

$       (26.7)

(6.3)

$       

(6.9)

$       

$       (28.9)

Nuvera asset impairment

-

-

-

4.9

-

-

4.9

Noncontrolling interest income

-

-

-

-

-

-

-

Income tax benefit

(0.8)

(10.0)

(15.8)

(15.3)

(4.2)

(2.6)

(12.6)

Interest expense

-

-

-

-

-

-

-

Interest income

-

-

-

-

-

-

-

Depreciation and amortization expense

0.1

1.6

1.5

2.0

0.4

(0.6)

1.4

EBITDA

(2.1)

$       

(23.0)

$     

(38.1)

$     

(35.1)

$     

(10.1)

$     

(10.1)

$     

(35.2)

$     

Trailing 12

Months

Year Ended December 31

($ in millions)

Bolzoni

2016

2017

6/30/2017

6/30/2018

6/30/2018

Reconciliation of EBITDA

Net income attributable to stockholders

$                    (0.3)

3.9

$                 

(0.1)

$          

2.1

$             

6.5

$         

Noncontrolling interest income

-

0.7

0.2

0.1

0.6

Income tax provision (benefit)

(0.4)

1.0

0.3

0.8

1.4

Interest expense

0.8

0.8

0.2

0.3

0.9

Interest income

-

-

-

(0.1)

(0.1)

Depreciation and amortization expense

9.5

11.2

2.8

2.3

10.8

EBITDA

9.6

$                    

17.6

$               

3.4

$            

5.5

$            

20.1

$       

Trailing 12

Months

9 Months Ended

December 31

Year Ended

December 31

Qtr.

Qtr.

Solutions that DRIVE Productivity

Non-GAAP Reconciliation (continued)

31

_____________________

Note: Return on capital employed is provided solely as a supplemental disclosure with respect to income generation because management believes it provides useful information with respect to earnings in a form that is comparable to the

Company’s cost of capital employed, which includes both equity and debt securities, net of cash. 

(1) Lift Truck return on capital employed excludes the average initial investment of $99.3 million for the acquisition of Bolzoni and continuing average investments of $80.4 million in Nuvera.  Investment numbers are based on a 5-point average.

Reconciliation

of

Return

on

Total

Capital

Employed

/

Adjusted

Return

on

Capital

Employed

(ROTCE)

Consolidated

Lift Truck

(1)

Nuvera

Bolzoni

LTM 6/30/18

Average Stockholders' Equity (6/30/18, 3/31/18, 12/31/17, 9/30/17 and 6/30/17)

$559.4

$619.0

$18.1

$126.7

Average Debt (6/30/18, 3/31/18, 12/31/17, 9/30/17 and 6/30/17)

288.3

245.3

1.3

47.9

Average Cash (6/30/18, 3/31/18, 12/31/17, 9/30/17 and 6/30/17)

(215.7)

(383.9)

(0.1)

(11.5)

Average capital employed

$632.0

$480.4

$19.3

$163.1

Net income (loss)

$34.6

$57.4

$(28.9)

$6.5

13.6

12.8

-

0.8

Less: Income taxes on interest expense, net at 38%

(5.2)

(4.9)

-

(0.3)

Actual return on capital employed = actual net income (loss) before interest expense, net, after tax

$43.0

$65.3

$(28.9)

$7.0

Plus:  Income tax

expense impact of U.S. Tax Reform

38.2

36.4

1.6

0.2

Less:

U.S. Tax Reform impact on equity earnings

(19.8)

(19.8)

-

-

Adjusted return on capital employed = Actual

return on capital employed less impact of U.S. tax reform

$61.4

$81.9

$(27.3)

$7.2

Actual return on capital employed percentage

6.8%

13.6%

n/m

4.3%

Adjusted return on capital employed percentage

9.7%

17.0%

n/m

4.4%

($ in millions)

Plus: Interest expense, net

Solutions that DRIVE Productivity

Cash Flow before Financing Calculation

32

Consolidated

($ in millions)

Year Ended December 31

Qtr.

Trailing 12

Months

2013

2014

2015

2016

2017

6/30/2018

6/30/2018

Reconciliation of Cash Flow before Financing

Net cash provided by (used for) operating

activities

$152.9

$100.0

$89.4

$(48.9)

$164.7

$23.5

$76.4

Net cash used for investing activities

(26.1)

(44.4)

(31.3)

(145.1)

(47.3)

(82.5)

(114.1)

Cash Flow before Financing

$126.8

$55.6

$58.1

$(194.0)

$117.4

($59.0)

($37.7)

Impact

of accelerated supplier payments

-

-

-

80.0

(80.0)

-

-

Adjusted Cash Flow before Financing

$126.8

$55.6

$58.1

$(114.0)

$37.4

($59.0)

($37.7)

Solutions that DRIVE Productivity

33

Supplemental Information

Hyster founded in

Portland, Oregon

as the Willamette

Ersted Company

1929

1944

1959

Company name

officially changed

to Hyster

Company

First Hyster

container

handling

trucks

1875

1920

Yale Lock Mfg.

broadens its

scope into

materials

handling

Yale and Towne

launched a new

battery powered

low-lift platform

truck

1963

Yale forklift truck

business merges

with Eaton Mfg.

Industrial Truck

Division

1950

Yale added gas,

LP gas and

diesel-powered

fork lift trucks to

its range

Hyster introduces

the famous

Monotrol®

pedal

1971

Yale forges a

partnership

with

Sumitomo

Ltd

2011

2011

NMHG

introduces the

UTILEV

®

lift

truck for the

utility segment

of the market

2016

2016

1985

Yale acquired

by NACCO

Industries

1989

Hyster acquired

by NACCO

Industries   

NMHG renamed

Hyster-Yale Group

HY completes

acquisition of 100%

of Bolzoni S.p.A.

The History of Hyster-Yale and its brands

34

1989

1989

2012

2012

Hyster-Yale

formed as

independent

public company

following spin-

off by NACCO

2014

2014

NMHG, HY’s

operating

company,

acquires Nuvera

to enter the fast-

growing hydrogen

fuel cell market

Hyster and Yale

merge to form

NACCO

Materials

Handling Group

(NMHG)

June 2018

June 2018

HY acquires a

75% interest in

Zhejiang Maximal

Forklift Company

Limited

–

renamed HY

Maximal

Solutions that DRIVE Productivity

Hyster-Yale’s Global Footprint

35

Ramos Arizpé, Mexico

Fabrication Manufacture

Sulligent, Alabama

Component Manufacture

Berea, Kentucky

Lift Truck Manufacture

Greenville, North Carolina

Division Headquarters; Lift Truck Manufacture;

Warehouse Development Center

Cleveland, Ohio

Corporate

Headquarters

Danville, Illinois

Parts Distribution Center

Charlotte, North Carolina

Experience Center

Barueri, Brazil

Brazil Marketing and

Administration Center

Itu, Brazil

Lift Truck Manufacture;

Parts Distribution Center

Craigavon, N. Ireland

Lift Truck Manufacture

Nijmegen, Netherlands

Lift Truck Manufacture; Big Truck Development

Center; Parts Distribution Center

Masate, Italy

Lift Truck Manufacture; European

Warehouse Development Center

Shanghai, China (JV)

Lift Truck Manufacture;

Parts Distribution; China

Marketing and

Administration Center

Obu, Japan (JV)

Lift Truck Manufacture;

Parts Distribution

Cavite, Philippines (JV)

Fabrication Manufacture

Irvine, Scotland

European Administration Center

Hanoi, Vietnam (JV)

Component Manufacture

Sydney, Australia

Division Headquarters;

Parts Distribution

Pune, India

Engineering, Supply Chain

and Marketing Center

Frimley, UK

Division Headquarters;

Engineering Concept Centre

Kuala Lumpur, Malaysia

Asia Support Office

Hefei, China

Supply Chain

Center

Fairview, Oregon

Counterbalanced

Development Center;

Administration Center

San Donato, Italy

European Offices; Research &

Development; Testing Facilities

Billerica, Massachusetts

Fuel Cell Business

Headquarters; Research

and Development;

Manufacturing and Sales

Homewood, Illinois

Attachment Manufacture

Piacenza, Italy

Bolzoni Headquarters; Attachment,

Lift Table and Fork Manufacture

Järvenpää, Finland

Attachment

Manufacture

Salzgitter, Germany

Attachment Manufacture

Wuxi, China

Attachment Manufacture

Hebei, China

Fork Manufacture

Pointe-Claire,

Canada

Commercial

Subsidiary

Prestons/Sydney, Australia

Commercial Subsidiary

Warrington, UK

Commercial Subsidiary

Montcarda/Reixac, Spain

Commercial Subsidiary

Forbach, France

Commercial Subsidiary

Prato, Italy

Attachment Manufacture

Lublin, Poland

Commercial Subsidiary

Moscow, Russia

Commercial

Subsidiary

Korschenbroich,

Germany

Commercial Subsidiary

Gävle, Sweden

Commercial

Subsidiary

Helmond, Netherlands

Commercial Subsidiary

Lift Truck Business locations

Fuel Cell Business (Nuvera) locations

Attachment Business (Bolzoni) locations

Global Headquarters

LEGEND:

Tyler, Texas

HY Telematics

Chessy, France

Commercial Offices

Neu-Isenburg, Germany

Commercial Offices

Weeze, Germany

Experience & Test Center

Hangzhou, China (JV)

Lift Truck Manufacture

(Maximal)

Solutions that DRIVE Productivity

Solutions that DRIVE Productivity

ICE Units

48%

Electric Units

29%

Bolzoni

5%

Aftermarket

13%

Service, Rental

& Other

5%

Overview and Sources of Revenue

36

2017 Worldwide Sales by Product

_____________________

(1)

Represents Hyster-Yale North American Lift Truck unit shipments by industry.

(2)

Includes Big Truck sales that represent 12.6% of total sales.

A leading global lift truck manufacturer in terms of units sold

2017 Retail Lift Truck

Shipments

by

End

Market

(1)

#4

Globally in 2017

Large installed lift truck

base that drives parts

sales

Over 830,000

units worldwide at

12/31/17

HY sales of ~ 96,600 lift truck

units in LTM 6/30/18

~89,000 units sold –

produced in HY plants

~ 7,600 units sold –

produced

by JV or other

third parties

Additional >

6,800 lift

truck units sold

in

Japan in 2017

Direct sales by JV partner

(2)

National

Accounts

17%

Independent

Dealers

83%

2017 Lift Truck

Distribution Channel Mix

Manufacturing

13%

Consumer and

Business Trades

13%

Durable Goods

11%

Natural Resources

& Materials

14%

Short-term

Rental 12%

Food and

Beverage

23%

Logistics

14%

Solutions that DRIVE Productivity

Historical Consolidated Revenue

37

$2,057

$2,400

$2,489

$2,720

$2,824

$1,475

$1,802

$2,541

$2,469

$2,666

$2,767

$2,578

$2,570

$2,885

$3,040

$0

$1,000

$2,000

$3,000

$4,000

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

LTM

6/30/18

($ in millions)

Lift Truck Unit Class Shipments

38

Industry Units by Geography

_____________________

Source: Company: LTM 6/30/18 Units Shipped

Note:  Units sold direct by SN JV are not included

HY Lift Truck Units Sold by Geography

_____________________

Source: WITS.  LTM 6/30/18 Orders Reports.

_____________________

Source: WITS.  LTM 6/30/18 Orders Reports.

ICE = Internal Combustion Engine

_____________________

Source: Company: LTM 6/30/18 Units Shipped

Note:  Units sold direct by SN JV are not included

ICE = Internal Combustion Engine

Industry Units by Class

HY

Lift

Truck

Units

by

Class

(1)

_____________________

Source: Internal Company estimates

Industry Unit Revenue by Class

HY Lift Truck Unit Revenue by Class

(1)

_____________________

Source: Company: LTM 6/30/18 Unit Revenues

(1) Graphs exclude the 600 units sold by Hyster-Yale Maximal in June 2018.

Class 1

Electric

21%

Class 2

Electric

9%

Class 3

Electric

7%

Class 4 ICE

12%

Class 5 ICE

51%

Europe

32%

Americas

22%

China

29%

Japan 6%

Asia-

Pacific

7%

Middle

East &

Africa 4%

Americas

62%

EMEA

31%

Asia-

Pacific/

Japan

4%

China 3%

Class 1

Electric

17%

Class 2

Electric

9%

Class 3

Electric

36%

Class 4

ICE

2%

Class 5

ICE

36%

Class 1

Electric

20%

Class 2

Electric

9%

Class 3

Electric

30%

Class 4

ICE

9%

Class 5

ICE

32%

Class 1

Electric

19%

Class 2

Electric

11%

Class 3

Electric

10%

Class 4 ICE

4%

Class 5 ICE

56%

Solutions that DRIVE Productivity

Secular Shift in Product Mix

Today

2017

_____________________

Source: WITS. Orders Reports.

ICE = Internal Combustion Engine

Utility = HYG Estimates

DRIVERS:

•

Customer shift 

•

Growth of warehousing and logistics

•

Environmental, health and safety

•

Evolving technologies

•

Growth in emerging markets

Previous Peak

2007

39

Class 1

Electric

17%

C1/2

Utility

1

%

Class 2

Electric

10%

Class 3

Electric

27%

C3 Utility

0%

Class 4 ICE

3%

Class 5

ICE

32%

C5 Utility

10%

Class 1

Electric

14%

C1/2

Utility

3%

Class 2

Electric

10%

Class 3

Electric

29%

C3 Utility

5%

Class 4 ICE

3%

Class 5

ICE

18%

C5 Utility

18%

Solutions that DRIVE Productivity

Solutions that DRIVE Productivity

Japan

Western

Europe

Eastern

Europe

Brazil

North

America

Middle

East &

Africa

Latin

America

(excluding

Brazil)

Asia

(excluding

China &

Japan)

China

( 3 & 12 months rate of change trend)

Global Lift Truck Market Rates of Change

_____________________

Source: WITS. Bookings Reports.

40

Solutions that DRIVE Productivity

Lift Truck Market Size Data

41

Lift Truck Market Size Data

WITS Orders Basis (1)

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

Europe

265,896

278,024

312,455

327,173

380,557

445,583

411,107

222,883

299,387

368,286

North America

147,322

155,191

186,192

198,058

212,953

191,384

159,279

98,338

136,050

169,589

Total Americas

158,388

168,471

206,225

221,155

242,186

234,353

200,178

118,835

180,903

224,501

A/P, China and Japan (1a)

138,452

155,094

185,530

201,062

232,438

271,018

260,246

205,114

314,162

381,795

Global Market

562,736

601,589

704,210

749,390

855,181

950,954

871,531

546,832

794,452

974,582

2012

2013

2014

2015

2016

2017

2018E

Europe

351,441

357,452

387,905

412,642

457,333

509,157

540,000

North America

181,191

200,939

219,444

235,128

240,836

266,543

280,000

Total Americas

229,565

252,930

267,546

277,315

280,827

315,395

330,000

A/P, China and Japan (1a)

363,399

399,395

438,510

409,923

443,938

570,443

590,000

Global Market

944,405

1,009,777

1,093,961

1,099,880

1,182,098

1,394,995

1,460,000

(1)  In 2009, Hyster-Yale switched to tracking Industry data on a World Industrial Truck Statistics ("WITS") Orders Basis. WITS statistics began in 2002.  

(1a) Beginning in 2014 includes India local production

Industry

forecast

(light

blue

columns)

–

source:

Derived

from

DRI-WEFA

and

Oxford

Economic

Forecasts

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

Europe (FEM/JIVA) (3)

150,250

121,922

135,318

152,667

174,953

176,294

187,902

219,615

227,697

274,681

North America (2) (3)

106,590

120,679

154,167

162,725

152,763

178,456

192,192

197,436

205,033

145,967

Total Americas (2) (3)

114,411

127,308

162,261

171,682

168,170

193,413

207,018

209,843

223,499

161,316

A/P, China and Japan (3)

134,635

123,913

119,733

135,050

148,135

148,441

111,848

104,781

122,354

123,780

2002

2003

2004

2005

2006

2007

2008

2009

Europe (FEM/JIVA) (3)

256,717

263,972

286,546

302,158

337,326

382,047

376,945

201,352

North America (2) (3)

144,529

151,911

182,450

194,475

207,919

185,726

149,863

95,562

Total Americas (2) (3)

156,702

166,328

203,552

218,908

238,141

229,509

192,134

115,752

A/P, China and Japan (3)

129,333

146,334

171,000

195,386

222,074

250,684

257,604

199,159

Non-WITS Prior Year Information:

Lift

truck

market

size

history

–

source:

Industrial

Truck

Association,

Japan

Industrials

Vehicle

Association

("JIVA"),

European

Federation

of

Materials Handling ("FEM"), World Industrial Truck Association

(2) Total Americas numbers for 1992-2008 include North America Commercial, Government and Latin America.  Prior years are

North America Commercial only.

(3) Industry information is based upon the reporting basis of each individual region, which varies according to the industry trade

groups in that region:

Americas

-

North

America

&

Government -

Retail

bookings

Americas -

Latin America -

Factory bookings

Europe & Japan -

Factory shipments

A/P & China -

Factory bookings

Solutions that DRIVE Productivity

Our Long-Term Philosophy

42

Long-term

growth

Long-term

shareholders

Shareholder

protection

Senior

management

incentivized as

long-term

shareholders

Increase  

shareholder value

Return on Capital

Employed and Market

Share Increase focus

Solutions that DRIVE Productivity

Our Investment in R&D

Lift Truck R&D Investment

$71

$70

$72

$78

$83

2014

2015

2016

2017

Est. 2018

2.6%

2.7%

2.9%

2.9%

2.7%

% of Revenue

$ in millions

•

Product Development Target -

2.5% of Sales

•

Actions to Achieve Target

Increase revenue

Modular architecture

India and China development centers

Process automation

Co-located suppliers

43

Solutions that DRIVE Productivity

44

Source: Audited 2017 financials, Chinese statutory report for

all except bookings growth, which is unaudited

•

Established

in

2006

in

Fuyang

District

/

Founder:

Mr.

JinHong

Lu

•

600

employees

and

1.4

million

ft

2

office

and

factory

•

Original Equipment Manufacturer with design, manufacture, sales and service operations

•

Full production capabilities including fabrication, weld, paint & assembly

•

Domestic and export sales, with globally respected product, brand and distribution

2017 Performance

Volume:

6,765 units

Revenue:  $77M

Op Profit:  4.2%

13% Growth in Revenue

25% Growth in Bookings

Building a Platform to Grow in Emerging Markets with Hyster-Yale Maximal Forklift [Zhejiang] Co., Ltd.

On June 1, 2018, invested $90 Million for

75% controlling interest

•

25% ownership remains with seller and new company CEO

•

HY will pay up to an additional $10 Million after 3 years as

incentive to the seller

•

With increased China presence, HY is also Establishing a

China-based Emerging Market Development Center

Impact of Investment:

•

Contributed $7.2m in sales and generated a $0.2m loss since acquisition

•

Expand low-cost, global manufacturing capabilities

•

Enhance access to competitive component sourcing

•

Strengthen utility and standard product portfolio

•

Enhance presence in China market and global utility and standard segments

•

Increase core brand share, and global group unit volume

•

Deliver accretive earnings by 2020 and contribute to Company’s

achievement of 7% operating profit margin*

*Estimate does not include the impact of the $10M incentive payout or any potential purchase price accounting

adjustments recorded after acquisition.

Solutions that DRIVE Productivity

Near Term Synergy Plan

45

•

Consolidate existing China operations

•

Insource and expand manufacturing

•

Leverage low cost sourcing

•

Introduce HY expertise

•

Implement HY best practices

Rationalize

Operations

Leverage Cost

Advantage

Improve

Operations

Enhance

Development

Expand

Products

Optimize

Distribution

Emerging Market

Development Center

Fuyang, China

HY Independent Global

Distribution

•

Maximize coverage

•

Maintain two channels to

target diverse markets

•

Optimize product line-up

•

Apply Hyster-Yale expertise to

enhance dealer performance

Maximal Global

Distribution

OPERATIONS

DEVELOPMENT

DISTRIBUTION

Leverage local design expertise

and regional supply base to deliver

right specification at right price

Product Development for:

•

Emerging markets

•

Global utility and standard product

segments

Projected

Investment

Return

Summary

46

Upside Case

Investment Case

2016

2017

2018

2019

2020

2021

2022

Impact on Global

Hyster-Yale Earnings

Investment case to deliver accretive

earnings with upside potential

*Graphic does not include impact of the $10M incentive payout or any potential purchase price accounting adjustments recorded

after acquisition.

Upside Opportunities

•

Expand export and

aftermarket opportunities

Investment

Case

Synergy

Considerations

•

Rationalize

China

production

and

purchasing

•

Include

integration

investments

Solutions that DRIVE Productivity

Bolzoni

Revenue

by

Product

Line

–

LTM

Q2

2018

47

Other Revenues

4%

Forks

15%

Lift Table

5%

Attachments

76%

$197.4M

Solutions that DRIVE Productivity

TOP 5 OEM CUSTOMERS

48

2017 CUSTOMER MIX

Bolzoni

Strategy: Enhance Strong OEM Relationships

Managed as separate business segment                

Separation to maintain OEM information

integrity

ASIA 6%

OEM SALES BY REGION

Sales outside of Italy = 86.5% of 2017 Global Sales

Sales outside of Italy = 86.5% of 2017 Global Sales

57%

43%

AMERICAS

36%

EUROPE

58%

OEM 4

16.0%

OEM 1

29.4%

OEM 2

26.7%

OEM 3

21.5%

OEM 5

3.6%

Solutions that DRIVE Productivity

Bolzoni Strategy: Expand Rapidly in US market

49

Enhance people capabilities

Produce a complete range of attachments

Enhance

local design capability

Expand production capacity

Increase spare parts management

Grow

the customer base

Create specific marketing plans by customer segment

BOLZONI

AURAMO

–

USA

Solutions that DRIVE Productivity

Bolzoni Strategy: Synergies with HY

50

Develop Bolzoni

as global supplier of

attachments & forks to

HY globally

Accelerate growth of

attachment business

in North America

Leverage Bolzoni

manufacturing

capacity

Achieve procurement

and logistics cost

savings

Increase sales of HY forklift &

Bolzoni attachments by creating

high-quality product package

GROWTH

Promote through HY

distribution system

Solutions that DRIVE Productivity

Fuel Cell Solution Growth Opportunities

51

6,087

8,255

9,053

11,715

16,518

21,700

-

5,000

10,000

15,000

20,000

25,000

2012

2013

2014

2015

2016

2017

Population of Fuel Cell Powered Lift Trucks

in North America

Trend in population of fuel cell powered lift trucks in

North America expected to continue

(1)

Source: DOE Hydrogen and Fuel Cells Program Record. Record #17003.

May 25, 2017

(2)

2016 is the most recent DOE data available at time of publication. 2017

totals are company estimate.

(2)

Global

850,000+

electric trucks sold

per year

N. America

electric trucks sold

per year

175,000+

25-50%

Estimated up to

can benefit from fuel

cell solutions

DOE reported North America

(1)

Solutions that DRIVE Productivity

Lift Truck Power System Optimization: Cost and Robustness

52

2017

1H-18

2H-18

1H-19

2H-19

Cost

MTBF

Target

Product

Cost

and

Robustness

•

Approximately 40% reduction in costs by 2019

•

Double MTBF (mean time between failure)

Driven by

•

Strengthening supply chain

•

Internal process improvements

•

Product design and architecture

Solutions that DRIVE Productivity

Integrators

OEM’s

•

Speed to

Market

•

Close to customer

•

Quality Control

•

Control of IP

•

Long term partnership

•

Custom design and development

•

IP Transfer/ sharing

•

Economies of scale

L1

Fuel Cell Module

L0

Fuel Cell Stack

L1

Fuel Cell Module

L0

Fuel Cell Stack

53

Business Development Approach

Nuvera

L3

Fuel Cell

Hybrid Vehicle

L3

Fuel Cell

Hybrid Vehicle

L2

Fuel Cell Engine

L2

Fuel Cell Engine

Solutions that DRIVE Productivity

Expansion of Product Line

54

Demonstration in critical port

application in California

Performance benefits

•

Metal

plates

–

higher

durability

•

High power density

•

Open

flow

field

–

improved

fuel

efficiency

Modular, easily integrated solution

2019 Heavy duty engine

Leverage experience from

HY supply

Scale up manufacturing

capability

Planned localization for

China market

(post-2019)

Shown: Hyster 1150HD CH ICE configuration

Solutions that DRIVE Productivity

China Market Research and Engagement

55

Engaged China-based market research and segmentation study

•

Significant government incentives driving market interest

•

Several companies are early entrants, but market open to other partners

•

Nuvera technology is a strong fit at a competitive cost

Engaging with the Chinese Hydrogen Fuel Cell Industry and Businesses

China Central

Government Roadmap

2020

2025

2030

Vehicles

Deployed

5,000

Public Transport

50,000

Public Transport

Private Application

1 million

Total Units

Hydrogen Fueling Stations

100

300

1,000

•

Attended the Second China International Hydrogen & Fuel Cell 2017 Conference and Exhibition

•

Attended the 8

th

China International New Energy Vehicle 2018 Forum

Solutions that DRIVE Productivity

At

At Lift Truck Business

The Nuvera Plan 2018 +

56

•

Further develop engines for the lift truck market

•

Utilize Reinstated US Tax Credit

•

Introduce higher-power engines to enter new markets

•

Leverage EU growth opportunities

•

Leverage OEM / Integrators opportunities in China

•

Strengthen backlog

•

Further develop supply chain

•

Introduce higher power engines to enter new markets

•

Launch Orion® 2 fuel cell stack with increased power

density and lower cost

•

Target break even by late 2019

•

Achieve profitability at or above Hyster-Yale target

economics over longer term

•

Complete product line-up of Battery Box

Replacements (BBR)

•

Integrate FC engines into higher-capacity lift trucks

•

Start production at Greenville, NC plant

•

Continue to engage independent dealers in sales,

marketing and service

•

Continue to focus on reducing product costs to

target

•

Expand into EMEA and JAPIC markets

•

Achieve profitability at or above Hyster-Yale target

economics over longer term

Solutions that DRIVE Productivity

A Solid Investment Option

57

HYSTER-YALE

HYSTER-YALE

Strong Balance

Sheet

Cash Generation &

Commitment to

Shareholder Return

Investment & Growth in

Game Changing

Technologies

Leading Products &

Market Position

Strategies to Gain Share

in all Segments &

Markets

Customer Focused &

Solutions Oriented

Strong Return

on Capital