Manitex International (MNTX) 8-K/A Group Consolidated Financial Statements

Exhibit 99.2

UNAUDITED CONDENSED GROUP CONSOLIDATED FINANCIAL

STATEMENTS AS OF AND FOR THE NINE-MONTH ENDED

SEPTEMBER 30, 2014 AND 2013

PM GROUP

3

Condensed Consolidated Statement of Financial Position (unaudited)

(in Euro)			30/09/2014		31/12/2013
NON-CURRENT ASSETS
Tangible assets	(1	)		18,614,976		19,256,205
Goodwill	(2	)		33,192,959		33,192,959
Other intangible assets	(3	)		3,825,746		3,715,926
Investments in other entities				1,560		1,560
Deferred tax assets	(4	)		5,988,051		5,703,493
Other non-current assets				140,870		161,832
Total non-current assets				61,764,162		62,031,975
CURRENT ASSETS
Inventory	(5	)		19,809,268		13,851,167
Trade receivables	(6	)		20,277,192		28,521,700
Current tax receivables				3,059,867		2,066,842
Dividends receivable				300,000		300,000
Cash and cash equivalents	(7	)		1,683,500		2,220,199
Other current assets				1,720,205		1,570,414
Total current assets				46,850,032		48,530,322
Assets held for sale	(26	)		46,798,757		44,640,884
TOTAL ASSETS				155,412,950		155,203,181
LIABILITIES AND SHAREHOLDERS’ EQUITY
Share capital				23,311,420		23,311,420
Reserves				-15,467		-34,324
Accumulated deficit				-50,760,044		-49,299,634
Shareholders’ equity—Group				-27,464,091		-26,022,538
Capital and reserves of non-controlling interests				935,717		905,756
Net profit (loss) attributable to non-controlling interests				-131,310		29,961
Shareholders’ equity attributable to non-controlling interests				804,407		935,717
TOTAL SHAREHOLDERS’ EQUITY				-26,659,684		-25,086,821
NON-CURRENT LIABILITIES
Non-current financial payables	(8	)		717,700		1,137,551
Employee benefits	(9	)		1,352,744		1,413,558
Provisions for risks and charges	(10	)		1,427,880		1,437,325
Deferred tax liabilities	(11	)		3,197,327		3,038,312
Total non-current liabilities				6,695,651		7,026,746
CURRENT LIABILITIES
Current financial payables	(12	)		99,853,416		100,162,961
Liabilities for financial instruments and derivatives	(13	)		1,728,343		2,141,069
Current tax payables				1,859,592		1,624,037
Current trade payables	(14	)		23,046,403		22,131,036
Other current liabilities				3,665,980		4,498,986
Total current liabilities				130,153,734		130,558,089
Liabilities held for sale	(26	)		45,223,248		42,705,167
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY				155,412,950		155,203,181

PM GROUP

4

Condensed Consolidated Statement of income for the nine-month period ended September 30, 2014 and 2013 (unaudited)

(in Euro)			9 M 2014		9 M 2013
Revenue from operating activities	(15	)		53,541,589		50,775,349
Other revenue and income	(16	)		1,470,589		1,243,245
Change in inventories or finished goods and work in progress				2,249,274		-590,896
Increase in non-current assets due to capitalisation of internal costs	(17	)		886,388		1,557,402
Costs of raw material	(18	)		-30,206,923		-25,718,000
Services	(19	)		-9,649,637		-10,176,099
Personnel	(20	)		-12,402,311		-13,384,012
Other operating expenses	(21	)		-1,452,021		-1,968,510
Depreciation and amortisation	(22	)		-1,943,126		-2,526,532
Impairment of tangible assets	(22	)		0		-158,024
Provisions	(23	)		-45,374		-49,452
Operating profit /(loss)				2,448,447		-995,531
Financial income and exchange gains	(24	)		1,466,332		1,429,092
Financial expenses and exchange losses	(24	)		-4,376,074		-4,816,147
Loss before taxation				-461,295		-4,382,586
Taxes on income	(25	)		-770,222		468,422
Net Loss from continuing operations				-1,231,516		-3,914,164
Profit (Loss) from discontinued operations	(26	)		-360,204		364,152
Net Loss for the period				-1,591,720		-3,550,012
Profit (Loss) attributable to non-controlling interests				-131,310		43,978
Net Loss attributable to the Group				-1,460,410		-3,593,990

PM GROUP

5

Condensed Consolidated statement of comprehensive income for the nine-month period ended September 30, 2014 and 2013 (unaudited)

(in Euro)	30/09/2014			30/09/2013
Net Loss for the period (A)		(1,591,720	)		(3,550,012	)
Gains/(losses) from translation into Euro of financial statements of foreign entities		18,857			(4,286	)
Total other items of comprehensive income that will be recycled through the income statement, net of tax effect (b1)		18,857			(4,286	)
Actuarial gains/(losses) from defined benefit plans		0			0
Total other items of comprehensive income that will not subsequently be recycled through the income statement, net of tax effect (b2)		0			0
Total other items of comprehensive income, net of tax effect (b1) + (b2) = (B)		18,857			(4,286	)
Total comprehensive (loss) for the period (A)+(B)		(1,572,863	)		(3,554,298	)
Total comprehensive income (loss) attributable to non-controlling interests		(131,310	)		43,978
TOTAL COMPREHENSIVE (LOSS) ATTRIBUTABLE TO THE GROUP		(1,441,553	)		(3,598,276	)

PM GROUP

6

Condensed Consolidated Statement of changes in equity (unaudited)

(in Euro)	Share capital		Translation reserve			Reserve under IAS 19			Total reserves			Accumulated Deficit			Shareholders’ equity - Group			Capital and reserves of non-controlling interests			Accumulated Profit/(Loss) attributable to non-controlling interests			Shareholders’ equity of non-controlling interests			TOTAL SHAREHOLDERS’ EQUITY
Shareholders’ equity at 01/01/2013		23,311,420		(185,689	)		0			(185,689	)		(12,360,008	)		10,765,723			983,204			(56,954	)		926,250			11,691,973
Movement on translation reserve		0		(4,286	)		0			(4,286	)		0			(4,286	)		1,891			0			1,891			(2,395	)
Effect of Acquisition of 41% of Air Service		0		0			0			0			0			0			(13,494	)		0			(13,494	)		(13,494	)
Loss for period ended September 30, 2013		0		0			0			0			(3,593,990	)		(3,593,990	)		0			43,978			43,978			(3,550,012	)
Shareholders’ equity at 30/09/2013		23,311,420		(189,975	)		0			(189,975	)		(15,953,998	)		7,167,447			971,601			(12,976	)		958,625			8,126,072
Shareholders’ equity at 01/01/2014		23,311,420		(16,889	)		(17,435	)		(34,324	)		(49,299,634	)		(26,022,538	)		962,710			(26,993	)		935,717			(25,086,821	)
Movement on translation reserve		0		18,857			0			18,857			0			18,857			0			0			0			18,857
Loss for period ended September 30, 2014		0		0			0			0			(1,460,410	)		(1,460,410	)		0			(131,310	)		(131,310	)		(1,591,720	)
Shareholders’ equity at 30/09/2014		23,311,420		1,968			(17,435	)		(15,467	)		(50,760,044	)		(27,464,091	)		962,710			(158,303	)		804,407			(26,659,684	)

PM GROUP

7

Condensed Consolidated Statement of cash flows for the nine-month period ended September 30, 2014 and 2013 (unaudited)

(in Euro)	9 M 2014			9 M 2013
Cash flows generated by operating activities
Net Loss for period		(1,591,720	)		(3,550,012	)
Adjustments made in order to reconciile net loss with the cash flows generated by operating activities
- Depreciation and amortization		2,801,958			3,425,856
- Impairment		0			158,024
- Deferred tax/Deferred tax income		(261,454	)		(659,167	)
- Expenses on derivatives		(471,609	)		(968,618	)
- Financial income recognized in Statement of Income		(235,625	)		(399,484	)
- Finance costs recognised in Statement of Income		4,376,442			5,529,618
- Change in Employee Severance Indemnity Provision and other employee benefits		(55,083	)		(85,068	)
Operating profit before changes in working capital		4,562,909			3,451,149
Effect of changes in assets and liabilities in net working capital
- Trade receivables		5,946,029			(4,544,166	)
- Inventory		(6,230,700	)		(3,435,372	)
- Other current assets		(146,726	)		269,889
- Trade payables		1,805,405			7,932,634
- Other current liabilities		(59,976	)		638,771
- Tax receivables		(374,417	)		(965,155	)
- Tax payables		321,645			527,432
- Taxes paid during the period		(420,171	)		(230,892	)
- Other non current assets		5,673			10,851
- Provisions for risks and charges		418,624			(19,168	)
Cash generated by operating activities (A)		5,828,295			3,635,973
Cash flows generated (absorbed) by investing activities
- Payments for property, plant and equipment		(622,801	)		(749,127	)
- Proceeds from disposal of property, plant and equipment		57,501			393,948
- Payments for intangible assets		(1,379,740	)		(1,869,195	)
- Interest received		6,657			3,054
Change in cash absorbed by investing activities (B)		(1,938,383	)		(2,221,320	)
Cash flows generated by operating activities after cash flows absorbed by investingactivities (A-B)		3,889,912			1,414,653
Cash flows (absorbed) generated by financing activities
Short term financial payables and derivatives arranged (repaid)		(2,202,430	)		3,003,998
Medium/long term financial payables and derivatives arranged (repaid)		(936,884	)		(438,481	)
Interest paid		(1,281,699	)		(3,842,894	)
Share capital increase and reserves paid in cash		0			(13,494	)
Change in cash absorbed by financing activities		(4,421,013	)		(1,290,871	)
Movement on translation reserve		18,857			(2,395	)
Increase (decrease) in cash and cash equivalents		(512,244	)		121,387
Cash and cash equivalents at start of period		2,220,199			2,217,357
Cash and cash equivalents classified as assets held for sale at beginning of the period		69,668
Cash and cash equivalents classified as assets held for sale at end of the period		94,123
Cash and cash equivalents at end of period		1,683,500			2,338,744

PM GROUP

8

EXPLANATORY NOTES

General information

PM Group S.p.A. (the “Parent Company” or “Company” or “PM”) is a company which is subject to the laws of the Italian Republic. PM Group S.p.A. and its subsidiaries (“PM Group” or “Group”) operate primarily in Italy, France, Spain, Chile, Romania, Argentina and the United States of America. The Group manufactures: (i) truck mounted hydraulic knuckle boom cranes (“Business Unit PM”), (ii) truck mounted aerial platforms (“Business Unit Oil & Steel”) and (iii) structure, like scaffolding, formworks for walls and slabs (“Business Unit Pilosio”).

Structure and content of the condensed consolidated financial statements

The unaudited interim group condensed consolidated financial statements to which these explanatory notes relate (hereinafter: the “Interim Group Condensed Consolidated Financial Statements”) include: (i) the statements of income, comprehensive income, changes in equity and cash flows for the period ended September 30, 2014 and 2013 and (ii) the statements of financial position as of September 30, 2014 and December 31, 2013. The Interim Group Condensed Consolidated Financial Statements have been prepared in accordance with International Accounting Standard (“IAS”) 34 “Interim Financial Reporting”, as issued by the International Accounting Standard Board (“IASB”). The financial statements were authorized and approved on February 13, 2014 by Board of Directors. This basis of preparation was considered best to represent the balance sheet, income statement and financial situation of the Company and the Group:

• Statement of financial position prepared with current assets/liabilities classified separately from non-current assets/liabilities;

• Statement of income costs classified based on their nature;

• Statement of cash flows prepared under the indirect method.

PM GROUP

9

Group organizational structure

The chart below shows the Group’s organizational structure as at September 30, 2014:

Significant Accounting Policies

Basis of preparation

Our interim Condensed Consolidated Financial Statements are unaudited. In the opinion of Group management, the financial statements include all known adjustments (which consist primarily of normal, recurring accruals, estimates and assumptions that impact the financial statements) necessary to present fairly the financial position at the balance sheet dates and the results of operations for the nine-month period then ended. The Condensed Consolidated Balance Sheet at December 31, 2013, presented herein, has been derived from our audited balance sheet included in our Group Consolidated Financial Statements for the fiscal year ended December 31, 2013, but does not include all disclosures required by IFRS. These financial statements should be read in conjunction with the Group consolidated financial statements and the related notes at December 31, 2013, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The designation “IFRS” also includes all valid International Accounting Standards (“IAS”), as well as all interpretations of the IFRS Interpretation Committee, previously known as the International Financial Reporting Interpretations Committee (“IFRIC”), and before that the Standing Interpretations Committee (“SIC”). The results of operations for the nine-months ended September 30, 2014 are not necessarily indicative of operating results for the full year.

PM GROUP

10

These condensed consolidated financial statements have been presented in Euro which is the main currency in the countries where the PM Group companies conduct their business. A summary of the Group’s significant accounting policies is identified in the explanatory notes to the Group Consolidated Financial Statements at December 31, 2013. There have been no changes to the Group’s significant accounting policiies in the nine-month period ended September 30, 2014.

Foreign currencies

Financial statements expressed in currencies other than the Euro are translated into Euro. The exchange rates applied for 2014 and 2013 are shown below:

30/09/2014
Currency	Closing		Average
US Dollar		1.26		1.36
Romanian Lei		4.41		4.45
GB Pound		0.78		0.81
Chilean Peso		755.46		760.32
Argentinean Peso		10.65		10.82
Brazilian Real		3.08		3.10
Mexican Peso		17.00		17.78
30/09/2013
Currency	Closing		Average
US Dollar		1.35		1.32
Romanian Lei		4.46		4.41
GB Pound		0.84		0.85
Chilean Peso		682.17		643.17
Argentinean Peso		7.82		6.95
Brazilian Real		3.04		2.79

A full list of the investments included in the scope of consolidation at September 30, 2014 with details of shareholders’ equity and profit/loss for the period calculated in accordance with the applicable accounting standards is shown in the following table:

PM GROUP

11

Consolidated companies:

Name		Location	Country		Share Capital (local currency/000)	Shareholders’ equity (Euro/000)	Including profit (loss) for 2013 (Euro/000)	% interest held
1	PM Group	San Cesario sul Panaro	Italy	EUR	23,311	(25,921)	557
2	Autogru PM RO	Arad	Romania	RON	8,482	2,194	1	100.00%
3	PM North America	Rolling Meadows, Ill	USA	USD	25	112	(1)	100.00%
4	PM France	Chassieu	France	EUR	150	(374)	(6)	100.00%
5	PM Argentina	Buenos Aires	Argentina	ARS	60	238	25	100.00%
6	PM Deutschland	Ulm	Germany	EUR	25	34	1	100.00%
7	PM Chile	Santiago	Chile	CLP	19,742	(749)	(603)	100.00%
8	Oil & Steel	San Cesario sul Panaro	Italy	EUR	362	(6,529)	(917)	100.00%
9	PM Oil & Steel UK	London	UK	GBP	300	(9)	2	100.00%
10	PM Oil & Steel France	Chassieu	France	EUR	35	(193)	(80)	100.00%
11	PM Oil & Steel Iberica	Valencia	Spain	EUR	200	61	(42)	100.00%
12	Air Service	Modena	Italy	EUR	115	31	(46)	100.00%
13	Pilosio	Feletto Umberto	Italy	EUR	5,000	1,154	(32)	100.00%
14	Electroelsa	Poggibonsi	Italy	EUR	400	2,011	(328)	60.00%
15	PM Oil & Steel do Brasil	Sao Paulo	Brazil	BRL	600	183	(5)	100.00%
16	PM Oil & Steel Mexico	Mexico City	Mexico	MXN	350	(51)	(63)	100.00%

All Group companies are consolidated on a line-by-line basis.

At September 30, 2014, there were no changes to the scope of consolidation or to the percentage interests held in subsidiaries at December 31, 2013.

Going Concern

As disclosed in the Group Consolidated Financial Statements at December 31, 2013, in 2014, Management finalized an operation (the “Operation”) intended to restructure the financial indebtedness of the Group and restore the equity level. The Operation was to be implemented in accordance with Article 182 bis of the Bankruptcy Act and finalized on July 2014.

The main terms of the Operation have been included in Commitment Letters signed by Columna and Manitex, as well as in the PM Group and Oil & Steel Debt Restructuring Agreement signed by the creditor banks (collectively the “Agreement”). On November 18, 2014, the Courts in Modena approved the Agreement.

On January 15, 2015 Manitex completed the acquisition of PM Group and made a capital contribution of Euro 44.5 million in accordance with the terms of the Operation. On January 15, 2015, the sale of Pilosio was completed.

In view of the expected impact of the Operation and taking into account the difficult conditions in some of its main markets, the Group has prepared a new Business Plan for the period 2014 – 2017, which was approved by the holding company Board of Directors on June 10, 2014. The new Business Plan forecasts sufficient cash flows to meet the Group’s remaining obligations following the completion of the Operation.

After having evaluated the uncertainty regarding the economic environment, and the resulting uncertainty which inevitably affects the forecasts reflected in the Business Plan in relation to the Group’s future operating performance (in terms of both revenue and profitability), given the progress of the Operation, Management considers it probable that the Group’s economics and financial situation will be improved. For these reasons, Management reasonably believes that the Group has sufficient resources to continue to operate in the near future and, therefore, have prepared these condensed consolidated financial statements on a going concern basis.

PM GROUP

12

Recently Adopted Accounting Standards and Amendments

The Group has adopted the new standards and amendments, that are applicable from January 1, 2014, in the preparation of its unaudited interim condensed consolidated financial statements; their application did not have any effect on the unaudited interim condensed consolidated financial statements.

Comments on items in the Statement of Financial Position

ASSETS

Note 1—Tangible assets

The following tables show the opening balances, movements during the period ended September 30, 2014 and the closing balances for tangible assets:

(in Euro)	01/01/14		Exchange difference		Additions		Disposals		Reclassification		Depreciation		30/09/14
Cost
Land		4,683,525		5,246		0		0		0		0		4,688,771
Buildings		18,595,512		21,771		24,835		0		0		0		18,642,118
Plant and machinery		9,119,979		36,433		155,700		47,336		3,257		0		9,268,033
Industrial and commercial equipment		8,241,562		11,515		129,463		84,031		10,388		0		8,308,897
Other assets		4,225,103		-14,672		92,055		472,352		-1,124		0		3,829,010
Assets under construction and payments on advance		13,667		203		59,462		0		-13,645		0		59,687
Total Cost of Tangible Assets		44,879,348		60,496		461,515		603,719		-1,124		0		44,796,516
(in Euro)	01/01/14		Exchange difference		Additions		Disposals		Reclass.		Depreciation		30/09/14
Accumulated depreciation and impairment
Land		0		0		0		0		0		0		0
Buildings		6,479,062		38		0		0		0		447,653		6,926,753
Plant and machinery		7,540,939		25,940		0		45,029		0		312,582		7,834,432
Industrial and commercial equipment		7,947,233		9,292		0		84,031		0		149,606		8,022,100
Other assets		3,655,909		-1,106		0		444,452		-1,124		189,028		3,398,255
Total accumulated depreciation and impairment of tangible asset		25,623,143		34,164		0		573,512		-1,124		1,098,869		26,181,540
Net Book Value		19,256,205		26,332		461,515		30,207		0		-1,098,869		18,614,976

PM GROUP

13

Note 2—Goodwill

(in Euro)	30/09/14	31/12/13
Beginning balance	33,192,959		68,142,670
Reclassification of Asset held for sale	0		-20,078,655
Impairment	0		-14,871,056
Ending balance	33,192,959		33,192,959

As there were no indicators of a possible loss in value at September 30, 2014, compared with the previous evaluation, it was not necessary to carry out a new impairment test.

Note 3—Other intangible assets

The following tables show the opening balances, movements during the period ended September 30, 2014 and the closing balances for other intangible assets:

(in Euro)	01/01/14		Exchange difference		Additions		Reclassification		Amortization		30/09/14
Cost
Development costs		13,108,394		20		0		89,147		0		13,197,561
Patents and intellectual property rights		1,932,970		1		78,893		0		0		2,011,864
Concessions, licences, trademarks and similar		89,024		611		465		0		0		90,100
Assets in progress and payments on advance		983,629		0		874,213		-89,147		0		1,768,695
Other		280		0		90		0		0		370
Total		16,114,297		632		953,661		0		0		17,068,590
(in Euro)	01/01/14		Exchange difference		Additions		Reclassification		Amortization		30/09/14
Accumulated amortisation and impairment
Development costs		10,231,479		21		0		0		713,525		10,945,025
Patents and intellectual property rights		1,461,690		0		0		0		129,560		1,591,250
Concessions, licences, trademarks and similar		57,094		195		0		0		1,116		58,405
Assets in progress and payments on advance		648,052		0		0		0		0		648,052
Other		56		0		0		0		56		112
Total		12,398,371		216		0		0		844,257		13,242,844
Net Book Value		3,715,926		416		953,661		0		-844,257		3,825,746

Capitalized development costs relate to new products, as described in Note 17 below.

Assets in progress, at their completion, are amortized over five years, being the estimated useful life of the Group’s new products without any significant restyling processes.

PM GROUP

14

Note 4—Deferred tax assets

Management consider these deferred tax assets recoverable on the basis of the future profits contained in the Business Plan.

(in Euro)	31/12/2013		Statement of Income		30/09/2014
Provisions for risks and charges		135,962		5,047		141,009
Inventory		706,031		68,338		774,369
Provision for bad debts		273,354		4,400		277,754
Provision for losses on derivatives		576,023		-106,424		469,599
Tax losses		509,534		80,069		589,603
Interest expenses		3,495,267		228,028		3,723,295
Other		7,322		5,100		12,422
Deferred tax assets		5,703,493		284,558		5,988,051

Note 5—Inventory

For details of changes in each inventory category, see the figures highlighted in the Income Statement.

The following tables contain a breakdown of net inventory by category and movements on the inventory obsolescence provision (deducted directly from inventory):

(in Euro)	30/09/2014		31/12/2013
Raw, ancillary and consumable materials		14,067,616		10,162,235
Work in progress		635,845		680,084
Semi-finished goods		816,443		744,358
Finished goods		6,711,446		4,862,442
Inventory obsolescence provision		-2,422,084		-2,597,952
Inventory		19,809,268		13,851,167

Note 6—Current trade receivables

Current trade receivables are analyzed as follows:

(in Euro)	30/09/14		31/12/13
Current trade receivables		22,493,251		30,924,832
Other receivables		182,293		118,950
Provision for bad debts		-2,398,353		-2,522,082
Trade receivables		20,277,192		28,521,700

PM GROUP

15

Note 7—Cash and cash equivalents

Cash and cash equivalents are analyzed as follows:

(in Euro)	30/09/14		31/12/13
Cash on hand		16,442		20,704
Cheques		163,000		5,857
Bank and post office accounts		1,504,057		2,193,638
Cash and cash equivalents		1,683,500		2,220,199

LIABILITIES

Note 8—Non-current financial payables

Non-current financial payables are analyzed as follows:

(in Euro)	30/09/2014		31/12/2013
Non-current portion of loans payable		676,784		802,451
Payables to other lenders		40,916		335,100
Non-current financial payables		717,700		1,137,551

Payables to other lenders are broken down by due date as follows:

(in Euro)	within a year		between one and five years		Balance 30/09/2014		within a year		between one and five years		Balance 31/12/2013
Minimum payments due under finance leases		411,035		43,462		454,497		535,253		344,729		879,981
Interest element		-10,669		-2,547		-13,216		-27,481		-9,629		-37,110
Present value of minimum payments due under finance leases		400,366		40,916		441,282		507,772		335,100		842,872

The portion of these payables due within a year is classified under Current financial payables, as analyzed in Note 12.

Non current portion of loans payable are due within one and five years, as shown in the table below:

(in Euro)	30/09/2014		31/12/13
Loans Payable due after between 1 and 5 years		676,784		802,451
Non-current portion of loans payable		676,784		802,451

PM GROUP

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A detailed breakdown of loans payable is shown in the following table:

Bank	Interest rate	Original Maturity		Type	Loan amount €/1000		O/S Princ. 30/09/14		current		non- current		security
CARISBO	Eur 3M + 2,50		12/31/2014	unsecured loan		1,000		259,338		259,338		—	none
BPER (ex B.ca CRV)	Eur 3M + 2,50		12/31/2014	unsecured loan		1,000		923,105		923,105		—	none
BPER	Eur 3M + 2,50		12/31/2014	unsecured loan		1,500		1,500,000		1,500,000		—	none
BNL	Eur 3M + 2,50		12/31/2014	unsecured loan		600		600,000		600,000		—	none
MPS	Eur 3M + 2,50		12/31/2014	unsecured loan		5,500		5,500,000		5,500,000		—	none
UNICREDIT	Eur 3M + 2,50		12/31/2014	unsecured loan		2,000		2,000,000		2,000,000		—	none
BPER / UNICREDIT	-		12/31/2015	deferred interest—Senior loan		2,862		2,862,200		2,862,200		—	none
BPER / UNICREDIT	Eur 6M + 2,36		1/30/2017	Secured loan—Senior loan		26,993		26,993,000		26,993,000		—	mortgage + pledge on shares
BPER / UNICREDIT	Eur 6M + 2,86		1/30/2017	Secured loan—Senior loan		30,000		30,000,000		30,000,000		—	mortgage + pledge on shares
CARISBO	Eur 3M + 2,50		12/31/2014	unsecured loan		500		129,354		129,354		—	none
BPER (ex B.ca CRV)	Eur 3M + 2,51		12/31/2014	unsecured loan		750		692,329		692,329		—	none
BPER	Eur 3M + 2,52		12/31/2014	unsecured loan		1,000		1,000,000		1,000,000		—	none
BNL	Eur 3M + 2,53		12/31/2014	unsecured loan		300		300,000		300,000		—	none
MPS	Eur 3M + 2,54		12/31/2014	unsecured loan		500		500,000		500,000		—	none
BPER / UNICREDIT	-		12/31/2015	deferred interest—Senior loan		270		269,977		269,977		—	none
BPER / UNICREDIT	Eur 6M + 2,36		1/30/2017	Secured loan—Senior loan		5,807		5,807,000		5,807,000		—	pledge on shares
BANCA ITALO ROMENA	Eur 3M + 5%		6/30/2015	Secured loan		800		680,185				680,185	mortgage
DEBT ISSUANCE COSTS										-339,346
TOTAL								80,016,488		78,996,957		680,185

At September 30, 2014, the Group was not in compliance with covenants set out by the loan agreements, and resulted in the Group defaulting on its loans payable to the creditor banks totaling Euro 78,997 thousand. Consequently, the balance in default has been reclassified to current financial payables in the consolidated financial statements.

The mortgage refers to the Oil & Steel S.p.A. factory located in S. Cesario sul Panaro (MO). The pledge refers to the 100% Oil & Steel S.p.A. and Pilosio S.p.A. shares, held by PM Group S.p.A.

Note 9—Employee benefits

Movements on the employee severance indemnity / TFR provision during the period, including the effects of the actuarial valuation of the TFR, were as follows:

(in Euro)	31/12/13		Increases		Decreases		30/09/14
Employee severance indemnity / TFR		1,413,558		459,227		520,041		1,352,744

Note 10—Provisions for risks and charges

Movements on provisions for risks and charges in 2014 were as follows:

(in Euro)	31/12/13		Increases		Decreases		30/09/14
Product warranty provision		851,000		16,074		0		867,074
Prov. for retirement benefits & similar obligations		80,806		0		0		80,806
Other provisions		505,519		0		25,519		480,000
Provisions for risks and charges		1,437,325		16,074		25,519		1,427,880

PM GROUP

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The “Provision for retirement benefits and similar obligations” represents the potential liability towards agents in the event that the agency relationship is terminated by the Group companies or if the agents retire.

The “Provision for product warranty risks” has been updated based on estimated requirements.

Note 11—Provision for deferred taxes

(in Euro)	31/12/2013		Statement of Income		30/09/2014
Accelerated depreciation		83,264		0		83,264
Goodwill		1,696,163		159,015		1,855,178
Amortization from merger		704,460		0		704,460
TFR under IAS		66,058		0		66,058
Out of period income due to change of rate		-228,888		0		-228,888
Leasehold improvements		140,683		0		140,683
Finance leases (IAS 17)		505,574		0		505,574
Reversal of depreciation of land/building O&S		57,999		0		57,999
Other		12,999		0		12,999
Total		3,038,312		159,015		3,197,327

The deferred tax provision (Euro 3,197 thousand at September 30, 2014) largely relates to the deferral of gains realized on disposal of tangible assets held for more than three years, accelerated depreciation charged for tax purposes only until 2007 and the tax effects of the transition to IAS/IFRS.

Note 12—Current financial payables

(in Euro)	30/09/2014		31/12/2013
Bank overdrafts, loans, advance on invoice and notes		20,456,093		20,734,487
Current portion of loans payable		78,996,957		78,920,702
Payables to other lenders		400,366		507,772
Current financial payables		99,853,416		100,162,961

Payables to other lenders represents the amount due within a year and mainly relates to the current portion of Euro 349 thousand payable to Medioleasing (formerly Banca Marche) under the real estate finance lease entered into for the Oil & Steel factory in San Cesario sul Panaro (MO), Via Verdi 22 at September 30, 2014. As further described in Note 8, the Group defaulted on its loans payable to the creditor banks totaling Euro 78,997 thousand at September 30, 2014. Consequently, the balance in default has been reclassified to current financial liabilities in the financial statements.

PM GROUP

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The fair value of the current portion of loans payable is assumed to be equal to Euro 40,420 thousand plus 860 thousand of Manitex shares. The fair value was determined to be the residual value of current portion of loans payable at September 30, 2014 (Euro 78,997 thousand) resulting from the restructuring of the financial indebtedness of the Group upon completion of the Operation. Please refer to the note related to the going concern assumption for more details on terms of the Operation.

Note 13—Liabilities for financial instruments and derivatives

(in Euro)	30/09/2014		31/12/2013
Interest rate hedges		1,728,343		2,141,069
Liabilities for financial instruments and derivatives		1,728,343		2,141,069

The Group uses financial instruments available on the market (including derivatives) solely in order to minimize its cost of borrowing and hedge the risk of interest rate and exchange rate fluctuations.

In accordance with IAS 32, IAS 39 and IFRS 7, these contracts have been recorded under “Liabilities for financial instruments and derivatives” (with a contra-entry to the Income Statement) in the amount of Euro 1,728 thousand which represents the fair value of the contracts at the reporting date. The change in fair value of these contracts is recorded in the financial income/expenses and exchange gains/losses captions of the Interim Condensed Consolidated Statement of Income.

At September 30, 2014, there were no transactions for the forward sale or purchase of currency.

Note 14—Current trade payables

Current trade payables (including invoices to be received from suppliers) are analyzed as follows:

(in Euro)	30/09/2014		31/12/2013
Trade payables		23,046,403		22,131,036
Current trade payables		23,046,403		22,131,036

PM GROUP

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Comments on main Income Statement items

Note 15—Revenue from operating activities

Revenue from operating activities is analyzed below:

(in Euro)	9M 2014		9M 2013
Revenue from operating activities		52,137,327		49,039,645
Revenue from services		1,167,565		1,471,649
Rental income		101,193		114,702
Other revenue from operating activities		135,505		149,353
Revenue from operating activities		53,541,589		50,775,349

Note 16—Other revenue and income

Other revenue and income are analyzed as follows:

(in Euro)	9M 2014		9M 2013
Compensation for damages		58,014		2,080
Gains on disposal		7,656		16,088
Freight services		789,820		870,841
Other		615,099		354,236
Other revenue and income		1,470,589		1,243,245

“Freight Services” mainly includes revenues related to organization of freight service to customers. “Other” primarily includes sundry charges to customers.

Note 17—Increases in non-current assets due to capitalization of internal costs

This caption regards the capitalization of materials, services and labor costs incurred for the internal construction of equipment and the development of new products, as shown in the following table:

(in Euro)	9M 2014		9M 2013
Increases in industrial equipment		12,174		23,850
Increases in development costs		874,213		1,533,552
Increases in non-current assets due to capitalisation of internal costs		886,388		1,557,402

PM’s research and development activities focus on the introduction into the product range new series of light weight high performance cranes.

PM GROUP

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Note 18—Costs of raw materials

Costs of raw materials are analyzed as follows:

(in Euro)	9M 2014		9M 2013
Finished goods		4,637,379		3,600,513
Raw materials		28,975,463		22,551,672
Packaging and consumable materials		372,720		406,504
Change in inventory of raw materials and goods		-3,778,640		-840,688
Total Costs of raw material		30,206,923		25,718,000

Note 19—Costs for services

Costs for services are analyzed as follows:

(in Euro)	9M 2014		9M 2013
Outsourced production		3,037,617		3,088,466
Transport/freight		1,439,896		1,507,329
Agents’ commission		376,282		343,002
Legal and consulting costs		1,387,357		1,505,860
Utilities and other industrial services		617,734		648,891
Insurance		353,670		358,440
Repairs and maintenance		196,389		194,888
Marketing, trade fairs and advertising		358,127		597,455
Board of Statutory Auditors’ fees		68,687		73,932
Other costs for services		1,432,911		1,462,712
Technical assistance		380,967		395,123
Costs for services		9,649,637		10,176,099

Note 20—Personnel costs

(in Euro)	9M 2014		9M 2013
Wages and salaries		8,659,470		9,681,131
Directors’ remuneration and benefits		215,062		196,101
Social contributions		2,640,837		2,653,973
TFR, retirement benefits and similar		459,227		503,983
Other costs		427,714		348,824
Personnel costs		12,402,311		13,384,012

PM GROUP

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The Group’s average headcount, by employee category, is shown in the following table:

	9M 2014		9M 2013
Managers		13		12
Staff		552		566
Total		565		578

Figures for the Pilosio BU are included for the sake of completeness. The related costs are included in the operating expenses detailed in Note 26.

Note 21—Other operating expenses

Other operating expenses are analyzed as follows:

(in Euro)	9M 2014		9M 2013
Rental of industrial and office buildings		523,636		540,479
Operating leases		238,656		337,396
Losses on disposals		238		0
Taxes other than income taxes		334,619		287,651
Bad debts		16,910		-6,350
Other operating expenses		337,964		809,334
Other operating expenses		1,452,021		1,968,510

Note 22—Depreciation, amortization and impairment of non-current assets

(in Euro)	9M 2014		9M 2013
Amortization of intangible assets		844,257		1,306,094
Depreciation of tangible assets		1,098,869		1,220,438
Impairment of tangible assets		0		158,024
Depreciation, amortization and impairment of non-current assets		1,943,126		2,684,556

Certain tangible assets have been impaired as the related fair value resulting from their sale was lower that their carrying amount.

Note 23—Provisions

These may be analyzed as follows:

(in Euro)	9M 2014		9M 2013
Provision for bad debts		54,818		45,490
Provions for risks		16,074		0
Other provisions		-25,519		3,962
Total		45,374		49,452

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“Provisions for risks” primarily relate to amounts allocated to the product warranty provision. “Other provisions” relate to favorable adjustments to provisions accrued in previous periods settled by the Group during 2014 amounting to approximately Euro 20 thousand. Amounts were recorded in “Other operating expenses”.

Note 24—Financial income and expenses

(in Euro)	9M 2014		9M 2013
Interest income on bank accounts		2,829		4,150
Interest income from customers		5,832		2,438
Income from derivatives		412,932		878,094
Other financial income		10,204		14,312
Financial income		431,797		898,993
Financial expenses on loans and finance leases		1,630,853		1,686,483
Financial expenses on current liabilities		489,364		490,700
Financial expenses on derivatives		552,766		609,493
Other interest and expenses		68,390		68,865
Bank charges		377,499		471,573
Financial expenses		3,118,872		3,327,114
Exchange gains—realized		359,943		256,052
Exchange gains—unrealized		674,592		274,047
Exchange losses—realized		635,852		429,795
Exchange losses—unrealized		621,350		1,059,238
Net exchange losses		-222,667		-958,934
Financial income and expenses		-2,909,742		-3,387,056

Note 25—Taxes on income

Tax for the nine month period is charged on the base of the best estimate of the average annual effective tax rate expected for the full year, applied to the pre-tax loss of the nine month period.

Note 26—Assets and liabilities held for sale. Profit/Loss from discontinued operations

The Interim Condensed Consolidated Financial Statements, include the assets and liabilities of Pilosio S.p.A. and its subsidiaries. On January 15, 2015 Pilosio was sold to a company owned by Columna at a price of Euro 1,000 thousand as previously described in the Group Consolidated Financial Statements at December 31, 2013.

As a result of the above, the Condesed Consolidated Statement of Income includes “Profit/Loss from discontinued operations” related to Pilosio, representing the loss of the discontinued operations, net of tax effects.

In accordance with IFRS 5, we provide below details of (i) the assets held for sale and the related liabilities at September 30, 2014, (ii) the items forming part of the discontinued operations/activities for the period ended September 30, 2014, and September 30, 2013, and (iii) cash flow information related to the discontinued operations for the period ended September 30, 2014 and 2013.

PM GROUP

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ASSETS HELD FOR SALE
(in thousands of Euro)	30.09.2014			31.12.2013
NON-CURRENT ASSETS
Tangible assets		3,171			3,651
Goodwill		6,975			6,975
Other intangible assets		1,134			979
Investments in subsidiaries and other entities		2			2
Deferred tax assets		1,337			1,203
Other non-current assets		314			299
Total non-current assets		12,932			13,108
CURRENT ASSETS
Inventory		12,881			12,608
Current trade receivables		19,484			17,113
Current tax receivables		408			1,027
Cash and cash equivalents		94			70
Other current assets		1,000			715
Total current assets		33,866			31,532
TOTAL ASSETS HELD FOR SALE		46,799
(in thousands of Euro)	9/30/2014			9/30/2013
Revenue from operating activities		30,656			34,685
Other revenue		902			4,299
Operating expenses		-29,635			-36,208
Depreciation, amortization and writedowns		-1,151			-1,121
Financial income and expenses		-759			-775
Taxes in income		-373			-516
PROFIT/ (LOSS) FROM DISCONTINUED OPERATIONS		-360			364
(in thousands of Euro)	9/30/2014			9/30/2013
Cash flows generated by operating activities
Profit (Loss) for period before non-controlling interests		(360	)		364
Adjustments made in order to reconciile net profit (loss) with the cash flows generated by operating activities		729			901
Operating profit (loss) before changes in working capital		369			1,265
Effect of changes in assets and liabilities in net working capital		(208	)		516
Change in cash generated (absorbed) by operating activities (A)		161			1,781
Cash flows generated (absorbed) by investing activities (B)		(534	)		(624	)
Cash flows generated (absorbed) by operating activities after cash flows absorbed by investing activities (A-B)		(373	)		1,157
Cash flows (absorbed) generated by financing activities		397			(1,075	)
Increase (decrease) in cash and cash equivalents		24			82
Cash and cash equivalents at start of period		70			604
Cash and cash equivalents at end of period		94			686

	30.09.2014		31.12.2013
NON-CURRENT LIABILITIES
Non-current financial payables		807		1,324
Employee benefits		1,103		1,097
Provisions for risks and charges		1,375		1,397
Deferred tax liabilities		53		54
Total non-current liabilities		3,339		3,873
CURRENT LIABILITIES
Current financial payables		24,740		23,767
Liabilities for financial instruments and derivatives		49		108
Current tax payables		377		261
Dividends payable		300		300
Current trade payables		11,681		10,676
Other current liabilities		4,738		3,721
Total current liabilities		41,884		38,832
TOTAL LIABILITIES HELD FOR SALE		45,223

Note 27—Fair Value measurement

IFRS 13 establishes a fair value hierarchy which classifies on three levels the inputs of the valuation techniques adopted to measure fair value. The fair value hierarchy gives highest priority to the quoted prices (unadjusted) on active markets for identical assets or liabilities (Level 1 inputs) and lowest priority to unobservable inputs (Level 3 inputs). In some cases, the inputs used to measure the fair value of an asset or liability could be classified on several levels of the fair value hierarchy. In such cases, the fair value measurement is classified entirely on the same hierarchy level where the lowest level input that has a significant impact o the valuation.

PM GROUP

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The levels used in the hierarchy are:

• Level 1 inputs are quoted prices (unadjusted) on active markets for identical assets or liabilities that the entity can access at the measurement date;

• Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly;

• Level 3 inputs are unobservable inputs for the asset or liability.

The following table shows the fair value hierarchy of Assets and Liabilities measured at fair value at September 30, 2014:

(in Euro)	Level 1		Level 2		Level 3		Total 30/09/2014
Liabilities for derivative financial instruments		0		-1.728.343		0		-1.728.343
Total		0		-1.728.343		0		-1.728.343

Liabilities for derivative financial instruments did not change fair value hierarchy between December 31, 2013 and September 30, 2014.

The fair value of Liabilities for derivative financial Instruments is included in Level 2 of the fair value hierarchy and has been estimated with discounted cash flows models. The main inputs used are forward interest rates (from observable yield curves at the end of the reporting period), and contract interest rates, discounted at a rate that reflects the credit risk of various counterparties.

At December 31, 2013 assets and liabilities held for sale, related to the Business Unit Pilosio, were valued at fair value and disclosed in Level 3 of the fair value hierarchy. At September 30, 2014 assets and liabilities held for sale are no longer valued at fair value because at that date, as consequence of the loss incurred by Pilosio during the first nine month of 2014, their carrying amounts are lower of their fair value less costs to sell.

For financial instruments represented by short-term receivables, payables, and financial payables for which the present value of future cash flows does not differ significantly from carrying value, the carrying value is a reasonable approximation of the fair value. In particular, the carrying amount of Current receivables, Other current assets, Trade payables and Other current liabilities, approximates their fair value. The fair value of the financial payables has been disclosed in Note 12.

For other Statement of Financial Position items the carrying amount represents a reasonable approximation of fair value at September 30, 2014.

San Cesario sul Panaro, February 13, 2015

FOR THE BOARD OF DIRECTORS

THE PRESIDENT

David J. Langevin

PM GROUP

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