Recent Developments

We have reached major milestones regarding the ongoing consolidation of our European production facilities and are nearing completion of two projects, which were initiated in 2011. The production of counterbalance trucks for our STILL and OM brands has been relocated from Bari, Italy, to Hamburg, Germany, during the first six months of 2012. Within the second half of 2012, the warehouse truck production of Montataire, France, will be integrated into the production plant in Luzzara, Italy. A metal processing company will reindustrialise the plant in Montataire and will start production in the former STILL production facility as of November 2012.

On 8 June 2012 we proposed an extension of our term loan facilities and our Revolving Credit Facility (RCF) to our lenders to improve our debt maturity profile. Additionally, we requested approval by our lenders of certain commercial and technical amendments and documentary changes. The amended facility agreement became effective on 31 July 2012. We have successfully extended in excess of €1 billion of existing credit facilities in total, including revolving credit facility commitments (together with approximately €113 million of new RCF commitments received) of €300 million from December 2013 to December 2016. Maturities of a substantial part of existing Term Loan B (TLB) and Term Loan C (TLC) commitments have been extended from December 2014 (TLB) and December 2015 (TLC) to December 2017. Through this amendment and extension of our senior debt facilities, we have provided the Group with significant additional long-term financial security. For further details please refer to “Factors affecting our Business”.

In the second quarter of 2012 the new Voltas Material Handling production plant in Pune, India, continued to ramp up production. The range of vehicles produced in Pune has been extended systematically. Currently, smaller counterbalanced forklift trucks with a maximum load of 5 tons, electric trucks and warehousing equipment are being produced. During the second half of 2012, Voltas Material Handling is planning to complete its range with the production of forklift trucks having a maximum lift capacity of 16 tons and reach trucks.