Hyster-Yale Materials Handling, Inc. Annual Report 2022

FY2022 Annual Report · Hyster-Yale Materials Handling, Inc.

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Transforming the way the world moves
materials from Port to Home

2022 ANNUAL REPORT

In March 2023, the Company launched a new brand identity for its Yale® products to highlight its
focus on the warehouse market category . An updated logo was created to reflect the capability of
technology-enabled trucks to help warehouse material handling operations become more productive
and cost effective . The rendering above showcases Yale ReliantTM, a suite of operator assistance
technologies designed to help support lift truck safety best practices . The technology automatically
adjusts truck performance such as travel speed or hydraulic functions based on truck stability, facility
rules and proximity to obstacles, people and other trucks . Clockwise from left to right: A Yale® 3-wheel
stand equipped with Yale ReliantTM, a Yale® Very Narrow Aisle Turret truck, a Yale® Pantagraph Reach
Truck equipped with Yale ReliantTM shown in close proximity to a Yale® Order Selector also equipped
with Yale ReliantTM, a Yale® Moving Mast Reach Truck and a Yale® End Rider .

Transforming the way the world moves
materials from Port to Home

ON THE COVER
Global material handling customers are facing unprece-
dented challenges, such as labor shortages, heightened
safety concerns, higher operating costs and expanding
clean-energy mandates . Hyster-Yale is dedicated to
solving these challenges by delivering tailored forklift,
attachment and fuel cell solutions through our portfolio
of exceptional brands .

2022 ANNUAL REPORT

See the inside back cover for further information about
cover photos.

CONTENTS
Selected Financial & Operating Data . . . . . . . . . . . . . . . . . . 1

Letter to Stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

Form 10-K . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

Hyster-Yale Leadership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88

Corporate Information . . . . . . . . . . . . . . . Inside Back Cover

Photo of Hyster® HFC-powered

Container Handler . . . . . . . . . . . . . . . . . . . . . . Back Cover

H Y S T E R - Y A L E M A T E R I A L S H A N D L I N G | 2 0 2 2 A N N U A L R E P O R T

SELECTED FINANCIAL & OPERATING DATA
SELECTED FINANCIAL & OPERATING DATA

2022

Year Ended December 31
2021(1)
2020
(In millions, except per share and employee data)

2019

2018

Operating Statement Data:
Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Operating profit (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Noncontrolling interest . . . . . . . . . . . . . . . . . . . . . . . . . .
Net income (loss) attributable to stockholders . . . .
Basic earnings (loss) per share
attributable to stockholders . . . . . . . . . . . . . . . . . . .
Diluted earnings (loss) per share
attributable to stockholders . . . . . . . . . . . . . . . . . . .

$ 3,548.3
$
$

(39.1)
(71.6)
(2.5)
(74.1)

$ 3,075 .7
(152 .3)
$
(183 .2)
$
10 .2
(173 .0)

$ 2,812 .1
49 .9
$
38 .5
$
(1 .4)
37 .1

$ 3,291 .8
53 .9
$
36 .6
$
(0 .8)
35 .8

(4.38)

(10 .29)

(4.38)

(10 .29)

2 .21

2 .15

2 .14

$ 3,179 .1
38 .8
$
34 .3
$
0 .4
34 .7

2 .10

2 .09

Balance Sheet Data at December 31:
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

59.0
$
$ 2,026.2
$ 267.0
$ 204.4

Cash Flow Data:
Provided by (used for) operating activities . . . . . . .
Used for investing activities . . . . . . . . . . . . . . . . . . . . .
Cash flow before financing activities(2) . . . . . . . . .

$
$
$

40.6
(35.4)
5.2

Provided by (used for) financing activities . . . . . . . .

(10.9)

65 .5
$
$ 1,970 .1
261 .7
$
357 .1
$

151 .4
$
$ 1,859 .5
206 .1
$
616 .9
$

64 .6
$
$ 1,847 .2
204 .7
$
544 .3
$

83 .7
$
$ 1,742 .1
210 .1
$
527 .4
$

$
$
$

(253 .5)
(24 .5)
(278 .0)

$
$
$

166 .9
(43 .7)
123 .2

$
$
$

76 .7
(42 .0)
34 .7

$
$
$

67 .6
(110 .9)
(43 .3)

193 .6

(40 .6)

(51 .6)

(87 .6)

Per Share Data:
Cash dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Market value at December 31 . . . . . . . . . . . . . . . . . . . .
Stockholders’ equity at December 31 . . . . . . . . . . . .

$ 1.2900
$ 25.31
12.07
$

$ 1 .2850
41 .10
$
21 .22
$

$ 1 .2700
59 .55
$
36 .71
$

$ 1 .2625
58 .96
$
32 .66
$

$ 1 .2325
61 .96
$
31 .85
$

Other:
Actual shares outstanding at December 31 . . . . . .
Basic weighted average shares outstanding . . . . . .
Diluted weighted average shares outstanding . . . .
Total employees at December 31(3) . . . . . . . . . . . . . . .

16.939
16.901
16.901
8,200

16 .827
16 .818
16 .818
8,100

16 .805
16 .775
16 .799
7,600

16 .667
16 .645
16 .726
7,900

16 .561
16 .540
16 .602
7,700

(1) During 2021, Hyster-Yale recognized $26 .1 million of non-cash adjustments to inventory and property, plant and equipment at Nuvera, a non-cash goodwill impairment
charge of $55 .6 million, which includes $11 .7 million for the noncontrolling interest share and resulted in a $43 .9 million net impact on the net loss, and a $58 .6 million
non-cash charge for additional valuation allowances primarily on certain U .S . and U .K . deferred tax assets .

(2) Cash flow before financing activities is equal to net cash provided by (used for) operating activities less net cash used for investing activities .
(3) Excludes temporary employees .

Alfred M. Rankin, Jr.
Chairman and Chief Executive
Officer, Hyster-Yale Materials
Handling, Inc. and Chairman,
Hyster-Yale Group, Inc.

Rajiv K. Prasad
President, Hyster-Yale Materials
Handling, Inc. and President
and Chief Executive Officer,
Hyster-Yale Group, Inc.

TO OUR STOCKHOLDERS

Hyster-Yale is a world leader in the
forklift truck business . The Company is
globally integrated and offers a full line
of high-quality, application-tailored lift
trucks and solutions aimed at meeting
the specific materials handling needs of
its customers . The Company is optimis-
tic about its prospects for 2023 . The
steps taken to improve profitability over
the past two years, including multiple
price increases to combat significant
cost inflation, became visible in the
fourth quarter of 2022, with a return
to quarterly profitability coupled with
record fourth-quarter and full-year
revenues . Despite a variety of supply
chain constraints throughout 2022 that
hampered truck production and length-
ened lead times, Hyster-Yale factories
increased production by 6% over 2021 .
For the second time in the Company’s
history, lift truck shipments topped
100,000 units . As a result of the higher
shipments and increased prices, the
Company’s revenues increased by
15 .4% to $3 .5 billion in 2022 .

The Company also made significant

progress on several key projects im-
portant to its core strategy . In 2022, the
first modular, scalable lift trucks were
launched in Europe and the Americas .
These trucks were well-received by
customers and were recognized with
multiple industry awards, including
one for ergonomics and for “putting
the operator first .” In addition, the first
hydrogen fuel cell-powered container
handler, using Nuvera® fuel cell engines,
was delivered to a customer location for
testing late in the year . After performing
successfully in lighter applications, that
truck has advanced to those that are
more difficult .

While global lift truck markets are

expected to remain strong in 2023,
the decline experienced in the second

half of 2022 is expected to continue in
2023 . Despite the market deceleration,
the Company continues to have solid
booking levels and low order cancel-
lation rates . Further, the production
momentum in late 2022 is expected to
continue in 2023 as global supply chain
constraints are likely to dissipate further .
Combined, the increased production
plans and lower market expectations
should benefit the Company by helping
to reduce the long lead times resulting
from its extended product backlog .
Further, as the Company works through
its backlog, the higher-margin units
booked and priced in 2022 are expected
to make up an increasingly large portion
of the Company’s total output . In
addition, as inflation rates continue to
moderate, unit margins are expected
to improve further . Over the course of
2023, Hyster-Yale plans to work closely
with its customers to secure profitable
growth, its dealer partners to maximize
customer satisfaction, and its suppliers
to enable the Lift Truck business and
Bolzoni to maximize output . The Nuvera
business will be working closely with
its customers and partners to bring
developing products to market and
ramping up product demonstrations
and bookings .

Overall, the Company believes
it is well-prepared to handle a wide
range of 2023 market conditions
given the Lift Truck business’ strong
and increasingly profitable backlog,
Bolzoni’s improving market position
and Nuvera’s quality products in key
heavy-duty applications . In addition,
these businesses are all supported
by experienced teams . As a result,
we believe the Company is poised to
deliver substantially improved 2023
earnings while making continued
progress on its core strategic initiatives .

H Y S T E R - Y A L E M A T E R I A L S H A N D L I N G | 2 0 2 2 A N N U A L R E P O R T

CORE STRATEGIC INITIATIVES

The Company remains committed
to its target of achieving an operating
profit margin of 7% and a return on
total capital employed (“ROTCE”) of
20% in the Lift Truck business . It is
also committed to a 7% operating
profit margin at Bolzoni and increased
revenues and improvement toward
breakeven at Nuvera . The Company
expects to make significant progress
toward these targets in 2023 .

To achieve its financial targets
over time, the Company continues to
execute its long-term strategy through
progress on its core strategic initiatives .
Hyster-Yale’s overall objective is to
transform the way the world moves
materials from Port to Home . This
transformation is expected to occur
over the next few years by working to:
• Thoroughly understand customer
applications and offer optimal solutions
that will improve productivity at the
lowest cost of ownership .
• Never let the customer down, from
initial engagement through the entire
product lifecycle .

Truck business and Bolzoni by increasing
volumes and sustainably enhancing
gross and operating margins, while
also increasing bookings and shipments
at Nuvera .

Lift Truck Strategic Perspective

The Lift Truck business has three
core strategies . The first core strategy is
to provide the lowest cost of ownership
while enhancing customer productivity,
including those with low-intensity
applications . The primary focus of
this strategic initiative is to develop
a new line of modular and scalable
products . The first modular, scalable
lift trucks were launched in 2022, first
to the EMEA market in May followed by
the Americas market late in the year .
Given the current extended backlog,
the production ramp-up for this new
product line is occurring gradually .
Based on early customer reports these
new 2- to 3-ton standard internal
combustion engine lift trucks are being
favorably received in both markets .
The Company expects to launch this
product in the JAPIC market in mid-
2023 . Additional modular and scalable

Hyster-Yale’s overall objective is to
transform the way the world moves
materials from Port to Home

The Company – which has three
highly interrelated, but independently
managed, businesses – has five core
strategic initiatives that interact to
create a unique and sustainable
competitive advantage . Collectively,
these five strategic initiatives are
expected to increase market share and
generate profitable growth at the Lift

products are expected to be introduced
late this year and in future years .

The introduction of these new
products is expected to lead to signifi-
cant changes in supply chain sourcing
and in the Company’s manufacturing
facilities around the world as certain
products are moved between plants .
Consolidated component volume

sourced globally from reliable supplier
partners is expected to reduce long-
term costs and improve quality as
these new products are brought to
market over time . The Company’s
largest manufacturing facilities – its
Berea, Kentucky, Craigavon, Northern
Ireland, and Fuyang, China plants – are
undergoing significant changes to
accommodate these new products .
As part of this program, the Company
is making significant investments to
expand the Berea and Craigavon plants .
Further, the Company is accelerating
plans to move certain production activ-
ities to provide permanent structural
changes designed to reduce costs and
optimize its manufacturing footprint .
In addition to the new modular,
scalable product lines, the Lift Truck
business also has key projects geared
toward electrification of applications
now dominated by internal combustion
engine trucks, as well as technology
advancements in power options, auto-
mation product options, telemetry and
operator assist systems . The Company
delivered its first electrified fuel cell
Container Handler to the Port of Los
Angeles for testing in late 2022 . In the
first half of 2023, it anticipates delivering
an electrified fuel cell Reach Stacker to
the Port of Valencia, Spain, and in mid-
to-late 2023, a new electrified fuel cell
Terminal Tractor and electrified fuel cell
empty container handler to a customer
in Hamburg, Germany .

The second core strategy is to be
the leader in the delivery of industry-
and customer-focused solutions . This
strategy focuses on transforming the
Company’s sales processes by using
an industry-focused approach to meet
its customers’ needs . The Company
believes that understanding the
customers’ applications is best done

by segmenting the market into two
broad umbrella categories: industrial
and warehousing applications . The
Company’s Hyster® brand has a strong
position in the industrial markets
and will increasingly focus on those
applications, while the Yale® brand has a
strong position in the warehouse market
category and will increasingly focus on
those applications . This focus separation
will reinforce a natural differentiation
between the two brands that already
exists in the marketplace . In this
context, in March 2023, the Company
launched a new brand identity for its
Yale® products . The new Yale Lift Truck
Technologies reflects Yale’s future
focus on solving the toughest labor,
safety and productivity challenges
through technology integration and a
customer-success philosophy designed
specifically to address each customer’s

this context, Bolzoni continues to focus
on implementing its strategic “One
Company – 3 Brands” organization
approach to help streamline corporate
operations and strengthen its global
commercial operations in a highly
cohesive and coordinated way . Bolzoni
is working to increase its Americas
business through the continuing
introduction of an increasingly broad
range of locally produced attachments
manufactured in its Sulligent, Alabama
plant, while also focusing on strength-
ening its ability to serve key attachment
customers in all global markets . Bolzoni
also plans to enhance its engineering
capabilities to further drive innovative
attachment product development,
incorporating new technologies and
functions, and it is also increasing its
sales, marketing and product support
capabilities in North America and

Yale’s future focus is on solving the
toughest labor, safety and productivity
challenges through technology integration
and a customer-success philosophy

application needs in today’s fast-paced,
fast-growing warehouse markets . An
updated logo reflects the capability of
technology to help warehouse material
handling operations become more
productive and cost-effective .

The third core strategy is to be the
leader in independent distribution, with
a specific focus on dealer and major
account coverage, dealer excellence and
ensuring outstanding dealer ownership
globally . Hyster-Yale is committed to
helping its outstanding dealer group
be the leaders in their territories .

Bolzoni Strategic Perspective

Bolzoni’s core strategy is to be the
leader in the Attachments business . In

Europe using an industry-specific
approach . Additionally, Bolzoni is
expanding its overall market coverage
in the Americas and JAPIC, and is
increasing revenues from its cost-
effective, Silver-Line offering in EMEA
and North America .

Nuvera Strategic Perspective

Nuvera’s core strategy is to be

a leader in the fuel cell industry
by providing durable, reliable and
technology-leading fuel cell stacks and
engines . Nuvera continues to focus on
placing its 45kW and 60kW fuel cell
engines globally in niche, heavy-duty
vehicle applications with expected
significant fuel cell adoption potential

because batteries alone cannot meet
the market’s need . It is also working to
expand its product portfolio, including
developing a new 125kW fuel cell engine
for heavier-duty vehicle applications .
Nuvera also plans to launch 360kW
and 470kW modular fuel cell-powered
generators for stationary applications .
In 2022, Nuvera announced several
projects with various third parties to
test Nuvera® engines in on- and off-road
and marine applications . These include
the Port of Los Angeles project and, in
2023, several European port projects . To
create momentum for bookings, Nuvera
will continue to focus on ramping up
demonstrations and quotes for these
products in 2023, including engines
for the Lift Truck business’ heavy-duty
application electrification projects .

These five core strategic initiatives
are drivers of Hyster-Yale’s economic
engine . The projects undertaken to
execute these initiatives are anticipated
to have a collective transformational
impact on the Company’s competitive-
ness, market position and economic
performance and to lay the groundwork
for Hyster-Yale reaching its target
economics over the coming years .

To support the five core strategies,
the Company has, over the last several
years, initiated more than 100 key
projects designed to implement
this transformation in the context
of prevailing industry trends in
globalization, digitization, automation,
electrification and mass customization .
Over the last three years, despite the
COVID-19 pandemic and global supply
chain difficulties, essentially all these
projects continued to move forward .
However, some were reimagined,
and the pace of certain projects were
given greater emphasis than others
to reduce expenditures, while other
high-emphasis projects experienced
delays due to the impact of external
challenges .

H Y S T E R - Y A L E M A T E R I A L S H A N D L I N G | 2 0 2 2 A N N U A L R E P O R T

LOOKING FORWARD

Looking forward through 2023,
the global economic outlook remains
muted . Economic activity appears to
be decelerating in many parts of the
world due to tight monetary policies in
various countries designed to contain
inflation, uncertainties around China’s
economic reopening and the ongoing
Russia/Ukraine conflict .

Despite a slowing global economy,

forward economic indicators suggest
inflationary pressures have begun to
abate and cost reductions are begin-
ning to emerge . With the progress
made in 2022 and anticipated lower
inflation rates, the Company expects
a positive price-to-current cost ratio
in 2023 . The Company will continue
to monitor material and labor costs
closely, as well as the impact of tariffs,
and adjust pricing for new bookings
accordingly . As a result of abating cost
increases and the current significant
backlog level with its expected built-
in margin increases over time, the
Company believes unit margins should
increase significantly in 2023 in aggre-
gate compared with 2022 . These
factors, as well as the benefits from the
Company’s ongoing strategic initiatives
and supporting projects as they
continue to mature, are expected to
lead to a significant increase in revenues
and a substantial operating profit in
2023 at the Lift Truck business .

In 2023, Bolzoni expects its prices to
be back in line with its costs, resulting in
improved margins and higher full-year
operating profit compared with 2022 .
Nuvera anticipates higher sales
but also moderately higher costs in
2023, which is expected to lead to a
loss comparable with 2022 . The devel-
opment efforts underway are expected
to enhance Nuvera’s foundation for
future fuel cell adoption significantly
and ultimately lead to improved
financial returns .

Hyster-Yale is focused on expanding
on the significant progress made oper-
ationally and financially in the second
half of 2022 . We expect continued
solid bookings coupled with reductions
in our too-high backlog as a result of
increased production . Since we are
nearing completion of the build-out of
the lower-priced, lower-margin backlog
units held over from 2020 and 2021, we

as the explicit objectives for the Lift
Truck, Bolzoni and Nuvera businesses .
We have innovative products and deep
customer relationships that provide a
strong foundation for our business . We
are encouraged by our progress to date
but believe that we have much more
work ahead to reach our target margin
goals . In summary, we believe that we
have the right business structure with

We believe that we have the right business
structure with the right core strategies in place
to achieve our long-term financial goals

expect continued Lift Truck and Bolzoni
margin expansion to lead to substantial
operating profit and net income at the
consolidated level in 2023 .

While profitability improvements
began in late 2022, the programs to
reduce inventory and generate cash
progressed at a slower pace . In 2023,
we are laser-focused on improving our
cash flows and maintaining adequate
liquidity by reducing working capital,
especially inventory which built up
in 2021 and 2022 as supply chain
challenges led to significant increases .
Increased production rates resulting
from fewer parts shortages are expected
to lead to maximized use of on-hand
inventory and permit material purchases
below expected production rates . We
expect substantial cash flow benefits
from these efforts by mid-year and
in the second half of 2023 . We also
continue to control operating expenses
and capital expenditures closely to help
enhance liquidity . However, we remain
committed to executing our core
strategies over time and will continue to
invest for long-term profitable growth .
Overall, our long-term strategy

the right core strategies in place to
achieve our long-term financial goals .

While we focus on strategic projects

and financial results, we also continue
to embrace corporate responsibility .
Hyster-Yale believes that the long-term
best interests of its stockholders are
best served by addressing economic,
social, environmental and health and
safety needs throughout the Hyster-Yale
organization, at its customers and in
the communities in which we operate .
The Company has established specific,
cost-effective corporate projects
through its 2026 Vision program that
are expected to help reduce its impact
on the environment and conserve
natural resources . All of this is carried
out in the context of leadership in
electric forklifts, especially fuel cell
products, which have the potential for
zero emissions . Hyster-Yale’s Corporate
Responsibility report is available on the
Company’s website (hyster-yale .com) .
That report outlines the Company’s
commitment to promoting a respon-
sible culture throughout the business
and its product value chain as it moves
toward its 2026 Vision .

is clear and transformative and is
supported by our key projects, as well

The overarching objective of all
of Hyster-Yale’s strategic programs

We are very optimistic about the future and
have great confidence in the Company’s
ability to deliver strong sales and earnings
performance in 2023

is to create long-term stockholder
value across its business units . We
are optimistic about the Company’s
future and believe Hyster-Yale offers a
compelling investment opportunity,
based on our expected improvement
in 2023’s results and our maturing
strategic initiatives over the years
ahead . However, traditional valuation
metrics, which view the Company as
a single business, can be misleading .
We believe the Company’s valuation
is better thought of as the sum of
separate value analyses for each of
its businesses . The Lift Truck business
and Bolzoni are mature businesses
focused on creating long-term value
by increasing unit volume and market
share in targeted segments through the
execution of core strategic initiatives .
Nuvera, on the other hand, is a clean-
energy technology business . It is
focused on commercializing and selling
fuel cell products that complement
and add to the Lift Truck business while
also providing product applications
for other motive power segments .
As a result, we believe this business,
given the current stage of the fuel
cell market’s development, should be
valued independently as a venture
business in the context of its excellent
technology and the potential for very
significant long-term market growth .
Overall, we believe an enhanced market
multiple valuation could be reasonable
over time for our mature businesses,
and that Nuvera has significant value

now, with the opportunity for enhanced
value in the years ahead .



In closing, we have great confidence

in the Company’s ability to deliver
strong sales and earnings performance
in 2023, with the fourth quarter of 2022’s
results supporting this perspective . We
expect to achieve our ambitious long-
term financial and strategic objectives
in the years ahead . Our global team
accomplished a great deal in 2022
despite many largely external obstacles,
and we ended the year strongly . We
have an outstanding group of employ-
ees, including many very capable
leaders, who have worked diligently to
manage through a host of challenges,
including production and supply chain
disruptions, significant cost increases
and liquidity challenges . Further, these
teams kept the Company moving
forward constructively on its strategic
projects . We would like to thank our
employees for their perseverance,
passion and commitment to dealing
with these challenges . Their hard work
and disciplined execution during this
difficult period enabled our Company
to support our dealers and customers
successfully and to meet its long-term
obligations to its stockholders .

We would also like to take this
opportunity to thank our customers,
dealers, suppliers, lenders, Board of
Directors and stockholders for their
continued support . After handling a

myriad of challenges in 2020 and
2021, we did not expect 2022 to be
as challenging as it was . Particularly
given the substantial improvements
in our fourth-quarter results, we believe
we are on an upward trajectory which
can deliver significant profitability in
2023 . Without the support of these
key groups of interested and deeply
involved long-term participants in the
Company’s successful future, navigating
this challenging period would have
been far more difficult .

Importantly, we would like to take
this opportunity to express our heart-
felt thanks to Dr . Eugene Wong . Gene
will be retiring in May after serving on
both Hyster-Yale’s Board and our prior
parent company’s, NACCO Industries,
Board for 18 years . Gene added highly
valuable perspectives and insight espe-
cially on challenging new technology
issues . We will miss his participation
on our Board .

We would also like to give special
acknowledgment to Ken Schilling, our
former Senior Vice President, Chief
Financial Officer and Treasurer, who
retired in December 2022 . Over his 31-
year career with the Company, Ken set
an outstanding example of responsible
leadership and professionalism . We
thank Ken for his commitment and
important contributions and wish him
the very best in his retirement .

In conclusion, we are looking for-
ward to a successful 2023 and to even
better results in the years beyond .

Alfred M. Rankin, Jr.

Rajiv K. Prasad

This annual report to stockholders contains forward-looking statements. For a discussion of the factors that may cause the Company’s actual results to differ from
these forward-looking statements, please see page 27 in the attached Form 10-K.

HYSTER-YALE LEADERSHIP

DIRECTORS & OFFICERS OF HYSTER-YALE MATERIALS HANDLING, INC.

DIRECTORS:
James B. Bemowski
Retired Vice Chairman of Doosan Group

J.C. Butler, Jr.
President and Chief Executive Officer,
NACCO Industries, Inc. and The North
American Coal Corporation

Carolyn Corvi
Retired Vice President and General Manager
–Airplane Programs of The Boeing Company

Edward T. Eliopoulos
Retired Partner, Ernst & Young, LLP

John P. Jumper
Retired Chief of Staff, United States Air Force

Dennis W. LaBarre
Retired Partner, Jones Day

Alfred M. Rankin, Jr.
Chairman and Chief Executive Officer
of Hyster-Yale Materials Handling, Inc.
Chairman of Hyster-Yale Group, Inc.
Non-Executive Chairman of NACCO
Industries, Inc.

Non-Executive Chairman of Hamilton Beach
Brands Holding Company

Claiborne R. Rankin
Manager of NCAF Management, LLC, the
managing member of North Coast Angel
Fund, LLC

Britton T. Taplin
Self-employed (personal investments)

David B.H. Williams
President and Partner,
Williams, Bax & Saltzman, P.C.

H. Vincent Poor
Michael Henry Strater University Professor of
Electrical Engineering at Princeton University

Eugene Wong
Professor Emeritus of the University of
California at Berkeley

OFFICERS:

Alfred M. Rankin, Jr.
Chairman and Chief Executive Officer

Rajiv K. Prasad
President

Gregory J. Breier
Vice President, Tax

Jennifer M. Langer
Vice President, Controller and
Chief Accounting Officer

Scott A. Minder
Senior Vice President,
Chief Financial Officer and Treasurer

Suzanne S. Taylor
Senior Vice President, General Counsel
and Secretary

LEADERSHIP OF HYSTER-YALE GROUP, BOLZONI AND NUVERA FUEL CELLS

HYSTER-YALE GROUP:

Rajiv K. Prasad
President and Chief Executive Officer

Anthony J. Salgado
Chief Operating Officer

Stephen J. Karas
Senior Vice President, President APIC

Stewart D. Murdoch
Senior Vice President and Managing
Director, Europe, Middle East and Africa

Brian A. Jennings
Vice President, Associate General Counsel -
Americas, CBDC, APIC

Gopichand Somayajula
Senior Vice President, Global Product
Development

Jon C. Taylor
Vice President, Chief Financial Officer

BOLZONI:

Charles F. Pascarelli
Senior Vice President, President, Americas

Roberto Scotti
President and Chief Executive Officer

NUVERA:

Lucien M.J. Robroek
President and Chief Executive Officer

Ralph Clague
Chief Development Officer

Neil Gillen
Chief Operations Officer

Kedar Murthy
Chief Commercial Officer

Darwin Scussel
Chief Financial Officer

David M. LeBlanc
President, Global Technology
Solutions Division

Michele Corini
Vice President, Global Operations

Tracy S. Hixson
Vice President, Global Supply Chain

Marco Rossi
Chief Operating Officer and
President, EMEA

Marco Bisagni
Chief Financial Officer

Jon Riley
President, Americas

Emanuele Scotti
President, APIC

H Y S T E R - Y A L E M A T E R I A L S H A N D L I N G | 2 0 2 2 A N N U A L R E P O R T

CORPORATE INFORMATION

ANNUAL MEETING
The Annual Meeting of Stockholders of
Hyster-Yale Materials Handling, Inc . will
be held on May 9, 2023, at 9:00 a .m . at
the corporate office located at:
5875 Landerbrook Drive
Cleveland, Ohio 44124

FORM 10-K
Additional copies of the Company’s
Form 10-K filed with the Securities and
Exchange Commission are available free
of charge through Hyster-Yale’s website
(hyster-yale.com) or by request to
Investor Relations .

INVESTOR RELATIONS CONTACT
Investor questions may be addressed to:
Investor Relations
Hyster-Yale Materials Handling, Inc .
5875 Landerbrook Drive, Suite 300
Cleveland, Ohio 44124
(440) 449-9589

STOCK TRANSFER AGENT
AND REGISTRAR
Stockholder Correspondence:
Computershare Investor Services
P .O . Box 43078
Providence, RI 02940-3078

Overnight Correspondence:
Computershare Investor Services
150 Royall Street, Suite 101
Canton, MA 02021

(877) 373-6374 (U .S ., Canada and
Puerto Rico)
(781) 575-2879 (International)

LEGAL COUNSEL
Jones Day
North Point
901 Lakeside Avenue
Cleveland, Ohio 44114

INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM
Ernst & Young LLP
950 Main Avenue, Suite 1800
Cleveland, Ohio 44113

STOCK EXCHANGE LISTING
The New York Stock Exchange
Symbol: HY

COMPANY WEBSITE
Additional information about Hyster-Yale
Materials Handling may be found on the
corporate website, hyster-yale.com . The
Company considers this website to be
one of the primary sources of information
for investors and other interested parties .

BRAND WEBSITES:
Hyster Global: hyster.com
Yale Global: yale.com
Nuvera Fuel Cells: nuvera.com
Bolzoni: bolzonigroup.com
Hyster-Yale Maximal: maxforklift.com
Sumitomo-NACCO:
sumitomonacco.com.jp

COVER PHOTOS INFORMATION

From left to right:  The Hyster® brand is focused on industrial applications. Here, a Hyster® H16XM-12 16-ton Big Truck,
specifically engineered for foundry/smelter applications, is shown working in a foundry.  Yale provides solutions for demanding
warehousing applications. Shown, a Yale® Reach Truck working in a harsh cold-food environment.  Bolzoni provides attachments
to enhance productivity. Here, a Hyster S120FT Fortis® performs operations in a paper factory using a Bolzoni® paper roll
attachment.  Nuvera provides fuel cell, zero-emission solutions. The Nuvera® 60 kW fuel cell engine was created for heavy-duty
applications, shown here with a fuel cell engine production line in the background.  The Maximal brand provides high-value,
cost-effective trucks for customers requiring fundamental lift truck performance. Maximal’s FBA25-JZ, a 2.5-ton 4-wheel Electric
A Series lift truck with a lead-acid battery, shown operating in a factory in Fuyang, China.  The Sumitomo-NACCO (SN) brand
provides solutions optimized for Japanese quality and customers. SN moving-mast Reach trucks, with the QuoPro-R space saving
design, shown working at a customer location in Japan.

Hyster® is leading the charge with industrial electrification – shown here is the first hydrogen-powered

top-pick laden container handler working at Fenix Marine Services in the Port of Los Angeles as part of
the test pilot for this truck . The Hyster® 1150 CH, 52-ton electrified truck is powered by two 45kW Nuvera®
hydrogen fuel cells . It is designed to provide the zero-emission benefits of a battery electric option, with
enough capacity to keep operations moving, thus avoiding the need to stop in the middle of a shift to
refuel or recharge . A California Climate Investments grant awarded by the California Air Resources Board
in 2018 helped support development of the HFC-powered container handler .

5875 Landerbrook Drive, Suite 300 | Cleveland, Ohio 44124 | hyster-yale .com
An Equal Opportunity Employer