Rr results q2_2012_final

INTERIM REPORT
JANUARY-JUNE
2012
9 August 2012

CEO Magnus Rosén
CFO Jonas Söderkvist

April - June 2012: Profitability improved
further
Net sales MEUR 169.7 (149.5)
up 13.5% or 12.8% at
comparable exchange rates;
Like-for-like* growth 4.9%

EBITDA MEUR 51.6 (40.6)
EBITDA-margin 30.4% (27.2%)

EBIT MEUR 22.7 (15.4)
EBIT-margin 13.4% (10.3%)

Gross capex MEUR 23.9 (44.6)
Cash flow after investments
MEUR 7.3 (-20.4)

*Excluding acquisitions in Sweden and Norway

Interim Report January-June 2012 l 9 August 2012 2

January-
January- June 2012: Good first half of the year

Net sales MEUR 334.1 (283.9)
up 17.7% or 17.1% at
comparable exchange rates;
Like-for-like* growth 8.4%

EBITDA MEUR 93.5 (68.2)
EBITDA-margin 28.0% (24.0%)

EBIT MEUR 35.1 (18.1)
EBIT-margin 10.5% (6.4%)

Gross capex MEUR 59.6 (76.5)
Cash flow after investments
MEUR 13.6 (-31.1)

Net debt MEUR 280.6 (238.2)
Gearing 87.2% (80.4%)
Number of outlets 379 (399)
*Excluding acquisitions in Sweden and Norway


All financial targets were reached in Q2/12

Good sales growth based on
ROI >18% p.a. over a business cycle
stengthened market positions and 35 %
rental rates 30 %
25 %
Growth was also fuelled by 20 %
15 %
aquisitions and outsourcing deals
10 % 19 %
Positive cash flow in Q2 2012 5 %
0 %
2005 2006 2007 2008 2009 2010 2011 Q2
ROI Target 2012

EPS growth >15% p.a. over a business cycle Gearing ≤120% at end of each fiscal year

300 %
140 %
200 % 120 %
100 %
100 %
*139% 80 %
0% 60 %
-100 % 40 % 87 %
20 %
-200 %
0 %
2005 2006 2007 2008 2009 2010 2011 Q2
2005 2006 2007 2008 2009 2010 2011 Q2
EPS Target 2012
Gearing Target 2012
*R12 Q2 2012 vs. Q2 2011


Capital turnover continued to develop positively
and was 123% for the last 12 months

Invested capital by quarter
MEUR
800 160 %
708 707
700 654 140 %
586 588 591 605
600 562 581 578 565 552
544
568 120 %
536
515 524 508 509 496 508
494
500 100 %
400 80 %
300 60 %
200 40 %
100 20 %
0 0%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4Q1 Q2
2007 2008 2009 2010 2011 2012
Invested capital Net sales/Invested capital, rolling 12 month

Capital turnover amounted to 123% (109%) for the last 12 months
at the end of June 2012


Net sales grew in all segments except Europe
Central

Change in net sales Q2 YoY, % Change in net sales 1-6 YoY, %

30 % 35 %
25 % 30 %
25 % 30 %
21 %
20 % 25 % 21 %
15 % 20 %19 %
15 % 14 %13 % 13 % 20 % 18 %
15 %
10 % 15 %
5% 10 %
0% 5%
-5 % 0%
-10 % -5 %
-15 % -10 %
-20 % -15 %
-19 % -14 %
-25 % -20 %


Also EBIT margin improved in all segments
except Europe Central

EBIT margin Q2/12 vs. Q2/11 EBIT margin 1-6/12 vs. 1-6/11

20 % 20 %
17 % 17 %
15 %15 %
14 % 15 %
15 % 13 % 11 %
11 %
11 % 10 %
10 %
6%
5%
1%
5% 0%
2% 0%

0%
-5 %

-7 %
-5 % -10 %

Q2 2011 Q2 2012 1-6 2011 1-6 2012
Q2 2011 Q2 2012 1-6 2011 1-6 2012


Positive cash flow generation in both Q2 and
H1/2012

Cash flow Q2/12 vs. Q2/11 Cash flow 1-6/12 vs. 1-6/11

40,0 100,0
34.2

30,0 80,0 75.4
23.7
20,0 60,0 51.0

10,0 7.3 40,0

0,0 20,0 13.6

-10,0 0,0

-20,0 -20,0
-20.4
-30,0 -40,0 -31.1
Cash flow from Cash flow after Cash flow from Cash flow after
operations investments operations investments

Q2/11 Q2/12 1-6/11 1-6/12
Q2/11 Q2/12 1-6/11 1-6/12


Adjusting operations in Europe Central where
market conditions have weakened

Number of employees in
Europe Central reduced to
676 (879)

Operations are being
restructured for increased
cost efficiencies and
synergies across the four
countries

Focus on broadening the
customer base especially in
the industrial sector and the
DIY market


Market outlook – Construction output forecasts

Country 2012F 2013F 2014F Source*

Nordic
Finnish Construction Industries, RT**/
Finland -2%/-2.6% - 0.0% 2.6% Euroconstruct
Swedish Construction Federation***/
Sweden -1%/-2.5% - 2.2% 2.3% Euroconstruct

Norway 4.0% 4.3% 3.4% Euroconstruct

Denmark 3.2% 2.3% 2.2% Euroconstruct

Europe Central
Poland 6.0% -2.1% 1.5% Euroconstruct

Czech Republic -7.2% -1.9% 0.8% Euroconstruct

Slovakia -3.0% 4.8% 3.6% Euroconstruct

Hungary -3.6% 0.6% 6.6% Euroconstruct

Europe East
Russia 0-5% - 0-5% 0.5% Euroconstruct

Estonia 15.0% 0.0% -2.0% Euroconstruct

Latvia 9.0% 4.0% -1.0% Euroconstruct

Lithuania 12.0% 3.0% 0.0% Euroconstruct

Ukraine n.a. - n.a. n.a. Euroconstruct

*Source: Euroconstruct June 2011, **April 2012, ***May 2012


Growth in Nordic construction order books
stable on 8-10% level
Order book Nordics (BEUR, real exchange rates)*
10 60 %

9

8 40 %

7

6 20 %

5

4 0%

3

2 -20 %

1

0 -40 %
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2007 2008 2009 2010 2011 2012

Skanska SRV
YIT Lemminkäinen
Change in Net sales YoY, R12 Ramirent Change in order backlog YoY, Nordic construction

8% growth vs. Q2/11 in both real and fixed exchange rates
4% increase vs. Q1/12

* Order books for Swe, Fin, Nor, Den


Ramirent outlook 2012 unchanged

In 2012, net sales
are expected to
increase and the
result before taxes is
expected to improve
compared to 2011.

Interim Report January-June 2012 l 9 August 2012

Priority set on maintaining preparedness to
manage market conditions and strengthen our
competitiveness
Cautious capex spending

Strict cost control

Maintain strong balance sheet

Continue to develop the common
Ramirent platform and provide
customers enhanced efficiency
through integrated solutions


SEGMENT REVIEW

14
Ramirent Plc I 10 May 2012 I Interim Report January-March 2012

Finland
Highlights Sales and EBIT by quarter
MEUR
Growth was driven by high 50 25 %
45
industrial activity especially in 41 42
38
41
northern Finland and high 40 36 38 35 37 20 %
34
29 31 30 15 %
construction activity especially 30
28
in the beginning of the quarter. 10 %
20
5%
EBIT improved due to higher 10 0%
utilisation rates and improved 0 -5 %
price levels in many product Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
groups. 2009 2010 2011 2012
Net sales EBIT-%

Finland Q2 Q2 Change Change 1-6/ 1-6/ Change Change 2011
2012 2011 (EUR) (Local) 2012 2011 (EUR) (Local)
Net sales, 41.4 36.5 13% 13% 79.8 66.8 20% 20% 154.7
MEUR
EBIT, MEUR 7.0 4.7 49% 12.0 6.1 98% 22.8
EBIT-margin 17.0% 12.9% 15.0% 9.1% 14.7%
Employees 619 633 -2% 596
Outlets 80 85 -6% 83


Sweden
Like-for-like* growth was MEUR
60 54 25 %
7.5% in Q2/12 and 5.4% in 51
48
H1/12. 50 45 45 20 %
41 42
Main growth drivers were 40 35 36
32 33 31 32 15 %
29
large industrial projects in 30
northern Sweden, continued 10 %
20
strong overall demand in the 5%
10
capital city area and western
0 0%
Sweden. Activity in the
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
southern parts of the country 2009 2010 2011 2012
was slow. Net sales EBIT-%
EBIT improved based on good
utilisation rates.
Sweden Q2 Q2 Change Change 1-6/ 1-6/ Change Change
2012 2011 (EUR) (Local) 2012 2011 (EUR) (Local) 2011
Net sales, MEUR 50.9 42.1 21% 19% 99.1 83.4 19% 18% 182.7
EBIT, MEUR 8.6 7.0 24% 15.1 13.1 15% 33.2
EBIT-margin 16.9% 16.5% 15.3% 15.7% 18.2%
Employees 727 563 29% 630
Outlets 84 73 15% 79

*Excluding acquisitions in Sweden


Norway
Like-for-like* growth was 4.1% MEUR

in Q2/12 and 8.0% in H1/12. 50 16 %
42 44 14 %
40 38
Improved construction and 40 12 %
industrial activity, especially in 31 33 30 10 %
29 29 28 27 28
30 25 27 8%
the Southeast part of Norway, 6%
continued to drive demand. 20 4%
2%
EBIT improved due to higher 10 0%
utilisation rates and price -2 %
0 -4 %
levels in most product groups.
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Consto AS signed a 2009 2010 2011 2012
cooperation agreement and Net sales EBIT-%
outsourced its equipment to
Ramirent.
Norway Q2 Q2 Change Change 1-6/ 1-6/ Change Change 2011
Net sales, MEUR 38.1 30.5 25% 21% 81.8 63.1 30% 26% 144.8
EBIT, MEUR 5.4 2.4 126% 9.3 2.8 236% 11.2
EBIT-margin 14.2% 7.9% 11.4% 4.4% 7.7%
Employees 471 518 -9% 486
Outlets 43 43 0% 42

*Excluding acquisitions in Norway


Denmark
MEUR
Growth was driven by 16 15 20 %
improved overall construction 14 12 10 %
11 11
activity including increased 12 11 11 10 10 0%
10 9 9 10 8
public sector investments. 10 8 -10 %
8
-20 %
6
EBIT turned positive and 4 -30 %
increased on the back of good 2 -40 %
fleet utilisation and stable 0 -50 %
price levels in many product Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2009 2010 2011 2012
groups.
Net sales EBIT-%

Denmark Q2 Q2 Change Change Q2 Q2 Change Change 2011
Net sales, MEUR 11.2 9.9 13% 13% 21.0 18.2 15% 15% 44.1
EBIT, MEUR 0.2 -0.3 N/A 0.0 -1.5 N/A 0.1
EBIT-margin 2.0% -2.9% 0.1% -8.4% 0.2%
Employees 178 160 11% 186
Outlets 22 21 5% 22


Europe East


Net sales increased in all the MEUR
20 19 30 %
segment countries in Q2/12 17 16
15 20 %
compared to previous year. 15 13 13
12 12 12 10 %
Infrastructure construction was 11
10 9 0%
the main growth driver in Russia 10 9 8 -10 %
and Ukraine. In the Baltic
5 -20 %
countries demand was driven
-30 %
also by infrastructure and
0 -40 %
renovation construction as well Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
as projects in the energy sector. 2009 2010 2011 2012
EBIT improved based on good Net sales EBIT-%
fleet utilisation in most product
groups.
Europe East Q2 Q2 Change Change 1-6/ 1-6/ Change Change 2011
Net sales, 15.0 13.0 15% 14% 27.2 22.4 21% 20% 56.1
MEUR
EBIT, MEUR 1.6 1.0 65% 1.5 -0.7 327% 5.9
EBIT-margin 10.8% 7.5% 5.7% -3.0% 10.5%
Employees 433 411 5% 439
Outlets 60 51 18% 58


Europe Central

MEUR
Net sales decreased in all segment 25 20 %
22
countries in Q2/12 compared to 20 19 19 19
15 %
20 18 10 %
the previous year. 16 16 16 15
14 14 5%
Lower construction and industrial 15 12
13
0%
activity decreased demand for 10
-5 %
rental equipment in Poland. -10 %
5 -15 %
Market conditions remained -20 %
difficult in the other countries. 0 -25 %
Operations are being restructured Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2009 2010 2011 2012
to drive higher synergies and cost
Net sales EBIT-%
efficiencies across the countries.
Profitability of operations was
burdened by low utilisation rates.
Europe Central Q2 Q2 Change Change 1-6/ 1-6/ Change Change 2011
Net sales, MEUR 15.3 19.0 -19% -15% 28.5 33.4 -14% -9% 73.9
EBIT, MEUR 0.1 1.1 -88% -2.1 -0.1 N/A 5.5
EBIT-margin 0.9% 5.7% -7.3% -0.3% 7.4%
Employees 676 879 -23% 825
Outlets 90 126 -29% 122


FINANCIAL REVIEW

21

Positive development in financial performance
continued in Q2
Net Sales (MEUR) EBITDA (MEUR) EBIT (MEUR)
Net sales Y-o-y change-% EBITDA EBITDA-% EBIT EBIT-%
35 31 20 %
200 187
179 40 % 70 35 %
170 30 25
180 164 59 15 %
30 % 60 55 30 % 25 23
160 150 150 52
141 134
20 %
140 122 130
125 126 129 50 42 41 42 25 % 20 17 15 10 %
112 10 % 14 12
120 40 36 37 37
20 % 15 12 11
30 31 7 5%
100 0% 28 10 7
30 26 15 %
80 -10 % 3
18 5 0%
60 20 10 %
-20 % 0
40 -5 %
-30 % 10 5% -5
20
-4
0 -40 % 0 0% -10 -6 -10 %
Q1 Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2
Q2 Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2 Q1Q2 Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2
Q1Q2 Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2 Q1 Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2
Q2 Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2
2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012

Cash flow (MEUR) Net debt (MEUR) Gross Capex (MEUR)
Cash flow after investments Net debt Gearing-% Gross Capex Share of net sales-%
40 280 263 281
28 300 281 120 % 140 80 %
30 22 20 24
18 255 258 120
20 13 14 16 230 238 120 70 %
250 100 %
6 7 212
207 209
10 197 191 100 60 %
200 177 80 %
0 50 %
80
-10 -4 150 60 % 40 %
60 45 46
-20 -11 30 %
100 40 % 32 36
-20 40 24 20 %
-30 22 18
50 20 % 20 13 10
-40
-37 3 5 3 8 10 %
-50 0 0% 0 0%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1Q2 Q3Q4Q1 Q2Q3Q4Q1 Q2Q3Q4Q1 Q2 Q1 Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2
Q2
2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012


Net sales grew 13.5% in Q2/2012, like-for-
like growth* 4.9%

Change in net sales YoY, %

27 %
24 %
22 %
19 %19 % 19 %20 %
16 %
13 % 14 %
9%
3%

-4 %
-9 %

-25 %
-27 %
-31 %-31 %

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2008 2009 2010 2011 2012

Net sales grew 17.7% in H1/2012, like-for-like growth 8.4%

* Excluding acquisitions in Sweden and Norway


Net sales grew in all segments except Europe
Central

Change in Q2 net sales YoY, %

25 %
21 % 21 %
19 %
15 %
14 % %
13 13 %13 % 13 % %
13 14 %

-15 %

-19 %

Group Finland Sweden Norway Denmark East Central

EUR Comparable exchange rates
EUR Comparable exchange rates


Higher share of ancillary income and income
from sold equipment
Breakdown of net sales
MEUR
100 % 3% 4% 200
29 % 6.3 +22%
80 % 31 %
150 5.1 +19%
51.8
60 % 43.7
100 +11%
40 %
67 % 66 %
50 100.8 111.7
20 %

0% 0
Q2/2011 Q2/2012 Q2/2011 Q2/2012

Rental income Rental income
Ancillary income Ancillary income
Income from sold equipment Income from sold equipment

Share of ancillary income has increased from last year due to a higher
degree of work and services in our solutions offering

Continued focus on trading, increased income from sale of equipment
YoY in the second quarter


Gross margin increased slightly in Q2/2012
compared to previous year

Gross margin by quarter

71 %
70 %
69 % 69 %
68 %
68 % 68 % 68 % 68 %
67 %
67 % 67 %
66 % 66 %
66 %
65 %
65 %

Q1 Q2 Q3 Q4 FY

2009 2010 2011 2012


Number of employees decreased in Europe
Central due to reorganisation

Number of employees by segment

879
825
727
676
633 630
596 619
563
518
486 471
411 439 433

160 186 178

Finland Sweden Norway Denmark Europe East Europe
Central
Personnel 30/6/11 Personnel 31/12/11 Personnel 30/6/12

At the end of June 2012, the Group’s number of employees was
3,129 (3,185) persons


We continue to optimize our outlet network –
379 outlets at the end of June 2012

Number of outlets per segment

379
359

90
99

60
52
22
18
43
37

57 84

96 80

2008 2009 2010 2011 2012

Finland Sweden Norway Denmark Europe East Europe Central

28

Fixed cost level development is stable
Fixed costs by quarter (MEUR)

70 68
66 65
62 63 62
57 57 56 56
52 52 54
28 25
25 25
24 27 25
23 23 22 23
22 19 22

41 42 42 40
35 38 37 37
30 33 33 33 33 32

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2009 2010 2011 2012

Employee benefit expenses Other operating expenses

The fixed cost level increased year-on-year due to
• Acquisitions
• Expenses related to development work on Ramirent’s common platform


Q2 EBIT margin increased to 13.4%

EBIT margin by quarter

19.6%
18.2% 18.4%
17.0%
13.6% 13.4%
11.8%
10.8% 10.3%
9.0%
7.5% 7.5%
5.9% 5.8%

2.0%

-2.9%
-5.0%

-11.4%

2008 2009 2010 2011 2012

EBIT-margin January-June 2012: 10.5% (6.4%)


Q2 EBIT margin improved in all segments
except Europe Central

EBIT-margin by segments

17.0% 16.9%
16.5%

14.2%
13.4% 12.9%

10.3% 10.8%

7.9% 7.5%
5.7%

2.0%
0.9%

-2.9%


Q2/11 Q2/12
Q2/11 Q2/12


Q2/2012 rental fleet investments were 21.7
MEUR
Purchased and sold equipment by quarter (MEUR)

67

38
34
30
20 22
12
5 6 8 6
4

Q1 Q2 Q3 Q4 Q1 Q2
2011 2012

Purchased equipment Sold equipment

In Q2/2012, gross capital expenditure was EUR 23.9 (44.6) million of which
EUR 21.7 (38.4) million in rental fleet
The value of sold rental equipment was EUR 6.3 (5.1) million
Committed investments at the end of quarter were EUR 7.3 (21.7) million


Capital expenditure below previous year’s
level except in Sweden

Capital Expenditure by segments (MEUR)

76

60

33
25
18
12 10
9 8 7
5 5 3
1


1-6/2011 1-6/2012
1-6/2011 1-6/2012
Capital expenditure increased in Sweden due to the acquisition of
TLM (Tannefors Lift- och Maskinuthyrning) in early 2012


Working capital at 5% of net sales

Working capital by quarter (MEUR)
160 10 %
8%
120
6%
80 124 131
109 120 114 4%
88 90 90 99 97 95
86 80 83
40 2%
0%
16 15 15 15 15 14 14 16 16 17 17 17 18 18
0 -2 %
-66 -68 -70 -67 -69 -4 %
-40 -86 -86 -89 -82 -84
-107 -109 -112
-139 -6 %
-80
-8 %
-120 -10 %
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2009 2010 2011 2012
Inventories
Trade and other receivables
Trade payables and other liabilities
Working capital/Net sales Rolling 12 month basis

Q2/12 credit losses and net change in the allowance for bad debt
totalled EUR −0.9 (−0.7) million


Invested capital increased slightly to 605 MEUR,
ROI at 19%

Invested capital (MEUR) and ROI (%) by quarter
700 30 %
588 591 605
600 568
536 25 %
508
500
20 %
19 % 19 %
400
16 % 15 %
300 13 %
10 % 10 %
200 9%

100 5%

0 0%
Q1 Q2 Q3 Q4 Q1 Q2
2011 2012

Invested capital ROI (R12) ROI target

Capital turnover amounted to 123% (109%) for the last 12 months
at the end of June 2012


Q2/2012 cash flow after investments 7.3 MEUR

Cash flow after investments (MEUR)

66.5

25.2 27.8 22.4 24.2
17.9 19.5 15.9
13.4 14.4
6.4 7.3

-4.0
-10.7
-20.4
-29.9
-36.8
-54.8

2008 2009 2010 2011 2012

Cash flow after investments Rolling 12 months


Net debt increased by 22.9 MEUR in Q2 2012;
gearing was 87.2% at end of the period
Net debt and gearing
MEUR
400 113 % 120 %
106 % 108 %
350 96 % 99 %
81 % 100 %
86 % 92 %
300 84 % 84 87 %
81 % %
69 % 80 %
74 %
71 % 80 %
250 70 % 68 % %
68
64 % 60 %
200 56 % 60 %

150
40 %
100
20 %
50

0 0%
2004
2005
2006
2007 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2008 2009 2010 2011 2012
Net debt Gearing (%)

Equity ratio was 39.4% (42.5%)
Net debt amounted to EUR 280.6 (238.2) million


At end of Q2/12, Ramirent had unused
committed back-up facilities of 109.1 MEUR
Repayment schedule of interest-bearing liabilities (MEUR)

390 MEUR in committed credit facilities

280.6 MEUR in net debt
240

150

2012 2013 2014 2015 2016 2017

In addition to bank facilities, Ramirent is utilising a domestic
commercial paper program of up to EUR 150 million


Ramirent is in good shape to manage
possible changes in market conditions

Broadest range of equipment and
Dynamic Rental SolutionsTM

3,129 dedicated problem solvers

Wide network of outlets close to our customers

Strong financial position

Deriving higher synergies through a more uniform
”Ramirent platform” and brand

39

For more information:
www.ramirent.com

Magnus Rosén, CEO
+358 20 750 2845
magnus.rosen@ramirent.com

Jonas Söderkvist, CFO
+358 20 750 3248
jonas.soderkvist@ramirent.com

Franciska Janzon, IR
+358 20 750 2859
franciska.janzon@ramirent.com

COMPANY OVERVIEW

41

Ramirent in brief

Leading equipment rental company in Northern, Central
and Eastern Europe with net sales of EUR 650 million
(2011)

379 rental customer centers located in 13 countries and
providing 200 000 rental items

3 129 employees serving 100 000 customers

Founded in 1955 and headquartered in Finland

Listed on NASDAQ OMX Helsinki since 1998


More than 50 years of experience as a
supplier to the construction industry

Greenfield
Steel Nail shop First move entry to
Rakennusmies outside Finland Enter Acquires Czech Republic
founded through JV in Lithuania Bautas in
Moscow, Russia Norway
The rental Acquires
business is MBO by key Enter Altima in
established personnel and Poland Sweden
capital investors

1955 1983 1988 1994 1995 1996 1997 1998 2000 2001 2002 2003 2004 2005 2006 2008

Acquired by Partek Enter Renamed Enter
and renamed Latvia Ramirent Ukraine
A-rakennusmies Plc
Enter
The third county
Slovakia
becomes Estonia with Listed on the Greenfield
the expansion to Helsinki Stock entry to
Tallinn Exchange Hungary

43

Our strategic choices

Vision
To be the leading and most progressive equipment
rental solutions company in Europe, setting the
benchmark for industry performance and customer
service

Mission
We simplify business by Delivering Dynamic
Rental Solutions™

Values
Open, Progressive, Engaged

Brand promise
Let’s solve it

44

One of the leading equipment rental companies
both in Europe (#3) and globally (#13)
Largest rental companies in Europe Largest rental companies globally
Turnover 2011 (MEUR) Turnover 2011 (MEUR)

United Rentals
Loxam
Aggreko
Cramo
RSC Equipment Rental
Ramirent
Ashtead Group
Algeco
Scotsman Coates Hire Ltd

Speedy Hire Algeco Scotsman

Aktio Corp
Sarens
Hertz Equipment Rental
Kiloutou
Loxam
HKL
Baumaschinen Nikken Corp
Mediaco
Levage Nishio Rent All Co

Cramo

Ramirent
0 200 400 600 800 1000
0 500 1000 1500 2000 2500
Source: IRN June 2012

45

Leading market position in five of our six
geographical segments
Finland
80 depots
Sweden (25 franchises)
84 depots Market #1
Employees Q2/12 Norway
(10 franchises)
Market #2
43 depots
Europe Finland (4 franchises)
Central 619 Market #1
676

Europe East
60 depots
10 re-renting
Total agents
Denmark
3,129 Market #1
22 depots
Sweden Market #1
Europe 727
East Europe Central
433 90 depots
(24 franchises)
Market #1
Denmark
Norway
178
471

46

Nordic countries are our largest markets and
construction is our largest customer sector

Sales per segment 1-6/2012 Sales per customer sector 2011

Europe
Central Households
Public sector 5%
9% Finland 5%
Europe
East 24% Construction
76%
8%
Industry
14 %
Denmark
6%

Norway
24% Sweden
29%

47

Broadest range of equipment and
Dynamic Rental SolutionsTM

SOLUTIONS
• Total • Power
SERVICES Management • Access
• Eco solutions • Climate
• Planning & design • Fuel/gas refilling
• Safety • Space
• Ramirent • Site logistics
• Event
know-how coordinator
PRODUCTS
• Transportation • Facility
RAMIRENT OFFERING

• Lifts • Modules • Installation management
Benefits:
• Heavy machinery • Safety and • Maintenance • Paperwork
• Tower cranes formworks • Inspections for authorities
Easy to buy, reduced number of
and hoists • Light machinery • Insurance • Technical
subcontractors, increased focus
• Scaffolding • Power and heating • Operators support
on the core business

Benefits: Benefits:
Lighter balance sheets, More uptime in core operations OUTSOURCING
less investments due to less downtime in equipment, Benefits:
less maintenance costs, right choice
By outsourcing your
of equipment improves efficiency,
machine fleet to Ramirent,
less product liability risk
companies can increase
efficiency and simplify their
business by focusing on
INDUSTRIES core competences
• Construction • Mining • Paper
• Power generation • Oil & gas
• Shipyards • Facility management
• Public sector • Households

CUSTOMER NEEDS

48

Light machinery, lifts and modules are the biggest
product groups measured by rental income

19% 8% 5% 11%

TOWER CRANES
LIFTS HEAVY MACHINERY AND HOISTS SCAFFOLDING

17% 5% 26% 10%

MODULES SAFE LIGHT MACHINERY POWER & HEATING

Ramirent’s equipment fleet is organised along eight core product groups

49


The Group’s key strategic objectives

Sustainable profitable growth
Accelerate growth through acquisitions and outsourcing deals
Evaluate entry into new markets
Strengthen local offerings and develop solution concepts

Operational excellence
Develop a common Ramirent platform
Develop group wide IT platform and realise synergies
Maintain strong focus on cost efficiency

Balanced risk level
Diversified portfolios of customers, products and markets
Continuous employee competence development
A strong financial position

50


Strong long-term growth drivers

Long-term growth industry Increasing rental penetration

70 %
100 %
Increasing rental penetration in most

60 %
90 %
markets, still high potential compared 80 %

45 %
40 %
40 %
70 %
to mature UK market

30 %
30 %
60 %

25 %
20 %
20 %
Fragmented European rental market of 50 %

15 %
15 %
15 %
10 %
10 %
10 %
40 %
EUR 20bn with top 10 rental companies 30 %

5%
20 %
accounting for 19% of the market 10 %
CEE construction markets on a low 0 %
level compared to Nordics and Western
Europe

European consolidation opportunities High potential CEE construction markets

Inhabitants
Ramirent (million)

Loxam Construction
output (BEUR)
Cramo
Algeco Scotsman
Speedy Hire
Liebherr-Mietpartner
GAM
Mediaco Lifting
Sarens
Kiloutou
HKL Baumschinen
Others

St. Petersburg + Moscow only 51
Source: ERA, Euroconstruct Interim Report January-June 2012 l 9 August 2012

The Group’s financial targets

• ROI >18% p.a. over a business cycle

• EPS growth > 15% p.a. over a business cycle

• Gearing ≤ 120% at end of each fiscal year

• Dividend pay-out > 40% of earnings per share

52

Consolidated income statement
CONSOLIDATED INCOME STATEMENT 4-6/12 4-6/11 1-6/12 1-6/11 1-12/11
(EUR 1,000)
Rental income 111 693 100 754 214 766 187 794 430 848
Ancillary income 51 788 43 662 105 533 87 227 192 355
Sales of equipment 6 258 5 111 13 770 8 858 26 658
NET SALES 169 738 149 527 334 069 283 878 649 861
Other operating income 557 327 983 669 1 526

Materials and services -53 748 -47 628 -108 803 -91 443 -209 357
Employee benefit expenses -40 210 -36 599 -82 699 -73 229 -156 101
Depreciation and amortisation -28 859 -25 154 -58 370 -50 087 -107 659
Other operating expenses -24 732 -25 026 -50 093 -51 661 -104 140
EBIT 22 746 15 446 35 087 18 127 74 131

Financial income 2 549 1 990 9 565 4 106 11 405
Financial expenses -5 319 -4 921 -14 006 -9 875 -24 776
EBT 19 976 12 515 30 646 12 358 60 760
Income taxes -5 019 -3 438 -7 792 -3 388 -16 030
NET RESULT FOR THE PERIOD 14 958 9 078 22 854 8 970 44 730

Net result for the period attributable to:
Owners of the parent company 14 958 9 078 22 854 8 970 44 730
Non-controlling interest - - - - -
TOTAL 14 958 9 078 22 854 8 970 44 730

EPS on parent company shareholders'
0.14 0.08 0.21 0.08 0.41
share of profit, basic and diluted, EUR

54

Balance sheet – Assets
CONSOLIDATED BALANCE SHEET 30.6.2012 30.6.2011 31.12.2011
ASSETS
(EUR 1,000)
NON-CURRENT ASSETS
Property, plant and equipment 477 196 443 969 487 310
Goodwill 134 394 96 379 124 452
Other intangible assets 39 864 12 079 35 719
Available-for-sale investments 1 450 422 1 368
Deferred tax assets 12 875 14 811 12 183
NON-CURRENT ASSETS, TOTAL 665 778 567 660 661 032

CURRENT ASSETS
Inventories 18 103 16 987 17 309
Trade and other receivables 131 019 108 574 120 000
Current tax assets 193 2 333 344
Cash and cash equivalents 2 089 2 029 2 431
CURRENT ASSETS, TOTAL 151 404 129 923 140 084

TOTAL ASSETS 817 183 697 583 801 117

55

Balance sheet – Equity and liabilities
EQUITY AND LIABILITIES 30.6.2012 30.6.2011 31.12.2011
(EUR 1,000)
EQUITY
Share capital 25 000 25 000 25 000
Revaluation fund -4 568 -1 632 -4 192
Invested unrestricted equity fund 113 329 113 329 113 329
Retained earnings 188 243 159 487 191 862
PARENT COMPANY SHAREHOLDERS’ EQUITY 322 004 296 184 326 000
Non-controlling interests - - -
EQUITY, TOTAL 322 004 296 184 326 000

NON-CURRENT LIABILITIES
Deferred tax liabilities 78 082 60 625 73 690
Pension obligations 7 008 7 158 7 226
Provisions 1 140 1 945 1 553
Interest-bearing liabilities 223 818 149 974 219 773
Other long-term liabilities 9 133 2 452 11 748
NON-CURRENT LIABILITIES, TOTAL 319 180 222 154 313 990

CURRENT LIABILITIES
Trade payables and other liabilities 111 592 84 125 109 020
Provisions 1 221 1 041 1 163
Current tax liabilities 4 273 3 832 5 496
Interest-bearing liabilities 58 913 90 247 45 448
CURRENT LIABILITIES, TOTAL 175 999 179 245 161 127

LIABILITIES, TOTAL 495 178 401 398 475 117

TOTAL EQUITY AND LIABILITIES 817 183 697 583 801 117

56

Key figures
(MEUR) 4-6/12 4-6/11 Change 1-6/12 1-6/11 Change 1-12/11
Net sales 169.7 149.5 13.5% 334.1 283.9 17.7% 649.9
EBITDA 51.6 40.6 27.1% 93.5 68.2 37.0% 181.8
% of net sales 30.4% 27.2% 28.0% 24.0% 28.0%
EBIT 22.7 15.4 47.3% 35.1 18.1 93.6% 74.1
% of net sales 13.4% 10.3% 10.5% 6.4% 11.4%
EBT 20.0 12.5 59.6% 30.6 12.4 148.0% 60.8
% of net sales 11.8% 8.4% 9.2% 4.4% 9.3%
Earnings per share (EPS), (basic and
0.14 0.08 65.4% 0.21 0.08 155.6% 0.41
diluted), EUR
Gross capital expenditure on non-
23.9 44.6 -46.4% 59.6 76.5 -22.0% 242.2
current assets
Gross capital expenditure,% of net
14.1% 29.8% 17.8% 26.9% 37.3%
sales
Cash flow after investments 7.3 -20.4 135.5% 13.6 -31.1 143.8% -52.0
Invested capital at the end of period 604.7 536.4 12.7% 591.2
Return on invested capital (ROI), % 18.9% 10.4% 15.7%
1)

Return on equity (ROE), % 1) 19.0% 8.3% 13.9%
Net debt 280.6 238.2 17.8% 262.8
Gearing, % 87.2% 80.4% 80.6%
Equity ratio, % 39.4% 42.5% 40.7%
Personnel at end of period 3 129 3 185 -1.8% 3 184
1) The figures are calculated on a rolling twelve month
basis.

57

Condensed cash flow statement
CONSOLIDATED CONDENSED CASH FLOW STATEMENT 4-6/12 4-6/11 1-6/12 1-6/11 1-12/11

(EUR 1,000)
Cash flow from operating activities 34 198 23 674 75 417 51 005 177 433

Cash flow from investing activities -26 947 -44 090 -61 776 -82 146 -229 475

Cash flow from financing activities
Borrowings / repayment of short-term debt 22 168 29 886 13 668 48 595 30 584
Borrowings / repayment of long-term debt 192 18 768 5 210 13 604 52 919
Purchase of treasury shares - -116 -2 714 -3 378 -3 378
Dividends paid -30 147 -27 004 -30 147 -27 004 -27 004
Cash flow from financing activities -7 786 21 534 -13 983 31 817 53 121

Net change in cash and cash equivalents -535 1 117 -342 676 1 079

Cash and cash equivalents at the beginning of the period 2 625 911 2 431 1 352 1 352
Translation difference on cash and cash equivalents - - - - -
Net change in cash and cash equivalents -535 1 117 -342 676 1 079
Cash and cash equivalents at the end of the period 2 089 2 029 2 089 2 029 2 431

58

Segment information
Net sales, MEUR 4-6/12 4-6/11 Change 1−6/12 1−6/11 Change 1-12/11

Finland, net sales
41.0 35.6 15% 78.9 64.8 22% 151.4
(external)
-Inter-segment sales 0.5 0.9 -50% 0.9 2.0 -55% 3.3
Sweden, net sales
49.8 42.1 18% 97.9 83.1 18% 182.0
(external)
-Inter-segment sales 1.2 - N/A 1.2 0.3 269% 0.6
Norway, net sales
38.1 30.4 25% 81.8 62.9 30% 144.3
(external)
-Inter-segment sales - 0.1 N/A 0.1 0.2 -56% 0.5
Denmark, net sales
11.2 9.7 16% 21.0 17.9 18% 43.5
(external)
-Inter-segment sales - 0.2 N/A - 0.4 N/A 0.6
Europe East, net sales
15.0 13.0 15% 27.0 22.3 21% 55.8
(external)
-Inter-segment sales - - N/A 0.2 0.1 80% 0.2
Europe Central, net sales
14.8 18.7 -21% 27.6 33.0 -17% 72.8
(external)
-Inter-segment sales 0.5 0.3 103% 1.0 0.3 192% 1.0
Elimination of sales
-2.2 -1.5 -50% -3.4 -3.4 - -6.3
between segments

Net sales, total 169.7 149.5 14% 334.1 283.9 18% 649.9

59

EBIT by segment

EBIT (EUR million) 4-6/12 4-6/11 Change 1−6/12 1−6/11 Change 1-12/11

Finland 7.0 4.7 49% 12.0 6.1 98% 22.8

% of net sales 17.0% 12.9% 15.0% 9.1% 14.7%
Sweden 8.6 7.0 24% 15.1 13.1 15% 33.2
% of net sales 16.9% 16.5% 15.3% 15.7% 18.2%
Norway 5.4 2.4 126% 9.3 2.8 236% 11.2
% of net sales 14.2% 7.9% 11.4% 4.4% 7.7%
Denmark 0.2 -0.3 N/A - -1.5 N/A 0.1
% of net sales 2.0% -2.9% 0.1% -8.4% 0.2%
Europe East 1.6 1.0 65% 1.5 -0.7 327% 5.9
% of net sales 10.8% 7.5% 5.7% -3.0% 10.5%
Europe Central 0.1 1.1 -88% -2.1 -0.1 N/A 5.5
% of net sales 0.9% 5.7% -7.3% -0.3% 7.4%
Net items not allocated
-0.3 -0.4 20% -0.8 -1.5 44% -4.5
to operating segments
Group EBIT 22.7 15.4 47% 35.1 18.1 94% 74.1
% of net sales 13.4% 10.3% 10.5% 6.4% 11.4%

60

Rr results q2_2012_final

Recomendados

Recomendados

Más contenido relacionado

La actualidad más candente

La actualidad más candente (20)

Destacado

Destacado (7)

Similar a Rr results q2_2012_final

Similar a Rr results q2_2012_final (20)

Más de Ramirent Group

Más de Ramirent Group (15)

Último

Último (20)

Rr results q2_2012_final