Ramirent Interim Report Q2 2014

© 2014 Ramirent
Q2
Interim Report January–June 2014
NEW STRATEGIC
ACQUISITIONS IN SLOW
SECOND QUARTER
29 July 2014
Magnus Rosén, President and CEO
Jonas Söderkvist, CFO and EVP Corporate Functions

© 2014 Ramirent© 2014 Ramirent
Agenda
2
Group performance
Segment review
Market outlook
Key figures
Financial position
Company overview
Appendix

© 2014 Ramirent 3
New strategic acquisitions in slow second quarter
Key figures Q2/2014
Business performance
Market situation
Slower than expected sales of equipment rental in many of our
markets
Demand picked up in Finland, the Baltic States and in Poland
Net sales down by 5.6% or by 2.1% at comparable exchange rates
EBITA MEUR 16.2 (22.7) or 10.7% (14.1%) of net sales
Gross capex MEUR 78.3 (30.0)
Cash flow after investments MEUR -21.5 (-5.2)
Efficiency improvement measures and strict cost control continued, but
were insufficient to mitigate impact on profitability from lower demand
New acquisitions strengthen offering in core areas of safety, weather
protection and industrial services
Interim Report January–June 2014 l 29 July 2014

© 2014 Ramirent 4
Second quarter net sales decreased by 2.1% at
comparable exchange rates
Change in net sales Q2/2014
-5.6%
-2.1%
-6%
-5%
-4%
-3%
-2%
-1%
0%
Q2/2014 reported Q2/2014 at comparable
exchange rates
Net sales (MEUR) Q2/2014
Net sales down by 5.6% or 2.1% at comparable
exchange rates
160.8 151.8
0
20
40
60
80
100
120
140
160
180
Q2/2013 reported Q2/2014 reported
In Sweden and Norway, lower than expected sales and
slow progress in certain projects impacted on sales
In Finland, sales increased mainly due to acquisitions
and recovering market demand in central and south
region

© 2014 Ramirent 5
Second–quarter EBITA margin was below the previous
year level
14.1%
10.7%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
Q2/2014 reported EBITA margin 10.7%
(14.1%)
EBITA margin
EBITA (MEUR) Q2/2014
22.7
16.2
0
5
10
15
20
25
Q2/2014 reported EBITA MEUR 16.2 (22.7)

© 2014 Ramirent 6
Earnings per share weakened to 0.07 (0.11)
Earnings Per Share (EPS)
-0.05
0.04
0.08
0.07
0.00
0.08
0.17
0.16
0.07
0.14
0.19
0.18
0.10
0.11
0.16
0.13
0.02
0.07
-0.06
-0.04
-0.02
0.00
0.02
0.04
0.06
0.08
0.10
0.12
0.14
0.16
0.18
0.20
0.22
Q1
2010
Q2 Q3 Q4 Q1
2011
Q2 Q3 Q4 Q1
2012
Q2 Q3 Q4 Q1
2013
Q2 Q3 Q4 Q1
2014
Q2

© 2014 Ramirent 7
Two complementary acquisitions and one outsourcing
deal signed in the second quarter 2014
M&A criteria
 Supports growing
focus on safety and
creates a specialised
customer offer
through Ramirent's
network
 Strengthens
position in the
growing field of
weather protection
 Strengthens capabilities
in developing
services to industrial
customer base
DCC
 Sweden-based Safety
Solutions Jonsereds AB
specialises in fall protection
and safety systems design
 18 employees
 DCC (Dry Construction
Concept) is a provider of
weather shelter solutions
and scaffolding in Sweden,
Finland and Denmark
 Annual sales approx. EUR
16 million and 120
employees
 Outsourcing of significant
parts of Empower's fleet
equipment in Finland
 Estimated annual sales of
approx. EUR 1 million

© 2014 Ramirent 8
Events after the reporting period: Ramirent and
Zeppelin Rental launch Joint Venture for Fehmarnbelt
tunnel construction project
JV rationale
 Both parties
committed to high
standards of
quality and job
safety as well as
sustainability
 Shared expertise
in handling large-
scale projects
 Complementary
fleet capacity,
know how and
services
 The Joint Venture
Fehmarnbelt Solutions
Services ― subject to
relevant authorities approval
― will serve the cross-border
tunnel construction project
between Denmark and
Germany
 JV offers modular space,
maintenance and repair, logistic
and safety management, energy
and climate solutions as well as
other site services
 Unique customer
offer on both the
German and
Danish side
 The project's estimated
construction volume is 5.5
billion Euros, of which
potential equipment rental
volume amounts to 1-3%.

© 2014 Ramirent
Customer
First
Common
Ramirent
Platform
Sustainable
profitable
growth
Balanced
business
portfolio
9
Continued focus on Ramirent's strategic priorities
Strong local customer
orientation and tailored
offerings
Increased
synergies &
operational
excellence
Further widening
the customer
base

© 2014 Ramirent
Rental developing into two complementary business
models…
10
 Primarily small and medium
sized customers
 Primarily machines and basic
services
Retail / OTC Proactive Solutions Provider
 Primarily large and medium
sized customers
 Solutions provider through
equipment, services and
technical know-how
 Focus on key account
management and partnerships

© 2014 Ramirent 11
Equipment Services
Rental Business and
Sector Knowledge
Benefits
Lighter balance
sheets, less
investments
Benefits
More uptime in core operations
due to less downtime in
equipment, less maintenance
costs, right choice of equipment
improves efficiency, less product
liability risk
Benefits
Understanding client
requirements helps to
customise product
selection and further
improve productivity
Heavy Equipment
Access Equipment
Lifts, Hoists,
Scaffolding, Tower cranes
Modules and site
equipment
Light Equipment
Tools, power and heating
equipment
• Planning
• On-site services
• Logistics
• Merchandise sale
• Rental insurance
• Training
• Construction
• Mining
• Paper
• Power generation
• Oil & Gas
• Shipyards
• Retail & Service
• Public sector
• Households
Integrated
Solutions
Benefits
Easy to buy,
reduced number of
subcontractors,
increased focus on
the core business
…creating an opportunity for Ramirent
to leverage on its know-how

© 2014 Ramirent 12
Sales and
pricing
Fleet
management
Sourcing
Other
• Development of the network and customer care model
• Revenue management
• Promoting of services and integrated solutions
• Optimisation of fleet life-cycle
• Development of logistics and maintenance & repair
processes
• Developing support processes and systems
• Optimisation of sourcing terms and supplier portfolio
• Common system platform and performance management
model
• Developing efficient back-office functions
Efficiency actions run across all operations
We drive an agenda to increase EBITA
margin to 17% by the end of 2016

© 2014 Ramirent© 2014 Ramirent 13
Group performance
Segment review
Market outlook
Key figures
Financial position
Company overview
Appendix

© 2014 Ramirent 14
Finland Q2/2014: Acquisitions and recovering
market demand supported sales growth
• Net debt to EBITDA 1.1x in Q4
• Long-term financial target: below 1.6x
(at the end of FY)
17.7%
16.6%
15.4%
0%
5%
10%
15%
20%
25%
30%
Q1
2012
Q2 Q3 Q4 Q1
2013
Q2 Q3 Q4 Q1
2014
Q2
Net sales (MEUR)Highlights Q2/2014
41.4
36.4
39.0
0
5
10
15
20
25
30
35
40
45
50
Q1
2012
Q2 Q3 Q4 Q1
2013
Q2 Q3 Q4 Q1
2014
Q2
EBITA marginKey figures
Net sales increased mainly due to
acquisitions and recovering market
demand in Central and South region
Profitability was supported by cost
control and increased demand for
solutions
Finland
Q2
2014
Q2
2013
Change 2013
Net sales, MEUR 39.0 36.4 7.3% 151.9
EBITA, MEUR 6.0 6.0 −0.7% 25.7
% of net sales 15.4% 16.6% 16.9%
Capital expenditure,
MEUR
22.3 6.4 246.5% 28.8
Personnel (FTE) 532 586 −9.2% 547
Customer centres 68 76 −10.5% 74
Net sales up by
7.3%

© 2014 Ramirent 15
Sweden Q2/2014: Sales were negatively impacted by
lower than expected demand
(at the end of FY)
18.3%
18.0%
13.8%
0%
5%
10%
15%
20%
25%
Q1
2012
Q2 Q3 Q4 Q1
2013
Q2 Q3 Q4 Q1
2014
Q2
50.9 53.1
48.7
0
10
20
30
40
50
60
70
Q1
2012
Q2 Q3 Q4 Q1
2013
Q2 Q3 Q4 Q1
2014
Q2
Sales were negatively impacted by
lower than expected demand and slow
progress in start-up of new projects
Cost reductions are being
implemented
Net sales down by
8.4% or by 3.3% at
comparable exchange
rates
Sweden
Q2
2014
Q2
2013
Change 2013
Net sales, MEUR 48.7 53.1 −8.4% 207.3
EBITA, MEUR 6.7 9.6 −29.8% 36.6
% of net sales 13.8% 18.0% 17.6%
MEUR
35.9 8.2 336.1% 35.8
Personnel (FTE)1)
764 694 10.1% 656
1) The increase in number of employees was mainly due to the
acquisition of DCC

© 2014 Ramirent 16
Norway Q2/2014: Profitability burdened by weaker
demand and pricing pressure
(at the end of FY)
15.8%
20.4%
12.5%
0%
5%
10%
15%
20%
25%
Q1
2012
Q2 Q3 Q4 Q1
2013
Q2 Q3 Q4 Q1
2014
Q2
38.1 38.8
33.8
0
10
20
30
40
50
60
Q1
2012
Q2 Q3 Q4 Q1
2013
Q2 Q3 Q4 Q1
2014
Q2
Sales declined as a result of weaker
demand from the residential sector
Profitability was impaired by
decreased fleet utilisation and
continued pricing pressure
Net sales down by
12.8% or by 5.9% at
comparable exchange
rates
Norway
Q2
2014
Q2
2013
Change 2013
Net sales, MEUR 33.8 38.8 −12.8% 153.6
EBITA, MEUR 4.2 7.9 −46.7% 22.0
% of net sales 12.5% 20.4% 14.3%
MEUR
4.8 8.3 −42.2% 34.5
Personnel (FTE) 449 465 −3.3% 460
Customer centres 43 43 - 43

© 2014 Ramirent
Denmark
Q2
2014
Q2
2013
Change 2013
Net sales, MEUR 9.1 11.2 −18.8% 44.0
EBITA, MEUR −1.7 −0.0 n/a −4.31)
% of net sales −19.1% −0.4% −9.7%1)
MEUR
1.7 2.2 −23.5% 6.6
Personnel (FTE) 136 184 −26.0% 175
Customer centres 16 16 − 16
17
Denmark Q2/2014: Lower sales level burdened
profitability
(at the end of FY)
2.5%
-0.4%
-19.1%
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
Q1
2012
Q2 Q3 Q4 Q1
2013
Q2 Q3 Q4 Q1
2014
Q2
11.2 11.2
9.1
0
2
4
6
8
10
12
14
Q1
2012
Q2 Q3 Q4 Q1
2013
Q2 Q3 Q4 Q1
2014
Q2
Sales decreased due to weakened
demand in especially western parts of
Denmark
Activities to streamline operations
and realise synergies with Sweden
continued
Net sales down by
18.8% or by 18.7% at
comparable exchange
rates
1) EBITA excluding non–recurring items was EUR −2.8 million or −6.3% of net sales in January–
December 2013.
The non-recurring items included the EUR 1.5 restructuring provision for the third quarter of 2013. Interim Report January–June 2014 l 29 July 2014

© 2014 Ramirent 18
Europe East Q2/2014: Sales growth driven by
good demand in the Baltic States
(at the end of FY)
15.0
7.6 8.2
0
2
4
6
8
10
12
14
16
18
20
Q1
2012
Q2 Q3 Q4 Q1
2013
Q2 Q3 Q4 Q1
2014
Q2
Sales growth driven by residential
construction and power plant projects
in the Baltic States
Increased rental income and higher
fleet utilisation supported profitability
Uncertainty continued in Fortrent
markets
Net sales up by 8.4%
and also by 8.4% at
comparable exchange
rates
1) EBITA excluding non–recurring items was EUR 7.2 million, representing 20.2% of net sales.
The non–recurring items included the non–taxable capital gain of EUR 10.1 million from the formation of Fortrent,
recorded in the first quarter of 2013.
113.5%
Q1/2013 EBITA
margin excl. non-
recurring items was
9.1%
Europe East
Q2
2014
Q2
2013
Change 2013
Net sales, MEUR 8.2 7.6 8.4% 35.5
EBITA, MEUR 1.0 0.1 n/a 17.31)
% of net sales 12.1% 0.8% 48.8%1)
MEUR
4.7 2.8 66.6% 9.6
Personnel (FTE) 233 237 −1.7% 235
Customer centres 42 41 2.4% 41
The Baltic States
11.2%
0.8%
12.1%
11.4%
14.1%
-5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
Q1
2012
Q2 Q3 Q4 Q1
2013
Q2 Q3 Q4 Q1
2014
Q2

© 2014 Ramirent 19
Europe Central Q2/2014: Price increases started to
strengthen profitability
(at the end of FY)
2.4% 2.7%
5.8%
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
Q1
2012
Q2 Q3 Q4 Q1
2013
Q2 Q3 Q4 Q1
2014
Q2
15.3
14.1 13.3
0
2
4
6
8
10
12
14
16
18
20
Q1
2012
Q2 Q3 Q4 Q1
2013
Q2 Q3 Q4 Q1
2014
Q2
Comparable sales increased thanks to
large ongoing projects and increased
overall demand in Poland
Subdued demand in the Czech
Republic and Slovakia continued
Price increases started to strengthen
profitability
Adjusted for divested
operations* net sales
were up by 7.7%
1) Adjusted for the divestment of the Hungarian operations in the third quarter 2013* the increase in net sales was 7.7%.
2) EBITA excluding non–recurring items was EUR 1.2 million or 2.0% of net sales in January–December 2013.
The non-recurring items included the EUR 1.9 million loss from disposal of operations in Hungary, recorded in the third
quarter 2013.
Europe Central
Q2
2014
Q2
2013
Change 2013
Net sales, MEUR 13.31) 14.1 −5.5%1)
57.3
EBITA, MEUR 0.8 0.4 107.3% −0.72)
% of net sales 5.8% 2.7% −1.2%2)
MEUR
4.0 1.1 269.1% 7.1
Personnel (FTE) 482 585 −17.7% 479

Group performance
Segment review
Market outlook
Key figures
Financial position
Company overview
Appendix
20

© 2014 Ramirent 21
Strongest construction output growth expected
in Sweden and Poland in 2014
Construction output growth estimates for 2014
Source: Euroconstruct 6/2014
Nordic countries
Baltic countries and Europe Central
2014E
Finland 0.8%
Sweden 4.4%
Norway 0.4%
Denmark 2.5%
2014E
Estonia -7.0%
Latvia -2.0%
Lithuania 3.0%
Poland 4.2%
The Czech Republic -3.8%
Slovakia 1.7%

© 2014 Ramirent 22
Total Nordic construction market expected to recover
slightly in 2014
Construction output in the Nordic countries (index)
93
106
113
90
70
80
90
100
110
120
130
2008 2009 2010 2011 2012 2013 2014E 2015F
Finland Sweden Norway Denmark Total
Total Nordic
construction output
2014F: +1.9%

© 2014 Ramirent 23
Poland clearly the strongest market in Europe Central
Construction output in the Baltic Countries
and Europe Central countries (index)
85
120
72
70
50
60
70
80
90
100
110
120
130
2008 2009 2010 2011 2012 2013 2014E 2015F
The Baltic Countries Poland The Czech Republic Slovakia

© 2014 Ramirent 24
Nordic construction order books including Skanska,
NCC and YIT increased by 2.6% compared to the
previous year
Nordic construction companies order books
(at comparable exchange rates)
billion
Nordic
construction
order books
including
Skanska, NCC
and YIT
increased by
2.6% at
comparable
exchange
rates
compared to
the previous
year
Ramirent's
rolling
12 months net
sales declined
by 10.2% (y-
o-y)
*YIT's order book not fully comparable as it includes also order book from the Baltic States,
Slovakia and the Czech Republic (change in reporting structure as of Q1/2014). Interim Report January–June 2014 l 29 July 2014
-40%
-20%
0%
20%
40%
60%
0
2
4
6
8
10
12
Q1
2007
Q2 Q3 Q4 Q1
2008
Q2 Q3 Q4 Q1
2009
Q2 Q3 Q4 Q1
2010
Q2 Q3 Q4 Q1
2011
Q2 Q3 Q4 Q1
2012
Q2 Q3 Q4 Q1
2013
Q2 Q3 Q4 Q1
2014
Q2
NCC Skanska
YIT* Change in Net sales (y-o-y), R12 Ramirent
Change in order backlog (y-o-y), Nordic construction

The economic growth in 2014 is
expected to be modest and construction
market demand remains mixed in our
core markets.
Ramirent will maintain strict cost
control and, for 2014, capital
expenditure is expected to be around
the same level as in 2013.
The strong financial position will enable
the Group to continue to address
profitable growth opportunities.
Ramirent outlook for
2014 unchanged

Group performance
Segment review
Market outlook
Key figures
Financial position
Company overview
Appendix

27
Finland Sweden Norway Denmark Baltics Central
NetSales
(MEUR)
EBITAmargin
(%)
R12 Q1/2013 R12 Q1/2014
Rolling 12 months EBITA margin improved in the Baltic
States and Europe Central
17.9% 17.0% 16.0%
0.4%
16.6%
-1.7%
16.7%
15.4%
11.0%
-13.3%
18.8%
1.4%
-20%
-10%
0%
10%
20%
Finland Sweden Norway Denmark The Baltic
States
Europe Central
158.2
214.3
169.1
43.9
29.9
59.3
151.1
198.0
144.5
42.3
32.6
57.3
0.0
50.0
100.0
150.0
200.0
Finland Sweden Norway Denmark The Baltic
States
Europe Central
1) Rolling 12 months EBITA excluding non–recurring items was EUR −4.1 million or −9.8% of net sales.
The non-recurring items included the EUR 1.5 restructuring provision for the third quarter of 2013.
2) Rolling 12 months EBITA excluding non–recurring items was EUR 3.7 million or 6.4% of net sales.
The non-recurring items included the EUR 1.9 million loss from disposal of operation in Hungary, recorded
in the third quarter 2013.
© 2014 Ramirent
1)
2)

© 2014 Ramirent 28
Net sales affected by exchange rates and lower
demand
Net sales (MEUR) Breakdown of net sales (MEUR)
104.5 98.1
48.7
47.9
7.6
5.8
0
20
40
60
80
100
120
140
160
180
Q2/2013 Q2/2014
Income from sold equipment
Ancillary income
Rental income
−24.2%
−1.8%
−6.0%
160.8
5.6 3.4
151.8
0
20
40
60
80
100
120
140
160
180
Q2/2013
reported
Exchange rates Underlying
change
Q2/2014
reported
Second-quarter net sales MEUR 151.8 (160.8) down
by 5.6% or 2.1% at comparable exchange rates
R12 net sales MEUR 623.0 (693.6) down by 10.2%

© 2014 Ramirent 29
Personnel reductions in Finland, Norway and
Denmark during the first half of the year
Customer centres Personnel (FTE)
334 325
306 304 302 301
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2
Finland Sweden Norway Denmark Europe East -Baltics Europe Central
Number of customer centres was adjusted to
prevailing market conditions in Finland during
the H1/2014
Decrease of 24 customer centres year-on-year
Second-quarter employee benefit expenses
MEUR 37.5 (39.3)
Decrease of 102 in number of employees from
Q2/13 to Q2/14
The number of employees increased in
Sweden mainly due to acquisition of DCC
Group:
2,651
(2,781)
Finland
532
Sweden
764
Norway
449
Denmark
136
Europe East -
Baltics 233
Europe
Central
482

© 2014 Ramirent 30
Ramirent’s fixed costs 2.9 MEUR lower compared to last
year
Fixed costs (MEUR) and % of Group net sales
65.1
61.5 58.6
38.3% 38.3%
38.6%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0
10
20
30
40
50
60
70
80
Q1
2012
Q2 Q3 Q4 Q1
2013
Q2 Q3 Q4 Q1
2014
Q2
Group fixed costs
MEUR 58.6 (61.5)
in the second
quarter
Second-quarter
fixed costs of net
sales 38.6%
(38.3%)
Q2/14 fixed
costs:
• Employee benefit
expenses MEUR
37.5
• Other operating
expenses MEUR
21.2
Fixed costs
rolling 12 months
MEUR 244.7 or
39.3% of net
sales

© 2014 Ramirent 31
Second-quarter EBITDA margin weakened from
the previous year
EBITDA margin
30.3%
27.8%
0%
5%
10%
15%
20%
25%
30%
35%
EBITDA margin quarterly
23.9%
27.2%
30.4% 30.3%
27.8%
0%
5%
10%
15%
20%
25%
30%
35%
Q1
2010
Q2 Q3 Q4 Q1
2011
Q2 Q3 Q4 Q1
2012
Q2 Q3 Q4 Q1
2013
Q2 Q3 Q4 Q1
2014
Q2
Second-quarter EBITDA MEUR 42.2 (48.8)
Second-quarter EBITDA margin 27.8% (30.3%)
Year-to-date EBITDA MEUR 73.9 (96.8) or 25.5%
(30.9%) of net sales
Year-to-date EBITDA excluding non-recurring
items and adjusted for transferred or divested
operations was MEUR 73.9 (84.8) or 25.5%
(27.7%)

© 2014 Ramirent 32
Second-quarter EBITA was 16.2 MEUR, 10.7% of net
sales
6.2%
11.0%
14.6%
14.1%
10.7%
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
Q1
2010
Q2 Q3 Q4 Q1
2011
Q2 Q3 Q4 Q1
2012
Q2 Q3 Q4 Q1
2013
Q2 Q3 Q4 Q1
2014
Q2
14.1%
10.7%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
Second-quarter EBITA MEUR 16.2 (22.7)
Second-quarter EBITA margin 10.7% (14.1%)
Year-to-date EBITA MEUR 23.3 (45.3) or 8.0%
(14.4%) of net sales
Year-to-date EBITA excl. non-recurring items and
adjusted for transferred or divested operations
was MEUR 23.3 (34.0) or 8.0% (11.1%)
EBITA margin EBITA margin quarterly

© 2014 Ramirent 33
Adjusted with comparable company structure, H1 EBITA
margin was 8.0% (11.1%)
45.3
35.1
10.1
1.2
34.0
23.3
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
1-6/2013
reported
Capital gain 1-6/2013
excl. capital
gain
Results of
RUS, UKR &
HUN
1-6/2013
adjusted
1-6/2014
reported
EBITA (MEUR) 1-6/13 vs 1-6/14
H1/2013 EBITA
includes a
capital gain of
MEUR 10.1 from
the transaction
to form Fortrent
and the results
of transferred or
divested
operations (RUS,
UKR & HUN)
H1/2014 EBITA
excl. non-
recurring items
and adjusted for
transferred or
divested
operations was
MEUR 23.3
(34.0) or 8.0%
(11.1%) of net
sales
14.4% 11.1% 8.0% EBITA margin11.5%

© 2014 Ramirent 34
Group R12 EBITA margin was 12.5%
Q2/2014 R12 EBITA margin by segment (%)
*EBITA excluding non-recurring items and transferred operations to Fortrent
and divestment of operations in Hungary
16.7
15.4
11.0
21.8
1.4
12.5
-5
0
5
10
15
20
Finland Sweden Norway Denmark Europe East Europe Central Group*
Group EBITA targeted to reach 17% by
the end of 2016…
…by delivering at least 18% EBITA
margin on segment level
-13.3
18%
10%

© 2014 Ramirent 35
Three acquisitions and one outsourcing deal closed
during the second quarter
Gross capital expenditure (MEUR) and % of net sales
12.5
21.7
9.7
18.1
31.9
44.6
119.9
45.9
35.7
23.9
28.0
36.8
32.4
30.029.5
33.8
23.4
78.3
0%
10%
20%
30%
40%
50%
60%
70%
80%
0
20
40
60
80
100
120
140
Q1
2010
Q2 Q3 Q4 Q1
2011
Q2 Q3 Q4 Q1
2012
Q2 Q3 Q4 Q1
2013
Q2 Q3 Q4 Q1
2014
Q2
Gross Capex Share of net sales-%
Second-quarter
gross capex
MEUR 78.3
(30.0) of which
MEUR 46.0 (0.0)
related to
acquisitions
Investments in
machinery and
equipment MEUR
50.1 (28.0) in
the second
quarter
Gross capex in
the first half
MEUR 101.8
(62.4)

© 2014 Ramirent 36
Capital expenditure focused on Finland and
Sweden, mainly as a result of acquisitions
(at the end of FY)
Capital expenditure by
segment (MEUR)
Investments
6.4
8.2
8.3
2.2
2.8
1.1
22.3
35.9
4.8
1.7
4.7
4.0
0.0 20.0 40.0
Finland
Sweden
Norway
Denmark
East
Central
Q2/14
Q2/13
Investments in machinery and equipment MEUR
50.1 (28.0) in the second quarter
In the first half, investments in machinery and
equipment MEUR 72.1 (57.3)

© 2014 Ramirent 37
Cash flow lower than in the previous year due to
strategic acquisitions
-60%
-40%
-20%
0%
20%
40%
60%
80%
-60
-40
-20
20
40
60
80
EBITDA (MEUR)
Cashflow after investments (MEUR)
Cash Conversion
Cash flow after investments (MEUR) Cash conversion (MEUR and %)
19
-5
34
25
-5
-22
-30
-20
-10
0
10
20
30
40
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2
Cash flow after investments MEUR -21.5 (-5.2)
in the second quarter
Cash flow after investments MEUR -26.6 (13.8) in
the first half of the year

© 2014 Ramirent 38
Return on investment at 11.9% at the end of the
second quarter
Return on investment % ROI % and Invested capital MEUR
19.2%
11.9%
0%
5%
10%
15%
20%
25%
Q2/2013 Q2/2014
508
536
602 611 611
5.1%
10.4%
19.0% 19.2%
11.9%
0%
5%
10%
15%
20%
25%
0
100
200
300
400
500
600
700
Q1
2010
Q2 Q3 Q4 Q1
2011
Q2 Q3 Q4 Q1
2012
Q2 Q3 Q4 Q1
2013
Q2 Q3 Q4 Q1
2014
Q2
Rolling 12 months Return on investment at the
end of Q2 was 11.9% (19.2%)
Return on investment decreased compared year-
on-year mainly due to lower profit generation
The Group's invested capital amounted to MEUR
610.5 (611.3) at the end of Q2/14

© 2014 Ramirent 39
Return on equity at 12.1% at the end of the second
quarter
Return on equity % ROE % and Total equity (MEUR)
19.3%
12.1%
0%
5%
10%
15%
20%
25%
Q2/2013 Q2/2014
296 296
319
344
325
-1.8%
8.3%
19.0% 19.3%
12.1%
-5%
0%
5%
10%
15%
20%
25%
0
50
100
150
200
250
300
350
400
Q1
2010
Q2 Q3 Q4 Q1
2011
Q2 Q3 Q4 Q1
2012
Q2 Q3 Q4 Q1
2013
Q2 Q3 Q4 Q1
2014
Q2
Rolling 12 months Return on equity at the end of
Q2 was 12.1% (19.3%)
Long-term financial target: ROE of 18% over a
business cycle
The Group's total equity amounted to MEUR 324.7
(344.0) at the end of Q2/14
Equity per share was 3.00 (3.19) at the of the
quarter

Group performance
Segment review
Market outlook
Key figures
Financial position
Company overview
Appendix

© 2014 Ramirent 41
Ramirent's financial position remained strong in
the second quarter
Net debt (MEUR) Net debt to EBITDA ratio
220
264
230
207 212
273
0
50
100
150
200
250
300
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2
1.9x
1.6x
1.4x
1.2x
1.6x
0.0
0.5
1.0
1.5
2.0
2.5
Q1
2010
Q2 Q3 Q4 Q1
2011
Q2 Q3 Q4 Q1
2012
Q2 Q3 Q4 Q1
2013
Q2 Q3 Q4 Q1
2014
Q2
Net debt MEUR 273.4 (264.2) at the end of
Q2/14
Net debt increased by 3.5% (y-o-y)
Net debt to EBITDA 1.6x at the end of Q2/14
Long-term financial target: below 1.6x
(at the end of FY)

© 2014 Ramirent 42
Equity ratio and gearing weakened slightly year-on-year
Equity ratio (%) Gearing (%)
38.2%
43.1%
45.2%
48.9%
43.8%
40.3%
0%
10%
20%
30%
40%
50%
60%
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2
64.5%
76.8%
63.9%
55.8%
64.2%
84.2%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2
Second-quarter equity ratio decreased to 40.3%
(43.1%)
Total equity amounted to MEUR 324.7 (344.0) at the
end of the quarter
Second-quarter gearing increased to 84.2%
(76.8%)
Net debt MEUR 273.4 (264.2) at the end of the
quarter

© 2014 Ramirent 43
An ordinary dividend of EUR 0.37 per share was paid and the
AGM authorised the Board to decide on a potential additional
dividend of up to EUR 0.63 per share
Earnings Per Share and Dividend Per Share
0.04
0.13
0.41
0.59
0.50
0.15
0.25
0.28
0.34
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
0.90
1.00
2009 2010 2011 2012 2013
EPS DPS
Ordinary dividend
of EUR 0.37 per
share paid in
April 2014
representing a
payout ratio of
73.7% (57.6%)
for fiscal year
2013
Potential for an
additional
dividend of up to
EUR 0.63 per
share for fiscal
year 2013, which
would represent
a total payout
ratio of up to
199% for fiscal
year 2013
Long-term
financial target:
Dividend payout
ratio at least
40% of net profit
1.00
0.37
0.63

© 2014 Ramirent 44
Working capital at 4.5% of net sales
Working capital (MEUR) Working capital / Rolling 12 months
net sales
3.5%
7.2%
5.3%
-2.9%
4.5%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
15.3 15.0 14.4 11.5 12.6 13.2
115.4 128.7 125.3
109.2 108.6 115.6
-143.3
-98.2 -102.0 -104.4
-136.6
-100.0
-200
-150
-100
-50
0
50
100
150
200
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2
Trade payables and other liabilities
Trade and other receivables
Inventories
Second-quarter credit losses and change in the
allowance for bad debt amounted to MEUR
0.0 (-0.9)
Working capital of rolling 12 months net sales
4.5% (-2.9%)
Dividend of MEUR 39.8 (36.6) paid in April 2014

© 2014 Ramirent 45
Interim Report January–March 2014 l 8 May 2014
At the end of June 2014, Ramirent had unused
committed back–up loan facilities of MEUR 140.6
Repayment schedule of interest-bearing liabilities (MEUR)
Ramirent had
unused committed
back-up loan
facilities of MEUR
140.6 available at
the end of the
second quarter
The average
interest rate of the
loan portfolio
including interest
rate hedges was
2.9% (3.7%) at the
end of the second
quarter
In June, Revolving
Credit Facility
agreement (MEUR
145.0) under SFA
agreement re-
signed with
extension of three
years to 2020
In addition to bank
facilities, Ramirent
is utilising a
domestic
commercial paper
program of up to
EUR 150 million
Net debt EUR 273.4 million
EUR 415.0 million in committed credit facilities
75
95
100
145
2014 2015 2016 2017 2018 2019 2020

© 2014 Ramirent 46
Two of our long-term financial targets were met in
Q2/2014
Leverage
and risk
Profit
generation
Dividend
Element Target level
ROE
Net Debt /
EBITDA
ratio
Dividend
pay-out
ratio
18% p.a. over a
business cycle
Below 1.6x at
the end of each
fiscal year
At least 40% of
Net profit
Measure Q2/2014
12.1%
1.6x
73.7% of
2013
net profit
STATED OBJECTIVES

For further information:
Magnus Rosén, President and CEO, tel. +358 20 750 2845
Jonas Söderkvist, CFO, tel. +358 20 750 3248
Franciska Janzon, IR, tel. +358 20 750 2859
www.ramirent.com

Group performance
Segment review
Market outlook
Key figures
Financial position
Company overview
Appendix

© 2014 Ramirent
Ramirent is a generalist equipment rental
and service company
49
Where
Geographic
presence
Home market Europe with focus on the Baltic Rim
How
Concept
Ramirent is a generalist rental company, with an extensive
customer centre network enabling customer proximity while
managing through decentralised operations
What
Offering
Ramirent’s business offering stretches from single products to
managing the entire fleet capacity at a customer site
Who
Customers
Ramirent’s diverse customer base includes construction, industry,
services, the public sector and private households
301 customer
centres in 10
countries
2,651 employees serving
200,000 customers with
200,000 rental items
MEUR 647 of sales
(2013)
Definition of Ramirent's business and strategic choices

© 2014 Ramirent 50
We increased geographical focus on core
Baltic Rim markets and widened the customer base
Europe
Central
(PL+CZ+SL)
# 1
58 customer
centres
Finland
# 1
68 customer
centres
Sweden
# 2
74 customer
centres
Norway
# 1
43 customer
centres
Denmark
# 1
16 customer
centres
Europe East
–Baltics
# 1
42 customer
centres
Finland
24%
Sweden
32%
Norway
23%
Denmark
6%
Europe East -
Baltics
5%
Europe Central
9%
Sales per customers Q2/2014
Construction
63%Industrial
17%
Services &
Retail
13%
Public
4%
Private
3%
Current state close to target of
40% non-construction dependent sales
Russia and
Ukraine presence
through JV
Fortrent
Sales per segment Q2/2014

© 2014 RamirentEvent / Name of presentor 51
0 200 400 600 800 1000
Loxam
Cramo
Ramirent
Algeco
Scotsman
Kiloutou
Sarens
Speedy Hire
Liebherr-
Mietpartner
Mediaco Levage
Zeppelin Rental
Net sales 2013 (MEUR) Net sales 2013 (MEUR)
Largest rental companies in Europe Largest rental companies globally
One of the leading equipment rental companies both
in Europe (#3) and globally (#10)
0 1000 2000 3000 4000
United Rentals
Aggreko
Ashtead Group
Algeco
Scotsman
Herz Equipment
Rental
Aktio Corp
Loxam
Coates Hire
Cramo
Ramirent
Source: IRN June 2014 Interim Report January–June 2014 l 29 July 2014

© 2014 Ramirent 52
We continue to pursue our growth strategy in 2014
The five components of Ramirent's growth strategy:
Increased
market share
Growth within
current
business
Extended
customer value
proposition
Increasing
services and
integrated
solutions
Increased
penetration
Outsourcing
opportunities
Increased
footprint
New
customer
segments
New
geographies
M&A
Acquisitions,
joint ventures
and other
transactions
1 2 3 4 5

© 2014 Ramirent 53
Room for rental penetration to further
increase in the Nordic countries
Equipment rental penetration (%)
3.4%
2.0%
1.5%1)
1.7%
Rental penetration (%)*
Sweden Norway Finland Denmark
Source: European Rental Association 2013; Rental Turnover / Total construction output
1) Source: VTT 2013
HIGHMEDIUMLOW
Average penetration in Europe: 1.6%

© 2014 Ramirent 54
Ramirent has seen significant growth through
outsourcing and acquisitions
Outsourcing deal
in Finland
Acquisition of Finnish
weather protection
rental company
Aquisition of
Czech rental
business
Acquisition of Czech
rental business
Acquisition of
Swedish rental
company
Acquisition of
Danish rental
business
Acquisition of module
rental company in Norway
Outsourcing of Mt
Hojgaard's Danish
scaffolding division
Acquisition of Swedish
rental company
Acquisition of
Swedish rental
company
Outsourcing deal
in Norway
Joint venture in
Russia and Ukraine
with Cramo
2011 - 2012 2013
Outsourcing deal
in Finland
Divestment of
operations in
Hungary
Formworks
partnership
with Doka in
Finland
 Extending
geography to
“white spots”
 Complimentary
product ranges or
related services
 Strengthening links
to new customer
segments
 Targets mid-size
companies mainly
 Outsourcing of
customer’s
in-house fleets
Criteria
Proven track record of accretive acquisitions made at attractive multiples tied to earn-outs
Outsourcing deal
in Denmark
2014
Acquisition of
safety solutions
specialist company
in Sweden
Acquisition of
telehandler
business in Finland
DCC (Dry
Construction
Concept) business
in Sweden,
Denmark and
Finland
Outsourcing deal
in Finland
Joint Venture* with
Zeppelin Rental in
Fehmarnbelt tunnel
construction project
in Germany and
Denmark
*Subject to relevant authorities approval

© 2014 Ramirent 55
Ramirent's Financial Business Model:
Three complimentary drivers of value creation
• Volumes
• Upselling
• Pricing
• Fleet management
• Sourcing
• Cost structure
• Quality of earnings
• Cash conversion
• Capex
• Working capital
• Dividend
• Capital Structure
Organic Growth Operating Leverage Financial Leverage
Cash Flow
Target EBITA margin of
17% by the end of 2016
Net debt/ EBITDA
target of below 1.6x (at y/e)
Capital
Expenditure
ROE target of 18% over the cycle
Dividend pay-
out ratio of at
least 40% of
net profit

© 2014 Ramirent 56
Customer
service
level
Total
costs
Non-
available
fleet
Capital
efficiency
Optimising fleet
maintenance strategy
Resourcing and
maintenance & repair
locations
Optimising workshop
processes
Balanced fleet age
structure
Fleet management
activities
Efficiency utilisation* (%) R3 months
Total Fleet Yield** (%) R3 months
∗) 𝐸𝑓𝑓𝑖𝑐𝑖𝑒𝑛𝑐𝑦 𝑢𝑡𝑖𝑙𝑖𝑠𝑎𝑡𝑖𝑜𝑛 =
𝐴𝑐𝑞𝑢𝑖𝑠𝑖𝑡𝑖𝑜𝑛 𝑣𝑎𝑙𝑢𝑒 𝑜𝑓 𝑟𝑒𝑛𝑡𝑒𝑑 𝑓𝑙𝑒𝑒𝑡
𝐴𝑐𝑞𝑢𝑖𝑠𝑖𝑡𝑖𝑜𝑛 𝑣𝑎𝑙𝑢𝑒 𝑜𝑓 𝑡𝑜𝑡𝑎𝑙 𝑓𝑙𝑒𝑒𝑡
∗ 100 % ∗∗) 𝑇𝑜𝑡𝑎𝑙 𝐹𝑙𝑒𝑒𝑡 𝑌𝑖𝑒𝑙𝑑 =
𝑅𝑒𝑛𝑡𝑎𝑙 𝑖𝑛𝑐𝑜𝑚𝑒 ∗ 100 %
𝐴𝑐𝑞𝑢𝑖𝑠𝑖𝑡𝑖𝑜𝑛 𝑣𝑎𝑙𝑢𝑒 𝑜𝑓 𝑡𝑜𝑡𝑎𝑙 𝑓𝑙𝑒𝑒𝑡
Goals KPIs
Efficient logistics
Fleet management potential realised
at different levels

© 2014 Ramirent 57
Share price development Year-to-date
8.22
July 25, 2014
Ramirent Plc (RMR1V)
4
5
6
7
8
9
10
11
2014-01-02 2014-02-02 2014-03-02 2014-04-02 2014-05-02 2014-06-02 2014-07-02
RMR1V
EUR

© 2014 Ramirent
Attractive market - structural growth
drivers and cyclical recovery potential
Number 1 position - market leader in
7/10 countries
Strong platform - above industry average
profitability, balanced risk level and
increasing operational excellence
Growth potential - 5 point growth
strategy to capitalise on strong position
Financial strength – industry leading cash
generation and leverage potential to
finance growth, drive ROE and increase
dividends
Proven management track record –
experienced management has reshaped
the company since 2008
58
 Return on equity of 18%
over a business cycle
 YE net debt to EBITDA of
below 1.6x
 Dividend pay-out ratio of
at least 40% of net profit
 EBITA margin of 17% by
the end of 2016
How will we deliver on our financial targets
and create shareholder value?
Company highlights Stated objectives

Group performance
Segment review
Market outlook
Key figures
Financial position
Company overview
Appendix

© 2014 Ramirent 60
Consolidated statement of income
CONSOLIDATED STATEMENT OF INCOME 4–6/14 4–6/13 1–6/14 1–6/13 1–12/13
(EUR 1,000)
Rental income 98,146 104,463 184,870 203,369 420,895
Ancillary income 47,886 48,748 93,178 98,356 198,040
Sales of equipment 5,755 7,593 11,276 11,897 28,317
NET SALES 151,786 160,803 289,324 313,623 647,252
Other operating income 804 521 1,153 11,696 12,732
Materials and services −51,563 −50,230 −96,420 −100,188 −213,169
Employee benefit expenses −37,468 −39,313 −74,597 −81,188 −156,791
Other operating expenses −21,178 −22,201 −44,971 −46,177 −95,660
Share of profit in associates and joint ventures −152 −817 −582 −925 688
Depreciation, amortisation and impairment charges −28,009 −27,791 −54,312 −57,863 −112,768
EBIT 14,219 20,973 19,595 38,978 82,284
Financial income 2,076 5,582 4,171 9,824 15,639
Financial expenses −7,148 −11,307 −11,399 −18,355 −34,055
Total financial income and expenses −5,072 −5,725 −7,229 −8,531 −18,415
EBT 9,147 15,248 12,367 30,447 63,869
Income taxes −2,145 −2,951 −2,805 −7,131 −9,839
PROFIT FOR THE PERIOD 7,002 12,297 9,562 23,316 54,030
Profit for the period attributable to:
Owners of the parent company 7,147 12,297 9,707 23,316 54,030
Non-controlling interest −145 − −145 − −
7,002 12,297 9,562 23,316 54,030
Earnings per share (EPS) on parent company shareholders share of profit
Basic, EUR 0.07 0.11 0.09 0.22 0.50
Diluted, EUR 0.07 0.11 0.09 0.22 0.50

© 2014 Ramirent 61
Consolidated statement of financial position
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 31/3/2014 31/3/2013 31/12/2013
(EUR 1,000)
ASSETS
NON–CURRENT ASSETS
Goodwill 124,690 131,247 124,825
Other intangible assets 38,108 40,311 38,427
Property, plant and equipment 427,841 453,921 432,232
Investments in associates and joint ventures 15,003 22,425 18,524
Non–current loan receivables 20,261 20,250 20,261
Available–for–sale investments 519 412 517
Deferred tax assets 815 1,856 647
TOTAL NON–CURRENT ASSETS 627,236 670,422 635,432
(EUR 1,000)
ASSETS
NON–CURRENT ASSETS
Goodwill 140,529 126,719 124,825
Other intangible assets 45,745 39,254 38,427
Property, plant and equipment 438,805 435,457 432,232
Investments in associates and joint ventures 16,314 21,351 18,524
Non–current loan receivables 19,261 20,261 20,261
Available–for–sale investments 147 412 517
Deferred tax assets 677 1,824 647
TOTAL NON–CURRENT ASSETS 661,477 645,278 635,432
CURRENT ASSETS
Inventories 13,247 14,765 11,494
Trade and other receivables 115,576 127,316 109,207
Current tax assets 3,026 1,343 1,495
Cash and cash equivalents 12,356 3,093 1,849
TOTAL CURRENT ASSETS 144,205 146,516 124,045
Assets held for sale − 6,702 −
TOTAL ASSETS 805,682 798,497 759,477

© 2014 Ramirent 62
Consolidated statement of financial position
(continued)
(EUR 1,000)
EQUITY AND LIABILITIES
EQUITY
Share capital 25,000 25,000 25,000
Revaluation fund −1,559 −3,315 −1,502
Invested unrestricted equity fund 113,767 113,568 113,568
Retained earnings from previous years 176,707 185,429 179,882
Profit for the period 9,707 23,316 54,030
Equity attributable to the parent company shareholders 323,622 343,997 370,978
Non-controlling interest 1,103 − −
TOTAL EQUITY 324,725 343,997 370,978
NON–CURRENT LIABILITIES
Deferred tax liabilities 53,928 59,657 54,286
Pension obligations 14,031 14,094 13,923
Non–current provisions 1,189 909 1,198
Non–current interest–bearing liabilities 203,907 245,948 174,981
Other non–current liabilities 24,355 5,588 −
TOTAL NON–CURRENT LIABILITIES 297,412 326,196 244,388
CURRENT LIABILITIES
Trade payables and other liabilities 99,988 97,400 104,369
Current provisions 447 166 664
Current tax liabilities 1,290 8,399 5,278
Current interest–bearing liabilities 81,820 21,339 33,800
TOTAL CURRENT LIABILITIES 183,546 127,304 144,111
Liabilities classified as held for sale − 999 −
TOTAL LIABILITIES 480,957 454,499 388,499
TOTAL EQUITY AND LIABILITIES 805,682 798,497 759,477

© 2014 Ramirent 63
Key financial figures
KEY FINANCIAL FIGURES 4–6/14 4–6/13 1–6/14 1–6/13 1–12/13
(MEUR)
Net sales, EUR million 151.8 160.8 289.3 313.6 647.3
Change in net sales, % −5.6% −5.3% −7.7% −6.1% −9.4%
EBITDA, EUR million 42.2 48.8 73.9 96.8 195.1
% of net sales 27.8% 30.3% 25.5% 30.9% 30.1%
EBITA, EUR million 16.2 22.7 23.3 45.3 92.1
% net sales 10.7% 14.1% 8.0% 14.4% 14.2%
EBIT, EUR million 14.2 21.0 19.6 39.0 82.3
% of net sales 9.4% 13.0% 6.8% 12.4% 12.7%
EBT, EUR million 9.1 15.2 12.4 30.4 63.9
% of net sales 6.0% 9.5% 4.3% 9.7% 9.9%
Profit for the period attributable to the owners of the
parent company, EUR million 7.1 12.3 9.7 23.3 54.0
% of net sales 4.7% 7.6% 3.4% 7.4% 8.3%
Gross capital expenditure, EUR million 78.3 30.0 101.8 62.4 125.8
% of net sales 51.6 % 18.7% 35.2% 19.9% 19.4%
Invested capital, EUR million, end of period 610.5 611.3 579.8
Return on invested capital (ROI), %1) 11.9% 19.2% 16.5%
Return on equity (ROE), %1) 12.1% 19.3% 14.7%
Interest–bearing debt, EUR million 285.7 267.3 208.8
Net debt, EUR million 273.4 264.2 206.9
Net debt to EBITDA ratio1) 1.6x 1.2x 1.1x
Gearing, % 84.2% 76.8% 55.8%
Equity ratio, % 40.3% 43.1% 48.9%
Personnel, average during reporting period2) 2,553 2,826 2,737
Personnel, at end of reporting period2) 2,651 2,781 2,589
1) The figures are calculated on a rolling twelve month basis
2) As of first quarter 2014, reporting of number of personnel was changed to FTE (full-time equivalent) which indicates the number of employees calculated as full
time workload for each person employed and actually present in the company. Comparative information has been changed accordingly.

© 2014 Ramirent 64
Consolidated cash flow statement
CONSOLIDATED CASH FLOW STATEMENT 4–6/14 4–6/13 1–6/14 1–6/13 1–12/13
(EUR 1,000)
Cash flow from operating activities
EBT 9,147 15,248 12,367 30,447 63,869
Adjustments
Depreciation, amortisation and impairment charges 28,009 27,791 54,312 57,863 112,768
Adjustment for proceeds from sale of used rental equipment 8,258 4,520 10,870 6,399 8,975
Financial income and expenses 5,072 5,725 7,229 8,531 18,415
Adjustment for proceeds from disposals of subsidiaries − − − −10,128 −15,609
Other adjustments -17,610 2,941 -13,521 −1,840 4,735
Cash flow from operating activities before change in working capital 32,876 56,223 71,257 91,272 193,153
Change in working capital
Change in trade and other receivables −8,498 −18,112 −6,469 1,024 18,994
Change in inventories −893 −232 −1,537 −380 3,114
Change in non–interest–bearing liabilities 37,664 −1,654 13,472 −4,039 −5,724
Cash flow from operating activities before interest and taxes 61,149 36,226 76,722 87,877 209,537
Interest paid −7,688 −2,427 −7,845 −5,050 −5,270
Interest received 703 828 703 1,307 1,047
Income tax paid −2,601 −7,144 −6,660 −14,587 −23,068
Net cash generated from operating activities 51,562 27,483 62,920 69,547 182,245

© 2014 Ramirent 65
Consolidated cash flow statement (continued)
CONSOLIDATED CASH FLOW STATEMENT 4–6/14 4–6/13 1–6/14 1–6/13 1–12/13
Cash flow from investing activities
Acquisition of businesses and subsidiaries, net of cash −25,670 − −25,670 − −2,832
Investment in tangible non–current asset (rental machinery) −47,301 −30,649 −67,959 −58,411 −110,115
Investment in other tangible non–current assets −554 −345 −639 −1,575 −2,825
Investment in intangible non–current assets −2,433 −1,776 −3,753 −3,533 −6,503
Proceeds from sale of tangible and intangible non–current assets
(excluding used rental equipment) 1,850 69 7,482 123 360
Proceeds from sales of other investments − − − 9,200 14,681
Loan receivables, increase, decrease and other changes 1,000 −11 1,000 −1,577 −1,577
Net cash flow from investing activities −73,108 −32,712 −89,540 −55,773 −108,812
Cash flow from financing activities
Paid dividends −39,858 −36,618 −39,858 −36,618 −36,618
Borrowings and repayments of current debt (net) 76,220 −13,610 82,230 −28,173 −49,771
Borrowings of non–current debt − 46 − 99,076 99,031
Repayments of non–current debt −5,245 −33,934 −5,245 −46,304 −85,565
Net cash flow from financing activities 31,117 −84,116 37,127 −12,019 −72,923
Net change in cash and cash equivalents during the financial year 9,572 −89,344 10,507 1,755 511
Cash at the beginning of the period 2,784 92,437 1,849 1,338 1,338
Translation differences − − − − −
Change in cash 9,572 −89,344 10,507 1,755 511
Cash at the end of the period 12,356 3,093 12,356 3,093 1,849

© 2014 Ramirent 66
Net sales
NET SALES 4–6/14 4–6/13 1–6/14 1–6/13 1–12/13
(MEUR)
FINLAND
- Net sales (external) 38.7 36.2 70.2 71.2 150.9
- Inter–segment sales 0.3 0.2 0.5 0.3 1.0
SWEDEN
NORWAY
- Inter–segment sales −0.1 − 0.5 − 0.0
DENMARK
- Inter–segment sales − − − − 0.2
EUROPE EAST
EUROPE CENTRAL
Elimination of sales between segments −0.4 −0.4 −1.5 −0.8 −2.3
NET SALES, TOTAL 151.8 160.8 289.3 313.6 647.3

© 2014 Ramirent 67
EBITA
EBITA 4–6/14 4–6/13 1–6/14 1–6/13 1–12/13
(MEUR)
FINLAND 6.0 6.0 8.9 9.4 25.7
% of net sales 15.4% 16.6% 12.7% 13.2% 16.9%
SWEDEN 6.7 9.6 10.9 16.9 36.6
% of net sales 13.8% 18.0% 11.6% 16.4% 17.6%
NORWAY 4.2 7.9 6.8 12.9 22.0
% of net sales 12.5% 20.4% 10.0% 16.8% 14.3%
DENMARK −1.7 −0.0 −2.9 −1.5 −4.3
% of net sales −19.1% −0.4% −15.3% −7.3% −9.7%
EUROPE EAST 1.0 0.1 0.9 11.1 17.3
% of net sales 12.1% 0.8% 6.1% 64.1% 48.8%
EUROPE CENTRAL 0.8 0.4 −0.4 −2.0 -0.7
% of net sales 5.8% 2.7% −1.7% −7.8% -1.2%
Net items not allocated to segments −0.8 −1.2 −1.0 −1.6 -4.6
GROUP EBITA 16.2 22.7 23.3 45.3 92.1
% of net sales 10.7% 14.1% 8.0% 14.4% 14.2%

© 2014 Ramirent 68
Net sales in H1/2013 included business in Russia,
Ukraine and Hungary
Net sales: Group, Russia & Ukraine, Hungary
EBITA: Group, Russia & Ukraine, Hungary
Net sales, MEUR Q1/2013 Q2/2013 Q3/2013 Q4/2013 Q1/2014 Q2/2014
Group as reported 152.8 160.8 166.2 167.5 137.5 151.8
Russia & Ukraine 4.6
Hungary 1.5 1.7 1.6
Group (excl. Russia, Ukraine &
Hungary) 146.7 159.1 164.6 167.5 137.5 151.8
EBITA, MEUR Q1/2013 Q2/2013 Q3/2013 Q4/2013 Q1/2014 Q2/2014
Group as reported 22.6 22.7 25.9 20.9 7.1 16.2
Russia & Ukraine (incl. capital
gain) 11.4
Hungary (incl. capital loss) -0.2 0.1 -1.3
Group (excl. Russia, Ukraine &
Hungary) 11.4 22.6 27.3 20.9 7.1 16.2

Ramirent Interim Report Q2 2014

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