Ramirent results q3_2014_en_final

© 2014 Ramirent
Q3
Interim Report January–September 2014
RESTRUCTURING
MEASURES BEARING
FRUIT, MIXED MARKET
PICTURE REMAINS
6 November 2014
Magnus Rosén, President and CEO
Jonas Söderkvist, CFO and EVP Corporate Functions

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

© 2014 Ramirent 3
Restructuring measures bearing fruit, mixed market
picture remains
Key figures Q3/2014
Business performance
Market situation
The market picture remained mixed and we saw no major changes in the
market environment during the third quarter
Net sales down by 1.6%; adjusted for divested operations, net sales were
up by 1.9% at comparable exchange rates
EBITA MEUR 28.0 (25.9) or 17.1% (15.6%) of net sales
EBITA excl. non-recurring items and divested operations1) MEUR 29.9
(28.7) or 18.3% (17.5%) of net sales
Gross capex MEUR 23.8 (29.5)
Third-quarter net sales were supported by improving demand in the
Swedish market as several projects started
A number of actions were carried out to adjust the cost base in low-performing
segments
Interim Report January–September 2014 l 6 November 2014
1) Restructuring provision of EUR 1.9 million in Norway was booked in the third quarter of 2014.
In the comparison period, non-recurring items included a EUR 1.5 million restructuring provision in
Denmark, a EUR 1.9 million loss from disposal of Hungary and EUR 0.6 million EBITA result from
Hungary.

© 2014 Ramirent 4
Adjusted third-quarter net sales increased by 1.9% at
comparable exchange rates
Change in net sales Q3/2014
-1.6%
1.0%
1.9%
-2%
-1%
0%
1%
2%
Q3/2014
reported
Q3/2014 at
comparable
exchange rates
Q3/2014
adjusted at
comparable
exchange rates
Net sales (MEUR) Q3/2014
Third-quarter net sales down by 1.6% or up by
1.0% at comparable exchange rates
Adjusted for the divestment of Hungarian
operations in Q3/2013, net sales increased by
1.9% at comparable exchange rates
166.2 163.6
0
20
40
60
80
100
120
140
160
180
Q3/2013 reported Q3/2014 reported
Improving demand in the Swedish market as
several projects started
Demand improved also in the Baltic States, Poland
and the Czech Republic compared to the previous
year

© 2014 Ramirent 5
Reported and adjusted EBITA margin improved
compared to the previous year
15.6%
17.5% 17.1%
18.3%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
Q3/2013
reported
Q3/2013 excl.
non-recurring
items
Q3/2014
reported
Q3/2014 excl.
non-recurring
items
Restructuring provision of EUR 1.9 million in
Norway was booked
Q3/2014 EBITA margin excl. non-recurring
items and divested operations 18.3% (17.5%1))
EBITA margin Q3/2014 EBITA (MEUR) Q3/2014
25.9
28.7 28.0
29.9
0
5
10
15
20
25
30
35
Q3/2013
reported
Q3/2013 excl.
non-recurring
items
Q3/2014
reported
Q3/2014 excl.
non-recurring
items
Q3/2014 reported EBITA MEUR 28.0 (25.9)
Q3/2014 EBITA excl. non-recurring items and
divested operations MEUR 29.9 (28.71))
1) Non-recurring items in the third quarter of 2013 included the EUR 1.5 million restructuring
provision in Denmark, the EUR 1.9 million loss from disposal of Hungary and the EUR 0.6 million
EBITA result from Hungary.

© 2014 Ramirent
6
Third-quarter EPS increased slightly from the comparison period
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
0.17
-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
Q3
0.50
0.59
0.41
0.10
0.26
(0.37)

© 2014 Ramirent
7
Ramirent has signed three cooperation agreements with large construction companies
Skanska's internal machinery department, Skanska Maskin AB, signed a three-year equipment rental agreement with Ramirent in Sweden
The agreement covers the whole assortment of both companies, from light and heavy machinery to modules and cranes
Veidekke renewed its cooperating agreement and signed a nationwide three-year equipment rental agreement with Ramirent in Norway
The agreement covers the whole assortment of machines and services from Ramirent
Hartela Oy outsourced its fleet of tower cranes to Ramirent in Finland and signed a five-year cooperation agreement covering the whole assortment of machines and services from Ramirent
According to the agreement, three employees will move to Ramirent
After the end of the review period

© 2014 Ramirent
8
Our efficiency programme is progressing according to plan
Sales and pricing
Other
Sourcing
Fleet management
•Developing logistics and maintenance & repair processes
•Optimisation of fleet life- cycle
•Developing support processes and systems
•Optimisation of sourcing terms and supplier portfolio
•Common system platform and performance management model
•Developing efficient back-office functions
Target at the end of 2016:
The identified efficiency actions are planned to deliver a Group EBITA margin of 17%
Main areas of improvement
•Developing the network and customer care model
•Revenue management
•Promoting services and integrated solutions
•New organisational model for Customer Centre Sales and Solutions Sales introduced in Sweden, Denmark, and Norway
Actions implemented in 1-9/2014
•Concentration of repair & maintenance operations to few locations in the Nordic countries
•Outsourced yard & storage operations in Finland
•Compliance increased in usage of approved suppliers in all countries
•Increase in number of Groupwide supplier agreements
•New rental system live in Sweden, Denmark and, Norway
•Integration of back-office functions in Sweden and Denmark
•Personnel reductions due to restructuring

© 2014 Ramirent
9
Group performance
Segment review
Market outlook
Key figures
Financial position
Company overview
Appendix

© 2014 Ramirent 10
Finland Q3/2014: Net sales increased due to
acquisitions and active sales management
• Net debt to EBITDA 1.1x in Q4
• Long-term financial target: below 1.6x
(at the end of FY)
24.9% 24.5%
19.0%
0%
5%
10%
15%
20%
25%
30%
Q1
2012
Q2 Q3 Q4 Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3
Highlights Q3/2014 Net sales (MEUR)
45.0
41.8 43.5
0
5
10
15
20
25
30
35
40
45
50
Q1
2012
Q2 Q3 Q4 Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3
Key figures EBITA margin
Demand remained at a good level in
region South and Central
EBITA was burdened by the
challenging pricing environment
Finland
Q3
2014
Q3
2013
Change 2013
Net sales, MEUR 43.5 41.8 4.0% 151.9
EBITA, MEUR 8.3 10.2 −19.3% 25.7
% of net sales 19.0% 24.5% 16.9%
Capital expenditure,
MEUR
4.9 7.4 −33.5% 28.8
Personnel (FTE) 538 531 1.4% 547
Customer centres 67 74 −9.5% 74
Net sales up by
4.0%

© 2014 Ramirent 11
Sweden Q3/2014: Improving demand in the Swedish
market as several projects started
(at the end of FY)
18.0%
16.8% 17.2%
0%
5%
10%
15%
20%
25%
Q1
2012
Q2 Q3 Q4 Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3
53.0 51.1 52.0
0
10
20
30
40
50
60
70
Q1
2012
Q2 Q3 Q4 Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3
The demand for equipment rental in
large construction projects started to
improve and increased ancillary
income
Ramirent carried out actions to reduce
its fixed cost base during the quarter
Net sales up by 1.7%
or by 7.7% at
comparable exchange
rates
Sweden
Q3
2014
Q3
2013
Change 2013
Net sales, MEUR 52.0 51.1 1.7% 207.3
EBITA, MEUR 8.9 8.6 4.1% 36.6
% of net sales 17.2% 16.8% 17.6%
MEUR
10.3 7.6 34.1% 35.8
Personnel (FTE) 771 644 19.8% 656
Customer centres 75 75 − 74

© 2014 Ramirent 12
Norway Q3/2014: Focus on cost reductions to
adjust to prevailing market conditions
(at the end of FY)
17.0% 17.6%
11.8%
0%
5%
10%
15%
20%
25%
Q1
2012
Q2 Q3 Q4 Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3
41.1
35.9 34.0
0
10
20
30
40
50
60
Q1
2012
Q2 Q3 Q4 Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3
Net sales were affected by lower
demand from residential construction
especially in the capial city area
Actions to adjust the cost base
continued and a restructuring
provision of EUR 1.9 million was
booked in the quarter
Net sales down by
5.3% or by 1.6% at
comparable exchange
rates
Norway
Q3
2014
Q3
2013
Change 2013
Net sales, MEUR 34.0 35.9 −5.3% 153.6
EBITA, MEUR 4.01) 6.3 −36.2% 22.0
% of net sales 11.8%1) 17.6% 14.3%
MEUR
3.8 8.4 −55.3% 34.5
Personnel (FTE) 410 470 −12.8% 460
Customer centres 43 43 - 43
1) EBITA excluding non–recurring items was EUR 5.9 million, representing 17.3% of
net sales. Non–recurring items included the EUR 1.9 million restructuring provision
booked in the third quarter of 2014.

© 2014 Ramirent
Denmark
Q3
2014
Q3
2013
Change 2013
Net sales, MEUR 10.1 11.9 −15.0% 44.0
EBITA, MEUR −0.1 −2.01) 94.0% −4.31)
% of net sales −1.2% −17.3%1) −9.7%1)
MEUR
1.5 1.3 17.6% 6.6
Personnel (FTE) 151 192 −21.3% 175
Customer centres 16 16 − 16
13
Denmark Q3/2014: Performance is improving
(at the end of FY)
7.3%
-17.3%
-1.2%
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
Q1
2012
Q2 Q3 Q4 Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3
11.4 11.9
10.1
0
2
4
6
8
10
12
14
Q1
2012
Q2 Q3 Q4 Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3
Net sales were disrupted due to
restructuring measures being implemented
to restore profitability
Performance is improving but was still
burdened by low rental income
Integration of back-office functions to
realise synergies with Sweden continued
Net sales down by
15.0% or by 15.1% at
comparable exchange
rates
1) EBITA excluding non–recurring items was EUR –0.6 million or –4.7% of net sales in July–
September 2013 and EUR –2.8 million or –6.3% of net sales in January–December 2013.
Non–recurring items included the EUR 1.5 million restructuring provision in the third quarter of
2013. Interim Report January–September 2014 l 6 November 2014

© 2014 Ramirent 14
Europe East Q3/2014: Growth driven by
demand from construction and energy sectors
(at the end of FY)
18.8
9.8 10.3
0
2
4
6
8
10
12
14
16
18
20
Q1
2012
Q2 Q3 Q4 Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3
Net sales up
by 4.9%
1) EBITA excluding non–recurring items and EBITA from Russia and Ukraine was EUR 6.0 million,
representing 19.3% of net sales.
Non–recurring items included the non–taxable capital gain of EUR 10.1 million from the formation of
Fortrent Group, recorded in the first quarter of 2013 and EBITA from Russia and Ukraine.
2) EBITA margin excluding Fortrent transaction was 9.1% in the first quarter of 2013.
113.5%2)
Europe East
Q3
2014
Q3
2013
Change 2013
Net sales, MEUR 10.3 9.8 4.9% 35.5
EBITA, MEUR 3.7 3.5 5.4% 17.31)
% of net sales 35.8% 35.6% 48.8%1)
MEUR
1.3 2.5 −47.9% 9.6
Personnel (FTE) 241 240 0.4% 235
Customer centres 42 41 2.4% 41
The Baltic States
23.5%
35.6%
35.8%
30.4%
31.3%
-5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
Q1
2012
Q2 Q3 Q4 Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3
Net sales increased in all Baltic
countries compared to the last year
Profitability strengthened as a result
of increased rental income and higher
fleet utilisation
High uncertainty continued in
Fortrent's markets

© 2014 Ramirent 15
Europe Central Q3/2014: Stable demand in Poland,
the Czech Republic recovering
(at the end of FY)
3.2%
7.0% 11.3%
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
Q1
2012
Q2 Q3 Q4 Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3
17.9
16.9
14.2
0
2
4
6
8
10
12
14
16
18
20
Q1
2012
Q2 Q3 Q4 Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3
Net sales decreased by
15.6% at comparable
exchange rates; adjusted
for divested operations net
sales decreased by 7.0%
1) Adjusted for the divestment of the Hungarian operations in the third quarter 2013 the
decrease in net sales was 7.0%.
2) EBITA excluding non–recurring items was EUR 2.5 million or 16.2% of net sales July–
September 2013 and EUR 0.7 million or 1.2% 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 and EBITA from Hungary.
Europe Central
Q3
2014
Q3
2013
Change 2013
Net sales, MEUR 14.2 16.9 −15.6%1) 57.3
EBITA, MEUR 1.6 1.22) 36.4% −0.72)
% of net sales 11.3% 7.0%2) −1.2%2)
MEUR
1.1 2.5 −55.9% 7.1
Personnel (FTE) 473 489 −3.3% 479
Customer centres 59 57 3.5% 56
In Poland, net sales were affected by
some large projects ending but overall
there was stable demand both in the
construction and industrial sectors
Demand for rental equipment started
to recover in the Czech Republic

© 2014 Ramirent
Group performance
Segment review
Market outlook
Key figures
Financial position
Company overview
Appendix
16

© 2014 Ramirent
17
Strongest construction output growth expected in Sweden and Poland in 2014
Construction output growth estimates for 2014
Nordic countries
Baltic countries and Europe Central
2014E
Finland
-2.0%
Sweden
11.0%
Norway
1.0%
Denmark
2.5%
2014E
Estonia
-7.0%
Latvia
-2.0%
Lithuania
3.0%
Poland
4.2%
The Czech Republic
-3.8%
Slovakia
1.7%
Sources: Confederation of Finnish Construction Industries (RT) 10/2014, Swedish Construction Federation 10/2014, Prognosesenteret 10/2014, Danish Construction Industry (DB) 10/2014 and Euroconstruct 6/2014

© 2014 Ramirent
18
Stable development in Ramirent's main equipment rental markets
Equipment rental market 2008-2015E (index)
101
113
125
69
85
40
50
60
70
80
90
100
110
120
130
140
2008
2009
2010
2011
2012
2013
2014E
2015F
Finland
Sweden
Norway
Denmark
Poland
Source: ERA (European Rental Association) report 10/2014

© 2014 Ramirent
19
Equipment rental markets estimated to recover in 2015
Equipment rental market growth 2014-2015E (%)
-1.6%
1.0%
2.0%
0.7%
1.5%
2.8%
2.1%
1.8%
1.1%
3.5%
5.3%
2.6%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Finland
Sweden
Norway
Denmark
Poland
Total Europe
2014E
2015E
Source: ERA (European Rental Association) report 10/2014

© 2014 Ramirent 20
Nordic construction order books increased by 5.2%
compared to the previous year
Nordic construction companies order books
(at comparable exchange rates)
billion
Nordic
construction
order books
including NCC,
YIT*,
Lemminkäinen
and SRV
increased by
5.2% at
comparable
exchange rates
compared to the
previous year
Ramirent's rolling
12 months net
sales declined by
8.0% (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).
-40%
-20%
0%
20%
40%
60%
0
1
2
3
4
5
6
7
8
9
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 Q3
NCC YIT*
Lemminkäinen SRV
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

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

23
Finland
Sweden
Norway
Denmark
Baltics
Central
Net Sales (MEUR)
EBITA margin
(%)
R12 Q3/2013
R12 Q3/2014
Rolling 12 months EBITA margin improved in the Baltic States and Europe Central
17.6%
16.7%
16.0%
-6.1%2)
17.2%
-0.7%3)
15.2%
15.6%
9.5%
-9.1%
19.3%
2.3%
-20%
-10%
0%
10%
20%
Finland
Sweden
Norway
Denmark
The Baltic
States
Europe Central
155.0
212.3
163.8
44.4
30.5
58.2
152.8
198.9
142.6
40.6
33.1
54.7
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 15.5 million or 10.9% of net sales. Non-recurring items included restructuring provision of EUR 1.9 million in Norway, booked in the third quarter of 2014.
2) Rolling 12 months EBITA excluding non–recurring items was EUR −1.2 million or −2.7% of net sales.
The non-recurring items included the EUR 1.5 restructuring provision for the third quarter of 2013.
3) Rolling 12 months EBITA excluding non–recurring items was EUR 1.5 million or 2.5% 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)

© 2014 Ramirent 24
Ancillary income grew by 4.6% in the third quarter
Net sales (MEUR) Breakdown of net sales (MEUR)
112.8 107.7
47.8
50.0
5.6 5.8
0
20
40
60
80
100
120
140
160
180
Q3/2013 Q3/2014
Income from sold equipment
Ancillary income
Rental income
−4.5%
4.6%
4.8%
166.2
-4.0 -1.6 2.9
163.6
0
20
40
60
80
100
120
140
160
180
Q3/2013
reported
Exchange
rates
Divested
operations in
Hungary
Underlying
change
Q3/2014
reported
Third-quarter net sales MEUR 163.6 (166.2) down
by 1.6% or up by 1.0% at comparable exchange
rates
Adjusted for the divestment of Hungarian
operations in Q3/2013, net sales increased by 1.9%
at comparable exchange rates in the third quarter

© 2014 Ramirent 25
Ramirent carried out actions to reduce its fixed cost
base during the third quarter
Customer centres Personnel (FTE)
334 325
306 304 302 301 302
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3
Finland Sweden Norway Denmark Europe East -Baltics Europe Central
Number of customer centres has been adjusted
to prevailing market conditions during 2014
Improving efficiency of repair & maintenance
operations on-going
Third-quarter employee benefit expenses
decreased to MEUR 37.7 (39.6)
Ramirent carried out actions to reduce its
fixed cost base in the third quarter
Group:
2,621
(2,597)
Finland
538
Sweden
771
Norway
410
Denmark
151
Europe East -
Baltics 241
Europe
Central
473

© 2014 Ramirent 26
Ramirent’s third-quarter fixed costs 5.6 MEUR lower
compared to last year
Fixed costs (MEUR) and % of Group net sales
68.0
63.7
58.1
36.6%
38.3%
35.5%
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 Q3
Group fixed costs
MEUR 58.1 (63.7)
in the third
quarter
Third-quarter
fixed costs of net
sales 35.5%
(38.3%)
Q3/14 fixed
costs:
• Employee benefit
expenses MEUR
37.7 (39.6)
• Other operating
expenses MEUR
20.4 (24.1)
Fixed costs
rolling 12 months
MEUR 239.0 or
38.5% of net
sales

© 2014 Ramirent 27
Third-quarter reported and adjusted EBITDA
margin improved from the previous year
EBITDA margin
31.3% 33.3% 33.0% 34.1%
0%
5%
10%
15%
20%
25%
30%
35%
40%
Q3/2013
reported
Q3/2013 excl.
non-recurring
items
Q3/2014
reported
Q3/2014 excl.
non-recurring
items
EBITDA margin quarterly
30.0%
32.7% 32.5%
31.3%
33.0%
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 Q3
Norway was booked
Q3/2014 EBITDA margin excl. non-recurring
Year-to-date EBITDA MEUR 127.8 (148.8) or
28.2% (31.0%) of net sales
Year-to-date EBITDA excluding non-recurring
items and adjusted for transferred or divested
operations was MEUR 129.7 (139.6) or 28.6%
(29.7%)
EBITDA result from Hungary.

© 2014 Ramirent 28
Third-quarter reported EBITA was 28.0 MEUR, 17.1%
of net sales
12.4%
17.9%
17.1%
15.6%
17.1%
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
Q1
2010
Q2 Q3 Q4 Q1
2011
Q2 Q3 Q4 Q1
2012
Q2 Q3 Q4 Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3
15.6%
17.5% 17.1%
18.3%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
Q3/2013
reported
Q3/2013 excl.
non-recurring
items
Q3/2014
reported
Q3/2014 excl.
non-recurring
items
Norway was booked
Q3/2014 EBITA margin excl. non-recurring
Year-to-date EBITA MEUR 51.3 (71.2) or 11.3%
(14.8%) of net sales
Year-to-date EBITA excl. non-recurring items and
adjusted for transferred or divested operations
was MEUR 53.2 (62.7) or 11.7% (13.3%)
EBITA margin EBITA margin quarterly
EBITA result from Hungary.

© 2014 Ramirent 29
EBITA excl. non-recurring items was 11.7% in January-
September 2014
71.2
62.7
51.3
1.93)
6.81)
64.4
1.72)
53.2
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
1-9/2013 reported 1-9/2013 excl. non-recurring
items
1-9/2013 adjusted 1-9/2014 reported 1-9/2014 excl. non-recurring
items
EBITA (MEUR) 1-9/13 vs 1-9/14
1) Non-recurring
items in 2013:
-the loss from
disposal Hungary
MEUR 1.9
-the non-taxable
capital gain from
Fortrent transation
MEUR 10.1
-the restructuring
provision in
Denmark MEUR 1.5
2) EBITA result
from Russia,
Ukraine and
Hungary
3) Restructuring
provision of EUR
1.9 million in
Norway
14.8% 13.4% 13.3% 11.3% EBITA margin
11.7%

© 2014 Ramirent 30
Group R12 EBITA margin was 11.6%
Q3/2014 R12 EBITA margin by segment (%)
15.2
15.6
9.5
-9.1
19.3
2.3
11.6
-5
0
5
10
15
20
Finland Sweden Norway Denmark Baltics Europe Central Group
Group EBITA targeted to reach 17% by
the end of 2016…
…by delivering at least 18% EBITA
margin on segment level
18%
10%

© 2014 Ramirent 31
Investments in machinery and equipment adjusted to
prevailing market conditions
Gross capital expenditure (MEUR) and % of net sales
9.7
119.9
28.0 29.5
23.8
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 Q3
Gross Capex Share of net sales-%
Third-quarter
gross capex
MEUR 23.8
(29.5) of which
0.1 (0.0) related
to acquisitions
Investments in
machinery and
equipment MEUR
20.4 (28.0) in
the third quarter
Gross capex in
1-9/2014 was
MEUR 125.6
(91.9)

© 2014 Ramirent 32
Capital expenditure focused on Finland and Sweden
(at the end of FY)
Capital expenditure by
segment (MEUR)
Investments
21.9
26.8
25.4
4.7
6.9
4.9
31.4
56.0
13.5
3.3
8.7
6.7
0.0 20.0 40.0 60.0
Finland
Sweden
Norway
Denmark
East
Central
1-9/14
1-9/13 In January-September 2014, investments in
machinery and equipment MEUR 92.5 (85.3)

© 2014 Ramirent 33
Cash flow after investments and cash conversion
positive
-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
14
-30
-20
-10
0
10
20
30
40
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3
Cash flow after investments MEUR 13.7 (34.4) in
the third quarter
Cash flow after investments MEUR -10.7 (48.2) in
January-September 2014

© 2014 Ramirent 34
Return on investment at 12.3% at the end of the
third quarter
Return on investment % ROI % and Invested capital MEUR
17.5%
12.3%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
Q3/2013 Q3/2014
509.2
588.3
605.0 604.1 605.2
5.4%
13.2%
18.6%
17.5%
12.3%
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 Q3
Rolling 12 months ROI at the end of Q3 was
12.3% (17.5%)
Return on investment decreased compared year-on-
year mainly due to lower profit generation
The Group's invested capital was close to last
year's level and amounted to 605.2 (604.1) at the
end of Q3/14

© 2014 Ramirent 35
Return on equity at 12.0% at the end of the third
quarter
Return on equity % ROE % and Total equity (MEUR)
16.9%
12.0%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
Q3/2013 Q3/2014
307.5 305.3
346.8
360.7
342.1
-0.6%
11.4%
18.7%
16.9%
12.0%
-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 Q3
Rolling 12 months ROE at the end of Q3 was
12.0% (16.9%)
Long-term financial target: ROE of 18% over a
business cycle
The Group's total equity amounted to MEUR 342.1
(360.7) at the end of Q3/14
Equity per share was 3.17 (3.35) at the of the
quarter
Target
18%

© 2014 Ramirent
36
Group performance
Segment review
Market outlook
Key figures
Financial position
Company overview
Appendix

© 2014 Ramirent 37
Net debt to EBITDA ratio below long-term
financial target
Net debt (MEUR) Net debt to EBITDA ratio
230
260
0
50
100
150
200
250
300
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3
1.7x 1.7x
1.2x
1.1x
1.5x
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 Q3
Net debt MEUR 259.7 (230.3) at the end of
Q3/14
Net debt increased by 12.7% (y-o-y)
Net debt to EBITDA 1.5x (1.1x) at the end of
September, which was below Ramirent's long-term
financial target of maximum 1.6x at the end
of each fiscal year

© 2014 Ramirent 38
Equity ratio and gearing weakened slightly year-on-year
Equity ratio (%) Gearing (%)
45.2%
42.8%
0%
10%
20%
30%
40%
50%
60%
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3
63.9%
75.9%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3
Third-quarter equity ratio decreased to 42.8%
(45.2%)
Total equity amounted to MEUR 342.1 (360.7) at the
end of the quarter
Third-quarter gearing increased to 75.9% (63.9%)
Net debt MEUR 259.7 (230.3) at the end of the
quarter

© 2014 Ramirent 39
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 40
Working capital at 6.4% of net sales
Working capital (MEUR) Working capital / Rolling 12 months
net sales
5.3%
5.6% 5.5% 5.6%
6.4%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
Q1
2010
Q2 Q3 Q4 Q1
2011
Q2 Q3 Q4 Q1
2012
Q2 Q3 Q4 Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3
14.4 12.0
125.3 121.1
-102.0 -93.3
-200
-150
-100
-50
0
50
100
150
200
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3
Trade payables and other liabilities
Trade and other receivables
Inventories
Credit losses and change in the allowance for bad
debt:
7-9/2014: MEUR -1.0 (-0.3)
1-9/2014: MEUR -2.5 (-3.2)
Working capital of rolling 12 months net sales
6.4% (5.6%) at the end of September
Dividend of MEUR 39.8 (36.6) paid in April 2014

© 2014 Ramirent 41
At the end of September 2014, Ramirent had unused
committed back–up loan facilities of MEUR 156.4
Repayment schedule of interest-bearing liabilities (MEUR)
Ramirent had
unused committed
back-up loan
facilities of MEUR
156.4 available at
the end of the third
quarter
The average
interest rate of the
loan portfolio
including interest
rate hedges was
2.8% (3.9%) at the
end of the third
quarter
In addition to bank
facilities, Ramirent
is utilising a
domestic
commercial paper
program of up to
EUR 150 million
Net debt EUR 259.7 million
EUR 415.0 million in committed credit facilities
Senior unsecured bond
75
95
100
145
2014 2015 2016 2017 2018 2019 2020

© 2014 Ramirent
42
Two of our long-term financial targets were met in Q3/2014
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
Q3/2014
12.0%
1.5x
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

© 2014 Ramirent
44
Group performance
Segment review
Market outlook
Key figures
Financial position
Company overview
Appendix

© 2014 Ramirent
Ramirent is a generalist equipment rental and service company
45
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
302 customer centres in 10 countries
2,621 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
46
Vision
To be the leading and most progressive equipment rental solutions company in Europe, setting the benchmark for industry performance and customer service
Values Open
Engaged
Progressive
Mission
We simplify business by delivering Dynamic Rental SolutionsTM
Brand promise
More than Machines
Our strategic choices

© 2014 Ramirent
47
We increased geographical focus on core Baltic Rim markets and widened the customer base
Europe Central (PL+CZ+SL) # 1
59 customer centres
Finland
# 1
67 customer centres
Sweden # 2
75 customer centres
Norway # 1
43 customer centres
Denmark # 1
16 customer centres
Europe East –Baltics # 1
42 customer centres
Finland 25%
Sweden 32%
Norway 22%
Denmark 6%
Europe East - Baltics 5%
Europe Central 9%
Sales per customers 1-9/2014
Construction 63%
Industrial 18%
Services & Retail 13%
Public 4%
Private 2%
Current state close to target of 40% non-construction dependent sales
Russia and Ukraine presence through JV Fortrent
Sales per segment 1-9/2014

© 2014 Ramirent
Event / Name of presentor
48
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

49
Our offering
MODULE AND SITE EQUIPMENT
HEAVY MACHINERY
ACCESS EQUIPMENT
PLANNING
LIGHT EQUIPMENT
LOGISTICS
ON-SITE SERVICES
RENTAL INSURANCE
TRAINING
ACCESSORIES
Ramirent SpaceSolveTM
Ramirent SafeSolveTM
Ramirent EcoSolveTM
Ramirent PowerSolveTM
Ramirent ClimateSolveTM
Ramirent AccessSolveTM
Ramirent TotalSolveTM
MACHINERY AND EQUIPMENT
SERVICES
SOLUTION AREAS

© 2014 Ramirent
50
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 customer 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
Ramirent combines the best equipment, services and knowhow into integrated rental solutions
6%
34%
23%
38%
Share of Group equipment rental income (1-9/2014)

© 2014 Ramirent
Customer First
Common Ramirent Platform
Sustainable profitable growth
Balanced business portfolio
51
Ramirent's strategic priorities
Strong local customer orientation and tailored offerings
Increased synergies & operational excellence
Further widening the customer base
Interim Report January–June 2014 l 29 July 2014

© 2014 Ramirent
52
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
The five components of Ramirent's growth strategy

© 2014 Ramirent
53
Room for rental penetration to further increase in the Nordic countries
Equipment rental penetration 2014E (%)
3.5%
2.0%
1.5%
1.7%
Rental penetration (%)*
Sweden
Norway
Finland
Denmark
Source: European Rental Association 10/2014; Rental Turnover / Total construction output
HIGH
MEDIUM
LOW
Average penetration in Europe: 1.5%

© 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
Outsourcing deal in Norway
Joint venture in Russia and Ukraine with Cramo
2011 - 2012
2013
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
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 payout 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 repair & maintenance locations
Optimising workshop processes
Balanced fleet age structure
Fleet management activities
Efficiency utilisation* (%) R3 months
Total Fleet Yield** (%) R3 months
∗) 퐸푓푓푖푐푖푒푛푐푦 푢푡푖푙푖푠푎푡푖표푛= 퐴푐푞푢푖푠푖푡푖표푛 푣푎푙푢푒 표푓 푟푒푛푡푒푑 푓푙푒푒푡 퐴푐푞푢푖푠푖푡푖표푛 푣푎푙푢푒 표푓 푡표푡푎푙 푓푙푒푒푡 ∗100 %
∗∗) 푇표푡푎푙 퐹푙푒푒푡 푌푖푒푙푑= 푅푒푛푡푎푙 푖푛푐표푚푒∗100 % 퐴푐푞푢푖푠푖푡푖표푛 푣푎푙푢푒 표푓 푡표푡푎푙 푓푙푒푒푡
Goals
KPIs
Efficient logistics
Fleet management potential realised at different levels
30%
35%
40%
45%
50%
55%
60%
65%
Dec 09
Mar 10
Jun 10
Sep 10
Dec 10
Mar 11
Jun 11
Sep 11
Dec 11
Mar 12
Jun 12
Sep 12
Dec 12
Mar 13
Jun 13
Sep 13
Dec 13
Mar 14
Jun 14
Sep 14
20%
25%
30%
35%
40%
45%
50%
Dec 09
Mar 10
Jun 10
Sep 10
Dec 10
Mar 11
Jun 11
Sep 11
Dec 11
Mar 12
Jun 12
Sep 12
Dec 12
Mar 13
Jun 13
Sep 13
Dec 13
Mar 14
Jun 14
Sep 14

© 2014 Ramirent
57
Market Cap EUR 677.2 million
Trading information
Listing: NASDAX OMX Helsinki
Date of listing: April 30, 1998
Segment: Mid Cap
Sector: Industrials
Trading code: RMR1V
16%
28%
9%
11%
2%
34%
Private companies
Financial and insurance institutions
Public sector organizations
Households
Non-profit organizations
Foreigners
Shareholders September 30, 2014
Largest shareholders September 30, 2014
Number of shares
% of share capital
1. Nordstjernan AB
31,303,716
28.80%
2. Oy Julius Tallberg Ab
12,207,229
11.23%
3. Nordea funds
5,043,904
4.64%
4. Varma Mutual Pension Insurance Company
4,113,799
3.78%
5. Ilmarinen Mutual Pension Insurance Company
3,945,154
3.63%
6. Odin funds
2,758,691
2.54%
8. Aktia funds
2,275,562
2.09%
9. Fondita funds
1,055,000
0.97%
10. Oslo Pensjonsforsikring As
800,000
0.74%
Ramirent Plc
973,957
0.90%
Other shareholders
44,220,316
40.68%
Total
108,697,328
100.00%
Largest shareholders at the end of September 2014

© 2014 Ramirent
58
Share price development year-to-date
Ramirent Plc (RMR1V)
Index
0
20
40
60
80
100
120
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
RMR1V
Nasdaq Helsinki
Nasdaq Helsinki Mid-Cap
(6.35 Nov. 4, 2014)

© 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
59
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

© 2014 Ramirent
60
Group performance
Segment review
Market outlook
Key figures
Financial position
Company overview
Appendix

© 2014 Ramirent
61
Consolidated statement of income
CONSOLIDATED STATEMENT OF INCOME
7–9/14
7–9/13
1–9/14
1–9/13
1–12/13
(EUR 1,000)
Rental income
107,672
112,764
292,541
316,133
420,895
Ancillary income
50,041
47,830
143,219
146,186
198,040
Sales of equipment
5,839
5,574
17,115
17,471
28,317
NET SALES
163,551
166,168
452,875
479,791
647,252
Other operating income
958
827
2,111
12,524
12,732
Materials and services
−52,955
−51,876
−149,375
−152,064
−213,169
Employee benefit expenses
−37,690
−39,625
−112,287
−120,813
−156,791
Other operating expenses
−20,407
−24,099
−65,378
−70,277
−95,660
Share of result in associates and joint ventures
476
572
−106
−353
688
Depreciation, amortisation and impairment charges
−27,905
−27,638
−82,217
−85,501
−112,768
EBIT
26,028
24,330
45,623
63,307
82,284
Financial income
3,195
3,207
7,365
13,031
15,639
Financial expenses
−5,546
−6,946
−16,945
−25,302
−34,055
Total financial income and expenses
−2,351
−3,739
−9,580
−12,270
−18,415
EBT
23,677
20,590
36,044
51,037
63,869
Income taxes
−5,402
−3,776
−8,207
−10,907
−9,839
PROFIT FOR THE PERIOD
18,276
16,814
27,837
40,130
54,030
Profit for the period attributable to:
Owners of the parent company
18,435
16,814
28,142
40,130
54,030
Non-controlling interest
−160
−
−304
−
−
18,276
16,814
27,837
40,130
54,030
Earnings per share (EPS) on parent company shareholders’ share of profit
Basic, EUR
0.17
0.16
0.26
0.37
0.50
Diluted, EUR
0.17
0.16
0.26
0.37
0.50

© 2014 Ramirent
62
CURRENT ASSETS
Inventories
12,015
14,434
11,494
Trade and other receivables
121,148
125,300
109,207
Current tax assets
4,042
3,351
1,495
Cash and cash equivalents
3,436
13,118
1,849
TOTAL CURRENT ASSETS
140,642
156,202
124,045
TOTAL ASSETS
799,143
797,687
759,477
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30/9/2014
30/9/2013
31/12/2013
(EUR 1,000)
ASSETS
NON–CURRENT ASSETS
Goodwill
142,460
126,590
124,825
Other intangible assets
46,613
37,894
38,427
Property, plant and equipment
434,694
436,012
432,232
Investments in associates and joint ventures
14,747
19,026
18,524
Non–current loan receivables
18,254
20,261
20,261
Available–for–sale investments
150
412
517
Deferred tax assets
1,582
1,291
647
TOTAL NON–CURRENT ASSETS
658,500
641,486
635,432
Consolidated statement of financial position

© 2014 Ramirent
63
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30/9/2014
30/9/2013
31/12/2013
Consolidated statement of financial position (continued)
(EUR 1,000)
EQUITY AND LIABILITIES
EQUITY
Share capital
25,000
25,000
25,000
Revaluation fund
−724
−3,376
−1,502
Invested unrestricted equity fund
113,767
113,568
113,568
Retained earnings from previous years
174,980
185,368
179,882
Profit for the period
28,142
40,130
54,030
Equity attributable to the parent company shareholders
341,165
360,690
370,978
Non-controlling interest
950
−
−
TOTAL EQUITY
342,114
360,690
370,978
NON–CURRENT LIABILITIES
Deferred tax liabilities
54,731
57,417
54,286
Pension obligations
17,600
14,806
13,923
Non–current provisions
2,399
1,379
1,198
Non–current interest–bearing liabilities
207,256
243,405
174,981
Other non–current liabilities
19,963
5,546
−
TOTAL NON–CURRENT LIABILITIES
301,949
322,553
244,388
CURRENT LIABILITIES
Trade payables and other liabilities
93,271
101,973
104,369
Current provisions
1,219
1,128
664
Current tax liabilities
4,727
11,303
5,278
Current interest–bearing liabilities
55,863
40
33,800
TOTAL CURRENT LIABILITIES
155,079
114,444
144,111
TOTAL LIABILITIES
457,028
436,997
388,499
TOTAL EQUITY AND LIABILITIES
799,143
797,687
759,477

© 2014 Ramirent
64
Key financial figures
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.
KEY FINANCIAL FIGURES
7–9/14
7–9/13
1–9/14
1–9/13
1–12/13
(MEUR)
Net sales, EUR million
163.6
166.2
452.9
479.8
647.3
Change in net sales, %
−1.6%
−10.6%
−5.6%
−7.7%
−9.4%
EBITDA, EUR million
53.9
52.0
127.8
148.8
195.1
% of net sales
33.0%
31.3%
28.2%
31.0%
30.1%
EBITA, EUR million
28.0
25.9
51.3
71.2
92.1
% net sales
17.1%
15.6%
11.3%
14.8%
14.2%
EBIT, EUR million
26.0
24.3
45.6
63.3
82.3
% of net sales
15.9%
14.6%
10.1%
13.2%
12.7%
EBT, EUR million
23.7
20.6
36.0
51.0
63.9
% of net sales
14.5%
12.4%
8.0%
10.6%
9.9%
Profit for the period attributable to the owners of the parent company, EUR million
18.4
16.8
28.1
40.1
54.0
% of net sales
11.3%
10.1%
6.2%
8.4%
8.3%
Gross capital expenditure, EUR million
23.8
29.5
125.6
91.9
125.8
% of net sales
14.6%
17.8%
27.7%
19.2%
19.4%
Invested capital, EUR million, end of period
605.2
604.1
579.8
Return on invested capital (ROI), %1)
12.3%
17.5%
16.5%
Return on equity (ROE), %1)
12.0%
16.9%
14.7%
Interest–bearing debt, EUR million
263.1
243.4
208.8
Net debt, EUR million
259.7
230.3
206.9
Net debt to EBITDA ratio1)
1.5x
1.1x
1.1x
Gearing, %
75.9%
63.9%
55.8%
Equity ratio, %
42.8%
45.2%
48.9%
Personnel, average during reporting period2)
2,564
2,767
2,725
Personnel, at end of reporting period2)
2,621
2,597
2,589

© 2014 Ramirent
65
Consolidated cash flow statement
CONSOLIDATED CASH FLOW STATEMENT
7–9/14
7–9/13
1–9/14
1–9/13
1–12/13
(EUR 1,000)
CASH FLOW FROM OPERATING ACTIVITIES
EBT
23,677
20,590
36,044
51,037
63,869
Adjustments
Depreciation, amortisation and impairment charges
27,905
27,638
82,217
85,501
112,768
Adjustment for proceeds from sale of used rental equipment
3,231
1,304
14,101
7,703
8,975
Financial income and expenses
2,351
3,739
9,580
12,270
18,415
Adjustment for proceeds from disposals of subsidiaries
−
−5,481
−
−15,609
−15,609
Other adjustments
−4,538
20,035
−3,520
18,195
4,735
Cash flow from operating activities before change in working capital
52,626
67,826
138,422
159,098
193,153
Change in working capital
Change in trade and other receivables
−9,242
7,022
−11,257
8,046
18,994
Change in inventories
1,057
1,196
−481
816
3,114
Change in non–interest–bearing liabilities
−3,778
−13,829
−21,077
−17,868
−5,724
Cash flow from operating activities before interest and taxes
40,663
62,214
105,606
150,091
209,537
Interest paid
−1,975
−2,972
−9,820
−8,022
−5,270
Interest received
256
549
959
1,857
1,047
Income tax paid
−3,293
−2,566
−9,953
−17,153
−23,068
NET CASH FLOW FROM OPERATING ACTIVITIES
35,650
57,226
86,791
126,773
182,245

© 2014 Ramirent
66
Consolidated cash flow statement (continued)
CONSOLIDATED CASH FLOW STATEMENT
7–9/14
7–9/13
1–9/14
1–9/13
1–12/13
CASH FLOW FROM INVESTING ACTIVITIES
Acquisition of businesses and subsidiaries, net of cash
−
−
−27,272
−
−2,832
Investment in tangible non–current asset (rental machinery)
−19,809
−26,928
−72,576
−85,339
−110,115
Investment in other tangible non–current assets
−239
−890
−817
−2,465
−2,825
Investment in intangible non–current assets
−2,897
−588
−6,356
−4,121
−6,503
Proceeds from sale of tangible and intangible non–current assets (excluding used rental equipment)
−
138
7,482
262
360
Proceeds from sales of other investments
−
5,481
−
14,681
14,681
Loan receivables, increase, decrease and other changes
1,006
−
2,006
−1,577
−1,577
NET CASH FLOW FROM INVESTING ACTIVITIES
−21,939
−22,786
−97,534
−78,560
−108,812
CASH FLOW FROM FINANCING ACTIVITIES
Paid dividends
−
−
−39,858
−36,618
−36,618
Borrowings and repayments of current debt (net)
−22,621
−21,545
57,442
−49,719
−49,771
Borrowings of non–current debt
−
37
−
99,113
99,031
Repayments of non–current debt
−9
−2,906
−5,255
−49,210
−85,565
NET CASH FLOW FROM FINANCING ACTIVITIES
−22,630
−24,414
12,330
−36,433
−72,923
NET CHANGE IN CASH AND CASH EQUIVALENTS
DURING THE FINANCIAL YEAR
−8,919
10,026
1,588
11,780
511
Cash at the beginning of the period
12,356
3,093
1,849
1,338
1,338
Translation differences
−
−
−
−
−
Change in cash
−8,919
10,026
1,588
11,780
511
Cash at the end of the period
3,436
13,118
3,436
13,118
1,849
Presentation of the figures in the consolidated cash flow statement for January–June 2014 has been adjusted and consolidated cash flow statement for January–September 2014 has been adjusted accordingly. After adjustment the cash flows reflect better the impact of acquired businesses.

© 2014 Ramirent
67
Net sales
NET SALES
7–9/14
7–9/13
1–9/14
1–9/13
1–12/13
(MEUR)
FINLAND
- Net sales (external)
43.3
41.3
113.5
112.5
150.9
- Inter–segment sales
0.1
0.5
0.6
0.7
1.0
SWEDEN
51.7
50.8
145.6
153.9
206.7
0.2
0.3
0.5
0.6
0.6
NORWAY
34.0
35.9
101.3
112.8
153.6
0.0
−
0.5
−
0.0
DENMARK
10.1
11.6
28.7
31.9
43.7
−
0.2
−
0.2
0.2
EUROPE EAST
10.3
9.8
24.7
27.0
35.4
0.0
0.0
0.0
0.1
0.1
EUROPE CENTRAL
14.2
16.8
39.1
41.7
56.9
0.0
0.1
0.3
0.3
0.4
Elimination of sales between segments
−0.5
−1.2
−1.9
−2.0
−2.3
GROUP NET SALES
163.6
166.2
452.9
479.8
647.3

© 2014 Ramirent
68
EBITA
EBITA
7–9/14
7–9/13
1–9/14
1–9/13
1–12/13
(MEUR)
FINLAND
8.3
10.2
17.2
19.7
25.7
% of net sales
19.0%
24.5%
15.1%
17.4%
16.9%
SWEDEN
8.9
8.6
19.9
25.5
36.6
% of net sales
17.2%
16.8%
13.6%
16.5%
17.6%
NORWAY
4.0
6.3
10.8
19.2
22.0
% of net sales
11.8%
17.6%
10.6%
17.0%
14.3%
DENMARK
−0.1
−2.0
−3.0
−3.5
−4.3
% of net sales
−1.2%
−17.3%
−10.4%
−11.0%
−9.7%
EUROPE EAST
3.7
3.5
4.6
14.6
17.3
% of net sales
35.8%
35.6%
18.5%
53.8%
48.8%
EUROPE CENTRAL
1.6
1.2
1.2
−0.8
−0.7
% of net sales
11.3%
7.0%
3.0%
−1.9%
−1.2%
Net items not allocated to segments
1.61)
−1.8
0.7
−3.4
−4.6
GROUP EBITA
28.0
25.9
51.3
71.2
92.1
% of net sales
17.1%
15.6%
11.3%
14.8%
14.2%
1) Third-quarter net items not allocated to segments amounted to EUR 1.6 (-1.8) million due to reallocation of certain costs incurred in previous periods from Ramirent Plc to the segments. The reallocated costs have been accrued as expenses in the respective segment for Q3 2014.

© 2014 Ramirent
69
Net sales in 1-9/2013 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
Q3/2014
Group as reported
152.8
160.8
166.2
167.5
137.5
151.8
163.6
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
163.6
EBITA, MEUR
Q1/2013
Q2/2013
Q3/2013
Q4/2013
Q1/2014
Q2/2014
Q3/2014
Group as reported
22.6
22.7
25.9
20.9
7.1
16.2
28.0
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
28.0

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