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Rr q1 17_presentation_final

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Ramirent Group

- Net sales for Q1 2017 were 164.6 MEUR, up 12.7% from Q1 2016. Reported and comparable EBITA were 16.6 MEUR for Q1 2017 compared to 7.2 MEUR for Q1 2016. - Profitability improved in all segments due to volume growth and progress on profitability improvement actions. Comparable EBITA margin increased to 10.1% from 5.0% in Q1 2016. - Cash flow after investments was positive at 5.2 MEUR for Q1 2017 compared to negative 6.8 MEUR in Q1 2016. Leverage decreased sequentially but increased year-over-year to 1.9x.

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Interim report Jan-mar 2017 strong sales growth with improved profit- flow through Tapio Kolunsarka, president and CEO Pierre Brorsson, CFO May 9, 2017
Net sales 164.6 (146.0) MEUR, up by 12.7% or 12.3% at comparable exchange rates REPORTED AND COMPARABLE EBITA 16.6 (7.2) MEUR or 10.1% (5.0%) of net sales Gross capex 41.6 (40.4) MEUR Cash flow after investments 5.2 (−6.8) MEUR Change in segment reporting: Share of Fortrent’s net result reported under Group unallocated items; Europe East segment renamed as Baltics segment In 2017, Ramirent’s comparable EBITA is expected to increase from the level in 2016. Q1 17 KEY FIGURES • Strong sales growth, partly due to the timing of Easter • Improved profit flow-through fueled by good growth in rental sales • Profitability improvement actions proceeding well - Europe Central & Sweden highlights of the quarter CEO COMMENTS Ramirent’s guidance for 2017 UNCHANGED 2InterimReport January-March 2017
ebita increase driven by Volume growth AND steady progress in profitability improvement actions InterimReport January-March 2017 3 MEUR Comparable EBITA (MEUR) Comparable EBITA margin Ramirent Group Comparable ebita and ebita margin development byquarters 7.1 4.1 7.2 16.6 5.2% 2.9% 5.0% 10.1% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% 0.0 5.0 10.0 15.0 20.0 25.0 30.0 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017Q1 2017
all segments contributed positively to ebita InterimReport January-March 2017 4 7.2 +0.9 +4.2 +0.2 +0.2 +0.5 +3.2 +0.1 16.6 0 5 10 15 Comparable EBITA Q1 16 Finland Sweden Norway Denmark Baltics Europe Central Itemsnot allocatedto segments Comparable EBITA Q1 17 Comparable EBITA Q1 16 – Q1 17 Good volume growth Improved sales mix, supply chain performance & price increases Growth and strong execution of efficiency actions MEUR
We are focused on four KEY priorities TO deliver improved profitability in 2017 5 1. 3. 2. 4. Reorganizations of non- performing units Improving sales mix through an increased focus on the General Rental Business area Focus on productivity and cost reduction in IT and external materials and services spend Simplification of pricing and development of effective pricing management InterimReport January-March 2017
FINANCIAL REVIEW 6InterimReport January-March 2017
146.0 +10.6 +5.9 +2.1 164.6 140 145 150 155 160 165 Q12016 Rentalsales Servicesales Saleofequipment Q12017 Q1 17 strong net sales growth InterimReport January-March 2017 7 Net sales* bridge by segment (MEUR) q1 16 – q1 17 146.0 +4.6 +6.4 +3.1 -0.3 +0.9 +3.9 164.6 140 145 150 155 160 165 Q12016 Finland Sweden Norway Denmark Baltics EuropeCentral Q12017 Net sales mix bridge (MEUR)q1 16 – q1 17 *Excluding sales between segments **Service sales comprises also sale of fuel and merchandise. **
Q1 17 gross margin improvement driven by pricing and slightly improved sales mix InterimReport January-March 2017 8 67.3% 67.4% 62.3% 63.4% 65.3% 40% 45% 50% 55% 60% 65% 70% 75% Q1 2013 Q2 Q3 Q4 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 Quarterly gross margin Quarterly Net sales split 64.7% 63.1% 62.1% 62.1% 61.5% 32.5% 32.9% 34.2% 34.0% 33.8% 2.8% 4.0% 3.7% 3.9% 4.7% 0% 10% 20% 30% 40% 50% 60% 70% 80% Q1 2013 Q2 Q3 Q4 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 Rental sales Service sales Sale of equipment* *Service sales comprises also sale of fuel and merchandise.
9 Q1 17 FIXED AND VARIABLE COST PRODUCTIVITY IMPROVED Variable costs (MEUR)and of net sales % fixed costs (MEUR)and of netsales % 65.9 60.9 59.6 61.0 65.1 43.1% 44.3% 42.4% 41.8% 39.6% 0% 10% 20% 30% 40% 50% 60% 0 10 20 30 40 50 60 70 80 Q1 2013 Q2 Q3 Q4 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 50.0 44.9 52.9 53.4 57.1 32.7% 32.6% 37.7% 36.6% 34.7% 0% 10% 20% 30% 40% 50% 60% 0 10 20 30 40 50 60 70 80 Q1 2013 Q2 Q3 Q4 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 InterimReport January-March 2017
10 Q1 17 eps improved Earnings per share (EPS) quarterly 0.10 0.02 0.02 0.08 -0.02 0.00 0.02 0.04 0.06 0.08 0.10 0.12 0.14 0.16 0.18 0.20 Q1 2013 Q2 Q3 Q4 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 Income statement (shortened) MEUR 1-3 17 1-3 16 EBIT 14.6 4.8 Financial income 2.0 2.3 Financial expenses -5.6 -3.9 Total financial income and expenses -3.6 -1.7 EBT 10.9 3.2 Income taxes -2.4 -0.6 PROFIT FOR THE PERIOD 8.5 2.5 EPS (EUR) 0.08 0.02 InterimReport January-March 2017 EUR
11 Q1 17 investments in machinery remained at same level as in q1 last year Investments in machinery (MEUR)and %of netsales InterimReport January-March 2017 MEUR 29.0 22.0 15.9 35.1 35.819.0% 16.0% 11.3% 24.0% 21.7% 0% 5% 10% 15% 20% 25% 30% 35% 40% 0 10 20 30 40 50 60 Q1 2013 Q2 Q3 Q4 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 Investments in machinery and equipment Share of net sales-% Q1 2017
cash flow from operations (MEUR) Cash flow from investing activities (mEUR) -39.9 -41.2 Q1 16 Q1 17 12 Q1 17 cash flow was positive Cash flow after investments (MEUR) 19 -5.1 0.9 -6.8 5.2 -30 -20 -10 0 10 20 30 40 Q1 2013 Q2 Q3 Q4 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 InterimReport January-March 2017 33.1 46.4 Q1 16 Q1 17 MEUR
1.0x 1.2x 1.4x 1.7x 1.9x 0.0 0.5 1.0 1.5 2.0 2.5 3.0 Q1 2013 Q2 Q3 Q4 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 Q1 17 Leverage increased y-o-y but continued to decrease sequentially InterimReport January-March 2017 13 Quarterly Net debt (MEUR) Quarterly Netdebtto ebitda 220 212 226 288 341 0 50 100 150 200 250 300 350 400 Q1 2013 Q2 Q3 Q4 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 FINANCIAL TARGET: below 2.5x at the end of each fiscal year
100 145 175 75 2017 2018 2019 2020 2021 2022 Debt maturity InterimReport January-March 2017 14 Interest-bearing liabilities Interest rate types Insurance companies 4% Commercial papers 46% Bond 29% Floating 43% Fixed 57% Average interest rate incl. hedges 3.2% Average interest rate 0.4% Committedcreditfacilities495.0MEUR Netdebt340.6MEUR Repayment schedule of interest-bearingliabilities Bond Banks 21%
www.ramirent.com Tapio Kolunsarka, President and CEO Pierre Brorsson, EVP and CFO Franciska Janzon, SVP, IR 15InterimReport January-March 2017
Q1 17 Outcome of Ramirent’s financial targets 16InterimReport January-March 2017 Net sales growth (R12) above GDP* +2%-points RETURN ON EQUITY, ROE (R12) 12% per fiscal year Net debt TO ebitda RATIO (r12) below 2.5x at end of each fiscal year Dividend pay-out ratio at least 40% of Net Profit 12.3% *Total GDP growth in Ramirent countries at 2.0% in 2016 Source:gdpgrowthfrom Handelsbanken, Danske Bank and Nordeareports (at comparable exchange rates) 10.2% (COMPARABLEroe 16.1%) 1.9X 195%
2.9 0.8 2.9 3.8 9.3 % 2.5 % 7.7 % 9.0 % 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 -0.1 0.1 -0.1 0.4 -1.8 % 1.9 % -1.1 % 5.5 % -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 17InterimReport January-March 2017 2.6 1.0 1.3 1.5 7.6 % 3.3 % 4.8 % 5.3 % 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 -1.2 -0.6 -0.8 2.4 -10.2 % -5.1 % -6.7 % 16.0 % -16% -12% -8% -4% 0% 4% 8% 12% 16% -5.0 -4.0 -3.0 -2.0 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 -1.1 -1.4 0.4 0.6 -11.7 % -14.8 % 4.0 % 5.8 % -16% -12% -8% -4% 0% 4% 8% 12% 16% -5.0 -4.0 -3.0 -2.0 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 Profitability Q1 17: ebita margin improved in all segments 4.2 5.1 4.4 8.6 9.3 % 10.0 % 8.2 % 14.3 % 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 finland sweden NORWAY DENMARK Baltics Europe central MEUR MEUR MEUR MEUR MEURMEUR Comparable EBITA (MEUR) Comparable EBITA margin
18 31.6 32.0 38.1 42.8 0 10 20 30 40 50 60 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 9.3% 2.5% 7.7% 9.0% 20.7% 16.0% 18.1% 17.3% 0% 5% 10% 15% 20% 25% Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 Comparable EBITA-margin (%) Comparable ROCE (%) R12 Net sales Comparable EBITA margin and comparable ROCE Construction output 2017E Equipment rental market 2017E +3.4% +0.9% # 1 Market position Customer centeRs 56 Net sales growth was supported by solid demand in the construction and industrial sectors Strong volume growth was the main driver for the improvement in EBITA A high relative share of service sales and increased personnel costs had a negative impact on the profit margin Finland q1 17 Strong sales growth Sources:ERAReport2016 and Euroconstruct12/2016 InterimReport January-March 2017 Up by 12.2%
19 45.0 51.0 53.7 60.4 0 10 20 30 40 50 60 70 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 9.3% 10.0% 8.2% 14.3% 18.6% 17.3% 13.5% 14.4% 0% 5% 10% 15% 20% Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 Comparable EBITA-margin (%) Comparable ROCE (%) R12 Net sales Construction output 2017E Equipment rental market 2017E +1.3% +8.0% # 2 Market position Customer centers 79 Volume growth driven by rental sales and trading of used equipment Volume growth, favorable business mix, improved pricing and equipment supply chain performance improved EBITA Turnaround activities in the Swedish scaffolding business also advanced Sweden q1 17 strong overall performance InterimReport January-March 2017 Comparable EBITA margin and comparable ROCE Up by 12.4% or 14.6% at comparable exchange rates Sources:ERAReport2016 and byggindustrier1/2017
20 34.0 31.0 27.8 29.0 0 5 10 15 20 25 30 35 40 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 7.6% 3.3% 4.8% 5.3% 11.7% 9.3% 4.3% 4.3% 0% 5% 10% 15% 20% Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 Comparable EBITA-margin (%) Comparable ROCE (%) R12 Net sales Construction output 2017E Equipment rental market 2017E +2.1% +3.1% # 1 Market position Customer centers 42 Modest market conditions resulted in flat rental sales development, while service sales developed favorably in the quarter EBITA was supported by the ongoing refocusing of the Temporary Space business Unfavorable sales mix and reorganization of the scaffolding business had a negative impact on EBITA norway q1 17 service sales grew, refocus of temporary space business supported EBITA InterimReport January-March 2017 Comparable EBITA margin and comparable ROCE Up by 4.2% or down by -1.7% at comparable exchange rates Sources:ERAReport2016 and Euroconstruct12/2016 Net sales incl. MEUR 1.9 income from internal relocation of excess temporary space capacity to Sweden
21 9.6 9.4 10.4 10.0 0 2 4 6 8 10 12 14 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 -11.7% -14.8% 4.0% 5.8% -9.8% -16.2% 7.7% 6.5% -25% -20% -15% -10% -5% 0% 5% 10% 15% Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 Comparable EBITA-margin (%) Comparable ROCE (%) R12 Net sales Construction output 2017E Equipment rental market 2017E +2.2% +2.5% # 3 Market position Customer centeRs 13 Demand in the equipment rental market was slow in the first quarter Net sales decreased despite good development in rental sales EBITA improved thanks to good sales mix and cost containment denmark q1 17 Good sales mix and cost control improved EBIta InterimReport January-March 2017 Comparable EBITA margin and comparable ROCE Down by -3.4% or -3.7% at comparable exchange rates Sources:ERAReport2016 and Euroconstruct12/2016
22 6.2 6.6 6.7 7.6 0 2 4 6 8 10 12 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 4.9% 3.8% -1.1% 5.5% 13.3% 17.5% 15.0% 12.6% 0% 5% 10% 15% 20% 25% 30% 35% Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 Comparable EBITA-margin (%) Comparable ROCE (%) R12 Net sales Construction output 2017E Equipment rental market 2017E +5.0% +1.8% # 1 Market position Customer centeRs 43 Sales growth was strongest in Estonia and Lithuania. Volumes grew also in Latvia driven by improved development in rental sales. EBITA improved as a result of good volume growth, improved sales mix and good cost containment. Baltics q1 17 Good volume growth and sales mix improved EBITA InterimReport January-March 2017 Comparable EBITA margin and comparable ROCE Up by 14.2% Sources:ERAReport2016 and Euroconstruct12/2016
Sales grew in all countries and was strongest in Poland The strong growth was enabled by investments in new fleet and strong operational execution Volume growth, favorable sales mix and solid execution in ongoing reorganization actions improved significantly EBITA 23 11.8 11.0 11.3 15.2 0 2 4 6 8 10 12 14 16 18 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 -10.2% 16.0% 2.3% 5.5% 5.3% 12.4% -15% -10% -5% 0% 5% 10% 15% 20% Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 Comparable EBITA-margin (%) Comparable ROCE (%) R12 Net sales Construction output 2017E Equipment rental market 2017E +1.5% +2.6% # 1 Market position Customer centeRs 59 Europe central q1 17 Strong growth and ImproveD profitability (poLAND) InterimReport January-March 2017 Comparable EBITA margin and comparable ROCE Up by 34.9% or 33.8% at comparable exchange rates Sources:ERAReport2016 and Euroconstruct12/2016 -5.1% -6.7%
the equipment rental market is expected to grow in 2017 supported by construction output 24 85 90 95 100 105 110 115 120 125 2014 2015 2016 2017 Construction output (Index 2014 = 100) sweden poland sLOVAKIA czech republic norway denmark finland baltics +3.1 % +2.6% +2.2 % +2.9% +5.0% +5.0% +2.7% n/a +4.2% +2.5 % +2.5% +8.0% +5.6% -3.2% +6.2% +1.8% equipment rental 2017E construction 2017E SOURCES:RT,DanskeByggeri,Byggindustrier,prognossenteret3/2017ERA10/2016, ERAconvention5/2016AND euroconstruct12/2016 InterimReport January-March 2017
25InterimReport January-March 2017Source: Europeanrental association10/2016 RentalpenetrationinEurope –SwedenandNorwayamongthetopthree 0.5% 0.7% 0.7% 0.7% 0.8% 0.8% 1.1% 1.2% 1.6% 1.6% 1.6% 1.6% 1.8% 2.6% 3.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% Poland Spain The Czech Republic Switzerland Austria Italy Belgium The Netherlands Denmark Finland France Germany Norway United Kingdom Sweden • European equipment rental market size app. EUR 24 billion • Fragmented industry – over 15,000 rental companies • Average rental penetration in Europe at 1.6% • European equipment rental market grew by 2.8% in 2016 and is expected to grow by 1.9% in 2017 Rentalpenetrationrate: RentalTurnover/Totalconstructionoutput Lowpenetration 0.0%–1.0% Mediumpenetration 1.0%–3.0% Highpenetration >3.0% Rentalpenetrationratebycountry
RamirentisaleadingequipmentrentalsolutionsGROUP servingalargecustomerbase 26 market leader in 8 countries ~2,700 employees ~150,000 customers 10 countries ~290 CUSTOMER CENTERS 25,000 equipmenttypes 665 MEUR annual sales (2016) Russia andUkraine presencethrough JV Fortrent InterimReport January-March 2017
Temporary spacesafety Merchandise sales training Equipment rental with a wide offering 27 rental service Lightmachinery Heavymachinery lifts Tower cranes & hoists Power & heating planning Logisticsandfuel services Site services Scaffolding& Weather protection InterimReport January-March 2017
BENEFITS OF rentING iMPROVED productivity 28 ECO-EFFICIENCY • Environmental loading is reduced if more people use the same machine flexibility • Proximity • Delivery on site • Easier and quicker to rent versus buying Productivity • State-of-the art equipment • Right machine for the task • Use it when you need it • Improved cost control • Release of capital for core business safety • Pre-rental safety check • Regulation compliance • Well maintained fleet InterimReport January-March 2017

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Rr q1 17_presentation_final

  • 1. Interim report Jan-mar 2017 strong sales growth with improved profit- flow through Tapio Kolunsarka, president and CEO Pierre Brorsson, CFO May 9, 2017
  • 2. Net sales 164.6 (146.0) MEUR, up by 12.7% or 12.3% at comparable exchange rates REPORTED AND COMPARABLE EBITA 16.6 (7.2) MEUR or 10.1% (5.0%) of net sales Gross capex 41.6 (40.4) MEUR Cash flow after investments 5.2 (−6.8) MEUR Change in segment reporting: Share of Fortrent’s net result reported under Group unallocated items; Europe East segment renamed as Baltics segment In 2017, Ramirent’s comparable EBITA is expected to increase from the level in 2016. Q1 17 KEY FIGURES • Strong sales growth, partly due to the timing of Easter • Improved profit flow-through fueled by good growth in rental sales • Profitability improvement actions proceeding well - Europe Central & Sweden highlights of the quarter CEO COMMENTS Ramirent’s guidance for 2017 UNCHANGED 2InterimReport January-March 2017
  • 3. ebita increase driven by Volume growth AND steady progress in profitability improvement actions InterimReport January-March 2017 3 MEUR Comparable EBITA (MEUR) Comparable EBITA margin Ramirent Group Comparable ebita and ebita margin development byquarters 7.1 4.1 7.2 16.6 5.2% 2.9% 5.0% 10.1% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% 0.0 5.0 10.0 15.0 20.0 25.0 30.0 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017Q1 2017
  • 4. all segments contributed positively to ebita InterimReport January-March 2017 4 7.2 +0.9 +4.2 +0.2 +0.2 +0.5 +3.2 +0.1 16.6 0 5 10 15 Comparable EBITA Q1 16 Finland Sweden Norway Denmark Baltics Europe Central Itemsnot allocatedto segments Comparable EBITA Q1 17 Comparable EBITA Q1 16 – Q1 17 Good volume growth Improved sales mix, supply chain performance & price increases Growth and strong execution of efficiency actions MEUR
  • 5. We are focused on four KEY priorities TO deliver improved profitability in 2017 5 1. 3. 2. 4. Reorganizations of non- performing units Improving sales mix through an increased focus on the General Rental Business area Focus on productivity and cost reduction in IT and external materials and services spend Simplification of pricing and development of effective pricing management InterimReport January-March 2017
  • 7. 146.0 +10.6 +5.9 +2.1 164.6 140 145 150 155 160 165 Q12016 Rentalsales Servicesales Saleofequipment Q12017 Q1 17 strong net sales growth InterimReport January-March 2017 7 Net sales* bridge by segment (MEUR) q1 16 – q1 17 146.0 +4.6 +6.4 +3.1 -0.3 +0.9 +3.9 164.6 140 145 150 155 160 165 Q12016 Finland Sweden Norway Denmark Baltics EuropeCentral Q12017 Net sales mix bridge (MEUR)q1 16 – q1 17 *Excluding sales between segments **Service sales comprises also sale of fuel and merchandise. **
  • 8. Q1 17 gross margin improvement driven by pricing and slightly improved sales mix InterimReport January-March 2017 8 67.3% 67.4% 62.3% 63.4% 65.3% 40% 45% 50% 55% 60% 65% 70% 75% Q1 2013 Q2 Q3 Q4 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 Quarterly gross margin Quarterly Net sales split 64.7% 63.1% 62.1% 62.1% 61.5% 32.5% 32.9% 34.2% 34.0% 33.8% 2.8% 4.0% 3.7% 3.9% 4.7% 0% 10% 20% 30% 40% 50% 60% 70% 80% Q1 2013 Q2 Q3 Q4 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 Rental sales Service sales Sale of equipment* *Service sales comprises also sale of fuel and merchandise.
  • 9. 9 Q1 17 FIXED AND VARIABLE COST PRODUCTIVITY IMPROVED Variable costs (MEUR)and of net sales % fixed costs (MEUR)and of netsales % 65.9 60.9 59.6 61.0 65.1 43.1% 44.3% 42.4% 41.8% 39.6% 0% 10% 20% 30% 40% 50% 60% 0 10 20 30 40 50 60 70 80 Q1 2013 Q2 Q3 Q4 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 50.0 44.9 52.9 53.4 57.1 32.7% 32.6% 37.7% 36.6% 34.7% 0% 10% 20% 30% 40% 50% 60% 0 10 20 30 40 50 60 70 80 Q1 2013 Q2 Q3 Q4 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 InterimReport January-March 2017
  • 10. 10 Q1 17 eps improved Earnings per share (EPS) quarterly 0.10 0.02 0.02 0.08 -0.02 0.00 0.02 0.04 0.06 0.08 0.10 0.12 0.14 0.16 0.18 0.20 Q1 2013 Q2 Q3 Q4 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 Income statement (shortened) MEUR 1-3 17 1-3 16 EBIT 14.6 4.8 Financial income 2.0 2.3 Financial expenses -5.6 -3.9 Total financial income and expenses -3.6 -1.7 EBT 10.9 3.2 Income taxes -2.4 -0.6 PROFIT FOR THE PERIOD 8.5 2.5 EPS (EUR) 0.08 0.02 InterimReport January-March 2017 EUR
  • 11. 11 Q1 17 investments in machinery remained at same level as in q1 last year Investments in machinery (MEUR)and %of netsales InterimReport January-March 2017 MEUR 29.0 22.0 15.9 35.1 35.819.0% 16.0% 11.3% 24.0% 21.7% 0% 5% 10% 15% 20% 25% 30% 35% 40% 0 10 20 30 40 50 60 Q1 2013 Q2 Q3 Q4 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 Investments in machinery and equipment Share of net sales-% Q1 2017
  • 12. cash flow from operations (MEUR) Cash flow from investing activities (mEUR) -39.9 -41.2 Q1 16 Q1 17 12 Q1 17 cash flow was positive Cash flow after investments (MEUR) 19 -5.1 0.9 -6.8 5.2 -30 -20 -10 0 10 20 30 40 Q1 2013 Q2 Q3 Q4 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 InterimReport January-March 2017 33.1 46.4 Q1 16 Q1 17 MEUR
  • 13. 1.0x 1.2x 1.4x 1.7x 1.9x 0.0 0.5 1.0 1.5 2.0 2.5 3.0 Q1 2013 Q2 Q3 Q4 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 Q1 17 Leverage increased y-o-y but continued to decrease sequentially InterimReport January-March 2017 13 Quarterly Net debt (MEUR) Quarterly Netdebtto ebitda 220 212 226 288 341 0 50 100 150 200 250 300 350 400 Q1 2013 Q2 Q3 Q4 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 FINANCIAL TARGET: below 2.5x at the end of each fiscal year
  • 14. 100 145 175 75 2017 2018 2019 2020 2021 2022 Debt maturity InterimReport January-March 2017 14 Interest-bearing liabilities Interest rate types Insurance companies 4% Commercial papers 46% Bond 29% Floating 43% Fixed 57% Average interest rate incl. hedges 3.2% Average interest rate 0.4% Committedcreditfacilities495.0MEUR Netdebt340.6MEUR Repayment schedule of interest-bearingliabilities Bond Banks 21%
  • 15. www.ramirent.com Tapio Kolunsarka, President and CEO Pierre Brorsson, EVP and CFO Franciska Janzon, SVP, IR 15InterimReport January-March 2017
  • 16. Q1 17 Outcome of Ramirent’s financial targets 16InterimReport January-March 2017 Net sales growth (R12) above GDP* +2%-points RETURN ON EQUITY, ROE (R12) 12% per fiscal year Net debt TO ebitda RATIO (r12) below 2.5x at end of each fiscal year Dividend pay-out ratio at least 40% of Net Profit 12.3% *Total GDP growth in Ramirent countries at 2.0% in 2016 Source:gdpgrowthfrom Handelsbanken, Danske Bank and Nordeareports (at comparable exchange rates) 10.2% (COMPARABLEroe 16.1%) 1.9X 195%
  • 17. 2.9 0.8 2.9 3.8 9.3 % 2.5 % 7.7 % 9.0 % 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 -0.1 0.1 -0.1 0.4 -1.8 % 1.9 % -1.1 % 5.5 % -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 17InterimReport January-March 2017 2.6 1.0 1.3 1.5 7.6 % 3.3 % 4.8 % 5.3 % 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 -1.2 -0.6 -0.8 2.4 -10.2 % -5.1 % -6.7 % 16.0 % -16% -12% -8% -4% 0% 4% 8% 12% 16% -5.0 -4.0 -3.0 -2.0 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 -1.1 -1.4 0.4 0.6 -11.7 % -14.8 % 4.0 % 5.8 % -16% -12% -8% -4% 0% 4% 8% 12% 16% -5.0 -4.0 -3.0 -2.0 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 Profitability Q1 17: ebita margin improved in all segments 4.2 5.1 4.4 8.6 9.3 % 10.0 % 8.2 % 14.3 % 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 finland sweden NORWAY DENMARK Baltics Europe central MEUR MEUR MEUR MEUR MEURMEUR Comparable EBITA (MEUR) Comparable EBITA margin
  • 18. 18 31.6 32.0 38.1 42.8 0 10 20 30 40 50 60 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 9.3% 2.5% 7.7% 9.0% 20.7% 16.0% 18.1% 17.3% 0% 5% 10% 15% 20% 25% Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 Comparable EBITA-margin (%) Comparable ROCE (%) R12 Net sales Comparable EBITA margin and comparable ROCE Construction output 2017E Equipment rental market 2017E +3.4% +0.9% # 1 Market position Customer centeRs 56 Net sales growth was supported by solid demand in the construction and industrial sectors Strong volume growth was the main driver for the improvement in EBITA A high relative share of service sales and increased personnel costs had a negative impact on the profit margin Finland q1 17 Strong sales growth Sources:ERAReport2016 and Euroconstruct12/2016 InterimReport January-March 2017 Up by 12.2%
  • 19. 19 45.0 51.0 53.7 60.4 0 10 20 30 40 50 60 70 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 9.3% 10.0% 8.2% 14.3% 18.6% 17.3% 13.5% 14.4% 0% 5% 10% 15% 20% Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 Comparable EBITA-margin (%) Comparable ROCE (%) R12 Net sales Construction output 2017E Equipment rental market 2017E +1.3% +8.0% # 2 Market position Customer centers 79 Volume growth driven by rental sales and trading of used equipment Volume growth, favorable business mix, improved pricing and equipment supply chain performance improved EBITA Turnaround activities in the Swedish scaffolding business also advanced Sweden q1 17 strong overall performance InterimReport January-March 2017 Comparable EBITA margin and comparable ROCE Up by 12.4% or 14.6% at comparable exchange rates Sources:ERAReport2016 and byggindustrier1/2017
  • 20. 20 34.0 31.0 27.8 29.0 0 5 10 15 20 25 30 35 40 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 7.6% 3.3% 4.8% 5.3% 11.7% 9.3% 4.3% 4.3% 0% 5% 10% 15% 20% Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 Comparable EBITA-margin (%) Comparable ROCE (%) R12 Net sales Construction output 2017E Equipment rental market 2017E +2.1% +3.1% # 1 Market position Customer centers 42 Modest market conditions resulted in flat rental sales development, while service sales developed favorably in the quarter EBITA was supported by the ongoing refocusing of the Temporary Space business Unfavorable sales mix and reorganization of the scaffolding business had a negative impact on EBITA norway q1 17 service sales grew, refocus of temporary space business supported EBITA InterimReport January-March 2017 Comparable EBITA margin and comparable ROCE Up by 4.2% or down by -1.7% at comparable exchange rates Sources:ERAReport2016 and Euroconstruct12/2016 Net sales incl. MEUR 1.9 income from internal relocation of excess temporary space capacity to Sweden
  • 21. 21 9.6 9.4 10.4 10.0 0 2 4 6 8 10 12 14 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 -11.7% -14.8% 4.0% 5.8% -9.8% -16.2% 7.7% 6.5% -25% -20% -15% -10% -5% 0% 5% 10% 15% Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 Comparable EBITA-margin (%) Comparable ROCE (%) R12 Net sales Construction output 2017E Equipment rental market 2017E +2.2% +2.5% # 3 Market position Customer centeRs 13 Demand in the equipment rental market was slow in the first quarter Net sales decreased despite good development in rental sales EBITA improved thanks to good sales mix and cost containment denmark q1 17 Good sales mix and cost control improved EBIta InterimReport January-March 2017 Comparable EBITA margin and comparable ROCE Down by -3.4% or -3.7% at comparable exchange rates Sources:ERAReport2016 and Euroconstruct12/2016
  • 22. 22 6.2 6.6 6.7 7.6 0 2 4 6 8 10 12 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 4.9% 3.8% -1.1% 5.5% 13.3% 17.5% 15.0% 12.6% 0% 5% 10% 15% 20% 25% 30% 35% Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 Comparable EBITA-margin (%) Comparable ROCE (%) R12 Net sales Construction output 2017E Equipment rental market 2017E +5.0% +1.8% # 1 Market position Customer centeRs 43 Sales growth was strongest in Estonia and Lithuania. Volumes grew also in Latvia driven by improved development in rental sales. EBITA improved as a result of good volume growth, improved sales mix and good cost containment. Baltics q1 17 Good volume growth and sales mix improved EBITA InterimReport January-March 2017 Comparable EBITA margin and comparable ROCE Up by 14.2% Sources:ERAReport2016 and Euroconstruct12/2016
  • 23. Sales grew in all countries and was strongest in Poland The strong growth was enabled by investments in new fleet and strong operational execution Volume growth, favorable sales mix and solid execution in ongoing reorganization actions improved significantly EBITA 23 11.8 11.0 11.3 15.2 0 2 4 6 8 10 12 14 16 18 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 -10.2% 16.0% 2.3% 5.5% 5.3% 12.4% -15% -10% -5% 0% 5% 10% 15% 20% Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 Comparable EBITA-margin (%) Comparable ROCE (%) R12 Net sales Construction output 2017E Equipment rental market 2017E +1.5% +2.6% # 1 Market position Customer centeRs 59 Europe central q1 17 Strong growth and ImproveD profitability (poLAND) InterimReport January-March 2017 Comparable EBITA margin and comparable ROCE Up by 34.9% or 33.8% at comparable exchange rates Sources:ERAReport2016 and Euroconstruct12/2016 -5.1% -6.7%
  • 24. the equipment rental market is expected to grow in 2017 supported by construction output 24 85 90 95 100 105 110 115 120 125 2014 2015 2016 2017 Construction output (Index 2014 = 100) sweden poland sLOVAKIA czech republic norway denmark finland baltics +3.1 % +2.6% +2.2 % +2.9% +5.0% +5.0% +2.7% n/a +4.2% +2.5 % +2.5% +8.0% +5.6% -3.2% +6.2% +1.8% equipment rental 2017E construction 2017E SOURCES:RT,DanskeByggeri,Byggindustrier,prognossenteret3/2017ERA10/2016, ERAconvention5/2016AND euroconstruct12/2016 InterimReport January-March 2017
  • 25. 25InterimReport January-March 2017Source: Europeanrental association10/2016 RentalpenetrationinEurope –SwedenandNorwayamongthetopthree 0.5% 0.7% 0.7% 0.7% 0.8% 0.8% 1.1% 1.2% 1.6% 1.6% 1.6% 1.6% 1.8% 2.6% 3.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% Poland Spain The Czech Republic Switzerland Austria Italy Belgium The Netherlands Denmark Finland France Germany Norway United Kingdom Sweden • European equipment rental market size app. EUR 24 billion • Fragmented industry – over 15,000 rental companies • Average rental penetration in Europe at 1.6% • European equipment rental market grew by 2.8% in 2016 and is expected to grow by 1.9% in 2017 Rentalpenetrationrate: RentalTurnover/Totalconstructionoutput Lowpenetration 0.0%–1.0% Mediumpenetration 1.0%–3.0% Highpenetration >3.0% Rentalpenetrationratebycountry
  • 26. RamirentisaleadingequipmentrentalsolutionsGROUP servingalargecustomerbase 26 market leader in 8 countries ~2,700 employees ~150,000 customers 10 countries ~290 CUSTOMER CENTERS 25,000 equipmenttypes 665 MEUR annual sales (2016) Russia andUkraine presencethrough JV Fortrent InterimReport January-March 2017
  • 27. Temporary spacesafety Merchandise sales training Equipment rental with a wide offering 27 rental service Lightmachinery Heavymachinery lifts Tower cranes & hoists Power & heating planning Logisticsandfuel services Site services Scaffolding& Weather protection InterimReport January-March 2017
  • 28. BENEFITS OF rentING iMPROVED productivity 28 ECO-EFFICIENCY • Environmental loading is reduced if more people use the same machine flexibility • Proximity • Delivery on site • Easier and quicker to rent versus buying Productivity • State-of-the art equipment • Right machine for the task • Use it when you need it • Improved cost control • Release of capital for core business safety • Pre-rental safety check • Regulation compliance • Well maintained fleet InterimReport January-March 2017