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Rr results q2_2012_final

Ramirent Group, profile picture
Ramirent Group

The interim report summarizes the company's financial performance for the first half of 2012. Key points include: - Net sales increased 17.7% to 334.1 MEUR, with like-for-like growth of 8.4% driven by acquisitions and rental rate increases. - EBITDA was 93.5 MEUR, with an improved EBITDA margin of 28.0%. EBIT increased to 35.1 MEUR and the EBIT margin was 10.5%. - All financial targets for the quarter were reached, including ROI above 18%, EPS growth above 15%, and gearing below 120%. - Cash flow after investments was positive at 13.6

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INTERIM REPORT JANUARY-JUNE 2012 9 August 2012 CEO Magnus Rosén CFO Jonas Söderkvist
April - June 2012: Profitability improved further Net sales MEUR 169.7 (149.5) up 13.5% or 12.8% at comparable exchange rates; Like-for-like* growth 4.9% EBITDA MEUR 51.6 (40.6) EBITDA-margin 30.4% (27.2%) EBIT MEUR 22.7 (15.4) EBIT-margin 13.4% (10.3%) Gross capex MEUR 23.9 (44.6) Cash flow after investments MEUR 7.3 (-20.4) *Excluding acquisitions in Sweden and Norway Interim Report January-June 2012 l 9 August 2012 2
January- January- June 2012: Good first half of the year Net sales MEUR 334.1 (283.9) up 17.7% or 17.1% at comparable exchange rates; Like-for-like* growth 8.4% EBITDA MEUR 93.5 (68.2) EBITDA-margin 28.0% (24.0%) EBIT MEUR 35.1 (18.1) EBIT-margin 10.5% (6.4%) Gross capex MEUR 59.6 (76.5) Cash flow after investments MEUR 13.6 (-31.1) Net debt MEUR 280.6 (238.2) Gearing 87.2% (80.4%) Number of outlets 379 (399) *Excluding acquisitions in Sweden and Norway Interim Report January-June 2012 l 9 August 2012 3
All financial targets were reached in Q2/12 Good sales growth based on ROI >18% p.a. over a business cycle stengthened market positions and 35 % rental rates 30 % 25 % Growth was also fuelled by 20 % 15 % aquisitions and outsourcing deals 10 % 19 % Positive cash flow in Q2 2012 5 % 0 % 2005 2006 2007 2008 2009 2010 2011 Q2 ROI Target 2012 EPS growth >15% p.a. over a business cycle Gearing ≤120% at end of each fiscal year 300 % 140 % 200 % 120 % 100 % 100 % *139% 80 % 0% 60 % -100 % 40 % 87 % 20 % -200 % 0 % 2005 2006 2007 2008 2009 2010 2011 Q2 2005 2006 2007 2008 2009 2010 2011 Q2 EPS Target 2012 Gearing Target 2012 *R12 Q2 2012 vs. Q2 2011 Interim Report January-June 2012 l 9 August 2012 4
Capital turnover continued to develop positively and was 123% for the last 12 months Invested capital by quarter MEUR 800 160 % 708 707 700 654 140 % 586 588 591 605 600 562 581 578 565 552 544 568 120 % 536 515 524 508 509 496 508 494 500 100 % 400 80 % 300 60 % 200 40 % 100 20 % 0 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4Q1 Q2 2007 2008 2009 2010 2011 2012 Invested capital Net sales/Invested capital, rolling 12 month Capital turnover amounted to 123% (109%) for the last 12 months at the end of June 2012 Interim Report January-June 2012 l 9 August 2012 5
Net sales grew in all segments except Europe Central Change in net sales Q2 YoY, % Change in net sales 1-6 YoY, % 30 % 35 % 25 % 30 % 25 % 30 % 21 % 20 % 25 % 21 % 15 % 20 %19 % 15 % 14 %13 % 13 % 20 % 18 % 15 % 10 % 15 % 5% 10 % 0% 5% -5 % 0% -10 % -5 % -15 % -10 % -20 % -15 % -19 % -14 % -25 % -20 % Interim Report January-June 2012 l 9 August 2012 6
Also EBIT margin improved in all segments except Europe Central EBIT margin Q2/12 vs. Q2/11 EBIT margin 1-6/12 vs. 1-6/11 20 % 20 % 17 % 17 % 15 %15 % 14 % 15 % 15 % 13 % 11 % 11 % 11 % 10 % 10 % 6% 5% 1% 5% 0% 2% 0% 0% -5 % -7 % -5 % -10 % Q2 2011 Q2 2012 1-6 2011 1-6 2012 Q2 2011 Q2 2012 1-6 2011 1-6 2012 Interim Report January-June 2012 l 9 August 2012 7
Positive cash flow generation in both Q2 and H1/2012 Cash flow Q2/12 vs. Q2/11 Cash flow 1-6/12 vs. 1-6/11 40,0 100,0 34.2 30,0 80,0 75.4 23.7 20,0 60,0 51.0 10,0 7.3 40,0 0,0 20,0 13.6 -10,0 0,0 -20,0 -20,0 -20.4 -30,0 -40,0 -31.1 Cash flow from Cash flow after Cash flow from Cash flow after operations investments operations investments Q2/11 Q2/12 1-6/11 1-6/12 Q2/11 Q2/12 1-6/11 1-6/12 Interim Report January-June 2012 l 9 August 2012 8
Adjusting operations in Europe Central where market conditions have weakened Number of employees in Europe Central reduced to 676 (879) Operations are being restructured for increased cost efficiencies and synergies across the four countries Focus on broadening the customer base especially in the industrial sector and the DIY market Interim Report January-June 2012 l 9 August 2012 9
Market outlook – Construction output forecasts Country 2012F 2013F 2014F Source* Nordic Finnish Construction Industries, RT**/ Finland -2%/-2.6% - 0.0% 2.6% Euroconstruct Swedish Construction Federation***/ Sweden -1%/-2.5% - 2.2% 2.3% Euroconstruct Norway 4.0% 4.3% 3.4% Euroconstruct Denmark 3.2% 2.3% 2.2% Euroconstruct Europe Central Poland 6.0% -2.1% 1.5% Euroconstruct Czech Republic -7.2% -1.9% 0.8% Euroconstruct Slovakia -3.0% 4.8% 3.6% Euroconstruct Hungary -3.6% 0.6% 6.6% Euroconstruct Europe East Russia 0-5% - 0-5% 0.5% Euroconstruct Estonia 15.0% 0.0% -2.0% Euroconstruct Latvia 9.0% 4.0% -1.0% Euroconstruct Lithuania 12.0% 3.0% 0.0% Euroconstruct Ukraine n.a. - n.a. n.a. Euroconstruct *Source: Euroconstruct June 2011, **April 2012, ***May 2012 Interim Report January-June 2012 l 9 August 2012 10
Growth in Nordic construction order books stable on 8-10% level Order book Nordics (BEUR, real exchange rates)* 10 60 % 9 8 40 % 7 6 20 % 5 4 0% 3 2 -20 % 1 0 -40 % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2007 2008 2009 2010 2011 2012 Skanska SRV YIT Lemminkäinen Change in Net sales YoY, R12 Ramirent Change in order backlog YoY, Nordic construction 8% growth vs. Q2/11 in both real and fixed exchange rates 4% increase vs. Q1/12 * Order books for Swe, Fin, Nor, Den Interim Report January-June 2012 l 9 August 2012 11
Ramirent outlook 2012 unchanged In 2012, net sales are expected to increase and the result before taxes is expected to improve compared to 2011. Interim Report January-June 2012 l 9 August 2012
Priority set on maintaining preparedness to manage market conditions and strengthen our competitiveness Cautious capex spending Strict cost control Maintain strong balance sheet Continue to develop the common Ramirent platform and provide customers enhanced efficiency through integrated solutions Interim Report January-June 2012 l 9 August 2012 13
SEGMENT REVIEW 14 Ramirent Plc I 10 May 2012 I Interim Report January-March 2012
Finland Highlights Sales and EBIT by quarter MEUR Growth was driven by high 50 25 % 45 industrial activity especially in 41 42 38 41 northern Finland and high 40 36 38 35 37 20 % 34 29 31 30 15 % construction activity especially 30 28 in the beginning of the quarter. 10 % 20 5% EBIT improved due to higher 10 0% utilisation rates and improved 0 -5 % price levels in many product Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 groups. 2009 2010 2011 2012 Net sales EBIT-% Finland Q2 Q2 Change Change 1-6/ 1-6/ Change Change 2011 2012 2011 (EUR) (Local) 2012 2011 (EUR) (Local) Net sales, 41.4 36.5 13% 13% 79.8 66.8 20% 20% 154.7 MEUR EBIT, MEUR 7.0 4.7 49% 12.0 6.1 98% 22.8 EBIT-margin 17.0% 12.9% 15.0% 9.1% 14.7% Employees 619 633 -2% 596 Outlets 80 85 -6% 83 Interim Report January-June 2012 l 9 August 2012 15
Sweden Highlights Sales and EBIT by quarter Like-for-like* growth was MEUR 60 54 25 % 7.5% in Q2/12 and 5.4% in 51 48 H1/12. 50 45 45 20 % 41 42 Main growth drivers were 40 35 36 32 33 31 32 15 % 29 large industrial projects in 30 northern Sweden, continued 10 % 20 strong overall demand in the 5% 10 capital city area and western 0 0% Sweden. Activity in the Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 southern parts of the country 2009 2010 2011 2012 was slow. Net sales EBIT-% EBIT improved based on good utilisation rates. Sweden Q2 Q2 Change Change 1-6/ 1-6/ Change Change 2012 2011 (EUR) (Local) 2012 2011 (EUR) (Local) 2011 Net sales, MEUR 50.9 42.1 21% 19% 99.1 83.4 19% 18% 182.7 EBIT, MEUR 8.6 7.0 24% 15.1 13.1 15% 33.2 EBIT-margin 16.9% 16.5% 15.3% 15.7% 18.2% Employees 727 563 29% 630 Outlets 84 73 15% 79 *Excluding acquisitions in Sweden Interim Report January-June 2012 l 9 August 2012 16
Norway Highlights Sales and EBIT by quarter Like-for-like* growth was 4.1% MEUR in Q2/12 and 8.0% in H1/12. 50 16 % 42 44 14 % 40 38 Improved construction and 40 12 % industrial activity, especially in 31 33 30 10 % 29 29 28 27 28 30 25 27 8% the Southeast part of Norway, 6% continued to drive demand. 20 4% 2% EBIT improved due to higher 10 0% utilisation rates and price -2 % 0 -4 % levels in most product groups. Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Consto AS signed a 2009 2010 2011 2012 cooperation agreement and Net sales EBIT-% outsourced its equipment to Ramirent. Norway Q2 Q2 Change Change 1-6/ 1-6/ Change Change 2011 2012 2011 (EUR) (Local) 2012 2011 (EUR) (Local) Net sales, MEUR 38.1 30.5 25% 21% 81.8 63.1 30% 26% 144.8 EBIT, MEUR 5.4 2.4 126% 9.3 2.8 236% 11.2 EBIT-margin 14.2% 7.9% 11.4% 4.4% 7.7% Employees 471 518 -9% 486 Outlets 43 43 0% 42 *Excluding acquisitions in Norway Interim Report January-June 2012 l 9 August 2012 17
Denmark Highlights Sales and EBIT by quarter MEUR Growth was driven by 16 15 20 % improved overall construction 14 12 10 % 11 11 activity including increased 12 11 11 10 10 0% 10 9 9 10 8 public sector investments. 10 8 -10 % 8 -20 % 6 EBIT turned positive and 4 -30 % increased on the back of good 2 -40 % fleet utilisation and stable 0 -50 % price levels in many product Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2009 2010 2011 2012 groups. Net sales EBIT-% Denmark Q2 Q2 Change Change Q2 Q2 Change Change 2011 2012 2011 (EUR) (Local) 2012 2011 (EUR) (Local) Net sales, MEUR 11.2 9.9 13% 13% 21.0 18.2 15% 15% 44.1 EBIT, MEUR 0.2 -0.3 N/A 0.0 -1.5 N/A 0.1 EBIT-margin 2.0% -2.9% 0.1% -8.4% 0.2% Employees 178 160 11% 186 Outlets 22 21 5% 22 Interim Report January-June 2012 l 9 August 2012 18
Europe East Highlights Sales and EBIT by quarter Net sales increased in all the MEUR 20 19 30 % segment countries in Q2/12 17 16 15 20 % compared to previous year. 15 13 13 12 12 12 10 % Infrastructure construction was 11 10 9 0% the main growth driver in Russia 10 9 8 -10 % and Ukraine. In the Baltic 5 -20 % countries demand was driven -30 % also by infrastructure and 0 -40 % renovation construction as well Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 as projects in the energy sector. 2009 2010 2011 2012 EBIT improved based on good Net sales EBIT-% fleet utilisation in most product groups. Europe East Q2 Q2 Change Change 1-6/ 1-6/ Change Change 2011 2012 2011 (EUR) (Local) 2012 2011 (EUR) (Local) Net sales, 15.0 13.0 15% 14% 27.2 22.4 21% 20% 56.1 MEUR EBIT, MEUR 1.6 1.0 65% 1.5 -0.7 327% 5.9 EBIT-margin 10.8% 7.5% 5.7% -3.0% 10.5% Employees 433 411 5% 439 Outlets 60 51 18% 58 Interim Report January-June 2012 l 9 August 2012 19
Europe Central Highlights Sales and EBIT by quarter MEUR Net sales decreased in all segment 25 20 % 22 countries in Q2/12 compared to 20 19 19 19 15 % 20 18 10 % the previous year. 16 16 16 15 14 14 5% Lower construction and industrial 15 12 13 0% activity decreased demand for 10 -5 % rental equipment in Poland. -10 % 5 -15 % Market conditions remained -20 % difficult in the other countries. 0 -25 % Operations are being restructured Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2009 2010 2011 2012 to drive higher synergies and cost Net sales EBIT-% efficiencies across the countries. Profitability of operations was burdened by low utilisation rates. Europe Central Q2 Q2 Change Change 1-6/ 1-6/ Change Change 2011 2012 2011 (EUR) (Local) 2012 2011 (EUR) (Local) Net sales, MEUR 15.3 19.0 -19% -15% 28.5 33.4 -14% -9% 73.9 EBIT, MEUR 0.1 1.1 -88% -2.1 -0.1 N/A 5.5 EBIT-margin 0.9% 5.7% -7.3% -0.3% 7.4% Employees 676 879 -23% 825 Outlets 90 126 -29% 122 Interim Report January-June 2012 l 9 August 2012 20
FINANCIAL REVIEW 21
Positive development in financial performance continued in Q2 Net Sales (MEUR) EBITDA (MEUR) EBIT (MEUR) Net sales Y-o-y change-% EBITDA EBITDA-% EBIT EBIT-% 35 31 20 % 200 187 179 40 % 70 35 % 170 30 25 180 164 59 15 % 30 % 60 55 30 % 25 23 160 150 150 52 141 134 20 % 140 122 130 125 126 129 50 42 41 42 25 % 20 17 15 10 % 112 10 % 14 12 120 40 36 37 37 20 % 15 12 11 30 31 7 5% 100 0% 28 10 7 30 26 15 % 80 -10 % 3 18 5 0% 60 20 10 % -20 % 0 40 -5 % -30 % 10 5% -5 20 -4 0 -40 % 0 0% -10 -6 -10 % Q1 Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2 Q2 Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2 Q1Q2 Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2 Q1Q2 Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2 Q1 Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2 Q2 Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 Cash flow (MEUR) Net debt (MEUR) Gross Capex (MEUR) Cash flow after investments Net debt Gearing-% Gross Capex Share of net sales-% 40 280 263 281 28 300 281 120 % 140 80 % 30 22 20 24 18 255 258 120 20 13 14 16 230 238 120 70 % 250 100 % 6 7 212 207 209 10 197 191 100 60 % 200 177 80 % 0 50 % 80 -10 -4 150 60 % 40 % 60 45 46 -20 -11 30 % 100 40 % 32 36 -20 40 24 20 % -30 22 18 50 20 % 20 13 10 -40 -37 3 5 3 8 10 % -50 0 0% 0 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1Q2 Q3Q4Q1 Q2Q3Q4Q1 Q2Q3Q4Q1 Q2 Q1 Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2 Q2 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 Interim Report January-June 2012 l 9 August 2012 22
Net sales grew 13.5% in Q2/2012, like-for- like growth* 4.9% Change in net sales YoY, % 27 % 24 % 22 % 19 %19 % 19 %20 % 16 % 13 % 14 % 9% 3% -4 % -9 % -25 % -27 % -31 %-31 % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2008 2009 2010 2011 2012 Net sales grew 17.7% in H1/2012, like-for-like growth 8.4% * Excluding acquisitions in Sweden and Norway Interim Report January-June 2012 l 9 August 2012 23
Net sales grew in all segments except Europe Central Change in Q2 net sales YoY, % 25 % 21 % 21 % 19 % 15 % 14 % % 13 13 %13 % 13 % % 13 14 % -15 % -19 % Group Finland Sweden Norway Denmark East Central EUR Comparable exchange rates EUR Comparable exchange rates Interim Report January-June 2012 l 9 August 2012 24
Higher share of ancillary income and income from sold equipment Breakdown of net sales MEUR 100 % 3% 4% 200 29 % 6.3 +22% 80 % 31 % 150 5.1 +19% 51.8 60 % 43.7 100 +11% 40 % 67 % 66 % 50 100.8 111.7 20 % 0% 0 Q2/2011 Q2/2012 Q2/2011 Q2/2012 Rental income Rental income Ancillary income Ancillary income Income from sold equipment Income from sold equipment Share of ancillary income has increased from last year due to a higher degree of work and services in our solutions offering Continued focus on trading, increased income from sale of equipment YoY in the second quarter Interim Report January-June 2012 l 9 August 2012 25
Gross margin increased slightly in Q2/2012 compared to previous year Gross margin by quarter 71 % 70 % 69 % 69 % 68 % 68 % 68 % 68 % 68 % 67 % 67 % 67 % 66 % 66 % 66 % 65 % 65 % Q1 Q2 Q3 Q4 FY 2009 2010 2011 2012 Interim Report January-June 2012 l 9 August 2012 26
Number of employees decreased in Europe Central due to reorganisation Number of employees by segment 879 825 727 676 633 630 596 619 563 518 486 471 411 439 433 160 186 178 Finland Sweden Norway Denmark Europe East Europe Central Personnel 30/6/11 Personnel 31/12/11 Personnel 30/6/12 At the end of June 2012, the Group’s number of employees was 3,129 (3,185) persons Interim Report January-June 2012 l 9 August 2012 27
We continue to optimize our outlet network – 379 outlets at the end of June 2012 Number of outlets per segment 379 359 90 99 60 52 22 18 43 37 57 84 96 80 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2008 2009 2010 2011 2012 Finland Sweden Norway Denmark Europe East Europe Central 28 Interim Report January-June 2012 l 9 August 2012
Fixed cost level development is stable Fixed costs by quarter (MEUR) 70 68 66 65 62 63 62 57 57 56 56 52 52 54 28 25 25 25 24 27 25 23 23 22 23 22 19 22 41 42 42 40 35 38 37 37 30 33 33 33 33 32 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2009 2010 2011 2012 Employee benefit expenses Other operating expenses The fixed cost level increased year-on-year due to • Acquisitions • Expenses related to development work on Ramirent’s common platform Interim Report January-June 2012 l 9 August 2012 29
Q2 EBIT margin increased to 13.4% EBIT margin by quarter 19.6% 18.2% 18.4% 17.0% 13.6% 13.4% 11.8% 10.8% 10.3% 9.0% 7.5% 7.5% 5.9% 5.8% 2.0% -2.9% -5.0% -11.4% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2008 2009 2010 2011 2012 EBIT-margin January-June 2012: 10.5% (6.4%) Interim Report January-June 2012 l 9 August 2012 30
Q2 EBIT margin improved in all segments except Europe Central EBIT-margin by segments 17.0% 16.9% 16.5% 14.2% 13.4% 12.9% 10.3% 10.8% 7.9% 7.5% 5.7% 2.0% 0.9% -2.9% Group Finland Sweden Norway Denmark East Central Q2/11 Q2/12 Q2/11 Q2/12 Interim Report January-June 2012 l 9 August 2012 31
Q2/2012 rental fleet investments were 21.7 MEUR Purchased and sold equipment by quarter (MEUR) 67 38 34 30 20 22 12 5 6 8 6 4 Q1 Q2 Q3 Q4 Q1 Q2 2011 2012 Purchased equipment Sold equipment In Q2/2012, gross capital expenditure was EUR 23.9 (44.6) million of which EUR 21.7 (38.4) million in rental fleet The value of sold rental equipment was EUR 6.3 (5.1) million Committed investments at the end of quarter were EUR 7.3 (21.7) million Interim Report January-June 2012 l 9 August 2012 32
Capital expenditure below previous year’s level except in Sweden Capital Expenditure by segments (MEUR) 76 60 33 25 18 12 10 9 8 7 5 5 3 1 Group Finland Sweden Norway Denmark East Central 1-6/2011 1-6/2012 1-6/2011 1-6/2012 Capital expenditure increased in Sweden due to the acquisition of TLM (Tannefors Lift- och Maskinuthyrning) in early 2012 Interim Report January-June 2012 l 9 August 2012 33
Working capital at 5% of net sales Working capital by quarter (MEUR) 160 10 % 8% 120 6% 80 124 131 109 120 114 4% 88 90 90 99 97 95 86 80 83 40 2% 0% 16 15 15 15 15 14 14 16 16 17 17 17 18 18 0 -2 % -66 -68 -70 -67 -69 -4 % -40 -86 -86 -89 -82 -84 -107 -109 -112 -139 -6 % -80 -8 % -120 -10 % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2009 2010 2011 2012 Inventories Trade and other receivables Trade payables and other liabilities Working capital/Net sales Rolling 12 month basis Q2/12 credit losses and net change in the allowance for bad debt totalled EUR −0.9 (−0.7) million Interim Report January-June 2012 l 9 August 2012 34
Invested capital increased slightly to 605 MEUR, ROI at 19% Invested capital (MEUR) and ROI (%) by quarter 700 30 % 588 591 605 600 568 536 25 % 508 500 20 % 19 % 19 % 400 16 % 15 % 300 13 % 10 % 10 % 200 9% 100 5% 0 0% Q1 Q2 Q3 Q4 Q1 Q2 2011 2012 Invested capital ROI (R12) ROI target Capital turnover amounted to 123% (109%) for the last 12 months at the end of June 2012 Interim Report January-June 2012 l 9 August 2012 35
Q2/2012 cash flow after investments 7.3 MEUR Cash flow after investments (MEUR) 66.5 25.2 27.8 22.4 24.2 17.9 19.5 15.9 13.4 14.4 6.4 7.3 -4.0 -10.7 -20.4 -29.9 -36.8 -54.8 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2008 2009 2010 2011 2012 Cash flow after investments Rolling 12 months Interim Report January-June 2012 l 9 August 2012 36
Net debt increased by 22.9 MEUR in Q2 2012; gearing was 87.2% at end of the period Net debt and gearing MEUR 400 113 % 120 % 106 % 108 % 350 96 % 99 % 81 % 100 % 86 % 92 % 300 84 % 84 87 % 81 % % 69 % 80 % 74 % 71 % 80 % 250 70 % 68 % % 68 64 % 60 % 200 56 % 60 % 150 40 % 100 20 % 50 0 0% 2004 2005 2006 2007 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2008 2009 2010 2011 2012 Net debt Gearing (%) Equity ratio was 39.4% (42.5%) Net debt amounted to EUR 280.6 (238.2) million Interim Report January-June 2012 l 9 August 2012 37
At end of Q2/12, Ramirent had unused committed back-up facilities of 109.1 MEUR Repayment schedule of interest-bearing liabilities (MEUR) 390 MEUR in committed credit facilities 280.6 MEUR in net debt 240 150 2012 2013 2014 2015 2016 2017 In addition to bank facilities, Ramirent is utilising a domestic commercial paper program of up to EUR 150 million Interim Report January-June 2012 l 9 August 2012 38
Ramirent is in good shape to manage possible changes in market conditions Broadest range of equipment and Dynamic Rental SolutionsTM 3,129 dedicated problem solvers Wide network of outlets close to our customers Strong financial position Deriving higher synergies through a more uniform ”Ramirent platform” and brand 39 Interim Report January-June 2012 l 9 August 2012
For more information: www.ramirent.com Magnus Rosén, CEO +358 20 750 2845 magnus.rosen@ramirent.com Jonas Söderkvist, CFO +358 20 750 3248 jonas.soderkvist@ramirent.com Franciska Janzon, IR +358 20 750 2859 franciska.janzon@ramirent.com
COMPANY OVERVIEW 41
Ramirent in brief Leading equipment rental company in Northern, Central and Eastern Europe with net sales of EUR 650 million (2011) 379 rental customer centers located in 13 countries and providing 200 000 rental items 3 129 employees serving 100 000 customers Founded in 1955 and headquartered in Finland Listed on NASDAQ OMX Helsinki since 1998 Interim Report January-June 2012 l 9 August 2012 42
More than 50 years of experience as a supplier to the construction industry Greenfield Steel Nail shop First move entry to Rakennusmies outside Finland Enter Acquires Czech Republic founded through JV in Lithuania Bautas in Moscow, Russia Norway The rental Acquires business is MBO by key Enter Altima in established personnel and Poland Sweden capital investors 1955 1983 1988 1994 1995 1996 1997 1998 2000 2001 2002 2003 2004 2005 2006 2008 Acquired by Partek Enter Renamed Enter and renamed Latvia Ramirent Ukraine A-rakennusmies Plc Enter The third county Slovakia becomes Estonia with Listed on the Greenfield the expansion to Helsinki Stock entry to Tallinn Exchange Hungary 43 Interim Report January-June 2012 l 9 August 2012
Our strategic choices Vision To be the leading and most progressive equipment rental solutions company in Europe, setting the benchmark for industry performance and customer service Mission We simplify business by Delivering Dynamic Rental Solutions™ Values Open, Progressive, Engaged Brand promise Let’s solve it 44
One of the leading equipment rental companies both in Europe (#3) and globally (#13) Largest rental companies in Europe Largest rental companies globally Turnover 2011 (MEUR) Turnover 2011 (MEUR) United Rentals Loxam Aggreko Cramo RSC Equipment Rental Ramirent Ashtead Group Algeco Scotsman Coates Hire Ltd Speedy Hire Algeco Scotsman Aktio Corp Sarens Hertz Equipment Rental Kiloutou Loxam HKL Baumaschinen Nikken Corp Mediaco Levage Nishio Rent All Co Cramo Ramirent 0 200 400 600 800 1000 0 500 1000 1500 2000 2500 Source: IRN June 2012 45 Interim Report January-June 2012 l 9 August 2012
Leading market position in five of our six geographical segments Finland 80 depots Sweden (25 franchises) 84 depots Market #1 Employees Q2/12 Norway (10 franchises) Market #2 43 depots Europe Finland (4 franchises) Central 619 Market #1 676 Europe East 60 depots 10 re-renting Total agents Denmark 3,129 Market #1 22 depots Sweden Market #1 Europe 727 East Europe Central 433 90 depots (24 franchises) Market #1 Denmark Norway 178 471 46 Interim Report January-June 2012 l 9 August 2012
Nordic countries are our largest markets and construction is our largest customer sector Sales per segment 1-6/2012 Sales per customer sector 2011 Europe Central Households Public sector 5% 9% Finland 5% Europe East 24% Construction 76% 8% Industry 14 % Denmark 6% Norway 24% Sweden 29% 47 Interim Report January-June 2012 l 9 August 2012
Broadest range of equipment and Dynamic Rental SolutionsTM SOLUTIONS • Total • Power SERVICES Management • Access • Eco solutions • Climate • Planning & design • Fuel/gas refilling • Safety • Space • Ramirent • Site logistics • Event know-how coordinator PRODUCTS • Transportation • Facility RAMIRENT OFFERING • Lifts • Modules • Installation management Benefits: • Heavy machinery • Safety and • Maintenance • Paperwork • Tower cranes formworks • Inspections for authorities Easy to buy, reduced number of and hoists • Light machinery • Insurance • Technical subcontractors, increased focus • Scaffolding • Power and heating • Operators support on the core business Benefits: Benefits: Lighter balance sheets, More uptime in core operations OUTSOURCING less investments due to less downtime in equipment, Benefits: less maintenance costs, right choice By outsourcing your of equipment improves efficiency, machine fleet to Ramirent, less product liability risk companies can increase efficiency and simplify their business by focusing on INDUSTRIES core competences • Construction • Mining • Paper • Power generation • Oil & gas • Shipyards • Facility management • Public sector • Households CUSTOMER NEEDS 48 Interim Report January-June 2012 l 9 August 2012
Light machinery, lifts and modules are the biggest product groups measured by rental income 19% 8% 5% 11% TOWER CRANES LIFTS HEAVY MACHINERY AND HOISTS SCAFFOLDING 17% 5% 26% 10% MODULES SAFE LIGHT MACHINERY POWER & HEATING Ramirent’s equipment fleet is organised along eight core product groups 49 Interim Report January-June 2012 l 9 August 2012
The Group’s key strategic objectives Sustainable profitable growth Accelerate growth through acquisitions and outsourcing deals Evaluate entry into new markets Strengthen local offerings and develop solution concepts Operational excellence Develop a common Ramirent platform Develop group wide IT platform and realise synergies Maintain strong focus on cost efficiency Balanced risk level Diversified portfolios of customers, products and markets Continuous employee competence development A strong financial position 50 Interim Report January-June 2012 l 9 August 2012
Strong long-term growth drivers Long-term growth industry Increasing rental penetration 70 % 100 % Increasing rental penetration in most 60 % 90 % markets, still high potential compared 80 % 45 % 40 % 40 % 70 % to mature UK market 30 % 30 % 60 % 25 % 20 % 20 % Fragmented European rental market of 50 % 15 % 15 % 15 % 10 % 10 % 10 % 40 % EUR 20bn with top 10 rental companies 30 % 5% 20 % accounting for 19% of the market 10 % CEE construction markets on a low 0 % level compared to Nordics and Western Europe European consolidation opportunities High potential CEE construction markets Inhabitants Ramirent (million) Loxam Construction output (BEUR) Cramo Algeco Scotsman Speedy Hire Liebherr-Mietpartner GAM Mediaco Lifting Sarens Kiloutou HKL Baumschinen Others St. Petersburg + Moscow only 51 Source: ERA, Euroconstruct Interim Report January-June 2012 l 9 August 2012
The Group’s financial targets • ROI >18% p.a. over a business cycle • EPS growth > 15% p.a. over a business cycle • Gearing ≤ 120% at end of each fiscal year • Dividend pay-out > 40% of earnings per share 52 Interim Report January-June 2012 l 9 August 2012
APPENDIX 53
Consolidated income statement CONSOLIDATED INCOME STATEMENT 4-6/12 4-6/11 1-6/12 1-6/11 1-12/11 (EUR 1,000) Rental income 111 693 100 754 214 766 187 794 430 848 Ancillary income 51 788 43 662 105 533 87 227 192 355 Sales of equipment 6 258 5 111 13 770 8 858 26 658 NET SALES 169 738 149 527 334 069 283 878 649 861 Other operating income 557 327 983 669 1 526 Materials and services -53 748 -47 628 -108 803 -91 443 -209 357 Employee benefit expenses -40 210 -36 599 -82 699 -73 229 -156 101 Depreciation and amortisation -28 859 -25 154 -58 370 -50 087 -107 659 Other operating expenses -24 732 -25 026 -50 093 -51 661 -104 140 EBIT 22 746 15 446 35 087 18 127 74 131 Financial income 2 549 1 990 9 565 4 106 11 405 Financial expenses -5 319 -4 921 -14 006 -9 875 -24 776 EBT 19 976 12 515 30 646 12 358 60 760 Income taxes -5 019 -3 438 -7 792 -3 388 -16 030 NET RESULT FOR THE PERIOD 14 958 9 078 22 854 8 970 44 730 Net result for the period attributable to: Owners of the parent company 14 958 9 078 22 854 8 970 44 730 Non-controlling interest - - - - - TOTAL 14 958 9 078 22 854 8 970 44 730 EPS on parent company shareholders' 0.14 0.08 0.21 0.08 0.41 share of profit, basic and diluted, EUR 54 Interim Report January-June 2012 l 9 August 2012
Balance sheet – Assets CONSOLIDATED BALANCE SHEET 30.6.2012 30.6.2011 31.12.2011 ASSETS (EUR 1,000) NON-CURRENT ASSETS Property, plant and equipment 477 196 443 969 487 310 Goodwill 134 394 96 379 124 452 Other intangible assets 39 864 12 079 35 719 Available-for-sale investments 1 450 422 1 368 Deferred tax assets 12 875 14 811 12 183 NON-CURRENT ASSETS, TOTAL 665 778 567 660 661 032 CURRENT ASSETS Inventories 18 103 16 987 17 309 Trade and other receivables 131 019 108 574 120 000 Current tax assets 193 2 333 344 Cash and cash equivalents 2 089 2 029 2 431 CURRENT ASSETS, TOTAL 151 404 129 923 140 084 TOTAL ASSETS 817 183 697 583 801 117 55 Interim Report January-June 2012 l 9 August 2012
Balance sheet – Equity and liabilities EQUITY AND LIABILITIES 30.6.2012 30.6.2011 31.12.2011 (EUR 1,000) EQUITY Share capital 25 000 25 000 25 000 Revaluation fund -4 568 -1 632 -4 192 Invested unrestricted equity fund 113 329 113 329 113 329 Retained earnings 188 243 159 487 191 862 PARENT COMPANY SHAREHOLDERS’ EQUITY 322 004 296 184 326 000 Non-controlling interests - - - EQUITY, TOTAL 322 004 296 184 326 000 NON-CURRENT LIABILITIES Deferred tax liabilities 78 082 60 625 73 690 Pension obligations 7 008 7 158 7 226 Provisions 1 140 1 945 1 553 Interest-bearing liabilities 223 818 149 974 219 773 Other long-term liabilities 9 133 2 452 11 748 NON-CURRENT LIABILITIES, TOTAL 319 180 222 154 313 990 CURRENT LIABILITIES Trade payables and other liabilities 111 592 84 125 109 020 Provisions 1 221 1 041 1 163 Current tax liabilities 4 273 3 832 5 496 Interest-bearing liabilities 58 913 90 247 45 448 CURRENT LIABILITIES, TOTAL 175 999 179 245 161 127 LIABILITIES, TOTAL 495 178 401 398 475 117 TOTAL EQUITY AND LIABILITIES 817 183 697 583 801 117 56 Interim Report January-June 2012 l 9 August 2012
Key figures (MEUR) 4-6/12 4-6/11 Change 1-6/12 1-6/11 Change 1-12/11 Net sales 169.7 149.5 13.5% 334.1 283.9 17.7% 649.9 EBITDA 51.6 40.6 27.1% 93.5 68.2 37.0% 181.8 % of net sales 30.4% 27.2% 28.0% 24.0% 28.0% EBIT 22.7 15.4 47.3% 35.1 18.1 93.6% 74.1 % of net sales 13.4% 10.3% 10.5% 6.4% 11.4% EBT 20.0 12.5 59.6% 30.6 12.4 148.0% 60.8 % of net sales 11.8% 8.4% 9.2% 4.4% 9.3% Earnings per share (EPS), (basic and 0.14 0.08 65.4% 0.21 0.08 155.6% 0.41 diluted), EUR Gross capital expenditure on non- 23.9 44.6 -46.4% 59.6 76.5 -22.0% 242.2 current assets Gross capital expenditure,% of net 14.1% 29.8% 17.8% 26.9% 37.3% sales Cash flow after investments 7.3 -20.4 135.5% 13.6 -31.1 143.8% -52.0 Invested capital at the end of period 604.7 536.4 12.7% 591.2 Return on invested capital (ROI), % 18.9% 10.4% 15.7% 1) Return on equity (ROE), % 1) 19.0% 8.3% 13.9% Net debt 280.6 238.2 17.8% 262.8 Gearing, % 87.2% 80.4% 80.6% Equity ratio, % 39.4% 42.5% 40.7% Personnel at end of period 3 129 3 185 -1.8% 3 184 1) The figures are calculated on a rolling twelve month basis. 57 Interim Report January-June 2012 l 9 August 2012
Condensed cash flow statement CONSOLIDATED CONDENSED CASH FLOW STATEMENT 4-6/12 4-6/11 1-6/12 1-6/11 1-12/11 (EUR 1,000) Cash flow from operating activities 34 198 23 674 75 417 51 005 177 433 Cash flow from investing activities -26 947 -44 090 -61 776 -82 146 -229 475 Cash flow from financing activities Borrowings / repayment of short-term debt 22 168 29 886 13 668 48 595 30 584 Borrowings / repayment of long-term debt 192 18 768 5 210 13 604 52 919 Purchase of treasury shares - -116 -2 714 -3 378 -3 378 Dividends paid -30 147 -27 004 -30 147 -27 004 -27 004 Cash flow from financing activities -7 786 21 534 -13 983 31 817 53 121 Net change in cash and cash equivalents -535 1 117 -342 676 1 079 Cash and cash equivalents at the beginning of the period 2 625 911 2 431 1 352 1 352 Translation difference on cash and cash equivalents - - - - - Net change in cash and cash equivalents -535 1 117 -342 676 1 079 Cash and cash equivalents at the end of the period 2 089 2 029 2 089 2 029 2 431 58 Interim Report January-June 2012 l 9 August 2012
Segment information Net sales, MEUR 4-6/12 4-6/11 Change 1−6/12 1−6/11 Change 1-12/11 Finland, net sales 41.0 35.6 15% 78.9 64.8 22% 151.4 (external) -Inter-segment sales 0.5 0.9 -50% 0.9 2.0 -55% 3.3 Sweden, net sales 49.8 42.1 18% 97.9 83.1 18% 182.0 (external) -Inter-segment sales 1.2 - N/A 1.2 0.3 269% 0.6 Norway, net sales 38.1 30.4 25% 81.8 62.9 30% 144.3 (external) -Inter-segment sales - 0.1 N/A 0.1 0.2 -56% 0.5 Denmark, net sales 11.2 9.7 16% 21.0 17.9 18% 43.5 (external) -Inter-segment sales - 0.2 N/A - 0.4 N/A 0.6 Europe East, net sales 15.0 13.0 15% 27.0 22.3 21% 55.8 (external) -Inter-segment sales - - N/A 0.2 0.1 80% 0.2 Europe Central, net sales 14.8 18.7 -21% 27.6 33.0 -17% 72.8 (external) -Inter-segment sales 0.5 0.3 103% 1.0 0.3 192% 1.0 Elimination of sales -2.2 -1.5 -50% -3.4 -3.4 - -6.3 between segments Net sales, total 169.7 149.5 14% 334.1 283.9 18% 649.9 59 Interim Report January-June 2012 l 9 August 2012
EBIT by segment EBIT (EUR million) 4-6/12 4-6/11 Change 1−6/12 1−6/11 Change 1-12/11 Finland 7.0 4.7 49% 12.0 6.1 98% 22.8 % of net sales 17.0% 12.9% 15.0% 9.1% 14.7% Sweden 8.6 7.0 24% 15.1 13.1 15% 33.2 % of net sales 16.9% 16.5% 15.3% 15.7% 18.2% Norway 5.4 2.4 126% 9.3 2.8 236% 11.2 % of net sales 14.2% 7.9% 11.4% 4.4% 7.7% Denmark 0.2 -0.3 N/A - -1.5 N/A 0.1 % of net sales 2.0% -2.9% 0.1% -8.4% 0.2% Europe East 1.6 1.0 65% 1.5 -0.7 327% 5.9 % of net sales 10.8% 7.5% 5.7% -3.0% 10.5% Europe Central 0.1 1.1 -88% -2.1 -0.1 N/A 5.5 % of net sales 0.9% 5.7% -7.3% -0.3% 7.4% Net items not allocated -0.3 -0.4 20% -0.8 -1.5 44% -4.5 to operating segments Group EBIT 22.7 15.4 47% 35.1 18.1 94% 74.1 % of net sales 13.4% 10.3% 10.5% 6.4% 11.4% 60 Interim Report January-June 2012 l 9 August 2012
Largest shareholders % of Market Cap EUR 693.4 million Largets shareholders Number of share on 30 June 2012 shares 9% capital 1 Nordstjernan AB 31 882 078 29.33 34% 2 Oy Julius Tallberg Ab 11 962 229 11.01 3 Varma Mutual Pension Insurance Company 7 831 299 7.20 4 Ilmarinen Mutual Pension Insurance Company 4 977 059 4.58 40% 5 Odin Funds 4 604 595 4.24 17% 6 Tapiola Mutual Pension Insurance Company 2 407 668 2.22 Foreign owners 7 Veritas Pension Insurance Company Ltd 1 515 000 1.39 8 Investment Fund Aktia Capital 1 247 540 1.15 Nominee registered 9 Investment Fund Nordea Fennia 1 100 000 1.01 Finnish companies and 825 000 0.76 organisations 10 Föreningen Konstsamfundet rf Finnish households Ramirent Plc’s treasury shares 1 030 192 0.95 Nominee registered shares 17 982 933 16.54 Other shareholders 21 331 735 19.62 Total number of shares 108 697 328 100.00 Trading information Listing: NASDAX OMX Helsinki Date of listing: April 30, 1998 Segment: Mid Cap Sector: Industrials Trading code: RMR1V 61 Interim Report January-June 2012 l 9 August 2012
Share price development EUR MEUR 22.36 180 300 19.87 160 250 17.39 140 120 14.90 200 100 12.42 150 80 9.94 60 7.45 100 40 4.97 50 20 2.48 0 Turnover Ramirent Indexed OMX Helsinki 62 Interim Report January-June 2012 l 9 August 2012
For more information: www.ramirent.com

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Rr results q2_2012_final

  • 1. INTERIM REPORT JANUARY-JUNE 2012 9 August 2012 CEO Magnus Rosén CFO Jonas Söderkvist
  • 2. April - June 2012: Profitability improved further Net sales MEUR 169.7 (149.5) up 13.5% or 12.8% at comparable exchange rates; Like-for-like* growth 4.9% EBITDA MEUR 51.6 (40.6) EBITDA-margin 30.4% (27.2%) EBIT MEUR 22.7 (15.4) EBIT-margin 13.4% (10.3%) Gross capex MEUR 23.9 (44.6) Cash flow after investments MEUR 7.3 (-20.4) *Excluding acquisitions in Sweden and Norway Interim Report January-June 2012 l 9 August 2012 2
  • 3. January- January- June 2012: Good first half of the year Net sales MEUR 334.1 (283.9) up 17.7% or 17.1% at comparable exchange rates; Like-for-like* growth 8.4% EBITDA MEUR 93.5 (68.2) EBITDA-margin 28.0% (24.0%) EBIT MEUR 35.1 (18.1) EBIT-margin 10.5% (6.4%) Gross capex MEUR 59.6 (76.5) Cash flow after investments MEUR 13.6 (-31.1) Net debt MEUR 280.6 (238.2) Gearing 87.2% (80.4%) Number of outlets 379 (399) *Excluding acquisitions in Sweden and Norway Interim Report January-June 2012 l 9 August 2012 3
  • 4. All financial targets were reached in Q2/12 Good sales growth based on ROI >18% p.a. over a business cycle stengthened market positions and 35 % rental rates 30 % 25 % Growth was also fuelled by 20 % 15 % aquisitions and outsourcing deals 10 % 19 % Positive cash flow in Q2 2012 5 % 0 % 2005 2006 2007 2008 2009 2010 2011 Q2 ROI Target 2012 EPS growth >15% p.a. over a business cycle Gearing ≤120% at end of each fiscal year 300 % 140 % 200 % 120 % 100 % 100 % *139% 80 % 0% 60 % -100 % 40 % 87 % 20 % -200 % 0 % 2005 2006 2007 2008 2009 2010 2011 Q2 2005 2006 2007 2008 2009 2010 2011 Q2 EPS Target 2012 Gearing Target 2012 *R12 Q2 2012 vs. Q2 2011 Interim Report January-June 2012 l 9 August 2012 4
  • 5. Capital turnover continued to develop positively and was 123% for the last 12 months Invested capital by quarter MEUR 800 160 % 708 707 700 654 140 % 586 588 591 605 600 562 581 578 565 552 544 568 120 % 536 515 524 508 509 496 508 494 500 100 % 400 80 % 300 60 % 200 40 % 100 20 % 0 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4Q1 Q2 2007 2008 2009 2010 2011 2012 Invested capital Net sales/Invested capital, rolling 12 month Capital turnover amounted to 123% (109%) for the last 12 months at the end of June 2012 Interim Report January-June 2012 l 9 August 2012 5
  • 6. Net sales grew in all segments except Europe Central Change in net sales Q2 YoY, % Change in net sales 1-6 YoY, % 30 % 35 % 25 % 30 % 25 % 30 % 21 % 20 % 25 % 21 % 15 % 20 %19 % 15 % 14 %13 % 13 % 20 % 18 % 15 % 10 % 15 % 5% 10 % 0% 5% -5 % 0% -10 % -5 % -15 % -10 % -20 % -15 % -19 % -14 % -25 % -20 % Interim Report January-June 2012 l 9 August 2012 6
  • 7. Also EBIT margin improved in all segments except Europe Central EBIT margin Q2/12 vs. Q2/11 EBIT margin 1-6/12 vs. 1-6/11 20 % 20 % 17 % 17 % 15 %15 % 14 % 15 % 15 % 13 % 11 % 11 % 11 % 10 % 10 % 6% 5% 1% 5% 0% 2% 0% 0% -5 % -7 % -5 % -10 % Q2 2011 Q2 2012 1-6 2011 1-6 2012 Q2 2011 Q2 2012 1-6 2011 1-6 2012 Interim Report January-June 2012 l 9 August 2012 7
  • 8. Positive cash flow generation in both Q2 and H1/2012 Cash flow Q2/12 vs. Q2/11 Cash flow 1-6/12 vs. 1-6/11 40,0 100,0 34.2 30,0 80,0 75.4 23.7 20,0 60,0 51.0 10,0 7.3 40,0 0,0 20,0 13.6 -10,0 0,0 -20,0 -20,0 -20.4 -30,0 -40,0 -31.1 Cash flow from Cash flow after Cash flow from Cash flow after operations investments operations investments Q2/11 Q2/12 1-6/11 1-6/12 Q2/11 Q2/12 1-6/11 1-6/12 Interim Report January-June 2012 l 9 August 2012 8
  • 9. Adjusting operations in Europe Central where market conditions have weakened Number of employees in Europe Central reduced to 676 (879) Operations are being restructured for increased cost efficiencies and synergies across the four countries Focus on broadening the customer base especially in the industrial sector and the DIY market Interim Report January-June 2012 l 9 August 2012 9
  • 10. Market outlook – Construction output forecasts Country 2012F 2013F 2014F Source* Nordic Finnish Construction Industries, RT**/ Finland -2%/-2.6% - 0.0% 2.6% Euroconstruct Swedish Construction Federation***/ Sweden -1%/-2.5% - 2.2% 2.3% Euroconstruct Norway 4.0% 4.3% 3.4% Euroconstruct Denmark 3.2% 2.3% 2.2% Euroconstruct Europe Central Poland 6.0% -2.1% 1.5% Euroconstruct Czech Republic -7.2% -1.9% 0.8% Euroconstruct Slovakia -3.0% 4.8% 3.6% Euroconstruct Hungary -3.6% 0.6% 6.6% Euroconstruct Europe East Russia 0-5% - 0-5% 0.5% Euroconstruct Estonia 15.0% 0.0% -2.0% Euroconstruct Latvia 9.0% 4.0% -1.0% Euroconstruct Lithuania 12.0% 3.0% 0.0% Euroconstruct Ukraine n.a. - n.a. n.a. Euroconstruct *Source: Euroconstruct June 2011, **April 2012, ***May 2012 Interim Report January-June 2012 l 9 August 2012 10
  • 11. Growth in Nordic construction order books stable on 8-10% level Order book Nordics (BEUR, real exchange rates)* 10 60 % 9 8 40 % 7 6 20 % 5 4 0% 3 2 -20 % 1 0 -40 % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2007 2008 2009 2010 2011 2012 Skanska SRV YIT Lemminkäinen Change in Net sales YoY, R12 Ramirent Change in order backlog YoY, Nordic construction 8% growth vs. Q2/11 in both real and fixed exchange rates 4% increase vs. Q1/12 * Order books for Swe, Fin, Nor, Den Interim Report January-June 2012 l 9 August 2012 11
  • 12. Ramirent outlook 2012 unchanged In 2012, net sales are expected to increase and the result before taxes is expected to improve compared to 2011. Interim Report January-June 2012 l 9 August 2012
  • 13. Priority set on maintaining preparedness to manage market conditions and strengthen our competitiveness Cautious capex spending Strict cost control Maintain strong balance sheet Continue to develop the common Ramirent platform and provide customers enhanced efficiency through integrated solutions Interim Report January-June 2012 l 9 August 2012 13
  • 14. SEGMENT REVIEW 14 Ramirent Plc I 10 May 2012 I Interim Report January-March 2012
  • 15. Finland Highlights Sales and EBIT by quarter MEUR Growth was driven by high 50 25 % 45 industrial activity especially in 41 42 38 41 northern Finland and high 40 36 38 35 37 20 % 34 29 31 30 15 % construction activity especially 30 28 in the beginning of the quarter. 10 % 20 5% EBIT improved due to higher 10 0% utilisation rates and improved 0 -5 % price levels in many product Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 groups. 2009 2010 2011 2012 Net sales EBIT-% Finland Q2 Q2 Change Change 1-6/ 1-6/ Change Change 2011 2012 2011 (EUR) (Local) 2012 2011 (EUR) (Local) Net sales, 41.4 36.5 13% 13% 79.8 66.8 20% 20% 154.7 MEUR EBIT, MEUR 7.0 4.7 49% 12.0 6.1 98% 22.8 EBIT-margin 17.0% 12.9% 15.0% 9.1% 14.7% Employees 619 633 -2% 596 Outlets 80 85 -6% 83 Interim Report January-June 2012 l 9 August 2012 15
  • 16. Sweden Highlights Sales and EBIT by quarter Like-for-like* growth was MEUR 60 54 25 % 7.5% in Q2/12 and 5.4% in 51 48 H1/12. 50 45 45 20 % 41 42 Main growth drivers were 40 35 36 32 33 31 32 15 % 29 large industrial projects in 30 northern Sweden, continued 10 % 20 strong overall demand in the 5% 10 capital city area and western 0 0% Sweden. Activity in the Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 southern parts of the country 2009 2010 2011 2012 was slow. Net sales EBIT-% EBIT improved based on good utilisation rates. Sweden Q2 Q2 Change Change 1-6/ 1-6/ Change Change 2012 2011 (EUR) (Local) 2012 2011 (EUR) (Local) 2011 Net sales, MEUR 50.9 42.1 21% 19% 99.1 83.4 19% 18% 182.7 EBIT, MEUR 8.6 7.0 24% 15.1 13.1 15% 33.2 EBIT-margin 16.9% 16.5% 15.3% 15.7% 18.2% Employees 727 563 29% 630 Outlets 84 73 15% 79 *Excluding acquisitions in Sweden Interim Report January-June 2012 l 9 August 2012 16
  • 17. Norway Highlights Sales and EBIT by quarter Like-for-like* growth was 4.1% MEUR in Q2/12 and 8.0% in H1/12. 50 16 % 42 44 14 % 40 38 Improved construction and 40 12 % industrial activity, especially in 31 33 30 10 % 29 29 28 27 28 30 25 27 8% the Southeast part of Norway, 6% continued to drive demand. 20 4% 2% EBIT improved due to higher 10 0% utilisation rates and price -2 % 0 -4 % levels in most product groups. Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Consto AS signed a 2009 2010 2011 2012 cooperation agreement and Net sales EBIT-% outsourced its equipment to Ramirent. Norway Q2 Q2 Change Change 1-6/ 1-6/ Change Change 2011 2012 2011 (EUR) (Local) 2012 2011 (EUR) (Local) Net sales, MEUR 38.1 30.5 25% 21% 81.8 63.1 30% 26% 144.8 EBIT, MEUR 5.4 2.4 126% 9.3 2.8 236% 11.2 EBIT-margin 14.2% 7.9% 11.4% 4.4% 7.7% Employees 471 518 -9% 486 Outlets 43 43 0% 42 *Excluding acquisitions in Norway Interim Report January-June 2012 l 9 August 2012 17
  • 18. Denmark Highlights Sales and EBIT by quarter MEUR Growth was driven by 16 15 20 % improved overall construction 14 12 10 % 11 11 activity including increased 12 11 11 10 10 0% 10 9 9 10 8 public sector investments. 10 8 -10 % 8 -20 % 6 EBIT turned positive and 4 -30 % increased on the back of good 2 -40 % fleet utilisation and stable 0 -50 % price levels in many product Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2009 2010 2011 2012 groups. Net sales EBIT-% Denmark Q2 Q2 Change Change Q2 Q2 Change Change 2011 2012 2011 (EUR) (Local) 2012 2011 (EUR) (Local) Net sales, MEUR 11.2 9.9 13% 13% 21.0 18.2 15% 15% 44.1 EBIT, MEUR 0.2 -0.3 N/A 0.0 -1.5 N/A 0.1 EBIT-margin 2.0% -2.9% 0.1% -8.4% 0.2% Employees 178 160 11% 186 Outlets 22 21 5% 22 Interim Report January-June 2012 l 9 August 2012 18
  • 19. Europe East Highlights Sales and EBIT by quarter Net sales increased in all the MEUR 20 19 30 % segment countries in Q2/12 17 16 15 20 % compared to previous year. 15 13 13 12 12 12 10 % Infrastructure construction was 11 10 9 0% the main growth driver in Russia 10 9 8 -10 % and Ukraine. In the Baltic 5 -20 % countries demand was driven -30 % also by infrastructure and 0 -40 % renovation construction as well Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 as projects in the energy sector. 2009 2010 2011 2012 EBIT improved based on good Net sales EBIT-% fleet utilisation in most product groups. Europe East Q2 Q2 Change Change 1-6/ 1-6/ Change Change 2011 2012 2011 (EUR) (Local) 2012 2011 (EUR) (Local) Net sales, 15.0 13.0 15% 14% 27.2 22.4 21% 20% 56.1 MEUR EBIT, MEUR 1.6 1.0 65% 1.5 -0.7 327% 5.9 EBIT-margin 10.8% 7.5% 5.7% -3.0% 10.5% Employees 433 411 5% 439 Outlets 60 51 18% 58 Interim Report January-June 2012 l 9 August 2012 19
  • 20. Europe Central Highlights Sales and EBIT by quarter MEUR Net sales decreased in all segment 25 20 % 22 countries in Q2/12 compared to 20 19 19 19 15 % 20 18 10 % the previous year. 16 16 16 15 14 14 5% Lower construction and industrial 15 12 13 0% activity decreased demand for 10 -5 % rental equipment in Poland. -10 % 5 -15 % Market conditions remained -20 % difficult in the other countries. 0 -25 % Operations are being restructured Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2009 2010 2011 2012 to drive higher synergies and cost Net sales EBIT-% efficiencies across the countries. Profitability of operations was burdened by low utilisation rates. Europe Central Q2 Q2 Change Change 1-6/ 1-6/ Change Change 2011 2012 2011 (EUR) (Local) 2012 2011 (EUR) (Local) Net sales, MEUR 15.3 19.0 -19% -15% 28.5 33.4 -14% -9% 73.9 EBIT, MEUR 0.1 1.1 -88% -2.1 -0.1 N/A 5.5 EBIT-margin 0.9% 5.7% -7.3% -0.3% 7.4% Employees 676 879 -23% 825 Outlets 90 126 -29% 122 Interim Report January-June 2012 l 9 August 2012 20
  • 22. Positive development in financial performance continued in Q2 Net Sales (MEUR) EBITDA (MEUR) EBIT (MEUR) Net sales Y-o-y change-% EBITDA EBITDA-% EBIT EBIT-% 35 31 20 % 200 187 179 40 % 70 35 % 170 30 25 180 164 59 15 % 30 % 60 55 30 % 25 23 160 150 150 52 141 134 20 % 140 122 130 125 126 129 50 42 41 42 25 % 20 17 15 10 % 112 10 % 14 12 120 40 36 37 37 20 % 15 12 11 30 31 7 5% 100 0% 28 10 7 30 26 15 % 80 -10 % 3 18 5 0% 60 20 10 % -20 % 0 40 -5 % -30 % 10 5% -5 20 -4 0 -40 % 0 0% -10 -6 -10 % Q1 Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2 Q2 Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2 Q1Q2 Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2 Q1Q2 Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2 Q1 Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2 Q2 Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 Cash flow (MEUR) Net debt (MEUR) Gross Capex (MEUR) Cash flow after investments Net debt Gearing-% Gross Capex Share of net sales-% 40 280 263 281 28 300 281 120 % 140 80 % 30 22 20 24 18 255 258 120 20 13 14 16 230 238 120 70 % 250 100 % 6 7 212 207 209 10 197 191 100 60 % 200 177 80 % 0 50 % 80 -10 -4 150 60 % 40 % 60 45 46 -20 -11 30 % 100 40 % 32 36 -20 40 24 20 % -30 22 18 50 20 % 20 13 10 -40 -37 3 5 3 8 10 % -50 0 0% 0 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1Q2 Q3Q4Q1 Q2Q3Q4Q1 Q2Q3Q4Q1 Q2 Q1 Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2 Q2 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 Interim Report January-June 2012 l 9 August 2012 22
  • 23. Net sales grew 13.5% in Q2/2012, like-for- like growth* 4.9% Change in net sales YoY, % 27 % 24 % 22 % 19 %19 % 19 %20 % 16 % 13 % 14 % 9% 3% -4 % -9 % -25 % -27 % -31 %-31 % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2008 2009 2010 2011 2012 Net sales grew 17.7% in H1/2012, like-for-like growth 8.4% * Excluding acquisitions in Sweden and Norway Interim Report January-June 2012 l 9 August 2012 23
  • 24. Net sales grew in all segments except Europe Central Change in Q2 net sales YoY, % 25 % 21 % 21 % 19 % 15 % 14 % % 13 13 %13 % 13 % % 13 14 % -15 % -19 % Group Finland Sweden Norway Denmark East Central EUR Comparable exchange rates EUR Comparable exchange rates Interim Report January-June 2012 l 9 August 2012 24
  • 25. Higher share of ancillary income and income from sold equipment Breakdown of net sales MEUR 100 % 3% 4% 200 29 % 6.3 +22% 80 % 31 % 150 5.1 +19% 51.8 60 % 43.7 100 +11% 40 % 67 % 66 % 50 100.8 111.7 20 % 0% 0 Q2/2011 Q2/2012 Q2/2011 Q2/2012 Rental income Rental income Ancillary income Ancillary income Income from sold equipment Income from sold equipment Share of ancillary income has increased from last year due to a higher degree of work and services in our solutions offering Continued focus on trading, increased income from sale of equipment YoY in the second quarter Interim Report January-June 2012 l 9 August 2012 25
  • 26. Gross margin increased slightly in Q2/2012 compared to previous year Gross margin by quarter 71 % 70 % 69 % 69 % 68 % 68 % 68 % 68 % 68 % 67 % 67 % 67 % 66 % 66 % 66 % 65 % 65 % Q1 Q2 Q3 Q4 FY 2009 2010 2011 2012 Interim Report January-June 2012 l 9 August 2012 26
  • 27. Number of employees decreased in Europe Central due to reorganisation Number of employees by segment 879 825 727 676 633 630 596 619 563 518 486 471 411 439 433 160 186 178 Finland Sweden Norway Denmark Europe East Europe Central Personnel 30/6/11 Personnel 31/12/11 Personnel 30/6/12 At the end of June 2012, the Group’s number of employees was 3,129 (3,185) persons Interim Report January-June 2012 l 9 August 2012 27
  • 28. We continue to optimize our outlet network – 379 outlets at the end of June 2012 Number of outlets per segment 379 359 90 99 60 52 22 18 43 37 57 84 96 80 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2008 2009 2010 2011 2012 Finland Sweden Norway Denmark Europe East Europe Central 28 Interim Report January-June 2012 l 9 August 2012
  • 29. Fixed cost level development is stable Fixed costs by quarter (MEUR) 70 68 66 65 62 63 62 57 57 56 56 52 52 54 28 25 25 25 24 27 25 23 23 22 23 22 19 22 41 42 42 40 35 38 37 37 30 33 33 33 33 32 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2009 2010 2011 2012 Employee benefit expenses Other operating expenses The fixed cost level increased year-on-year due to • Acquisitions • Expenses related to development work on Ramirent’s common platform Interim Report January-June 2012 l 9 August 2012 29
  • 30. Q2 EBIT margin increased to 13.4% EBIT margin by quarter 19.6% 18.2% 18.4% 17.0% 13.6% 13.4% 11.8% 10.8% 10.3% 9.0% 7.5% 7.5% 5.9% 5.8% 2.0% -2.9% -5.0% -11.4% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2008 2009 2010 2011 2012 EBIT-margin January-June 2012: 10.5% (6.4%) Interim Report January-June 2012 l 9 August 2012 30
  • 31. Q2 EBIT margin improved in all segments except Europe Central EBIT-margin by segments 17.0% 16.9% 16.5% 14.2% 13.4% 12.9% 10.3% 10.8% 7.9% 7.5% 5.7% 2.0% 0.9% -2.9% Group Finland Sweden Norway Denmark East Central Q2/11 Q2/12 Q2/11 Q2/12 Interim Report January-June 2012 l 9 August 2012 31
  • 32. Q2/2012 rental fleet investments were 21.7 MEUR Purchased and sold equipment by quarter (MEUR) 67 38 34 30 20 22 12 5 6 8 6 4 Q1 Q2 Q3 Q4 Q1 Q2 2011 2012 Purchased equipment Sold equipment In Q2/2012, gross capital expenditure was EUR 23.9 (44.6) million of which EUR 21.7 (38.4) million in rental fleet The value of sold rental equipment was EUR 6.3 (5.1) million Committed investments at the end of quarter were EUR 7.3 (21.7) million Interim Report January-June 2012 l 9 August 2012 32
  • 33. Capital expenditure below previous year’s level except in Sweden Capital Expenditure by segments (MEUR) 76 60 33 25 18 12 10 9 8 7 5 5 3 1 Group Finland Sweden Norway Denmark East Central 1-6/2011 1-6/2012 1-6/2011 1-6/2012 Capital expenditure increased in Sweden due to the acquisition of TLM (Tannefors Lift- och Maskinuthyrning) in early 2012 Interim Report January-June 2012 l 9 August 2012 33
  • 34. Working capital at 5% of net sales Working capital by quarter (MEUR) 160 10 % 8% 120 6% 80 124 131 109 120 114 4% 88 90 90 99 97 95 86 80 83 40 2% 0% 16 15 15 15 15 14 14 16 16 17 17 17 18 18 0 -2 % -66 -68 -70 -67 -69 -4 % -40 -86 -86 -89 -82 -84 -107 -109 -112 -139 -6 % -80 -8 % -120 -10 % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2009 2010 2011 2012 Inventories Trade and other receivables Trade payables and other liabilities Working capital/Net sales Rolling 12 month basis Q2/12 credit losses and net change in the allowance for bad debt totalled EUR −0.9 (−0.7) million Interim Report January-June 2012 l 9 August 2012 34
  • 35. Invested capital increased slightly to 605 MEUR, ROI at 19% Invested capital (MEUR) and ROI (%) by quarter 700 30 % 588 591 605 600 568 536 25 % 508 500 20 % 19 % 19 % 400 16 % 15 % 300 13 % 10 % 10 % 200 9% 100 5% 0 0% Q1 Q2 Q3 Q4 Q1 Q2 2011 2012 Invested capital ROI (R12) ROI target Capital turnover amounted to 123% (109%) for the last 12 months at the end of June 2012 Interim Report January-June 2012 l 9 August 2012 35
  • 36. Q2/2012 cash flow after investments 7.3 MEUR Cash flow after investments (MEUR) 66.5 25.2 27.8 22.4 24.2 17.9 19.5 15.9 13.4 14.4 6.4 7.3 -4.0 -10.7 -20.4 -29.9 -36.8 -54.8 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2008 2009 2010 2011 2012 Cash flow after investments Rolling 12 months Interim Report January-June 2012 l 9 August 2012 36
  • 37. Net debt increased by 22.9 MEUR in Q2 2012; gearing was 87.2% at end of the period Net debt and gearing MEUR 400 113 % 120 % 106 % 108 % 350 96 % 99 % 81 % 100 % 86 % 92 % 300 84 % 84 87 % 81 % % 69 % 80 % 74 % 71 % 80 % 250 70 % 68 % % 68 64 % 60 % 200 56 % 60 % 150 40 % 100 20 % 50 0 0% 2004 2005 2006 2007 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2008 2009 2010 2011 2012 Net debt Gearing (%) Equity ratio was 39.4% (42.5%) Net debt amounted to EUR 280.6 (238.2) million Interim Report January-June 2012 l 9 August 2012 37
  • 38. At end of Q2/12, Ramirent had unused committed back-up facilities of 109.1 MEUR Repayment schedule of interest-bearing liabilities (MEUR) 390 MEUR in committed credit facilities 280.6 MEUR in net debt 240 150 2012 2013 2014 2015 2016 2017 In addition to bank facilities, Ramirent is utilising a domestic commercial paper program of up to EUR 150 million Interim Report January-June 2012 l 9 August 2012 38
  • 39. Ramirent is in good shape to manage possible changes in market conditions Broadest range of equipment and Dynamic Rental SolutionsTM 3,129 dedicated problem solvers Wide network of outlets close to our customers Strong financial position Deriving higher synergies through a more uniform ”Ramirent platform” and brand 39 Interim Report January-June 2012 l 9 August 2012
  • 40. For more information: www.ramirent.com Magnus Rosén, CEO +358 20 750 2845 magnus.rosen@ramirent.com Jonas Söderkvist, CFO +358 20 750 3248 jonas.soderkvist@ramirent.com Franciska Janzon, IR +358 20 750 2859 franciska.janzon@ramirent.com
  • 42. Ramirent in brief Leading equipment rental company in Northern, Central and Eastern Europe with net sales of EUR 650 million (2011) 379 rental customer centers located in 13 countries and providing 200 000 rental items 3 129 employees serving 100 000 customers Founded in 1955 and headquartered in Finland Listed on NASDAQ OMX Helsinki since 1998 Interim Report January-June 2012 l 9 August 2012 42
  • 43. More than 50 years of experience as a supplier to the construction industry Greenfield Steel Nail shop First move entry to Rakennusmies outside Finland Enter Acquires Czech Republic founded through JV in Lithuania Bautas in Moscow, Russia Norway The rental Acquires business is MBO by key Enter Altima in established personnel and Poland Sweden capital investors 1955 1983 1988 1994 1995 1996 1997 1998 2000 2001 2002 2003 2004 2005 2006 2008 Acquired by Partek Enter Renamed Enter and renamed Latvia Ramirent Ukraine A-rakennusmies Plc Enter The third county Slovakia becomes Estonia with Listed on the Greenfield the expansion to Helsinki Stock entry to Tallinn Exchange Hungary 43 Interim Report January-June 2012 l 9 August 2012
  • 44. Our strategic choices Vision To be the leading and most progressive equipment rental solutions company in Europe, setting the benchmark for industry performance and customer service Mission We simplify business by Delivering Dynamic Rental Solutions™ Values Open, Progressive, Engaged Brand promise Let’s solve it 44
  • 45. One of the leading equipment rental companies both in Europe (#3) and globally (#13) Largest rental companies in Europe Largest rental companies globally Turnover 2011 (MEUR) Turnover 2011 (MEUR) United Rentals Loxam Aggreko Cramo RSC Equipment Rental Ramirent Ashtead Group Algeco Scotsman Coates Hire Ltd Speedy Hire Algeco Scotsman Aktio Corp Sarens Hertz Equipment Rental Kiloutou Loxam HKL Baumaschinen Nikken Corp Mediaco Levage Nishio Rent All Co Cramo Ramirent 0 200 400 600 800 1000 0 500 1000 1500 2000 2500 Source: IRN June 2012 45 Interim Report January-June 2012 l 9 August 2012
  • 46. Leading market position in five of our six geographical segments Finland 80 depots Sweden (25 franchises) 84 depots Market #1 Employees Q2/12 Norway (10 franchises) Market #2 43 depots Europe Finland (4 franchises) Central 619 Market #1 676 Europe East 60 depots 10 re-renting Total agents Denmark 3,129 Market #1 22 depots Sweden Market #1 Europe 727 East Europe Central 433 90 depots (24 franchises) Market #1 Denmark Norway 178 471 46 Interim Report January-June 2012 l 9 August 2012
  • 47. Nordic countries are our largest markets and construction is our largest customer sector Sales per segment 1-6/2012 Sales per customer sector 2011 Europe Central Households Public sector 5% 9% Finland 5% Europe East 24% Construction 76% 8% Industry 14 % Denmark 6% Norway 24% Sweden 29% 47 Interim Report January-June 2012 l 9 August 2012
  • 48. Broadest range of equipment and Dynamic Rental SolutionsTM SOLUTIONS • Total • Power SERVICES Management • Access • Eco solutions • Climate • Planning & design • Fuel/gas refilling • Safety • Space • Ramirent • Site logistics • Event know-how coordinator PRODUCTS • Transportation • Facility RAMIRENT OFFERING • Lifts • Modules • Installation management Benefits: • Heavy machinery • Safety and • Maintenance • Paperwork • Tower cranes formworks • Inspections for authorities Easy to buy, reduced number of and hoists • Light machinery • Insurance • Technical subcontractors, increased focus • Scaffolding • Power and heating • Operators support on the core business Benefits: Benefits: Lighter balance sheets, More uptime in core operations OUTSOURCING less investments due to less downtime in equipment, Benefits: less maintenance costs, right choice By outsourcing your of equipment improves efficiency, machine fleet to Ramirent, less product liability risk companies can increase efficiency and simplify their business by focusing on INDUSTRIES core competences • Construction • Mining • Paper • Power generation • Oil & gas • Shipyards • Facility management • Public sector • Households CUSTOMER NEEDS 48 Interim Report January-June 2012 l 9 August 2012
  • 49. Light machinery, lifts and modules are the biggest product groups measured by rental income 19% 8% 5% 11% TOWER CRANES LIFTS HEAVY MACHINERY AND HOISTS SCAFFOLDING 17% 5% 26% 10% MODULES SAFE LIGHT MACHINERY POWER & HEATING Ramirent’s equipment fleet is organised along eight core product groups 49 Interim Report January-June 2012 l 9 August 2012
  • 50. The Group’s key strategic objectives Sustainable profitable growth Accelerate growth through acquisitions and outsourcing deals Evaluate entry into new markets Strengthen local offerings and develop solution concepts Operational excellence Develop a common Ramirent platform Develop group wide IT platform and realise synergies Maintain strong focus on cost efficiency Balanced risk level Diversified portfolios of customers, products and markets Continuous employee competence development A strong financial position 50 Interim Report January-June 2012 l 9 August 2012
  • 51. Strong long-term growth drivers Long-term growth industry Increasing rental penetration 70 % 100 % Increasing rental penetration in most 60 % 90 % markets, still high potential compared 80 % 45 % 40 % 40 % 70 % to mature UK market 30 % 30 % 60 % 25 % 20 % 20 % Fragmented European rental market of 50 % 15 % 15 % 15 % 10 % 10 % 10 % 40 % EUR 20bn with top 10 rental companies 30 % 5% 20 % accounting for 19% of the market 10 % CEE construction markets on a low 0 % level compared to Nordics and Western Europe European consolidation opportunities High potential CEE construction markets Inhabitants Ramirent (million) Loxam Construction output (BEUR) Cramo Algeco Scotsman Speedy Hire Liebherr-Mietpartner GAM Mediaco Lifting Sarens Kiloutou HKL Baumschinen Others St. Petersburg + Moscow only 51 Source: ERA, Euroconstruct Interim Report January-June 2012 l 9 August 2012
  • 52. The Group’s financial targets • ROI >18% p.a. over a business cycle • EPS growth > 15% p.a. over a business cycle • Gearing ≤ 120% at end of each fiscal year • Dividend pay-out > 40% of earnings per share 52 Interim Report January-June 2012 l 9 August 2012
  • 53. APPENDIX 53
  • 54. Consolidated income statement CONSOLIDATED INCOME STATEMENT 4-6/12 4-6/11 1-6/12 1-6/11 1-12/11 (EUR 1,000) Rental income 111 693 100 754 214 766 187 794 430 848 Ancillary income 51 788 43 662 105 533 87 227 192 355 Sales of equipment 6 258 5 111 13 770 8 858 26 658 NET SALES 169 738 149 527 334 069 283 878 649 861 Other operating income 557 327 983 669 1 526 Materials and services -53 748 -47 628 -108 803 -91 443 -209 357 Employee benefit expenses -40 210 -36 599 -82 699 -73 229 -156 101 Depreciation and amortisation -28 859 -25 154 -58 370 -50 087 -107 659 Other operating expenses -24 732 -25 026 -50 093 -51 661 -104 140 EBIT 22 746 15 446 35 087 18 127 74 131 Financial income 2 549 1 990 9 565 4 106 11 405 Financial expenses -5 319 -4 921 -14 006 -9 875 -24 776 EBT 19 976 12 515 30 646 12 358 60 760 Income taxes -5 019 -3 438 -7 792 -3 388 -16 030 NET RESULT FOR THE PERIOD 14 958 9 078 22 854 8 970 44 730 Net result for the period attributable to: Owners of the parent company 14 958 9 078 22 854 8 970 44 730 Non-controlling interest - - - - - TOTAL 14 958 9 078 22 854 8 970 44 730 EPS on parent company shareholders' 0.14 0.08 0.21 0.08 0.41 share of profit, basic and diluted, EUR 54 Interim Report January-June 2012 l 9 August 2012
  • 55. Balance sheet – Assets CONSOLIDATED BALANCE SHEET 30.6.2012 30.6.2011 31.12.2011 ASSETS (EUR 1,000) NON-CURRENT ASSETS Property, plant and equipment 477 196 443 969 487 310 Goodwill 134 394 96 379 124 452 Other intangible assets 39 864 12 079 35 719 Available-for-sale investments 1 450 422 1 368 Deferred tax assets 12 875 14 811 12 183 NON-CURRENT ASSETS, TOTAL 665 778 567 660 661 032 CURRENT ASSETS Inventories 18 103 16 987 17 309 Trade and other receivables 131 019 108 574 120 000 Current tax assets 193 2 333 344 Cash and cash equivalents 2 089 2 029 2 431 CURRENT ASSETS, TOTAL 151 404 129 923 140 084 TOTAL ASSETS 817 183 697 583 801 117 55 Interim Report January-June 2012 l 9 August 2012
  • 56. Balance sheet – Equity and liabilities EQUITY AND LIABILITIES 30.6.2012 30.6.2011 31.12.2011 (EUR 1,000) EQUITY Share capital 25 000 25 000 25 000 Revaluation fund -4 568 -1 632 -4 192 Invested unrestricted equity fund 113 329 113 329 113 329 Retained earnings 188 243 159 487 191 862 PARENT COMPANY SHAREHOLDERS’ EQUITY 322 004 296 184 326 000 Non-controlling interests - - - EQUITY, TOTAL 322 004 296 184 326 000 NON-CURRENT LIABILITIES Deferred tax liabilities 78 082 60 625 73 690 Pension obligations 7 008 7 158 7 226 Provisions 1 140 1 945 1 553 Interest-bearing liabilities 223 818 149 974 219 773 Other long-term liabilities 9 133 2 452 11 748 NON-CURRENT LIABILITIES, TOTAL 319 180 222 154 313 990 CURRENT LIABILITIES Trade payables and other liabilities 111 592 84 125 109 020 Provisions 1 221 1 041 1 163 Current tax liabilities 4 273 3 832 5 496 Interest-bearing liabilities 58 913 90 247 45 448 CURRENT LIABILITIES, TOTAL 175 999 179 245 161 127 LIABILITIES, TOTAL 495 178 401 398 475 117 TOTAL EQUITY AND LIABILITIES 817 183 697 583 801 117 56 Interim Report January-June 2012 l 9 August 2012
  • 57. Key figures (MEUR) 4-6/12 4-6/11 Change 1-6/12 1-6/11 Change 1-12/11 Net sales 169.7 149.5 13.5% 334.1 283.9 17.7% 649.9 EBITDA 51.6 40.6 27.1% 93.5 68.2 37.0% 181.8 % of net sales 30.4% 27.2% 28.0% 24.0% 28.0% EBIT 22.7 15.4 47.3% 35.1 18.1 93.6% 74.1 % of net sales 13.4% 10.3% 10.5% 6.4% 11.4% EBT 20.0 12.5 59.6% 30.6 12.4 148.0% 60.8 % of net sales 11.8% 8.4% 9.2% 4.4% 9.3% Earnings per share (EPS), (basic and 0.14 0.08 65.4% 0.21 0.08 155.6% 0.41 diluted), EUR Gross capital expenditure on non- 23.9 44.6 -46.4% 59.6 76.5 -22.0% 242.2 current assets Gross capital expenditure,% of net 14.1% 29.8% 17.8% 26.9% 37.3% sales Cash flow after investments 7.3 -20.4 135.5% 13.6 -31.1 143.8% -52.0 Invested capital at the end of period 604.7 536.4 12.7% 591.2 Return on invested capital (ROI), % 18.9% 10.4% 15.7% 1) Return on equity (ROE), % 1) 19.0% 8.3% 13.9% Net debt 280.6 238.2 17.8% 262.8 Gearing, % 87.2% 80.4% 80.6% Equity ratio, % 39.4% 42.5% 40.7% Personnel at end of period 3 129 3 185 -1.8% 3 184 1) The figures are calculated on a rolling twelve month basis. 57 Interim Report January-June 2012 l 9 August 2012
  • 58. Condensed cash flow statement CONSOLIDATED CONDENSED CASH FLOW STATEMENT 4-6/12 4-6/11 1-6/12 1-6/11 1-12/11 (EUR 1,000) Cash flow from operating activities 34 198 23 674 75 417 51 005 177 433 Cash flow from investing activities -26 947 -44 090 -61 776 -82 146 -229 475 Cash flow from financing activities Borrowings / repayment of short-term debt 22 168 29 886 13 668 48 595 30 584 Borrowings / repayment of long-term debt 192 18 768 5 210 13 604 52 919 Purchase of treasury shares - -116 -2 714 -3 378 -3 378 Dividends paid -30 147 -27 004 -30 147 -27 004 -27 004 Cash flow from financing activities -7 786 21 534 -13 983 31 817 53 121 Net change in cash and cash equivalents -535 1 117 -342 676 1 079 Cash and cash equivalents at the beginning of the period 2 625 911 2 431 1 352 1 352 Translation difference on cash and cash equivalents - - - - - Net change in cash and cash equivalents -535 1 117 -342 676 1 079 Cash and cash equivalents at the end of the period 2 089 2 029 2 089 2 029 2 431 58 Interim Report January-June 2012 l 9 August 2012
  • 59. Segment information Net sales, MEUR 4-6/12 4-6/11 Change 1−6/12 1−6/11 Change 1-12/11 Finland, net sales 41.0 35.6 15% 78.9 64.8 22% 151.4 (external) -Inter-segment sales 0.5 0.9 -50% 0.9 2.0 -55% 3.3 Sweden, net sales 49.8 42.1 18% 97.9 83.1 18% 182.0 (external) -Inter-segment sales 1.2 - N/A 1.2 0.3 269% 0.6 Norway, net sales 38.1 30.4 25% 81.8 62.9 30% 144.3 (external) -Inter-segment sales - 0.1 N/A 0.1 0.2 -56% 0.5 Denmark, net sales 11.2 9.7 16% 21.0 17.9 18% 43.5 (external) -Inter-segment sales - 0.2 N/A - 0.4 N/A 0.6 Europe East, net sales 15.0 13.0 15% 27.0 22.3 21% 55.8 (external) -Inter-segment sales - - N/A 0.2 0.1 80% 0.2 Europe Central, net sales 14.8 18.7 -21% 27.6 33.0 -17% 72.8 (external) -Inter-segment sales 0.5 0.3 103% 1.0 0.3 192% 1.0 Elimination of sales -2.2 -1.5 -50% -3.4 -3.4 - -6.3 between segments Net sales, total 169.7 149.5 14% 334.1 283.9 18% 649.9 59 Interim Report January-June 2012 l 9 August 2012
  • 60. EBIT by segment EBIT (EUR million) 4-6/12 4-6/11 Change 1−6/12 1−6/11 Change 1-12/11 Finland 7.0 4.7 49% 12.0 6.1 98% 22.8 % of net sales 17.0% 12.9% 15.0% 9.1% 14.7% Sweden 8.6 7.0 24% 15.1 13.1 15% 33.2 % of net sales 16.9% 16.5% 15.3% 15.7% 18.2% Norway 5.4 2.4 126% 9.3 2.8 236% 11.2 % of net sales 14.2% 7.9% 11.4% 4.4% 7.7% Denmark 0.2 -0.3 N/A - -1.5 N/A 0.1 % of net sales 2.0% -2.9% 0.1% -8.4% 0.2% Europe East 1.6 1.0 65% 1.5 -0.7 327% 5.9 % of net sales 10.8% 7.5% 5.7% -3.0% 10.5% Europe Central 0.1 1.1 -88% -2.1 -0.1 N/A 5.5 % of net sales 0.9% 5.7% -7.3% -0.3% 7.4% Net items not allocated -0.3 -0.4 20% -0.8 -1.5 44% -4.5 to operating segments Group EBIT 22.7 15.4 47% 35.1 18.1 94% 74.1 % of net sales 13.4% 10.3% 10.5% 6.4% 11.4% 60 Interim Report January-June 2012 l 9 August 2012
  • 61. Largest shareholders % of Market Cap EUR 693.4 million Largets shareholders Number of share on 30 June 2012 shares 9% capital 1 Nordstjernan AB 31 882 078 29.33 34% 2 Oy Julius Tallberg Ab 11 962 229 11.01 3 Varma Mutual Pension Insurance Company 7 831 299 7.20 4 Ilmarinen Mutual Pension Insurance Company 4 977 059 4.58 40% 5 Odin Funds 4 604 595 4.24 17% 6 Tapiola Mutual Pension Insurance Company 2 407 668 2.22 Foreign owners 7 Veritas Pension Insurance Company Ltd 1 515 000 1.39 8 Investment Fund Aktia Capital 1 247 540 1.15 Nominee registered 9 Investment Fund Nordea Fennia 1 100 000 1.01 Finnish companies and 825 000 0.76 organisations 10 Föreningen Konstsamfundet rf Finnish households Ramirent Plc’s treasury shares 1 030 192 0.95 Nominee registered shares 17 982 933 16.54 Other shareholders 21 331 735 19.62 Total number of shares 108 697 328 100.00 Trading information Listing: NASDAX OMX Helsinki Date of listing: April 30, 1998 Segment: Mid Cap Sector: Industrials Trading code: RMR1V 61 Interim Report January-June 2012 l 9 August 2012
  • 62. Share price development EUR MEUR 22.36 180 300 19.87 160 250 17.39 140 120 14.90 200 100 12.42 150 80 9.94 60 7.45 100 40 4.97 50 20 2.48 0 Turnover Ramirent Indexed OMX Helsinki 62 Interim Report January-June 2012 l 9 August 2012