Rr results q3_2012_final

INTERIM REPORT
JANUARY-
SEPTEMBER 2012
2 November 2012

CEO Magnus Rosén
CFO Jonas Söderkvist

Agenda

Q3 Highlights

Segment review

Financial Review

Events after the review period:
Ramirent and Cramo forms a joint venture for their
Russian and Ukrainian businesses

Interim Report January-September 2012 l 2 November 2012 2

July - September 2012 highlights

Net sales MEUR 185.9 (179.2)
up 3.7% or 0.0% at comparable
exchange rates;
Like-for-like* growth 1.3%

EBITDA MEUR 60.3 (58.6)
EBITDA-margin 32.5% (32.7%)

EBIT MEUR 29.7 (30.5)
EBIT-margin 16.0% (17.0%)

Gross capex MEUR 27.6 (119.9)
Cash flow after investments
MEUR 23.7 (-36.8)

*Excluding acquisition in Sweden


January- September 2012: Net sales growth
slows, profitability stable
Net sales MEUR 519.9 (463.1)
up 12.3% or 10.6% at
comparable exchange rates;
Like-for-like* growth 5.7%

EBITDA MEUR 153.8 (126.8)
EBITDA-margin 29.6% (27.4%)

EBIT MEUR 64.8 (48.6)
EBIT-margin 12.5% (10.5%)

Gross capex MEUR 87.2 (196.3)
Cash flow after investments
MEUR 37.3 (-67.9)

Net debt MEUR 256.0 (279.8)
Gearing 73.2% (91.7%)
Customer centres 375 (412)

*Excluding acquisitions in Sweden and Norway


Net sales grew in Q3 in all segments except
Europe Central and Finland

YoY Change in net sales , Q3, % YoY Change in net sales, 1-9/12, %

20 % 25 %
17 %
20 %
15 % 20 % 18 %
16 %
9% 15 % 12 %
10 % 11 %
10 %
10 %
5% 4% 4%
1% 5%
0%
-1 % 0%
-5 %
-5 %
-10 %
-10 %
-15 % -15 %
-15 %
-17 %
-20 % -20 %


EBIT margin improved in Q3 in Finland and
Norway

EBIT margin Q3/12 vs. Q3/11 EBIT margin 1-9/12 vs. 1-9/11

30 % 20 % 18 %
16 %
25 % 24 % 23 %
15 %
12 % 13 % 13 %
20 %
16 % 16 % 10 %
16 %
15 %
5%
10 % 2%
7%

0%
5%
2%

0% -5 % -4 %

Q3 2011 Q3 2012 1-9 2011 1-9 2012
Q3 2011 Q3 2012 1-9 2011 1-9 2012


Positive cash flow both in Q3 and 1-9/2012

Cash flow Q3/12 vs. Q3/11 Cash flow 1-9/12 vs. 1-9/11

30 60
23.7
37.3
20 40

10 20

0 0

-10 -20

-20 -40

-30 -60

-67.9
-40 -36.8 -80
Cash flow after investments Cash flow after investments

Q3/11 Q3/12 1-9/11 1-9/12


Market outlook – Construction output forecasts

Country 2012F 2013F Source*

Nordic
Finland -3% - -1% Finnish Construction Industries, RT**

Sweden 1% - 1% Swedish Construction Federation**

Norway 4.0% 4.3% Euroconstruct

Denmark 3.2% 2.3% Euroconstruct

Europe Central
Poland 6.0% -2.1% Euroconstruct

Czech Republic -7.2% -1.9% Euroconstruct

Slovakia -3.0% 4.8% Euroconstruct

Hungary -3.6% 0.6% Euroconstruct

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

Estonia 15.0% 0.0% Euroconstruct

Latvia 9.0% 4.0% Euroconstruct

Lithuania 12.0% 3.0% Euroconstruct

Ukraine n.a. - n.a. Euroconstruct

*Source: Euroconstruct June 2011, **October 2012


Ramirent outlook 2012 unchanged

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

9
Interim Report January-September 2012 l 2 November 2012

Priorities 2012
• We continue to carefully
observe the market activity

• Adjust operations to signs of
activity slowing down

• Operating on cautious
capital expenditure

• Maintaining focus on cost
and risk control

• Improving competitiveness
by developing our common
Ramirent Platform and
providing our customers
with enhanced efficiency
through integrated solutions.

10

SEGMENT
REVIEW

Kalasatama, Helsinki,
Finland

11

Finland
Highlights Sales and EBIT by quarter
Good demand from shipyards
MEUR
50 45 45 30 %
and industrial sector 41 42
38
41
25 %
36 38 35 37
Also in construction sector, 40
34
31 20 %
30
demand for equipment rental 30
29 28
15 %
remained at fairly stable 10 %
20
EBIT improved due to good 5%
price discipline and enhanced 10
0%
utilisation rates in many 0 -5 %
product groups Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2009 2010 2011 2012

Net sales EBIT-%

Finland Q3 Q3 Change Change 1-9/ 1-9/ Change Change 2011
2012 2011 (EUR) (Local) 2012 2011 (EUR) (Local)
Net sales, 45.0 45.5 -1 % -1 % 124.8 112.3 11 % 11 % 154.7
MEUR
EBIT, MEUR 10.9 10.5 3% 22.9 16.6 38 % 22.8
EBIT-margin 24.2 % 23.2% 18.4 % 14.8 % 14.7 %
Employees 577 611 -6 % 596
Outlets 77 86 -10 % 83


Sweden
Despite the expectations, MEUR

activity in construction sector 60 54
51 53
25 %
48
proved to be resilient, with 50 45
41 42
45 20 %
main growth drivers being 40
32 33 31 32
35 36
15 %
large industrial projects in 30
29

Northern Sweden and strong 20 10 %
demand in the capital city area 5%
and Western Sweden
10

Low activity continued in the 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
0%

southern parts of the country 2009 2010 2011 2012
EBIT development stable Net sales EBIT-%

Sweden Q3 Q3 Change Change 1-9/ 1-9/ Change Change 2011
Net sales, MEUR 53.0 45.4 17 % 8% 152.1 128.8 18 % 14 % 182.7
EBIT, MEUR 8.7 8.2 7% 23.8 21.3 12 % 33.2
EBIT-margin 16.4 % 18.0 % 15.7 % 16.5 % 18.2%
Employees 680 622 9% 630
Outlets 84 80 5% 79


Norway
MEUR
In the quarter, Ramirent 50 20 %
continued to experience good 42 44 41
40 38
demand from construction as 40
31 33 30
15 %

well as other industrial sectors. 30
29
25 27
29 28 27 28
10 %

20 5%
EBIT improved on the back of
improved operational 10 0%

efficiency, higher utilisation 0 -5 %
rates and increased price levels Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2009 2010 2011 2012
in most product groups.
Net sales EBIT-%

Norway Q3 Q3 Change Change 1-9/ 1-9/ Change Change 2011
Net sales, MEUR 41.1 39.7 4% -2 % 123.0 102.8 20 % 15 % 144.8
EBIT, MEUR 6.4 3.9 62 % 15.7 6.7 134 % 11.2
EBIT-margin 15.6 % 9.9 % 12.8 % 6.5 % 7.7%
Employees 465 523 -11 % 486
Outlets 43 44 -2 % 42


Denmark
MEUR
Although demand from the 16 15 20 %
construction sector is slowing 14
12 10 %
down, it remained on a fairly 12 11 11 10
11
10
11 11
0%
10 9 10 8
good level supporting demand 10 8
9
-10 %
for equipment rental 8
-20 %
6
4 -30 %
EBIT decreased on the back of 2 -40 %
lower fleet utilisation, 0 -50 %
although price levels Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2009 2010 2011 2012
remained stable
Net sales EBIT-%

Denmark Q3 Q3 Change Change 1-9/ 1-9/ Change Change 2011
Net sales, 11.4 11.3 1% 1% 32.4 29.6 10 % 10 % 44.1
MEUR
EBIT, MEUR 0.8 0.9 -9 % 0.8 -0.7 n/a 0.1
EBIT-margin 6.8 % 7.5 % 2.4 % -2.3 % 0.2%
Employees 181 163 11 % 186
Outlets 21 21 - 22


Europe East


In Russia and Ukraine, MEUR
20 30 %
infrastructure construction was 19
17 16
19
20 %
the main growth driver 15 13 13
15
12 12 12 10 %
11
9 10 9 0%
In the Baltic countries, especially 10
8 -10 %
in Estonia, growth was driven by -20 %
large energy sector projects
5
-30 %
0 -40 %
EBIT improved on the back of Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2009 2010 2011 2012
good fleet utilisation in most
product groups Net sales EBIT-%

Europe East Q3 Q3 Change Change 1-9/ 1-9/ Change Change 2011
Net sales, MEUR 18.8 17.2 9% 7% 45.9 39.6 16 % 14 % 56.1
EBIT, MEUR 4.4 4.2 4% 5.9 3.5 68 % 5.9
EBIT-margin 23.4 % 24.6 % 12.9 % 8.9 % 10.5%
Employees 441 440 0% 439
Outlets 62 56 11 % 58


Europe Central

Net sales decreased in all segment
MEUR
25 20 %
countries vs. previous year
22
20 19 15 %
20 18 19 19
18
The trend of decreased demand for 16 16 16 15
10 %
14 5%
rental equipment due to lower 15
14
12
13
0%
construction and industrial activity 10
-5 %
continued in all segment countries -10 %
-15 %
Fleet allocation and restructuring 5
-20 %
of operations to drive cost 0 -25 %
efficiencies continued and actions Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2009 2010 2011 2012
to diversify the customer base
were intensified Net sales EBIT-%

EBIT was burdened by low
utilisation rates
Europe Central Q3 Q3 Change Change 1-9/ 1-9/ Change Change 2011
Net sales, MEUR 17.9 21.6 -17 % -16 % 46.4 54.9 -15 % -12 % 73.9
EBIT, MEUR 0.4 3.5 -90 % -1.7 3.4 n/a 5.5
EBIT-margin 2.0 % 16.3 % -3.7 % 6.2 % 7.4%
Employees 657 868 -24 % 825
Outlets 88 125 -30 % 122


FINANCIAL Kymijoki bridge,

REVIEW
Finland

18

Net sales growth slows, profitability stable

Net Sales (MEUR) EBITDA (MEUR) EBIT (MEUR)
Net sales Y-o-y change-% EBITDA EBITDA-% EBIT EBIT-%

200 187
179 186 40 % 70 35 % 35 31 20 %
170 60 30
180 164 59 30
30 % 60 55 30 % 25
160 150 150 52 15 %
141 134 25 23
130
126 129 20 % 50 25 %
140 122125 42 42
112 10 % 41 20 17 10 %
120 36 37 37 15
40 20 % 14 12
100 0% 30 31 15 12 11
26 28 5%
80 30 15 % 10 7 7
-10 %
60 18 3
-20 % 20 10 % 5 0%
40
-30 % 10 5% 0
20 -5 %
0 -40 % 0 0% -5
-4
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3 Q1Q2 Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3 -10 -6 -10 %
2009 2010 2011 2012 2009 2010 2011 2012 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3
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
28 300 281 281 120 % 140 80 %
30 22 20 24 24 255 258 256 120
18 230 238 120 70 %
20 13 14 16 250 100 %
212
207 209
6 7 197 191 100 60 %
10 200 177 80 %
50 %
0 80
150 60 % 40 %
-10 -4 60 45 46
36 30 %
-20 -11 100 40 % 32
40 24 28 20 %
-20 22 18
-30 50 20 % 13
20 10
-40 3 5 3 8 10 %
-37 0 0% 0 0%
-50
Q1Q2 Q3Q4Q1 Q2Q3Q4Q1 Q2Q3Q4Q1 Q2Q3 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3
Q1Q2 Q3Q4Q1 Q2Q3Q4Q1 Q2Q3Q4Q1 Q2Q3 2009 2010 2011 2012 2009 2010 2011 2012
2009 2010 2011 2012


Net sales grew 3.7% in Q3/2012, like-for-like
growth* 1.3%

Change in net sales YoY, %

27 %
24 %
20 % 22 %
19 %19 % 19 %
16 %
13 % 14 %
9%
3% 4%

-4 %
-9 %

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

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

Net sales grew 12.3% in 1-9/2012, like-for-like growth 5.7%

* Excluding acquisitions in Sweden and Norway


Net sales grew in Sweden, Denmark and Europe
East both in EUR and comparable exchange rates

Change in Q3 net sales YoY, %

17 %
Carlsberg,
Copenhagen,
9% Denmark
8% 7%
4% 4%
0% 1 %1 %

-1 %-1 % -2 %

-16 %
-17 %

EUR Comparable exchange rates
EUR Comparable exchange rates


Share of ancillary income continued to grow

Breakdown of net sales
MEUR
100% 3% 3% 200
6.0 5.7 -5.0 %
80% 29 % 29 %
150 51.9 54.6
+5.2 %
60%
100
40% +3.5 %
68 % 68 % 121.3 125.5
50
20%

0% 0
Q3/2011 Q3/2012 Q3/2011 Q3/2012
Income from sold equipment Income from sold equipment
Ancillary income Ancillary income
Rental income Rental income

Q3/2012 compared to Q3/2011:
• Rental income increased 3.5 %
• Ancillary income increased 5.2 %
• Income from sold equipment decreased 5.0 %


Gross margin decreased slightly in Q3/2012
compared to previous year

Gross margin by quarter

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

Q1 Q2 Q3 Q4 FY

2009 2010 2011 2012


Number of employees decreased in Europe
Central due to reorganisation

Number of employees by segment

868
825

680 657
611 596 622 630
577
523
486 465
440 439 441

163 186 181

Finland Sweden Norway Denmark Europe East Europe
Central
Personnel 30/9/11 Personnel 31/12/11 Personnel 30/9/12

At the end of September 2012, the Group’s number of employees
was 3,027 (3,249)


Optimisation of outlet network continues – 375
outlets at the end of September 2012

Number of outlets per segment

375
359

88
99

62
52
21
18
43
37

57 84

96 77

2008 2009 2010 2011 2012

Finland Sweden Norway Denmark Europe East Europe Central

25
Interim Report January-June 2012 l 9 August 2012

Stable fixed cost development
Fixed costs by quarter (MEUR)

70 68 68
66 65
62 63 62
57 57 56 56 54
52 52 28 25 26
25 25
24 27 25
23 23 22 23
22 19 22

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

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


Q3 EBIT margin at 16.0%

EBIT margin by quarter

19.6%
18.2% 18.4%
17.0%
16.0%
13.6% 13.4%
11.8%
10.8% 10.3%
9.0%
7.5% 7.5%
5.9% 5.8%

2.0%

-2.9%
-5.0%

-11.4%

2008 2009 2010 2011 2012

EBIT-margin January-September 2012: 12.5% (10.5%)


Q3 EBIT margin improved in Finland and
Norway

EBIT-margin by segments

24.2% 24.6%
23.2% 23.4%

18.0%
17.0%
16.0% 16.4% 16.3%
15.6%

9.9%
7.5%
6.8%

2.0%

Group Finland Sweden Norway Denmark East Central

Q3/11 Q3/12
Q3/11 Q3/12


Q3/2012 rental fleet investments were 25.3
MEUR
Purchased and sold equipment by quarter (MEUR)

67

38
34
30
25
20 22

12
5 6 8 6 6
4

Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012

Purchased equipment Sold equipment

In Q3/2012, gross capital expenditure was EUR 27.6 (119.9) million of which
EUR 25.3 (66.8) million in rental fleet
The value of sold rental equipment was EUR 5.7 (6.0) million
Committed investments at the end of quarter were EUR 8.4 (10.6) million


Capital expenditure below last year

Capital Expenditure by segments (MEUR)

196

87 83
61
39
29
15 20 12 5
5 1 10 7

Meilahti Hospital, Helsinki,
1-9/2011 1-9/2012 Finland
1-9/2011 1-9/2012

Due to acquisitions capital expenditure was high in 2011 in Sweden
and Norway, Sweden has also acquired TLM (Tannefors Lift och
Maskinuthyrning) in early 2012


Working capital at 6% of net sales

Working capital by quarter (MEUR)
160 8%

120 6%

141
131
124
80 4%

120

114
109
97

95
99
90
88

90
83
80
86

40 2%
16 15 15 15 15 14 14 16 16 17 17 17 18 18 20
0 0%
-66

-67
-68

-69
-70

-40 -2 %

-82

-84
-86
-86

-89

-107

-109

-112

-122
-139
-80 -4 %

-120 -6 %
2009 2010 2011 2012
Trade payables and other liabilities
Trade and other receivables
Inventories
Working capital/Net sales Rolling 12 month basis

Q3/2012 credit losses and net change in the allowance for bad debt
totalled EUR −2.4 (−0.9) million


Invested capital increased slightly to 608 MEUR,
ROI at 19%

Invested capital (MEUR) and ROI (%) by quarter
700 30 %
588 591 605 608
600 568
536 25 %
508
500
20 %
19 % 19 % 19 %
400
16 % 15 %
300 13 %
10 % 10 %
200 9%

100 5%

0 0%
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012

Invested capital ROI (R12) ROI target

Capital turnover amounted to 118% (112%) for the last 12 months
at the end of September 2012


Total equity increased to 350 MEUR, ROE at
19%

Total equity (MEUR) and ROE (%) by quarter
400 30 %
350
350 316 326 322
305 308 25 %
296
300
20 %
250 19 % 19 %
17 %
200 15 %
14 %
150 11 %
10 %
100 8%
6%
5%
50

0 0%
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012

Total equity ROE (R12)


Q3/2012 cash flow after investments 23.7 MEUR

Cash flow after investments (MEUR)

66.5

25.2 27.8 24.2 23.7
17.9 22.4 19.5
13.4 14.4 15.9
6.4 7.3

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

2008 2009 2010 2011 2012

Cash flow after investments Rolling 12 months


Net debt decreased by 24.7 MEUR in Q3 2012;
gearing was at 73.2%
Net debt and gearing
MEUR
400 113 % 120 %
106 % 108 %
350 96 % 99 %
81 % 100 %
86 % 92 % 87 %
300 84 % 84 %
69 % 80 % 81 %
74 % 73 % 80 %
70 % 71 %
250 68 % %
68
64 % 60 %
200 56 % 60 %

150
40 %
100
20 %
50

0 0%
FY FY FY FY Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
04 05 06 07 2008 2009 2010 2011 2012

Net debt Gearing (%)

Equity ratio was 41.9% (38.2%)
Net debt amounted to EUR 256.0 (279.8) million


At end of Q3/12, Ramirent had unused
committed back-up facilities of 134.2 MEUR
Repayment schedule of interest-bearing liabilities (MEUR)

390 MEUR in committed credit facilities

256.0 MEUR in net debt
240

150

2012 2013 2014 2015 2016 2017

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


Ramirent and Cramo Joint Venture -
Taking the Lead in Russian and
Ukrainian Equipment Rental Markets

Investor presentation based on press
release published on 31 October 2012

Key Transaction Facts
Transaction agreements signed on 30 October 2012

The parties contribute all their respective subsidiaries in Russia (excl. Kaliningrad)
and Ukraine as contributions-in-kind to a 50/50 owned newly-established
Finnish limited liability company (“joint venture company”)

Aspiration is to create a financially and operationally strong player to
capture the growth opportunities in target markets

Mr. Anton Artemiev elected as Chairman of the Board: Extensive Russian and
international experience including SVP at Carlsberg Group, President of Baltika
Breweries and Executive VP at Baltic Beverage Holdings. Other professional board
members with strong expertise will complement the board

Expected closing in January 2013 subject to anti-trust clearance

Investor presentation/ Ramirent and Cramo form a joint venture for
1.11.2012 38
their Russian and Ukrainian businesses

Creating the Leading Rental Company in Russia
and Ukraine
Combining Forces in Growing Markets… …Creates a Strong Stand-Alone Company

Rationale is to create
strong player with
increased financial
resources and
excellent
organisational
capabilities to “50/50 JV”
capture the growth
opportunities in
target markets Cramo
Group Ramirent
Group
RUSSIA
50% 50%

Key Facts

A stand-alone entity with new corporate
identity
UKRAINE
50/50 ownership between Cramo and
Ramirent
2012E net sales and EBITDA margin of
€52 million and ~35%, respectively
400 employees
Total Sales 2012E: €52m Depot locations: St. Petersburg region 7,
Moscow region 6, other regions Russia 3,
Ukraine 6 (+ 6 shop-in-shop outlets)
1.11.2012

Complementary Strengths and Strong Business
Foundation
Cramo’s unique
strengths + Common
strengths + Ramirent’s unique
strengths

• Fleet and capabilities to • General rental concept • Fleet and capabilities in
offer modular space to • Broad equipment fleet heavy equipment to serve
serve construction and infrastructure construction
industrial customers • Established presence in
St. Petersburg and • Large customer base
• Good presence with Moscow • Presence in Ukraine
international
construction and • Strong local • Existing platform location
industrial customers management in South region (Sochi)
• Existing platform • Modern way-of-working • Expanded presence by
location in Ural region due to the Western utilizing sales agents
(Yekaterinburg) background

Combined company:
= Leading rental company
in Russia and Ukraine
1.11.2012

Strong Customer Value Proposition

Closer proximity
Full general to customers
Complementary rental offering
fleet and Stronger
depot Ability to serve
service Customers
network customers
offering served on a one- on a wider
stop-shop basis geographical
scope

Limited overlap in
Resources to
customer base
take part in Complementary
Higher Larger projects customer
volumes Opportunities to
and serve large base
leverage best
construction
practices and for
companies
cross-selling

1.11.2012

Attractive Market Outlook in Russia and
Ukraine
The underlying Improving
addressable Large Market
Improving rental Dynamics
construction
penetration further
market estimated
supports the
well over €100bn
growth in the rental
with forecasted Rental
market
growth of 8% Penetration
Strong Growth
growth p.a.
Increase

Combined platform
Clear Focus Opportunity
Russian and
provides immediate Ukrainian rental
expansion markets are very
opportunities in the fragmented with
large St. Petersburg
and Moscow
St.P many players
focusing on a single
Leading
Rental
regions Mow product group Company

Note: Addressable construction market comprises six federal districts in Russia (i.e. the European part) and Ukraine. Estimates regarding market
size and growth based on management assessment.

1.11.2012

Financial Impact of Transaction and Changes in
Reporting
 Cramo will (due to its smaller operations in the said markets) make a
Cash payment of €9.2 million to Ramirent in order to reach equal ownership at
Contribution the time of closing

 The transaction will not affect the revenue or result of Ramirent for 2012.
 The transaction will result in a non-recurring tax-free capital gain of
Earnings approximately EUR 12.3 million
impact  The final capital gain will be recorded at closing of the transaction, which
is estimated to take place in January 2013

 Net sales €52 million
 EBITDA margin of ~35%
JV 2012E  400 employees

 The ownership in the joint venture will be accounted for in Ramirent’s
consolidated financial statements using the equity method
 The share of the profit of the joint venture will be booked in the
Reporting consolidated Group profit and loss statement above EBITDA with one line
method
 The profit will be reported in the Europe East segment

1.11.2012

WELCOME TO RAMIRENT’S
CAPITAL MARKET DAY!

27 NOVEMBER 2012 IN VANTAA,
FINLAND


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
2 November 2012

46

Ramirent in brief

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

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

3 027 employees serving 100 000 customers

Founded in 1955 and headquartered in Finland

Listed on NASDAQ OMX Helsinki since 1998


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

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

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

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

48

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

49

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)

Loxam United Rentals

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

Zeppelin Rental Cramo

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

50

Leading market position in five of our six
geographical segments Finland
77 customer
Sweden centres
84 customer (25 franchises)
centres Market #1
Employees Q3/12 Norway (10 franchises)
43 customer Market #2
Europe Finland centres
577 (4 franchises)
Central
Market #1
657
Europe East
62 customer
centres
Total Denmark 10 re-renting
3,027 21 customer agents
centres Market #1
Sweden
Europe 680 Market #1
East Europe Central
441 88 customer
centres
(24 franchises)
Denmark Market #1
Norway
181
465

51

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

Sales per segment 1-9/2012 Sales per customer sector 2011

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

Norway Sweden
23 % 29 %

52

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

53

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

20% 7% 5% 11%

TOWER CRANES
LIFTS HEAVY MACHINERY AND HOISTS SCAFFOLDING

18% 4% 25% 10%

MODULES SAFE LIGHT MACHINERY POWER & HEATING

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

54


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

55


Strong long-term growth drivers

Long-term growth industry Increasing rental penetration
100 %
Increasing rental penetration in most

70 %
90 %

60 %
markets, still high potential compared 80 %

45 %
to mature UK market 70 %

40 %
40 %
60 %

30 %
30 %
Fragmented European rental market of

25 %
50 %

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

10 %
10 %
10 %
30 %

5%
accounting for 19% of the market 20 %
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 56
Source: ERA, Euroconstruct Interim Report January-September 2012 l 2 November 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

57

Largest shareholders
% of Market Cap EUR 672.9 million
Largets shareholders Number of (exclud. treasury shares)
share
on 30 September 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 7 368 799 6.78

4 Ilmarinen Mutual Pension Insurance Company 4 977 059 4.58
40%
5 Odin Funds 4 651 693 4.22 17%

6 Tapiola Mutual Pension Insurance Company 2 407 668 2.22
Foreign owners
7 Veritas Pension Insurance Company Ltd 1 410 063 1.30

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 18 737 457 17.24

Other shareholders 21 097 550 19.45

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
58

Consolidated income statement
CONSOLIDATED INCOME STATEMENT 7-9/12 7-9/11 1-9/12 1-9/11 1-12/11
(EUR 1,000)
Rental income 125 526 121 259 340 292 309 053 430 848
Ancillary income 54 627 51 932 160 160 139 159 192 355
Sales of equipmemt 5 720 6 020 19 490 14 878 26 658
NET SALES 185 873 179 211 519 942 463 089 649 861
Other operating income 850 317 1 834 986 1 526

Materials and services -58 294 -55 093 -167 097 -146 537 -209 357
Employee benefit expenses -42 042 -41 028 -124 741 -114 257 -156 101
Depreciation and amortisation -30 596 -28 078 -88 967 -78 165 -107 659
Other operating expenses -26 061 -24 816 -76 154 -76 477 -104 140
EBIT 29 731 30 511 64 817 48 639 74 131

Financial income 8 789 4 869 18 355 8 975 11 405
Financial expenses -10 595 -9 728 -24 601 -19 603 -24 776
EBT 27 925 25 653 58 571 38 011 60 760
Income taxes -6 940 -6 951 -14 732 -10 339 -16 030
NET RESULT FOR THE PERIOD 20 986 18 702 43 840 27 672 44 730

Net result for the period attributable to:
Owners of the parent company 20 986 18 702 43 840 27 672 44 730
Non-controlling interest - - - - -
TOTAL 20 986 18 702 43 840 27 672 44 730

EPS on parent company shareholders'
0.19 0.17 0.41 0.26 0.41
share of profit, basic and diluted, EUR

60

Balance sheet – Assets
CONSOLIDATED BALANCE SHEET 30.9.2012 30.9.2011 31.12.2011
ASSETS
(EUR 1,000)
NON-CURRENT ASSETS
Property, plant and equipment 481 502 477 071 487 310
Goodwill 137 426 122 058 124 452
Other intangible assets 39 988 33 931 35 719
Available-for-sale investments 1 502 1 309 1 368
Deferred tax assets 12 349 18 285 12 183
NON-CURRENT ASSETS, TOTAL 672 768 652 653 661 032

CURRENT ASSETS
Inventories 19 820 17 233 17 309
Trade and other receivables 140 615 124 188 120 000
Income tax receivables - 1 706 344
Cash and cash equivalents 2 195 3 184 2 431
CURRENT ASSETS, TOTAL 162 630 146 310 140 084

TOTAL ASSETS 835 398 798 963 801 117

61

Balance sheet – Equity and liabilities
EQUITY AND LIABILITIES 30.9.2012 30.9.2011 31.12.2011
(EUR 1,000)
EQUITY
Share capital 25 000 25 000 25 000
Revaluation fund -5 272 -3 877 -4 192
Invested unrestricted equity fund 113 329 113 329 113 329
Retained earnings 216 726 170 807 191 862
PARENT COMPANY SHAREHOLDERS’ EQUITY 349 783 305 259 326 000
Non-controlling interests - - -
EQUITY, TOTAL 349 783 305 259 326 000

NON-CURRENT LIABILITIES
Deferred tax liabilities 80 337 71 436 73 690
Pension obligations 6 950 8 546 7 226
Provisions 1 530 1 783 1 553
Interest-bearing liabilities 175 729 211 597 219 773
Other long-term liabilities 9 117 14 181 11 748
NON-CURRENT LIABILITIES, TOTAL 273 662 307 544 313 990

CURRENT LIABILITIES
Trade payables and other liabilities 121 612 106 795 109 020
Provisions 1 202 808 1 163
Income tax liabilities 6 687 7 136 5 496
Interest-bearing liabilities 82 451 71 422 45 448
CURRENT LIABILITIES, TOTAL 211 952 186 161 161 127

LIABILITIES, TOTAL 485 615 493 704 475 117

TOTAL EQUITY AND LIABILITIES 835 398 798 963 801 117

62
Interim Report January-June 2012 l 9 August 2012

Key figures
(MEUR) 7-9/12 7-9/11 Change 1-9/12 1-9/11 Change 1-12/11
Net sales 185.9 179.2 3.7 % 519.9 463.1 12.3 % 649.9
EBITDA 60.3 58.6 3.0 % 153.8 126.8 21.3 % 181.8
% of net sales 32.5 % 32.7 % 29.6 % 27.4 % 28.0 %
EBIT 29.7 30.5 -2.6 % 64.8 48.6 33.3 % 74.1
% of net sales 16.0 % 17.0 % 12.5 % 10.5 % 11.4 %
EBT 27.9 25.7 8.9 % 58.6 38.0 54.1 % 60.8
% of net sales 15.0 % 14.3 % 11.3 % 8.2 % 9.3 %
Earnings per share (EPS), (basic and
0.19 0.17 12.6 % 0.41 0.26 58.9 % 0.41
diluted), EUR
Gross capital expenditure on non-
27.6 119.9 -77.0 % 87.2 196.3 -55.6 % 242.2
current assets
Gross capital expenditure,% of net
14.8 % 66.9 % 16.8 % 42.4 % 37.3 %
sales
Cash flow after investments 23.7 -36.8 n/a 37.3 -67.9 n/a -52.0
Invested capital at the end of period 608.0 588.3 3.3 % 591.2
Return on invested capital (ROI), %
18.6 % 13.2 % 15.7 %
1)
Return on equity (ROE), % 1) 18.6 % 11.4 % 13.9 %
Net debt 256.0 279.8 -8.5 % 262.8
Gearing, % 73.2 % 91.7 % 80.6 %
Equity ratio, % 41.9 % 38.2 % 40.7 %
Personnel at end of period 3 027 3 249 -6.8 % 3 184
1) The figures are calculated on a rolling twelve month
basis.

63

Condensed cash flow statement
CONSOLIDATED CONDENSED CASH FLOW STATEMENT 7-9/12 7-9/11 1-9/12 1-9/11 1-12/11

(EUR 1,000)
Cash flow from operating activities 44 539 82 353 119 956 133 358 177 433

Cash flow from investing activities -20 832 -119 126 -82 608 -201 272 -229 475

Cash flow from financing activities
Borrowings / repayment of short-term debt 17 832 -10 468 31 500 38 128 30 584
Borrowings / repayment of long-term debt -41 433 48 396 -36 223 61 999 52 919
Purchase of treasury shares - - -2 714 -3 378 -3 378
Dividends paid - - -30 147 -27 004 -27 004
Cash flow from financing activities -23 601 37 928 -37 584 69 745 53 121

Net change in cash and cash equivalents 106 1 155 -236 1 831 1 079

Cash and cash equivalents at the beginning of the period 2 089 2 029 2 431 1 352 1 352
Translation difference on cash and cash equivalents - - - - -
Net change in cash and cash equivalents 106 1 155 -236 1 831 1 079
Cash and cash equivalents at the end of the period 2 195 3 184 2 195 3 184 2 431

64

Segment information
Net sales, MEUR 7-9/12 7-9/11 Change 1−9/12 1−9/11 Change 1-12/11

Finland, net sales
44.7 44.6 0% 123.6 109.4 13 % 151.4
(external)
-Inter-segment sales 0.3 0.9 -66 % 1.2 2.9 -58 % 3.3
Sweden, net sales
53.0 45.3 17 % 150.9 128.4 18 % 182.0
(external)
-Inter-segment sales - 0.1 N/A 1.2 0.4 192 % 0.6
Norway, net sales
41.1 39.5 4% 122.9 102.3 20 % 144.3
(external)
-Inter-segment sales - 0.2 N/A 0.1 0.4 -79 % 0.5
Denmark, net sales
11.4 11.3 1% 32.4 29.2 11 % 43.5
(external)
-Inter-segment sales - - N/A - 0.4 N/A 0.6
Europe East, net sales
18.7 17.1 10 % 45.7 39.4 16 % 55.8
(external)
-Inter-segment sales - 0.1 N/A 0.3 0.2 49 % 0.2
Europe Central, net sales
16.9 21.4 -21 % 44.5 54.4 -18 % 72.8
(external)
-Inter-segment sales 1.0 0.1 649 % 2.0 0.5 321 % 1.0
Elimination of sales
-1.4 -1.4 -2 % -4.7 -4.8 1% -6.3
between segments

Net sales, total 185.9 179.2 4% 519.9 463.1 12 % 649.9

65

EBIT by segment

EBIT (EUR million) 7-9/12 7-9/11 Change 1−9/12 1−9/11 Change 1-12/11

Finland 10.9 10.5 3.4 % 22.9 16.6 38.0 % 22.8

% of net sales 24.2 % 23.2 % 4.5 % 18.4 % 14.8 % 24.1 % 14.7%
Sweden 8.7 8.2 6.7 % 23.8 21.3 12.1 % 33.2
% of net sales 16.4 % 18.0 % -8.7 % 15.7 % 16.5 % -5.1 % 18.2%
Norway 6.4 3.9 62.3 % 15.7 6.7 133.9 % 11.2
% of net sales 15.6 % 9.9 % 56.7 % 12.8 % 6.5 % 95.5 % 7.7%
Denmark 0.8 0.9 -9.1 % 0.8 -0.7 215.5 % 0.1
% of net sales 6.8 % 7.5 % -10.0 % 2.4 % -2.3 % 205.2 % 0.2%
Europe East 4.4 4.2 4.2 % 5.9 3.5 67.9 % 5.9
% of net sales 23.4 % 24.6 % -4.7 % 12.9 % 8.9 % 44.6 % 10.5%
Europe Central 0.4 3.5 -89.7 % -1.7 3.4 -150.6 % 5.5
% of net sales 2.0 % 16.3 % -87.6 % -3.7 % 6.2 % -159.8 % 7.4%
Net items not allocated
-1.8 -0.7 -144.8 % -2.7 -2.2 -19.3 % -4.5
to operating segments
Group EBIT 29.7 30.5 -2.6 % 64.8 48.6 33.3 % 74.1
% of net sales 16.0 % 17.0 % -6.1 % 12.5 % 10.5 % 18.7 % 11.4%

66

For more information:
www.ramirent.com

Rr results q3_2012_final

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