Download - Ramirent Q1 2012
Interim report January–March 2012 10 May 2012
President and CEO Magnus Rosén
CFO Jonas Söderkvist
Ramirent Plc I 10 May 2012 I Interim Report January-March 2012
Q1/2012: Good start of the year, but low visibility
Net sales up 22.3% MEUR 164.3 (134.4) or 21.8% at comparable exchange rates. Like-for-like* growth 12.4%
EBITDA MEUR 41.9 (27.6)
EBITDA-margin 25.5% (20.6%)
EBIT MEUR 12.3 (2.7)
EBIT-margin 7.5% (2.0%)
Gross capex MEUR 35.7 (31.9)
Cash flow after investments MEUR 6.4 (-10.7)
Net debt MEUR 257.7 (190.6)
Gearing 83.8% (60.2%)
Number of outlets 394 (382)
2
* Excluding acquisitions in Sweden and Norway
All financial targets fulfilled in Q1
EPS growth > 15 % p.a. over a business cycle
3
ROI >18 % p.a. over a business cycle
Gearing ≤ 120 % at end of each fiscal year
19 %
0 %
5 %
10 %
15 %
20 %
25 %
30 %
35 %
2005 2006 2007 2008 2009 2010 2011 Q1
2012ROI Target
84 %
0 %
20 %
40 %
60 %
80 %
100 %
120 %
140 %
2005 2006 2007 2008 2009 2010 2011 Q1
2012Gearing Target
*167%
-200 %
-100 %
0 %
100 %
200 %
300 %
2005 2006 2007 2008 2009 2010 2011 Q1
2012EPS Target
*R12 Q1 2012 vs. Q1 2011
Good sales growth based on strengthened market positions and rental rates
Growth was fuelled also by acquisitions and outsourcing deals
Dividend payout ratio for fiscal year 2011 was 68% (payout ratio target 40%)
Ramirent Plc I 10 May 2012 I Interim Report January-March 2012
Ramirent Plc I 10 May 2012 I Interim Report January-March 2012
Capital turnover continued to develop positively and was 126% for the last 12 mths
Capital turnover amounted to 126% (100%) for the last 12 months at the end of March 2012
4
494
562 581 578
654
708 707
586 565 552 544
515 524 508 509 496 508 536
588 591 568
0 %
20 %
40 %
60 %
80 %
100 %
120 %
140 %
160 %
0
100
200
300
400
500
600
700
800
Q1
2007
Q2 Q3 Q4 Q1
2008
Q2 Q3 Q4 Q1
2009
Q2 Q3 Q4 Q1
2010
Q2 Q3 Q4 Q1
2011
Q2 Q3 Q4Q1
2012
Invested capital Net sales/Invested capital, rolling 12 month
MEUR
Invested capital by quarter
Integration of year end 2011 acquisitions progressed well
Organic growth based on strengthened market positions
Strengthening solutions offering to support growth
focused on Safety, Eco, Power and Climate control
Streamlining shared processes for Ramirent platform
Advancing the group wide IT infrastructure
Developing supplier relations and reducing the number of
suppliers to realise further economies of size
Strengthening offering portfolio to cater for industrial
customers, including wind power and oil and gas
Disciplined CapEx spending
Adjusting operations in Europe Central countries, where
market is weakening
Development programs, with which we improve our competitiveness, progressed
5
Sustainable profitable growth
Operational excellence
Balanced risk level
Key objective Progress in Q1
Ramirent Plc I 10 May 2012 I Interim Report January-March 2012
Ramirent Plc I 10 May 2012 I Interim Report January-March 2012
Events after the reporting period
Forklifts were added to the product portfolio in Finland
Cooperation agreement
signed with Toyota Material
Handling Finland Oy on the
short-term rental of forklifts
to Ramirent's customers in
Finland
Cooperation to be expanded
to all Nordic countries in
autumn of 2012 and to other
Ramirent countries in 2013
Forklifts belong to the Heavy Machinery Product Group
Ramirent Plc I 10 May 2012 I Interim Report January-March 2012
Ramirent and market outlook as of 10 May 2012
7
Market outlook 2012
In 2012, net sales are expected to increase and the result before taxes is expected to improve compared to 2011.
Ramirent outlook 2012 unchanged
Country 2012 Source
Finland -2% Finnish Construction Industries, RT *
Sweden -1% Swedish Construction Federation**
Norway 6% Euroconstruct
Denmark 4% Euroconstruct
Poland 4% Euroconstruct
Czech Republic
-4% Euroconstruct
Slovakia 3% Euroconstruct
Hungary -2% Euroconstruct
Russia 0-5% Euroconstruct
Estonia 8% Euroconstruct
Latvia -4% Euroconstruct
Lithuania -4% Euroconstruct
Ukraine n.a Euroconstruct
Europe East
Europe Central
Source: Euroconstruct Nov 2011, *April 2012, **February 2012
Ramirent Plc I 10 May 2012 I Interim Report January-March 2012 8
Maintain preparedness for tackling
different market scenarios
Caution in capex spending
Keep strong cost control
Maintain a strong balance sheet
Continue to develop the product
portfolio to provide integrated
solutions and cater to customers’
needs in the areas of eco-efficiency
and safety
Priorities for 2012 due to low visibility and uncertainties in the general economy
SEGMENT REVIEW
9 Ramirent Plc I 10 May 2012 I Interim Report January-March 2012
Ramirent Plc I 10 May 2012 I Interim Report January-March 2012
29
34
41
31 28
36 38 35
30
37
45 42
38
-5 %
0 %
5 %
10 %
15 %
20 %
25 %
0
10
20
30
40
50
Q12009
Q2 Q3 Q4 Q12010
Q2 Q3 Q4 Q12011
Q2 Q3 Q4 Q12012
Net sales EBIT-%
Q1 2012 Finland
Growth was driven by continued high construction and industrial activity
Demand increased in all product groups
EBIT recovered to satisfactory level due to high utilisation rates and improved price levels in many product groups
Anna Hyvönen was appointed new SVP, Finland effective 2 June 2012
10
MEUR
Highlights Sales and EBIT by quarter
Finland Q1 2012 Q1 2011 Change (EUR)
Change (Local)
2011
Net sales, MEUR 38.4 30.2 27% 27% 154.7
EBIT, MEUR 5.0 1.3 267% 22.8
EBIT-margin 12.9% 4.4% 14.7%
Employees 579 566 2% 596
Outlets 84 84 N/A 83
Ramirent Plc I 10 May 2012 I Interim Report January-March 2012
Q1 2012 Sweden
11
Organic growth 3.3%
Demand was still strong in the capital city area and in western Sweden, while activity in southern Sweden is slowing down
EBIT remained on the same level compared to previous year, due to higher amortisation of intangible assets arising from acquisitions
32 33 31 32 29
35 36
45 41 42
45
54 48
0 %
5 %
10 %
15 %
20 %
25 %
0
10
20
30
40
50
60
Q12009
Q2 Q3 Q4 Q12010
Q2 Q3 Q4 Q12011
Q2 Q3 Q4 Q12012
Net sales EBIT-%
MEUR
Highlights
Sweden Q1 2012 Q1 2011 Change (EUR)
Change (Local)
2011
Net sales, MEUR 48.1 41.3 17% 17% 182.7
EBIT, MEUR 6.5 6.1 6% 33.2
EBIT-margin 13.5% 14.9% 18.2%
Employees 675 552 22% 630
Outlets 84 74 14% 79
Sales and EBIT by quarter
Ramirent Plc I 10 May 2012 I Interim Report January-March 2012
Q1 2012 Norway
12
Organic growth 11.7%
Demand was driven by residential construction and industrial activity that showed continued strong development
EBIT improved on the back of high utilisation rates and increased margins in most product groups
29 25 27
29 28 27 28 31 33
30
40 42 44
-4 %
-2 %
0 %
2 %
4 %
6 %
8 %
10 %
12 %
14 %
16 %
0
10
20
30
40
50
Q12009
Q2 Q3 Q4 Q12010
Q2 Q3 Q4 Q12011
Q2 Q3 Q4 Q12012
Net sales EBIT-%
MEUR
Highlights
Norway Q1 2012 Q1 2011 Change (EUR)
Change (Local)
2011
Net sales, MEUR 43.7 32.6 34% 30% 144.8
EBIT, MEUR 3.9 0.4 N/A 11.2
EBIT-margin 8.9% 1.2% 7.7%
Employees 477 514 -7% 486
Outlets 43 41 5% 42
Sales and EBIT by quarter
Ramirent Plc I 10 May 2012 I Interim Report January-March 2012
Q1 2012 Denmark
13
Growth was driven by good construction activity, including infrastructure projects that continued on a relatively good level
EBIT improved on the back of good fleet utilisation and stable price levels due to a slightly improved competitive situation
11 12
11 10
8 9 9 10
8 10
11
15
10
-50 %
-40 %
-30 %
-20 %
-10 %
0 %
10 %
20 %
0
2
4
6
8
10
12
14
16
Q12009
Q2 Q3 Q4 Q12010
Q2 Q3 Q4 Q12011
Q2 Q3 Q4 Q12012
Net sales EBIT-%
MEUR
Highlights
Denmark Q1 2012 Q1 2011 Change (EUR)
Change (Local)
2011
Net sales, MEUR 9.8 8.4 17% 17% 44.1
EBIT, MEUR -0.2 -1.3 84% 0.1
EBIT-margin -2.1% -15.0% 0.2%
Employees 178 150 19% 186
Outlets 22 21 5% 22
Sales and EBIT by quarter
Ramirent Plc I 10 May 2012 I Interim Report January-March 2012
Q1 2012 Europe East
14
Net sales increased in all the segment’s countries
Growth drivers were energy, renovation as well as infrastructure projects in the Baltic countries. Infrastructure construction continued to develop positively also in Russia and Ukraine
EBIT improved due to good fleet utilisation and warm winter weather
9
12
19
11
8
10
12 13
9
13
17 16
12
-40 %
-30 %
-20 %
-10 %
0 %
10 %
20 %
30 %
0
5
10
15
20
Q12009
Q2 Q3 Q4 Q12010
Q2 Q3 Q4 Q12011
Q2 Q3 Q4 Q12012
Net sales EBIT-%
MEUR
Highlights
Europe East Q1 2012 Q1 2011 Change (EUR)
Change (Local)
2011
Net sales, MEUR 12.2 9.4 30% 29% 56.1
EBIT, MEUR -0.1 -1.7 96% 5.9
EBIT-margin -0.6% -17.7% 10.5%
Employees 428 407 5% 439
Outlets 58 48 21% 58
Sales and EBIT by quarter
Ramirent Plc I 10 May 2012 I Interim Report January-March 2012
Q1 2012 Europe Central
15
In Poland construction and industrial activity started to weaken. Market conditions remained difficult in the other countries, especially in Hungary
Operations of Slovakia, Czech Republic and Hungary are being restructured in order to drive higher synergies and cost efficiencies
EBIT burdened by lower price levels and utilisations rates
14 16
18 16
12
16
20 19
14
19
22
19
13
-25 %
-20 %
-15 %
-10 %
-5 %
0 %
5 %
10 %
15 %
20 %
0
5
10
15
20
25
Q12009
Q2 Q3 Q4 Q12010
Q2 Q3 Q4 Q12011
Q2 Q3 Q4 Q12012
Net sales EBIT-%
MEUR
Highlights
Europe Central Q1 2012 Q1 2011 Change (EUR)
Change (Local)
2011
Net sales, MEUR 13.3 14.4 -8% -2% 73.9
EBIT, MEUR -2.2 -1.2 -89% 5.5
EBIT-margin -16.8% -8.2% 7.4%
Employees 726 835 -13% 825
Outlets 103 114 -10% 122
Sales and EBIT by quarter
FINANCIAL REVIEW
16 Ramirent Plc I 10 May 2012 I Interim Report January-March 2012
Ramirent Plc I 10 May 2012 I Interim Report January-March 2012
Positive development in financial performance continued in Q1
17
Net Sales (MEUR) EBITDA (MEUR)
Cash flow (MEUR) Net debt (MEUR) Gross Capex (MEUR)
EBIT (MEUR)
3 5 3 8 13 22
10 18
32 45
120
46 36
0 %
10 %
20 %
30 %
40 %
50 %
60 %
70 %
80 %
0
20
40
60
80
100
120
140
Q12009
Q2 Q3Q4 Q12010
Q2Q3Q4 Q12011
Q2Q3Q4 Q12012
Gross Capex Share of net sales-%
281 255
230 207 212 209
197 177
191
238
280 263
258
0 %
20 %
40 %
60 %
80 %
100 %
120 %
0
50
100
150
200
250
300
Q12009
Q2 Q3 Q4 Q12010
Q2 Q3 Q4 Q12011
Q2 Q3 Q4 Q12012
Net debt Gearing-%
7
14 12
-4 -6
7
17
11
3
15
31
25
12
-10 %
-5 %
0 %
5 %
10 %
15 %
20 %
-10
-5
0
5
10
15
20
25
30
35
Q12009
Q2 Q3Q4Q12010
Q2Q3Q4Q12011
Q2Q3Q4Q12012
EBIT EBIT-%
30 36 37
26
18
31
42 37
28
41
59 55
42
0 %
5 %
10 %
15 %
20 %
25 %
30 %
35 %
0
10
20
30
40
50
60
70
Q12009
Q2 Q3 Q4 Q12010
Q2 Q3 Q4 Q12011
Q2 Q3 Q4 Q12012
EBITDA EBITDA-%
122 125 130 126 112
129 141
150 134
150
179 187
164
-40 %
-30 %
-20 %
-10 %
0 %
10 %
20 %
30 %
40 %
0
20
40
60
80
100
120
140
160
180
200
Q12009
Q2 Q3Q4Q12010
Q2Q3Q4Q12011
Q2Q3Q4Q12012
Net sales Y-o-y change-%
18
28 22 20
-4
13 14
24
-11
-20
-37
16
6
-50
-40
-30
-20
-10
0
10
20
30
40
Q12009
Q2 Q3 Q4 Q12010
Q2 Q3 Q4 Q12011
Q2 Q3 Q4 Q12012
Cash flow after investments
Ramirent Plc I 10 May 2012 I Interim Report January-March 2012
Net sales grew 22.3% in Q1/2012, like-for-like growth was 12.4%
18
Change in net sales YoY, %
19 % 19 %
13 %
-4 %
-25 %
-31 % -31 % -27 %
-9 %
3 %
9 %
19 % 20 %
16 %
27 % 24 %
22 %
-40 %
-30 %
-20 %
-10 %
0 %
10 %
20 %
30 %
40 %
Q12008
Q2 Q3 Q4 Q12009
Q2 Q3 Q4 Q12010
Q2 Q3 Q4 Q12011
Q2 Q3 Q4 Q12012
Ramirent Plc I 10 May 2012 I Interim Report January-March 2012
19
22 %
27 %
17 %
34 %
17 %
30 %
-8 %
22 %
27 %
17 %
30 %
17 %
29 %
-2 %
22 %
30 %
18 %
35 %
20 %
29 %
-11 % -15 %
-10 %
-5 %
0 %
5 %
10 %
15 %
20 %
25 %
30 %
35 %
40 %
Group Finland Sweden Norway Denmark East Central
EUR Comparable exchange rates Adjusted for inter-segment sales (in EUR)
Change in Q1 net sales YoY, %
Net sales grew in all segments except Europe Central
Ramirent Plc I 10 May 2012 I Interim Report January-March 2012
Higher share of ancillary income and income from sold equipment
Share of ancillary income has increased from last year due to higher degree of work and service in our solutions offering
Sales of equipment increased due to sold modules in Norway
20
65 % 63 %
32 % 33 %
3 % 5 %
0%
20%
40%
60%
80%
100%
Q1/2011 Q1/2012
Income from sold equipment
Ancillary income
Rental income
Breakdown of net sales
87.0 103.1
43.6
53.7 3.7
7.5
0
50
100
150
200
Q1/2011 Q1/2012
Income from sold equipment
Ancillary income
Rental income
MEUR
+101%
+23%
+18%
Ramirent Plc I 10 May 2012 I Interim Report January-March 2012
Gross margin decreased in Q1/2012 compared to previous year
Gross margin was impacted by an increase in sold equipment and use of external services
21
Gross margin by quarter
71 %
70 %
68 %
65 %
69 %
65 %
67 %
68 %
66 %
67 % 67 %
68 %
69 %
66 %
68 %
66 %
62 %
63 %
64 %
65 %
66 %
67 %
68 %
69 %
70 %
71 %
72 %
Q1 Q2 Q3 Q4 FY
Gross margin 2009 Gross margin 2010 Gross margin 2011 Gross margin 2012
Ramirent Plc I 10 May 2012 I Interim Report January-March 2012
Number of employees increased due to acquisitions, especially in Sweden
At the end of March 2012, the Group’s number of employees
amounted to 3,086 (3,045) persons
22
Number of employees by segment
566 552 514
150
407
835
596 630
486
186
439
825
579
675
477
178
428
726
0
100
200
300
400
500
600
700
800
900
Finland Sweden Norway Denmark Europe East Europe
CentralPersonnel 31/3/11 Personnel 31/12/11 Personnel 31/3/12
We continue to develop our outlet network – 394 outlets at the end of March 2012
96
84
57
84
37
43
18
22
52
58
99
10
3 359
394
0
50
100
150
200
250
300
350
400
450
Q1
2008
Q2 Q3 Q4 Q1
2009
Q2 Q3 Q4 Q1
2010
Q2 Q3 Q4 Q1
2011
Q2 Q3 Q4 Q1
2012
Finland Sweden Norway Denmark Europe East Europe Central
23
Number of outlets per segment
Ramirent Plc I 10 May 2012 I Interim Report January-March 2012
Ramirent Plc I 10 May 2012 I Interim Report January-March 2012
Fixed cost level increased due to acquisitions
The fixed cost level increased year-on-year due to
• Acquisitions and outsourcing deals (more employees and outlets)
• Higher market activity (more outsourced services and intensified sales activities)
• Cost for building common platform
24
Fixed costs by quarter
MEUR
35 30 33 33 33 33 32 38 37 37 41 42 42
23 22 19
23 22 23 22
24 27 25 25 28 25
57 52 52
57 56 56 54
62 63 62 66
70 68
0
10
20
30
40
50
60
70
80
Q1
2009
Q2 Q3 Q4 Q1
2010
Q2 Q3 Q4 Q1
2011
Q2 Q3 Q4 Q1
2012
Employee benefit expenses Other operating expenses
Ramirent Plc I 10 May 2012 I Interim Report January-March 2012
EBIT-margin January-March 2012: 7.5% (2.0%)
Q1 EBIT margin increased to 7.5%
25
EBIT margin by quarter
18.2 % 19.6 %
18.4 %
-11.4 %
5.9 %
10.8 % 9.0 %
-2.9 % -5.0 %
5.8 %
11.8 %
7.5 %
2.0 %
10.3 %
17.0 %
13.6 %
7.5 %
-15 %
-10 %
-5 %
0 %
5 %
10 %
15 %
20 %
25 %
Q12008
Q2 Q3 Q4 Q12009
Q2 Q3 Q4 Q12010
Q2 Q3 Q4 Q12011
Q2 Q3 Q4 Q12012
Ramirent Plc I 10 May 2012 I Interim Report January-March 2012
Q1 EBIT margin improved in Finland, Norway, Denmark and Europe East year-on-year
26
2.0 %
4.4 %
14.9 %
1.2 %
-15.0 %
-17.7 %
-8.2 %
7.5 %
12.9 % 13.5 %
8.9 %
-2.1 % -0.6 %
-16.8 % -20 %
-15 %
-10 %
-5 %
0 %
5 %
10 %
15 %
20 %
Group Finland Sweden Norway Denmark East Central
Q1 2011 Q1 2012
EBIT-margin by segments
2.0 4.4
2.1 6.5 7.5
18.9
8.9
17.4
29.6
38.3
66.8
34.4
20.3
3.7 5.0 6.7 4.7 5.0 3.7 3.3 4.4 3.7
5.2 6.0
11.8
7.5
0
10
20
30
40
50
60
70
80
Q1
2009
Q2 Q3 Q4 Q1
2010
Q2 Q3 Q4 Q1
2011
Q2 Q3 Q4 Q1
2012
Purchased equipment Sold equipment
27
Q1/2012 rental fleet investments were EUR 20.3 million
Purchased and sold equipment by quarter
MEUR
In January-March 2012, gross CapEx was EUR 35.7 (31.9) million of which EUR 20.3 (29.6) million in rental fleet
The value of sold rental equipment was EUR 7.5 (3.7) million
Committed investments at the end of quarter were EUR 3.4 (18.0) million.
Ramirent Plc I 10 May 2012 I Interim Report January-March 2012
Capital expenditure increased due to acquisitions, in particular in Sweden
32
4
13
5 4 3 4
36
4
25
2 0
2 2
0
5
10
15
20
25
30
35
40
Group Finland Sweden Norway Denmark East Central
1-3/2011 1-3/2012
28
Capital Expenditure by segments
MEUR
Ramirent Plc I 10 May 2012 I Interim Report January-March 2012
Working capital at -1% of net sales
16 15 15 15 15 14 14 16 16 17 17 17 18
86 88 90 80 83 90 99 97 95 109
124 120 114
-66 -68 -70 -67 -69 -86 -86 -89 -82 -84
-107 -109 -139
-10 %
-8 %
-6 %
-4 %
-2 %
0 %
2 %
4 %
6 %
8 %
10 %
-120
-80
-40
0
40
80
120
Q1
2009
Q2 Q3 Q4 Q1
2010
Q2 Q3 Q4 Q1
2011
Q2 Q3 Q4 Q1
2012
Trade payables and other liabilities Trade and other receivables
Inventories Working capital/Net sales Rolling 12 month basis
29
Working capital by quarter
MEUR
Ramirent Plc I 10 May 2012 I Interim Report January-March 2012
Ramirent Plc I 10 May 2012 I Interim Report January-March 2012
Q1/2012 cash flow after investments 6.4 MEUR
30
Cash flow after investments
MEUR
-55
-30
25
67
18 28 22 20
-4
13 14 24
-11 -20
-37
16 6
-80
-60
-40
-20
0
20
40
60
80
Q1
2008
Q2 Q3 Q4 Q1
2009
Q2 Q3 Q4 Q1
2010
Q2 Q3 Q4 Q1
2011
Q2 Q3 Q4 Q1
2012
Cash flow after investments
96 %
84 %
70 %
69 %
81 %
113 % 106 % 108 %
99 %
86 %
74 %
68 % 68 % 71 %
64 %
56 % 60 %
80 %
92 % 81 % 84 %
0 %
20 %
40 %
60 %
80 %
100 %
120 %
0
50
100
150
200
250
300
350
400
2004200520062007 Q1
2008
Q2 Q3 Q4 Q1
2009
Q2 Q3 Q4 Q1
2010
Q2 Q3 Q4 Q1
2011
Q2 Q3 Q4 Q1
2012
Net debt Gearing (%)
Net debt decreased by 5 MEUR in Q1 2012; gearing was 83.8% at end of the period
31
Net debt and gearing
MEUR
Equity ratio was 38.0% (47.5%)
Net debt amounted to EUR 257.7 (190.6) million
Ramirent Plc I 10 May 2012 I Interim Report January-March 2012
Ramirent Plc I 10 May 2012 I Interim Report January-March 2012
At end of Q1 2012, Ramirent had unused committed back-up facility of EUR 132.1 million
32 32
150
240
0
50
100
150
200
250
300
350
400
450
2012 2013 2014 2015 2016 2017
Committed credit facilities
Repayment schedule of interest-bearing liabilities
MEUR
390 MEUR in committed credit facilities
257.7 MEUR in net debt
Ramirent is in good shape to manage possible changes in market conditions
33
3,100 dedicated problem solvers
Broadest range of equipment and
Dynamic Rental SolutionsTM
Wide network of outlets close to our customers
Deriving higher synergies through a more uniform
”Ramirent platform” and brand
Strong financial position
MORE INFORMATION www.ramirent.com Magnus Rosén, CEO +358 20 750 2845 [email protected] Jonas Söderkvist, CFO +358 20 750 3248 [email protected] Franciska Janzon, IR +358 20 750 2859 [email protected]
34
COMPANY OVERVIEW
35
Ramirent Plc I 10 May 2012 I Interim Report January-March 2012
Ramirent in brief
36
Leading equipment rental company in Northern, Central
and Eastern Europe with net sales of EUR 650 million
(2011)
394 rental customer centers located in 13 countries and
providing 200 000 rental items
Listed on NASDAQ OMX Helsinki since 1998
3 086 employees serving 100 000 customers
Founded in 1955 and headquartered in Finland
More than 50 years of experience as a supplier to the construction industry
37
Steel Nail shop Rakennusmies founded
The rental business is established
Acquired by Partek and renamed A-rakennusmies
First move outside Finland through JV in Moscow, Russia
The third county becomes Estonia with the expansion to Tallinn
MBO by key personnel and capital investors
Enter Latvia
Enter Lithuania
Listed on the Helsinki Stock Exchange
Enter Poland
Renamed Ramirent Plc
Greenfield entry to Hungary
Enter Ukraine
Greenfield entry to Czech Republic
Enter Slovakia
1983 1955 1988 1994 1995 1996 1997 1998 2000 2001 2002 2003 2004 2005 2008 2006
Acquires Bautas in Norway
Acquires Altima in Sweden
Mission
We simplify business by Delivering Dynamic
Rental Solutions™
Vision
To be the leading and most progressive equipment
rental solutions company in Europe, setting the
benchmark for industry performance and customer
service
38
Our strategic choices
38
Values
Open, Progressive, Engaged
Brand promise
Let’s solve it
One of the leading equipment rental companies both in Europe (#3) and globally (#12)
0 200 400 600 800 1000
Loxam
Cramo*
Ramirent
Algeco…
Speedy Hire
Sarens
Liebherr-…
Kiloutou
Mediaco…
HKL…
*Cramo + Theisen PF Source: IRN June 2011
39
Turnover 2010 (MEUR) Turnover 2010 (MEUR)
Largest rental companies in Europe Largest rental companies globally
0 500 1000 1500 2000
Ramirent
Cramo*
Nikken Corp
Nishio Rent All Co
Loxam
Hertz Equipment Rental
Coates Hire Ltd
Algeco Scotsman
RSC Equipment Rental
Ashtead Group
United Rentals
Aggreko
Leading market position in five of our six geographical segments
40
Finland 84 depots
(25 franchises) Market #1
Europe East 58 depots
10 re-renting agents
Market #1
Norway 43 depots
(4 franchises) Market #1
Denmark 22 depots Market #1
Europe Central
103 depots (24 franchises)
Market #1
Sweden 84 depots
(10 franchises) Market #2
Total 3,086
Finland 579
Sweden 675
Norway 477
Denmark 178
Europe East 428
Europe Central
726
Employees
Nordic countries are our largest markets and construction is our largest customer sector
41
Finland
23%
Sweden
29%
Norway
26%
Denmark
6%
Europe
East 7%
Europe
Central 8%
Sales per segment 1-3/2012
Construction
76%
Industry
14%
Public sector
5%
Households
5%
Sales per customer sector 2010
Broadest range of equipment and Dynamic Rental SolutionsTM
42
RA
MIR
EN
T O
FFER
IN
G
CUSTOMER NEEDS
PRODUCTS
• Lifts
• Heavy machinery
• Tower, cranes
and hoists
• Scaffolding
• Modules
• Safety and
formworks
• Light machinery
• Power and
heating
SERVICES
• Planning &
design
• Ramirent
know-how
• Transportation
• Installation
• Maintenance
• Inspections
• Insurance
• Operators
• Fuel / gas
refilling
• Site logistics
coordinator
• Facility
management
• Paperwork
for authorities
• Technical
support
SOLUTIONS
• TotalSolve
• SafeSolve
• EcoSolve
• SpaceSolve
• AccessSolve
• PowerSolve
• ClimateSolve
OUTSOURCING
Ramirent takes care of, and caters
to, the total customer needs
Benefits:
Lighter balance sheets, less investments
Benefits:
More uptime in core operations due to less downtime in equipment, less maintenance costs, right choice of equipment improves efficiency, less product liability risk
Benefits:
Easy to buy, reduced number of subcontractors, increased focus on the core business
Benefits:
By outsourcing functions to Ramirent, companies can increase efficiency and simplify their business by focusing on core competences
INDUSTRIES
• Construction • Mining • Paper • Power generation • Oil & gas
• Shipyards • Facility management • Public sector • Households
Light machinery, lifts and modules are the biggest product groups measured by rental income
43
MODULES
HEAVY MACHINERY
LIGHT MACHINERY
LIFTS TOWER CRANES AND HOISTS SCAFFOLDING
POWER & HEATING SAFE
19% 8% 5% 11%
17% 5% 26% 10%
Ramirent’s equipment fleet is organised along eight core product groups
The Group’s key strategic objectives
44
Sustainable profitable growth Accelerate growth with 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
Ramirent
Loxam
Cramo
Algeco Scotsman
Speedy Hire
Liebherr-Mietpartner
GAM
Mediaco Lifting
Sarens
Kiloutou
HKL Baumschinen
Others
Strong long-term growth drivers
Long-term growing industry
European consolidation opportunities
45
Increasing rental penetration in most markets, still high potential compared to mature UK market
Fragmented European rental market of EUR 20bn with top 10 rental companies accounting for 19% of the market
CEE construction markets on a low level compared to Nordics and Western Europe
Inhabitants (million)
Construction output (BEUR)
Increasing rental penetration
High potential CEE construction markets
70
%
60
%
45
%
40
%
40
%
30
%
30
%
25
%
20
%
20
%
15
%
15
%
15
%
10
%
10
%
10
%
5 %
0 %10 %20 %30 %40 %50 %60 %70 %80 %90 %
100 %
St. Petersburg + Moscow only Source: ERA, Euroconstruct
46
• 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
The Group’s financial targets
APPENDIX
47
CONSOLIDATED INCOME STATEMENT
48
CONSOLIDATED INCOME STATEMENT 1−3/12 1−3/11 1−12/11
(EUR 1,000)
Rental income 103 073 87 040 430 848
Ancillary income 53 745 43 565 192 355
Sales of equipment 7 513 3 746 26 658
NET SALES 164 331 134 351 649 861
Other operating income 427 342 1 526
Materials and services −55 056 −43 815 −209 357
Employee benefit expenses −42 489 −36 629 −156 101
Depreciation and amortisation −29 512 −24 933 −107 659
Other operating expenses −25 361 −26 635 −104 140
EBIT 12 340 2 681 74 131
Financial income 7 016 2 116 11 405
Financial expenses −8 687 −4 954 −24 776
EBT 10 670 −157 60 760
Income taxes −2 773 50 −16 030
NET RESULT FOR THE PERIOD 7 896 −108 44 730
Net result for the period attributable to:
Owners of the parent company 7 896 −108 44 730
Non-controlling interest – – –
TOTAL 7 896 −108 44 730
Earnings per share (EPS)
EPS on parent company shareholders' share of profit,
basic and diluted, EUR 0.07 0.00 0.41
BALANCE SHEET – ASSETS
49
CONSOLIDATED BALANCE SHEET 31.3.2012 31.3.2011 31.12.2011
ASSETS
(EUR 1,000)
NON-CURRENT ASSETS
Property, plant and equipment 486 878 432 136 487 310
Goodwill 133 413 94 030 124 452
Other intangible assets 40 443 10 565 35 719
Available-for-sale investments 1 385 422 1 368
Deferred tax assets 12 988 14 347 12 183
NON-CURRENT ASSETS, TOTAL 675 108 551 500 661 032
CURRENT ASSETS
Inventories 17 837 16 493 17 309
Trade and other receivables 113 702 94 804 120 000
Current tax assets 1 225 2 371 344
Cash and cash equivalents 2 625 911 2 431
CURRENT ASSETS, TOTAL 135 388 114 580 140 084
TOTAL ASSETS 810 496 666 080 801 117
BALANCE SHEET – EQUITY AND LIABILITIES
50
EQUITY AND LIABILITIES 31.3.2012 31.3.2011 31.12.2011
(EUR 1,000)
EQUITY
Share capital 25 000 25 000 25 000
Revaluation fund −4 223 −1 258 −4 192
Invested unrestricted equity fund 113 329 113 329 113 329
Retained earnings 173 442 179 374 191 862
PARENT COMPANY SHAREHOLDERS’ EQUITY 307 547 316 445 326 000
Non-controlling interests – – –
EQUITY, TOTAL 307 547 316 445 326 000
NON-CURRENT LIABILITIES
Deferred tax liabilities 77 643 59 880 73 690
Pension obligations 7 113 7 106 7 226
Provisions 1 373 2 205 1 553
Interest-bearing liabilities 225 129 131 408 219 773
Other long-term liabilities 10 127 2 602 11 748
NON-CURRENT LIABILITIES, TOTAL 321 385 203 200 313 990
CURRENT LIABILITIES
Trade payables and other liabilities 139 117 82 362 109 020
Provisions 1 208 1 415 1 163
Current tax liabilities 6 017 2 595 5 496
Interest-bearing liabilities 35 222 60 063 45 448
CURRENT LIABILITIES, TOTAL 181 564 146 435 161 127
LIABILITIES, TOTAL 502 949 349 635 475 117
TOTAL EQUITY AND LIABILITIES 810 496 666 080 801 117
KEY FIGURES
51
(MEUR) 1–3/12 1–3/11 CHANGE 1–12/11
Net sales 164.3 134.4 22.3% 649.9
EBITDA 41.9 27.6 51.6% 181.8
% of net sales 25.5% 20.6% 28.0%
EBIT 12.3 2.7 360.3% 74.1
% of net sales 7.5% 2.0% 11.4%
Earnings per share (EPS), (basic and diluted), EUR 0.07 0.00 N/A 0.41
Gross capital expenditure on non-current assets 35.7 31.9 12.0% 242.2
Gross capital expenditure, % of net sales 21.7% 23.7% 37.3%
Cash flow after investments 6.4 −10.7 N/A −52.0
Invested capital at the end of period 567.9 507.9 11.8 % 591.2
Return on invested capital (ROI), % 1) 18.6 % 9.3 % 15.7%
Return on equity (ROE), % 1) 16.9 % 6.3 % 13.9%
Net debt 257.7 190.6 35.2 % 262.8
Gearing, % 83.8 % 60.2 % 80.6%
Equity ratio, % 38.0 % 47.5 % 40.7%
Personnel at end of period 3 086 3 045 1.3 % 3 184
1) The figures are calculated on a rolling twelve month basis.
CONDENSED CASH FLOW STATEMENT
52
CONSOLIDATED CONDENSED CASH FLOW
STATEMENT 1−3/12 1−3/11 1−12/11
(MEUR)
Cash flow from operating activities 41.2 27.3 177.4
Cash flow from investing activities −34.8 −38.1 −229.5
Cash flow from financing activities
Borrowings / repayment of short-term debt −8.5 18.7 30.6
Borrowings / repayment of long-term debt 5.0 −5.2 52.9
Purchase of treasury shares −2.7 −3.3 −3.4
Dividends paid – – −27.0
Cash flow from financing activities −6.2 10.3 53.1
Net change in cash and cash equivalents 0.2 −0.4 1.1
Cash and cash equivalents at the beginning of the period 2.4 1.4 1.4
Translation difference on cash and cash equivalents – – –
Net change in cash and cash equivalents 0.2 −0.4 1.1
Cash and cash equivalents at the end of the period 2.6 0.9 2.4
SEGMENT INFORMATION Net sales, MEUR 1−3/12 1−3/11 Change 1-12/11
Finland, net sales (external) 37.9 29.2 30 % 151.4
-Inter-segment sales 0.5 1.1 -58 % 3.3
Sweden, net sales (external) 48.1 41.0 18 % 182.0
-Inter-segment sales - 0.3 N/A 0.6
Norway, net sales (external) 43.7 32.4 35 % 144.3
-Inter-segment sales 0.1 0.2 -42 % 0.5
Denmark, net sales (external) 9.8 8.2 20 % 43.5
-Inter-segment sales - 0.2 N/A 0.6
Europe East, net sales (external) 12.0 9.3 29 % 55.8
-Inter-segment sales 0.2 0.1 97 % 0.2
Europe Central, net sales (external) 12.8 14.3 -11 % 72.8
-Inter-segment sales 0.5 0.1 500 % 1.0
Elimination of sales between segments -1.2 -1.9 38 % -6.3
Net sales, total 164.3 134.4 22 % 649.9
53
EBIT BY SEGMENT EBIT (EUR million) 1−3/12 1−3/11 Change 1-12/11
Finland 5.0 1.3 267% 22.8
% of net sales 12.9% 4.4% 14.7%
Sweden 6.5 6.1 6% 33.2
% of net sales 13.5% 14.9% 18.2%
Norway 3.9 0.4 926% 11.2
% of net sales 8.9% 1.2% 7.7%
Denmark -0.2 -1.3 84% 0.1
% of net sales -2.1% -15.0% 0.2%
Europe East -0.1 -1.7 96% 5.9
% of net sales -0.6% -17.7% 10.5%
Europe Central -2.2 -1.2 -89% 5.5
% of net sales -16.8% -8.2% 7.4%
Net items not allocated to operating segments -0.5 -1.1 51% -4.5
Group EBIT 12.3 2.7 360% 74.1
% of net sales 7.5% 2.0% 11.4%
54
LARGEST SHAREHOLDERS Largets shareholders on 31 March 2012
Number of shares
% of share
capital
1 Nordstjernan AB 31 882 078 29.33
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 5 262 059 4.84
5 Odin Funds 4 595 085 4.22
6 Tapiola Mutual Pension Insurance Company 2 407 668 2.22
7 Veritas Pension Insurance Company Ltd 1 448 120 1.33
8 Investment Fund Aktia Capital 1 192 540 1.10
9 Investment Fund Nordea Fennia 1 000 000 0.92
10 Föreningen Konstsamfundet rf 825 000 0.76
Ramirent Plc’s treasury shares 1 030 192 0.95
Nominee registered shares 18 627 031 17.14
Other shareholders 22 253 788 20.47
Total number of shares 108 697 328 100.00
55
34.7 %
17.4 % 40.2 %
8.9 %
Foreign owners
Nominee registered
Finnish companies and organisations
Finnish households
Market Cap EUR 705.2 million
Trading information Listing: NASDAX OMX Helsinki Date of listing: April 30, 1998
Segment: Mid Cap Sector: Industrials
Trading code: RMR1V
50
100
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250
300
0
20
40
60
80
100
120
140
160
180
Osakevaihdon arvo Ramirent OMX Helsinki
Share price development
EUR
56
MEUR
Share turnover
12.42
14.90
17.39
19.87
9.94
7.45
4.97
2.48
22.36
Thank you!