interim report january- september...
TRANSCRIPT
Interim reportJanuary-September 20119 September 2011
President and CEO Magnus Rosén
CFO Jonas Söderkvist
Q3/11: Good sales growth and profitability continued to improve, but visibility is low
JULY – SEPTEMBER 2011
Net sales up 27.2% MEUR 179.2
(140.9) or 21.7% at comparable
exchange rates. Organic growth 18.8%
EBITDA MEUR 58.6 (42.3)
EBITDA-margin 32.7% (30.0%)
EBIT MEUR 30.5 (16.6)
EBIT-margin 17.0% (11.8%)
Gross capex MEUR 119.9 (9.7)
Cash flow after investments
MEUR -36.8 (14.4)
Number of outlets 412 (375)
2
Highlights
JANUARY – SEPTEMBER 2011
Net sales up 21.5% MEUR 463.1
(381.2) or 18.7 % at comparable
exchange rates. Organic growth 18.3%
EBITDA MEUR 126.8 (90.6)
EBITDA-margin 27.4% (23.8%)
EBIT MEUR 48.6 (18.5)
EBIT-margin 10.5% (4.8%)
Gross capex MEUR 196.3 (43.9)
Cash flow after investments
MEUR -67.9 (23.8)
Net debt MEUR 279.8 (197.2)
Gearing 91.7% (64.1%)
3
Six acquisitions and two outsourcing deals year-to-date
Outsourcing dealin Denmark
2010
Outsourcing dealin Finland
2011
Acquisition of Czech rental
business
Acquisition of Finnishweather protection
rental business
4
End of 2009
Outsourcing deal with twosubsidiaries in Finland
Outsourcing deal in Finland
Some 50 companies on our watch list
Acquisition of Swedishrental business
Outsourcing deal in Norway
Acquisition of Czech rental business
Aquisition of Czech rental business
Acquisition ofSwedish rental
business
Acquisition ofDanish rental business
Acquisition of specialist modulerental business in Norway
Capex on acquisitions EUR 104.9 million 1-9/2011
Acquisitive impact approximately 7-8% on sales on an annual level
5
Outlet
Local head office
Re-renting agents
We further expanded our network
Number of outlets all
time high at 412 (375)
The biggest increase in number of outlets was in Sweden, Europe Central and Europe East
The biggest increase in number of outlets was in Sweden, Europe Central and Europe East
The biggest increase in number of outlets was in Sweden, Europe Central and Europe East
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 realize 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
Progress in achieving the Group’s key strategic objectives
6
Ramirent and market outlook as of 9 November 2011
7
Overall, the new residential construction, infrastructure and renovation construction markets are expected to develop favourably, especially in the Nordic countries until the end of 2011, while demand for commercial construction remains weak.
Also, the improved balance between supply and demand indicates a healthier price level
However, due to the current financial turmoil, market risks have increased. Ramirent maintains a cautious stance since uncertainties in the macroeconomic development persist.
Market outlook 2011
“As a result of increased construction activity and improving price levels, net sales are expected to increase in 2011, and the result before taxes is
expected to improve compared to 2010”
Ramirent reiterates its outlook for 2011
Record high level for Nordic construction order books, but growth is fading
11% growth vs. Q3/10 in both real and fixed exchange rates
8
-40 %
-20 %
0 %
20 %
40 %
60 %
0
2
4
6
8
10
12
14
16
Q1
2007
Q2 Q3 Q4 Q1
2008
Q2 Q3 Q4 Q1
2009
Q2 Q3 Q4 Q1
2010
Q2 Q3 Q4 Q1
2011
Q2 Q3
Order book Nordics (BEUR, real exchange rates)*
Skanska NCC
Veidekke YIT
Lemminkäinen Change in Net sales YoY, R12 Ramirent
Change in order backlog YoY, Nordic contruction
* Order books for Swe, Fin, Nor, Den
9
Ramirent is prepared to act to possible changes in market conditions
Increased list prices
Reduced average discount level
Refinanced loan facilities
Acquired Rogaland Planbygg to gain
access to oil & gas industry with stable
demand and long term contracts
Sold non-performing fleet
Increased use of temporary personnel
in project business
Streamlined administration personnel
Updated contingency plans
Business cycle
Growth Stability Positioning Growth Priorities in a downturn scenario
10
Top line• Keep strong discipline in discount levels and price lists •Increase focus on non-construction businessInvestments•Reduce capex•Sell equipment•Return re-rental equipment and leasesOpex•Review organisational structures•Optimise maintenance of equipment to utilisation•Optimise marketing and branding•Reduce indirect costs•Postpone non-crucial development projects
Strong market conditions and
growth 2004-2007
Market downturn reduced need for investments and
improved cash flow 2008-2010
Recovery in demand and increased
investments 2011
In a downturn scenario, multiple levers can be pulled
Ramirent is in good shape to manage possible changes in market conditions
11
3,249 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
SEGMENT REVIEW
12
29
34
41
3128
36 3835
30
37
45
-5 %
0 %
5 %
10 %
15 %
20 %
25 %
0
10
20
30
40
50
Q12009
Q2 Q3 Q4 Q12010
Q2 Q3 Q4 Q12011
Q2 Q3
Net sales EBIT-%
Q3 2011 Finland
13
MEUR
Highlights Historic financial performance
Q3 January - September Full Year
Finland 2011 2010 Change(EUR)
Change(Local)
2011 2010 Change(EUR)
Change(Local)
2010
Net sales, MEUR 45.5 37.5 21% 21% 112.3 101.7 10% 10% 136.9
EBIT, MEUR 10.5 7.1 49% 16.6 10.9 53% 13.7
EBIT-margin 23.2% 18.8% 14.8% 10.7% 10.0%
Employees 611 612 0% 603
Outlets 86 83 4% 84
The main growth drivers were continued good construction activity during the third quarter and an increase in industrial activity.
Profitability improved based on higher fleet utilisation and improved price levels.
Q3 2011 Sweden
14
Growth was driven by continued strong demand in residential construction, civil engineering and public sector.
Excluding the Hyrman acquisition net sales grew by 18.0% in the third quarter.
Geographically activity was strongest in the central and southern regions of the country , and in the capital city area.
Profitability improved based on higher capacity utilisation and healthier price levels.
Historic financial performance
32 33 31 3229
35 36
4541 42
45
0 %
5 %
10 %
15 %
20 %
25 %
0
10
20
30
40
50
Q12009
Q2 Q3 Q4 Q12010
Q2 Q3 Q4 Q12011
Q2 Q3
Net sales EBIT-%
MEUR
Highlights
Q3 January - September Full Year
Sweden 2011 2010 Change(EUR)
Change(Local)
2011 2010 Change(EUR)
Change(Local)
2010
Net sales, MEUR 45.4 36.1 26% 22% 128.8 100.3 28% 20% 145.2
EBIT, MEUR 8.2 7.4 10% 21.3 15.0 42% 23.3
EBIT-margin 18.0% 20.6% 16.5% 15.0% 16.1%
Employees 622 540 15% 546
Outlets 80 74 8% 73
Q3 2011 Norway
15
The recovery in the residential construction activity continued in the third quarter.
Excluding the Rogaland Planbygg(renamed Ramirent Module Systems AS) acquisition net sales grew in Norway by 20.9% in the third quarter.
The highest activity was recorded in the larger Oslo area and western parts of Norway.
Profitability improved based on good fleet utilisation, improving price levels and strict cost control.
Historic financial performance
2925 27
29 28 27 2831 33
30
40
-4 %
-2 %
0 %
2 %
4 %
6 %
8 %
10 %
12 %
14 %
16 %
0
5
10
15
20
25
30
35
40
45
Q12009
Q2 Q3 Q4 Q12010
Q2 Q3 Q4 Q12011
Q2 Q3
Net sales EBIT-%
MEUR
Highlights
Q3 January - September Full Year
Norway 2011 2010 Change(EUR)
Change(Local)
2011 2010 Change(EUR)
Change(Local)
2010
Net sales, MEUR 39.7 27.6 44% 41% 102.8 83.3 23% 21% 114.4
EBIT, MEUR 3.9 1.7 136% 6.7 2.2 200% 2.3
EBIT-margin 9.9% 6.1% 6.5% 2.7% 2.0%
Employees 523 500 5% 503
Outlets 44 42 5% 42
Q3 2011 Denmark
16
Growth was driven by higher construction activity and improved fleet utilisation.
Profitability was still burdened by low price levels.
Cost control measures continue to improve profitability.
Historic financial performance
1112
1110
89 9 10
8
10
11
-50 %
-40 %
-30 %
-20 %
-10 %
0 %
10 %
20 %
0
2
4
6
8
10
12
14
Q12009
Q2 Q3 Q4 Q12010
Q2 Q3 Q4 Q12011
Q2 Q3
Net sales EBIT-%
MEUR
Highlights
Q3 January - September Full Year
Denmark 2011 2010 Change(EUR)
Change(Local)
2011 2010 Change(EUR)
Change(Local)
2010
Net sales, MEUR 11.3 9.0 26% 26% 29.6 26.1 13% 13% 35.6
EBIT, MEUR 0.9 -0.2 N/M -0.7 -1.5 N/M -2.2
EBIT-margin 7.5% -1.9% -2.3% -5.6% -6.2%
Employees 163 148 10% 160
Outlets 21 20 5% 20
Q3 2011 Europe East
17
Net sales grew in all Europe East countries in the third quarter.
Growth was driven mainly by infrastructure construction in Russia and energy-related investments in the Baltic States and Ukraine.
Profitability continued to improve based on higher business volumes and improved price levels.
Historic financial performance
9
12
19
11
8
10
1213
9
13
17
-40 %
-30 %
-20 %
-10 %
0 %
10 %
20 %
30 %
0
5
10
15
20
Q12009
Q2 Q3 Q4 Q12010
Q2 Q3 Q4 Q12011
Q2 Q3
Net sales EBIT-%
MEUR
Highlights
Q3 January - September Full Year
Europe East 2011 2010 Change(EUR)
Change(Local)
2011 2010 Change(EUR)
Change(Local)
2010
Net sales, MEUR 17.2 12.3 39% 49% 39.6 29.3 35% 37% 42.7
EBIT, MEUR 4.2 -0.7 N/M 3.5 -4.7 N/M -3.5
EBIT-margin 24.6% -5.7% 8.9% -15.9% -8.3%
Employees 440 381 15% 392
Outlets 56 45 24% 48
Q3 2011 Europe Central
18
Growth was driven by continued good construction and industrial activity in Poland, which generated a healthy profit improvement.
Profitability was burdened by low price levels and business volumes especially in the Czech Republic and Slovakia.
Historic financial performance
1416
1816
12
16
20 19
14
19
22
-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
Net sales EBIT-%
MEUR
Highlights
Q3 January - September Full Year
Europe Central 2011 2010 Change(EUR)
Change(Local)
2011 2010 Change(EUR)
Change(Local)
2010
Net sales, MEUR 21.6 19.7 9% 12% 54.9 47.7 15% 15% 66.6
EBIT, MEUR 3.5 2.2 60% 3.4 -0.1 N/M 0.8
EBIT-margin 16.3% 11.2% 6.2% -0.3% 1.2%
Employees 868 825 5% 824
Outlets 125 111 13% 111
FINANCIAL REVIEW
19
Positive development in financial performance continued in Q3
20
Net Sales (MEUR) EBITDA (MEUR)
Cash flow (MEUR) Net debt (MEUR) Gross Capex (MEUR)
EBIT (MEUR)
3 5 3 8 1322
1018
3245
120
0 %
10 %
20 %
30 %
40 %
50 %
60 %
70 %
80 %
0
20
40
60
80
100
120
140
Q12009
Q2 Q3 Q4 Q12010
Q2 Q3 Q4 Q12011
Q2 Q3
Gross Capex Share of net sales-%
281255
230207212209
197177
191
238
280
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
Net debt Gearing-%
7
1412
-4-6
7
17
11
3
15
31
-10 %
-5 %
0 %
5 %
10 %
15 %
20 %
-10
-5
0
5
10
15
20
25
30
35
Q12009
Q2 Q3 Q4 Q12010
Q2 Q3 Q4 Q12011
Q2 Q3
EBIT EBIT-%
3036 37
26
18
31
4237
28
41
59
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
EBITDA EBITDA-%
122125130126112
129141
150134
150
179
-40 %
-30 %
-20 %
-10 %
0 %
10 %
20 %
30 %
40 %
0
20
40
60
80
100
120
140
160
180
200
Q12009
Q2 Q3 Q4 Q12010
Q2 Q3 Q4 Q12011
Q2 Q3
Net sales Y-o-y change-%
18
2822 20
-4
13 14
24
-11
-20
-37-50
-40
-30
-20
-10
0
10
20
30
40
Q12009
Q2 Q3 Q4 Q12010
Q2 Q3 Q4 Q12011
Q2 Q3
Cash flow after investments
Net sales grew 27.2% in Q3/2011, organic growth was 18.8%
21
19 % 19 %
13 %
-4 %
-25 %
-31 %-31 %-27 %
-9 %
3 %
9 %
19 % 20 %16 %
27 %
-40 %
-30 %
-20 %
-10 %
0 %
10 %
20 %
30 %
40 %
Q12008
Q2 Q3 Q4 Q12009
Q2 Q3 Q4 Q12010
Q2 Q3 Q4 Q12011
Q2 Q3
Change in net sales YoY, %
January-September 2011 Net sales increased by 21.5% (18.3% organically)
22
27 %
21 %
26 %
44 %
26 %
39 %
9 %
22 % 21 % 22 %
41 %
26 %
49 %
12 %
20 %
26 %
44 %
29 %
43 %
10 %
0 %
10 %
20 %
30 %
40 %
50 %
60 %
Group Finland Sweden Norway Denmark East Central
EUR Comparable exchange rates Adjusted for inter-segment sales (in EUR)
Change in Q3 net sales YoY, %
Net sales grew in all segments both in eurosand at comparable exchange rates
Group July - September 2011 Net sales increased by 27.2% (21.7% at comparable
exchange rates)
Capital turnover continued to develop positively
494
562 581 578
654
708 707
586565 552 544
515 524 508 509 496 508536
588
0 %
20 %
40 %
60 %
80 %
100 %
120 %
140 %
160 %
0
100
200
300
400
500
600
700
800
Q12007
Q2 Q3 Q4 Q12008
Q2 Q3 Q4 Q12009
Q2 Q3 Q4 Q12010
Q2 Q3 Q4 Q12011
Q2 Q3
Invested capital Net sales/Invested capital Rolling 12 month basis
MEUR
23
Invested capital by quarter
Capital turnover amounted to 112% (96%) at the end of September 2011
Gross margin improved compared to previous year but is still below pre-downturn level
24
Gross margin by quarter
Gross margin is impacted by price pressure and increased equipment transportation
and use of external services
71 % 71 % 71 %
68 %
70 %
71 %
70 %
68 %
65 %
69 %
65 %
67 %
68 %
66 %
67 %67 %
68 %
69 %
62 %
63 %
64 %
65 %
66 %
67 %
68 %
69 %
70 %
71 %
72 %
Q1 Q2 Q3 Q4 FY
Gross margin 2008 Gross margin 2009 Gross margin 2010 Gross margin 2011
Recovery in demand and acquisitions increased the workforce
At the end of September 2011, the Group’s workforce amounted to 3,249 (3,025) persons
At the end of December 2010, the Group’s workforce amounted to 3,048 (3,021) persons
25
612
540500
148
381
825
633
563
518
160
411
879
611 622
523
163
440
868
0
100
200
300
400
500
600
700
800
900
1 000
Finland Sweden Norway Denmark Europe East Europe Central
Personnel 30/09/10 Personnel 30/06/11 Personnel 30/09/11
Number of employees by segment
Number of outlets increased further
96
86
57
80
37 4
418 2
152 5
6
99
12
5
359
412
0
50
100
150
200
250
300
350
400
450
Q12008
Q2 Q3 Q4 Q12009
Q2 Q3 Q4 Q12010
Q2 Q3 Q4 Q12011
Q2 Q3
Finland Sweden Norway Denmark Europe East Europe Central
26
Number of outlets per segment
Fixed cost level increased due to acquisitions
4435 30 33 33 33 33 32
38 37 37 41
29
2222 19
23 22 23 22
24 27 2525
0
10
20
30
40
50
60
70
80
Q3 2008
Q12009
Q2 Q3 Q4 Q12010
Q2 Q3 Q4 Q12011
Q2 Q3
Employee benefit expenses Other operating expenses
27
5752 52
57 56 5654
73
Fixed costs by quarter
MEUR
63 62
The fixed cost level increased year-on-year due to an increase in the use of outsourced services, a higher number of employees, intensified sales activities and expenses related to development of Ramirent’s common platform and outlet network, as well as acquisitions.
63 66
Q3/2011 EBIT-margin was 17.0% (11.8%)
Q3 EBIT margin increased to 17.0%
28
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 %
-15 %
-10 %
-5 %
0 %
5 %
10 %
15 %
20 %
25 %
Q12008
Q2 Q3 Q4 Q12009
Q2 Q3 Q4 Q12010
Q2 Q3 Q4 Q12011
Q2 Q3
EBIT margin by quarter
Q3 EBIT margin improved in most segments compared to previous year
11.8 %
18.8 %*20.6 %
6.1 %
-1.9 %
-5.7 %
11.2 %
17.0 %
23.2 %
18.0 %
9.9 %
7.5 %
24.6 %
16.3 %
-10 %
-5 %
0 %
5 %
10 %
15 %
20 %
25 %
30 %
Group Finland Sweden Norway Denmark East Central
Q3 2010 Q3 2011
29
EBIT-margin by segments
*Adjusted for 2 MEUR in one-offs the EBIT margin was 15% in Q3 2010 in Sweden
2.04.4
2.16.5 7.5
18.9
8.9
17.4
29.6
38.3
66.8
3.7 5.0 6.74.7 5.0 3.7 3.3 4.4 3.7 5.2 6.0
0
10
20
30
40
50
60
70
80
Q12009
Q2 Q3 Q4 Q12010
Q2 Q3 Q4 Q12011
Q2 Q3
Purchased equipment Sold equipment
30
Q3 2011 fleet investment rose to EUR 66.8 million
Purchased and sold equipment by quarter
MEUR
In July-September 2011, gross capital expenditure was EUR 119.9 (9.7) million of which EUR 66.8 (8.9) million in rental fleet. The value of sold rental equipment was EUR 6.0 (3.3) million.
In January-September 2011, gross capital expenditure was EUR 196.3 (43.9) million of which EUR 134.8 (35.3) million in rental fleet. The value of sold rental equipment was EUR 14.9 (12.0) million.
Due to acquisitions capital expenditure increased most in Norway and Sweden
44
1321
81 3 5
196
29
61
83
5 10 12
0
50
100
150
200
250
Group Finland Sweden Norway Denmark East Central
1-9/2010 1-9/2011
31
Capital Expenditure by segments
MEUR
Working capital is at 6% of net sales
16 15 15 15 15 14 14 16 16 17 17
86 88 90 80 83 90 99 97 95109
124
-66 -68 -70 -67 -69-86 -86 -89 -82 -84
-107
-10 %
-8 %
-6 %
-4 %
-2 %
0 %
2 %
4 %
6 %
8 %
10 %
-120
-80
-40
0
40
80
120
Q12009
Q2 Q3 Q4 Q12010
Q2 Q3 Q4 Q12011
Q2 Q3
Inventories Trade and other receivables
Trade payables and other liabilities Working capital/Net sales Rolling 12 month basis
32
Working capital by quarter
MEUR
-55
-30
25
67
1828 22 20
-4
13 1424
-11-20
-37
5682
-11
-59
-22 -26 -25-23
5
-2-12
-21
14
48 42
-70
-50
-30
-10
10
30
50
70
90
Q1 2008
Q2 Q3 Q4 Q1 2009
Q2 Q3 Q4 Q1 2010
Q2 Q3 Q4 Q1 2011
Q2 Q3
Cash flow after investments Change in net debt
Cash flow after investments EUR -67.9 milliondue to increased fleet investments and acquisitions
33
Cash flow versus change in net debt
MEUR
Change in net debt in 1-9/2011 is affected by dividend pay-out of EUR 27.0 million
and purchase of own shares by EUR 3.4 million
96 %
84 %
70 %
69 %
81 %
113 %106 % 108 %
99 %
86 %
74 %
68 %68 %71 %
64 %
56 %60 %
80 %
92 %
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
Net debt Gearing (%)
Gearing increased to 92% due to acquisitions
34
Net debt and gearing
MEUR
Equity ratio decreased to 38.2% (46.1%)
Net debt amounted to EUR 279.8 (197.2) million
Debt maturity extended
On 4 November 2011, Ramirent Plc's syndicated credit facility agreement totallingEUR 240 million was amended to mature fully in 2017. Ramirent has committed loan facilities for a total of EUR 390 million.
At end of Q3 2011, Ramirent had unused committed back-up facility of EUR 82.9 million
35
0
50
100
150
200
250
300
2012 2013 2014 2015 2016 2017
Repayment schedule of interest-bearing liabilities
MEU
R
35
MORE INFORMATIONwww.ramirent.com
Magnus Rosén, CEO+358 20 750 [email protected]
Jonas Söderkvist, CFO+358 20 750 [email protected]
Franciska Janzon, IR+358 20 750 [email protected]
36
COMPANY OVERVIEW
37
Ramirent in brief
38
Leading equipment rental company in Northern, Central
and Eastern Europe with net sales of EUR 531 million
(2010)
412 rental customer centers located in 13 countries and
providing 200 000 rental items
Listed on NASDAQ OMX Helsinki since 1998
3 249 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
39
Steel Nail shop Rakennusmiesfounded
The rental business is established
Acquired by Partekand 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
19831955 1988 1994 1995 1996 1997 1998 2000 2001 2002 2003 2004 2005 20082006
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
40
Our strategic choices
40
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 PFSource: IRN June 2011
41
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
Nordic countries are our largest markets and construction is our largest customer sector
42
Finland24 %
Sweden
28 %Norway
22 %
Denmark
6 %
Europe
East8 %
Europe
Central12 %
Sales per segment 1-9/2011
Construction
76%
Industry
14 %
Public sector
5 %
Households
5 %
Sales per customer sector 2010
Leading market positionsin all our markets
43
Ukraine7 depots
Market #~4
Hungary2
18 depots Market #1
Russia1
7 depots10 re-renting
agents Market #1
Finland86 depots
(25 franchises) Market #1
Slovakia36 depots
(17 franchises) Market #1
Baltic42 depots Market #2
Norway44 depots
(4 franchises) Market #1
Denmark21 depots Market #1
1) St Petersburg + Moscow 2) Excl. Fomrworks business
Czech27 depots
(7 franchises) Market #~3
Poland2
44 depotsMarket #1
Sweden80 depots
(10 franchises) Market #2
Total3,249
Finland611
Sweden622
Norway523
Denmark163
EuropeEast440
EuropeCentral
868
Employees
Offering is structured into eight core product groups
44
MODULES
HEAVY MACHINERY
LIGHT MACHINERY
LIFTSTOWER CRANESAND HOISTS SCAFFOLDING
POWER & HEATINGSAFE (SAFETY AND FORMWORKS EQUIPM.)
Rental services• Planning, design• Ramirent know-how• Transportation/Installation• Maintenance/Inspections• Insurance
• Operators• Fuel / gas refilling• Facility management• Technical support• Site logistics coordinator• Paperwork
Rental Solution ConceptsRamirent offers a range of customer needs-driven & value-addingturnkey rental solution concepts, driving the problem-solvingapproach and the promise of Let’s solve it
Broadest range of equipment and Dynamic Rental SolutionsTM ….
Equipment rental• Lifts• Modules• Heavy Machinery• Light Machinery• Tower Cranes & Hoists
• Scaffolding• Power & Heating• SAFE
45
The long-term growth drivers are still in place
Inhabitants (million)
Construction output (BEUR)
0 %
10 %
20 %
30 %
40 %
50 %
60 %
70 %
EU
avg.
FI DK SE UK
Note: Finland company estimate
Ramirent LoxamCramo Algeco ScotsmanSpeedy Hire Liebherr-MietpartnerGAM Mediaco LiftingSarens KiloutouHKL Baumschinen Others
46
Top 10 companies account for 19%
of the Europe market of 20.2 BEUR
Increasing
rental penetration
European consolidation
opportunities
High potential CEE
construction markets
47
• 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
Financial targets
48
0 %
5 %
10 %
15 %
20 %
25 %
30 %
35 %
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
EBIT margin ROI EBIT margin (average) ROI (average)
23%
18%
EBIT and ROI development
Long-term EBIT and ROI development
APPENDIX
49
CONSOLIDATED INCOME STATEMENT
(EUR 1,000) 7-9/11 7-9/10 1-9/11 1-9/10 1-12/10
Net sales 179 211 140 898 463 089 381 172 531 284
Other operating income 317 248 986 1 160 1 616
Materials and services -55 093 -44 756 -146 537 -126 074 -177 118
Employee benefit expenses -41 028 -31 956 -114 257 -98 044 -136 214
Depreciation and amortisation -28 078 -25 682 -78 165 -72 091 -97 716
Other operating expenses -24 816 -22 129 -76 477 -67 644 -92 122
EBIT 30 511 16 623 48 639 18 479 29 731
Financial income 4 869 247 8 975 9 965 13 780
Financial expenses -9 728 -4 856 -19 603 -16 352 -22 658
EBT 25 653 12 015 38 011 12 093 20 853
Income taxes -6 951 -3 480 -10 339 -4 577 -6 212
NET RESULT FOR THE PERIOD 18 702 8 535 27 672 7 515 14 640Net result for the period attributable to:
Owners of the parent company 18 702 8 535 27 672 7 515 14 640
Non-controlling interest - - - - -
TOTAL 18 702 8 535 27 672 7 515 14 640
Earnings per share (EPS), basic and diluted, EUR 0.17 0.08 0.26 0.07 0.13
50
BALANCE SHEET – ASSETS
(EUR 1,000) 30.9.2011 30.9.2010 31.12.2010
NON-CURRENT ASSETS
Property, plant and equipment 477 071 432 749 427 248
Goodwill 122 058 93 154 93 211
Other intangible assets 33 931 10 345 10 348
Available-for-sale investments 1 309 603 422
Deferred tax assets 18 285 10 473 13 325
NON-CURRENT ASSETS, TOTAL 652 653 547 323 544 555
CURRENT ASSETS
Inventories 17 233 14 259 15 856
Trade and other receivables 124 188 98 667 96 616
Current tax assets 1 706 2 920 2 902
Cash and cash equivalents 3 184 4 449 1 352
CURRENT ASSETS, TOTAL 146 310 120 296 116 727
TOTAL ASSETS 798 963 667 619 661 282
51
(EUR 1,000) 30.9.2011 30.9.2010 31.12.2010
EQUITY
Share capital 25 000 25 000 25 000
Revaluation fund -3 877 -3 309 -2 472
Invested unrestricted equity fund 113 329 113 329 113 329
Retained earnings 170 807 172 529 181 783
PARENT COMPANY SHAREHOLDERS’ EQUITY 305 259 307 549 317 640
Non-controlling interests - - -
EQUITY, TOTAL 305 259 307 549 317 640
NON-CURRENT LIABILITIES
Deferred tax liabilities 71 436 56 508 60 413
Pension obligations 8 546 6 456 6 866
Provisions 1 783 2 510 2 347
Interest-bearing liabilities 211 597 160 296 137 384
Other long-term liabilities 14 181 2 200 2 200
NON-CURRENT LIABILITIES, TOTAL 307 544 227 970 209 209
CURRENT LIABILITIES
Trade payables and other liabilities 106 795 86 205 89 480
Provisions 808 1 890 1 762
Current tax liabilities 7 136 2 690 2 658
Interest-bearing liabilities 71 422 41 314 40 533
CURRENT LIABILITIES, TOTAL 186 161 132 100 134 433
LIABILITIES, TOTAL 493 704 360 070 343 642
TOTAL EQUITY AND LIABILITIES 798 963 667 619 661 282
BALANCE SHEET – EQUITY AND LIABILITIES
52
KEY FIGURES
MEUR 7-9/11 7-9/10 Change 1-9/11 1-9/10 Change 1-12/10
Net sales 179.2 140.9 27.2% 463.1 381.2 21.5% 531.3
EBITDA 58.6 42.3 38.5% 126.8 90.6 40.0% 127.4
% of net sales 32.7% 30.0% 27.4% 23.8% 24.0%
EBIT 30.5 16.6 83.5% 48.6 18.5 163.2% 29.7
% of net sales 17.0% 11.8% 10.5% 4.8% 5.6%Earnings per share (EPS), (basic and diluted), EUR 0.17 0.08 120.4% 0.26 0.07 270.3% 0.13
Gross capital expenditure 119.9 9.7 N/M 196.3 43.9 347.2% 62.0Gross capital expenditure,% of net sales 66.9% 6.9% 42.4% 11.5% 11.7%
Cash flow after investments -36.8 14.4 -355.5% -67.9 23.8 -385.9% 48.0Invested capital at the end of period 588.3 509.2 15.5% 495.6Return on invested capital (ROI), % 1) 13.2% 5.4% 8.6%
Return on equity (ROE), % 1) 11.4% -0.6% 4.7%
Net debt 279.8 197.2 41.9% 176.6
Gearing, % 91.7% 64.1% 55.6%
Equity ratio, % 38.2% 46.1% 48.0%
Personnel at end of period 3 249 3 025 7.4% 3 048
53
1) The figures are calculated on a rolling twelve month basis.
CONDENSED CASH FLOW STATEMENT
MEUR 7-9/11 7-9/10 1-9/11 1-9/10 Change 1-12/10
Cash flow from operating activities 82.4 24.8 133.4 64.4 107.1% 104.2
Cash flow from investing activities -119.1 -10.3 -201.3 -40.6 -395.2% -56.2
Cash flow from financing activitiesBorrowings / repayment of short-term debt -10.5 -8.0 38.1 4.8 694.2% 0.6
Borrowings / repayment of long-term debt 48.4 -2.4 62.0 -7.6 917.2% -29.8
Purchase of treasury shares - -2.0 -3.4 -2.0 -67.8% -2.9
Dividends paid - - -27.0 -16.3 -65.6% -16.3
Cash flow from financing activities 37.9 -12.4 69.7 -21.1 430.5% -48.5
Net change in cash and cash equivalents 1.2 2.0 1.8 2.6 -30.9% -0.5
Cash and cash equivalents at the beginning of the period 2.0 2.4 1.4 1.8 -24.9% 1.8Translation difference on cash and cash equivalents 0.1 - 0.1 - N/M 0.1
Net change in cash and cash equivalents 1.1 2.0 1.7 2.6 -34.1% -0.5Cash and cash equivalents at the end of the period 3.2 4.4 3.2 4.4 -28.4% 1.4
54
SEGMENT INFORMATION
Net sales, MEUR 7-9/11 7-9/10 Change 1-9/11 1-9/10 Change 1-12/10
Finland, net sales (external)44.6 37.2 19.8 % 109.4 100.4 8.9 % 135.2
-Inter-segment sales0.9 0.3 229.1 % 2.9 1.3 123.2 % 1.8
Sweden, net sales (external)45.3 36.0 25.7 % 128.4 99.8 28.6 % 144.5
-Inter-segment sales 0.1 0.0 133.9 % 0.4 0.5 -18.8 % 0.7
Norway, net sales (external)39.5 27.5 43.6 % 102.3 82.9 23.4 % 113.7
-Inter-segment sales0.2 0.1 295.7 % 0.4 0.4 16.6 % 0.7
Denmark, net sales (external) 11.3 8.7 29.4 % 29.2 24.2 20.5 % 32.9
-Inter-segment sales0.0 0.2 -100.0 % 0.4 1.9 -79.2 % 2.7
Europe East, net sales (external) 17.1 11.9 43.3 % 39.4 27.2 45.0 % 39.5
-Inter-segment sales0.1 0.4 -86.7 % 0.2 2.2 -92.0 % 3.2
Europe Central, net sales (external) 21.4 19.5 10.1 % 54.4 46.7 16.6 % 65.4
-Inter-segment sales 0.1 0.2 -45.8 % 0.5 1.0 -50.9 % 1.2
Elimination of sales between segments -1.4 -1.2 -12.0 % -4.8 -7.2 33.6 % -10.2
Net sales, total179.2 140.9 27.2 % 463.1 381.2 21.5 % 531.3
55
EBIT BY SEGMENT
EBIT (EUR million) 7-9/11 7-9/10 Change 1-9/11 1-9/10 Change 1-12/10
Finland10.5 7.1 49.2% 16.6 10.9 53.0% 13.7
% of net sales23.2% 18.8% 14.8% 10.7% 10.0 %
Sweden8.2 7.4 9.9% 21.3 15.0 41.5% 23.3
% of net sales 18.0% 20.6% 16.5% 15.0% 16.1 %
Norway3.9 1.7 136.4% 6.7 2.2 199.6% 2.3
% of net sales9.9% 6.1% 6.5% 2.7% 2.0 %
Denmark0.9 -0.2 N/M -0.7 -1.5 53.2% -2.2
% of net sales7.5% -1.9% -2.3% -5.6% -6.2 %
Europe East4.2 -0.7 N/M 3.5 -4.7 N/M -3.5
% of net sales 24.6% -5.7% 8.9% -15.9% -8.3 %
Europe Central 3.5 2.2 59.8% 3.4 -0.1 N/M 0.8
% of net sales 16.3% 11.2% 6.2% -0.3% 1.2 %
Net items not allocated to operating segments -0.7 -0.9 14.7% -2.2 -3.4 33.4% -4.7
Group EBIT30.5 16.6 83.5% 48.6 18.5 163.2% 29.7
% of net sales17.0% 11.8% 10.5% 4.8% 5.6 %
56
LARGEST SHAREHOLDERS
Largets shareholderson 30 September 2011
Number of shares
% of share
capital
1 Nordstjernan AB 31 882 078 29,33
2 Julius Tallberg Oy Ab 11 962 229 11,00
3 Varma Mutual Pension Insurance Company 7 831 299 7,20
4 Ilmarinen Mutual Pension Insurance Company 5 637 214 5,19
5 Tapiola Mutual Pension Insurance Company 2 407 668 2,22
6 Odin Norden 1 835 228 1,69
7 Veritas Pension Insurance Company Ltd 1 463 000 1,35
8 Odin Finland 1 426 259 1,31
9 Odin Europa Smb 1 347 355 1,24
10 Investment Fund Aktia Capital 1 094 002 1,00
Ramirent’s treasury shares 680 192 0,60
Nominee registered shares 16 829 829 15,48
Other shareholders 24 300 975 22,36
Total number of shares 108 697 328 100,00
57
34.9 %
15.5 %40.9 %
8.7 %
Foreign owners
Nominee registered
Finnish companies and organisations
Finnish households
Market Cap EUR 504.4 million
Trading informationListing: NASDAX OMX HelsinkiDate of listing: April 30, 1998
Segment: Mid CapSector: Industrials
Trading code: RMR1V
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Thank you!