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RAMIRENT’S JANUARY-SEPTEMBER 2011 INTERIM REPORT: GOOD SALES GROWTH AND PROFITABILITY CONTINUED TO IMPROVE, BUT VISIBILITY IS LOW

RAMIRENT’S JANUARY-SEPTEMBER 2011 INTERIM REPORT: GOOD SALES GROWTH AND PROFITABILITY CONTINUED TO IMPROVE, BUT VISIBILITY IS LOW

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  • 1. Interim reportJanuary-September 20119 September 2011President and CEO Magnus RosénCFO Jonas Söderkvist
  • 2. Q3/11: Good sales growthand profitability continued toimprove, but visibility is lowJULY – 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
  • 3. HighlightsJANUARY – 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
  • 4. Six acquisitions and two outsourcing deals year-to-date Outsourcing deal in Finland Outsourcing deal in Acquisition of specialist module Finland Outsourcing deal rental business in Norway in DenmarkOutsourcing deal with two subsidiaries in Finland Acquisition of Finnish Acquisition of weather protection Czech rental business rental business End of 2010 2011 2009 Some 50 Acquisition of companies Acquisition of Acquisition of Swedish Danish rental business Swedish rental on our rental business business watch list Aquisition of Acquisition of Outsourcing deal in Norway Czech rental business Czech rental business Capex on acquisitions EUR 104.9 million 1-9/2011 Acquisitive impact approximately 7-8% on sales on an annual level 4
  • 5. We further expandedour network Number of outlets all time high at 412 (375) The biggest The biggest The biggest increasein increase in increase in numberof number of number of outletswas outlets was outlets was in Sweden, Sweden, in Sweden, Europe Europe Europe Centraland Central and Central and EuropeEast Europe East Europe East Local head office Outlet Re-renting agents 5
  • 6. Progress in achieving the Group’s key strategicobjectives 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 6
  • 7. Ramirent and market outlook as of 9 November2011 Ramirent reiterates its outlook for 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” Market outlook 2011 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. 7
  • 8. Record high level for Nordic construction order books, but growth is fading Order book Nordics (BEUR, real exchange rates)*16 60 %14 40 %1210 20 % 8 6 0% 4 -20 % 2 0 -40 % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2007 2008 2009 2010 2011 Skanska NCC Veidekke YIT Lemminkäinen Change in Net sales YoY, R12 Ramirent Change in order backlog YoY, Nordic contruction 11% growth vs. Q3/10 in both real and fixed exchange rates * Order books for Swe, Fin, Nor, Den 8
  • 9. Ramirent is prepared to act to possible changes inmarket 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 9
  • 10. In a downturn scenario, multiple levers canbe pulledGrowth Stability Positioning Growth Priorities in a downturn scenario Top line • Keep strong discipline in discount levels and price lists •Increase focus on non-construction business Investments Business cycle •Reduce capex •Sell equipment •Return re-rental equipment and leases Opex •Review organisational structures •Optimise maintenance of equipment to utilisation •Optimise marketing and branding •Reduce indirect costsStrong market Market downturn reduced Recovery in demandconditions and •Postpone non-crucial development need for investments and and increased growth improved cash flow 2008-2010 investments 2011 projects 2004-2007 10
  • 11. Ramirent is in good shape to managepossible changes in market conditionsBroadest range of equipment andDynamic Rental SolutionsTM3,249 dedicated problem solversWide network of outlets close to our customersStrong financial positionDeriving higher synergies through a more uniform”Ramirent platform” and brand 11
  • 12. SEGMENT REVIEW 12
  • 13. Q3 2011 Finland Highlights Historic financial performance MEURThe main growth drivers were 50 45 25 %continued good construction 41activity during the third quarter 40 36 38 35 37 20 %and an increase in industrial 34 29 31 30 15 %activity. 28 30 10 % 20Profitability improved based on 5%higher fleet utilisation and 10improved price levels. 0% 0 -5 % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2009 2010 2011 Net sales EBIT-% Q3 January - September Full Year Finland 2011 2010 Change Change 2011 2010 Change Change 2010 (EUR) (Local) (EUR) (Local) 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 13
  • 14. Q3 2011 Sweden Highlights Historic financial performance MEURGrowth was driven by continued 50 45 45 25 %strong demand in residential 41 42construction, civil engineering 40 36 20 % 35and public sector. 32 33 31 32 29Excluding the Hyrman acquisition 30 15 %net sales grew by 18.0% in thethird quarter. 20 10 %Geographically activity was 10 5%strongest in the central andsouthern regions of the country , 0 0%and in the capital city area. Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3Profitability improved based on 2009 2010 2011higher capacity utilisation and Net sales EBIT-%healthier price levels. Q3 January - September Full YearSweden 2011 2010 Change Change 2011 2010 Change Change 2010 (EUR) (Local) (EUR) (Local)Net sales, MEUR 45.4 36.1 26% 22% 128.8 100.3 28% 20% 145.2EBIT, MEUR 8.2 7.4 10% 21.3 15.0 42% 23.3EBIT-margin 18.0% 20.6% 16.5% 15.0% 16.1%Employees 622 540 15% 546Outlets 80 74 8% 73 14
  • 15. Q3 2011 Norway Highlights Historic financial performance MEURThe recovery in the residential 45 16 %construction activity continued in 40 14 % 40the third quarter. 33 12 % 35 31 30Excluding the Rogaland Planbygg 30 29 27 29 28 27 28 10 % 25(renamed Ramirent Module 25 8%Systems AS) acquisition net sales 20 6%grew in Norway by 20.9% in the 15 4%third quarter. 2% 10 0%The highest activity was recorded 5 -2 %in the larger Oslo area and 0 -4 %western parts of Norway. Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3Profitability improved based on 2009 2010 2011good fleet utilisation, improving Net sales EBIT-%price levels and strict costcontrol. Q3 January - September Full Year Norway 2011 2010 Change Change 2011 2010 Change Change 2010 (EUR) (Local) (EUR) (Local) 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 15
  • 16. Q3 2011 Denmark Highlights Historic financial performance MEURGrowth was driven by higher 14 20 %construction activity and 12 11 11improved fleet utilisation. 12 11 10 10 % 10 9 9 10 10 8 0% 8Profitability was still burdened 8 -10 %by low price levels. 6 -20 % 4 -30 %Cost control measures continueto improve profitability. 2 -40 % 0 -50 % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2009 2010 2011 Net sales EBIT-% Q3 January - September Full YearDenmark 2011 2010 Change Change 2011 2010 Change Change 2010 (EUR) (Local) (EUR) (Local)Net sales, MEUR 11.3 9.0 26% 26% 29.6 26.1 13% 13% 35.6EBIT, MEUR 0.9 -0.2 N/M -0.7 -1.5 N/M -2.2EBIT-margin 7.5% -1.9% -2.3% -5.6% -6.2%Employees 163 148 10% 160Outlets 21 20 5% 20 16
  • 17. Q3 2011 Europe East Highlights Historic financial performanceNet sales grew in all Europe East MEURcountries in the third quarter. 20 19 30 % 17 20 %Growth was driven mainly by 15 12 13 13 10 % 12infrastructure construction in 11 10 9 0%Russia and energy-related 10 9 8investments in the Baltic States -10 %and Ukraine. -20 % 5 -30 %Profitability continued to improve 0 -40 %based on higher business volumes Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3and improved price levels. 2009 2010 2011 Net sales EBIT-% Q3 January - September Full YearEurope East 2011 2010 Change Change 2011 2010 Change Change 2010 (EUR) (Local) (EUR) (Local)Net sales, MEUR 17.2 12.3 39% 49% 39.6 29.3 35% 37% 42.7EBIT, MEUR 4.2 -0.7 N/M 3.5 -4.7 N/M -3.5EBIT-margin 24.6% -5.7% 8.9% -15.9% -8.3%Employees 440 381 15% 392Outlets 56 45 24% 48 17
  • 18. Q3 2011 Europe Central Highlights Historic financial performance MEUR Growth was driven by continued 25 20 % good construction and industrial 22 15 % 20 activity in Poland, which generated 20 18 19 19 10 % a healthy profit improvement. 16 16 16 14 14 5% 15 12 0% Profitability was burdened by low -5 % 10 price levels and business volumes -10 % especially in the Czech Republic and 5 -15 % Slovakia. -20 % 0 -25 % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2009 2010 2011 Net sales EBIT-% Q3 January - September Full YearEurope Central 2011 2010 Change Change 2011 2010 Change Change 2010 (EUR) (Local) (EUR) (Local)Net sales, MEUR 21.6 19.7 9% 12% 54.9 47.7 15% 15% 66.6EBIT, MEUR 3.5 2.2 60% 3.4 -0.1 N/M 0.8EBIT-margin 16.3% 11.2% 6.2% -0.3% 1.2%Employees 868 825 5% 824Outlets 125 111 13% 111 18
  • 19. FINANCIAL REVIEW 19
  • 20. Positive development in financial performance continued in Q3 Net Sales (MEUR) EBITDA (MEUR) EBIT (MEUR) Net sales Y-o-y change-% EBITDA EBITDA-% EBIT EBIT-% 35 31 20 % 200 179 40 % 70 35 % 30 180 59 15 % 150 150 30 % 60 30 % 25 160 141 134 20 % 140 122125130126 129 50 42 41 25 % 20 17 15 10 % 112 10 % 14 120 40 36 37 37 20 % 15 12 11 30 31 7 5% 100 0% 28 10 7 30 26 15 % 80 -10 % 3 18 5 0% 60 20 10 % -20 % 0 40 -5 % -30 % 10 5% -5 20 -4 0 -40 % 0 0% -10 -6 -10 % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2009 2010 2011 2009 2010 2011 2009 2010 2011 Cash flow (MEUR) Net debt (MEUR) Gross Capex (MEUR) Cash flow after investments Net debt Gearing-% Gross Capex Share of net sales-%40 28 300 281 280 120 % 140 80 %30 22 20 24 18 255 12020 13 14 230 238 120 70 % 250 100 % 207212209197 60 %10 191 100 200 177 80 % 0 50 % 80-10 -4 150 60 % 40 % 60 45-20 -11 30 % 100 40 % 32 -20 40 20 %-30 22 18-40 50 20 % 20 3 5 3 8 13 10 10 % -37-50 0 0% 0 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2009 2010 2011 2009 2010 2011 2009 2010 2011 20
  • 21. Net sales grew 27.2% in Q3/2011, organic growth was 18.8% Change in net sales YoY, %40 %30 % 27 % 19 % 19 % 19 % 20 %20 % 16 % 13 % 9%10 % 3% 0% -4 %-10 % -9 %-20 %-30 % -25 % -27 % -31 % -31 %-40 % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2008 2009 2010 2011 January-September 2011 Net sales increased by 21.5% (18.3% organically) 21
  • 22. Net sales grew in all segments both in euros and at comparable exchange rates Change in Q3 net sales YoY, %60 %50 % 49 % 44 % 44 % 43 % 41 % 39 %40 % 29 %30 % 27 % 26 % 26 % 26 % 26 % 22 % 21 % 22 % 21 % 20 %20 % 12 % 9% 10 %10 %0% Group Finland Sweden Norway Denmark East Central EUR Comparable exchange rates Adjusted for inter-segment sales (in EUR) Group July - September 2011 Net sales increased by 27.2% (21.7% at comparable exchange rates) 22
  • 23. Capital turnover continued to develop positively Invested capital by quarterMEUR800 160 % 708 707700 654 140 % 586 588600 562 581 578 565 552 544 120 % 536 515 524 508 509 496 508 494500 100 %400 80 %300 60 %200 40 %100 20 % 0 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2007 2008 2009 2010 2011 Invested capital Net sales/Invested capital Rolling 12 month basis Capital turnover amounted to 112% (96%) at the end of September 2011 23
  • 24. Gross margin improved compared to previousyear but is still below pre-downturn level Gross margin by quarter72 % 71 % 71 % 71 % 71 %71 % 70 % 70 %70 % 69 % 69 %69 % 68 % 68 % 68 % 68 %68 % 67 % 67 % 67 %67 % 66 %66 % 65 % 65 %65 %64 %63 %62 % Q1 Q2 Q3 Q4 FY Gross margin 2008 Gross margin 2009 Gross margin 2010 Gross margin 2011Gross margin is impacted by price pressure and increased equipment transportationand use of external services 24
  • 25. Recovery in demand and acquisitions increased the workforce Number of employees by segment1 000 879 868 900 825 800 700 633 622 612 611 563 600 540 523 500 518 500 440 411 381 400 300 200 148 160 163 100 0 Finland Sweden Norway Denmark Europe East Europe Central Personnel 30/09/10 Personnel 30/06/11 Personnel 30/09/11 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
  • 26. Number of outlets increased further Number of outlets per segment450 412400 359 125350 99300 44 21 56250 57 3718 52200150 80100 50 96 86 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2008 2009 2010 2011 Finland Sweden Norway Denmark Europe East Europe Central 26
  • 27. Fixed cost level increased due to acquisitions Fixed costs by quarterMEUR80 7370 63 66 63 6260 57 57 56 56 29 52 52 54 2550 24 27 25 22 23 22 23 22 19 22403020 44 41 35 33 33 33 33 38 37 37 30 32100 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2008 2009 2010 2011 Employee benefit expenses Other operating expenses 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. 27
  • 28. Q3 EBIT margin increased to 17.0% EBIT margin by quarter25 % 19.6 %20 % 18.2 % 18.4 % 17.0 %15 % 11.8 % 10.8 % 10.3 % 9.0 %10 % 7.5 % 5.9 % 5.8 % 5% 2.0 % 0% -5 % -2.9 % -5.0 %-10 % -11.4 %-15 % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2008 2009 2010 2011 Q3/2011 EBIT-margin was 17.0% (11.8%) 28
  • 29. Q3 EBIT margin improved in most segments compared to previous year EBIT-margin by segments30 % 24.6 %25 % 23.2 % *20.6 %20 % 18.8 % 18.0 % 17.0 % 16.3 %15 % 11.8 % 11.2 % 9.9 %10 % 7.5 % 6.1 % 5% 0% -1.9 % -5 % -5.7 %-10 % Group Finland Sweden Norway Denmark East Central Q3 2010 Q3 2011 *Adjusted for 2 MEUR in one-offs the EBIT margin was 15% in Q3 2010 in Sweden 29
  • 30. Q3 2011 fleet investment rose to EUR 66.8million Purchased and sold equipment by quarterMEUR8070 66.86050 38.340 29.630 18.9 17.420 7.5 8.910 6.7 6.5 5.2 6.0 4.4 5.0 4.7 5.0 3.7 3.3 4.4 3.7 2.0 3.7 2.10 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2009 2010 2011 Purchased equipment Sold equipment 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. 30
  • 31. Due to acquisitions capital expenditure increased most in Norway and Sweden Capital Expenditure by segments MEUR250 196200150100 83 61 4450 29 21 13 8 10 12 1 5 3 5 0 Group Finland Sweden Norway Denmark East Central 1-9/2010 1-9/2011 31
  • 32. Working capital is at 6% of net sales Working capital by quarterMEUR120 10 % 8% 80 124 6% 109 88 90 90 99 97 95 86 80 83 40 4% 2% 16 15 15 15 15 14 14 16 16 17 17 0 0% -2 % -66 -68 -70 -67 -69 -40 -86 -86 -89 -82 -84 -4 % -107 -80 -6 % -8 %-120 -10 % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2009 2010 2011 Inventories Trade and other receivables Trade payables and other liabilities Working capital/Net sales Rolling 12 month basis 32
  • 33. Cash flow after investments EUR -67.9 milliondue to increased fleet investments and acquisitions Cash flow versus change in net debtMEUR907050 8230 56 67 48 4210 25 28 22 24 18 20 5 13 14 14 -11 -11-10 -30 -23 -2 -21 -20 -22 -26 -25 -4 -37 -12-30 -55 -59-50-70 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2008 2009 2010 2011 Cash flow after investments Change in net debt 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 33
  • 34. Gearing increased to 92% due to acquisitions Net debt and gearing MEUR400 113 % 120 % 106 % 108 %350 96 % 81 % 99 % 100 % 86 % 92 %300 84 % 69 % 74 % 80 % 70 % 71 % 80 %250 68 %68 % 64 % 60 %200 56 % 60 %150 40 %100 20 %50 0 0% 2004200520062007 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2008 2009 2010 2011 Net debt Gearing (%) Equity ratio decreased to 38.2% (46.1%) Net debt amounted to EUR 279.8 (197.2) million 34
  • 35. Debt maturity extended Repayment schedule of interest-bearing liabilities 300 250 200 MEUR 150 100 50 0 2012 2013 2014 2015 2016 2017 On 4 November 2011, Ramirent Plcs syndicated credit facility agreement totalling EUR 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 million35 35
  • 36. MORE INFORMATIONwww.ramirent.comMagnus Rosén, CEO+358 20 750 2845magnus.rosen@ramirent.comJonas Söderkvist, CFO+358 20 750 3248jonas.soderkvist@ramirent.comFranciska Janzon, IR+358 20 750 2859franciska.janzon@ramirent.com 36
  • 37. COMPANY OVERVIEW 37
  • 38. Ramirent in briefLeading equipment rental company in Northern, Centraland Eastern Europe with net sales of EUR 531 million(2010)412 rental customer centers located in 13 countries andproviding 200 000 rental items3 249 employees serving 100 000 customersFounded in 1955 and headquartered in FinlandListed on NASDAQ OMX Helsinki since 1998 38
  • 39. More than 50 years of experience as a supplier to the construction industry GreenfieldSteel Nail shop First move entry toRakennusmies outside Finland Enter Acquires Czech Republicfounded 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 investors1955 1983 1988 1994 1995 1996 1997 1998 2000 2001 2002 2003 2004 2005 2006 2008 Acquired by Partek Enter Renamed Enter and renamed Latvia Ramirent Ukraine A-rakennusmies Plc Enter The third county Slovakia becomes Estonia with Listed on the Greenfield the expansion to Helsinki Stock entry to Tallinn Exchange Hungary 39
  • 40. Our strategic choicesVisionTo be the leading and most progressive equipmentrental solutions company in Europe, setting thebenchmark for industry performance and customerserviceMissionWe simplify business by Delivering DynamicRental Solutions™ValuesOpen, Progressive, EngagedBrand promiseLet’s solve it 40
  • 41. One of the leading equipment rental companies both in Europe (#3) and globally (#12) Largest rental companies in Europe Largest rental companies globally Turnover 2010 (MEUR) Turnover 2010 (MEUR) Aggreko Loxam United Rentals Cramo* Ashtead Group Ramirent RSC Equipment Rental Algeco… Algeco ScotsmanSpeedy Hire Coates Hire Ltd Sarens Hertz Equipment Rental Liebherr-… Kiloutou Loxam Mediaco… Nishio Rent All Co HKL… Nikken Corp Cramo* Ramirent 0 200 400 600 800 1000 0 500 1000 1500 2000 *Cramo + Theisen PF Source: IRN June 2011 41
  • 42. Nordic countries are our largest markets and construction is our largest customer sector Sales per segment 1-9/2011 Sales per customer sector 2010 Europe Households Central Public sector 5% 12 % Finland 5% Europe 24 % Construction East 76% 8% Industry 14 %Denmark 6% Norway Sweden 22 % 28 % 42
  • 43. Leading market positions in all our markets Finland 86 depots Sweden (25 franchises) 80 depots Market #1 (10 franchises) Employees Norway Market #2 44 depots Russia1 Europe Finland (4 franchises) 7 depots Central 611 Market #1 10 re-renting 868 agents Market #1 Baltic 42 depots Market #2 Total Denmark 3,249 Poland2 21 depots Sweden Market #1 44 depotsEurope 622 Market #1 Ukraine East 7 depots 440 Market #~4 Slovakia Czech Denmark 36 depots Norway 27 depots (17 franchises) 163 523 (7 franchises) Market #1 Market #~3 Hungary2 18 depots Market #1 1) St Petersburg + Moscow 2) Excl. Fomrworks business 43
  • 44. Offering is structured into eight core productgroups TOWER CRANESLIFTS HEAVY MACHINERY AND HOISTS SCAFFOLDING SAFE (SAFETY ANDMODULES FORMWORKS EQUIPM.) LIGHT MACHINERY POWER & HEATING 44
  • 45. Broadest range of equipment andDynamic Rental SolutionsTM ….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 itRental services • Operators• Planning, design • Fuel / gas refilling• Ramirent know-how • Facility management• Transportation/Installation • Technical support• Maintenance/Inspections • Site logistics coordinator• Insurance • PaperworkEquipment rental • Scaffolding• Lifts • Power & Heating• Modules • SAFE• Heavy Machinery• Light Machinery• Tower Cranes & Hoists 45
  • 46. The long-term growth drivers are still in placeIncreasing European consolidation High potential CEErental penetration opportunities construction markets Ramirent Loxam70 % Cramo Algeco Scotsman Speedy Hire Liebherr-Mietpartner60 % GAM Mediaco Lifting Sarens Kiloutou50 % HKL Baumschinen Others40 %30 %20 %10 % 0% EU FI DK SE UK avg. Top 10 companies account for 19% Note: Finland company estimate of the Europe market of 20.2 BEUR Inhabitants (million) Construction output (BEUR) 46
  • 47. 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 47
  • 48. Long-term EBIT and ROI development EBIT and ROI development35 %30 %25 % 23%20 % 18%15 %10 %5%0% 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 EBIT margin ROI EBIT margin (average) ROI (average) 48
  • 49. APPENDIX 49
  • 50. CONSOLIDATED INCOME STATEMENT(EUR 1,000) 7-9/11 7-9/10 1-9/11 1-9/10 1-12/10Net sales 179 211 140 898 463 089 381 172 531 284Other operating income 317 248 986 1 160 1 616Materials and services -55 093 -44 756 -146 537 -126 074 -177 118Employee benefit expenses -41 028 -31 956 -114 257 -98 044 -136 214Depreciation and amortisation -28 078 -25 682 -78 165 -72 091 -97 716Other operating expenses -24 816 -22 129 -76 477 -67 644 -92 122EBIT 30 511 16 623 48 639 18 479 29 731Financial income 4 869 247 8 975 9 965 13 780Financial expenses -9 728 -4 856 -19 603 -16 352 -22 658EBT 25 653 12 015 38 011 12 093 20 853Income taxes -6 951 -3 480 -10 339 -4 577 -6 212NET RESULT FOR THE PERIOD 18 702 8 535 27 672 7 515 14 640Net result for the period attributableto:Owners of the parent company 18 702 8 535 27 672 7 515 14 640Non-controlling interest - - - - -TOTAL 18 702 8 535 27 672 7 515 14 640Earnings per share (EPS), basic anddiluted, EUR 0.17 0.08 0.26 0.07 0.13 50
  • 51. BALANCE SHEET – ASSETS (EUR 1,000) 30.9.2011 30.9.2010 31.12.2010NON-CURRENT ASSETSProperty, plant and equipment 477 071 432 749 427 248Goodwill 122 058 93 154 93 211Other intangible assets 33 931 10 345 10 348Available-for-sale investments 1 309 603 422Deferred tax assets 18 285 10 473 13 325NON-CURRENT ASSETS, TOTAL 652 653 547 323 544 555CURRENT ASSETSInventories 17 233 14 259 15 856Trade and other receivables 124 188 98 667 96 616Current tax assets 1 706 2 920 2 902Cash and cash equivalents 3 184 4 449 1 352CURRENT ASSETS, TOTAL 146 310 120 296 116 727TOTAL ASSETS 798 963 667 619 661 282 51
  • 52. BALANCE SHEET – EQUITY AND LIABILITIES (EUR 1,000) 30.9.2011 30.9.2010 31.12.2010EQUITYShare capital 25 000 25 000 25 000Revaluation fund -3 877 -3 309 -2 472Invested unrestricted equity fund 113 329 113 329 113 329Retained earnings 170 807 172 529 181 783PARENT COMPANY SHAREHOLDERS’ EQUITY 305 259 307 549 317 640Non-controlling interests - - -EQUITY, TOTAL 305 259 307 549 317 640NON-CURRENT LIABILITIESDeferred tax liabilities 71 436 56 508 60 413Pension obligations 8 546 6 456 6 866Provisions 1 783 2 510 2 347Interest-bearing liabilities 211 597 160 296 137 384Other long-term liabilities 14 181 2 200 2 200NON-CURRENT LIABILITIES, TOTAL 307 544 227 970 209 209CURRENT LIABILITIESTrade payables and other liabilities 106 795 86 205 89 480Provisions 808 1 890 1 762Current tax liabilities 7 136 2 690 2 658Interest-bearing liabilities 71 422 41 314 40 533CURRENT LIABILITIES, TOTAL 186 161 132 100 134 433LIABILITIES, TOTAL 493 704 360 070 343 642TOTAL EQUITY AND LIABILITIES 798 963 667 619 661 282 52
  • 53. KEY FIGURES MEUR 7-9/11 7-9/10 Change 1-9/11 1-9/10 Change 1-12/10Net sales 179.2 140.9 27.2% 463.1 381.2 21.5% 531.3EBITDA 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), (basicand diluted), EUR 0.17 0.08 120.4% 0.26 0.07 270.3% 0.13Gross capital expenditure 119.9 9.7 N/M 196.3 43.9 347.2% 62.0Gross capital expenditure,% ofnet 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 ofperiod 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% 176.6Gearing, % 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 1) The figures are calculated on a rolling twelve month basis. 53
  • 54. CONDENSED CASH FLOW STATEMENT MEUR 7-9/11 7-9/10 1-9/11 1-9/10 Change 1-12/10Cash flow from operating activities 82.4 24.8 133.4 64.4 107.1% 104.2Cash flow from investing activities -119.1 -10.3 -201.3 -40.6 -395.2% -56.2Cash flow from financing activitiesBorrowings / repayment of short-termdebt -10.5 -8.0 38.1 4.8 694.2% 0.6Borrowings / repayment of long-term debt 48.4 -2.4 62.0 -7.6 917.2% -29.8Purchase of treasury shares - -2.0 -3.4 -2.0 -67.8% -2.9Dividends paid - - -27.0 -16.3 -65.6% -16.3Cash flow from financing activities 37.9 -12.4 69.7 -21.1 430.5% -48.5Net change in cash and cash equivalents 1.2 2.0 1.8 2.6 -30.9% -0.5Cash and cash equivalents at thebeginning of the period 2.0 2.4 1.4 1.8 -24.9% 1.8Translation difference on cash and cashequivalents 0.1 - 0.1 - N/M 0.1Net change in cash and cash equivalents 1.1 2.0 1.7 2.6 -34.1% -0.5Cash and cash equivalents at the end ofthe period 3.2 4.4 3.2 4.4 -28.4% 1.4 54
  • 55. SEGMENT INFORMATIONNet sales, MEUR 7-9/11 7-9/10 Change 1-9/11 1-9/10 Change 1-12/10Finland, net sales (external) 44.6 37.2 19.8 % 109.4 100.4 8.9 % 135.2-Inter-segment sales 0.9 0.3 229.1 % 2.9 1.3 123.2 % 1.8Sweden, 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 % 0.7Norway, net sales (external) 39.5 27.5 43.6 % 102.3 82.9 23.4 % 113.7-Inter-segment sales 0.2 0.1 295.7 % 0.4 0.4 16.6 % 0.7Denmark, net sales (external) 11.3 8.7 29.4 % 29.2 24.2 20.5 % 32.9-Inter-segment sales 0.0 0.2 -100.0 % 0.4 1.9 -79.2 % 2.7Europe East, net sales(external) 17.1 11.9 43.3 % 39.4 27.2 45.0 % 39.5-Inter-segment sales 0.1 0.4 -86.7 % 0.2 2.2 -92.0 % 3.2Europe 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 % 1.2Elimination of sales betweensegments -1.4 -1.2 -12.0 % -4.8 -7.2 33.6 % -10.2Net sales, total 179.2 140.9 27.2 % 463.1 381.2 21.5 % 531.3 55
  • 56. EBIT BY SEGMENTEBIT (EUR million) 7-9/11 7-9/10 Change 1-9/11 1-9/10 Change 1-12/10Finland 10.5 7.1 49.2% 16.6 10.9 53.0% 13.7% of net sales 23.2% 18.8% 14.8% 10.7% 10.0 %Sweden 8.2 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 %Norway 3.9 1.7 136.4% 6.7 2.2 199.6% 2.3% of net sales 9.9% 6.1% 6.5% 2.7% 2.0 %Denmark 0.9 -0.2 N/M -0.7 -1.5 53.2% -2.2% of net sales 7.5% -1.9% -2.3% -5.6% -6.2 %Europe East 4.2 -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 tooperating segments -0.7 -0.9 14.7% -2.2 -3.4 33.4% -4.7Group 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 % 56
  • 57. LARGEST SHAREHOLDERS % of Market Cap EUR 504.4 million Largets shareholders Number of share on 30 September 2011 shares 8.7 % capital1 Nordstjernan AB 31 882 078 29,33 34.9 %2 Julius Tallberg Oy Ab 11 962 229 11,003 Varma Mutual Pension Insurance Company 7 831 299 7,204 Ilmarinen Mutual Pension Insurance Company 5 637 214 5,19 40.9 %5 Tapiola Mutual Pension Insurance Company 2 407 668 2,22 15.5 %6 Odin Norden 1 835 228 1,69 Foreign owners7 Veritas Pension Insurance Company Ltd 1 463 000 1,358 Odin Finland 1 426 259 1,31 Nominee registered9 Odin Europa Smb 1 347 355 1,24 Finnish companies and 1 094 002 1,00 organisations10 Investment Fund Aktia Capital Finnish householdsRamirent’s treasury shares 680 192 0,60Nominee registered shares 16 829 829 15,48Other shareholders 24 300 975 22,36Total 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 57
  • 58. EUR 2.48 4.97 7.45 9.94 12.42 14.90 17.39 20 40 60 80 0 120 140 160 180 100 22.36 19.87 2007-01 2007-03 2007-05 2007-07 2007-09 2007-11 2008-01 2008-03 Share turnover 2008-05 2008-07 2008-09 2008-11 2009-01 2009-03 Share price development 2009-05 Ramirent 2009-07 2009-09 2009-11 2010-01 2010-03 Sector 2010-05 2010-07 2010-09 2010-11 2011-01 2011-03 2011-05 2011-07 OMX Helsinki 2011-09 2011-10 50 100 150 200 250 30058 MEUR
  • 59. Thank you!