Ramirent Q4 2011
Upcoming SlideShare
Loading in...5
×
 

Ramirent Q4 2011

on

  • 530 views

Financial Bulletin 2011

Financial Bulletin 2011

Statistics

Views

Total Views
530
Views on SlideShare
530
Embed Views
0

Actions

Likes
1
Downloads
9
Comments
0

0 Embeds 0

No embeds

Accessibility

Upload Details

Uploaded via as Adobe PDF

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

Ramirent Q4 2011 Ramirent Q4 2011 Presentation Transcript

  • Financial bulletin201116 February 2012President and CEO Magnus RosénCFO Jonas Söderkvist
  • Q4/11: Back to profitablegrowthOCTOBER–DECEMBER 2011 Net sales up 24.4% MEUR 186.8 (150.1) or 23.7% at comparable exchange rates. Organic growth 17.8% EBITDA MEUR 55.0 (36.9) EBITDA-margin 29.4% (24.6%) EBIT MEUR 25.5 (11.3) EBIT-margin 13.6% (7.5%) Gross capex MEUR 45.9 (18.1) Cash flow after investments MEUR 15.9 (24.2) Net debt MEUR 262.8 (176.6) Gearing 80.6% (55.6%) Number of outlets 406 (378) 2
  • Highlights 2011JANUARY–DECEMBER 2011 Net sales up 22.3% MEUR 649.9 (531.3) or 20.1 % at comparable exchange rates. Organic growth 18.5% EBITDA MEUR 181.8 (127.4) EBITDA-margin 28.0% (24.0%) EBIT MEUR 74.1 (29.7) EBIT-margin 11.4% (5.6%) Gross capex MEUR 242.2 (62.0) Cash flow after investments MEUR -52.0 (48.0) The Board proposes a dividend of EUR 0.28 (0.25) per share for the year 2011 3
  • Back to profitable growth as market is recovering ROI >18 % p.a. over a business cycle Recovery in market activity especially in the second half of 35 % the year 30 % 25 % Higher utilisation and rental rates 20 % that improved during the year 15 % 10 % Significant investments in 16 % 5 % acquisitions and outsourcing 0 % deals 2005 2006 2007 2008 2009 2010 2011 ROI TargetEPS growth > 15 % p.a. over a business cycle Gearing ≤ 120 % at end of each fiscal year300 % 140 % 120 %200 % 100 %100 % 207 % 80 % 0% 60 % 40 % 81 %-100 % 20 %-200 % 0 % 2005 2006 2007 2008 2009 2010 2011 2005 2006 2007 2008 2009 2010 2011 EPS Target Gearing Target 4
  • Dividend proposal EUR 0.28 per share Earnings per share and dividend pay-out ratioEUR1,20 400 % 1,02 350 %1,00 *Board’s proposal 300 %0,80 0,73 250 %0,60 0,50 200 % 0,41 150 %0,40 0,33 0,30 0,31 0,28 0,25 100 %0,20 0,15 0,15 0,13 *68% 50 % 0,04 0,000,00 0% 2005 2006 2007 2008 2009 2010 2011 EPS DPS Dividend pay-out ratio The Board proposes a dividend of EUR 0.28 (0.25) per share for the year 2011 Ramirent’s dividend policy is to distribute at least 40% of annual earnings per share to shareholders as dividends 5
  • Strong construction growth in Ramirent’s main markets in 2011 Growth in GDP and Construction output in 2011 21,0 %25 % 16,0 % 12,9 %20 % 11,0 % 9,0 %15 % 7,7 % 6,3 % 6,2 % 5,0 % 4,5 % 4,3 % 4,3 % 4,0 %10 % 3,3 % 3,3 % 2,6 % 2,5 % 2,1 % 1,6 % 1,6 % 0,5 % 5% 0% -5 % -5,5 % -6,2 %-10 % -10,8 %-15 %-20 % Latvia Slovakia Poland Hungary Estonia Czech Rep. Sweden Russia Norway Lithuania Denmark Finland GDP growth Total construction output growth 6 Source: Euroconstruct November 2011 / VTT
  • Nine acquisitions and two outsourcing deals in 2011 Outsourcing deal in Finland Outsourcing deal in Acquisition of specialist module Finland Outsourcing deal rental company in Norway in DenmarkOutsourcing deal with two subsidiaries in Finland Acquisition of Finnish Acquisition of Acquisition of Acquisition of weather protection Czech rental business Swedish rental Swedish rental rental company company company End of 2010 2011 2009 Some 50 Acquisition of companies Acquisition of Acquisition of Swedish Danish rental business Swedish rental on our rental company company watch list Aquisition of Acquisition of Outsourcing deal in Norway Czech rental business Czech rental business Danish scaffolding division Capex on acquisitions EUR 111.2 million in 2011 Acquisitive impact approximately 8% on Group net sales on an annual level 7
  • Ramirent is market leader in 5 out of 6 geographical segments Finland 83 depots Sweden (25 franchises) 79 depots Market #1 Employees Norway (10 franchises) Market #2 42 depots Europe Finland (4 franchises) Central 596 Market #1 825 Europe East 58 depots 10 re-renting Total agents Denmark 3,184 Market #1 22 depots Sweden Market #1Europe 630 East Europe Central 439 122 depots (24 franchises) Market #1 Denmark Norway 186 486 8
  • 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 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 9
  • Ramirent and market outlook as of16 February 2012 Ramirent outlook for 2012 Country 2012 Source Finnish construction Finland 0%/-2.2% industries, RT / VTTIn 2012, net sales are expected to Swedish Construction Sweden -1% Federationincrease and the result before taxes isexpected to improve compared to 2011. Norway 6% Euroconstruct Denmark 4% Euroconstruct Poland 4% Euroconstruct Czech Market outlook 2012 Republic -4% Euroconstruct Europe Central Slovakia 3% EuroconstructOverall, the new residential constructionmarket is expected to weaken in 2012 Hungary -2% Euroconstructwhile renovation and infrastructureconstruction markets are expected to Russia 0-5% Euroconstructdevelop more favourably, especially inthe Nordic countries. Estonia 8% EuroconstructHowever, Ramirent maintains a cautious Latvia -4% Euroconstruct Europe Eaststance since uncertainties in themacroeconomic developement persists. Lithuania -4% Euroconstruct Ukraine n.a Euroconstruct 10
  • Growth in Nordic construction order books is levelling off Order book Nordics (BEUR, real exchange rates)*14 60 %12 40 %10 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 Q4 2007 2008 2009 2010 2011 Skanska NCC YIT Lemminkäinen Change in Net sales YoY, R12 Ramirent Change in order backlog YoY, Nordic construction 9% growth vs. Q4/10 in real exchange rates and 10% growth in fixed 1% decline vs. Q3/11 * Order books for Swe, Fin, Nor, Den 11
  • Construction output still predicted to grow in Ramirent’s markets Total construction output 2008 – 2014120115 116 Index 2008 = 100 (volume)110 108 106105100 9895 939085807570 2008 2009 2010 2011E 2012F 2013F 2014F Finland Sweden Norway Denmark Europe Central 12 Source: Euroconstruct November 2011
  • 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 13
  • Actions taken to prepare for possible changesin 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 Cautious in capex spending 14
  • Going forward, several drivers support thegrowth of equipment rental business In the long term, rental penetration is expected to increase in Rental penetration Europe as customers recognise the advantages of renting There is a general trend towards outsourcing non-core Outsourcing activities to reduce capital employed and improve flexibility Rental related Customers are increasingly interested in giving a broader solutions rental related responsibility in their projects to rental companies The equipment rental industry is highly fragmented andMarket consolidation Ramirent’s strong position enables it to take an active role in the market consolidation Long-term growth In the emerging rental markets there are long-term growth in construction potential in the construction volumes per capita compared to markets more mature Western Europe 15
  • SEGMENT REVIEW 16
  • Q4 2011 Finland Highlights Historic financial performance MEURGrowth was driven by high 50 45 25 %construction and industrial activity 41 42 40 36 38 35 37 20 % 34All product areas developed well 29 31 28 30 15 %except heating equipment due to 30exceptionally warm weather 10 % 20conditions 5% 10 0%EBIT was burdened by a write-down of scaffolding equipments of 0 -5 %EUR 1.4 million Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2009 2010 2011 Net sales EBIT-% Q4 January - December Finland 2011 2010 Change Change 2011 2010 Change Change (EUR) (Local) (EUR) (Local) Net sales, MEUR 42.5 35.2 21% 21% 154.7 136.9 13% 13% EBIT, MEUR 6.2 2.9 117% 22.8 13.7 66% EBIT-margin 14.6% 8.1% 14.7% 10.0% Employees 596 603 -1% Outlets 83 84 -1% 17
  • Q4 2011 Sweden Highlights Historic financial performance MEURThe growth was driven by high 60 54 25 %construction activity inStockholm and Gothenburg 50 45 45 20 % 41 42 40 35 36Two rental companies were 32 33 31 32 15 % 29acquired, Consensus and TLM 30 10 % 20Renewed frame agreement with 10 5%NCC and was selected as a totalsolution supplier of rental 0 0%equipment in the expansion of Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4Boliden’s operations at the 2009 2010 2011Garpenberg mine over the next Net sales EBIT-%three years Q4 January - DecemberSweden 2011 2010 Change Change 2011 2010 Change Change (EUR) (Local) (EUR) (Local)Net sales, MEUR 53.9 44.9 20% 17% 182.7 145.2 26% 19%EBIT, MEUR 11.9 8.3 44% 33.2 23.3 42%EBIT-margin 22.2% 18.5% 18.2% 16.1%Employees 630 546 15%Outlets 79 73 8% 18
  • Q4 2011 Norway Highlights Historic financial performance MEURResidential construction in the 45 40 42 16 %major cities was driving demand, 14 % 40alongside with the oil and gas 35 31 33 30 12 %industry 29 29 28 27 28 10 % 30 25 27 8% 25Profitability improved based on 6% 20 4%good fleet utilisation, improving 15 2%price levels, and strict cost 10 0%control 5 -2 % 0 -4 % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2009 2010 2011 Net sales EBIT-% Q4 January - December Norway 2011 2010 Change Change 2011 2010 Change Change (EUR) (Local) (EUR) (Local) Net sales, MEUR 42.0 31.1 35% 30% 144.8 114.4 27% 23% EBIT, MEUR 4.5 0.1 N/A 11.2 2.3 379% EBIT-margin 10.7% 0.3% 7.7% 2.0% Employees 486 503 -3% Outlets 42 42 - 19
  • Q4 2011 Denmark Highlights Historic financial performance MEURGrowth was driven by improving 16 15 20 %construction activity, including 14infrastructure projects 12 11 10 % 12 11 11 10 10 10 0% 10 9 9EBIT improved due to good fleet 8 8 -10 %utilisation and stable price levels 8 -20 % 6 4 -30 %Acquired scaffolding division ofAjos A/S, a subsidiary of 2 -40 %construction company MT 0 -50 %Højgaard A/S, and in the same Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4transaction, Ramirent sold its 2009 2010 2011hoist and working platforms to Net sales EBIT-%Ajos A/S Q4 January - DecemberDenmark 2011 2010 Change Change 2011 2010 Change Change (EUR) (Local) (EUR) (Local)Net sales, MEUR 14.6 9.5 53% 53% 44.1 35.6 24% 24%EBIT, MEUR 0.8 -0.7 N/A 0.1 -2.2 N/AEBIT-margin 5.4% -7.8% 0.2% -6.2%Employees 186 160 16%Outlets 22 20 10% 20
  • Q4 2011 Europe East Highlights Historic financial performanceDue to favourable market MEURconditions, good and stable 20 19 30 % 17 16growth continued in all Europe 20 %East countries 15 13 13 12 12 10 % 11 10 9 0%EBIT improved based on higher 10 9 8utilisation and price levels -10 % 5 -20 % -30 % 0 -40 % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2009 2010 2011 Net sales EBIT-% Q4 January - DecemberEurope East 2011 2010 Change Change 2011 2010 Change Change (EUR) (Local) (EUR) (Local)Net sales, MEUR 16.5 13.4 23% 27% 56.1 42.7 31% 32%EBIT, MEUR 2.3 1.1 105% 5.9 -3.5 N/AEBIT-margin 14.2% 8.5% 10.5% -8.3%Employees 439 392 12%Outlets 58 48 21% 21
  • Q4 2011 Europe Central Highlights Historic financial performance MEUR In Poland construction and 25 20 % industrial activity continued to 22 15 % 20 19 drive demand, whereas the 20 18 19 19 10 % market development weakened 16 16 16 14 14 5% further in the other countries in 15 12 0% the segment -5 % 10 -10 % Profitability improved in Poland 5 -15 % but was burdened by lower price -20 % levels and utilisations rates in 0 -25 % Hungary, Czech Republic and Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Slovakia 2009 2010 2011 Net sales EBIT-% Q4 January - DecemberEurope Central 2011 2010 Change Change 2011 2010 Change Change (EUR) (Local) (EUR) (Local)Net sales, MEUR 18.9 18.9 - 10% 73.9 66.6 11% 13%EBIT, MEUR 2.0 1.0 111% 5.5 0.8 N/AEBIT-margin 10.8% 5.1% 7.4% 1.2%Employees 825 824 -Outlets 122 111 10% 22
  • FINANCIAL REVIEW 23
  • Positive development in financial performance continued in Q4 Net Sales (MEUR) EBITDA (MEUR) EBIT (MEUR) Net sales Y-o-y change-% EBITDA EBITDA-% EBIT EBIT-% 35 31 20 % 200 179187 40 % 70 35 % 30 25 180 59 15 % 150 150 30 % 60 55 30 % 25 160 141 134 130126 129 20 % 50 25 % 20 17 10 % 140 122125 42 15 112 41 14 120 10 % 36 37 37 15 12 11 40 20 % 5% 100 0% 30 31 7 7 26 28 10 80 30 15 % 3 -10 % 18 5 0% 60 20 10 % -20 % 0 40 -5 % -30 % 10 5% -5 20 -4 0 -40 % 0 0% -10 -6 -10 % Q1Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 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 28030 22 20 24 255 263 120 % 140 120 80 % 18 16 238 70 %20 13 14 250 230 100 % 120 212 207 20910 197 191 100 60 % 200 177 80 % 0 50 % 80-10 -4 150 60 % 40 % 60 45 46-20 -11 30 % 100 40 % 32 -20 40 20 %-30 22 18 50 20 % 20 13 10-40 -37 3 5 3 8 10 %-50 0 0% 0 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1Q2 Q3Q4Q1 Q2Q3Q4Q1 Q2Q3Q4 Q1Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2009 2010 2011 2009 2010 2011 2009 2010 2011 24
  • Net sales grew 24.4% in Q4/2011, organic growth was 17.8% Change in net sales YoY, %40 %30 % 27 % 24 % 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 Q4 2008 2009 2010 2011 Net sales January-December 2011: +22.3% (+18.5% organic) 25
  • Net sales grew in all segments in local currency Change in Q4 net sales YoY, %70 % 64 %60 % 53 % 53 %50 %40 % 35 % 36 % 33 % 30 %30 % 24 % 27 % 24 % 24 % 21 % 23 % 21 % 21 % 20 % 20 %20 % 17 % 10 %10 % 0% 0% -2 %-10 % Group Finland Sweden Norway Denmark East Central EUR Comparable exchange rates Adjusted for inter-segment sales (in EUR) 26
  • Capital turnover continued to develop positively, 120% at end of 2011 Invested capital by quarterMEUR800 160 % 708 707700 654 140 % 586 588 591600 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 Q4 2007 2008 2009 2010 2011 Invested capital Net sales/Invested capital, rolling 12 month Capital turnover amounted to 120% (105%) at the end of December 2011 27
  • Gross margin continued to improve inQ4/2011 Gross margin by quarter72 % 71 % 71 % 71 % 71 %71 % 70 % 70 %70 % 69 % 69 %69 % 68 % 68 % 68 % 68 % 68 %68 % 67 % 67 % 67 %67 % 66 % 66 %66 % 65 % 65 %65 %64 %63 %62 % Q1 Q2 Q3 Q4 FY Gross margin 2008 Gross margin 2009 Gross margin 2010 Gross margin 2011 Gross margin is impacted by price pressure and increased equipment transportation as well as use of external services and sold equipment 28
  • Number of employees increased due to acquisitions Number of employees by segment1 000 900 868 824 825 800 700 622 630 603611 596 600 546 503 523 486 500 440 439 392 400 300 200 160 163 186 100 0 Finland Sweden Norway Denmark Europe East Europe Central Personnel 31/12/10 Personnel 30/09/11 Personnel 31/12/11 At the end of December 2011, the Group’s workforce amounted to 3,184 (3,048) persons 29
  • We continue to develop our outlet network –406 outlets as of 31 December 2011 Number of outlets per segment450 406400 359 122350 99300 42 22 58250 57 3718 52200150 79100 50 96 83 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2008 2009 2010 2011 Finland Sweden Norway Denmark Europe East Europe Central 30
  • Fixed cost level increased due to acquisitions Fixed costs by quarterMEUR80 7070 63 66 62 6260 57 57 56 56 52 52 54 25 2850 24 27 25 23 23 22 23 22 19 22403020 38 37 37 41 42 35 30 33 33 33 33 3210 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2009 2010 2011 Employee benefit expenses Other operating expenses The fixed cost level increased year-on-year due to • Acquisitions and outsourcing deals (more people and outlets) • Higher market activity (more outsourced services and intensified sales activities) • Cost for building common platform 31
  • Q4 EBIT margin increased from previous year to 13.6% EBIT margin by quarter25 % 19.6 %20 % 18.2 % 18.4 % 17.0 %15 % 13.6 % 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 Q4 2008 2009 2010 2011 EBIT-margin January-December 2011: 11.4% (5.6%) 32
  • Q4 EBIT margin improved in all segments compared to previous year EBIT-margin by segments25 % 22.2 %20 % 18.5 % 14.6 % 14.2 %15 % 13.6 % 10.7 % 10.8 %10 % 8.1 % 8.5 % 7.5 % 5.4 % 5.1 % 5% 0.3 % 0% -5 %-10 % -7.8 % Group Finland Sweden Norway Denmark East Central Q4 2010 Q4 2011 EBIT in Finland was burdened by a write-down of scaffolding equipments of EUR 1.4 million 33
  • Q4 2011 rental fleet investments was EUR 34.4million Purchased and sold equipment by quarterMEUR8070 66.86050 38.340 34.4 29.630 18.9 17.420 11.8 7.5 8.9 6.010 6.7 6.5 5.2 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 Q4 2009 2010 2011 Purchased equipment Sold equipment In October-December 2011, gross capex was EUR 45.9 (18.1) million of which EUR 34.4 (17.4) million in rental fleet. The value of sold rental equipment was EUR 11.8 (4.4) million In January-December 2011, gross capex was EUR 242.2 (62.0) million of which EUR 169.2 (52.7) million in rental fleet. The value of sold rental equipment was EUR 26.7 (16.4) million 34
  • Due to acquisitions capital expenditure increased most in Norway and Sweden Capital Expenditure by segments MEUR300 242250200150 95100 81 6250 34 30 17 11 12 14 9 4 7 1 0 Group Finland Sweden Norway Denmark East Central 1-12/2010 1-12/2011 35
  • Working capital is at 4% of net sales Working capital by quarterMEUR120 10 % 8% 80 124 120 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 17 0 0% -2 % -66 -68 -70 -67 -69 -40 -86 -86 -89 -82 -84 -4 % -107 -109 -80 -6 % -8 %-120 -10 % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2009 2010 2011 Inventories Trade and other receivables Trade payables and other liabilities Working capital/Net sales Rolling 12 month basis In October-December 2011, credit losses and net change in the allowance for bad debt totalled EUR -1.3 (-0.3) million In January-December 2011, credit losses and net change in the allowance for bad debt totalled EUR -4.0 (-3.3) million 36
  • FY 2011 cash flow after investments -52 MEUR, due to increased fleet investments and acquisitions Cash flow after investmentsMEUR806040 6720 25 28 22 24 18 20 13 14 16 0 -11 -20 -30 -4 -37-20 -55-40-60-80 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2008 2009 2010 2011 Cash flow after investments 37
  • Net debt decreased by 17 MEUR in Q4/2011; gearing was 81% at year-end Net debt and gearing MEUR400 113 % 120 % 106 % 108 %350 96 % 81 % 99 % 100 % 86 % 92 %300 84 % 69 % 80 % 81 % 74 % 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 Q4 2008 2009 2010 2011 Net debt Gearing (%) Equity ratio decreased to 40.7% (48.0%) Net debt amounted to EUR 262.8 (176.6) million Board proposes a dividend of EUR 0.28 (0.25) per share for the year 2011 38
  • Debt maturity extended Repayment schedule of interest-bearing liabilities MEUR 450 390 MEUR in committed credit facilities 400 350 300 262.8 MEUR in net debt 240 250 200 150 100 150 50 0 2012 2013 2014 2015 2016 2017 Committed credit facilities On 4 November 2011, Ramirent Plcs syndicated credit facility agreement totalling EUR 240 million was amended to mature fully in 2017 At end of Q4 2011, Ramirent had unused committed back-up facility of EUR 127.2 million39 39
  • 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 40
  • COMPANY OVERVIEW 41
  • Ramirent in briefLeading equipment rental company in Northern, Centraland Eastern Europe with net sales of EUR 650 million(2011)406 rental customer centers located in 13 countries andproviding 200 000 rental items3 184 employees serving 100 000 customersFounded in 1955 and headquartered in FinlandListed on NASDAQ OMX Helsinki since 1998 42
  • 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 43
  • 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 44
  • 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 45
  • Nordic countries are our largest markets and construction is our largest customer sector Sales per segment 1-12/2011 Sales per customer sector 2010 Europe Households Central Public sector 5% 11 % Finland 5% Europe 24 % Construction East 76% 9% Industry 14 %Denmark 7% Norway Sweden 22 % 28 % 46
  • 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 47
  • Strong long-term growth drivers Long-term growing industry Increasing rental penetration 100 % 70 %Increasing rental penetration in most 90 % 60 %markets, still high potential compared 80 % 45 % 70 % 40 % 40 %to mature UK market 60 % 30 % 30 % 25 % 50 % 20 % 20 %Fragmented European rental market of 15 % 15 % 15 % 40 % 10 % 10 % 10 %EUR 20bn with top 10 rental companies 30 % 5% 20 %accounting for 19% of the market 10 %CEE construction markets on a low 0 %level compared to Nordics and WesternEuropeEuropean 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 48 Source: ERA, Euroconstruct
  • Continued demand predicted, especially in non-residential and civil engineering sectors Finland Finland Sweden Sweden 25 15 % change in real terms (volume)% change in real terms (volume) 20 10 15 10 5 5 0 0 -5 -5 -10 -10 -15 -20 -15 2008 2009 2010 2011E 2012F 2013F 2014 2008 2009 2010 2011E 2012F 2013F 2014 outlook outlook Residential construction Non-residential construction Residential construction Non-residential construction Civil engineering Total construction output Civil engineering Total construction output Denmark Denmark Norway Norway 15 20 % change in real terms (volume)% change in real terms (volume) 10 15 5 10 0 -5 5 -10 0 -15 -5 -20 -25 -10 -30 -15 2008 2009 2010 2011E 2012F 2013F 2014 2008 2009 2010 2011E 2012F 2013F 2014 outlook outlook Residential construction Non-residential construction Residential construction Non-residential construction Civil engineering Total construction output Civil engineering Total construction output 49 Source: Euroconstruct November 2011
  • 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 50
  • 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 2011 EBIT margin ROI EBIT margin (average) ROI (average) 51
  • APPENDIX 52
  • CONSOLIDATED INCOME STATEMENT(EUR 1,000) 10-12/11 10-12/10 1-12/11 1-12/10Net sales 186 772 150 111 649 861 531 284Other operating income 541 456 1 526 1 616Materials and services -62 820 -51 045 -209 357 -177 118Employee benefit expenses -41 844 -38 170 -156 101 -136 214Depreciation and amortisation -29 494 -25 625 -107 659 -97 716Other operating expenses -27 662 -24 478 -104 140 -92 122EBIT 25 492 11 251 74 131 29 731Financial income 2 430 3 814 11 405 13 780Financial expenses -5 174 -6 306 -24 776 -22 658EBT 22 749 8 760 60 760 20 853Income taxes -5 691 -1 635 -16 030 -6 212NET RESULT FOR THE PERIOD 17 058 7 125 44 730 14 640Net result for the period attributable to:Owners of the parent company 17 058 7 125 44 730 14 640Non-controlling interest - - - -TOTAL 17 058 7 125 44 730 14 640Earnings per share (EPS), basic and diluted, EUR 0.16 0.07 0.41 0.13 53
  • BALANCE SHEET – ASSETS (EUR 1,000) 31.12.2011 31.12.2010NON-CURRENT ASSETSProperty, plant and equipment 487 310 427 248Goodwill 124 452 93 211Other intangible assets 35 719 10 348Available-for-sale investments 1 368 422Deferred tax assets 12 183 13 325NON-CURRENT ASSETS, TOTAL 661 032 544 555CURRENT ASSETSInventories 17 309 15 856Trade and other receivables 120 000 96 616Current tax assets 344 2 902Cash and cash equivalents 2 431 1 352CURRENT ASSETS, TOTAL 140 084 116 727TOTAL ASSETS 801 117 661 282 54
  • BALANCE SHEET – EQUITY AND LIABILITIES (EUR 1,000) 31.12.2011 31.12.2010EQUITYShare capital 25 000 25 000Revaluation fund -4 192 -2 472Invested unrestricted equity fund 113 329 113 329Retained earnings 191 862 181 783PARENT COMPANY SHAREHOLDERS’ EQUITY 326 000 317 640Non-controlling interests - -EQUITY, TOTAL 326 000 317 640NON-CURRENT LIABILITIESDeferred tax liabilities 73 690 60 413Pension obligations 7 226 6 866Provisions 1 553 2 347Interest-bearing liabilities 219 773 137 384Other long-term liabilities 11 748 2 200NON-CURRENT LIABILITIES, TOTAL 313 990 209 209CURRENT LIABILITIESTrade payables and other liabilities 109 020 89 480Provisions 1 163 1 762Current tax liabilities 5 496 2 658Interest-bearing liabilities 45 448 40 533CURRENT LIABILITIES, TOTAL 161 127 134 433LIABILITIES, TOTAL 475 117 343 642TOTAL EQUITY AND LIABILITIES 801 117 661 282 55
  • KEY FIGURES MEUR 10-12/11 10-12/10 Change 1-12/11 1-12/10 ChangeNet sales 186.8 150.1 24.4% 649.9 531.3 22.3%EBITDA 55.0 36.9 49.1% 181.8 127.4 42.6%% of net sales 29.4% 24.6% 28.0% 24.0%EBIT 25.5 11.3 126.6% 74.1 29.7 149.3%% of net sales 13.6% 7.5% 11.4% 5.6%Earnings per share (EPS), (basicand diluted), EUR 0.16 0.07 140.3% 0.41 0.13 206.9%Gross capital expenditure 45.9 18.1 153.6% 242.2 62.0 290.7%Gross capital expenditure,% ofnet sales 24.6% 12.1% 37.3% 11.7%Cash flow after investments 15.9 24.2 -34.3% -52.0 48.0 N/AInvested capital at the end ofperiod 591.2 495.6 19.3%Return on invested capital (ROI),% 1) 15.7% 8.6%Return on equity (ROE), % 1) 13.9% 4.7%Net debt 262.8 176.6 48.8%Gearing, % 80.6% 55.6%Equity ratio, % 40.7% 48.0%Personnel at end of period 3 184 3 048 4.5% 1) The figures are calculated on a rolling twelve month basis. 56
  • CONDENSED CASH FLOW STATEMENT MEUR 10-12/11 10-12/10 1-12/11 1-12/10 ChangeCash flow from operating activities 44.1 39.8 177.4 104.2 70.3%Cash flow from investing activities -28.2 -15.6 -229.5 -56.2 -308.0%Cash flow from financing activitiesBorrowings / repayment of short-term debt -7.5 -4.2 30.6 0.6 N/ABorrowings / repayment of long-term debt -9.1 -22.2 52.9 -29.8 277.7%Purchase of treasury shares - -0.9 -3.4 -2.9 -14.9%Dividends paid - - -27.0 -16.3 -65.6%Cash flow from financing activities -16.6 -27.4 53.1 -48.5 209.6%Net change in cash and cash equivalents -0.8 -3.1 1.1 -0.5 308.8%Cash and cash equivalents at the beginningof the period 3.2 4.4 1.4 1.8 -24.9%Translation difference on cash and cashequivalents -0.1 0.1 - 0.1 -101.3%Net change in cash and cash equivalents -0.7 -3.2 1.1 -0.5 308.8%Cash and cash equivalents at the end of theperiod 2.4 1.4 2.4 1.4 79.8% 57
  • SEGMENT INFORMATIONNet sales, MEUR 10-12/11 10-12/10 Change 1-12/11 1-12/10 ChangeFinland, net sales (external) 42.1 34.8 21.0% 151.4 135.2 12.0%-Inter-segment sales 0.4 0.5 -12.2% 3.3 1.8 86.9%Sweden, net sales (external) 53.6 44.8 19.8% 182.0 144.5 25.9%-Inter-segment sales 0.2 0.2 24.4% 0.6 0.7 -6.9%Norway, net sales (external) 41.9 30.8 36.2% 144.3 113.7 26.9%-Inter-segment sales 0.1 0.3 -70.1% 0.5 0.7 -23.4%Denmark, net sales 14.4 8.7 64.3% 43.5 32.9 32.1%(external)-Inter-segment sales 0.2 0.8 -72.6% 0.6 2.7 -77.3%Europe East, net sales 16.4 12.3 33.2% 55.8 39.5 41.3%(external)-Inter-segment sales 0.1 1.1 -94.9% 0.2 3.2 -93.0%Europe Central, net sales 18.4 18.7 -1.9% 72.8 65.4 11.3%(external)-Inter-segment sales 0.6 0.2 168.9% 1.0 1.2 -11.4%Elimination of sales between -1.6 -3.0 47.6% -6.3 -10.2 37.8%segmentsNet sales, total 186.8 150.1 24.4% 649.9 531.3 22.3% 58
  • EBIT BY SEGMENTEBIT (EUR million) 10-12/11 10-12/10 Change 1-12/11 1-12/10 ChangeFinland 6.2 2.9 116.6% 22.8 13.7 66.3%% of net sales 14.6% 8.1% 14.7% 10.0%Sweden 11.9 8.3 43.9% 33.2 23.3 42.4%% of net sales 22.2% 18.5% 18.2% 16.1%Norway 4.5 0.1 N/A 11.2 2.3 378.8%% of net sales 10.7% 0.3% 7.7% 2.0%Denmark 0.8 -0.7 206.8% 0.1 -2.2 104.6%% of net sales 5.4% -7.8% 0.2% -6.2%Europe East 2.3 1.1 104.6% 5.9 -3.5 266.6%% of net sales 14.2% 8.5% 10.5% -8.3%Europe Central 2.0 1.0 111.5% 5.5 0.8 561.9%% of net sales 10.8% 5.1% 7.4% 1.2%Net items not allocated to -2.3 -1.4 -68.2% -4.5 -4.7 4.1%operating segmentsGroup EBIT 25.5 11.3 126.6% 74.1 29.7 149.3%% of net sales 13.6% 7.5% 11.4% 5.6% 59
  • LARGEST SHAREHOLDERS % of Market Cap EUR 594.1 million Largets shareholders Number of share on 31 December 2011 shares 8.8 % capital1 Nordstjernan AB 31 882 078 29.33 34.7 %2 Oy Julius Tallberg Ab 11 962 229 11.013 Varma Mutual Pension Insurance Company 7 831 299 7.204 Ilmarinen Mutual Pension Insurance Company 5 413 396 4.98 40.2 %5 Odin Funds 4 546 120 4.18 16.2 %6 Tapiola Mutual Pension Insurance Company 2 407 668 2.22 Foreign owners7 Veritas Pension Insurance Company Ltd 1 102 687 1.018 Investment Fund Aktia Capital 1 094 002 1.01 Nominee registered9 Investment Fund Nordea Suomi 1 000 000 0.92 Finnish companies and 825 000 0.76 organisations10 Föreningen Konstsamfundet rf Finnish householdsRamirent’s treasury shares 680 192 0.63Nominee registered shares 17 698 869 16.28Other shareholders 22 253 788 20.47Total 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 60
  • Share price developmentEUR MEUR 18022.36 300 160 19.87 250 17.39 140 120 14.90 200 100 12.42 150 80 9.94 7.45 60 100 4.97 40 50 2.48 20 0 Share turnover Osakevaihdon arvo Ramirent Sector Toimiala OMX Helsinki 61
  • Thank you!