INTERIM REPORTJANUARY-JUNE20129 August 2012CEO Magnus RosénCFO Jonas Söderkvist
April - June 2012: Profitability improvedfurther  Net sales MEUR 169.7 (149.5)  up 13.5% or 12.8% at  comparable exchange ...
January-January- June 2012: Good first half of the year Net sales MEUR 334.1 (283.9) up 17.7% or 17.1% at comparable excha...
All financial targets were reached in Q2/12         Good sales growth based on                                            ...
Capital turnover continued to develop positively and was 123% for the last 12 months                                      ...
Net sales grew in all segments except Europe Central  Change in net sales Q2 YoY, %            Change in net sales 1-6 YoY...
Also EBIT margin improved in all segments  except Europe Central   EBIT margin Q2/12 vs. Q2/11                  EBIT margi...
Positive cash flow generation in both Q2 and H1/2012    Cash flow Q2/12 vs. Q2/11                      Cash flow 1-6/12 vs...
Adjusting operations in Europe Central wheremarket conditions have weakened Number of employees in Europe Central reduced ...
Market outlook – Construction output forecastsCountry                             2012F                      2013F        ...
Growth in Nordic construction order books     stable on 8-10% level                          Order book Nordics (BEUR, rea...
Ramirent outlook 2012 unchanged In 2012, net sales are expected to increase and the result before taxes is expected to imp...
Priority set on maintaining preparedness tomanage market conditions and strengthen ourcompetitiveness Cautious capex spend...
SEGMENT REVIEW                                                                                  14                 Ramiren...
Finland            Highlights                          Sales and EBIT by quarter                                      MEUR...
Sweden            Highlights                                       Sales and EBIT by quarter   Like-for-like* growth was  ...
Norway            Highlights                                          Sales and EBIT by quarter  Like-for-like* growth was...
Denmark            Highlights                              Sales and EBIT by quarter                                    ME...
Europe East              Highlights                          Sales and EBIT by quarter  Net sales increased in all the    ...
Europe Central             Highlights                           Sales and EBIT by quarter                                 ...
FINANCIAL REVIEW                   21
Positive development in financial performance continued in Q2        Net Sales (MEUR)                                     ...
Net sales grew 13.5% in Q2/2012, like-for-like growth* 4.9%                                     Change in net sales YoY, %...
Net sales grew in all segments except EuropeCentral                    Change in Q2 net sales YoY, %                      ...
Higher share of ancillary income and incomefrom sold equipment                              Breakdown of net sales        ...
Gross margin increased slightly in Q2/2012compared to previous year                               Gross margin by quarter7...
Number of employees decreased in EuropeCentral due to reorganisation                            Number of employees by seg...
We continue to optimize our outlet network –379 outlets at the end of June 2012                         Number of outlets ...
Fixed cost level development is stable                          Fixed costs by quarter (MEUR)                             ...
Q2 EBIT margin increased to 13.4%                              EBIT margin by quarter    19.6%18.2%   18.4%               ...
Q2 EBIT margin improved in all segmentsexcept Europe Central                       EBIT-margin by segments              17...
Q2/2012 rental fleet investments were 21.7MEUR          Purchased and sold equipment by quarter (MEUR)                    ...
Capital expenditure below previous year’slevel except in Sweden                Capital Expenditure by segments (MEUR) 76  ...
Working capital at 5% of net sales                           Working capital by quarter (MEUR)160                         ...
Invested capital increased slightly to 605 MEUR, ROI at 19%                Invested capital (MEUR) and ROI (%) by quarter7...
Q2/2012 cash flow after investments 7.3 MEUR                            Cash flow after investments (MEUR)                ...
Net debt increased by 22.9 MEUR in Q2 2012; gearing was 87.2% at end of the period                                 Net deb...
At end of Q2/12, Ramirent had unusedcommitted back-up facilities of 109.1 MEUR     Repayment schedule of interest-bearing ...
Ramirent is in good shape to managepossible changes in market conditionsBroadest range of equipment andDynamic Rental Solu...
For more information:www.ramirent.comMagnus Rosén, CEO+358 20 750 2845magnus.rosen@ramirent.comJonas Söderkvist, CFO+358 2...
COMPANY OVERVIEW                   41
Ramirent in briefLeading equipment rental company in Northern, Centraland Eastern Europe with net sales of EUR 650 million...
More than 50 years of experience as a   supplier to the construction industry                                             ...
Our strategic choicesVisionTo be the leading and most progressive equipmentrental solutions company in Europe, setting the...
One of the leading equipment rental companies    both in Europe (#3) and globally (#13)    Largest rental companies in Eur...
Leading market position in five of our six    geographical segments                                                       ...
Nordic countries are our largest markets and   construction is our largest customer sector    Sales per segment 1-6/2012  ...
Broadest range of equipment and       Dynamic Rental SolutionsTM                                                          ...
Light machinery, lifts and modules are the biggestproduct groups measured by rental income19%                 8%          ...
The Group’s key strategic objectives          Sustainable profitable growth           Accelerate growth through acquisitio...
Strong long-term growth drivers     Long-term growth industry                                 Increasing rental penetratio...
The Group’s financial targets• ROI >18% p.a. over a business cycle• EPS growth > 15% p.a. over a business cycle• Gearing ≤...
APPENDIX           53
Consolidated income statement CONSOLIDATED INCOME STATEMENT                4-6/12        4-6/11          1-6/12           ...
Balance sheet – AssetsCONSOLIDATED BALANCE SHEET            30.6.2012              30.6.2011              31.12.2011ASSETS...
Balance sheet – Equity and liabilities EQUITY AND LIABILITIES                     30.6.2012             30.6.2011         ...
Key figures(MEUR)                                  4-6/12     4-6/11          Change 1-6/12             1-6/11       Chang...
Condensed cash flow statementCONSOLIDATED CONDENSED CASH FLOW STATEMENT                  4-6/12        4-6/11        1-6/1...
Segment informationNet sales, MEUR             4-6/12   4-6/11   Change      1−6/12          1−6/11           Change      ...
Rr results q2_2012_final
Rr results q2_2012_final
Rr results q2_2012_final
Rr results q2_2012_final
Upcoming SlideShare
Loading in...5
×

Rr results q2_2012_final

238

Published on

Published in: Technology, Business
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
238
On Slideshare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
2
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Rr results q2_2012_final

  1. 1. INTERIM REPORTJANUARY-JUNE20129 August 2012CEO Magnus RosénCFO Jonas Söderkvist
  2. 2. April - June 2012: Profitability improvedfurther Net sales MEUR 169.7 (149.5) up 13.5% or 12.8% at comparable exchange rates; Like-for-like* growth 4.9% EBITDA MEUR 51.6 (40.6) EBITDA-margin 30.4% (27.2%) EBIT MEUR 22.7 (15.4) EBIT-margin 13.4% (10.3%) Gross capex MEUR 23.9 (44.6) Cash flow after investments MEUR 7.3 (-20.4) *Excluding acquisitions in Sweden and Norway Interim Report January-June 2012 l 9 August 2012 2
  3. 3. January-January- June 2012: Good first half of the year Net sales MEUR 334.1 (283.9) up 17.7% or 17.1% at comparable exchange rates; Like-for-like* growth 8.4% EBITDA MEUR 93.5 (68.2) EBITDA-margin 28.0% (24.0%) EBIT MEUR 35.1 (18.1) EBIT-margin 10.5% (6.4%) Gross capex MEUR 59.6 (76.5) Cash flow after investments MEUR 13.6 (-31.1) Net debt MEUR 280.6 (238.2) Gearing 87.2% (80.4%) Number of outlets 379 (399) *Excluding acquisitions in Sweden and Norway Interim Report January-June 2012 l 9 August 2012 3
  4. 4. All financial targets were reached in Q2/12 Good sales growth based on ROI >18% p.a. over a business cycle stengthened market positions and 35 % rental rates 30 % 25 % Growth was also fuelled by 20 % 15 % aquisitions and outsourcing deals 10 % 19 % Positive cash flow in Q2 2012 5 % 0 % 2005 2006 2007 2008 2009 2010 2011 Q2 ROI Target 2012 EPS growth >15% p.a. over a business cycle Gearing ≤120% at end of each fiscal year300 % 140 %200 % 120 % 100 %100 % *139% 80 % 0% 60 %-100 % 40 % 87 % 20 %-200 % 0 % 2005 2006 2007 2008 2009 2010 2011 Q2 2005 2006 2007 2008 2009 2010 2011 Q2 EPS Target 2012 Gearing Target 2012 *R12 Q2 2012 vs. Q2 2011 Interim Report January-June 2012 l 9 August 2012 4
  5. 5. Capital turnover continued to develop positively and was 123% for the last 12 months Invested capital by quarterMEUR800 160 % 708 707700 654 140 % 586 588 591 605600 562 581 578 565 552 544 568 120 % 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 Q4Q1 Q2 2007 2008 2009 2010 2011 2012 Invested capital Net sales/Invested capital, rolling 12 month Capital turnover amounted to 123% (109%) for the last 12 months at the end of June 2012 Interim Report January-June 2012 l 9 August 2012 5
  6. 6. Net sales grew in all segments except Europe Central Change in net sales Q2 YoY, % Change in net sales 1-6 YoY, %30 % 35 % 25 % 30 %25 % 30 % 21 %20 % 25 % 21 % 15 % 20 %19 %15 % 14 %13 % 13 % 20 % 18 % 15 %10 % 15 % 5% 10 % 0% 5%-5 % 0%-10 % -5 %-15 % -10 %-20 % -15 % -19 % -14 %-25 % -20 % Interim Report January-June 2012 l 9 August 2012 6
  7. 7. Also EBIT margin improved in all segments except Europe Central EBIT margin Q2/12 vs. Q2/11 EBIT margin 1-6/12 vs. 1-6/1120 % 20 % 17 % 17 % 15 %15 % 14 % 15 %15 % 13 % 11 % 11 % 11 % 10 %10 % 6% 5% 1%5% 0% 2% 0%0% -5 % -7 %-5 % -10 % Q2 2011 Q2 2012 1-6 2011 1-6 2012 Q2 2011 Q2 2012 1-6 2011 1-6 2012 Interim Report January-June 2012 l 9 August 2012 7
  8. 8. Positive cash flow generation in both Q2 and H1/2012 Cash flow Q2/12 vs. Q2/11 Cash flow 1-6/12 vs. 1-6/1140,0 100,0 34.230,0 80,0 75.4 23.720,0 60,0 51.010,0 7.3 40,0 0,0 20,0 13.6-10,0 0,0-20,0 -20,0 -20.4-30,0 -40,0 -31.1 Cash flow from Cash flow after Cash flow from Cash flow after operations investments operations investments Q2/11 Q2/12 1-6/11 1-6/12 Q2/11 Q2/12 1-6/11 1-6/12 Interim Report January-June 2012 l 9 August 2012 8
  9. 9. Adjusting operations in Europe Central wheremarket conditions have weakened Number of employees in Europe Central reduced to 676 (879) Operations are being restructured for increased cost efficiencies and synergies across the four countries Focus on broadening the customer base especially in the industrial sector and the DIY market Interim Report January-June 2012 l 9 August 2012 9
  10. 10. Market outlook – Construction output forecastsCountry 2012F 2013F 2014F Source*Nordic Finnish Construction Industries, RT**/Finland -2%/-2.6% - 0.0% 2.6% Euroconstruct Swedish Construction Federation***/Sweden -1%/-2.5% - 2.2% 2.3% EuroconstructNorway 4.0% 4.3% 3.4% EuroconstructDenmark 3.2% 2.3% 2.2% EuroconstructEurope CentralPoland 6.0% -2.1% 1.5% EuroconstructCzech Republic -7.2% -1.9% 0.8% EuroconstructSlovakia -3.0% 4.8% 3.6% EuroconstructHungary -3.6% 0.6% 6.6% EuroconstructEurope EastRussia 0-5% - 0-5% 0.5% EuroconstructEstonia 15.0% 0.0% -2.0% EuroconstructLatvia 9.0% 4.0% -1.0% EuroconstructLithuania 12.0% 3.0% 0.0% EuroconstructUkraine n.a. - n.a. n.a. Euroconstruct *Source: Euroconstruct June 2011, **April 2012, ***May 2012 Interim Report January-June 2012 l 9 August 2012 10
  11. 11. Growth in Nordic construction order books stable on 8-10% level Order book Nordics (BEUR, real exchange rates)*10 60 % 9 8 40 % 7 6 20 % 5 4 0% 3 2 -20 % 1 0 -40 % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2007 2008 2009 2010 2011 2012 Skanska SRV YIT Lemminkäinen Change in Net sales YoY, R12 Ramirent Change in order backlog YoY, Nordic construction 8% growth vs. Q2/11 in both real and fixed exchange rates 4% increase vs. Q1/12 * Order books for Swe, Fin, Nor, Den Interim Report January-June 2012 l 9 August 2012 11
  12. 12. Ramirent outlook 2012 unchanged In 2012, net sales are expected to increase and the result before taxes is expected to improve compared to 2011. Interim Report January-June 2012 l 9 August 2012
  13. 13. Priority set on maintaining preparedness tomanage market conditions and strengthen ourcompetitiveness Cautious capex spending Strict cost control Maintain strong balance sheet Continue to develop the common Ramirent platform and provide customers enhanced efficiency through integrated solutions Interim Report January-June 2012 l 9 August 2012 13
  14. 14. SEGMENT REVIEW 14 Ramirent Plc I 10 May 2012 I Interim Report January-March 2012
  15. 15. Finland Highlights Sales and EBIT by quarter MEUR Growth was driven by high 50 25 % 45 industrial activity especially in 41 42 38 41 northern Finland and high 40 36 38 35 37 20 % 34 29 31 30 15 % construction activity especially 30 28 in the beginning of the quarter. 10 % 20 5% EBIT improved due to higher 10 0% utilisation rates and improved 0 -5 % price levels in many product Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 groups. 2009 2010 2011 2012 Net sales EBIT-%Finland Q2 Q2 Change Change 1-6/ 1-6/ Change Change 2011 2012 2011 (EUR) (Local) 2012 2011 (EUR) (Local)Net sales, 41.4 36.5 13% 13% 79.8 66.8 20% 20% 154.7MEUREBIT, MEUR 7.0 4.7 49% 12.0 6.1 98% 22.8EBIT-margin 17.0% 12.9% 15.0% 9.1% 14.7%Employees 619 633 -2% 596Outlets 80 85 -6% 83 Interim Report January-June 2012 l 9 August 2012 15
  16. 16. Sweden Highlights Sales and EBIT by quarter Like-for-like* growth was MEUR 60 54 25 % 7.5% in Q2/12 and 5.4% in 51 48 H1/12. 50 45 45 20 % 41 42 Main growth drivers were 40 35 36 32 33 31 32 15 % 29 large industrial projects in 30 northern Sweden, continued 10 % 20 strong overall demand in the 5% 10 capital city area and western 0 0% Sweden. Activity in the Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 southern parts of the country 2009 2010 2011 2012 was slow. Net sales EBIT-% EBIT improved based on good utilisation rates.Sweden Q2 Q2 Change Change 1-6/ 1-6/ Change Change 2012 2011 (EUR) (Local) 2012 2011 (EUR) (Local) 2011Net sales, MEUR 50.9 42.1 21% 19% 99.1 83.4 19% 18% 182.7EBIT, MEUR 8.6 7.0 24% 15.1 13.1 15% 33.2EBIT-margin 16.9% 16.5% 15.3% 15.7% 18.2%Employees 727 563 29% 630Outlets 84 73 15% 79 *Excluding acquisitions in Sweden Interim Report January-June 2012 l 9 August 2012 16
  17. 17. Norway Highlights Sales and EBIT by quarter Like-for-like* growth was 4.1% MEUR in Q2/12 and 8.0% in H1/12. 50 16 % 42 44 14 % 40 38 Improved construction and 40 12 % industrial activity, especially in 31 33 30 10 % 29 29 28 27 28 30 25 27 8% the Southeast part of Norway, 6% continued to drive demand. 20 4% 2% EBIT improved due to higher 10 0% utilisation rates and price -2 % 0 -4 % levels in most product groups. Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Consto AS signed a 2009 2010 2011 2012 cooperation agreement and Net sales EBIT-% outsourced its equipment to Ramirent.Norway Q2 Q2 Change Change 1-6/ 1-6/ Change Change 2011 2012 2011 (EUR) (Local) 2012 2011 (EUR) (Local)Net sales, MEUR 38.1 30.5 25% 21% 81.8 63.1 30% 26% 144.8EBIT, MEUR 5.4 2.4 126% 9.3 2.8 236% 11.2EBIT-margin 14.2% 7.9% 11.4% 4.4% 7.7%Employees 471 518 -9% 486Outlets 43 43 0% 42 *Excluding acquisitions in Norway Interim Report January-June 2012 l 9 August 2012 17
  18. 18. Denmark Highlights Sales and EBIT by quarter MEUR Growth was driven by 16 15 20 % improved overall construction 14 12 10 % 11 11 activity including increased 12 11 11 10 10 0% 10 9 9 10 8 public sector investments. 10 8 -10 % 8 -20 % 6 EBIT turned positive and 4 -30 % increased on the back of good 2 -40 % fleet utilisation and stable 0 -50 % price levels in many product Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2009 2010 2011 2012 groups. Net sales EBIT-%Denmark Q2 Q2 Change Change Q2 Q2 Change Change 2011 2012 2011 (EUR) (Local) 2012 2011 (EUR) (Local)Net sales, MEUR 11.2 9.9 13% 13% 21.0 18.2 15% 15% 44.1EBIT, MEUR 0.2 -0.3 N/A 0.0 -1.5 N/A 0.1EBIT-margin 2.0% -2.9% 0.1% -8.4% 0.2%Employees 178 160 11% 186Outlets 22 21 5% 22 Interim Report January-June 2012 l 9 August 2012 18
  19. 19. Europe East Highlights Sales and EBIT by quarter Net sales increased in all the MEUR 20 19 30 % segment countries in Q2/12 17 16 15 20 % compared to previous year. 15 13 13 12 12 12 10 % Infrastructure construction was 11 10 9 0% the main growth driver in Russia 10 9 8 -10 % and Ukraine. In the Baltic 5 -20 % countries demand was driven -30 % also by infrastructure and 0 -40 % renovation construction as well Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 as projects in the energy sector. 2009 2010 2011 2012 EBIT improved based on good Net sales EBIT-% fleet utilisation in most product groups.Europe East Q2 Q2 Change Change 1-6/ 1-6/ Change Change 2011 2012 2011 (EUR) (Local) 2012 2011 (EUR) (Local)Net sales, 15.0 13.0 15% 14% 27.2 22.4 21% 20% 56.1MEUREBIT, MEUR 1.6 1.0 65% 1.5 -0.7 327% 5.9EBIT-margin 10.8% 7.5% 5.7% -3.0% 10.5%Employees 433 411 5% 439Outlets 60 51 18% 58 Interim Report January-June 2012 l 9 August 2012 19
  20. 20. Europe Central Highlights Sales and EBIT by quarter MEUR Net sales decreased in all segment 25 20 % 22 countries in Q2/12 compared to 20 19 19 19 15 % 20 18 10 % the previous year. 16 16 16 15 14 14 5% Lower construction and industrial 15 12 13 0% activity decreased demand for 10 -5 % rental equipment in Poland. -10 % 5 -15 % Market conditions remained -20 % difficult in the other countries. 0 -25 % Operations are being restructured Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2009 2010 2011 2012 to drive higher synergies and cost Net sales EBIT-% efficiencies across the countries. Profitability of operations was burdened by low utilisation rates.Europe Central Q2 Q2 Change Change 1-6/ 1-6/ Change Change 2011 2012 2011 (EUR) (Local) 2012 2011 (EUR) (Local)Net sales, MEUR 15.3 19.0 -19% -15% 28.5 33.4 -14% -9% 73.9EBIT, MEUR 0.1 1.1 -88% -2.1 -0.1 N/A 5.5EBIT-margin 0.9% 5.7% -7.3% -0.3% 7.4%Employees 676 879 -23% 825Outlets 90 126 -29% 122 Interim Report January-June 2012 l 9 August 2012 20
  21. 21. FINANCIAL REVIEW 21
  22. 22. Positive development in financial performance continued in Q2 Net Sales (MEUR) EBITDA (MEUR) EBIT (MEUR) Net sales Y-o-y change-% EBITDA EBITDA-% EBIT EBIT-% 35 31 20 % 200 187 179 40 % 70 35 % 170 30 25 180 164 59 15 % 30 % 60 55 30 % 25 23 160 150 150 52 141 134 20 % 140 122 130 125 126 129 50 42 41 42 25 % 20 17 15 10 % 112 10 % 14 12 120 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 Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2 Q2 Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2 Q1Q2 Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2 Q1Q2 Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2 Q1 Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2 Q2 Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 Cash flow (MEUR) Net debt (MEUR) Gross Capex (MEUR) Cash flow after investments Net debt Gearing-% Gross Capex Share of net sales-%40 280 263 281 28 300 281 120 % 140 80 %30 22 20 24 18 255 258 12020 13 14 16 230 238 120 70 % 250 100 % 6 7 212 207 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 36 -20 40 24 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 Q1 Q2 Q1Q2 Q3Q4Q1 Q2Q3Q4Q1 Q2Q3Q4Q1 Q2 Q1 Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2 Q2 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 Interim Report January-June 2012 l 9 August 2012 22
  23. 23. Net sales grew 13.5% in Q2/2012, like-for-like growth* 4.9% Change in net sales YoY, % 27 % 24 % 22 %19 %19 % 19 %20 % 16 % 13 % 14 % 9% 3% -4 % -9 % -25 % -27 % -31 %-31 % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q22008 2009 2010 2011 2012 Net sales grew 17.7% in H1/2012, like-for-like growth 8.4% * Excluding acquisitions in Sweden and Norway Interim Report January-June 2012 l 9 August 2012 23
  24. 24. Net sales grew in all segments except EuropeCentral Change in Q2 net sales YoY, % 25 % 21 % 21 % 19 % 15 %14 % % 13 13 %13 % 13 % % 13 14 % -15 % -19 % Group Finland Sweden Norway Denmark East Central EUR Comparable exchange rates EUR Comparable exchange rates Interim Report January-June 2012 l 9 August 2012 24
  25. 25. Higher share of ancillary income and incomefrom sold equipment Breakdown of net sales MEUR100 % 3% 4% 200 29 % 6.3 +22%80 % 31 % 150 5.1 +19% 51.860 % 43.7 100 +11%40 % 67 % 66 % 50 100.8 111.720 % 0% 0 Q2/2011 Q2/2012 Q2/2011 Q2/2012 Rental income Rental income Ancillary income Ancillary income Income from sold equipment Income from sold equipment Share of ancillary income has increased from last year due to a higher degree of work and services in our solutions offering Continued focus on trading, increased income from sale of equipment YoY in the second quarter Interim Report January-June 2012 l 9 August 2012 25
  26. 26. Gross margin increased slightly in Q2/2012compared to previous year Gross margin by quarter71 % 70 % 69 % 69 % 68 % 68 % 68 % 68 % 68 % 67 % 67 % 67 % 66 % 66 % 66 % 65 % 65 % Q1 Q2 Q3 Q4 FY 2009 2010 2011 2012 Interim Report January-June 2012 l 9 August 2012 26
  27. 27. Number of employees decreased in EuropeCentral due to reorganisation Number of employees by segment 879 825 727 676633 630 596 619 563 518 486 471 411 439 433 160 186 178 Finland Sweden Norway Denmark Europe East Europe Central Personnel 30/6/11 Personnel 31/12/11 Personnel 30/6/12 At the end of June 2012, the Group’s number of employees was 3,129 (3,185) persons Interim Report January-June 2012 l 9 August 2012 27
  28. 28. We continue to optimize our outlet network –379 outlets at the end of June 2012 Number of outlets per segment 379 359 90 99 60 52 22 18 43 37 57 84 96 80 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q22008 2009 2010 2011 2012 Finland Sweden Norway Denmark Europe East Europe Central 28 Interim Report January-June 2012 l 9 August 2012
  29. 29. Fixed cost level development is stable Fixed costs by quarter (MEUR) 70 68 66 65 62 63 6257 57 56 56 52 52 54 28 25 25 25 24 27 2523 23 22 23 22 19 22 41 42 42 4035 38 37 37 30 33 33 33 33 32 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q22009 2010 2011 2012 Employee benefit expenses Other operating expenses The fixed cost level increased year-on-year due to • Acquisitions • Expenses related to development work on Ramirent’s common platform Interim Report January-June 2012 l 9 August 2012 29
  30. 30. Q2 EBIT margin increased to 13.4% EBIT margin by quarter 19.6%18.2% 18.4% 17.0% 13.6% 13.4% 11.8% 10.8% 10.3% 9.0% 7.5% 7.5% 5.9% 5.8% 2.0% -2.9% -5.0% -11.4% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q22008 2009 2010 2011 2012 EBIT-margin January-June 2012: 10.5% (6.4%) Interim Report January-June 2012 l 9 August 2012 30
  31. 31. Q2 EBIT margin improved in all segmentsexcept Europe Central EBIT-margin by segments 17.0% 16.9% 16.5% 14.2% 13.4% 12.9%10.3% 10.8% 7.9% 7.5% 5.7% 2.0% 0.9% -2.9% Group Finland Sweden Norway Denmark East Central Q2/11 Q2/12 Q2/11 Q2/12 Interim Report January-June 2012 l 9 August 2012 31
  32. 32. Q2/2012 rental fleet investments were 21.7MEUR Purchased and sold equipment by quarter (MEUR) 67 38 34 30 20 22 12 5 6 8 6 4 Q1 Q2 Q3 Q4 Q1 Q2 2011 2012 Purchased equipment Sold equipment In Q2/2012, gross capital expenditure was EUR 23.9 (44.6) million of which EUR 21.7 (38.4) million in rental fleet The value of sold rental equipment was EUR 6.3 (5.1) million Committed investments at the end of quarter were EUR 7.3 (21.7) million Interim Report January-June 2012 l 9 August 2012 32
  33. 33. Capital expenditure below previous year’slevel except in Sweden Capital Expenditure by segments (MEUR) 76 60 33 25 18 12 10 9 8 7 5 5 3 1 Group Finland Sweden Norway Denmark East Central 1-6/2011 1-6/2012 1-6/2011 1-6/2012 Capital expenditure increased in Sweden due to the acquisition of TLM (Tannefors Lift- och Maskinuthyrning) in early 2012 Interim Report January-June 2012 l 9 August 2012 33
  34. 34. Working capital at 5% of net sales Working capital by quarter (MEUR)160 10 % 8%120 6% 80 124 131 109 120 114 4% 88 90 90 99 97 95 86 80 83 40 2% 0% 16 15 15 15 15 14 14 16 16 17 17 17 18 18 0 -2 % -66 -68 -70 -67 -69 -4 % -40 -86 -86 -89 -82 -84 -107 -109 -112 -139 -6 % -80 -8 %-120 -10 % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2009 2010 2011 2012 Inventories Trade and other receivables Trade payables and other liabilities Working capital/Net sales Rolling 12 month basis Q2/12 credit losses and net change in the allowance for bad debt totalled EUR −0.9 (−0.7) million Interim Report January-June 2012 l 9 August 2012 34
  35. 35. Invested capital increased slightly to 605 MEUR, ROI at 19% Invested capital (MEUR) and ROI (%) by quarter700 30 % 588 591 605600 568 536 25 % 508500 20 % 19 % 19 %400 16 % 15 %300 13 % 10 % 10 %200 9%100 5% 0 0% Q1 Q2 Q3 Q4 Q1 Q2 2011 2012 Invested capital ROI (R12) ROI target Capital turnover amounted to 123% (109%) for the last 12 months at the end of June 2012 Interim Report January-June 2012 l 9 August 2012 35
  36. 36. Q2/2012 cash flow after investments 7.3 MEUR Cash flow after investments (MEUR) 66.5 25.2 27.8 22.4 24.2 17.9 19.5 15.9 13.4 14.4 6.4 7.3 -4.0 -10.7 -20.4 -29.9 -36.8-54.8 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q22008 2009 2010 2011 2012 Cash flow after investments Rolling 12 months Interim Report January-June 2012 l 9 August 2012 36
  37. 37. Net debt increased by 22.9 MEUR in Q2 2012; gearing was 87.2% at end of the period Net debt and gearingMEUR400 113 % 120 % 106 % 108 %350 96 % 99 % 81 % 100 % 86 % 92 %300 84 % 84 87 % 81 % % 69 % 80 % 74 % 71 % 80 %250 70 % 68 % % 68 64 % 60 %200 56 % 60 %150 40 %100 20 % 50 0 0% 2004 2005 2006 2007 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2008 2009 2010 2011 2012 Net debt Gearing (%) Equity ratio was 39.4% (42.5%) Net debt amounted to EUR 280.6 (238.2) million Interim Report January-June 2012 l 9 August 2012 37
  38. 38. At end of Q2/12, Ramirent had unusedcommitted back-up facilities of 109.1 MEUR Repayment schedule of interest-bearing liabilities (MEUR) 390 MEUR in committed credit facilities 280.6 MEUR in net debt 240 150 2012 2013 2014 2015 2016 2017 In addition to bank facilities, Ramirent is utilising a domestic commercial paper program of up to EUR 150 million Interim Report January-June 2012 l 9 August 2012 38
  39. 39. Ramirent is in good shape to managepossible changes in market conditionsBroadest range of equipment andDynamic Rental SolutionsTM3,129 dedicated problem solversWide network of outlets close to our customersStrong financial positionDeriving higher synergies through a more uniform”Ramirent platform” and brand 39 Interim Report January-June 2012 l 9 August 2012
  40. 40. For more information:www.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
  41. 41. COMPANY OVERVIEW 41
  42. 42. Ramirent in briefLeading equipment rental company in Northern, Centraland Eastern Europe with net sales of EUR 650 million(2011)379 rental customer centers located in 13 countries andproviding 200 000 rental items3 129 employees serving 100 000 customersFounded in 1955 and headquartered in FinlandListed on NASDAQ OMX Helsinki since 1998 Interim Report January-June 2012 l 9 August 2012 42
  43. 43. 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 Interim Report January-June 2012 l 9 August 2012
  44. 44. 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
  45. 45. One of the leading equipment rental companies both in Europe (#3) and globally (#13) Largest rental companies in Europe Largest rental companies globally Turnover 2011 (MEUR) Turnover 2011 (MEUR) United Rentals Loxam Aggreko Cramo RSC Equipment Rental Ramirent Ashtead Group Algeco Scotsman Coates Hire Ltd Speedy Hire Algeco Scotsman Aktio Corp Sarens Hertz Equipment Rental Kiloutou Loxam HKLBaumaschinen Nikken Corp Mediaco Levage Nishio Rent All Co Cramo Ramirent 0 200 400 600 800 1000 0 500 1000 1500 2000 2500 Source: IRN June 2012 45 Interim Report January-June 2012 l 9 August 2012
  46. 46. Leading market position in five of our six geographical segments Finland 80 depots Sweden (25 franchises) 84 depots Market #1 Employees Q2/12 Norway (10 franchises) Market #2 43 depots Europe Finland (4 franchises) Central 619 Market #1 676 Europe East 60 depots 10 re-renting Total agents Denmark 3,129 Market #1 22 depots Sweden Market #1Europe 727 East Europe Central 433 90 depots (24 franchises) Market #1 Denmark Norway 178 471 46 Interim Report January-June 2012 l 9 August 2012
  47. 47. Nordic countries are our largest markets and construction is our largest customer sector Sales per segment 1-6/2012 Sales per customer sector 2011 Europe Central Households Public sector 5% 9% Finland 5% Europe East 24% Construction 76% 8% Industry 14 %Denmark 6% Norway 24% Sweden 29% 47 Interim Report January-June 2012 l 9 August 2012
  48. 48. Broadest range of equipment and Dynamic Rental SolutionsTM SOLUTIONS • Total • Power SERVICES Management • Access • Eco solutions • Climate • Planning & design • Fuel/gas refilling • Safety • Space • Ramirent • Site logistics • Event know-how coordinator PRODUCTS • Transportation • FacilityRAMIRENT OFFERING • Lifts • Modules • Installation management Benefits: • Heavy machinery • Safety and • Maintenance • Paperwork • Tower cranes formworks • Inspections for authorities Easy to buy, reduced number of and hoists • Light machinery • Insurance • Technical subcontractors, increased focus • Scaffolding • Power and heating • Operators support on the core business Benefits: Benefits: Lighter balance sheets, More uptime in core operations OUTSOURCING less investments due to less downtime in equipment, Benefits: less maintenance costs, right choice By outsourcing your of equipment improves efficiency, machine fleet to Ramirent, less product liability risk companies can increase efficiency and simplify their business by focusing on INDUSTRIES core competences • Construction • Mining • Paper • Power generation • Oil & gas • Shipyards • Facility management • Public sector • Households CUSTOMER NEEDS 48 Interim Report January-June 2012 l 9 August 2012
  49. 49. Light machinery, lifts and modules are the biggestproduct groups measured by rental income19% 8% 5% 11% TOWER CRANESLIFTS HEAVY MACHINERY AND HOISTS SCAFFOLDING17% 5% 26% 10%MODULES SAFE LIGHT MACHINERY POWER & HEATING Ramirent’s equipment fleet is organised along eight core product groups 49 Interim Report January-June 2012 l 9 August 2012
  50. 50. The Group’s key strategic objectives Sustainable profitable growth Accelerate growth through acquisitions and outsourcing deals Evaluate entry into new markets Strengthen local offerings and develop solution concepts Operational excellence Develop a common Ramirent platform Develop group wide IT platform and realise synergies Maintain strong focus on cost efficiency Balanced risk level Diversified portfolios of customers, products and markets Continuous employee competence development A strong financial position 50 Interim Report January-June 2012 l 9 August 2012
  51. 51. Strong long-term growth drivers Long-term growth industry Increasing rental penetration 70 % 100 % Increasing rental penetration in most 60 % 90 % markets, still high potential compared 80 % 45 % 40 % 40 % 70 % to mature UK market 30 % 30 % 60 % 25 % 20 % 20 % Fragmented European rental market of 50 % 15 % 15 % 15 % 10 % 10 % 10 % 40 % 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 Western Europe European consolidation opportunities High potential CEE construction markets Inhabitants Ramirent (million) Loxam Construction output (BEUR) Cramo Algeco Scotsman Speedy Hire Liebherr-Mietpartner GAM Mediaco Lifting Sarens Kiloutou HKL Baumschinen Others St. Petersburg + Moscow only 51 Source: ERA, Euroconstruct Interim Report January-June 2012 l 9 August 2012
  52. 52. The Group’s financial targets• ROI >18% p.a. over a business cycle• EPS growth > 15% p.a. over a business cycle• Gearing ≤ 120% at end of each fiscal year• Dividend pay-out > 40% of earnings per share 52 Interim Report January-June 2012 l 9 August 2012
  53. 53. APPENDIX 53
  54. 54. Consolidated income statement CONSOLIDATED INCOME STATEMENT 4-6/12 4-6/11 1-6/12 1-6/11 1-12/11(EUR 1,000)Rental income 111 693 100 754 214 766 187 794 430 848Ancillary income 51 788 43 662 105 533 87 227 192 355Sales of equipment 6 258 5 111 13 770 8 858 26 658NET SALES 169 738 149 527 334 069 283 878 649 861Other operating income 557 327 983 669 1 526Materials and services -53 748 -47 628 -108 803 -91 443 -209 357Employee benefit expenses -40 210 -36 599 -82 699 -73 229 -156 101Depreciation and amortisation -28 859 -25 154 -58 370 -50 087 -107 659Other operating expenses -24 732 -25 026 -50 093 -51 661 -104 140EBIT 22 746 15 446 35 087 18 127 74 131Financial income 2 549 1 990 9 565 4 106 11 405Financial expenses -5 319 -4 921 -14 006 -9 875 -24 776EBT 19 976 12 515 30 646 12 358 60 760Income taxes -5 019 -3 438 -7 792 -3 388 -16 030NET RESULT FOR THE PERIOD 14 958 9 078 22 854 8 970 44 730Net result for the period attributable to:Owners of the parent company 14 958 9 078 22 854 8 970 44 730Non-controlling interest - - - - -TOTAL 14 958 9 078 22 854 8 970 44 730EPS on parent company shareholders 0.14 0.08 0.21 0.08 0.41share of profit, basic and diluted, EUR 54 Interim Report January-June 2012 l 9 August 2012
  55. 55. Balance sheet – AssetsCONSOLIDATED BALANCE SHEET 30.6.2012 30.6.2011 31.12.2011ASSETS(EUR 1,000)NON-CURRENT ASSETSProperty, plant and equipment 477 196 443 969 487 310Goodwill 134 394 96 379 124 452Other intangible assets 39 864 12 079 35 719Available-for-sale investments 1 450 422 1 368Deferred tax assets 12 875 14 811 12 183NON-CURRENT ASSETS, TOTAL 665 778 567 660 661 032CURRENT ASSETSInventories 18 103 16 987 17 309Trade and other receivables 131 019 108 574 120 000Current tax assets 193 2 333 344Cash and cash equivalents 2 089 2 029 2 431CURRENT ASSETS, TOTAL 151 404 129 923 140 084TOTAL ASSETS 817 183 697 583 801 117 55 Interim Report January-June 2012 l 9 August 2012
  56. 56. Balance sheet – Equity and liabilities EQUITY AND LIABILITIES 30.6.2012 30.6.2011 31.12.2011 (EUR 1,000)EQUITYShare capital 25 000 25 000 25 000Revaluation fund -4 568 -1 632 -4 192Invested unrestricted equity fund 113 329 113 329 113 329Retained earnings 188 243 159 487 191 862PARENT COMPANY SHAREHOLDERS’ EQUITY 322 004 296 184 326 000Non-controlling interests - - -EQUITY, TOTAL 322 004 296 184 326 000NON-CURRENT LIABILITIESDeferred tax liabilities 78 082 60 625 73 690Pension obligations 7 008 7 158 7 226Provisions 1 140 1 945 1 553Interest-bearing liabilities 223 818 149 974 219 773Other long-term liabilities 9 133 2 452 11 748NON-CURRENT LIABILITIES, TOTAL 319 180 222 154 313 990CURRENT LIABILITIESTrade payables and other liabilities 111 592 84 125 109 020Provisions 1 221 1 041 1 163Current tax liabilities 4 273 3 832 5 496Interest-bearing liabilities 58 913 90 247 45 448CURRENT LIABILITIES, TOTAL 175 999 179 245 161 127LIABILITIES, TOTAL 495 178 401 398 475 117TOTAL EQUITY AND LIABILITIES 817 183 697 583 801 117 56 Interim Report January-June 2012 l 9 August 2012
  57. 57. Key figures(MEUR) 4-6/12 4-6/11 Change 1-6/12 1-6/11 Change 1-12/11Net sales 169.7 149.5 13.5% 334.1 283.9 17.7% 649.9EBITDA 51.6 40.6 27.1% 93.5 68.2 37.0% 181.8% of net sales 30.4% 27.2% 28.0% 24.0% 28.0%EBIT 22.7 15.4 47.3% 35.1 18.1 93.6% 74.1% of net sales 13.4% 10.3% 10.5% 6.4% 11.4%EBT 20.0 12.5 59.6% 30.6 12.4 148.0% 60.8% of net sales 11.8% 8.4% 9.2% 4.4% 9.3%Earnings per share (EPS), (basic and 0.14 0.08 65.4% 0.21 0.08 155.6% 0.41diluted), EURGross capital expenditure on non- 23.9 44.6 -46.4% 59.6 76.5 -22.0% 242.2current assetsGross capital expenditure,% of net 14.1% 29.8% 17.8% 26.9% 37.3%salesCash flow after investments 7.3 -20.4 135.5% 13.6 -31.1 143.8% -52.0Invested capital at the end of period 604.7 536.4 12.7% 591.2Return on invested capital (ROI), % 18.9% 10.4% 15.7%1)Return on equity (ROE), % 1) 19.0% 8.3% 13.9%Net debt 280.6 238.2 17.8% 262.8Gearing, % 87.2% 80.4% 80.6%Equity ratio, % 39.4% 42.5% 40.7%Personnel at end of period 3 129 3 185 -1.8% 3 1841) The figures are calculated on a rolling twelve monthbasis. 57 Interim Report January-June 2012 l 9 August 2012
  58. 58. Condensed cash flow statementCONSOLIDATED CONDENSED CASH FLOW STATEMENT 4-6/12 4-6/11 1-6/12 1-6/11 1-12/11(EUR 1,000)Cash flow from operating activities 34 198 23 674 75 417 51 005 177 433Cash flow from investing activities -26 947 -44 090 -61 776 -82 146 -229 475Cash flow from financing activitiesBorrowings / repayment of short-term debt 22 168 29 886 13 668 48 595 30 584Borrowings / repayment of long-term debt 192 18 768 5 210 13 604 52 919Purchase of treasury shares - -116 -2 714 -3 378 -3 378Dividends paid -30 147 -27 004 -30 147 -27 004 -27 004Cash flow from financing activities -7 786 21 534 -13 983 31 817 53 121Net change in cash and cash equivalents -535 1 117 -342 676 1 079Cash and cash equivalents at the beginning of the period 2 625 911 2 431 1 352 1 352Translation difference on cash and cash equivalents - - - - -Net change in cash and cash equivalents -535 1 117 -342 676 1 079Cash and cash equivalents at the end of the period 2 089 2 029 2 089 2 029 2 431 58 Interim Report January-June 2012 l 9 August 2012
  59. 59. Segment informationNet sales, MEUR 4-6/12 4-6/11 Change 1−6/12 1−6/11 Change 1-12/11Finland, net sales 41.0 35.6 15% 78.9 64.8 22% 151.4(external)-Inter-segment sales 0.5 0.9 -50% 0.9 2.0 -55% 3.3Sweden, net sales 49.8 42.1 18% 97.9 83.1 18% 182.0(external)-Inter-segment sales 1.2 - N/A 1.2 0.3 269% 0.6Norway, net sales 38.1 30.4 25% 81.8 62.9 30% 144.3(external)-Inter-segment sales - 0.1 N/A 0.1 0.2 -56% 0.5Denmark, net sales 11.2 9.7 16% 21.0 17.9 18% 43.5(external)-Inter-segment sales - 0.2 N/A - 0.4 N/A 0.6Europe East, net sales 15.0 13.0 15% 27.0 22.3 21% 55.8(external)-Inter-segment sales - - N/A 0.2 0.1 80% 0.2Europe Central, net sales 14.8 18.7 -21% 27.6 33.0 -17% 72.8(external)-Inter-segment sales 0.5 0.3 103% 1.0 0.3 192% 1.0Elimination of sales -2.2 -1.5 -50% -3.4 -3.4 - -6.3between segmentsNet sales, total 169.7 149.5 14% 334.1 283.9 18% 649.9 59 Interim Report January-June 2012 l 9 August 2012
  1. A particular slide catching your eye?

    Clipping is a handy way to collect important slides you want to go back to later.

×