Rr results q2_2013_en_final

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Ramirent Q2 2013 Interim Report

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Rr results q2_2013_en_final

  1. 1. INTERIM REPORT Q2/2013 August 8, 2013 CEO Magnus Rosén CFO Jonas Söderkvist
  2. 2. Agenda Highlights Q2 and 1-6/2013 Market outlook Segment review Financial review Company overview Appendix 2 Agenda
  3. 3. 3 Highlights Q2/2013 Net sales MEUR 160.8 (169.7) down by 5.3% (down by 5.8% at comparable exchange rates); adjusted for the transfer of the operations in Russia and Ukraine to Fortrent, net sales decreased by 0.7% EBITA MEUR 22.7 (24.7) or 14.1% (14.6%) of net sales Cash flow after investments MEUR −5.2 (7.3) After the review period, Ramirent signed agreement to divest its Hungarian operation Highlights: Q2/2013
  4. 4. 4 Highlights 1-6/2013 Net sales MEUR 313.6 (334.1) down by 6.1% (down by 7.2% at comparable exchange rates); adjusted for the transfer of the operations in Russia and Ukraine to Fortrent, net sales decreased by 3.2% EBITA MEUR 45.3 (39.1) or 14.4% (11.7%) of net sales EBITA excluding non-recurring items1) was MEUR 35.1 (39.1) or 11.2% (11.7%) Net result MEUR 23.3 (22.9) and EPS EUR 0.22 (0.21) Gross capex MEUR 62.4 (59.6) Cash flow after investments MEUR 13.8 (13.6) Net debt to EBITDA ratio 1.2x (1.4x) Highlights: Q2/2013 1) Non-recurring item included a non-taxable capital gain of MEUR 10.1 from the formation of Fortrent. Oslo, Norway
  5. 5. 5 Quarterly net sales Q1/2010 – Q2/2013 (MEUR) Second-quarter adjusted net sales were on par with the corresponding period last year 111.5 128.7 140.9 150.1 134.4 149.5 179.2 186.8 164.3 169.7 185.9 194.1 152.8 160.8 0 50 100 150 200 250 Q1 Q2 Q3 Q4 2010 2011 2012 2013 Q2/2013 Net sales decreased by 5.3% or 5.8% at comparable exchange rates Adjusted for the transfer of the operations in Russia and Ukraine to Fortrent, net sales decreased by 0.7% Highlights: Q2/2013
  6. 6. 6 Quarterly EBITA-margin (%) Q1/2010 – Q2/2013 Profitability remained close to last year's level despite mixed market picture -4.5% 6.2% 12.4% 8.5% 2.7% 11.0% 17.9% 14.6% 8.7% 14.6% 17.1% 15.3% 14.8% 14.1% -10% -5% 0% 5% 10% 15% 20% Q1 Q2 Q3 Q4 2010 2011 2012 2013 Highlights: Q2/2013
  7. 7. 7 7.0 8.6 5.4 0.2 1.6 0.1 5.8 8.9 7.3 -0.1 0.0 0.3 -6 -4 -2 0 2 4 6 8 10 12 EBIT MEUR Q2/2013 vs. Q2/2012 Second-quarter EBIT improved in Norway and Sweden 17.0% 16.9% 14.2% 2.0% 10.8% 0.9% 15.8% 16.8% 18.9% -0.5% 0.3% 2.1% -5% 0% 5% 10% 15% 20% EBIT margin, % Q2/2013 vs. Q2/2012 Q2/2012 Q2/2013 Q2/2012 Q2/2013 Highlights: Q2/2013
  8. 8. After the review period, Ramirent sold its entire Hungarian operation to the Danube SCA Sicar, a private equity fund The transaction will result in a non-recurring cost due to foreign exchange translation differences of app. EUR 2 million Divestment is line with aim to strengthen the strategic focus on higher growth opportunities in Ramirent's core markets in the Baltic Sea region Completion of the sale is expected during the third quarter Ramirent sold its operations in Hungary Hungary Net sales* 7 MEUR Personnel: 83 Customer centres: 13 *Forecast for 2013 Ramirent Europe Central Highlights Q2/2013 8
  9. 9. All long-term financial targets were met in Q2/2013 9 Leverage and risk Profit generation Dividend Element Target level ROE Net Debt / EBITDA ratio Dividend pay-out ratio 18% p.a. over a business cycle Below 1.6x at the end of each fiscal year At least 40% of Net profit Measure 1–6/2013 19.3% 1.2x 57.6%* of 2012 net profit *Paid for 2012 Highlights: Q2/2013
  10. 10. MARKET OUTLOOK 10 Flow Festival, Helsinki, Finland Flow Festival, Helsinki, Finland
  11. 11. Market outlook –Construction output forecasts 11 Market outlook Country 2012 2013F Source Nordic Finland −3.8% −1.2% Euroconstruct Sweden −2.9% −0.8% Euroconstruct Norway 5.4% 5.7% Euroconstruct Denmark −1.1% 3.0% Euroconstruct Europe Central Poland 0.0% −5.6% Euroconstruct Czech Republic −7.4% −6.1% Euroconstruct Slovakia −13.8% −2.0% Euroconstruct Hungary −5.4% 2.5% Euroconstruct Europe East Russia 2.0% 3.0% Euroconstruct Estonia 19.0% −2.0% Euroconstruct Latvia 14.0% 7.0% Euroconstruct Lithuania −7.0% 4.0% Euroconstruct Ukraine n.a. n.a. Euroconstruct Source: Euroconstruct June 2013
  12. 12. Residential construction expected to increase in Norway 12 Source: Euroconstruct June 2013 Residential construction (output) 2008 – 2014F Index 2008 = 100 (volume) Forecasts for Europe East countries not available Market outlook 109 94 122 92 91 70 80 90 100 110 120 130 2008 2009 2010 2011 2012 2013F 2014F Finland Sweden Norway Denmark Europe Central
  13. 13. Non–residential construction forecasted to remain stable 13 Non–residential construction (output) 2008 – 2014F Index 2008 = 100 (volume) 78 91 105 67 97 60 70 80 90 100 110 120 2008 2009 2010 2011 2012 2013F 2014F Finland Sweden Norway Denmark Europe Central Source: Euroconstruct June 2013 Forecasts for Europe East countries not available Market outlook
  14. 14. Renovation markets expected to continue to grow steadily 14 Renovation in construction sector (output) 2008 – 2014F Index 2008 = 100 (volume) 109 103 121 107 116 70 80 90 100 110 120 130 2008 2009 2010 2011 2012 2013F 2014F Finland Sweden Norway Denmark Europe Central Source: Euroconstruct June 2013 Forecasts for Europe East countries not available Market outlook
  15. 15. 15 Market outlook Nordic construction order books (inc. Skanska, YIT and SRV) decreased by 3.7% in Q2/2013 A decrease of 3.7% in Q2/13 vs. Q2/12 in construction companies order books (including Skanska, YIT and SRV) -40% -20% 0% 20% 40% 60% 0 1 2 3 4 5 6 7 8 9 Q1 2007 Q2 Q3 Q4 Q1 2008 Q2 Q3 Q4 Q1 2009 Q2 Q3 Q4 Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Order books: Nordic construction companies BEUR fixed exchange rates Skanska YIT SRV Change in Net sales YoY, R12 Ramirent Change in order backlog YoY, Nordic construction
  16. 16. Ramirent outlook for 2013 16 Ramirent previously estimated the full year 2013 EBITA to remain at the 2012 level. Due to the non-recurring cost of divesting Hungary, Ramirent's 2013 EBITA is expected to be slightly below the 2012 level. Market outlook
  17. 17. SEGMENT REVIEW 17 Riga European Capital of Culture 2014, Latvia Riga European Capital of Culture 2014, Latvia
  18. 18. 28 36 38 35 30 37 45 42 38 41 45 42 35 36 -5% 0% 5% 10% 15% 20% 25% 30% 0 5 10 15 20 25 30 35 40 45 50 Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Net sales EBIT-% Finland Season started exceptionally late this year Demand for equipment rental lower than in comparative period Stable demand in industrial sector Low market activity in Northern Finland Price pressure continued 18 Highlights Q2/2013 Sales and EBIT by quarter Finland Q2 2013 Q2 2012 Change (EUR) Change (Local) 1–6/ 2013 1–6/ 2012 Change (EUR) Change (Local) Net sales, MEUR 36.4 41.4 −12% 71.5 79.8 −11% EBIT, MEUR 5.8 7.0 −18% 8.9 12.0 −26% EBIT–margin 15.8% 17.0% 12.4% 15.0% Personnel 588 619 −5% 588 619 −5% Customer centres 76 80 −5% 76 80 −5% Segment review
  19. 19. 19 Demand of equipment rental improved in the end of Q2 In capital region, demand was supported by stable development in construction sector Lack of big construction projects in Southern Sweden EBIT improved due to improved utilisation rates and pick up in demand 29 35 36 45 41 42 45 54 48 51 53 58 50 53 0% 5% 10% 15% 20% 25% 0 10 20 30 40 50 60 70 Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Net sales EBIT-% Sales and EBIT by quarter Segment review Highlights Q2/2013 Sweden Sweden Q2 2013 Q2 2012 Change (EUR) Change (Local) 1–6/ 2013 1–6/ 2012 Change (EUR) Change (Local) Net sales, MEUR 53.1 50.9 4% 0% 103.4 99.1 4% 0% EBIT, MEUR 8.9 8.6 3% 15.6 15.1 3% EBIT–margin 16.8% 16.9% 15.1% 15.3% Personnel 702 727 −3% 702 727 −3% Customer centres 76 84 −10% 76 84 −10%
  20. 20. Norway 20 High activity in construction and oil & gas sector Demand was favourable in all geographical areas, except Southern Norway EBIT improved due to better operational efficiency and good cost control Price levels increased slightly 28 27 28 31 33 30 40 42 44 38 41 51 38 39 -5% 0% 5% 10% 15% 20% 0 10 20 30 40 50 60 Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Net sales EBIT-% Sales and EBIT by quarter Segment review Highlights Q2/2013 Norway Q2 2013 Q2 2012 Change (EUR) Change (Local) 1–6/ 2013 1–6/ 2012 Change (EUR) Change (Local) Net sales, MEUR 38.8 38.1 2% 5% 76.9 81.8 −6% −6% EBIT, MEUR 7.3 5.4 36% 11.7 9.3 25% EBIT–margin 18.9% 14.2% 15.2% 11.4% Personnel 472 471 0% 472 471 0% Customer centres 43 43 − 43 43 −
  21. 21. 21 Demand for equipment rental was stable Activity in construction sector improved slightly Profitability still suffering from low price levels Ramirent has taken actions to reduce fixed costs 8 9 9 10 8 10 11 15 10 11 11 12 9 11 -20% -15% -10% -5% 0% 5% 10% 0 2 4 6 8 10 12 14 16 Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Net sales EBIT-% Sales and EBIT by quarter Segment review Highlights Q2/2013 Denmark Denmark Q2 2013 Q2 2012 Change (EUR) Change (Local) 1–6/ 2013 1–6/ 2012 Change (EUR) Change (Local) Net sales, MEUR 11.2 11.2 0% 0% 20.3 21.0 −4% −3% EBIT, MEUR −0.1 0.2 n/a −1.5 0.0 n/a EBIT–margin −0.5% 2.0% −7.5% 0.1% Personnel 186 178 5% 186 178 5% Customer centres 16 22 −27% 16 22 −27%
  22. 22. 22 Activity in construction sector remained stable Adjusted for the transfer of the operations in Russia and Ukraine to Fortrent, net sales increased by 4.9% Price levels remained stable The integration of Fortrent’s business operations is proceeding according to plan 8 10 12 13 9 13 17 16 12 15 19 17 10 8 -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% 60% 0 2 4 6 8 10 12 14 16 18 20 Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Net sales EBIT-% Sales and EBIT by quarter Segment review Highlights Q2/2013 (113%) 1) Adjusted for the transfer of the operations in Russia and Ukraine to Fortrent, Q2/2013 net sales increased by 4.9% 2) January-June 2013 EBIT excl. capital gain EUR 0.9 million or 5.2% of net sales Europe East Europe East Q2 2013 Q2 2012 Change (EUR) Change (Local) 1–6/ 2013 1–6/ 2012 Change (EUR) Change (Local) Net sales, MEUR 7.6 15.0 −50% 1) −50% 17.3 27.2 −36% −36% EBIT, MEUR 0.0 1.6 −99% 11.0 2) 1.5 613% EBIT–margin 0.3% 10.8% 63.7% 2) 5.7% Personnel 209 433 −52% 209 433 −52% Customer centres 41 60 −32% 41 60 −32%
  23. 23. 23 Weak demand in all Europe Central countries Market activity was at low level in construction sector, especially in Poland EBIT was hampered by weak volumes and low utilisation rates Intense competition and overcapacity in the market increased pressure on rental prices 12 16 20 19 14 19 22 19 13 15 18 16 11 14 -50% -40% -30% -20% -10% 0% 10% 20% 0 5 10 15 20 25 Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Net sales EBIT-% Sales and EBIT by quarter Segment review Highlights Q2/2013 1) January-June 2013 EBIT excluding EUR 2.9 million impairment loss in the Hungarian goodwill was EUR −2.0 million, representing −8.0% of net sales Europe Central Europe Central Q2 2013 Q2 2012 Change (EUR) Change (Local) 1–6/ 2013 1–6/ 2012 Change (EUR) Change (Local) Net sales, MEUR 14.1 15.3 −8% −8% 25.1 28.5 −12% −13% EBIT, MEUR 0.3 0.1 126% −4.9 1) −2.1 n/a EBIT–margin 2.1% 0.9% −19.6% 1) −7.3% Personnel 589 676 −13% 589 676 −13% Customer centres 73 90 −19% 73 90 −19%
  24. 24. FINANCIAL REVIEW 24 Tall Ships Race, Helsinki, Finland Tall Ships Race, Helsinki, Finland
  25. 25. Stable profitability and strong financial position 25 Net Sales (MEUR) EBITDA (MEUR) Cash flow (MEUR) Net debt (MEUR) Gross Capex (MEUR) EBITA (MEUR) 13 22 10 18 32 45 120 46 36 24 28 37 32 30 0% 10% 20% 30% 40% 50% 60% 70% 80% 0 20 40 60 80 100 120 140 Q1 2010 Q2Q3Q4Q1 2011 Q2Q3Q4Q1 2012 Q2Q3Q4Q1 2013 Q2 Gross Capex Share of net sales-% 212209 197 177 191 238 280 263258 281 256 239 220 264 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0 50 100 150 200 250 300 Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Net debt Gearing-% -5 8 17 13 4 17 32 27 14 25 32 30 23 23 -10% -5% 0% 5% 10% 15% 20% -10 -5 0 5 10 15 20 25 30 35 Q1 2010 Q2Q3Q4Q1 2011 Q2Q3Q4Q1 2012 Q2Q3Q4Q1 2013 Q2 EBITA EBITA-% 18 31 42 37 28 41 59 55 42 52 60 57 48 49 0% 5% 10% 15% 20% 25% 30% 35% 0 10 20 30 40 50 60 70 Q1 2010 Q2Q3Q4Q1 2011 Q2Q3Q4Q1 2012 Q2Q3Q4Q1 2013 Q2 EBITDA EBITDA-% 112 129 141150 134 150 179187 164170 186194 153161 -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 0 50 100 150 200 250 Q1 2010 Q2Q3Q4Q1 2011 Q2Q3Q4Q1 2012 Q2Q3Q4Q1 2013 Q2 Net sales Y-o-y change-% -4 13 14 24 -11 -20 -37 16 6 7 24 17 19 -5 -40 -30 -20 -10 0 10 20 30 Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Financial review Non-recurring items in Q1/2013: Capital gain of EUR 10.1 million booked from the transaction to form Fortrent as well as an impairment loss of EUR 2.9 million in the Hungarian goodwill First-quarter EBITA excluding non-recurring items was EUR 12.4 million, representing 8.1% of net sales
  26. 26. Net sales decreased by 5.3% in Q2/2013, comparable net sales decreased by 0.7% 26 112 129 141 150 134 150 179 187 164 170 186 194 153 161 0 20 40 60 80 100 120 140 160 180 200 220 Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Net sales (MEUR) Q1/2010 – Q2/2013 1-12/2010: 531.3 Financial review Net sales decreased by 5.8% at comparable exchange rates Comparable net sales decreased by 0.7% (adjusted for the transfer of the operations in Russia and Ukraine to Fortrent) 1-12/2011: 649.9 1-12/2012: 714.1 R12: 693.6
  27. 27. 27 Net sales by segment (MEUR) and Change % (YoY) −12.2% 1.9% −7.7%−49.6%−0.1%4.3% Net sales grew in Sweden and Norway Financial review 41.4 50.9 38.1 11.2 15.0 15.3 36.4 53.1 38.8 11.2 7.6 14.1 0 10 20 30 40 50 60 Finland Sweden Norway Denmark Europe East Europe Central Q2/2012 Q2/2013
  28. 28. Rental income and ancillary income decreased compared to previous year Q2/2012 compared to Q2/2013: • Rental income decreased by 6.5% • Ancillary income decreased by 5.9% • Income from sold equipment increased by 21.3% 28 66% 65% 31% 30% 4% 5% 0% 20% 40% 60% 80% 100% Q2/2012 Q2/2013 Income from sold equipment Ancillary income Rental income Breakdown of net sales (%) and MEUR 111.7 104.5 51.8 48.7 6.3 7.6 0 50 100 150 200 Q2/2012 Q2/2013 Income from sold equipment Ancillary income Rental income Financial review
  29. 29. Gross margin improved slightly year-on-year 29 Gross margin (%) by quarter 65% 67% 68% 66% 67% 67% 68% 69% 66% 68% 66% 68% 69% 64% 67%67% 69% Q1 Q2 Q3 Q4 FY 2010 2011 2012 2013 Financial review
  30. 30. Number of employees decreased mainly due to scaling down of operations in Europe Central At the end of June 2013, the Group’s number of employees was 2,777 (3,129) At the end of 2012, number of employees in Russia and Ukraine was 238 30 Number of employees by segment 619 727 471 178 433 676 572 677 467 192 443 626 588 702 472 186 209 589 Finland Sweden Norway Denmark Europe East Europe Central Personnel 30/6/12 Personnel 31/12/12 Personnel 30/6/13 Financial review
  31. 31. Customer centres were reduced in Sweden, Denmark and Europe Central segment 334 325 Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Finland Sweden Norway Denmark Europe East Europe Central Number of customer centres per segment 31 Financial review 353
  32. 32. Fixed costs have remained well under control Group fixed costs MEUR 127.3 (132.8) in 1-6/2013 32 Fixed costs by quarter (MEUR) Financial review 33 33 32 38 37 37 41 42 42 40 42 42 42 39 22 23 22 24 27 25 25 28 25 25 26 27 24 22 56 56 54 62 63 62 66 70 68 65 68 69 66 62 Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Employee benefit expenses Other operating expenses
  33. 33. Profitability remained stable in the second quarter 2013 33 -5.1 8.0 17.4 12.7 3.6 16.5 32.0 27.3 14.4 24.7 31.8 29.7 22.61) 22.7 -10% -5% 0% 5% 10% 15% 20% -10 -5 0 5 10 15 20 25 30 35 Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 EBITA EBITA-% EBITA (MEUR) and EBITA-margin (%) Q1/2010 – Q2/2013 1-12/2010: 33.0 1-12/2011: 79.4 1-12/2012: 100.6 1) Non-recurring items in Q1/2013: Capital gain of EUR 10.1 million booked from the transaction to form Fortrent. EBITA excluding non-recurring items was EUR 12.4 million, representing 8.1% of net sales Financial review
  34. 34. Group net sales and EBITA excluding transferred operations to Fortrent (in Russia and Ukraine) 34 157.6 148.3 161.9 160.8 176.3 184.7 6.8 4.6 7.8 0.0 9.6 9.4 0 50 100 150 200 Group (exc. Russia and Ukraine) Russia and Ukraine Group Net sales and Net sales in Russia and Ukraine (MEUR) Financial review Group EBITA and EBITA in Russia and Ukraine (MEUR) 14.6 11.4 24.1 23.4 30.1 25.9 -0.2 11.4 0.6 0.0 1.7 3.5 0 5 10 15 20 25 30 35 Group (exc. Russia and Ukraine) Russia and Ukraine Fortrent −0.2 (Fortrent) −0.8 (Fortrent)
  35. 35. January-June 2013 included EUR 7.2 million of non-recurring items Reported EBIT was EUR 39.0 (35.1) million or 12.4% (10.5%) of net sales Non-recurring items in 1-6/2013: Capital gain of EUR 10.1 million booked from the transaction to form Fortrent as well as an impairment loss of EUR 2.9 million in the Hungarian goodwill EBIT excluding non-recurring items was EUR 31.7 million, representing 10.1% of net sales 35 EBIT (MEUR) 1-6/12 vs 1-6/13 35.1 39.0 10.1 2.9 31.7 0 5 10 15 20 25 30 35 40 45 1-6/2012 reported 1-6/2013 reported Capital gain Goodwill impairment 1-6/2013 adjusted Financial review
  36. 36. Good level of EBIT margin in Norway, Sweden and Finland 36 17.0% 16.9% 14.2% 2.0% 10.8% 0.9% 15.8% 16.8% 18.9% -0.5% 0.3% 2.1% Finland Sweden Norway Denmark East Central Q2/12 Q2/13 EBIT–margin (%) by segments Financial review
  37. 37. Ramirent continued its cautiousness with capital expenditure The total value of purchased equipment was 57.3 (41.9) million in 1-6/2013 The value of sold rental equipment was EUR 11.9 (13.8) million in 1-6/2013 37 Purchased and sold equipment by quarter (MEUR) Financial review 8 19 9 17 30 38 67 34 20 22 25 34 29 28 5 4 3 4 4 5 6 12 8 6 6 8 4 8 Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Purchased equipment Sold equipment
  38. 38. Capital expenditure focused on Norway, Sweden and Finland No acquisitions were made during the quarter 38 5.0 7.9 6.3 0.3 2.6 1.5 6.4 8.2 8.3 2.2 2.8 1.1 Finland Sweden Norway Denmark East Central 4–6/2012 4–6/2013 Capital Expenditure by segments (MEUR) Financial review
  39. 39. Working capital again at some 6% of net sales Q2/2013 credit losses and net change in the allowance for bad debt totalled EUR −0.9 (−0.9) million Dividend of EUR 36.6 million paid in April 2013 39 15 14 14 16 16 17 17 17 18 18 20 15 15 15 83 90 99 97 95 109 124 120 114 131 141 136 115 129 -69 -86 -86 -89 -82 -84 -107 -109 -139 -112 -122 -113 -143 -98 -6% -4% -2% 0% 2% 4% 6% 8% -120 -80 -40 0 40 80 120 160 Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Trade payables and other liabilities Trade and other receivables Inventories Working capital/Net sales Rolling 12 month basis Working capital by quarter (MEUR) Financial review
  40. 40. Return on investment remained stable in the second quarter 40 Invested capital (MEUR) and ROI (%) rolling 12 months 524 508 509 496 508 536 588 591 565 602 605 604 654 611 0% 5% 10% 15% 20% 25% 0 100 200 300 400 500 600 700 Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Invested capital ROI % (R12) Return on invested capital, ROI 19.2% (19.0%) at the end of June 2013 Financial review
  41. 41. Cash flow after investments at lower level compared with the previous year 41 Cash flow after investments (MEUR) Financial review −4.0 13.4 14.4 24.2 −10.7 −20.4 −36.8 15.9 6.4 7.3 23.7 16.8 19.0 −5.2 Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Cash flow after investments Cash flow after investments, Rolling 12 months 1-12/2010: 48.0 1-12/2011: −52.0 1-12/2012: 54.2 R12: 54.3
  42. 42. 212 209 197 177 191 238 280 263 258 281 256 239 220 264 1.8x 1.9x 1.7x 1.4x 1.4x 1.6x 1.7x 1.4x 1.2x 1.4x 1.2x 1.1x 1.0x 1.2x 0 1 2 3 0 50 100 150 200 250 300 Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Net debt Net debt to EBITDA ratio Ramirent's financial position is strong Net debt to EBITDA 1.2x (1.4x) at the end of June 2013 Dividend of EUR 36.6 million was paid in the second quarter 42 Net debt (MEUR) and Net debt to EBITDA ratio Financial review
  43. 43. At end of June 2013, Ramirent had unused committed back–up loan facilities of EUR 174.7 million In addition to bank facilities, Ramirent is utilising a domestic commercial paper program of up to EUR 150 million 43 Repayment schedule of interest–bearing liabilities (MEUR) Financial review 100 240 100 2013 2014 2015 2016 2017 2018 2019 264 MEUR in net debt 440 MEUR in committed credit facilities
  44. 44. Return on equity remained above the long-term financial target 44 309 296 308 318 316 296 305 326 305 319 347 364 342 344 -5% 0% 5% 10% 15% 20% 25% 0 50 100 150 200 250 300 350 400 Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Total equity ROE % (R12) Total equity (MEUR) and ROE (%) rolling 12 months Return on equity, ROE 19.3% (19.0%) for last 12 months Financial review
  45. 45. For more information: www.ramirent.com Magnus Rosén, CEO +358 20 750 2845 magnus.rosen@ramirent.com Jonas Söderkvist, CFO +358 20 750 3248 jonas.soderkvist@ramirent.com Franciska Janzon, IR +358 20 750 2859 franciska.janzon@ramirent.com
  46. 46. COMPANY OVERVIEW 46
  47. 47. Ramirent in brief 47 Leading equipment rental company in Northern, Central and Eastern Europe with net sales of EUR 714 million (2012) Presence in 11 countries through 325 customer centers and in two countries through joint venture Fortrent Listed on NASDAQ OMX Helsinki since 1998 2,777 employees serving 200,000 customers with 200,000 rental items Founded in 1955 and headquartered in Finland Company overview
  48. 48. Ramirent operates in Europe with Baltic Sea region being the core market 48 Sales per segment 1-6/2013 Wide network of customer centres and leading market position (Q2/13) Finland 23% Sweden 32% Norway 25% Denmark 6% Europe East 6% Europe Central 8% Sales per customer 1-12/2012 Construc- tion 68% Services &Retail 10% Industrial 15% Private 3% Public 4% Target is to increase sales to non-construction customers to 40% of the Group's net sales Finland 76 customer centres # 1 Europe East 41 customer centres # 1 Norway 43 customer centres # 1 Denmark 16 customer centres # 1 Europe Central 73 customer centres # 1 Sweden 76 customer centres # 2 Company overview Fortrent, presence through JV
  49. 49. Targeting a wider range of customer industries in all countries Shipyards Construction HouseholdsAviationPower Oil and gas Public Windpower 49© 2013 Ramirent
  50. 50. End of 2009 We accelerate our growth through acquisitions and outsourcing cases 50 Outsourcing deal in Denmark Outsourcing deal in Finland Acquisition of Finnish weather protection rental company Outsourcing deal with two subsidiaries in Finland Outsourcing deal in Finland Active screening of acquisition targets Acquisition of Swedish rental company Outsourcing deal in Norway Acquisition of Czech rental business Aquisition of Czech rental business Acquisition of Czech rental business Acquisition of Swedish rental company Acquisition of Danish rental business Acquisition of specialist module rental company in Norway Danish scaffolding division Acquisition of Swedish rental company Acquisition of Swedish rental company 2010 2011 2012 Outsourcing deal in Norway Fortrent (JV with Cramo in Russia and Ukraine) 2013 Company overview
  51. 51. Mission We simplify business by Delivering Dynamic Rental Solutions™ Vision To be the leading and most progressive equipment rental solutions company in Europe, setting the benchmark for industry performance and customer service 51 Our strategic choices Values Open, Progressive, Engaged Brand promise Let’s solve it
  52. 52. Broadest range of equipment and Dynamic Rental SolutionsTM 52 RAMIRENTOFFERING CUSTOMER NEEDS PRODUCTS • Light machinery • Heavy machinery • Lifts • Power and heating • Modules • Tower cranes and hoists • Scaffolding • SAFE SERVICES • Planning • Business Support • On-Site Support • Merchandise Sales • Rental Insurance • Training SOLUTIONS • SpaceSolve • SafeSolve • AccessSolve • EcoSolve • PowerSolve • ClimateSolve • TotalSolve Benefits: Lighter balance sheets, less investments Benefits: More uptime in core operations due to less downtime in equipment, less maintenance costs, right choice of equipment improves efficiency, less product liability risk Benefits: Easy to buy, reduced number of subcontractors, increased focus on the core business OUTSOURCING Benefits: By outsourcing their machine fleet to Ramirent, companies can increase efficiency and simplify their business by focusing on core competencesINDUSTRIES • Construction • Mining • Paper • Power generation • Oil & gas • Shipyards • Retail and Service • Public sector • Households Company overview
  53. 53. Our offering 53 Company overview
  54. 54. 54 Strategic priorities 2013 Customer first Sustainable profitable growth Common Ramirent platform Balanced business portfolio • Strong customer-centric approach with increased focus on sustainability, safety and quality • Being the leading and most profitable general rental company where present • Developing a one-company structure with operational consistency • Maintain a balanced portfolio of customers, products and markets to balance risk Company overview
  55. 55. Weak Stable Strong Strategic themes Customer First Sustainable profitable growth Operational Excellence Balanced portfolio of customers, products and markets Operational themes • Safe-guard profitability and cash flow • Consolidate market – Outsourcing cases • Pricing discipline • Execute contingency plans • Reduce costs and transform fixed costs to variable • Reduce financial risk, focus on A/R and credits • Amortise debt • Limited capex, transfer fleet to where demand is • Realise synergies through operational excellence • Consolidate market – Bolt-on acquisitions • Maintenance capex • Profitable growth • Drive penetration and capture growth opportunities • Keep control of fixed cost base • Prepare contingency plans • Growth capex for expansion Business cycle Business cycle Counter cyclical cash flow Counter cyclical cash flow Market conditions 55 Weak market conditions in 2009-2010 Increased demand and investments 2011-2012 Our strategic and operational themes through the business cycles Company overview
  56. 56. 56 Organic growth drivers 70% 60% 45% 40% 40% 30% 30% 25% 20% 20% 15% 15% 10% 10% 10% 0% 20% 40% 60% 80% 100% Increasing rental penetration Expansion in select customer industries Ramirent Loxam Cramo Algeco Scotsman Speedy Hire Liebherr-Mietpartner GAM Mediaco Lifting Sarens Kiloutou HKL Baumschinen Others Consolidation opportunities in Europe External growth drivers M&A activity Outsourcing deals Bolt-on and selected strategic acquisitions Joint Ventures Good organic and strategic growth opportunities Construc- tion 68% Services &Retail 10% Industrial 15% Private 3%Public 4% Targeting 40% of Group sales to non-construction customers Company overview
  57. 57. Summary of company’s strengths Leading equipment rental company in Northern, Central and Eastern Europe More than 50 years industry experience Diversified portfolios of customers, products and markets Stable profitability and steady cash flow Flexibility to maneuver: capex and cost flexibility, strong balance sheet Strong financial position and funding Company overview 57
  58. 58. Largest shareholders Largest shareholders June 30, 2013 Number of shares % of share capital 1. Nordstjernan AB 31,882,078 29.33% 2. Oy Julius Tallberg Ab 12,207,229 11.23% 3. Varma Mutual Pension Insurance Company 6,753,799 6.21% 4. Odin funds 4,138,955 3.81% 5. Ilmarinen Mutual Pension Insurance Company 4,145,154 3.81% 6. Nordea funds 3,080,208 2.83% 7. Aktia funds 2,087,211 1.92% 8. Veritas Pension Insurance Company Ltd 1,340,882 1.23% 9. Fondita funds 1,169,822 1.08% 10. Föreningen Konstsamfundet Rf 825,000 0.76% Ramirent Oyj treasury shares 998,631 0.92% Nominee registered 19,346,680 17.80% Other shareholders 20,721,679 19.06% Total 108,697,328 100.00% 58 Market Cap EUR 721.8 million Trading information Listing: NASDAX OMX Helsinki Date of listing: April 30, 1998 Segment: Mid Cap Sector: Industrials Trading code: RMR1V 16% 26% 12%10% 2% 34% Private companies Financial and insurance institutions Public sector organizations Households Non-profit organizations Foreigners Shareholders June 30, 2013 Company overview
  59. 59. 59 EUR Ramirent Plc (RMR1V) Company overview 7.22 EUR* Share price development *August 6, 2013 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00
  60. 60. APPENDIX 60
  61. 61. Consolidated income statement 61 Appendix CONSOLIDATED INCOME STATEMENT 4–6/13 4–6/12 1–6/13 1–6/12 Restated* 1–12/12 (EUR 1,000) Rental income 104,463 111,693 203,369 214,766 463,070 Ancillary income 48,748 51,788 98,356 105,533 223,899 Sales of equipment 7,593 6,258 11,897 13,770 27,115 NET SALES 160,803 169,738 313,623 334,069 714,083 Other operating income 521 557 11,696 983 3,026 Materials and services −50,230 −53,748 −100,188 −108,803 −237,184 Employee benefit expenses −39,313 −40,210 −81,188 −82,699 −166,324 Other operating expenses −22,201 −24,788 −46,177 −50,149 −103,249 Share of result in associates and joint ventures −817 56 −925 56 116 Depreciation and amortisation and impairment charges −27,791 −28,859 −57,863 −58,370 −117,943 EBIT 20,973 22,746 38,978 35,087 92,524 Financial income 5,582 2,549 9,824 9,565 20,320 Financial expenses −11,307 −5,319 −18,355 −14,006 −29,803 EBT 15,248 19,976 30,447 30,646 83,041 Income taxes −2,951 −5,019 −7,131 −7,792 −19,291 NET RESULT FOR THE PERIOD 12,297 14,958 23,316 22,854 63,749 Net result for the period attributable to: Owners of the parent company 12,297 14,958 23,316 22,854 63,749 Non-controlling interest − − − − − TOTAL 12,297 14,958 23,316 22,854 63,749 Earnings per share (EPS) EPS on parent company shareholders' share of profit, basic, EUR 0.11 0.14 0.22 0.21 0.59 EPS on parent company shareholders' share of profit, diluted, EUR 0.11 0.14 0.22 0.21 0.59 *Retrospective application of amendment to IAS 19 affecting Sweden and Norway segments
  62. 62. 62 Appendix Balance sheet - Assets CONSOLIDATED BALANCE SHEET 30/6/2013 Restated* 30/6/2012 Restated* 31/12/2012 (EUR 1,000) ASSETS NON-CURRENT ASSETS Property, plant and equipment 435,457 477,196 451,511 Goodwill 126,719 134,394 133,515 Other intangible assets 39,254 39,864 40,381 Investments in associates and Joint Ventures 21,351 1,037 1,125 Non-current loan receivables 20,261 − − Available-for-sale investments 412 412 412 Deferred tax assets 1,824 13,874 10,344 TOTAL NON-CURRENT ASSETS 645,278 666,778 637,288 CURRENT ASSETS Inventories 14,765 18,103 15,250 Trade and other receivables 127,316 131,019 135,600 Current income tax assets 1,343 193 145 Cash and cash equivalents 3,093 2,089 1,338 TOTAL CURRENT ASSETS 146,516 151,404 152,333 Assets held for sale 6,702 − 42,250 TOTAL ASSETS 798,497 818,182 831,872 *Retrospective application of amendment to IAS 19 affecting Sweden and Norway segments
  63. 63. Balance sheet – Equity and liabilities 63 Appendix CONSOLIDATED BALANCE SHEET 30/6/2013 Restated* 30/6/2012 Restated* 31/12/2012 (EUR 1,000) EQUITY Share capital 25,000 25,000 25,000 Revaluation fund −3,315 −4,568 −4,924 Invested unrestricted equity fund 113,568 113,329 113,329 Retained earnings 208,745 185,444 230,168 PARENT COMPANY SHAREHOLDERS’ EQUITY 343,997 319,205 363,573 Non-controlling interests − − − TOTAL EQUITY 343,997 319,205 363,573 NON-CURRENT LIABILITIES Deferred tax liabilities 59,657 78,082 73,333 Pension obligations 14,094 10,806 13,948 Provisions 909 1,140 972 Interest-bearing liabilities 245,948 223,818 191,199 Other long-term liabilities 5,588 9,133 8,071 TOTAL NON-CURRENT LIABILITIES 326,196 322,978 287,523 CURRENT LIABILITIES Trade payables and other liabilities 97,400 111,592 112,956 Provisions 166 1,221 826 Current income tax liabilities 8,399 4,273 10,936 Interest-bearing liabilities 21,339 58,913 49,513 TOTAL CURRENT LIABILITIES 127,304 175,999 174,231 Liabilities classified as held for sale 999 − 6,545 TOTAL LIABILITIES 454,499 498,977 468,299 TOTAL EQUITY AND LIABILITIES 798,497 818,182 831,872 *Retrospective application of amendment to IAS 19 affecting Sweden and Norway segments
  64. 64. Key figures 64 Appendix KEY FINANCIAL FIGURES 4–6/13 4–6/12 1–6/13 Restated* 1–6/12 Restated* 1–12/12 (MEUR) Net sales, EUR million 160.8 169.7 313.6 334.1 714.1 Increase in net sales, % −5.3% 13.5% −6.1% 17.7% 9.9% EBITDA and impairment charges, EUR million 48.8 51.6 96.8 93.5 210.5 EBITDA and impairment charges, % of net sales 30.3% 30.4% 30.9% 28.0% 29.5% EBITA, EUR million 22.7 24.7 45.3 39.1 100.6 EBITA, % net sales 14.1% 14.6% 14.4% 11.7% 14.1% EBIT, EUR million 21.0 22.7 39.0 35.1 92.5 EBIT, % of net sales 13.0% 13.4% 12.4% 10.5% 13.0% EBT, EUR million 15.2 20.0 30.4 30.6 83.0 EBT, % of net sales 9.5% 11.8% 9.7% 9.2% 11.6% Net result for the financial year, EUR million 12.3 15.0 23.3 22.9 63.7 Net result for the financial year, % of net sales 7.6% 8.8% 7.4% 6.8% 8.9% Gross capital expenditure, EUR million 30.0 23.9 62.4 59.6 124.0 Gross capital expenditure, % of net sales 18.7% 14.1% 19.9% 17.8% 17.4% Invested capital, EUR million, end of period 611.3 601.9 604.3 Return on invested capital (ROI), %** 19.2% 19.0% 18.9% Return on equity (ROE), %** 19.3% 19.0% 18.6% Interest-bearing debt, EUR million 267.3 282.7 240.7 Net debt, EUR million 264.2 280.6 239.4 Net debt to EBITDA ratio 1.2x 1.4x 1.1x Gearing, % 76.8% 87.9% 65.8% Equity ratio, % 43.1% 39.1% 43.7% Personnel, average during financial year 2,834 3,111 3,077 Personnel, at end of financial year 2,777 3,129 3,005 *Retrospective application of amendment to IAS 19 affecting Sweden and Norway segments **The figures are calculated on a rolling twelve month basis.
  65. 65. Consolidated cash flow statement 65 Appendix CONSOLIDATED CASH FLOW STATEMENT 4–6/13 4–6/12 1–6/13 1–6/12 1–12/12 (EUR 1,000) Cash flow from operating activities Result before taxes 15,248 19,976 30,447 30,646 83,041 Adjustments (depreciation and other non-cash items) 40,976 35,238 60,825 70,234 138,461 Change in working capital −19,998 −13,647 −3,395 −11,453 −25,368 Interest paid −2,427 −3,029 −5,050 −6,291 −12,293 Interest received 828 912 1,307 1,978 3,470 Income tax paid −7,144 −5,253 −14,587 −9,696 −13,325 Net cash generated from operating activities 27,483 34,198 69,547 75,417 173,985 Cash flow of investing activities Acquisition of subsidiaries, net of cash − −3,558 − −13,595 −13,940 Investment in tangible non-current asset −30,994 −21,432 −59,987 −38,623 −99,177 Investment in intangible non-current assets −1,776 −2,119 −3,533 −9,824 −7,598 Proceeds from sale of tangible and intangible non-current assets (exl. used rental equipment) 69 161 123 267 897 Proceeds from sales of subsidiaries − − 9,200 − − Loan receivables, increase, decrease and other changes −11 − −1,577 − − Net cash flow of investing activities −32,712 −26,947 −55,773 −61,776 −119,818 Cash flow from financing activities Dividends paid −36,618 −30,147 −36,618 −30,147 −30,147 Purchase of treasury shares − − − −2,714 −2,714 Borrowings and repayments of short-term debt (net) −13,610 22,168 −28,173 13,668 5,500 Borrowings and repayments of long-term debt (net) −33,888 192 52,771 5,210 −27,900 Net cash flow of financing activities −84,116 −7,786 −12,019 −13,983 −55,261 Net change in cash and cash equivalents during the financial year −89,344 −535 1,755 −342 −1,094 Cash at the beginning of the period 92,437 2,625 1,338 2,431 2,431 Cash at the end of the period 3,093 2,089 3,093 2,089 1,338
  66. 66. Segment information: Net sales 66 Appendix NET SALES 4–6/13 4–6/12 1–6/13 1–6/12 1–12/12 (MEUR) FINLAND - Net sales (external) 36.2 41.0 71.2 78.9 165.0 - Inter-segment sales 0.2 0.5 0.3 0.9 1.5 SWEDEN - Net sales (external) 53.2 49.8 103.1 97.9 207.5 - Inter-segment sales − 1.2 0.3 1.2 2.4 NORWAY - Net sales (external) 38.8 38.1 76.9 81.8 173.6 - Inter-segment sales − − − 0.1 0.5 DENMARK - Net sales (external) 11.2 11.2 20.3 21.0 44.6 - Inter-segment sales − − − − 0.1 EUROPE EAST - Net sales (external) 7.6 15.0 17.3 27.0 63.0 - Inter-segment sales − − − 0.2 0.3 EUROPE CENTRAL - Net sales (external) 13.9 14.8 24.9 27.6 60.4 - Inter-segment sales 0.2 0.5 0.2 1.0 2.3 Elimination of sales between segments −0.4 −2.2 −0.8 −3.4 −7.1 NET SALES, TOTAL 160.8 169.7 313.6 334.1 714.1 Other operating income 0.5 0.6 11.7 1.0 3.0
  67. 67. Segment information: EBIT and EBIT-margin 67 Appendix EBIT 4–6/13 4–6/12 1–6/13 1–6/12 Restated* 1–12/12 (MEUR) FINLAND 5.8 7.0 8.9 12.0 30.2 % of net sales 15.8% 17.0% 12.4% 15.0% 18.2% SWEDEN 8.9 8.6 15.6 15.1 33.3 % of net sales 16.8% 16.9% 15.1% 15.3% 15.9% NORWAY 7.3 5.4 11.7 9.3 22.2 % of net sales 18.9% 14.2% 15.2% 11.4% 12.8% DENMARK −0.1 0.2 −1.5 0.0 1.6 % of net sales −0.5 % 2.0 % −7.5 % 0.1 % 3.6 % EUROPE EAST 0.0 1.6 11.0 1.5 10.9 % of net sales 0.3 % 10.8 % 63.7 % 5.7 % 17.3 % EUROPE CENTRAL 0.3 0.1 −4.9 −2.1 −1.6 % of net sales 2.1 % 0.9 % −19.6 % −7.3 % −2.5 % Net items not allocated to operating segments −1.3 −0.4 −1.7 −0.8 −4.2 GROUP EBIT 21.0 22.7 39.0 35.1 92.5 % of net sales 13.0 % 13.4 % 12.4 % 10.5 % 13.0 % *Retrospective application of amendment to IAS 19 affecting Sweden and Norway segments
  68. 68. For more information: www.ramirent.com Magnus Rosén, CEO +358 20 750 2845 magnus.rosen@ramirent.com Jonas Söderkvist, CFO and EVP Corporate Functions +358 20 750 3248 jonas.soderkvist@ramirent.com Franciska Janzon, IR +358 20 750 2859 franciska.janzon@ramirent.com

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