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Ramirent Q3 Interim Report presentation

Ramirent Q3 Interim Report presentation

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  • 1. INTERIM REPORTJANUARY-SEPTEMBER 20122 November 2012CEO Magnus RosénCFO Jonas Söderkvist
  • 2. Agenda Q3 Highlights Segment review Financial Review Events after the review period: Ramirent and Cramo forms a joint venture for their Russian and Ukrainian businesses Interim Report January-September 2012 l 2 November 2012 2
  • 3. July - September 2012 highlights Net sales MEUR 185.9 (179.2) up 3.7% or 0.0% at comparable exchange rates; Like-for-like* growth 1.3% EBITDA MEUR 60.3 (58.6) EBITDA-margin 32.5% (32.7%) EBIT MEUR 29.7 (30.5) EBIT-margin 16.0% (17.0%) Gross capex MEUR 27.6 (119.9) Cash flow after investments MEUR 23.7 (-36.8) *Excluding acquisition in Sweden Interim Report January-September 2012 l 2 November 2012 3
  • 4. January- September 2012: Net sales growthslows, profitability stable Net sales MEUR 519.9 (463.1) up 12.3% or 10.6% at comparable exchange rates; Like-for-like* growth 5.7% EBITDA MEUR 153.8 (126.8) EBITDA-margin 29.6% (27.4%) EBIT MEUR 64.8 (48.6) EBIT-margin 12.5% (10.5%) Gross capex MEUR 87.2 (196.3) Cash flow after investments MEUR 37.3 (-67.9) Net debt MEUR 256.0 (279.8) Gearing 73.2% (91.7%) Customer centres 375 (412) *Excluding acquisitions in Sweden and Norway Interim Report January-September 2012 l 2 November 2012 4
  • 5. Net sales grew in Q3 in all segments except Europe Central and Finland YoY Change in net sales , Q3, % YoY Change in net sales, 1-9/12, %20 % 25 % 17 % 20 %15 % 20 % 18 % 16 % 9% 15 % 12 %10 % 11 % 10 % 10 % 5% 4% 4% 1% 5% 0% -1 % 0% -5 % -5 %-10 % -10 %-15 % -15 % -15 % -17 %-20 % -20 % Interim Report January-September 2012 l 2 November 2012 5
  • 6. EBIT margin improved in Q3 in Finland and Norway EBIT margin Q3/12 vs. Q3/11 EBIT margin 1-9/12 vs. 1-9/1130 % 20 % 18 % 16 %25 % 24 % 23 % 15 % 12 % 13 % 13 %20 % 16 % 16 % 10 % 16 %15 % 5%10 % 2% 7% 0%5% 2%0% -5 % -4 % Q3 2011 Q3 2012 1-9 2011 1-9 2012 Q3 2011 Q3 2012 1-9 2011 1-9 2012 Interim Report January-September 2012 l 2 November 2012 6
  • 7. Positive cash flow both in Q3 and 1-9/2012 Cash flow Q3/12 vs. Q3/11 Cash flow 1-9/12 vs. 1-9/1130 60 23.7 37.320 4010 20 0 0-10 -20-20 -40-30 -60 -67.9-40 -36.8 -80 Cash flow after investments Cash flow after investments Q3/11 Q3/12 1-9/11 1-9/12 Interim Report January-September 2012 l 2 November 2012 7
  • 8. Market outlook – Construction output forecastsCountry 2012F 2013F Source*NordicFinland -3% - -1% Finnish Construction Industries, RT**Sweden 1% - 1% Swedish Construction Federation**Norway 4.0% 4.3% EuroconstructDenmark 3.2% 2.3% EuroconstructEurope CentralPoland 6.0% -2.1% EuroconstructCzech Republic -7.2% -1.9% EuroconstructSlovakia -3.0% 4.8% EuroconstructHungary -3.6% 0.6% EuroconstructEurope EastRussia 0-5% 0-5% EuroconstructEstonia 15.0% 0.0% EuroconstructLatvia 9.0% 4.0% EuroconstructLithuania 12.0% 3.0% EuroconstructUkraine n.a. - n.a. Euroconstruct *Source: Euroconstruct June 2011, **October 2012 Interim Report January-September 2012 l 2 November 2012 8
  • 9. Ramirent outlook 2012 unchanged In 2012, net sales are expected to increase and the result before taxes is expected to improve compared to 2011. 9 Interim Report January-September 2012 l 2 November 2012
  • 10. Priorities 2012 • We continue to carefully observe the market activity • Adjust operations to signs of activity slowing down • Operating on cautious capital expenditure • Maintaining focus on cost and risk control • Improving competitiveness by developing our common Ramirent Platform and providing our customers with enhanced efficiency through integrated solutions.Interim Report January-September 2012 l 2 November 2012 10 Interim Report January-September 2012 l 2 November 2012
  • 11. SEGMENTREVIEW Kalasatama, Helsinki, Finland 11 Interim Report January-September 2012 l 2 November 2012
  • 12. Finland Highlights Sales and EBIT by quarter Good demand from shipyards MEUR 50 45 45 30 % and industrial sector 41 42 38 41 25 % 36 38 35 37 Also in construction sector, 40 34 31 20 % 30 demand for equipment rental 30 29 28 15 % remained at fairly stable 10 % 20 EBIT improved due to good 5% price discipline and enhanced 10 0% utilisation rates in many 0 -5 % product groups Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2009 2010 2011 2012 Net sales EBIT-%Finland Q3 Q3 Change Change 1-9/ 1-9/ Change Change 2011 2012 2011 (EUR) (Local) 2012 2011 (EUR) (Local)Net sales, 45.0 45.5 -1 % -1 % 124.8 112.3 11 % 11 % 154.7MEUREBIT, MEUR 10.9 10.5 3% 22.9 16.6 38 % 22.8EBIT-margin 24.2 % 23.2% 18.4 % 14.8 % 14.7 %Employees 577 611 -6 % 596Outlets 77 86 -10 % 83 Interim Report January-September 2012 l 2 November 2012 12
  • 13. Sweden Highlights Sales and EBIT by quarter Despite the expectations, MEUR activity in construction sector 60 54 51 53 25 % 48 proved to be resilient, with 50 45 41 42 45 20 % main growth drivers being 40 32 33 31 32 35 36 15 % large industrial projects in 30 29 Northern Sweden and strong 20 10 % demand in the capital city area 5% and Western Sweden 10 Low activity continued in the 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 0% southern parts of the country 2009 2010 2011 2012 EBIT development stable Net sales EBIT-%Sweden Q3 Q3 Change Change 1-9/ 1-9/ Change Change 2011 2012 2011 (EUR) (Local) 2012 2011 (EUR) (Local)Net sales, MEUR 53.0 45.4 17 % 8% 152.1 128.8 18 % 14 % 182.7EBIT, MEUR 8.7 8.2 7% 23.8 21.3 12 % 33.2EBIT-margin 16.4 % 18.0 % 15.7 % 16.5 % 18.2%Employees 680 622 9% 630Outlets 84 80 5% 79 Interim Report January-September 2012 l 2 November 2012 13
  • 14. Norway Highlights Sales and EBIT by quarter MEUR In the quarter, Ramirent 50 20 % continued to experience good 42 44 41 40 38 demand from construction as 40 31 33 30 15 % well as other industrial sectors. 30 29 25 27 29 28 27 28 10 % 20 5% EBIT improved on the back of improved operational 10 0% efficiency, higher utilisation 0 -5 % rates and increased price levels Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2009 2010 2011 2012 in most product groups. Net sales EBIT-%Norway Q3 Q3 Change Change 1-9/ 1-9/ Change Change 2011 2012 2011 (EUR) (Local) 2012 2011 (EUR) (Local)Net sales, MEUR 41.1 39.7 4% -2 % 123.0 102.8 20 % 15 % 144.8EBIT, MEUR 6.4 3.9 62 % 15.7 6.7 134 % 11.2EBIT-margin 15.6 % 9.9 % 12.8 % 6.5 % 7.7%Employees 465 523 -11 % 486Outlets 43 44 -2 % 42 Interim Report January-September 2012 l 2 November 2012 14
  • 15. Denmark Highlights Sales and EBIT by quarter MEUR Although demand from the 16 15 20 % construction sector is slowing 14 12 10 % down, it remained on a fairly 12 11 11 10 11 10 11 11 0% 10 9 10 8 good level supporting demand 10 8 9 -10 % for equipment rental 8 -20 % 6 4 -30 % EBIT decreased on the back of 2 -40 % lower fleet utilisation, 0 -50 % although price levels Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2009 2010 2011 2012 remained stable Net sales EBIT-%Denmark Q3 Q3 Change Change 1-9/ 1-9/ Change Change 2011 2012 2011 (EUR) (Local) 2012 2011 (EUR) (Local)Net sales, 11.4 11.3 1% 1% 32.4 29.6 10 % 10 % 44.1MEUREBIT, MEUR 0.8 0.9 -9 % 0.8 -0.7 n/a 0.1EBIT-margin 6.8 % 7.5 % 2.4 % -2.3 % 0.2%Employees 181 163 11 % 186Outlets 21 21 - 22 Interim Report January-September 2012 l 2 November 2012 15
  • 16. Europe East Highlights Sales and EBIT by quarter In Russia and Ukraine, MEUR 20 30 % infrastructure construction was 19 17 16 19 20 % the main growth driver 15 13 13 15 12 12 12 10 % 11 9 10 9 0% In the Baltic countries, especially 10 8 -10 % in Estonia, growth was driven by -20 % large energy sector projects 5 -30 % 0 -40 % EBIT improved on the back of Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2009 2010 2011 2012 good fleet utilisation in most product groups Net sales EBIT-%Europe East Q3 Q3 Change Change 1-9/ 1-9/ Change Change 2011 2012 2011 (EUR) (Local) 2012 2011 (EUR) (Local)Net sales, MEUR 18.8 17.2 9% 7% 45.9 39.6 16 % 14 % 56.1EBIT, MEUR 4.4 4.2 4% 5.9 3.5 68 % 5.9EBIT-margin 23.4 % 24.6 % 12.9 % 8.9 % 10.5%Employees 441 440 0% 439Outlets 62 56 11 % 58 Interim Report January-September 2012 l 2 November 2012 16
  • 17. Europe Central Highlights Sales and EBIT by quarter Net sales decreased in all segment MEUR 25 20 % countries vs. previous year 22 20 19 15 % 20 18 19 19 18 The trend of decreased demand for 16 16 16 15 10 % 14 5% rental equipment due to lower 15 14 12 13 0% construction and industrial activity 10 -5 % continued in all segment countries -10 % -15 % Fleet allocation and restructuring 5 -20 % of operations to drive cost 0 -25 % efficiencies continued and actions Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2009 2010 2011 2012 to diversify the customer base were intensified Net sales EBIT-% EBIT was burdened by low utilisation ratesEurope Central Q3 Q3 Change Change 1-9/ 1-9/ Change Change 2011 2012 2011 (EUR) (Local) 2012 2011 (EUR) (Local)Net sales, MEUR 17.9 21.6 -17 % -16 % 46.4 54.9 -15 % -12 % 73.9EBIT, MEUR 0.4 3.5 -90 % -1.7 3.4 n/a 5.5EBIT-margin 2.0 % 16.3 % -3.7 % 6.2 % 7.4%Employees 657 868 -24 % 825Outlets 88 125 -30 % 122 Interim Report January-September 2012 l 2 November 2012 17
  • 18. FINANCIAL Kymijoki bridge,REVIEW Finland 18 Interim Report January-September 2012 l 2 November 2012
  • 19. Net sales growth slows, profitability stable Net Sales (MEUR) EBITDA (MEUR) EBIT (MEUR) Net sales Y-o-y change-% EBITDA EBITDA-% EBIT EBIT-%200 187 179 186 40 % 70 35 % 35 31 20 % 170 60 30180 164 59 30 30 % 60 55 30 % 25160 150 150 52 15 % 141 134 25 23 130 126 129 20 % 50 25 %140 122125 42 42 112 10 % 41 20 17 10 %120 36 37 37 15 40 20 % 14 12100 0% 30 31 15 12 11 26 28 5% 80 30 15 % 10 7 7 -10 % 60 18 3 -20 % 20 10 % 5 0% 40 -30 % 10 5% 0 20 -5 % 0 -40 % 0 0% -5 -4 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3 Q1Q2 Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3 -10 -6 -10 % 2009 2010 2011 2012 2009 2010 2011 2012 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3 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 28 300 281 281 120 % 140 80 %30 22 20 24 24 255 258 256 120 18 230 238 120 70 %20 13 14 16 250 100 % 212 207 209 6 7 197 191 100 60 %10 200 177 80 % 50 % 0 80 150 60 % 40 %-10 -4 60 45 46 36 30 %-20 -11 100 40 % 32 40 24 28 20 % -20 22 18-30 50 20 % 13 20 10-40 3 5 3 8 10 % -37 0 0% 0 0%-50 Q1Q2 Q3Q4Q1 Q2Q3Q4Q1 Q2Q3Q4Q1 Q2Q3 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3 Q1Q2 Q3Q4Q1 Q2Q3Q4Q1 Q2Q3Q4Q1 Q2Q3 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 Interim Report January-September 2012 l 2 November 2012 19
  • 20. Net sales grew 3.7% in Q3/2012, like-for-likegrowth* 1.3% Change in net sales YoY, % 27 % 24 % 20 % 22 %19 %19 % 19 % 16 % 13 % 14 % 9% 3% 4% -4 % -9 % -25 % -27 % -31 % -31 % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q32008 2009 2010 2011 2012 Net sales grew 12.3% in 1-9/2012, like-for-like growth 5.7% * Excluding acquisitions in Sweden and Norway Interim Report January-September 2012 l 2 November 2012 20
  • 21. Net sales grew in Sweden, Denmark and EuropeEast both in EUR and comparable exchange rates Change in Q3 net sales YoY, % 17 % Carlsberg, Copenhagen, 9% Denmark 8% 7%4% 4% 0% 1 %1 % -1 %-1 % -2 % -16 % -17 % EUR Comparable exchange rates EUR Comparable exchange rates Interim Report January-September 2012 l 2 November 2012 21
  • 22. Share of ancillary income continued to grow Breakdown of net sales MEUR100% 3% 3% 200 6.0 5.7 -5.0 %80% 29 % 29 % 150 51.9 54.6 +5.2 %60% 10040% +3.5 % 68 % 68 % 121.3 125.5 5020% 0% 0 Q3/2011 Q3/2012 Q3/2011 Q3/2012 Income from sold equipment Income from sold equipment Ancillary income Ancillary income Rental income Rental income Q3/2012 compared to Q3/2011: • Rental income increased 3.5 % • Ancillary income increased 5.2 % • Income from sold equipment decreased 5.0 % Interim Report January-September 2012 l 2 November 2012 22
  • 23. Gross margin decreased slightly in Q3/2012compared to previous year Gross margin by quarter71 % 70 % 69 % 69 % 68 % 69 % 68 % 68 % 68 % 68 % 67 % 67 % 67 % 66 % 66 % 66 % 65 % 65 % Q1 Q2 Q3 Q4 FY 2009 2010 2011 2012 Interim Report January-September 2012 l 2 November 2012 23
  • 24. Number of employees decreased in EuropeCentral due to reorganisation Number of employees by segment 868 825 680 657611 596 622 630 577 523 486 465 440 439 441 163 186 181 Finland Sweden Norway Denmark Europe East Europe Central Personnel 30/9/11 Personnel 31/12/11 Personnel 30/9/12 At the end of September 2012, the Group’s number of employees was 3,027 (3,249) Interim Report January-September 2012 l 2 November 2012 24
  • 25. Optimisation of outlet network continues – 375outlets at the end of September 2012 Number of outlets per segment 375 359 88 99 62 52 21 18 43 37 57 84 96 77 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q32008 2009 2010 2011 2012 Finland Sweden Norway Denmark Europe East Europe Central 25 Interim Report January-June 2012 l 9 August 2012
  • 26. Stable fixed cost development Fixed costs by quarter (MEUR) 70 68 68 66 65 62 63 62 57 57 56 56 54 52 52 28 25 26 25 25 24 27 25 23 23 22 23 22 19 22 41 42 42 40 42 35 38 37 37 30 33 33 33 33 32 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q32009 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-September 2012 l 2 November 2012 26
  • 27. Q3 EBIT margin at 16.0% EBIT margin by quarter 19.6%18.2% 18.4% 17.0% 16.0% 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 Q2 Q32008 2009 2010 2011 2012 EBIT-margin January-September 2012: 12.5% (10.5%) Interim Report January-September 2012 l 2 November 2012 27
  • 28. Q3 EBIT margin improved in Finland andNorway EBIT-margin by segments 24.2% 24.6% 23.2% 23.4% 18.0%17.0% 16.0% 16.4% 16.3% 15.6% 9.9% 7.5% 6.8% 2.0% Group Finland Sweden Norway Denmark East Central Q3/11 Q3/12 Q3/11 Q3/12 Interim Report January-September 2012 l 2 November 2012 28
  • 29. Q3/2012 rental fleet investments were 25.3MEUR Purchased and sold equipment by quarter (MEUR) 67 38 34 30 25 20 22 12 5 6 8 6 6 4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2011 2012 Purchased equipment Sold equipment In Q3/2012, gross capital expenditure was EUR 27.6 (119.9) million of which EUR 25.3 (66.8) million in rental fleet The value of sold rental equipment was EUR 5.7 (6.0) million Committed investments at the end of quarter were EUR 8.4 (10.6) million Interim Report January-September 2012 l 2 November 2012 29
  • 30. Capital expenditure below last yearCapital Expenditure by segments (MEUR)196 87 83 61 39 29 15 20 12 5 5 1 10 7 Meilahti Hospital, Helsinki, 1-9/2011 1-9/2012 Finland 1-9/2011 1-9/2012 Due to acquisitions capital expenditure was high in 2011 in Sweden and Norway, Sweden has also acquired TLM (Tannefors Lift och Maskinuthyrning) in early 2012 Interim Report January-September 2012 l 2 November 2012 30
  • 31. Working capital at 6% of net sales Working capital by quarter (MEUR)160 8%120 6% 141 131 124 80 4% 120 114 109 97 95 99 90 88 90 83 80 86 40 2% 16 15 15 15 15 14 14 16 16 17 17 17 18 18 20 0 0% -66 -67 -68 -69 -70 -40 -2 % -82 -84 -86 -86 -89 -107 -109 -112 -122 -139 -80 -4 %-120 -6 % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2009 2010 2011 2012 Trade payables and other liabilities Trade and other receivables Inventories Working capital/Net sales Rolling 12 month basis Q3/2012 credit losses and net change in the allowance for bad debt totalled EUR −2.4 (−0.9) million Interim Report January-September 2012 l 2 November 2012 31
  • 32. Invested capital increased slightly to 608 MEUR, ROI at 19% Invested capital (MEUR) and ROI (%) by quarter700 30 % 588 591 605 608600 568 536 25 % 508500 20 % 19 % 19 % 19 %400 16 % 15 %300 13 % 10 % 10 %200 9%100 5% 0 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 2011 2012 Invested capital ROI (R12) ROI target Capital turnover amounted to 118% (112%) for the last 12 months at the end of September 2012 Interim Report January-September 2012 l 2 November 2012 32
  • 33. Total equity increased to 350 MEUR, ROE at 19% Total equity (MEUR) and ROE (%) by quarter400 30 % 350350 316 326 322 305 308 25 % 296300 20 %250 19 % 19 % 17 %200 15 % 14 %150 11 % 10 %100 8% 6% 5% 50 0 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 2011 2012 Total equity ROE (R12) Interim Report January-September 2012 l 2 November 2012 33
  • 34. Q3/2012 cash flow after investments 23.7 MEUR Cash flow after investments (MEUR) 66.5 25.2 27.8 24.2 23.7 17.9 22.4 19.5 13.4 14.4 15.9 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 Q2 Q32008 2009 2010 2011 2012 Cash flow after investments Rolling 12 months Interim Report January-September 2012 l 2 November 2012 34
  • 35. Net debt decreased by 24.7 MEUR in Q3 2012; gearing was at 73.2% Net debt and gearingMEUR400 113 % 120 % 106 % 108 %350 96 % 99 % 81 % 100 % 86 % 92 % 87 %300 84 % 84 % 69 % 80 % 81 % 74 % 73 % 80 % 70 % 71 %250 68 % % 68 64 % 60 %200 56 % 60 %150 40 %100 20 % 50 0 0% FY FY FY FY Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 04 05 06 07 2008 2009 2010 2011 2012 Net debt Gearing (%) Equity ratio was 41.9% (38.2%) Net debt amounted to EUR 256.0 (279.8) million Interim Report January-September 2012 l 2 November 2012 35
  • 36. At end of Q3/12, Ramirent had unusedcommitted back-up facilities of 134.2 MEUR Repayment schedule of interest-bearing liabilities (MEUR) 390 MEUR in committed credit facilities 256.0 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-September 2012 l 2 November 2012 36
  • 37. Ramirent and Cramo Joint Venture -Taking the Lead in Russian andUkrainian Equipment Rental MarketsInvestor presentation based on pressrelease published on 31 October 2012
  • 38. Key Transaction Facts Transaction agreements signed on 30 October 2012 The parties contribute all their respective subsidiaries in Russia (excl. Kaliningrad) and Ukraine as contributions-in-kind to a 50/50 owned newly-established Finnish limited liability company (“joint venture company”) Aspiration is to create a financially and operationally strong player to capture the growth opportunities in target markets Mr. Anton Artemiev elected as Chairman of the Board: Extensive Russian and international experience including SVP at Carlsberg Group, President of Baltika Breweries and Executive VP at Baltic Beverage Holdings. Other professional board members with strong expertise will complement the board Expected closing in January 2013 subject to anti-trust clearance Investor presentation/ Ramirent and Cramo form a joint venture for 1.11.2012 38 their Russian and Ukrainian businesses
  • 39. Creating the Leading Rental Company in Russiaand Ukraine Combining Forces in Growing Markets… …Creates a Strong Stand-Alone CompanyRationale is to createstrong player withincreased financialresources andexcellentorganisationalcapabilities to “50/50 JV”capture the growthopportunities intarget markets Cramo Group Ramirent Group RUSSIA 50% 50% Key Facts A stand-alone entity with new corporate identity UKRAINE 50/50 ownership between Cramo and Ramirent 2012E net sales and EBITDA margin of €52 million and ~35%, respectively 400 employees Total Sales 2012E: €52m Depot locations: St. Petersburg region 7, Moscow region 6, other regions Russia 3, Ukraine 6 (+ 6 shop-in-shop outlets) Investor presentation/ Ramirent and Cramo form a joint venture for 1.11.2012 their Russian and Ukrainian businesses
  • 40. Complementary Strengths and Strong BusinessFoundation Cramo’s unique strengths + Common strengths + Ramirent’s unique strengths • Fleet and capabilities to • General rental concept • Fleet and capabilities in offer modular space to • Broad equipment fleet heavy equipment to serve serve construction and infrastructure construction industrial customers • Established presence in St. Petersburg and • Large customer base • Good presence with Moscow • Presence in Ukraine international construction and • Strong local • Existing platform location industrial customers management in South region (Sochi) • Existing platform • Modern way-of-working • Expanded presence by location in Ural region due to the Western utilizing sales agents (Yekaterinburg) background Combined company: = Leading rental company in Russia and Ukraine Investor presentation/ Ramirent and Cramo form a joint venture for 1.11.2012 their Russian and Ukrainian businesses
  • 41. Strong Customer Value Proposition Closer proximity Full general to customersComplementary rental offeringfleet and Stronger depot Ability to serveservice Customers network customersoffering served on a one- on a wider stop-shop basis geographical scope Limited overlap in Resources to customer base take part in Complementary Higher Larger projects customer volumes Opportunities to and serve large base leverage best construction practices and for companies cross-selling Investor presentation/ Ramirent and Cramo form a joint venture for 1.11.2012 their Russian and Ukrainian businesses
  • 42. Attractive Market Outlook in Russia andUkraine The underlying Improving addressable Large Market Improving rental Dynamics construction penetration further market estimated supports the well over €100bn growth in the rental with forecasted Rental market growth of 8% Penetration Strong Growth growth p.a. IncreaseCombined platform Clear Focus Opportunity Russian andprovides immediate Ukrainian rentalexpansion markets are veryopportunities in the fragmented withlarge St. Petersburgand Moscow St.P many players focusing on a single Leading Rentalregions Mow product group Company Note: Addressable construction market comprises six federal districts in Russia (i.e. the European part) and Ukraine. Estimates regarding market size and growth based on management assessment. Investor presentation/ Ramirent and Cramo form a joint venture for 1.11.2012 their Russian and Ukrainian businesses
  • 43. Financial Impact of Transaction and Changes inReporting  Cramo will (due to its smaller operations in the said markets) make a Cash payment of €9.2 million to Ramirent in order to reach equal ownership atContribution the time of closing  The transaction will not affect the revenue or result of Ramirent for 2012.  The transaction will result in a non-recurring tax-free capital gain of Earnings approximately EUR 12.3 million impact  The final capital gain will be recorded at closing of the transaction, which is estimated to take place in January 2013  Net sales €52 million  EBITDA margin of ~35% JV 2012E  400 employees  The ownership in the joint venture will be accounted for in Ramirent’s consolidated financial statements using the equity method  The share of the profit of the joint venture will be booked in the Reporting consolidated Group profit and loss statement above EBITDA with one line method  The profit will be reported in the Europe East segment Investor presentation/ Ramirent and Cramo form a joint venture for 1.11.2012 their Russian and Ukrainian businesses
  • 44. WELCOME TO RAMIRENT’SCAPITAL MARKET DAY!27 NOVEMBER 2012 IN VANTAA,FINLAND Interim Report January-September 2012 l 2 November 2012
  • 45. 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
  • 46. COMPANYOVERVIEW2 November 2012 Interim Report January-September 2012 l 2 November 2012 46
  • 47. Ramirent in briefLeading equipment rental company in Northern, Centraland Eastern Europe with net sales of EUR 650 million(2011)375 rental customer centers located in 13 countries andproviding 200 000 rental items3 027 employees serving 100 000 customersFounded in 1955 and headquartered in FinlandListed on NASDAQ OMX Helsinki since 1998 Interim Report January-September 2012 l 2 November 2012 47
  • 48. 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 Estonia became the Slovakia third operating Listed on the Greenfield country with Helsinki Stock entry to expansion to Tallinn Exchange Hungary 48 Interim Report January-September 2012 l 2 November 2012
  • 49. 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 49 Interim Report January-September 2012 l 2 November 2012
  • 50. 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) Loxam United Rentals 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 HKL Baumaschinen Nikken CorpMediaco Levage Nishio Rent All CoZeppelin Rental Cramo Ramirent 0 200 400 600 800 1000 0 500 1000 1500 2000 2500 Source: IRN June 2012 50 Interim Report January-September 2012 l 2 November 2012
  • 51. Leading market position in five of our six geographical segments Finland 77 customer Sweden centres 84 customer (25 franchises) centres Market #1 Employees Q3/12 Norway (10 franchises) 43 customer Market #2 Europe Finland centres 577 (4 franchises) Central Market #1 657 Europe East 62 customer centres Total Denmark 10 re-renting 3,027 21 customer agents centres Market #1 SwedenEurope 680 Market #1 East Europe Central 441 88 customer centres (24 franchises) Denmark Market #1 Norway 181 465 51 Interim Report January-September 2012 l 2 November 2012
  • 52. Nordic countries are our largest markets and construction is our largest customer sector Sales per segment 1-9/2012 Sales per customer sector 2011 Europe Central Households Public sector 5% 9% Finland 5% Europe East 24 % Construction 76% 9% Industry 14%Denmark 6% Norway Sweden 23 % 29 % 52 Interim Report January-September 2012 l 2 November 2012
  • 53. 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 53 Interim Report January-September 2012 l 2 November 2012
  • 54. Light machinery, lifts and modules are the biggestproduct groups measured by rental income20% 7% 5% 11% TOWER CRANESLIFTS HEAVY MACHINERY AND HOISTS SCAFFOLDING18% 4% 25% 10%MODULES SAFE LIGHT MACHINERY POWER & HEATING Ramirent’s equipment fleet is organised along eight core product groups 54 Interim Report January-September 2012 l 2 November 2012
  • 55. 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 55 Interim Report January-September 2012 l 2 November 2012
  • 56. Strong long-term growth drivers Long-term growth industry Increasing rental penetration 100 % Increasing rental penetration in most 70 % 90 % 60 % markets, still high potential compared 80 % 45 % to mature UK market 70 % 40 % 40 % 60 % 30 % 30 % Fragmented European rental market of 25 % 50 % 20 % 20 % 15 % 15 % 15 % 40 % EUR 20bn with top 10 rental companies 10 % 10 % 10 % 30 % 5% accounting for 19% of the market 20 % 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 56 Source: ERA, Euroconstruct Interim Report January-September 2012 l 2 November 2012
  • 57. 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 57 Interim Report January-September 2012 l 2 November 2012
  • 58. Largest shareholders % of Market Cap EUR 672.9 million Largets shareholders Number of (exclud. treasury shares) share on 30 September 2012 shares 9% capital1 Nordstjernan AB 31 882 078 29.33 34%2 Oy Julius Tallberg Ab 11 962 229 11.013 Varma Mutual Pension Insurance Company 7 368 799 6.784 Ilmarinen Mutual Pension Insurance Company 4 977 059 4.58 40%5 Odin Funds 4 651 693 4.22 17%6 Tapiola Mutual Pension Insurance Company 2 407 668 2.22 Foreign owners7 Veritas Pension Insurance Company Ltd 1 410 063 1.308 Investment Fund Aktia Capital 1 247 540 1.15 Nominee registered9 Investment Fund Nordea Fennia 1 100 000 1.01 Finnish companies and 825 000 0.76 organisations10 Föreningen Konstsamfundet rf Finnish householdsRamirent Plc’s treasury shares 1 030 192 0.95Nominee registered shares 18 737 457 17.24Other shareholders 21 097 550 19.45Total 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 58 Interim Report January-September 2012 l 2 November 2012
  • 59. APPENDIX 59
  • 60. Consolidated income statement CONSOLIDATED INCOME STATEMENT 7-9/12 7-9/11 1-9/12 1-9/11 1-12/11(EUR 1,000)Rental income 125 526 121 259 340 292 309 053 430 848Ancillary income 54 627 51 932 160 160 139 159 192 355Sales of equipmemt 5 720 6 020 19 490 14 878 26 658NET SALES 185 873 179 211 519 942 463 089 649 861Other operating income 850 317 1 834 986 1 526Materials and services -58 294 -55 093 -167 097 -146 537 -209 357Employee benefit expenses -42 042 -41 028 -124 741 -114 257 -156 101Depreciation and amortisation -30 596 -28 078 -88 967 -78 165 -107 659Other operating expenses -26 061 -24 816 -76 154 -76 477 -104 140EBIT 29 731 30 511 64 817 48 639 74 131Financial income 8 789 4 869 18 355 8 975 11 405Financial expenses -10 595 -9 728 -24 601 -19 603 -24 776EBT 27 925 25 653 58 571 38 011 60 760Income taxes -6 940 -6 951 -14 732 -10 339 -16 030NET RESULT FOR THE PERIOD 20 986 18 702 43 840 27 672 44 730Net result for the period attributable to:Owners of the parent company 20 986 18 702 43 840 27 672 44 730Non-controlling interest - - - - -TOTAL 20 986 18 702 43 840 27 672 44 730EPS on parent company shareholders 0.19 0.17 0.41 0.26 0.41share of profit, basic and diluted, EUR 60 Interim Report January-September 2012 l 2 November 2012
  • 61. Balance sheet – AssetsCONSOLIDATED BALANCE SHEET 30.9.2012 30.9.2011 31.12.2011ASSETS(EUR 1,000)NON-CURRENT ASSETSProperty, plant and equipment 481 502 477 071 487 310Goodwill 137 426 122 058 124 452Other intangible assets 39 988 33 931 35 719Available-for-sale investments 1 502 1 309 1 368Deferred tax assets 12 349 18 285 12 183NON-CURRENT ASSETS, TOTAL 672 768 652 653 661 032CURRENT ASSETSInventories 19 820 17 233 17 309Trade and other receivables 140 615 124 188 120 000Income tax receivables - 1 706 344Cash and cash equivalents 2 195 3 184 2 431CURRENT ASSETS, TOTAL 162 630 146 310 140 084TOTAL ASSETS 835 398 798 963 801 117 61 Interim Report January-September 2012 l 2 November 2012
  • 62. Balance sheet – Equity and liabilities EQUITY AND LIABILITIES 30.9.2012 30.9.2011 31.12.2011 (EUR 1,000)EQUITYShare capital 25 000 25 000 25 000Revaluation fund -5 272 -3 877 -4 192Invested unrestricted equity fund 113 329 113 329 113 329Retained earnings 216 726 170 807 191 862PARENT COMPANY SHAREHOLDERS’ EQUITY 349 783 305 259 326 000Non-controlling interests - - -EQUITY, TOTAL 349 783 305 259 326 000NON-CURRENT LIABILITIESDeferred tax liabilities 80 337 71 436 73 690Pension obligations 6 950 8 546 7 226Provisions 1 530 1 783 1 553Interest-bearing liabilities 175 729 211 597 219 773Other long-term liabilities 9 117 14 181 11 748NON-CURRENT LIABILITIES, TOTAL 273 662 307 544 313 990CURRENT LIABILITIESTrade payables and other liabilities 121 612 106 795 109 020Provisions 1 202 808 1 163Income tax liabilities 6 687 7 136 5 496Interest-bearing liabilities 82 451 71 422 45 448CURRENT LIABILITIES, TOTAL 211 952 186 161 161 127LIABILITIES, TOTAL 485 615 493 704 475 117TOTAL EQUITY AND LIABILITIES 835 398 798 963 801 117 62 Interim Report January-June 2012 l 9 August 2012
  • 63. Key figures(MEUR) 7-9/12 7-9/11 Change 1-9/12 1-9/11 Change 1-12/11Net sales 185.9 179.2 3.7 % 519.9 463.1 12.3 % 649.9EBITDA 60.3 58.6 3.0 % 153.8 126.8 21.3 % 181.8% of net sales 32.5 % 32.7 % 29.6 % 27.4 % 28.0 %EBIT 29.7 30.5 -2.6 % 64.8 48.6 33.3 % 74.1% of net sales 16.0 % 17.0 % 12.5 % 10.5 % 11.4 %EBT 27.9 25.7 8.9 % 58.6 38.0 54.1 % 60.8% of net sales 15.0 % 14.3 % 11.3 % 8.2 % 9.3 %Earnings per share (EPS), (basic and 0.19 0.17 12.6 % 0.41 0.26 58.9 % 0.41diluted), EURGross capital expenditure on non- 27.6 119.9 -77.0 % 87.2 196.3 -55.6 % 242.2current assetsGross capital expenditure,% of net 14.8 % 66.9 % 16.8 % 42.4 % 37.3 %salesCash flow after investments 23.7 -36.8 n/a 37.3 -67.9 n/a -52.0Invested capital at the end of period 608.0 588.3 3.3 % 591.2Return on invested capital (ROI), % 18.6 % 13.2 % 15.7 %1)Return on equity (ROE), % 1) 18.6 % 11.4 % 13.9 %Net debt 256.0 279.8 -8.5 % 262.8Gearing, % 73.2 % 91.7 % 80.6 %Equity ratio, % 41.9 % 38.2 % 40.7 %Personnel at end of period 3 027 3 249 -6.8 % 3 1841) The figures are calculated on a rolling twelve monthbasis. 63 Interim Report January-September 2012 l 2 November 2012
  • 64. Condensed cash flow statementCONSOLIDATED CONDENSED CASH FLOW STATEMENT 7-9/12 7-9/11 1-9/12 1-9/11 1-12/11(EUR 1,000)Cash flow from operating activities 44 539 82 353 119 956 133 358 177 433Cash flow from investing activities -20 832 -119 126 -82 608 -201 272 -229 475Cash flow from financing activitiesBorrowings / repayment of short-term debt 17 832 -10 468 31 500 38 128 30 584Borrowings / repayment of long-term debt -41 433 48 396 -36 223 61 999 52 919Purchase of treasury shares - - -2 714 -3 378 -3 378Dividends paid - - -30 147 -27 004 -27 004Cash flow from financing activities -23 601 37 928 -37 584 69 745 53 121Net change in cash and cash equivalents 106 1 155 -236 1 831 1 079Cash and cash equivalents at the beginning of the period 2 089 2 029 2 431 1 352 1 352Translation difference on cash and cash equivalents - - - - -Net change in cash and cash equivalents 106 1 155 -236 1 831 1 079Cash and cash equivalents at the end of the period 2 195 3 184 2 195 3 184 2 431 64 Interim Report January-September 2012 l 2 November 2012
  • 65. Segment informationNet sales, MEUR 7-9/12 7-9/11 Change 1−9/12 1−9/11 Change 1-12/11Finland, net sales 44.7 44.6 0% 123.6 109.4 13 % 151.4(external)-Inter-segment sales 0.3 0.9 -66 % 1.2 2.9 -58 % 3.3Sweden, net sales 53.0 45.3 17 % 150.9 128.4 18 % 182.0(external)-Inter-segment sales - 0.1 N/A 1.2 0.4 192 % 0.6Norway, net sales 41.1 39.5 4% 122.9 102.3 20 % 144.3(external)-Inter-segment sales - 0.2 N/A 0.1 0.4 -79 % 0.5Denmark, net sales 11.4 11.3 1% 32.4 29.2 11 % 43.5(external)-Inter-segment sales - - N/A - 0.4 N/A 0.6Europe East, net sales 18.7 17.1 10 % 45.7 39.4 16 % 55.8(external)-Inter-segment sales - 0.1 N/A 0.3 0.2 49 % 0.2Europe Central, net sales 16.9 21.4 -21 % 44.5 54.4 -18 % 72.8(external)-Inter-segment sales 1.0 0.1 649 % 2.0 0.5 321 % 1.0Elimination of sales -1.4 -1.4 -2 % -4.7 -4.8 1% -6.3between segmentsNet sales, total 185.9 179.2 4% 519.9 463.1 12 % 649.9 65 Interim Report January-September 2012 l 2 November 2012
  • 66. EBIT by segmentEBIT (EUR million) 7-9/12 7-9/11 Change 1−9/12 1−9/11 Change 1-12/11Finland 10.9 10.5 3.4 % 22.9 16.6 38.0 % 22.8% of net sales 24.2 % 23.2 % 4.5 % 18.4 % 14.8 % 24.1 % 14.7%Sweden 8.7 8.2 6.7 % 23.8 21.3 12.1 % 33.2% of net sales 16.4 % 18.0 % -8.7 % 15.7 % 16.5 % -5.1 % 18.2%Norway 6.4 3.9 62.3 % 15.7 6.7 133.9 % 11.2% of net sales 15.6 % 9.9 % 56.7 % 12.8 % 6.5 % 95.5 % 7.7%Denmark 0.8 0.9 -9.1 % 0.8 -0.7 215.5 % 0.1% of net sales 6.8 % 7.5 % -10.0 % 2.4 % -2.3 % 205.2 % 0.2%Europe East 4.4 4.2 4.2 % 5.9 3.5 67.9 % 5.9% of net sales 23.4 % 24.6 % -4.7 % 12.9 % 8.9 % 44.6 % 10.5%Europe Central 0.4 3.5 -89.7 % -1.7 3.4 -150.6 % 5.5% of net sales 2.0 % 16.3 % -87.6 % -3.7 % 6.2 % -159.8 % 7.4%Net items not allocated -1.8 -0.7 -144.8 % -2.7 -2.2 -19.3 % -4.5to operating segmentsGroup EBIT 29.7 30.5 -2.6 % 64.8 48.6 33.3 % 74.1% of net sales 16.0 % 17.0 % -6.1 % 12.5 % 10.5 % 18.7 % 11.4% 66 Interim Report January-September 2012 l 2 November 2012
  • 67. For more information:www.ramirent.com