Rr results q3_2013_en_final

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Rr results q3_2013_en_final

  1. 1. INTERIM REPORT Q3/2013 November 8, 2013 CEO Magnus Rosén CFO Jonas Söderkvist
  2. 2. Agenda Highlights Q3 and 1-9/2013 Market outlook Segment review Financial review Company overview Appendix 2
  3. 3. Highlights Q3/2013 Net sales MEUR 166.2 (185.9) down by 10.6% (down by 8.7% at comparable exchange rates) Adjusted for transferred or divested operations, net sales decreased by 3.3% at comparable exchange rates EBITA MEUR 25.9 (31.8) or 15.6% (17.1%) of net sales EBITA excluding non-recurring items1) EUR 29.3 (31.8) million or 17.6% (17.1%) of net sales Cash flow after investments MEUR 34.4 (23.7) Gross capex MEUR 29.5 (27.6) 1) Non-recurring items included EUR 1.9 million loss from disposal of Hungary and EUR 1.5 million restructuring provision in Denmark. 3
  4. 4. Highlights 1-9/2013 Net sales MEUR 479.8 (519.9) down by 7.7% (down by 7.8% at comparable exchange rates) Adjusted for transferred or divested operations, net sales decreased by 4.0% at comparable exchange rates EBITA MEUR 71.2 (70.9) or 14.8% (13.6%) of net sales EBITA excluding non-recurring items1) was MEUR 64.4 (70.9) or 13.4% (13.6%) Net result MEUR 40.1 (43.8) and EPS EUR 0.37 (0.41) Gross capex MEUR 91.9 (87.2) Cash flow after investments MEUR 48.2 (37.3) Net debt to EBITDA ratio 1.1x (1.2x) 1) Non-recurring items included a non-taxable capital gain of MEUR 10.1 from the formation of Fortrent, the loss of MEUR 1.9 from disposal of Hungary and the restructuring provision of MEUR 1.5 in Denmark. 4
  5. 5. Net sales declined by 3.3% in Q3, adjusted for currency rates and divested operations Change in net sales (%) Q3/12 vs. Q3/13 0% 0% -3.3% -2% -8.7% -10.6% -4.0% -3% -4% -7.7% -7.8% -5% -8% -6% -7% -10% -12% -1% -2% -4% -6% Change in net sales (%) 1-9/12 vs. 1-9/13 -8% Q3/2013 reported Q3/2013 Q3/2013 at adjusted for comparable currency rates the transfer of operations in Russia, Ukraine and Hungary, at comparable currency rates -9% 1-9/2013 reported 1-9/2013 1-9/2013 at comparable adjusted for the transfer of currency rates operations in Russia, Ukraine and Hungary, at comparable currency rates 5
  6. 6. EBITA margin excluding non-recurring items improved to 17.6% in the third quarter EBITA margin (%) Q3/12 vs. Q3/13 20% EBITA margin (%) 1-9/12 vs. 1-9/13 16% 18% 14% 16% 12% 14% 12% 10% 10% 8% 8% 17.1% 15.6% 17.6% 6% 14.8% 13.4% 4% 4% 2% 2% 0% 6% 13.6% Q3/2012 reported Q3/2013 reported Q3/2013 excluding non-recurring items 1) 0% 1-9/2012 reported 1-9/2013 reported 1-9/2013 excluding non-recurring items 2) 1) The non-recurring items include EUR 1.9 million loss from disposal of Hungary and EUR 1.5 million restructuring provision in Denmark 2) The non-recurring items include a non-taxable capital gain of EUR 10.1 million from the formation of Fortrent, the EUR 1.9 million loss from disposal of Hungary and the EUR 1.5 million restructuring provision in Denmark 6
  7. 7. Strong cash flow generation, whilst renewing fleet Cash flow after investments (MEUR) Q3/12 vs. Q3/13 Cash flow after investments (MEUR) 1-9/12 vs. 1-9/13 60 60 50 50 40 40 30 30 48.2 20 10 0 34.4 23.7 Q3/2012 reported 20 37.3 10 Q3/2013 reported 0 1-9/2012 reported 1-9/2013 reported 7
  8. 8. Financial position strengthened further during the third quarter Element Measure Target level 1–9/2013 Profit generation ROE 18% p.a. over a business cycle 16.9% Leverage and risk Net Debt / EBITDA ratio Below 1.6x at the end of each fiscal year 1.1x Dividend Dividend pay-out ratio At least 40% of Net profit 57.6%* of 2012 net profit *Paid for 2012 8
  9. 9. MARKET OUTLOOK Merihaka, Helsinki Finland 9
  10. 10. Construction output outlook turning positive in our main markets Country 2013E 2014E Source Finland −3.0% −1.0% Confederation of Finnish Construction Industries Sweden −1.0% 2.0% Swedish Construction Federation Norway 3.9% 3.7% Prognosesenteret −0.8% 2.9% Danish Construction Industry Poland −5.6% 0.6% Euroconstruct Czech Republic −6.1% −2.2% Euroconstruct Slovakia −2.0% 2.9% Euroconstruct 3.0% 4.0% Euroconstruct −2.0% −1.0% Euroconstruct Latvia 7.0% −1.0% Euroconstruct Lithuania 4.0% 0.0% Euroconstruct n/a n/a n/a Nordic countries Denmark Europe Central Europe East Russia Estonia Ukraine Source: Actual figures for 2012 from Euroconstruct June 2013 report Forecasts for 2013-2014 based on Euroconstruct June 2013 and local construction federations forecasts in October and November 2013 10
  11. 11. Main rental markets expected to grow in 2014 Country 2013E 2014E Source Finland −5.5% 3.5% ERA Sweden 2.3% 2.3% ERA Norway 4.1% 3.6% ERA −0.9% 1.9% ERA −17.2% 3.6% ERA Nordic countries Denmark Europe Central Poland Source: European Rental Association, The European Equipment Rental Industry Report October 2013 11
  12. 12. Renovation continues to grow steadily in all Nordic countries Growth by construction sector in Nordic countries (%) 2013E 12% 10% 10.2% 8% 6% 4.0% 4% 2% 0% -2% -4% -6% 2.5% 2.0% 3.0% 2.3% 1.0% New residential construction New nonresidential construction 2.4% -3.7% -4.0% Renovation -8% -10% -12% -10.0% -20.7% Finland Sweden Norway Denmark Sources: Confederation of Finnish Construction Industries 10/2013, Swedish Construction Federation 10/2013 (renovation forecast is from Euroconstruct 6/2013 report), Prognosesenteret 10/2013 and Danish Construction Industry 11/2013 12
  13. 13. Nordic construction order books increased by 1% compared with the previous year Order books: Nordic construction companies BEUR fixed exchange rates 60% 16 14 40% 12 10 20% 8 0% 6 4 -20% 2 0 Q1 Q2 2007 Q3 Q4 Q1 Q2 2008 Q3 Q4 Q1 Q2 2009 Q3 Q4 Q1 Q2 2010 Q3 Q4 Q1 Q2 2011 Q3 Q4 Q1 Q2 Q3 2012 Q4 Q1 Q2 2013 Q3 -40% Skanska NCC Veidekke YIT Lemminkäinen SRV Change in Net sales YoY, R12 Ramirent Change in order backlog YoY, Nordic construction A increase of 1.3% in Q3/13 vs. Q3/12 in construction companies order books 13
  14. 14. Ramirent outlook for 2013 unchanged Ramirent's 2013 EBITA is expected to be slightly below the 2012 level. 14
  15. 15. SEGMENT REVIEW 15
  16. 16. Finland Highlights Q3/2013 Sales and EBIT by quarter Demand steady in Southern and Central Finland Market activity weakened in Northern and Western Finland Strong EBIT margin due to strict cost control Ramirent defended price levels in tough pricing environment Capacity utilisation on a healthy level Finland Net sales, MEUR Q3 2013 Q3 2012 50 45 40 35 30 25 20 15 10 5 0 45 36 38 35 28 38 37 42 35 36 25% 20% 10% 5% 0% -5% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2010 2011 2012 2013 Net sales Change Change (EUR) (Local) EBIT-% 1–9/ 2013 1–9/ Change Change 2012 (EUR) (Local) 124.8 −7% 113.3 9.9 10.9 −9% 18.8 23.8% 24.2% Capital expenditure 7.4 6.0 Personnel 533 74 Customer centres 30% 42 15% 45.0 EBIT–margin 41 30 41.8 EBIT, MEUR 45 42 −9% 22.9 −18% 16.6% 18.4% 23% 21.9 14.9 48% 577 −8% 533 577 −8% 77 −4% 74 77 −4% 16
  17. 17. Sweden Highlights Q3/2013 Sales and EBIT by quarter Good activity in construction supported the demand in capital city region Lack of big construction projects kept market activity low in Southern Sweden Favourable demand in the industrial sector in Northern Sweden Ramirent continued strict price discipline Sweden Net sales, MEUR Q3 2013 Q3 2012 70 25% 60 54 45 50 41 42 45 53 51 20% 29 30 10% 20 5% 10 0 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2010 2011 2012 2013 Net sales Change Change (EUR) (Local) EBIT-% 1–9/ Change Change 2012 (EUR) (Local) 154.5 152.1 2% 23.5 23.8 −1% 15.2% −1% 1–9/ 2013 15.7% −4% 7.9 8.7 −9% 15.5% 16.4% Capital expenditure 7.6 6.1 26% 26.8 Personnel 652 680 −4% 652 75 84 −11% 75 Customer centres 50 15% 53.0 EBIT–margin 51 53 35 36 40 51.1 EBIT, MEUR 48 58 0% 39.0 −31% 680 −4% 84 −11% 17
  18. 18. Norway Highlights Q3/2013 Sales and EBIT by quarter Net sales affected by greater margin focus and lower income from sales of used equipment Demand for equipment rental at good level except for Southern Norway Profitability improved due to better operational efficiency, healthy capacity utilisation and good cost control Price levels remained steady Norway Net sales, MEUR Q3 2013 Q3 2012 60 20% 51 50 44 41 40 42 38 40 28 27 28 30 15% 38 39 36 31 33 30 10% 5% 20 0% 10 -5% 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2010 2011 2012 2013 Net sales EBIT-% Change Change (EUR) (Local) 1–9/ 2013 1–9/ Change Change 2012 (EUR) (Local) 112.8 123.0 −8% 17.4 15.7 11% 15.5% 12.8% 35.9 41.1 −13% 5.7 6.4 −10% 16.0% 15.6% Capital expenditure 8.4 11.7 −28% 25.4 19.7 29% Personnel 478 465 3% 478 465 3% 43 43 43 43 EBIT, MEUR EBIT–margin Customer centres − −6% −7% − 18
  19. 19. Denmark Highlights Q3/2013 Sales and EBIT by quarter Demand for equipment rental improved slightly due to a gradual improvement in construction activity EBIT includes MEUR 1.5 of restructuring costs from actions to reduce the fixed cost level and enhance the operational efficiency EBIT-margin exc. restructuring costs was −4.8% 16 14 10 Net sales, MEUR Q3 2013 Q3 2012 8 9 10 9 10 8 10 -5% -10% -15% 0 -20% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2010 2011 2012 2013 Change Change (EUR) (Local) 0.8 n/a 1) 6.8% Capital expenditure 1.3 0.6 Personnel 194 16 Customer centres 5% 0% 9 2 1) −17.4% 12 4 4% EBIT–margin 11 6 11.4 −2.1 12 8 11.9 EBIT, MEUR 11 11 11 12 Net sales Denmark 10% 15 4% 1–9/ 2013 EBIT-% 1–9/ 2012 Change (EUR) 32.1 32.4 −1% 1) 0.8 n/a 1) 2.4% 122% 4.7 1.3 250% 181 7% 194 181 7% 21 −24% 16 21 Change (Local) −24% −3.6 −11.1% 1) EBIT excluding non-recurring items was EUR −0.6 (0.8) million or −4.8% (6.8%) of net sales in July–September 2013 and −2.1 (0.8) million or −6.5% (2.4%) of net sales in January–September 2013. −1% 19
  20. 20. Europe East Highlights Q3/2013 Sales and EBIT by quarter Demand for equipment rental remained at good level in the Baltics EBIT margin strengthened due to improved capacity utilisation in the Baltics Fixed costs under control and price levels steady Fortrent: profitability improved in Russian operations Europe East Q3 2013 Q3 2012 Net sales, MEUR 9.8 EBIT, MEUR 3.5 4.4 35.3% 2.5 2.6 Personnel 211 41 EBIT–margin Customer centres 19 17 17 16 113% 15 12 13 10 13 12 10 10 9 8 8 60% 50% 40% 30% 20% 10% 0% -10% -20% -30% -40% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2010 2011 2012 2013 Net sales Change Change (EUR) (Local) 1) 23.4% Capital expenditure 20 18 16 14 12 10 8 6 4 2 0 18.8 −48% −48% 1–9/ 2013 27.1 EBIT-% 1–9/ Change Change 2012 (EUR) (Local) 45.9−41% 1) 14.5 2) 53.4% 2) 12.9% −3% 6.9 7.2 441 −52% 211 441 −52% 62 −34% 41 −41% 62 −34% −21% 5.9 143% −4% 1) Adjusted for the transfer of the operations in Russia and Ukraine to Fortrent Q3/2013 net sales increased by 7.0%. In January−September 2013 the increase was 3.5%. 2) January−September 2013 EBIT excluding the capital gain of EUR 10.1 million was EUR 4.5 (5.9) million or 16.1% 20 (12.9%) of net sales.
  21. 21. Europe Central Highlights Q3/2013 Sales and EBIT by quarter Weak demand continued in all Europe Central countries In Poland, market activity in the industrial sector recovered slightly Profitability improved primarily due to improved capacity utilisation Scaling down of operations supported profitability Prices still at low level Divestment of Hungarian operations completed in Q3 Europe Central Q3 2013 Net sales, MEUR 16.9 1) 17.9 1.2 3) 0.4 7.1% 3) 2.5 1.6 Personnel 491 57 EBIT, MEUR EBIT–margin Customer centres Q3 2012 20 19 16 15 20% 22 20 19 19 18 15 14 10% 17 16 14 13 12 0% -10% 11 -20% 10 -30% 5 -40% -50% 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2010 2011 2012 2013 Net sales 2.0% Capital expenditure 25 Change Change (EUR) (Local) 1–9/ 2012 Change (EUR) 42.0 1) 46.4 −10% −3.7 2) −1.7 −8.9% 2) 54% 4.9 5.0 657 −25% 491 657 −25% 88 −35% 57 Change (Local) −3.7% 88 −35% −6% 1) 1–9/ 2013 EBIT-% 233% −4% 1) −9% n/a −3% 1) Adjusted for the divestment of Hungary the sales decrease in July−September was 1.6%. In January−September 2013, the decrease was 8.1%. 2) January−September 2013 EBIT excluding EUR 2.9 million impairment loss in the Hungarian goodwill and EUR 1.9 million loss from disposal of Hungary was EUR 1.0 (−1.7) million, representing 2.4% (−3.7%) of net sales. 3) Third-quarter EBIT excluding the EUR 1.9 million loss from disposal of Hungary was EUR 3.1 (0.4) million or 18.2% (2.0%) of net sales. 21
  22. 22. FINANCIAL REVIEW 22
  23. 23. Strong cash flow and financial position in Q3 Net Sales (MEUR) Net sales EBITDA (MEUR) EBITDA Y-o-y change-% 30% 250 25% 194 186 179187 20% 164170 161166 153 150 150 15% 141 134 150 129 10% 112 200 5% 100 0% -5% 50 35% 59 60 50 42 31 30 20 16 6 10 52 42 -20 -30 -40 -4 25% 18 17 19 7 -5 -11 150 50 -37 -50 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2010 2011 2012 2013 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2010 2011 2012 2013 5% 0% 0 -5% -5 -10 15% 10% 14 4 -5 -10% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2010 2011 2012 2013 Gross Capex (MEUR) Gearing-% 281 280 263258 256 264 239 238 230 250 220 212209 197 191 200 177 23 23 8 5 0% 300 17 13 10 5% 100 -20 17 15 10% 26 25 20 20% 30 25 15% 28 0 -10 30% 20% Net debt 13 14 48 49 32 27 30 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2010 2011 2012 2013 34 20 52 57 EBITA-% 32 35 Net debt (MEUR) 40 24 55 0 Cash flow after investments (MEUR) 24 60 10 -15% 41 37 40 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2010 2011 2012 2013 30 EBITA EBITDA-% 70 -10% 0 EBITA (MEUR) Gross Capex 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Share of net sales-% 140 80% 120 120 70% 100 60% 50% 80 40% 60 45 32 40 20 22 13 18 46 36 37 24 28 30% 32 30 30 10 0 20% 10% 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2010 2011 2012 2013 First-quarter EBITA excluding non-recurring items was EUR 12.4 (14.4) million, representing 8.1% (8.7%) of net sales 23 Third-quarter EBITA excluding non-recurring items was 29.3 (31.8) million or 17.6% (17.1%) of net sales
  24. 24. Net sales amounted to 166 MEUR in the third quarter Quarterly net sales Q1/2010 – Q3/2013 (MEUR) Net sales (MEUR) Q1/2010 – Q3/2013 220 200 179 180 186 164 160 141 140 120 187 150 194 170 153 150 161 166 134 129 112 100 80 60 40 20 0 Q1 2010 Q2 Q3 Q4 1-12/2010: 531.3 Q1 2011 Q2 Q3 Q4 1-12/2011: 649.9 Q1 2012 Q2 Q3 Q4 1-12/2012: 714.1 Q1 2013 Q2 Q3 R12: 673.9 24
  25. 25. Net sales affected by currency rates and divested operations Net sales (MEUR) Q3/12 vs. Q3/13 200 - 3.6 180 160 600 - 10.4 - 5.7 300 185,9 166.2 60 40 - 19.7 519,9 479.8 200 100 20 0 - 20.6 400 120 80 + 0.2 500 140 100 Net sales (MEUR) 1-9/12 vs. 1-9/13 Q3/2012 reported Exchange Divested rates operations Market change Q3/2013 reported 0 1-9/2012 Exchange Divested reported rates operations Market change 1-9/2013 reported Net sales MEUR 166.2 (185.9) down by 10.6% (down by 8.7% at comparable exchange rates) Net sales MEUR 479.8 (519.9) down by 7.7% (down by 7.8% at comparable exchange rates) Adjusted for transferred or divested operations, net sales decreased by 3.3% at comparable exchange rates Adjusted for transferred or divested operations, net sales decreased by 4.0% at comparable exchange rates 25
  26. 26. Net sales declined in most markets during the third quarter Net sales by segment (MEUR) and Change % (YoY) Q3/12 vs. Q3/13 60,0 53.0 50,0 45.0 51.1 41.8 41.1 40,0 35.9 Q3/2012 30,0 18.8 20,0 11.4 11.9 10,0 0,0 Finland −7.1% Sweden −3.6% Norway −12.8% Denmark 3.9% Q3/2013 17.9 16.92) 9.81) Europe East −47.6% 1) Europe Central −5.8% 1) Adjusted for the transfer of the Russian and Ukrainian operations to Fortrent, net sales increased in Q3/2013 by 7.0% 2) Adjusted for the divestment of the Hungarian business the decrease in net sales in Q3/2013 was 1.6% 26
  27. 27. Rental income and ancillary income decreased compared to previous year Breakdown of net sales (%) and MEUR 100% 3% 3% 180 90% 80% 200 29% 29% 160 70% −12.4% 112.8 −10.2% 100 40% −2.6% 120 50% 5.6 47.8 54.6 140 60% 5.7 80 30% 68% 68% 60 20% 40 10% 20 0% 0 125.5 Q3/2012 Q3/2013 Q3/2012 Q3/2013 Income from sold equipment Income from sold equipment Ancillary income Ancillary income Rental income Rental income 27
  28. 28. Gross margin improved slightly year-on-year Gross margin (%) by quarter 68% 67% 66% 67% 69% 68% 69% 69% 69% 68% 68% 67% 67% 67% 66% 66% 65% 64% Q1 Q2 Q3 2010 2011 Q4 2012 FY 2013 28
  29. 29. Number of employees decreased mainly due to scaling down of operations in Europe Central Number of employees by segment 680 677 577 572 657 652 533 478 465 467 441 443 181 Finland Sweden Norway Personnel 30/9/12 192 194 Denmark Personnel 31/12/12 626 491 211 Europe East Europe Central Personnel 30/9/13 At the end of September 2013, the Group’s number of employees was 2,592 (3,027) At the end of 2012, the number of employees in Russia and Ukraine amounted to 238 29
  30. 30. Ramirent continued strict cost control and reduced customer centres in Finland and Europe Central Number of customer centres per segment 353 334 Q1 Q2 2010 Q3 Finland Q4 Q1 2011 Sweden Q2 Norway Q3 Q4 Q1 2012 Denmark Q2 Q3 Europe East Q4 Q1 2013 325 Q2 306 Q3 Europe Central 30
  31. 31. Ramirent’s fixed costs reduced by 10 MEUR compared to last year Fixed costs by quarter (MEUR) 62 56 56 63 62 54 24 22 23 33 32 Q1 2010 Q2 Q3 25 38 37 37 70 68 28 25 41 42 42 Q3 Q4 Q1 2012 25 65 68 69 66 26 27 24 40 42 42 42 Q2 Q3 Q4 25 62 64 22 24 39 40 22 33 27 66 Q4 Q1 Q2 2011 Employee benefit expenses Q1 Q2 2013 Q3 Other operating expenses Group fixed costs 191.1 (201.0) MEUR in 1-9/2013, including 3.4 MEUR in non-recurring items 31
  32. 32. Profitability remained stable in the third quarter 2013 EBITA (MEUR) and EBITA-margin (%) Q1/2010 – Q3/2013 35 32.0 30 31.8 25.92) 24.7 20 17.4 15 15% 22.61) 22.7 10% 16.5 14.4 12.7 10 5% 8.0 5 -5 29.7 27.3 25 0 20% 0% 3.6 Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Q3 -5% -5.1 EBITA -10 1-12/2010: 33.0 1-12/2011: 79.4 EBITA-% 1-12/2012: 100.6 -10% R12: 100.9 1) First-quarter EBITA excluding non-recurring items was EUR 12.4 (14.4) million, representing 8.1% (8.7%) of net sales 2) Third-quarter EBITA excluding non-recurring items was 29.3 (31.8) million or 17.6% (17.1%) of net sales 32
  33. 33. Hungary was divested from 1 September 2013 Group Net sales and Net sales in Russia, Ukraine and Hungary (MEUR) 200 150 100 50 1.6 6.8 156.0 1.5 4.6 146.8 1.7 7.8 1.7 0.0 160.3 159.1 2.3 9.6 1.6 2.1 9.4 174.0 164.6 182.6 0 Group (exc. Russia, Ukraine and Hungary) Russia and Ukraine Hungary Group EBITA and EBITA in Russia, Ukraine and Hungary (MEUR) 30 20 10 −0.2 (Fortrent) −0.2 −0.4 −0.2 15.0 −0.1 0.6 −0.8 (Fortrent) −0.1 23.4 −1.9 0.5 (Fortrent) 0.3 0.6 0.0 11.4 24.2 0.4 1.7 29.7 3.5 26.7 25.6 11.2 0 Group (exc. Russia, Ukraine and Hungary) Hungary Fortrent Russia and Ukraine Loss from disposal of Hungary 33
  34. 34. January−September 2013 included EUR 3.8 million of non-recurring items EBIT (MEUR) 1-9/12 vs 1-9/13 70 60 10.1 50 2.9 1.9 1.5 40 30 64.8 63.3 1-9/2012 reported 1-9/2013 reported 59.4 20 10 0 Capital gain Goodwill impairment Loss from disposal of Hungary Restructuring provision in Denmark 1-9/2013 adjusted Reported EBIT was EUR 63.3 (64.8) million or 13.2% (12.5%) of net sales Non-recurring items in 1-9/2013: Capital gain of EUR 10.1 million booked from the transaction to form Fortrent, impairment loss of EUR 2.9 million in the Hungarian goodwill, loss of EUR 1.9 million from disposal of Hungary and restructuring provision of 1.5 million in Denmark EBIT excluding non-recurring items was EUR 59.4 (64.8) million, representing 13.4% (13.6%) of net sales 34
  35. 35. Stable EBIT margin development in main segments, compared to previous year EBIT–margin (%) by segments 35.3% 24.2% 23.8% 23.4% 16.4% 15.5% 15.6% 16.0% 6.8% 7.1%2) 2.0% -17.4%1) Finland Sweden Norway Q3/12 Denmark East Central Q3/13 1) EBIT excluding non-recurring items was EUR −0.6 (0.8) million or −4.8% (6.8%) of net sales in July–September 2013 2) EBIT excluding non-recurring items was EUR 3.1 (0.4) million or 18.2% (2.0%) of net sales in July–September 2013 35
  36. 36. Investments are done to maintain fleet age Purchased and sold equipment by quarter (MEUR) 67 38 34 30 19 8 5 12 4 Q1 2010 20 17 9 3 4 Q2 Q3 Q4 34 4 Q1 2011 5 6 Q2 Q3 Q4 Purchased equipment 8 Q1 2012 22 25 6 6 Q2 Q3 8 Q4 29 4 Q1 2013 28 8 Q2 28 6 Q3 Sold equipment The total value of purchased equipment was 85.3 (67.2) million in 1-9/2013 The value of sold rental equipment was EUR 17.5 (19.5) million in 1-9/2013 36
  37. 37. Capital expenditure focused on Norway, Sweden and Finland Capital Expenditure by segments (MEUR) 11.7 7.4 6.0 7.6 8.4 6.1 2.62.5 2.5 1.6 East Central 1.3 0.6 Finland Sweden Norway Denmark 7–9/2012 7–9/2013 No acquisitions were made during the quarter 37
  38. 38. Working capital below 6% at the end of the September 2013 Working capital by quarter (MEUR) Q1 Q2 2010 Q3 Q4 Q1 Q2 2011 Q3 Q4 125 129 115 136 141 131 Q1 Q2 Q3 2012 Q4 Q1 Q2 2013 14 0% -102 15 -98 15 -143 15 -113 20 -122 18 -112 18 -139 17 -109 17 -107 17 -84 16 -82 -89 16 -80 -120 114 14 120 99 14 4% 2% -86 -40 90 15 -86 0 -69 40 83 80 124 6% 109 120 95 8% 97 160 -2% Q3 -4% -6% Trade payables and other liabilities Trade and other receivables Inventories Working capital/Net sales Rolling 12 month basis January–September 2013 credit losses and net change in the allowance for bad debt totalled EUR −3.2 (−5.1) million Dividend of EUR 36.6 million paid in April 2013 38
  39. 39. Return on investment at 17.5% Invested capital (MEUR) and ROI (%) rolling 12 months 700 600 654 588 524 500 508 509 496 508 591 536 565 602 605 604 25% 611 604 20% 15% 400 300 10% 200 5% 100 0 Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Q4 Invested capital Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Q3 0% ROI % (R12) Return on invested capital, ROI 17.5% (19.5%) at the end of September 2013 39
  40. 40. Strong cash flow after investments in the third quarter Cash flow after investments (MEUR) 34.4 24.2 13.4 23.7 15.9 14.4 6.4 -4.0 16.8 19.0 7.3 -5.2 -10.7 -20.4 -36.8 Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Cash flow after investments 1-12/2010: 48.0 Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Q3 Cash flow after investments, Rolling 12 months 1-12/2011: −52.0 1-12/2012: 54.2 R12: 65.0 40
  41. 41. Ramirent's financial position strengthened further during the quarter Net debt (MEUR) and Net debt to EBITDA ratio 300 280 238 250 212 209 200 1.8x 197 1.9x 177 256 3 264 239 230 220 191 2 1.7x 150 263 258 281 1.6x 1.4x 1.7x 1.4x 1.4x 1.2x 100 1.4x 1.2x 1.1x 1.2x 1.1x 1 1.0x 50 0 Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Net debt Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Q3 0 Net debt to EBITDA ratio Net debt to EBITDA 1.1x (1.2x) at the end of September 2013 Dividend of EUR 36.6 million was paid in the second quarter 41
  42. 42. Return on equity at 16.9% Total equity (MEUR) and ROE (%) rolling 12 months 400 350 309 300 296 308 318 316 296 305 326 347 305 364 319 342 344 361 25% 20% 15% 250 10% 200 150 5% 100 0% 50 0 Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Q4 Total equity Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Q3 -5% ROE % (R12) Return on equity, ROE 16.9% (18.7%) for last 12 months 42
  43. 43. At end of September 2013, Ramirent had unused committed back–up loan facilities of EUR 208.6 million Repayment schedule of interest–bearing liabilities (MEUR) EUR 440 million in committed credit facilities 100 Net debt EUR 230.3 million 240 100 2013 2014 2015 2016 2017 2018 2019 In addition to bank facilities, Ramirent is utilising a domestic commercial paper program of up to EUR 150 million 43
  44. 44. 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
  45. 45. COMPANY OVERVIEW 45
  46. 46. Ramirent in brief Leading equipment rental company in Northern, Central and Eastern Europe with net sales of EUR 714 million (2012) Presence in 10 countries through 306 customer centers and in two countries through joint venture Fortrent 2,592 employees serving 200,000 customers with 200,000 rental items Founded in 1955 and headquartered in Finland Listed on NASDAQ OMX Helsinki since 1998 46
  47. 47. Ramirent operates in Europe with Baltic Sea region being the core market Sales per segment 1-9/2013 Europe East 5.6% Europe Central 8.7% Wide network of customer centres and leading market position (Q3/13) Finland 23.5% Denmark 6.7% Norway Norway 23.4% Sweden 32.1% Services &Retail 10% #1 74 customer centres Sweden #2 75 customer centres Sales per customer 1-12/2012 Public 4% Finland #1 43 customer centres Europe East #1 41 customer centres Private 3% Construction 68% Denmark #1 16 customer centres Europe Central (PO+CZ+SL) #1 57 customer centres Industrial 15% Target is to increase sales to non-construction customers to 40% of the Group's net sales Fortrent, presence through JV 47
  48. 48. Targeting a wider range of customer industries in all countries Windpower Oil and gas Construction Shipyards Public Power Aviation Households © 2013 Ramirent 48
  49. 49. We accelerate our growth through acquisitions and outsourcing cases 2013 2011-2012 2009-2010 Outsourcing deal in Finland Outsourcing deal in Finland Outsourcing deal with two subsidiaries in Finland Outsourcing deal in Norway Acquisition of Czech rental business Acquisition of Swedish rental company Acquisition of Finnish weather protection rental company Acquisition of module rental company in Norway Acquisition of Danish rental business Acquisition of Czech rental business Outsourcing deal in Norway Acquisition of Swedish rental company Outsourcing of Mt Hojgaard's Danish scaffolding division Outsourcing deal in Denmark Aquisition of Czech rental business Divestment of operations in Hungary Acquisition of Swedish rental company Ramirent Russian and Ukrainian operations moved into JV with Cramo Active screening of acquisition targets Outsourcing deal in Finland Acquisition of Swedish rental company 49
  50. 50. Our strategic choices Vision To be the leading and most progressive equipment rental solutions company in Europe, setting the benchmark for industry performance and customer service Mission We simplify business by Delivering Dynamic Rental Solutions™ Values Open, Progressive, Engaged Brand promise Let’s solve it 50
  51. 51. Broadest range of equipment and Dynamic Rental SolutionsTM SOLUTIONS SERVICES RAMIRENT OFFERING PRODUCTS • • • • Light machinery Heavy machinery Lifts Power and heating • Modules • Tower cranes and hoists • Scaffolding • SAFE Benefits: Lighter balance sheets, less investments • • • • • • Planning Business Support On-Site Support Merchandise Sales Rental Insurance Training • • • • SpaceSolve SafeSolve AccessSolve EcoSolve • PowerSolve • ClimateSolve • TotalSolve Benefits: Easy to buy, reduced number of subcontractors, increased focus on the core business 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 INDUSTRIES • • • • OUTSOURCING Benefits: By outsourcing their machine fleet to Ramirent, companies can increase efficiency and simplify their business by focusing on core competences Construction • Mining • Paper Power generation • Oil & gas Shipyards • Retail and Service Public sector • Households CUSTOMER NEEDS 51
  52. 52. Our offering 52
  53. 53. 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 53
  54. 54. Our strategic and operational themes through the business cycles Market conditions Weak Weak market conditions in 2009-2010 Increased demand and investments 2011-2012 Strategic themes Operational themes Stable Strong Business cycle Counter cyclical cash flow Customer First Sustainable profitable growth Operational Excellence Balanced portfolio of customers, products and markets • 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 54
  55. 55. Good organic and strategic growth opportunities Organic growth drivers External growth drivers Bolt-on and selected strategic acquisitions 0% Expansion in select customer industries Public Services 4% &Retail 10% Joint Ventures 10% 10% 10% 15% 15% 20% 20% M&A activity Outsourcing deals 20% 25% 30% 30% 40% 40% 40% 60% 45% 80% 60% 100% 70% Increasing rental penetration Private 3% Construction 68% Industrial 15% Targeting 40% of Group sales to non-construction customers Consolidation opportunities in Europe Ramirent Loxam Cramo Algeco Scotsman Speedy Hire Liebherr-Mietpartner GAM Mediaco Lifting Sarens Kiloutou HKL Baumschinen Others 55
  56. 56. 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 56
  57. 57. Largest shareholders Market Cap EUR 978.3 million 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. Ilmarinen Mutual Pension Insurance Company 4,145,154 3.81% 5. Odin funds 4,145,154 3.81% 6. Nordea funds 2,704,845 2.49% 7. Aktia funds 2,037,211 1.87% Households 8. Veritas Pension Insurance Company Ltd 1,222,474 1.12% Non-profit organizations 9. Fondita funds 1,149,822 1.06% 10. SEB funds 923,269 0.85% Ramirent Oyj treasury shares 998,631 0.92% Nominee registered 21,424,579 19.71% Other shareholders 19,103,083 17.57% 108,697,328 100.00% Largest shareholders September 30, 2013 Total Shareholders September 30, 2013 16% 33% 28% 2% 9% 12% Private companies Financial and insurance institutions Public sector organizations Foreigners Trading information Listing: NASDAX OMX Helsinki Date of listing: April 30, 1998 Segment: Mid Cap Sector: Industrials Trading code: RMR1V 57
  58. 58. 5 06/11/2013 30/10/2013 23/10/2013 16/10/2013 09/10/2013 02/10/2013 25/09/2013 18/09/2013 11/09/2013 04/09/2013 28/08/2013 21/08/2013 14/08/2013 07/08/2013 31/07/2013 24/07/2013 17/07/2013 10/07/2013 03/07/2013 26/06/2013 19/06/2013 12/06/2013 05/06/2013 29/05/2013 22/05/2013 15/05/2013 08/05/2013 01/05/2013 24/04/2013 17/04/2013 10/04/2013 03/04/2013 27/03/2013 20/03/2013 13/03/2013 06/03/2013 27/02/2013 20/02/2013 13/02/2013 06/02/2013 30/01/2013 EUR 23/01/2013 16/01/2013 09/01/2013 02/01/2013 Share price development (YTD) Ramirent Plc (RMR1V) 10 9.35 EUR* 9 8 7 6 *November 6, 2013 58
  59. 59. APPENDIX 59
  60. 60. Consolidated income statement Restated* CONSOLIDATED INCOME STATEMENT 7–9/13 7–9/12 1–9/13 1–9/12 1–12/12 112,764 125,526 316,133 340,292 463,070 47,830 54,627 146,186 160,160 223,899 5,574 5,720 17,471 19,490 27,115 166,168 185,873 479,791 519,942 714,083 827 850 12,524 1,834 3,026 (EUR 1,000) Rental income Ancillary income Sales of equipment NET SALES Other operating income Materials and services −51,876 −58,294 −152,064 −167,097 −237,184 Employee benefit expenses −39,625 −42,042 −120,813 −124,741 −166,324 Other operating expenses −24,099 −26,089 −70,277 −76,239 −103,249 572 28 −353 85 116 −27,638 −30,596 −85,501 −88,967 −117,943 24,330 29,731 63,307 64,817 92,524 Share of result in associates and joint ventures Depreciation and amortisation and impairment charges EBIT Financial income Financial expenses 3,207 8,789 13,031 18,355 20,320 −6,946 −10,595 −25,302 −24,601 −29,803 EBT 20,590 27,925 51,037 58,571 83,041 Income taxes −3,776 −6,940 −10,907 −14,732 −19,291 NET RESULT FOR THE PERIOD 16,814 20,986 40,130 43,840 63,749 16,814 20,986 40,130 43,840 63,749 Net result for the period attributable to: Owners of the parent company − − − − − 16,814 20,986 40,130 43,840 63,749 EPS on parent company shareholders' share of profit, basic, EUR 0.16 0.19 0.37 0.41 0.59 EPS on parent company shareholders' share of profit, diluted, EUR 0.16 0.19 0.37 0.41 0.59 Non-controlling interest TOTAL Earnings per share (EPS) *Retrospective application of amendment to IAS 19 affecting Sweden and Norway segments 60
  61. 61. Balance sheet - Assets CONSOLIDATED BALANCE SHEET (EUR 1,000) ASSETS NON-CURRENT ASSETS Property, plant and equipment Goodwill Other intangible assets Investments in associates and Joint Ventures Non-current loan receivables Available-for-sale investments Deferred tax assets TOTAL NON-CURRENT ASSETS CURRENT ASSETS Inventories Trade and other receivables Current income tax assets Cash and cash equivalents TOTAL CURRENT ASSETS 30/9/2013 Restated* 30/9/2012 Restated* 31/12/2012 436,012 126,590 37,894 19,026 20,261 412 1,291 641,486 481,502 137,426 39,988 1,090 − 412 13,387 673,805 451,511 133,515 40,381 1,125 − 412 10,344 637,288 14,434 125,300 3,351 13,118 156,202 19,820 140,267 348 2,195 162,630 15,250 135,600 145 1,338 152,333 − − 42,250 797,687 836,435 831,872 Assets held for sale TOTAL ASSETS *Retrospective application of amendment to IAS 19 affecting Sweden and Norway segments 61
  62. 62. Balance sheet – Equity and liabilities 30/9/2013 Restated* 30/9/2012 Restated* 31/12/2012 25,000 −3,376 113,568 225,498 360,690 − 360,690 25,000 −5,272 113,329 213,821 346,878 − 346,878 25,000 −4,924 113,329 230,168 363,573 − 363,573 57,417 14,806 1,379 243,405 5,546 322,553 80,337 10,893 1,530 175,729 9,117 277,605 73,333 13,948 972 191,199 8,071 287,523 101,973 1,128 11,303 40 114,444 121,612 1,202 6,687 82,451 211,952 112,956 826 10,936 49,513 174,231 − − 6,545 TOTAL LIABILITIES 436,997 489,558 468,299 TOTAL EQUITY AND LIABILITIES 797,687 836,435 831 872 CONSOLIDATED BALANCE SHEET (EUR 1,000) EQUITY Share capital Revaluation fund Invested unrestricted equity fund Retained earnings PARENT COMPANY SHAREHOLDERS’ EQUITY Non-controlling interests TOTAL EQUITY NON-CURRENT LIABILITIES Deferred tax liabilities Pension obligations Provisions Interest-bearing liabilities Other long-term liabilities TOTAL NON-CURRENT LIABILITIES CURRENT LIABILITIES Trade payables and other liabilities Provisions Current income tax liabilities Interest-bearing liabilities TOTAL CURRENT LIABILITIES Liabilities classified as held for sale *Retrospective application of amendment to IAS 19 affecting Sweden and Norway segments 62
  63. 63. Key figures Restated* KEY FINANCIAL FIGURES Restated* 1–9/12 1–12/12 7–9/13 7–9/12 166.2 185.9 479.8 519.9 714.1 −10.6% 3.7% −7.7% 12.3% 9.9% 1–9/13 (MEUR) Net sales, EUR million Increase in net sales, % EBITDA, EUR million EBITDA, % of net sales 52.0 60.3 148.8 153.8 210.5 31.3% 32.5% 31.0% 29.6% 29.5% EBITA, EUR million 25.9 31.8 71.2 70.9 100.6 EBITA, % net sales 15.6% 17.1% 14.8% 13.6% 14.1% EBIT, EUR million EBIT, % of net sales EBT, EUR million EBT, % of net sales Net result for the reporting period, EUR million 24.3 29.7 63.3 64.8 92.5 14.6% 16.0% 13.2% 12.5% 13.0% 20.6 27.9 51.0 58.6 83.0 12.4% 15.0% 10.6% 11.3% 11.6% 16.8 21.0 40.1 43.8 63.7 10.1% 11.3% 8.4% 8.4% 8.9% 29.5 27.6 91.9 87.2 124.0 17.8% 14.8% 19.2% 16.8% 17.4% 604.1 605.1 604.3 Return on invested capital (ROI), %** 17.5% 19.5% 18.9% Return on equity (ROE), %** 16.9% 18.7% 18.6% Interest-bearing debt, EUR million 243.4 258.2 240.7 Net debt, EUR million 230.3 256.0 239.4 1.1x 1.2x 1.1x Gearing, % 63.9% 73.8% 65.8% Equity ratio, % 45.2% 41.5% 43.7% Personnel, average during reporting period 2,787 3,100 3,077 Personnel, at end of reporting period 2,592 3,027 3,005 Net result for the reporting period, % of net sales Gross capital expenditure, EUR million Gross capital expenditure, % of net sales Invested capital, EUR million, end of period Net debt to EBITDA ratio *Retrospective application of amendment to IAS 19 affecting Sweden and Norway segments **The figures are calculated on a rolling twelve month basis. 63
  64. 64. Consolidated cash flow statement CONSOLIDATED CASH FLOW STATEMENT (EUR 1,000) 7–9/13 7–9/12 1–9/13 1–9/12 1–12/12 20,590 27,925 51,037 58,571 83,041 27,638 30,596 85,501 88,967 117,943 1,304 2,061 7,703 9,723 12,542 Cash flow from operating activities Result before taxes Adjustments Depreciation, amortisation and impairment charges Adjustment for proceeds from sale of used rental equipment Financial income and expenses Other adjustments 3,739 1,806 12,270 6,246 9,413 14,554 −2,003 2,586 −2,243 −1,438 7,021 −6,316 8,046 −13,186 −15,367 Change in working capital Change in trade and other receivables 1,196 −1,351 816 −1,480 1,576 −13,829 −5,101 −17,868 −9,555 −11,577 −2,972 −2,937 −8,022 −9,228 −12,293 549 1,071 1,857 3,048 3,470 Income tax paid −2,566 −1,211 −17,153 −10,907 −13,325 Net cash generated from operating activities 57,225 44,539 126,773 119,956 173,985 − −345 − −13,940 −13,940 −27,818 −25,803 −87,804 −64,427 −99,177 −588 4,730 −4,121 −5,094 −7,598 138 587 262 854 897 5,481 − 14,681 − − Change in inventories Change in non-interest-bearing liabilities Interest paid Interest received Cash flow from investing activities Acquisition of subsidiaries, net of cash Investment in tangible non-current asset Investment in intangible non-current assets Proceeds from sale of tangible and intangible non-current assets (exc. used eq.) Proceeds from sales of subsidiaries Loan receivables, increase, decrease and other changes Net cash flow from investing activities − − −1,577 − − −22,786 −20,832 −78,560 −82,608 −119,818 − − −36,618 −30,147 −30,147 Cash flow from financing activities Dividends paid Purchase of treasury shares Borrowings and repayments of short-term debt (net) Borrowings of long-term debt Repayments of long-term debt Net cash flow from financing activities Net change in cash and cash equivalents during the financial period Cash at the beginning of the period Cash at the end of the period − − − −2,714 −2,714 −21,545 17,832 −49,719 31,500 5,500 37 −14,076 99,113 1,012 9,311 −2,906 −27,357 −49,210 −37,235 −37,211 −24,414 −23,601 −36,433 −37,584 −55,261 10,025 106 11,780 −236 −1,094 3,093 2,089 1,338 2,431 2,431 13,118 2,195 13,118 2,195 1,338 64
  65. 65. Segment information: Net sales NET SALES (MEUR) FINLAND - Net sales (external) - Inter-segment sales SWEDEN - Net sales (external) - Inter-segment sales NORWAY - Net sales (external) - Inter-segment sales DENMARK - Net sales (external) - Inter-segment sales EUROPE EAST - Net sales (external) - Inter-segment sales EUROPE CENTRAL - Net sales (external) - Inter-segment sales Elimination of sales between segments NET SALES, TOTAL Other operating income 7–9/13 7–9/12 1–9/13 1–9/12 1–12/12 41.3 0.5 44.7 0.3 112.5 0.7 123.6 1.2 165.0 1.5 50.8 0.3 53.0 0.0 153.9 0.6 150.9 1.2 207.5 2.4 35.9 0.0 41.1 0.0 112.8 0.0 122.9 0.1 173.6 0.5 11.6 0.2 11.4 0.0 31.9 0.2 32.4 0.0 44.6 0.1 9.8 0.0 18.7 0.0 27.0 0.1 45.7 0.3 63.0 0.3 16.8 0.1 −1.2 166.2 16.9 1.0 −1.4 185.9 41.7 0.3 −2.0 479.8 44.5 2.0 −4.7 519.9 60.4 2.3 −7.1 714.1 0.8 0.9 12.5 1.8 3.0 65
  66. 66. Segment information: EBIT and EBIT-margin 7–9/13 7–9/12 1–9/13 1–9/12 Restated* 1–12/12 9.9 10.9 18.8 22.9 30.2 23.8% 24.2% 16.6% 18.4% 18.2% 7.9 8.7 23.5 23.8 33.3 15.5% 16.4% 15.2% 15.7% 15.9% 5.7 6.4 17.4 15.7 22.2 16.0% 15.6% 15.5% 12.8% 12.8% −2.1 0.8 −3.6 0.8 1.6 −17.4% 6.8% −11.1% 2.4% 3.6% 3.5 4.4 14.5 5.9 10.9 35.3% 23.4% 53.4% 12.9% 17.3% 1.2 0.4 −3.7 −1.7 −1.6 7.1% 2.0% −8.9% −3.7% −2.5% Net items not allocated to operating segments −1.9 −1.8 −5.5 −2.7 −4.2 GROUP EBIT 24.3 29.7 63.3 64.8 92.5 % of net sales 14.6% 16.0% 13.2% 12.5% 13.0% EBIT (MEUR) FINLAND % of net sales SWEDEN % of net sales NORWAY % of net sales DENMARK % of net sales EUROPE EAST % of net sales EUROPE CENTRAL % of net sales *Retrospective application of amendment to IAS 19 affecting Sweden and Norway segments 66
  67. 67. 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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