Ramirent January-March 2014 Interim Report

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Q1 2014 Interim Report

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Ramirent January-March 2014 Interim Report

  1. 1. © 2014 Ramirent Q1 Interim Report January–March 2014 DEMAND PICTURE REMAINED MIXED IN CORE MARKETS 8 May 2014 Magnus Rosén, President and CEO Jonas Söderkvist, CFO and EVP Group Functions
  2. 2. © 2014 Ramirent© 2014 Ramirent Agenda 2 Group performance Segment review Market outlook Key figures Financial position Company overview Appendix
  3. 3. © 2014 Ramirent 3 Demand picture remained mixed in core markets Key figures Q1/2014 Business performance Market situation *Adjusted for transferred or divested operations, at comparable exchange rates The markets developed largely in line with our expectations. Overall construction activity was on a lower level compared to last year. Net sales down by 10.0%; adjusted for transferred or divested operations sales down by 2.0%* EBITA excl. non-recurring items and adjusted for transferred or divested operations MEUR 7.1 (11.4) or 5.2% (7.8%) of net sales Gross capex MEUR 23.4 (32.4) Cash flow after investments MEUR -5.1 (19.0) The EBITA margin is not at a satisfactory level and we prioritise measures to strengthen profitability. Efficiency improvement measures were intensified in the first quarter. Interim Report January–March 2014 l 8 May 2014
  4. 4. © 2014 Ramirent 4 Adjusted with comparable company structure, first quarter net sales decreased by 2.0% Change in net sales Q1/2014 -10.0% -5.9% -2.0% -12% -10% -8% -6% -4% -2% 0% Q1/2014 reported Q1/2014 at comparable exchange rates Q1/2014 adjusted* at comparable exchange rates Net sales (MEUR) Q1/2014 *Adjusted for the transfer of operations in Russia, Ukraine and Hungary, at comparable exchange rates Net sales down by 10.0% or down by 5.9% at comparable exchange rates Adjusted for transferred or divested operations, net sales decreased by 2.0% at comparable exchange rates 152.8 137.5 0 20 40 60 80 100 120 140 160 180 Q1/2013 reported Q1/2014 reported In Sweden, sales decreased mainly due to some larger projects ending Slower construction activity in Finland and Norway Demand improved in Denmark, Poland and the Baltic States Interim Report January–March 2014 l 8 May 2014
  5. 5. © 2014 Ramirent 5 Adjusted with comparable company structure, first quarter EBITA margin was 5.2% (7.8%) -4.7% 2.7% 8.7% 14.8% 5.2% -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Q3 Q4 Q1 2014 14.8% 7.8% 5.2% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% Q1/2013 reported Q1/2013 adjusted* and excl. non-recurring items Q1/2014 reported Q1/2013 non-recurring items included a non-taxable capital gain of MEUR 10.1 from the formation of Fortrent Q1/2014 reported EBITA MEUR 7.1 (22.6) Q1/2014 reported EBITA margin 5.2% (14.8%) EBITA margin EBITA margin quarterly *Adjusted for transferred or divested operations Interim Report January–March 2014 l 8 May 2014
  6. 6. © 2014 Ramirent Customer First Common Ramirent Platform Sustainable profitable growth Balanced business portfolio 6 Continued focus on Ramirent's strategic priorities Strong local customer orientation and tailored offerings Increased synergies & operational excellence Further widening the customer base Interim Report January–March 2014 l 8 May 2014
  7. 7. 7 Actions to reach the 17% EBITA margin target by the end of 2016 continued Efficiency actions run across all operations • Optimising customer centre network • Developing value-based pricing and reduce pricing leakages • Developing segment-specific customer management model • Promoting of integrated solutions Cost structure Sourcing Fleet management Sales • Optimising equipment life-cycles, maintenance and repair processes • Developing logistics processes • Standardising fleet • Centrally coordinated sourcing operations • Developing support processes and systems • Optimising sourcing terms and supplier portfolio • Developing common system platform • Creating uniform performance management model • Developing efficient back-office functions Interim Report January–March 2014 l 8 May 2014
  8. 8. 8 We deliver customer value through dynamic rental solutions that combine high-quality equipment, services and know-how. New brand promise to clarify Ramirent's value proposition © 2014 Ramirent Interim Report January–March 2014 l 8 May 2014
  9. 9. © 2014 Ramirent 9 Ramirent strengthened its telehandler business and starts to offer telehandler operator services in Finland On 10 March 2014 acquisition of Kurko-Koponen's telehandler business Kurko-Koponen known as a leading telehandler equipment rental provider in Finland Ramirent will have the widest telehandler offering on the Finnish market Co-operation agreement signed with Kurko-Koponen for offering telehandler operator services M&A criteria  Strengthening market leading position  Complimentary products and services in line with More Than MachinesTM  Improving links to new customer segments Annual rental volume app. EUR 6.0 million and 7 employees Interim Report January–March 2014 l 8 May 2014
  10. 10. © 2014 Ramirent 10 Event after the review period: Ramirent acquired majority stake in Safety Solutions Jonsereds On 24 April 2014 acquisition of majority stake in Sweden- based Safety Solutions Jonsereds Ramirent holds an option to acquire the remaining ownership stake over the next seven years Safety Solutions Jonsereds is specialised in developing and planning fall protection and safety systems Ramirent holds a 50.1% stake with the remaining 49.9% stake held by Accent Equity and management M&A criteria  Strengthens safety competence base  Creates unique customer offering with Ramirent's extensive network  Potential to reach wider range of customers  Complimentary products and services in line with More Than MachinesTM 16 employees Interim Report January–March 2014 l 8 May 2014
  11. 11. © 2014 Ramirent© 2014 Ramirent 11 Group performance Segment review Market outlook Key figures Financial position Company overview Appendix
  12. 12. © 2014 Ramirent 12 Finland Q1/2014: Actions taken to adjust fixed cost base to prevailing market conditions • Net debt to EBITDA 1.1x in Q4 • Long-term financial target: below 1.6x (at the end of FY) 13.7% 9.7% 9.3% 0% 5% 10% 15% 20% 25% 30% Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Q3 Q4 Q1 2014 Net sales (MEUR)Highlights Q1/2014 38.4 35.1 31.6 0 5 10 15 20 25 30 35 40 45 50 Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Q3 Q4 Q1 2014 EBITA marginKey figures Demand decreased due to lower construction activity Weak demand in construction in the northern and western parts of Finland Measures were taken to adjust fixed cost base to prevailing market conditions Measures to further strengthen operational efficiency continue Finland Q1 2014 Q1 2013 Change 2013 Net sales, MEUR 31.6 35.1 −9.9% 151.9 EBITA, MEUR 2.9 3.4 −13.3% 25.7 % of net sales 9.3% 9.7% 16.9% Capital expenditure, MEUR 4.2 8.1 −48.1% 28.8 Personnel (FTE) 519 554 −6.4% 547 Customer centres 70 76 −7.9% 74 Net sales down by 9.9% Interim Report January–March 2014 l 8 May 2014
  13. 13. © 2014 Ramirent 13 Sweden Q1/2014: Sales decreased mainly due to some larger projects ending • Net debt to EBITDA 1.1x in Q4 • Long-term financial target: below 1.6x (at the end of FY) 15.0% 14.6% 9.3% 0% 5% 10% 15% 20% 25% Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Q3 Q4 Q1 2014 Net sales (MEUR)Highlights Q1/2014 48.1 50.3 45.4 0 10 20 30 40 50 60 70 Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Q3 Q4 Q1 2014 EBITA marginKey figures Sales decreased mainly due to some larger projects ending in the quarter Strong residential and infrastructure construction supported demand in Stockholm area Prices remained stable Strict cost control continues Net sales down by 9.7% or by 5.8% at comparable exchange rates Sweden Q1 2014 Q1 2013 Change 2013 Net sales, MEUR 45.4 50.3 −9.7% 207.3 EBITA, MEUR 4.2 7.4 −42.9% 36.6 % of net sales 9.3% 14.6% 17.6% Capital expenditure, MEUR 9.9 10.9 −9.2% 35.8 Personnel (FTE) 666 670 −0.6% 656 Customer centres 74 78 −5.1% 74 Interim Report January–March 2014 l 8 May 2014
  14. 14. © 2014 Ramirent 14 Norway Q1/2014: Efficiency improvement measures were intensified • Net debt to EBITDA 1.1x in Q4 • Long-term financial target: below 1.6x (at the end of FY) 10.3% 13.0% 7.6% 0% 5% 10% 15% 20% 25% Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Q3 Q4 Q1 2014 Net sales (MEUR)Highlights Q1/2014 43.7 38.1 34.0 0 10 20 30 40 50 60 Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Q3 Q4 Q1 2014 EBITA marginKey figures Market conditions more challenging in the south eastern parts of Norway Demand at healthy levels in the northern and western parts of Norway Stable demand from activity in oil and gas sector EBITA was hampered by increased pricing pressure Net sales down by 10.8% or up by 0.2% at comparable exchange rates Norway Q1 2014 Q1 2013 Change 2013 Net sales, MEUR 34.0 38.1 −10.8% 153.6 EBITA, MEUR 2.6 5.0 −48.1% 22.0 % of net sales 7.6% 13.0% 14.3% Capital expenditure, MEUR 4.9 8.7 −43.8% 34.5 Personnel (FTE) 432 464 −6.8% 460 Customer centres 43 43 43 Interim Report January–March 2014 l 8 May 2014
  15. 15. © 2014 Ramirent Denmark Q1 2014 Q1 2013 Change 2013 Net sales, MEUR 9.6 9.1 5.4% 44.0 EBITA, MEUR −1.1 −1.4 22.6% −4.31) % of net sales −11.7% −15.9% −9.7%1) Capital expenditure, MEUR 0.1 1.2 −95.8% 6.6 Personnel (FTE) 162 190 −14.8% 175 Customer centres 16 19 −15.8% 16 15 Denmark Q1/2014: Demand for equipment rental improved slightly • Net debt to EBITDA 1.1x in Q4 • Long-term financial target: below 1.6x (at the end of FY) -1.5% -15.9% -11.7% -20% -15% -10% -5% 0% 5% 10% Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Q3 Q4 Q1 2014 Net sales (MEUR)Highlights Q1/2014 9.8 9.1 9.6 0 2 4 6 8 10 12 14 Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Q3 Q4 Q1 2014 EBITA marginKey figures Increased demand was supported by improving activity in the infrastructure construction and public sector Demand in the industrial sector was stable Ramirent's restructuring measures and strict cost control had a positive effect on the profitability Net sales up by 5.4% or by 5.4% at comparable exchange rates 1) EBITA excluding non–recurring items was EUR −2.8 million or −6.3% of net sales in January– December 2013. The non-recurring items included the EUR 1.5 restructuring provision for the third quarter of 2013. Interim Report January–March 2014 l 8 May 2014
  16. 16. © 2014 Ramirent 16 Europe East Q1/2014: Positive development continued in the Baltic States • Net debt to EBITDA 1.1x in Q4 • Long-term financial target: below 1.6x (at the end of FY) Net sales (MEUR)Highlights Q1/2014 12.2 9.7 6.2 0 2 4 6 8 10 12 14 16 18 20 Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Q3 Q4 Q1 2014 EBITA marginKey figures In the Baltic States, demand was fuelled by higher activity within construction and industrial sectors First-quarter EBITA margin in the Baltic States 4.9% (-3.0%) Fortrent Group's operations were affected by weaker market situation caused by the Ukrainian crisis Adjusted for divested operations* net sales were up by 20.2% 1) Adjusted for the transfer of the Russian and Ukrainian operations to Fortrent as of March 1, 2013* the increase of net sales was 20.2% 2) EBITA excluding non–recurring items was EUR 0.9 million, representing 9.1% of net sales. 3) EBITA excluding non–recurring items was EUR 7.2 million, representing 20.2% of net sales. The non–recurring items included the non–taxable capital gain of EUR 10.1 million from the formation of Fortrent, recorded in the first quarter of 2013. 113.5% First-quarter EBITA margin excl. non- recurring items was 9.1% Europe East Q1 2014 Q1 2013 Change 2013 Net sales, MEUR 6.21) 9.7 −36.2%1) 35.5 EBITA, MEUR −0.1 11.02) N/A 17.33) % of net sales −1.8% 113.5%2) 48.8%3) Capital expenditure, MEUR 2.7 1.5 75.5% 9.6 Personnel (FTE) 239 207 15.2% 207 Customer centres 42 42 0.0% 41 Interim Report January–March 2014 l 8 May 2014 -0.3% 4.9% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Q3 Q4 Q1 2014 -1.8% The Baltic States -3.0%
  17. 17. © 2014 Ramirent 17 Europe Central Q1/2014: Volumes grew supported by market recovery in Poland • Net debt to EBITDA 1.1x in Q4 • Long-term financial target: below 1.6x (at the end of FY) -15.1% -21.2% -10.2% -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Q3 Q4 Q1 2014 Net sales (MEUR)Highlights Q1/2014 13.3 11.0 11.8 0 2 4 6 8 10 12 14 16 18 20 Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Q3 Q4 Q1 2014 EBITA marginKey figures In Poland, volumes continued to recover in the construction sector Good activity in power plant projects Profitability improved mainly due to higher rental income in Poland and improved capacity utilisation rates Price levels have started to increase from low levels Adjusted for divested operations* net sales were up by 23.7% 1) Adjusted for the divestment of the Hungarian business* the increase in net sales was 23.7%. 2) EBITA excluding non–recurring items was EUR 1.2 million or 2.0% of net sales in January–December 2013. The non-recurring items included the EUR 1.9 million loss from disposal of Hungary, recorded in the third quarter 2013. Europe Central Q1 2014 Q1 2013 Change 2013 Net sales, MEUR 11.81) 11.0 7.3%1) 57.3 EBITA, MEUR −1.2 −2.3 48.2% −0.72) % of net sales −10.2% −21.2% −1.2%2) Capital expenditure, MEUR 1.6 1.3 21.3% 7.1 Personnel (FTE) 474 607 −21.9% 479 Customer centres 57 76 −25.0% 56 Interim Report January–March 2014 l 8 May 2014
  18. 18. © 2014 Ramirent© 2014 Ramirent Group performance Segment review Market outlook Key figures Financial position Company overview Appendix 18
  19. 19. © 2014 Ramirent 19 Fastest construction output growth expected in Sweden in 2014 Construction output growth estimates for 2014 Source: Confederation of Finnish Construction Industries (RT) 4/2014, Swedish Construction Federation 3/2014, Prognosesenteret 3/2014, Danish Construction Industry (DB) 2/2014 and Euroconstruct 12/2013 Nordic countries Baltic countries and Europe Central 2014E Finland -1.0% Sweden 5.0% Norway 0.2% Denmark 3.2% 2014E Estonia -2.0% Latvia -6.0% Lithuania 4.0% Poland 3.5% The Czech Republic -4.2% Slovakia -0.8% Interim Report January–March 2014 l 8 May 2014
  20. 20. © 2014 Ramirent 20 Nordic construction order books increased by 6.3% compared to the previous year Nordic construction companies order books (at comparable exchange rates) -40% -20% 0% 20% 40% 60% 0 1 2 3 4 5 6 7 8 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 Q3 Q4 Q1 2014 NCC YIT* Lemminkäinen SRV Change in Net sales (y-o-y), R12 Ramirent Change in order backlog (y-o-y), Nordic construction billion Nordic construction order books excluding Skanska, Veidekke and Peab increased by 6.3% compared to the previous year Ramirent's rolling 12 months net sales decreased by 10.0% (y-o-y) *YIT's order book not fully comparable as it includes also order book from the Baltic States, Slovakia and the Czech Republic (change in reporting structure as of Q1/2014). Interim Report January–March 2014 l 8 May 2014
  21. 21. The economic growth in 2014 is expected to be modest and construction market demand remains mixed in our core markets. Ramirent will maintain strict cost control and, for 2014, capital expenditure is expected to be around the same level as in 2013. The strong financial position will enable the Group to continue to address profitable growth opportunities. Ramirent outlook for 2014 unchanged Interim Report January–March 2014 l 8 May 2014
  22. 22. © 2014 Ramirent© 2014 Ramirent Group performance Segment review Market outlook Key figures Financial position Company overview Appendix
  23. 23. 23 Finland Sweden Norway Denmark Baltics Central NetSales (MEUR) EBITAmargin (%) R12 Q1/2013 R12 Q1/2014 Mixed performance in our countries 18.1% 17.0% 14.7% 1.2% 17.6% -1.7% 17.0% 16.5% 13.1% -5.5%1) 18.3% 3.9%2) -10% 0% 10% 20% Finland Sweden Norway Denmark The Baltic States Europe Central 163.2 212.8 170.5 43.9 29.5 60.5 148.5 202.1 149.9 44.4 32.0 58.2 0 50 100 150 200 Finland Sweden Norway Denmark The Baltic States Europe Central 1) Rolling 12 months EBITA excluding non–recurring items was EUR −2.4 million or −5.5% of net sales. The non-recurring items included the EUR 1.5 restructuring provision for the third quarter of 2013. 2) Rolling 12 months EBITA excluding non–recurring items was EUR 2.3 million or 3.9% of net sales. The non-recurring items included the EUR 1.9 million loss from disposal of Hungary, recorded in the third quarter 2013. © 2014 Ramirent Interim Report January–March 2014 l 8 May 2014
  24. 24. © 2014 Ramirent 24 Net sales affected by exchange rates and divested operations, as well as lower demand Net sales (MEUR) Breakdown of net sales (MEUR) 98.9 86.7 49.6 45.3 4.3 5.5 0 20 40 60 80 100 120 140 160 180 Q1/2013 Q1/2014 Income from sold equipment Ancillary income Rental income 28.2% −8.7% −12.3% 152.8 6.2 6.1 2.9 137.5 0 20 40 60 80 100 120 140 160 180 Q1/2013 reported Exchange rates Divested operations Underlying change Q1/2014 reported First-quarter net sales MEUR 137.5 (152.8) down by 10.0% Adjusted for transferred or divested operations, net sales decreased by 2.0% at comparable exchange rates R12 net sales MEUR 632.0 (702.6) down by 10.0% Adjusted for transferred or divested operations, R12 net sales decreased by 2.5% at comparable exchange rates Interim Report January–March 2014 l 8 May 2014
  25. 25. © 2014 Ramirent 25 Number of employees has decreased mainly due to restructuring in Denmark and Europe Central Customer centres Personnel (FTE) 334 325 306 304 302 Q1 2013 Q2 Q3 Q4 Q1 2014 Finland Sweden Norway Denmark Europe East -Baltics Europe Central Number of customer centres were adjusted to prevailing market conditions Decrease of 32 customer centres year-on-year First-quarter employee benefit expenses MEUR 37.1 (41.9) Decrease of 196 in number of employees from Q1/13 to Q1/14 Group: 2,529 (2,725) Finland 519 Sweden 666 Norway 432 Denmark 162 Europe East - Baltics 239 Europe Central 474 Interim Report January–March 2014 l 8 May 2014
  26. 26. © 2014 Ramirent 26 Ramirent’s fixed costs 4.9 MEUR lower compared to last year Fixed costs (MEUR) and % of Group net sales 67.9 65.9 60.9 41.3% 43.1% 44.3% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 0 10 20 30 40 50 60 70 80 Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Q3 Q4 Q1 2014 Group fixed costs MEUR 60.9 (65.9) in the first quarter First-quarter fixed costs of net sales 44.3% (43.1%) Q1/14 fixed costs: • Employee benefit expenses MEUR 37.1 • Other operating expenses MEUR 23.8 Fixed costs rolling 12 months MEUR 247.5 (267.6) Interim Report January–March 2014 l 8 May 2014
  27. 27. © 2014 Ramirent 27 EBITDA-margin excluding non-recurring items slightly below last year's level EBITDA margin 31.5% 24.8% 23.0% 0% 5% 10% 15% 20% 25% 30% 35% Q1/2013 reported Q1/2013 excluding non- recurring items Q1/2014 excluding non- recurring items EBITDA margin quarterly 15.7% 20.6% 25.5% 31.5% 23.0% 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 Q3 Q4 Q1 2014 Q1/2013 non-recurring items included a non- taxable capital gain of MEUR 10.1 from the formation of Fortrent First-quarter reported EBITDA MEUR 31.7 (48.1) First-quarter reported EBITDA margin 23.0% (31.5%) Interim Report January–March 2014 l 8 May 2014
  28. 28. © 2014 Ramirent 28 Net sales in the comparative period included business in Russia, Ukraine and Hungary Net sales: Group, Russia & Ukraine, Hungary EBITA: Group, Russia & Ukraine, Hungary Net sales, MEUR Q1/2013 Q2/2013 Q3/2013 Q4/2013 Q1/2014 Group as reported 152.8 160.8 166.2 167.5 137.5 Russia & Ukraine 4.7 Hungary 1.5 1.7 1.6 Group (excl. Russia, Ukraine & Hungary) 146.7 159.1 164.6 167.5 137.5 EBITA, MEUR Q1/2013 Q2/2013 Q3/2013 Q4/2013 Q1/2014 Group as reported 22.6 22.7 25.9 20.9 7.1 Russia & Ukraine (incl. capital gain) 11.4 Hungary (incl. capital loss) -0.2 0.1 -1.3 Group (excl. Russia, Ukraine & Hungary) 11.4 22.6 27.3 20.9 7.1 Interim Report January–March 2014 l 8 May 2014
  29. 29. © 2014 Ramirent 29 Adjusted with comparable company structure, first quarter EBITA margin was 5.2% (7.8%) 22.6 12.4 10.1 1.0 11.4 7.1 0.0 5.0 10.0 15.0 20.0 25.0 1-3/2013 reported Capital gain 1-3/2013 excl. capital gain Results of RUS, UKR & HUN 1-3/2013 adjusted 1-3/2014 reported EBITA (MEUR) Q1/13 vs Q1/14 Q1/2013 EBITA includes a capital gain of MEUR 10.1 from the transaction to form Fortrent and the results of transferred or divested operations (RUS, UKR & HUN) Q1/2014 EBITA excl. non- recurring items and adjusted for divested operations was MEUR 7.1 (11.4) or 5.2% (7.8%) of net sales 14.8% 7.8% 5.2% EBITA margin8.1% Interim Report January–March 2014 l 8 May 2014
  30. 30. © 2014 Ramirent 30 Cash flow weakened due to less cash flow from operating activities -60% -40% -20% 0% 20% 40% 60% 80% -60 -40 -20 20 40 60 80 EBITDA (MEUR) Cashflow after investments (MEUR) Cash Conversion Cash flow after investments (MEUR) Cash conversion (MEUR and %) 19 -5 34 25 -5 -10 -5 0 5 10 15 20 25 30 35 40 Q1 2013 Q2 Q3 Q4 Q1 2014 Cash flow after investments MEUR -5.1 (19.0*) in the first quarter Cash flow weakened mainly due to lower cash flow from operating activities First-quarter cash conversion typically the weakest of the year due to the seasonal nature of rental business Interim Report January–March 2014 l 8 May 2014 *The comparative period included a cash contribution of MEUR 9.2 from the transaction to form Fortrent.
  31. 31. © 2014 Ramirent 31 Capital expenditure focused on Sweden, Norway and Finland • Net debt to EBITDA 1.1x in Q4 • Long-term financial target: below 1.6x (at the end of FY) Capital expenditure by segment (MEUR) Share of capital expenditure by segment (%) 8.1 10.9 8.7 1.2 1.5 1.3 4.2 9.9 4.9 0.1 2.7 1.6 0 5 10 15 Finland Sweden Norway Denmark East Central Q1/14 Q1/13 Investments in machinery and equipment MEUR 22.0 (29.3) in the first quarter The sales value of sold rental equipment MEUR 5.5 (4.3) in the first quarter Finland 18.1% Sweden 42.3% Norway 21.0% Denmark 0.2% Europe East 11.5% Europe Central 6.9% Interim Report January–March 2014 l 8 May 2014
  32. 32. © 2014 Ramirent 32 In 2014, capital expenditure is expected to be around the same level as in 2013 Gross capital expenditure (MEUR) and % of net sales 12.5 21.7 9.7 18.1 31.9 44.6 119.9 45.9 35.7 23.9 28.0 36.8 32.4 30.029.5 33.8 23.4 0% 10% 20% 30% 40% 50% 60% 70% 80% 0 20 40 60 80 100 120 140 Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Q3 Q4 Q1 2014 Gross Capex Share of net sales-% First quarter gross capex MEUR 23.4 (32.4) No acquisitions during the first quarter Investments in machinery and equipment MEUR 22.0 (29.3) in the first quarter Capex focused on Finland, Sweden and Norway Interim Report January–March 2014 l 8 May 2014
  33. 33. © 2014 Ramirent 33 Return on investment at 13.9% Return on investment % ROI % and Invested capital MEUR 18.9% 13.9% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% Q1/2013 Q1/2014 524 508 565 654 545 5.8% 9.3% 19.6% 18.9% 13.9% 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 Q3 Q4 Q1 2014 Rolling 12 months Return on investment was 13.9% (18.9%) Return on investment decreased compared year- on-year as a result of lower profitability The Group's invested capital amounted to MEUR 545.1 (654.4) at the end of Q1/14 Interim Report January–March 2014 l 8 May 2014
  34. 34. © 2014 Ramirent 34 Return on equity at 13.6% Return on equity % ROE % and Total equity (MEUR) 20.7% 13.6% 0% 5% 10% 15% 20% 25% Q1/2013 Q1/2014 309 316 305 342 330 -0.4% 6.3% 16.9% 20.7% 13.6% -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 Q3 Q4 Q1 2014 Rolling 12 months Return on equity was 13.6% (20.7%) Long-term financial target: ROE of 18% over a business cycle The Group's total equity amounted to MEUR 330.3 (341.6) at the end of Q1/14 Equity per share was 3.07 (3.17) at the of the quarter Interim Report January–March 2014 l 8 May 2014
  35. 35. © 2014 Ramirent© 2014 Ramirent 35 Group performance Segment review Market outlook Key figures Financial position Company overview Appendix
  36. 36. © 2014 Ramirent 36 Ramirent's financial position remained strong in the first quarter Net debt (MEUR) Net debt to EBITDA ratio 220 264 230 207 212 0 50 100 150 200 250 300 Q1 2013 Q2 Q3 Q4 Q1 2014 1.8x 1.4x 1.2x 1.0x 1.2x 0.0 0.5 1.0 1.5 2.0 2.5 Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Q3 Q4 Q1 2014 Net debt MEUR 212.0 (220.3) at the end of Q1/14 Net debt decreased by 3.8% (y-o-y) Net debt to EBITDA 1.2x at the end of Q1/14 Long-term financial target: below 1.6x (at the end of FY) Interim Report January–March 2014 l 8 May 2014
  37. 37. © 2014 Ramirent 37 Equity ratio and gearing improved year-on-year Equity ratio (%) Gearing (%) 38.2% 43.1% 45.2% 48.9% 43.8% 0% 10% 20% 30% 40% 50% 60% Q1 2013 Q2 Q3 Q4 Q1 2014 64.5% 76.8% 63.9% 55.8% 64.2% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% Q1 2013 Q2 Q3 Q4 Q1 2014 First-quarter equity ratio was 43.8% (38.2%) Total equity amounted to MEUR 330.3 (341.6) at the end of the quarter First-quarter gearing was 64.2% (64.5%) Net debt MEUR 212.0 (220.3) at the end of the quarter Interim Report January–March 2014 l 8 May 2014
  38. 38. © 2014 Ramirent 38 An ordinary dividend of EUR 0.37 per share was paid and the AGM adopted the Board's proposal to decide on a potential additional dividend of up to EUR 0.63 per share Earnings Per Share and Dividend Per Share 0.04 0.13 0.41 0.59 0.50 0.15 0.25 0.28 0.34 0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 0.90 1.00 2009 2010 2011 2012 2013 EPS DPS Ordinary dividend of EUR 0.37 per share paid in April 2014 representing a payout ratio of 73.7% (57.6%) for fiscal year 2013 Potential for an additional dividend of up to EUR 0.63 per share for fiscal year 2013, which would represent a total payout ratio of up to 199% for fiscal year 2013 Long-term financial target: Dividend payout ratio at least 40% of net profit 1.00 0.37 0.63 Interim Report January–March 2014 l 8 May 2014
  39. 39. © 2014 Ramirent 39 First-quarter working capital negative mainly due to dividend Working capital (MEUR) Working capital / Rolling 12 months net sales 5.9% 5.2% -1.1% -1.8% -2.4% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Q3 Q4 Q1 2014 15.3 15.0 14.4 11.5 12.6 115.4 128.7 125.3 109.2 108.6 -143.3 -98.2 -102.0 -104.4 -136.6 -200 -150 -100 -50 0 50 100 150 200 Q1 2013 Q2 Q3 Q4 Q1 2014 Trade payables and other liabilities Trade and other receivables Inventories First-quarter credit losses and change in the allowance for bad debt amounted to MEUR -1.5 (-1.9) Working capital of rolling 12 months net sales -2.4% (-1.8%) Dividend of MEUR 39.8 (36.6) paid in April 2014 Interim Report January–March 2014 l 8 May 2014
  40. 40. © 2014 Ramirent 40 At the end of March 2014, Ramirent had unused committed back–up loan facilities of MEUR 202.1 Repayment schedule of interest-bearing liabilities (MEUR) Ramirent had unused committed back-up loan facilities of MEUR 202.1 available at the end of the first quarter The average interest rate of the loan portfolio was 3.8% (3.5%) at the end of the first quarter In January, revolving credit facility agreement (MEUR 75.0) with SEB was refinanced and set to mature in 2016 In addition to bank facilities, Ramirent is utilising a domestic commercial paper program of up to EUR 150 million75 240 100 2013 2014 2015 2016 2017 2018 2019 Net debt EUR 212.0 million EUR 415.0 million in committed credit facilities Interim Report January–March 2014 l 8 May 2014
  41. 41. © 2014 Ramirent 41 Two of our long-term financial targets were met in Q1/2014 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 Q1/2014 13.6% 1.2x 73.7% of 2013 net profit STATED OBJECTIVES Interim Report January–March 2014 l 8 May 2014
  42. 42. © 2014 Ramirent© 2014 Ramirent 43 Group performance Segment review Market outlook Key figures Financial position Company overview Appendix
  43. 43. © 2014 Ramirent Ramirent is a generalist equipment rental and service company 44 Where Geographic presence Home market Europe with focus on the Baltic Rim How Concept Ramirent is a generalist rental company, with an extensive outlet network enabling customer proximity while managing through decentralised operations What Offering Ramirent’s business offering stretches from single products to managing the entire fleet capacity at a customer site Who Customers Ramirent’s diverse customer base includes construction, industry, services, the public sector and private households 302 customer centres in 10 countries 2,529 employees serving 200,000 customers with 200,000 rental items MEUR 647 of sales (2013) Definition of Ramirent's business and strategic choices Interim Report January–March 2014 l 8 May 2014
  44. 44. © 2014 Ramirent 45 We increased geographical focus on core Baltic Rim markets and widened the customer base Europe Central (PL+CZ+SL) # 1 57 customer centres Finland # 1 70 customer centres Sweden # 2 74 customer centres Norway # 2 43 customer centres Denmark # 1 16 customer centres Europe East –Baltics # 1 42 customer centres Finland 23% Sweden 33% Norway 25% Denmark 7% Europe East - Baltics 4% Europe Central 9% Sales per customers Q1/2014 Construction 63%Industrial 19% Services & Retail 14% Public 4% Private 1% Current state close to target of 40% non-construction dependent sales Russia and Ukraine presence through JV Fortrent Sales per segment Q1/2014 Interim Report January–March 2014 l 8 May 2014
  45. 45. © 2014 Ramirent 46 We continue to pursue our growth strategy in 2014 The five components of Ramirent's growth strategy: Increased market share Growth within current business Extended customer value proposition Increasing services and integrated solutions Increased penetration Outsourcing opportunities Increased footprint New customer segments New geographies M&A Acquisitions, joint ventures and other transactions 1 2 3 4 5 Interim Report January–March 2014 l 8 May 2014
  46. 46. © 2014 Ramirent 47 Ramirent is transitioning from single equipment rental to integrated rental solutions… Equipment Services Rental Business and Sector Knowledge 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 Understanding client requirements helps to customise product selection and further improve productivity Heavy Equipment Access Equipment Lifts, Hoists, Scaffolding, Tower cranes Modules and site equipment Light Equipment Tools, power and heating equipment • Planning • On-site services • Logistics • Merchandise sale • Rental insurance • Training • Construction • Mining • Paper • Power generation • Oil & Gas • Shipyards • Retail & Service • Public sector • Households Integrated Solutions Benefits Easy to buy, reduced number of subcontractors, increased focus on the core business Interim Report January–March 2014 l 8 May 2014
  47. 47. © 2014 Ramirent© 2014 Ramirent 48 Targeting non-construction dependent sales of 40% of the Group's net sales Sales per customers Q1/2014 …offered to a wide range of customer industries in all countries Construction 63%Industrial 19% Services & Retail 14% Public 4% Private 1% Interim Report January–March 2014 l 8 May 2014
  48. 48. © 2014 Ramirent 49 Ramirent aims to grow its footprint in strategic growth pockets OIL & GAS PUBLIC SECTOR INDUSTRY Interim Report January–March 2014 l 8 May 2014
  49. 49. © 2014 Ramirent 50 Ramirent has seen significant growth through outsourcing and acquisitions Outsourcing deal with two subsidiaries in Finland Outsourcing deal in Finland Acquisition of Swedish rental company Outsourcing deal in Norway Acquisition of Czech rental business Outsourcing deal in Finland Acquisition of Finnish weather protection rental company Aquisition of Czech rental business Acquisition of Czech rental business Acquisition of Swedish rental company Acquisition of Danish rental business Acquisition of module rental company in Norway Outsourcing of Mt Hojgaard's Danish scaffolding division Acquisition of Swedish rental company Acquisition of Swedish rental company Outsourcing deal in Norway Joint venture in Russia and Ukraine with Cramo 2009 - 2010 2011 - 2012 2013-2014 Outsourcing deal in Finland Divestment of operations in Hungary Formworks partnership with Doka in Finland  Extending geography to “white spots”  Complimentary product ranges or related services  Strengthening links to new customer segments  Targets mid-size companies mainly  Outsourcing of customer’s in-house fleets Criteria Proven track record of accretive acquisitions made at attractive multiples tied to earn-outs Kurko-Koponen acquisition in Finland Outsourcing deal in Denmark Safety Solutions Jonsereds acquisition in Sweden Interim Report January–March 2014 l 8 May 2014
  50. 50. © 2014 Ramirent 51 Capex adjusted to market conditions and was in line with depreciation in 2013 Gross capital expenditure, acquisitions and depreciation 54 96 165 212 165 15 53 131 108 123 99 16 11 6 37 3 9 111 16 3 0 50 100 150 200 250 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Capital expenditure* Acquisitions Depreciation Acquisition of Altima for EUR 89 million During market downturns Ramirent can reduce capex to a minimum 11 bolt-on acquisitions *Investments in machinery and equipment excluding acquisitions The total value of purchased equipment was MEUR 115.3 (101.3) 1-12/2013 The sales value of sold rental equipment was MEUR 28.3 (27.1) in 1-12/2013 In 2014, capital expenditure is expected to be around the same level as in 2013 Interim Report January–March 2014 l 8 May 2014
  51. 51. © 2014 Ramirent 52 Ramirent's Financial Business Model: Three complimentary drivers of value creation • Volumes • Upselling • Pricing • Fleet management • Sourcing • Cost structure • Quality of earnings • Cash conversion • Capex • Working capital • Dividend • Capital Structure Organic Growth Operating Leverage Financial Leverage Cash Flow Target EBITA margin of 17% by the end of 2016 Net debt/ EBITDA target of below 1.6x (at y/e) Capital Expenditure ROE target of 18% over the cycle Dividend pay- out ratio of at least 40% of net profit Interim Report January–March 2014 l 8 May 2014
  52. 52. © 2014 Ramirent 53 Customer service level Total costs Non- available fleet Capital efficiency Optimising fleet maintenance strategy Resourcing and maintenance & repair locations Optimising workshop processes Balanced fleet age structure Fleet management activities Efficiency utilisation* (%) R3 months Total Fleet Yield** (%) R3 months ∗) 𝐸𝑓𝑓𝑖𝑐𝑖𝑒𝑛𝑐𝑦 𝑢𝑡𝑖𝑙𝑖𝑠𝑎𝑡𝑖𝑜𝑛 = 𝐴𝑐𝑞𝑢𝑖𝑠𝑖𝑡𝑖𝑜𝑛 𝑣𝑎𝑙𝑢𝑒 𝑜𝑓 𝑟𝑒𝑛𝑡𝑒𝑑 𝑓𝑙𝑒𝑒𝑡 𝐴𝑐𝑞𝑢𝑖𝑠𝑖𝑡𝑖𝑜𝑛 𝑣𝑎𝑙𝑢𝑒 𝑜𝑓 𝑡𝑜𝑡𝑎𝑙 𝑓𝑙𝑒𝑒𝑡 ∗ 100 % ∗∗) 𝑇𝑜𝑡𝑎𝑙 𝐹𝑙𝑒𝑒𝑡 𝑌𝑖𝑒𝑙𝑑 = 𝑅𝑒𝑛𝑡𝑎𝑙 𝑖𝑛𝑐𝑜𝑚𝑒 ∗ 100 % 𝐴𝑐𝑞𝑢𝑖𝑠𝑖𝑡𝑖𝑜𝑛 𝑣𝑎𝑙𝑢𝑒 𝑜𝑓 𝑡𝑜𝑡𝑎𝑙 𝑓𝑙𝑒𝑒𝑡 Goals KPIs Efficient logistics Fleet management potential realised at different levels Interim Report January–March 2014 l 8 May 2014
  53. 53. © 2014 Ramirent 54 Group EBITA margin target of 17% by the end of 2016 Q1/2014 R12 EBITA margin by segment (%) Group EBITA margin** (%) *EBITA excluding non-recurring items **Excluding transferred operations to Fortrent and divestment of Hungary 13 1.5 2.5 17 0 2 4 6 8 10 12 14 16 18 20 EBITA 2013* min 10% in all segments min 18% in all segments Target 17.0 16.5 13.1 -5.5 19.3 3.9 -5 0 5 10 15 20 FI SE NO DK* EE EC* Target EBITA-margin is 18% for all geographical segments… …which leads to a Group EBITA margin of 17% Interim Report January–March 2014 l 8 May 2014
  54. 54. © 2014 Ramirent 55 Share price development in 2013-2014 60 70 80 90 100 110 120 130 140 150 160 Index Ramirent Plc (RMR1V) RMR1V OMXHPI OMXHMCPI 8.12 May 5, 2014 Interim Report January–March 2014 l 8 May 2014
  55. 55. © 2014 Ramirent Attractive market - structural growth drivers and cyclical recovery potential Number 1 position - market leader in 7/10 countries Strong platform - above industry average profitability, balanced risk level and increasing operational excellence Growth potential - 5 point growth strategy to capitalise on strong position Financial strength – industry leading cash generation and leverage potential to finance growth, drive ROE and increase dividends Proven management track record – experienced management has reshaped the company since 2008 56  Return on equity of 18% over a business cycle  YE net debt to EBITDA of below 1.6x  Dividend pay-out ratio of at least 40% of net profit  EBITA margin of 17% by the end of 2016 How will we deliver on our financial targets and create shareholder value? Company highlights Stated objectives Interim Report January–March 2014 l 8 May 2014
  56. 56. © 2014 Ramirent© 2014 Ramirent 57 Group performance Segment review Market outlook Key figures Financial position Company overview Appendix
  57. 57. © 2014 Ramirent 58 CONSOLIDATED STATEMENT OF INCOME 1–3/14 1–3/13 1–12/13 (EUR 1,000) Rental income 86,724 98,906 420,895 Ancillary income 45,293 49,608 198,040 Sales of equipment 5,521 4,305 28,317 NET SALES 137,538 152,819 647,252 Other operating income 349 11,175 12,732 Materials and services −44,857 −49,958 −213,169 Employee benefit expenses −37,129 −41,875 −156,791 Other operating expenses −23,792 −23,976 −95,660 Share of profit in associates and joint ventures −429 −108 688 Depreciation, amortisation and impairment charges −26,303 −30,073 −112,768 EBIT 5,376 18,005 82,284 Financial income 2,095 4,242 15,639 Financial expenses −4,252 −7,048 −34,055 Total financial income and expenses −2,157 −2,806 −18,415 EBT 3,220 15,199 63,869 Income taxes −660 −4,180 −9,839 PROFIT FOR THE PERIOD 2,559 11,019 54,030 Profit for the period attributable to: Owners of the parent company 2,559 11,019 54,030 TOTAL 2,559 11,019 54,030 Earnings per share (EPS) on parent company shareholder’s share of profit Basic, EUR 0.02 0.10 0.50 Diluted, EUR 0.02 0.10 0.50 Consolidated statement of income Interim Report January–March 2014 l 8 May 2014
  58. 58. © 2014 Ramirent 59 Consolidated statement of financial position CONSOLIDATED STATEMENT OF FINANCIAL POSITION 31/3/2014 31/3/2013 31/12/2013 (EUR 1,000) ASSETS NON–CURRENT ASSETS Goodwill 124,690 131,247 124,825 Other intangible assets 38,108 40,311 38,427 Property, plant and equipment 427,841 453,921 432,232 Investments in associates and joint ventures 15,003 22,425 18,524 Non–current loan receivables 20,261 20,250 20,261 Available–for–sale investments 519 412 517 Deferred tax assets 815 1,856 647 TOTAL NON–CURRENT ASSETS 627,236 670,422 635,432 CURRENT ASSETS Inventories 12,561 15,281 11,494 Trade and other receivables 108,577 115,351 109,207 Current tax assets 3,252 1,923 1,495 Cash and cash equivalents 2,784 92,437 1,849 TOTAL CURRENT ASSETS 127,173 224,992 124,045 TOTAL ASSETS 754,409 895,414 759,477 Interim Report January–March 2014 l 8 May 2014
  59. 59. © 2014 Ramirent 60 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 31/3/2014 31/3/2013 31/12/2013 (EUR 1,000) EQUITY AND LIABILITIES EQUITY Share capital 25,000 25,000 25,000 Revaluation fund −1,291 −4,273 −1,502 Invested unrestricted equity fund 113,767 113,568 113,568 Retained earnings from previous years 190,263 196,271 179,882 Profit for the period 2,559 11,019 54,030 TOTAL EQUITY 330,298 341,585 370,978 NON–CURRENT LIABILITIES Deferred tax liabilities 53,833 65,286 54,286 Pension obligations 14,087 14,784 13,923 Non–current provisions 1,186 964 1,198 Non–current interest–bearing liabilities 206,721 277,820 174,981 Other non–current liabilities − 5,669 − TOTAL NON–CURRENT LIABILITIES 275,827 364,523 244,388 CURRENT LIABILITIES Trade payables and other liabilities 136,582 143,323 104,369 Current provisions 525 499 664 Current tax liabilities 3,136 10,533 5,278 Current interest–bearing liabilities 8,042 34,951 33,800 TOTAL CURRENT LIABILITIES 148,285 189,306 144,111 TOTAL LIABILITIES 424,112 553,829 388,499 TOTAL EQUITY AND LIABILITIES 754,409 895,414 759,477 Interim Report January–March 2014 l 8 May 2014 Consolidated statement of financial position (continued)
  60. 60. © 2014 Ramirent 61 Key financial figures KEY FINANCIAL FIGURES 1–3/14 1–3/13 1–12/13 (MEUR) Net sales, EUR million 137.5 152.8 647.3 Change in net sales, % −10.0% −7.0% −9.4% EBITDA, EUR million 31.7 48.1 195.1 % of net sales 23.0% 31.5% 30.1% EBITA, EUR million 7.1 22.6 92.1 % net sales 5.2% 14.8% 14.2% EBIT, EUR million 5.4 18.0 82.3 % of net sales 3.9% 11.8% 12.7% EBT, EUR million 3.2 15.2 63.9 % of net sales 2.3% 9.9% 9.9% Profit for the period, EUR million 2.6 11.0 54.0 % of net sales 1.9 % 7.2 % 8.3% Gross capital expenditure, EUR million 23.4 32.4 125.8 % of net sales 17.0% 21.2% 19.4% Invested capital, EUR million, end of period 545.1 654.4 579.8 Return on invested capital (ROI), %* 13.9% 18.9% 16.5% Return on equity (ROE), %* 13.6% 20.7% 14.7% Interest–bearing debt, EUR million 214.8 312.8 208.8 Net debt, EUR million 212.0 220.3 206.9 Net debt to EBITDA ratio 1.2x 1.0x 1.1x Gearing, % 64.2% 64.5% 55.8% Equity ratio, % 43.8% 38.2% 48.9% Personnel, average during reporting period 2,536 2,867 2,709 Personnel, at end of reporting period 2,529 2,725 2,561 Interim Report January–March 2014 l 8 May 2014*Rolling 12 months
  61. 61. © 2014 Ramirent 62 Consolidated cash flow statement CONSOLIDATED CASH FLOW STATEMENT 1–3/14 1–3/13 1–12/13 (EUR 1,000) Cash flow from operating activities Profit before taxes 3,220 15,199 63,869 Adjustments Depreciation, amortisation and impairment charges 26,303 30,073 112,768 Adjustment for proceeds from sale of used rental equipment 2,612 1,879 8,975 Financial income and expenses 2,157 2,806 18,415 Adjustment for proceeds from disposals of subsidiaries − −10,128 −15,609 Other adjustments 4,090 −4,780 4,735 Cash flow from operating activities before change in working capital 38,380 35,048 193,153 Change in working capital Change in trade and other receivables 2,029 19,135 18,994 Change in inventories −644 −147 3,114 Change in non–interest–bearing liabilities −24,191 −2,385 −5,724 Cash flow from operating activities before interest and taxes 15,574 51,651 209,537 Interest paid −157 −2,624 −5,270 Interest received − 480 1,047 Income tax paid −4,059 −7,443 −23,068 Net cash generated from operating activities 11,358 42,064 182,245 Interim Report January–March 2014 l 8 May 2014
  62. 62. © 2014 Ramirent 63 CONSOLIDATED CASH FLOW STATEMENT 1–3/14 1–3/13 1–12/13 Cash flow from investing activities Acquisition of businesses and subsidiaries, net of cash − − −2,832 Investment in tangible non–current asset (rental machinery) −20,658 −27,762 −110,115 Investment in other tangible non–current assets −86 −1,230 −2,825 Investment in intangible non–current assets −1,320 −1,757 −6,503 Proceeds from sale of tangible and intangible non–current assets (excluding used rental equipment) 151 54 360 Proceeds from sales of other investments 5,481 9,200 14,681 Loan receivables, increase, decrease and other changes − −1,567 −1,577 Net cash flow from investing activities −16,432 −23,062 −108,812 Cash flow from financing activities Paid dividends − − −36,618 Borrowings and repayments of current debt (net) 6,009 −14,563 −49,771 Borrowings of non–current debt − 99,030 99,031 Repayments of non–current debt − −12,370 −85,565 Net cash flow from financing activities 6,009 72,096 −72,923 Net change in cash and cash equivalents during the financial year 935 91,099 511 Cash at the beginning of the period 1,849 1,338 1,338 Change in cash 935 91,099 511 Cash at the end of the period 2,784 92,437 1,849 Interim Report January–March 2014 l 8 May 2014 Consolidated cash flow statement (continued)
  63. 63. © 2014 Ramirent 64 Net sales NET SALES 1–3/14 1–3/13 1–12/13 (MEUR) FINLAND - Net sales (external) 31.5 35.0 150.9 - Inter–segment sales 0.2 0.1 1.0 SWEDEN - Net sales (external) 45.3 50.0 206.7 - Inter–segment sales 0.1 0.3 0.6 NORWAY - Net sales (external) 33.4 38.1 153.6 - Inter–segment sales 0.6 − 0.0 DENMARK - Net sales (external) 9.6 9.1 43.7 - Inter–segment sales − − 0.2 EUROPE EAST - Net sales (external) 6.2 9.7 35.4 - Inter–segment sales 0.0 0.0 0.1 EUROPE CENTRAL - Net sales (external) 11.6 11.0 56.9 - Inter–segment sales 0.2 0.0 0.4 Elimination of sales between segments −1.1 −0.4 −2.3 NET SALES, TOTAL 137.5 152.8 647.2 Interim Report January–March 2014 l 8 May 2014
  64. 64. © 2014 Ramirent 65 EBITA EBITA 1–3/14 1–3/13 1–12/13 (MEUR) FINLAND 2.9 3.4 25.7 % of net sales 9.3% 9.7% 16.9% SWEDEN 4.2 7.4 36.6 % of net sales 9.3% 14.6% 17.6% NORWAY 2.6 5.0 22.0 % of net sales 7.6% 13.0% 14.3% DENMARK −1.1 −1.4 −4.3 % of net sales −11.7% −15.9% −9.7% EUROPE EAST −0.1 11.0 17.3 % of net sales −1.8% 113.5% 48.8% EUROPE CENTRAL −1.2 −2.3 −0.7 % of net sales −10.2% −21.2% −1.2% Net items not allocated to segments −0.2 −0.4 −4.6 GROUP EBITA 7.1 22.6 92.1 % of net sales 5.2% 14.8% 14.2% Interim Report January–March 2014 l 8 May 2014

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