Ramirent Financial Statement Bulletin 2013

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Ramirent Financial Statement Bulletin 2013

  1. 1. FINANCIAL STATEMENTS 2013 February 17, 2014 CEO Magnus Rosén CFO Jonas Söderkvist
  2. 2. Agenda Highlights Q4 and 1-12/2013 Market outlook Segment review Financial review Company overview Appendix 2 17 February 2014 l Financial Statements Bulletin 2013
  3. 3. Highlights Q4/2013 Net sales MEUR 167.5 (194.1) down by 13.7% (down by 10.5% at comparable exchange rates) Adjusted for divested operations, net sales decreased by 5.9% at comparable exchange rates EBITA MEUR 20.9 (29.7) or 12.5% (15.3%) of net sales Net profit MEUR 13.9 (19.9) and EPS EUR 0.13 (0.18) Gross capex MEUR 33.8 (36.8) Cash flow after investments MEUR 25.2 (16.8) 3 17 February 2014 l Financial Statements Bulletin 2013
  4. 4. Highlights 1-12/2013 Net sales MEUR 647.3 (714.1) down by 9.4% (down by 8.5% at comparable exchange rates) Adjusted for divested operations, net sales decreased by 4.2% at comparable exchange rates EBITA MEUR 92.1 (100.6) or 14.2% (14.1%) of net sales EBITA excluding non-recurring items1) was MEUR 85.3 (100.6) or 13.2% (14.1%) Net profit MEUR 54.0 (63.7) and EPS EUR 0.50 (0.59) Gross capex MEUR 125.8 (124.0) Cash flow after investments MEUR 73.4 (54.2) Net debt to EBITDA ratio 1.1x (1.1x) 1) Non-recurring items included a non-taxable capital gain of MEUR 10.1 from the formation of Fortrent, a loss of MEUR 1.9 from disposal of Hungary and a restructuring provision of MEUR 1.5 in Denmark. 4 17 February 2014 l Financial Statements Bulletin 2013
  5. 5. The Board proposes an ordinary dividend of EUR 0.37 per share and authorisation to decide on payment of additional dividend up to EUR 0.63 per share Earnings Per Share and Dividend Per Share 2009–2013 1) 0.70 Long-term financial target: Dividend payout ratio at least 40% of net profit 0.59 0.60 Board’s proposal 0.50 0.50 0.41 0.40 0.34 0.30 0.10 0.28 0.25 0.20 0.15 0.371) 0.13 0.04 0.00 2009 2010 2011 EPS 2012 2013 DPS The Board proposes an ordinary dividend of EUR 0.371) (0.34) per share for the year 2013 Total dividend EUR 39.8 million1) and payout ratio 73.7%1) (57.6%) The Board proposes to be authorised to decide at its discretion on the payment of additional dividend up to the amount of EUR 0.63 per share 5 17 February 2014 l Financial Statements Bulletin 2013
  6. 6. Net sales declined by 4.2% in 2013, adjusted for exchange rates and divested operations Change in net sales (%) Q4/12 vs. Q4/13 Change in net sales (%) 1-12/12 vs. 1-12/13 0% 0% -1% -2% -5.9% -2% -4.2% -4% -10.5% -6% -3% -4% -13.7% -5% -8% -9.4% -8.5% -6% -10% -7% -12% -8% -14% -9% -10% -16% Q4/2013 reported Q4/2013 at Q4/2013 comparable adjusted for exchange rates the transfer of operations in Russia, Ukraine and Hungary, at comparable exchange rates 1-12/2013 reported 1-12/2013 1-12/2013 at adjusted for comparable exchange rates the transfer of operations in Russia, Ukraine and Hungary, at comparable exchange rates 6 17 February 2014 l Financial Statements Bulletin 2013
  7. 7. Full-year reported EBITA margin on par with the previous year EBITA margin (%) Q4/12 vs. Q4/13 EBITA margin (%) 1-12/12 vs. 1-12/13 18% 16% 16% 14% 14% 12% 12% 10% 10% 8% 8% 14.1% 15.3% 14.2% 1-12/2012 reported 1-12/2013 reported 6% 13.2% 12.5% 6% 4% 4% 2% 2% 0% 0% Q4/2012 reported Q4/2013 reported 1-12/2013 excluding non-recurring items 1) 1) The non-recurring items include the 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. 7 17 February 2014 l Financial Statements Bulletin 2013
  8. 8. Strong cash flow generation throughout the year Cash flow after investments (MEUR) Q4/12 vs. Q4/13 60 Cash flow after investments (MEUR) 1-12/12 vs. 1-12/13 80 70 50 60 40 50 30 40 73.4 30 20 54.2 20 25.2 10 16.8 10 0 0 Q4/2012 reported Q4/2013 reported 1-12/2012 reported 1-12/2013 reported 8 17 February 2014 l Financial Statements Bulletin 2013
  9. 9. Strengthened balance sheet by the increased cash flows Element Measure Target level 1–12/2013 Profit generation ROE 18% p.a. over a business cycle 14.7% 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 73.7%1) of 2013 net profit 1) Board's proposal 9 17 February 2014 l Financial Statements Bulletin 2013
  10. 10. We increased geographical focus on core Baltic Rim markets and widened the customer base Sales per segment 1-12/2013 Europe Central 9% Europe East Baltics 6% Finland 23% Denmark 7% Norway Finland 43 customer centres 74 customer centres Sweden 32% Norway 24% Sweden 74 customer centres Sales per customer 1-12/2013 Europe East Baltics 41 customer centres Services & Retail 12% Denmark 16 customer centres Public Private 2% 4% Europe Central (PL+CZ+SL) 56 customer centres Industrial 18% Russia and Ukraine presence through JV Fortrent Construction 64% Current state close to target of 40% non-construction dependent sales 17 February 2014 l Financial Statements Bulletin 2013 10
  11. 11. MARKET OUTLOOK 11 17 February 2014 l Financial Statements Bulletin 2013
  12. 12. Nordic construction market is expected to grow moderately in 2014 Total Nordic construction output by construction sector 2009–2015F Index Total Nordic construction output 2014F: +2.1% 140 130 New residential construction +0.2% 120 +1.2% Infrastructure construction Renovation* 110 +2.4% 100 +4.4% New non-residential construction 90 80 2009 2010 2011 2012 New residential construction Renovation* Total Nordic construction output 2013E 2014F 2015F New non-residential construction Infrastructure construction *Renovation includes residential and non-residential renovation Source: Euroconstruct 12/2013 12 17 February 2014 l Financial Statements Bulletin 2013
  13. 13. Equipment rental markets forecasted to grow in 2014 Construction output growth (%) and equipment rental market growth (%) 2014E 3.6% 3.6% 3.5%3.6% 3.3% 3.0%* 2.3% 1.9% 1.6% 0.5% Finland Sweden Norway Construction output growth (%) 2014E Denmark Poland Equipment rental market growth (%) 2014E 13 Source: European Rental Association 2013 and VTT 2013* 17 February 2014 l Financial Statements Bulletin 2013
  14. 14. Nordic construction order books remained on par with the previous year in Q4/2013 Nordic construction companies order books, BEUR (at comparable exchange rates) EUR billion 60% 20 18 40% 16 14 20% 12 10 0% 8 6 4 -20% 2 0 -40% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2007 2008 2009 2010 2011 2012 Q4 Q1 Q2 2013 Skanska NCC Peab Veidekke YIT Lemminkäinen SRV Q3 Q4 Change in Net sales YoY, R12 Ramirent Change in order backlog YoY, Nordic construction Nordic construction order books remained on par (+0.1%) with the previous year in Q4/2013 14 17 February 2014 l Financial Statements Bulletin 2013
  15. 15. RAMIRENT OUTLOOK FOR 2014 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. 15 17 February 2014 l Financial Statements Bulletin 2013
  16. 16. We continue to pursue our strategic objetives Customer first • Strong customer-centric approach with increased focus on sustainability, safety and quality Sustainable profitable growth • Being the leading and most profitable general rental company where present Common Ramirent platform • Developing a one-company structure with operational consistency Balanced business portfolio • Maintain a balanced portfolio of customers, products and markets to balance risk 16
  17. 17. We will continue implementing actions to reach an EBITA margin of 17% in 2016 EBITA by segment* (%) Target EBITA margin is 18% for all segments... 20.0 15.0 10.0 16.9 20.2 17.6 ...which leads to a Group EBITA margin of 17% 14.3 5.0 2.0 0.0 -6.3 -5.0 FI SE NO EBITA 2013 DK min 10% EE* EC* min 18% The overall target has been broken down to segmentspecific efficiency plans Group EBITA** (%) 20 15 1.5 2.5 10 5 17 13 Building the common Ramirent platform plays an integral part in reaching the target 0 EBITA 2013 min 10% in all segments min 18% in all segments Target *EBITA excluding non-recurring items **Excluding transferred operations in Russia/ Ukraine to Fortrent and divestment of Hungary 17
  18. 18. We are turning focus back to growth through a clear strategy 5 key components of our growth strategy: 1 2 Increased market share Growth within current business Extended customer value proposition Increasing services and integrated solutions 3 4 Increased penetration Outsourcing opportunities 5 M&A Acquisitions, joint ventures and other transactions Increased footprint New customer segments New geographies 18 17 February 2014 l Financial Statements Bulletin 2013
  19. 19. SEGMENT REVIEW 19 17 February 2014 l Financial Statements Bulletin 2013
  20. 20. Finland Highlights Q4/2013 Sales and EBIT by quarter Net sales decreased due to weaker activity in the construction sector especially in northern and western Finland EBIT weakened due to price pressure and lower capacity utilisation Actions to adjust fixed cost level continued 50 45 40 35 30 25 20 15 10 5 0 45 36 38 35 38 37 Net sales, MEUR Q4 2013 Q4 2012 41 30% 42 42 35 36 39 25% 20% 30 28 15% 10% 5% 0% -5% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2010 2011 2012 2013 Net sales Finland 45 42 Change (EUR) Change (Local) 1–12/ 2013 EBIT-% 1–12/ 2012 Change (EUR) 38.6 41.7 −7% 151.9 166.5 −9% 6.1 7.6 −21% 25.7 31.4 −18% 15.7% 18.3% 16.9% 18.9% 5.8 7.3 24.6 30.2 14.9% 17.6% 16.2% 18.2% Capital expenditure 6.9 10.8 −36% 28.8 25.7 12% Personnel 550 572 −4% 550 572 −4% 74 76 −3% 74 76 Change (Local) −3% EBITA, MEUR % of net sales EBIT, MEUR % of net sales Customer centres −21% −19% 20 17 February 2014 l Financial Statements Bulletin 2013
  21. 21. Sweden Highlights Q4/2013 Sales and EBIT by quarter Good construction activity supported the demand in the Stockholm area Steady demand for equipment rental from the industrial sector in central and northern Sweden Profitability supported by strict cost control, enhanced operational efficiency and good price discipline 70 25% 60 54 45 50 35 36 40 41 42 45 53 48 51 Q4 2013 Q4 2012 30 15% 5% 10 0 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2010 2011 2012 2013 Change (EUR) 57.9 −9% EBITA, MEUR 11.1 10.2 9% 21.0% 17.6% 10.4 9.4 19.8% 16.3% Capital expenditure 9.1 6.5 Personnel 664 74 % of net sales Customer centres 20% 20 52.8 EBIT, MEUR 53 51 53 10% Net sales, MEUR % of net sales 50 29 Net sales Sweden 58 Change (Local) 1–12/ 2012 Change (EUR) 207.3 209.9 −1% 36.6 36.3 17.6% 17.3% 34.0 33.3 16.4% 15.9% 41% 35.8 45.5 −21% 677 −2% 664 677 −2% 79 −6% 74 79 Change (Local) 1% −6% 11% −6% 1–12/ 2013 EBIT-% −2% 2% 21 17 February 2014 l Financial Statements Bulletin 2013
  22. 22. Norway Highlights Q4/2013 Sales and EBIT by quarter Net sales were affected by the weakened Norwegian krone and lower construction activity Weaker demand in western and southern Norway Cost reductions did not manage to offset the lower demand Pricing environment became more challenging 60 50 44 41 40 42 38 40 30 28 27 28 31 33 30 Net sales, MEUR Q4 2013 Q4 2012 0% 10 -5% 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2010 2011 2012 2013 Change (EUR) 51.0 −20% 2.8 7.1 −60% 6.9% 13.9% 2.3 6.5 5.6% 12.7% Capital expenditure 9.1 13.8 Personnel 465 43 % of net sales EBIT, MEUR % of net sales Customer centres 15% 5% 20 40.8 EBITA, MEUR 41 38 39 36 10% Net sales Norway 20% 51 Change (Local) 1–12/ 2012 Change (EUR) 153.6 174.0 −12% 22.0 24.6 14.3% 14.1% 19.7 22.2 12.8% 12.8% −34% 35.4 33.6 3% 467 −0% 465 467 −0% 42 2% 43 42 Change (Local) −11% 2% −65% −11% 1–12/ 2013 EBIT-% −8% −11% 22 17 February 2014 l Financial Statements Bulletin 2013
  23. 23. Denmark Highlights Q4/2013 Sales and EBIT by quarter Demand for equipment rental improved slightly due to gradually improving construction activity Good demand in the capital city area Restructuring continued to improve profitability Prices remained stable 16 10% 15 14 11 11 11 12 10 8 9 10 9 10 8 10 Q4 2013 Q4 2012 11 12 12 5% 0% 9 8 -5% 6 -10% 4 -15% 2 0 -20% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2010 2011 2012 2013 Net sales Denmark 12 Change (EUR) Change (Local) Change (EUR) 11.8 12.2 −3% EBITA, MEUR −0.7 0.9 −186% −6.2% 7.0% −0.9 0.8 −7.2% 6.7% Capital expenditure 1.9 0.7 182% 6.6 2.0 Personnel 177 192 −8% 177 192 −8% 16 19 −16% 16 19 −16% % of net sales Customer centres −4.3 1) 1) −9.7% −204% −4.4 2) 2) −10.1% 44.7 −2% 1.8 Change (Local) 227% EBIT, MEUR 44.0 1–12/ 2012 Net sales, MEUR % of net sales −3% 1–12/ 2013 EBIT-% −1% n/a 4.1% 1.6 n/a 3.6% 1) EBITA excluding non–recurring items was EUR −2.8 (1.8) million or −6.3% (4.1%) in January–December 2013. 2) EBIT excluding non–recurring items was EUR −2.9 (1.6) million or −6.7% (3.6%) in January–December 2013. The non-recurring items included the EUR 1.5 restructuring provision for the third quarter of 2013. 17 February 2014 l Financial Statements Bulletin 2013 23
  24. 24. Europe East Highlights Q4/2013 Sales and EBIT by quarter Adjusted net sales up by 5.5% Profitability improved mainly due to higher capacity utilisation in the Baltic States Fortrent Q4/2013: • At comparable exchange rates, net sales decreased by 6.8% • EBITA was MEUR 2.6 (3.0) or 18.8% (18.5%) of net sales 20 18 16 14 12 10 8 6 4 2 0 12 13 10 13 60% 50% 40% 30% 20% 10% 0% -10% -20% -30% -40% 19 17 113% 17 16 15 12 10 10 9 8 8 8 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2010 2011 2012 2013 Net sales Europe East Q4 2013 Q4 2012 Net sales, MEUR 8.4 17.4 EBITA, MEUR 2.7 5.0 32.6% 5.0 1) 28.9% 2.7 Change (EUR) % of net sales EBIT, MEUR % of net sales −52% −45% Change (Local) −52% 1–12/ 2013 35.5 17.3 2) 2) 48.8% −46% 17.2 3) 3) 1–12/ 2012 Change (EUR) 1) 63.3 −44% 11.1 Change (Local) −44% 56% 17.5% 10.9 57% 32.3% 28.7% Capital expenditure 6.6 2.6 158% 9.6 9.8 −2% Personnel 206 443 −54% 206 443 −54% 41 62 −34% 41 62 −34% Customer centres 48.4% EBIT-% 17.3% 1) Adjusted for the transfer of the Russian and Ukrainian operations to Fortrent as of March 1, 2013 the increase in net sales in October-December 2013 was 5.5%. In January–December 2013 the increase was 4.0%. 2) EBITA excluding non–recurring items was EUR 7.2 (11.1) million, representing 20.2% (17.5%) of net sales. 3) EBIT excluding non–recurring items was EUR 7.1 (10.9) million, representing 19.9% (17.3%) 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. 17 February 2014 l Financial Statements Bulletin 2013 24
  25. 25. Europe Central Highlights Q4/2013 Sales and EBIT by quarter 25 Construction and industrial activity continued to recover in Poland Weak market conditions continued in the Czech Republic and Slovakia Actions to scale down operations supported profitability Prices increasing from low levels 20 19 20 16 15 20% 22 19 19 18 15 14 Q4 2013 Net sales, MEUR EBITA, MEUR 15.3 0.1 % of net sales 0.4% EBIT, MEUR −0.0 % of net sales Q4 2012 16.2 0.4 14 12 15 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 Q4 2010 2011 2012 2013 Change (EUR) 1) −6% −82% Change (Local) −6% 1–12/ 2013 57.3 −0.7 2) 2) −1.2% 2.2% 0.2 16 13 Net sales Europe Central 10% 17 −108% −3.7 3) 3) 1–12/ 2012 62.7 −0.7 Change (EUR) Change (Local) 1) −9% −8% 1% −1.1% −1.6 141% −0.1% 1.1% Capital expenditure 2.2 3.0 −26% 7.1 8.0 −11% Personnel 492 626 −21% 492 626 −21% 56 80 −30% 56 80 −30% Customer centres −6.5% EBIT-% −2.5% 1) Adjusted for the divestment of the Hungarian business the increase in net sales in October−December 2013 was 8.6%. In January−December 2013 the decrease in sales was 4.1%. 2) EBITA excluding non–recurring items was EUR 1.2 (−0.7) million or 2.0% (−1.1%) in January–December 2013. 3) EBIT excluding non–recurring items was EUR 1.0 (−1.6) million or 1.7% (−2.5%) in January–December 2013. The non-recurring items included the goodwill impairment loss of EUR 2.9 million due to weak market conditions in Hungary, recorded in the first quarter 2013 and the EUR 1.9 million loss from disposal of Hungary, recorded in the third quarter 2013. 17 February 2014 l Financial Statements Bulletin 2013 25
  26. 26. FINANCIAL REVIEW 26 17 February 2014 l Financial Statements Bulletin 2013
  27. 27. Cash flow increased by 50% in the fourth quarter (year-on-year) Net Sales (MEUR) Net sales 250 200 150 100 50 0 EBITDA (MEUR) EBITDA Y-o-y change-% 30% 25% 194 187 186 20% 179 170 166 164 161 168 15% 153 150 150 141 134 10% 129 112 5% 0% -5% -10% -15% -20% 35% 59 60 50 42 31 30 20 41 37 40 16 13 14 20 -20 -30 -40 48 49 30% 52 46 42 18 17 19 -11 100 -20 50 -37 0 -50 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2010 2011 2012 2013 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2010 2011 2012 2013 23 23 15% 21 10% 14 5% 4 0% 0 -10 -5% -5 -5 -10% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2010 2011 2012 2013 Gross Capex (MEUR) Gearing-% -5 26 25 8 5 0% 281 280 263258 256 264 239 238 230 250 220 212209 207 197 191 200 177 17 13 10 5% 0 17 20 20% 30 25 15 10% 150 -4 25% 32 27 30 15% 28 300 25 0 -10 57 Net debt (MEUR) 6 7 10 52 20% Net debt 24 55 EBITA-% 32 35 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2010 2011 2012 2013 34 24 60 10 Cash flow after investments (MEUR) 30 EBITA EBITDA-% 70 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2010 2011 2012 2013 40 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 22 20 13 18 46 36 24 28 37 32 30 30 34 10 0 30% 20% 10% 0% Q1 Q2Q3Q4Q1 Q2Q3Q4Q1 Q2Q3Q4Q1 Q2Q3Q4 2010 2011 2012 2013 First-quarter 2013 EBITA excluding non-recurring items was EUR 12.4 (14.4) million, representing 8.1% (8.7%) of net sales Third-quarter 2013 EBITA excluding non-recurring items was 29.3 (31.8) million or 17.6% (17.1%) of net sales 27
  28. 28. Mixed performance by segment in 2013 Finland Sweden Norway Denmark Baltics Central Net Sales (MEUR) 209.9 207.3 174.0 166.5 151.9 153.6 62.7 57.3 44.7 44.0 EBITA Margin (%) Finland Sweden 18.9% 16.9% Norway Denmark 29.8 31.0 The Baltic States Europe Central 18.3% 17.4% 17.3% 17.6% 14.1% 14.3% 4.1% Finland Sweden Norway Denmark The Baltic States Europe Central -1.1% -1.2%2) -9.7%1) 1-12/2012 1-12/2013 1) EBITA-margin excluding non-recurring items was −6.3% (4.1%) in January–December 2013 2) EBITA-margin excluding non-recurring items was 2.0% (−1.1%) in January–December 2013 28
  29. 29. Net sales affected by exchange rates and divested operations Net sales (MEUR) Q4/12 vs. Q4/13 250 Net sales (MEUR) 1-12/12 vs. 1-12/13 800 - 6.1 700 200 - 6.3 - 8.9 - 30.0 600 -11.5 500 150 400 100 -30.7 194.1 167.5 714.1 647.3 300 200 50 100 0 0 Q4/2012 reported Exchange Divested rates operations Market change Q4/2013 reported 1-12/2012 Exchange Divested reported rates operations Market change 1-12/2013 reported Net sales MEUR 167.5 (194.1) down by 13.7% (down by 10.5% at comparable exchange rates) Net sales MEUR 647.3 (714.1) down by 9.4% (down by 8.5% at comparable exchange rates) Adjusted for transferred or divested operations, net sales decreased by 5.9% at comparable exchange rates Adjusted for transferred or divested operations, net sales decreased by 4.2% at comparable exchange rates 29 17 February 2014 l Financial Statements Bulletin 2013
  30. 30. Rental income and ancillary income decreased compared to previous year Breakdown of net sales (%) and MEUR 100% 4% 6% 33% 31% 250 90% 80% 200 7.6 70% 50% 42.2% −18.6% 104.8 −14.7% 100 40% 30% 10.8 51.9 150 60% 63.7 63% 63% 50 20% 122.8 10% 0 0% Q4/2012 Q4/2013 Q4/2012 Q4/2013 Income from sold equipment Income from sold equipment Ancillary income Ancillary income Rental income Rental income 30 17 February 2014 l Financial Statements Bulletin 2013
  31. 31. Net sales declined in all segments in the fourth quarter Net sales by segment (MEUR) and Change % (YoY) Q4/12 vs. Q4/13 57.9 60.0 52.8 51.0 50.0 41.7 40.0 40.8 38.6 Q4/2012 Q4/2013 30.0 20.0 17.4 16.2 15.32) 12.2 11.8 8.41) 10.0 0.0 Finland Sweden Norway Denmark −7.4% −8.7% −20.0% −3.3% Europe East −51.7%1) Europe Central −5.6%2) 1) Adjusted for the transfer of the Russian and Ukrainian operations to Fortrent, net sales increased in Q4/2013 by 5.5% 2) Adjusted for the divestment of the Hungarian business the increase in net sales in Q4/2013 was 8.6% 17 February 2014 l Financial Statements Bulletin 2013 31
  32. 32. Full-year gross margin decreased compared with the previous year Gross margin (%) by quarter 68% 67% 67% 69% 68% 69% 69% 69% 68% 68% 67% 67% 66% 67% 66% 66% 65% 65% 64% 63% Q1 Q2 Q3 2010 2011 Q4 2012 FY 2013 32 17 February 2014 l Financial Statements Bulletin 2013
  33. 33. Number of employees decreased mainly due to restructuring in Denmark and Europe Central Number of employees by segment 677 664 626 572 550 492 467 465 443 192 177 Finland Sweden Norway Personnel 31/12/12 Denmark 206 Europe East Europe Central Personnel 31/12/13 At the end of December 2013, the Group’s number of employees was 2,592 (3,005) At the end of 2012, the number of employees in Russia and Ukraine amounted to 238 33 17 February 2014 l Financial Statements Bulletin 2013
  34. 34. In 2013 the number of customer centres decreased mainly in Europe Central due to scaling down of operations Customer centres per segment 353 334 325 306 Q1 Q2 2010 Q3 Finland Q4 Q1 2011 Sweden Q2 Q3 Norway Q4 Q1 2012 Denmark Q2 Q3 Q4 Europe East Q1 Q2 2013 304 Q3 Q4 Europe Central 34 17 February 2014 l Financial Statements Bulletin 2013
  35. 35. Ramirent’s fixed costs reduced by 17 MEUR compared to last year Fixed costs by quarter (MEUR) 62 56 56 63 66 33 23 68 65 62 54 25 24 22 70 27 37 37 25 25 25 38 28 68 69 66 62 26 27 24 64 22 24 39 40 61 25 22 33 32 Q1 Q2 2010 Q3 Q4 Q1 Q2 2011 41 42 42 40 42 42 Q3 Q4 Q1 2012 Q2 Q3 Q4 Employee benefit expenses 42 Q1 Q2 2013 36 Q3 Q4 Other operating expenses Group fixed costs 252.5 (269.7) MEUR in 1-12/2013, including 3.4 MEUR in non-recurring items 249.1 MEUR excluding non-recurring items 35 17 February 2014 l Financial Statements Bulletin 2013
  36. 36. Full-year 2013 reported EBITA-margin 14.2% EBITA (MEUR) and EBITA-margin (%) Q1/2010 – Q4/2013 35 32.0 20% 31.8 29.7 30 27.3 25.92) 24.7 25 15% 22.61) 22.7 20.9 20 10% 17.4 16.5 14.4 15 12.7 5% 10 8.0 3.6 5 0% 0 -5 Q1 Q2 2010 Q3 Q4 Q1 Q2 2011 Q3 Q4 Q1 Q2 2012 Q3 Q4 Q1 Q2 2013 Q3 Q4 -5% -5.1 EBITA -10 1-12/2010: 33.0 1-12/2011: 79.4 EBITA-% 1-12/2012: 100.6 -10% 1-12/2013: 92.1 1) First-quarter 2013 EBITA excluding non-recurring items was EUR 12.4 (14.4) million, representing 8.1% (8.7%) of net sales 2) Third-quarter 2013 EBITA excluding non-recurring items was 29.3 (31.8) million or 17.6% (17.1%) of net sales 17 February 2014 l Financial Statements Bulletin 2013 36
  37. 37. EBITA margin 13.2% in 2013, adjusted for non-recurring items EBITA (MEUR) 1-12/12 vs 1-12/13 120 100 10.1 80 60 40 100.6 1.9 1.5 6.8 MEUR 92.1 85.3 20 0 % of Net sales 1-12/2012 reported 1-12/2013 reported 14.1% Capital gain Loss from disposal of Hungary Restructuring provision in Denmark 14.2% 1-12/2013 adjusted 13.2% EBIT (MEUR) 1-12/12 vs 1-12/13 100 80 10.1 60 40 92.5 2.9 1.9 1.5 3.9 MEUR 82.3 78.4 Non-recurring items in 1-12/2013: 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 Restructuring provision of 1.5 million in Denmark 20 0 % of Net sales 1-12/2012 reported 1-12/2013 reported 13.0% 12.7% Capital gain Goodwill impairment Loss from disposal of Hungary Restructuring provision in Denmark 1-12/2013 adjusted 12.1% 37 17 February 2014 l Financial Statements Bulletin 2013
  38. 38. All segments have the potential to reach 18% EBITA margin EBITA-margin (%) 1–12/2013 by segments 20 16.9 17.6 17.4 14.3 15 10 5 2.02) 0 -1.2 -5 -6.31) -10 -9.7 -15 Finland Sweden Norway Denmark The Baltic States Europe Central 1-12/2013 reported 1-12/2013 adjusted for non-recurring items Min 10% Target 18% 1) The non-recurring items included the EUR 1.5 million restructuring provision for the third quarter of 2013. 2) The non-recurring items included the EUR 1.9 million loss from disposal of Hungary in the third quarter 2013. 38
  39. 39. Strong EBIT margin in Sweden and Europe East in Q4/2013 EBIT–margin (%) by segments 32.3%1) 28.7%1) 19.8% 17.6% 14.9% 16.3% 12.7% 5.6% 6.7% 1.1% -0.1% -7.2% Finland Sweden Norway Q4/12 Denmark East Central Q4/13 1) EBIT-margin in the Baltic States was 19.8% (19.0%) in the fourth quarter 2013 39 17 February 2014 l Financial Statements Bulletin 2013
  40. 40. Ramirent Group going concern: Net sales 638 MEUR, EBITA 83 MEUR Group Net sales and Net sales in Russia, Ukraine and Hungary (MEUR) 200 150 1.6 6.8 1.5 4.6 100 156.0 146.8 1.7 7.8 1.7 0.0 160.3 159.1 2.3 9.6 1.6 2.1 9.4 174.0 164.6 182.6 167.5 50 0 Group (exc. Russia, Ukraine and Hungary) Russia and Ukraine Hungary Group EBITA and EBITA in Russia, Ukraine and Hungary (MEUR) 0.4 30 20 10 −0.2 (Fortrent) −0.2 −0.1 −0.8 (Fortrent) 0.1 0.6 23.4 11.41) 15.0 0.3 3.5 0.0 24.2 −0.4 −0.2 1.7 −1.5 0.5 (Fortrent) −1.3 29.7 28.2 25.6 1.1 (Fortrent) 19.8 11.4 0 Group (exc. Russia, Ukraine and Hungary) Hungary (incl. capital loss) Fortrent Russia and Ukraine (incl. capital gain) Restructuring provision in Denmark 1) Includes the non-taxable capital gain of EUR 10.1 million from the formation of Fortrent 40 17 February 2014 l Financial Statements Bulletin 2013
  41. 41. Capex adjusted to market conditions and was in line with depreciation in 2013 Capital expenditure, acquisitions and depreciation (MEUR) 2004–2013 250 200 6 Acquisition of Altima for EUR 89 million 111 37 11 bolt-on acquisitions During market downturns Ramirent can reduce capex to a minimum 11 150 16 100 99 212 16 165 165 131 9 50 3 108 96 54 123 53 3 15 0 2004 2005 2006 2007 Capital expenditure* 2008 2009 Acquisitions 2010 2011 2012 2013 Depreciation The total value of purchased equipment was 115.3 (101.3) million in 1-12/2013 The sales value of sold rental equipment was EUR 28.3 (27.1) million in 1-12/2013 41 *Investments in machinery and equipment excluding acquisitions 17 February 2014 l Financial Statements Bulletin 2013
  42. 42. Capital expenditure focused on Norway, Finland, Sweden and East Capital Expenditure by segments (MEUR) 13.8 10.8 9.1 6.9 9.1 6.6 6.5 1.9 0.7 Finland Sweden Norway Denmark Q4/12 2.6 East 3.0 2.2 Central Q4/13 No acquisitions were made in 2013 42 17 February 2014 l Financial Statements Bulletin 2013
  43. 43. Working capital decreased to 3% of the net sales in the fourth quarter Working capital by quarter (MEUR) 109 125 129 115 136 141 131 114 120 124 90 15 15 15 14 11 0% -104 20 -102 18 -98 -84 18 -143 -82 -80 17 -113 -89 17 -122 17 -112 16 -139 16 -109 14 -107 14 -86 -40 15 4% 2% -86 0 -69 40 83 80 109 6% 95 120 97 8% 99 160 -2% -4% -6% -120 Q1 Q2 2010 Q3 Q4 Q1 Q2 2011 Q3 Q4 Q1 Q2 Q3 2012 Q4 Q1 Q2 2013 Q3 Q4 Trade payables and other liabilities Trade and other receivables Inventories Working capital/Net sales Rolling 12 month basis January–December 2013 credit losses and net change in the allowance for bad debt totalled EUR −4.7 (−6.4) million Dividend of EUR 36.6 million paid in April 2013 43 17 February 2014 l Financial Statements Bulletin 2013
  44. 44. Return on investment at 16.5% Invested capital (MEUR) and ROI (%) rolling 12 months 700 600 500 25% 654 588 591 536 524 508 509 496 508 611 604 602 605 604 565 580 20% 15% 400 300 10% 200 5% 100 0% 0 Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Q4 Q1 2012 Invested capital Q2 Q3 Q4 Q1 2013 Q2 Q3 Q4 ROI % (R12) Return on invested capital, ROI 16.5% (18.9%) at the end of December 2013 44 17 February 2014 l Financial Statements Bulletin 2013
  45. 45. Ramirent’s strong cash flow generation is sufficient for maintenance as well as growth capex Cash flow (MEUR) and Cash conversion (%) Q1/2010 – Q4/2013 40% 19 -5 6 -6 -11 -15 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 Q4/13 -20 20% 7 17 24 25 34 46 49 42 48 52 55 28 15 13 -4 18 24 20 41 37 31 42 40 52 60% 57 60 60 80% 59 80 0% -20 -20% -40 -40% -60 -60% EBITDA (MEUR) Cashflow after investments (MEUR) Cash Conversion Cash flow after investments amounted to EUR 73.4 (54.2) million in 1-12/2013 45 17 February 2014 l Financial Statements Bulletin 2013
  46. 46. Ramirent's financial position strengthened during the quarter Net debt (MEUR) and Net debt to EBITDA ratio 300 280 3 281 263 258 256 238 250 212 209 200 1.8x 264 239 230 220 197 1.9x 177 2 1.7x 150 207 191 1.6x 1.4x 1.7x 1.4x 1.4x 1.4x 1.2x 1.2x 1.1x 100 1.2x 1.0x 1.1x 1.1x 1 50 0 0 Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Net debt Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Q3 Q4 Net debt to EBITDA ratio Dividend for FY2012 of 0.34 EUR/share (EUR 36.6 million) was paid in the second quarter Net debt to EBITDA 1.1x (1.1x) at the end of December 2013 Proposed ordinary dividend for FY2013 of 0.37 EUR/share (EUR 39.8 million) + additional dividend up to 0.63 EUR/share (EUR 67.9 million) 46 17 February 2014 l Financial Statements Bulletin 2013
  47. 47. Return on equity at 14.7% Total equity (MEUR) and ROE (%) rolling 12 months 400 347 350 309 300 296 308 318 316 326 296 305 305 364 342 344 361 371 319 25% 20% 15% 250 200 10% 150 5% 100 0% 50 0 -5% Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Q4 Total equity Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Q3 Q4 ROE % (R12) Return on equity, ROE 14.7% (18.5%) for last 12 months Long-term financial target is 18.0% p.a over a business cycle 47 17 February 2014 l Financial Statements Bulletin 2013
  48. 48. At the end of December 2013, Ramirent had unused committed back–up loan facilities of EUR 232.1 million Repayment schedule of interest–bearing liabilities (MEUR) EUR 415.0 million in committed credit facilities 100 Net debt EUR 206.9 million 240 Refinanced on 31 January 2014 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 The average interest rate of the loan portfolio was 3.8% (2.9%) at the end of December 2013 48 17 February 2014 l Financial Statements Bulletin 2013
  49. 49. 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
  50. 50. COMPANY OVERVIEW 50 17 February 2014 l Financial Statements Bulletin 2013
  51. 51. Ramirent is a generalist equipment rental and service company… Definition of Ramirent’s business and strategic choices How Concept What Offering Who Ramirent is a generalist rental company, with an extensive outlet network enabling customer proximity while managing through decentralised operations Ramirent’s business offering stretches from single products to managing the entire fleet capacity at a customer site Customers Ramirent’s diverse customer base includes construction, industry, services, the public sector and private households Where Home market Europe with focus on the Baltic Rim Geographic presence 304 customer centres in 10 countries 2,592 employees serving 200,000 customers with 200,000 rental items €647m of sales generating €92m of EBITA 51 17 February 2014 l Financial Statements Bulletin 2013
  52. 52. ...with a clear vision and mission 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 SolutionsTM Values Open Engaged Progressive Brand promise Let’s solve it 52 17 February 2014 l Financial Statements Bulletin 2013
  53. 53. Ramirent has a focus on the Baltic Rim and holds the market leader position in most markets Ramirent's market position 2013 Finland No.2 Lithuania No.1 Norway No.1 Poland No.1 Denmark No.1 Czech Republic No.2 Estonia 74 customer centres No.1 No.2 Slovakia No.1 Finland 43 customer centres Latvia Sweden Norway No.1 Sweden 74 customer centres Europe East 41 customer centres Balanced mix between more mature markets in the Nordics and growth markets such as Central and Eastern Europe Denmark 16 customer centres Europe Central (PL+CZ+SL) 56 customer centres Dense and well placed depot network enables local market leadership Russia and Ukraine presence through JV Fortrent 53 17 February 2014 l Financial Statements Bulletin 2013
  54. 54. Extended customer value proposition Ramirent is transitioning from single equipment rental to integrated solutions… Equipment Services Rental Business and Sector Knowledge • Construction Heavy Equipment Access Equipment Lifts, Hoists, Scaffolding, Tower cranes Modules and site equipment • Planning • On-site services • Logistics • Merchandise sale • Rental insurance • Training Light Equipment Tools, power and heating equipment • Mining • Paper • Power generation Integrated Solutions • Oil & Gas • Shipyards • Retail & Service • Public sector • Households 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 Benefits Easy to buy, reduced number of subcontractors, increased focus on the core business 54 17 February 2014 l Financial Statements Bulletin 2013
  55. 55. …offered to a wide range of customer industries in all countries Sales per customer 1-12/2013 Services & Retail 12% Industrial 18% Public Private 2% 4% Construction 64% Targeting non-construction dependent sales of 40% of the Group's net sales 55 17 February 2014 l Financial Statements Bulletin 2013
  56. 56. Ramirent operates in a fundamentally attractive market Structural growth market With solid growth drivers Sweden Propensity to rent Norway 3.6% 3.4% Finland 3.0% Denmark 2.3% 1.9% 2.0% Propensity to outsource Underlying construction demand 1.7% 1.5% 430 595 950 1500 Consolidation Equipment rental market (MEUR) Rental-related services Rental market Rental Penetration* growth 2014E (%) (%) *Source: European Rental Association 2013; Rental Turnover** / Total construction output **Equipment rental companies turnover, including rental-related revenues, merchandise as well as sales of used equipment. For other companies providing rental services as a secondary business, estimates for their share of turnover generated by rental activities have been applied.*** VTT, November 2013 56 17 February 2014 l Financial Statements Bulletin 2013
  57. 57. Significant growth through outsourcing and acquisitions 2009 - 2010 Outsourcing deal in Finland Acquisition of Swedish rental company 2011 - 2012 Outsourcing deal in Finland 2013 Outsourcing deal in Denmark Acquisition of Finnish weather protection rental company Outsourcing deal in Norway Acquisition of Swedish rental company Outsourcing deal with two subsidiaries in Finland Acquisition of Czech rental business Outsourcing deal in Norway Acquisition of Danish rental business Divestment of operations in Hungary Joint venture in Russia and Ukraine with Cramo Acquisition of Swedish rental company Acquisition of Czech rental business Aquisition of Czech rental business Acquisition of module rental company in Norway Acquisition of Swedish rental company Outsourcing of Mt Hojgaard's Danish scaffolding division Outsourcing deal in Finland Formworks partnership with Doka in Finland Criteria Complimentary product ranges or related services Extending geography to “white spots” Strengthening links to new customer segments Outsourcing of customer’s in-house fleets Targets mid-size companies mainly Proven track record of accretive acquisitions made at attractive multiples tied to earn-outs 57 17 February 2014 l Financial Statements Bulletin 2013
  58. 58. Ramirent's Financial Business Model: Three complimentary drivers of value creation Cash Flow Organic Growth • Volumes • Upselling Operating Leverage • • • • • Pricing Fleet management Sourcing Cost structure Quality of earnings Financial Leverage Capital Expenditure • • • • • Cash conversion Capex Working capital Dividend Capital Structure Dividend pay-out ratio of at least 40% of net profit Net debt/ EBITDA target of below 1.6x (at y/e) Target EBITA margin improvement of 300bps ROE target of 18% over the cycle 58 17 February 2014 l Financial Statements Bulletin 2013
  59. 59. Improving utilisation through active fleet management Fleet management activities Optimising fleet maintenance strategy Resourcing and maintenance & repair locations Goals KPIs Efficiency utilisation* (%) R3 months Customer service level 80 60 40 20 Total costs 0 2010 2011 2012 2013 Efficient logistics Optimising workshop processes Nonavailable fleet Total Fleet Yield** (%) R3 months 50 40 30 20 Balanced fleet age structure Capital efficiency 10 0 2010 2011 2012 2013 Fleet management potential realized at different levels ∗ሻ ‫ ݊݋݅ݐܽݏ݈݅݅ݐݑ ݕ݂݂ܿ݊݁݅ܿ݅ܧ‬ൌ ‫ݐ݈݂݁݁ ݀݁ݐ݊݁ݎ ݂݋ ݁ݑ݈ܽݒ ݊݋݅ݐ݅ݏ݅ݑݍܿܣ‬ ∗ 100 % ‫ݐ݈݂݁݁ ݈ܽݐ݋ݐ ݂݋ ݁ݑ݈ܽݒ ݊݋݅ݐ݅ݏ݅ݑݍܿܣ‬ ∗∗ሻ ܶ‫ ݈ܻ݀݁݅ ݐ݈݁݁ܨ ݈ܽݐ݋‬ൌ ܴ݁݊‫% 001 ∗ ݁݉݋ܿ݊݅ ݈ܽݐ‬ ‫ݐ݈݂݁݁ ݈ܽݐ݋ݐ ݂݋ ݁ݑ݈ܽݒ ݊݋݅ݐ݅ݏ݅ݑݍܿܣ‬ 59
  60. 60. Largest shareholders Number of shares % of share capital 1. Nordstjernan AB 31,581,716 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 2,967,052 2.73% 6. Nordea funds 2,531,010 2.33% Market Cap EUR 985.4 million 29.05% Largest shareholders December 31, 2013 Shareholders December 31, 2013 15.8% 32.9% 28.5% 1.9% 8.8% 12.1% Private companies Financial and insurance institutions Public sector organizations 7. Aktia funds 2,145,562 1.97% 8. Fondita funds 1,219,822 1.12% 9. Veritas Pension Insurance Company Ltd 1,209,866 1.11% 10. SEB funds 1,007,814 0.93% 998,631 0.92% 41,929,673 38.57% 108,697,328 100.00% Households Non-profit organizations Foreigners Ramirent Oyj treasury shares Other shareholders Total Trading information Listing: NASDAX OMX Helsinki Date of listing: April 30, 1998 Segment: Mid Cap Sector: Industrials Trading code: RMR1V 60 17 February 2014 l Financial Statements Bulletin 2013
  61. 61. 60 Ramirent Plc OMX Helsinki PI (price index) 18/12/2013 04/12/2013 20/11/2013 06/11/2013 23/10/2013 09/10/2013 25/09/2013 11/09/2013 28/08/2013 14/08/2013 31/07/2013 17/07/2013 03/07/2013 19/06/2013 05/06/2013 22/05/2013 08/05/2013 24/04/2013 10/04/2013 27/03/2013 13/03/2013 27/02/2013 13/02/2013 30/01/2013 Index 16/01/2013 02/01/2013 Share price development in 2013 Ramirent Plc (RMR1V) 160 150 140 9.15 December 30, 2013 130 120 110 100 90 80 70 OMX Helsinki Mid-Cap PI (price index) 17 February 2014 l Financial Statements Bulletin 2013 61
  62. 62. How will we deliver on our financial targets and create shareholder value? Company highlights Attractive market - structural growth drivers and cyclical recovery potential Number 1 position - market leader in 7/10 countries Strong platform - above average profitability, capital efficiency, balanced risk level and operational excellence Stated Objectives Non-Construction-dependent share of revenues to 40% EBITA margin improvement of 300 bps Increased strategic focus on growth Growth potential - 5 point growth strategy to capitalise on strong position Return on equity of 18% over the business cycle Financial strength – industry leading cash generation and leverage potential to finance growth, drive ROE and increase dividends YE net debt to EBITDA of below 1.6x Dividend pay-out ratio of at least 40% of net profit Proven management track record – experienced management has reshaped the company since 2008 62 17 February 2014 l Financial Statements Bulletin 2013
  63. 63. APPENDIX 63 17 February 2014 l Financial Statements Bulletin 2013
  64. 64. Consolidated statement of income Restated* CONSOLIDATED STATEMENT OF INCOME 10–12/13 10–12/12 1–12/13 1–12/12 104,762 122,777 420,895 463,070 51,854 63,738 198,040 223,899 (EUR 1,000) Rental income Ancillary income Sales of equipment 10,845 7,625 28,317 27,115 167,461 194,141 647,252 714,083 209 1,192 12,732 3,026 Materials and services −61,105 −70,086 −213,169 −237,184 Employee benefit expenses −35,978 −41,583 −156,791 −166,324 Other operating expenses −25,383 −27,011 −95,660 −103,249 1,040 31 688 116 −27,266 −28,976 −112,768 −117,943 18,977 27,707 82,284 92,524 2,608 −426 15,639 17,928 Financial expenses −8,753 −2,811 −34,055 −27,412 Total financial income and expenses −6,145 −3,237 −18,415 −9,484 EBT 12,832 24,469 63,869 83,041 1,068 −4,560 −9,839 −19,291 13,900 19,910 54,030 63,749 Owners of the parent company 13,900 19,910 54,030 63,749 TOTAL 13,900 19,910 54,030 63,749 Basic, EUR 0.13 0.18 0.50 0.59 Diluted, EUR 0.13 0.18 0.50 0.59 NET SALES Other operating income Share of profit in associates and joint ventures Depreciation, amortisation and impairment charges EBIT Financial income Income taxes PROFIT FOR THE PERIOD Profit for the period attributable to: Earnings per share (EPS) on parent company shareholder’s share of profit *Retrospective application of amendment to IAS 19 affecting Sweden and Norway segments The Group has changed the presentation of income and expenses on derivative instruments in the income statement. The income and expenses are offset in the income statement from 2013. The comparative information for 2012 has been adjusted accordingly. 64 17 February 2014 l Financial Statements Bulletin 2013
  65. 65. Consolidated statement of financial position CONSOLIDATED STATEMENT OF FINANCIAL POSITION (EUR 1,000) ASSETS NON–CURRENT ASSETS Goodwill Other intangible assets Property, plant and equipment 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 tax assets Cash and cash equivalents TOTAL CURRENT ASSETS Assets held for sale TOTAL ASSETS 31/12/2013 Restated* 31/12/2012 Restated* 1/1/2012 124,825 38,427 432,232 18,524 20,261 517 647 635,432 133,515 40,381 451,511 1,125 − 412 1,835 628,779 124,452 35,719 487,310 953 − 415 1,876 650,725 11,494 109,207 1,495 1,849 124,045 15,250 135,600 145 1,338 152,333 17,309 120,000 344 2,431 140,084 − 42,250 − 759,477 823,632 790,810 *Retrospective application of amendment to IAS 19 affecting Sweden and Norway segments 65 17 February 2014 l Financial Statements Bulletin 2013
  66. 66. Consolidated statement of financial position CONSOLIDATED STATEMENT OF FINANCIAL POSITION (1,000) 31/12/2013 Restated* 31/12/2012 Restated* 1/1/2012 EQUITY AND LIABILITIES EQUITY Share capital 25,000 25,000 25,000 Revaluation fund −1,502 −4,924 −4,192 Invested unrestricted equity fund 113,568 113,329 113,329 Retained earnings from previous years 179,882 166,418 144,378 Profit for the period 54,030 63,749 44,730 370,978 363,573 323,245 Deferred tax liabilities 54,286 64,824 62,400 Pension obligations 13,923 13,948 10,965 TOTAL EQUITY NON–CURRENT LIABILITIES Non–current provisions 1,198 Non–current interest–bearing liabilities Other non–current liabilities 972 1,553 174,981 191,199 210,735 − 8,071 11,748 244,388 279,013 297,400 104,369 112,956 109,020 664 TOTAL NON–CURRENT LIABILITIES 826 1,163 CURRENT LIABILITIES Trade payables and other liabilities Current provisions Current tax liabilities 5,278 10,936 5,496 Current interest–bearing liabilities 33,800 49,513 54,486 TOTAL CURRENT LIABILITIES 144,111 174,231 170,165 − 6,545 − TOTAL LIABILITIES 388,499 459,790 467,565 TOTAL EQUITY AND LIABILITIES 759,477 823,362 790,810 Liabilities held for sale *Retrospective application of amendment to IAS 19 affecting Sweden and Norway segments The Group has changed the presentation deferred tax assets and liabilities in the balance sheet. Deferred tax assets and liabilities are offset in the balance sheet, in case there is a legally enforceable right to set off current tax assets against current tax liabilities and when the deferred taxes relate to the same taxation authority. The comparative information for 2012 has been adjusted accordingly. 17 February 2014 l Financial Statements Bulletin 2013 66
  67. 67. Key figures Restated* KEY FINANCIAL FIGURES 10–12/13 10–12/12 1–12/13 1–12/12 167.5 −13.7% 194.1 647.3 714.1 3.9% −9.4% 9.9% (MEUR) Net sales, EUR million Change in net sales, % EBITDA, EUR million % of net sales EBITA, EUR million % net sales EBIT, EUR million % of net sales EBT, EUR million % of net sales Profit for the reporting period, EUR million 46.2 56.7 195.1 210.5 27.6% 29.2% 30.1% 29.5% 20.9 29.7 92.1 100.6 12.5% 15.3% 14.2% 14.1% 19.0 27.7 82.3 92.5 11.3% 14.3% 12.7% 13.0% 12.8 24.5 63.9 83.0 7.7% 12.6% 9.9% 11.6% 13.9 19.9 54.0 63.7 8.3% 10.3% 8.3% 8.9% 33.8 36.8 125.8 124.0 20.2% 19.0% 19.4% 17.4% 579.8 604.3 Return on invested capital (ROI), %** 16.5% 18.9% Return on equity (ROE), %** 14.7% 18.5% Interest–bearing debt, EUR million 208.8 240.7 Net debt, EUR million 206.9 239.4 1.1x 1.1x Gearing, % 55.8% 65.8% *Retrospective application of amendment to IAS 19 affecting Sweden and Norway segments Equity ratio, % **The figures are calculated on a rolling twelve month basis. 48.9% 44.2% Personnel, average during reporting period 2,740 3,077 Personnel, at end of reporting period 2,592 3,005 % of net sales Gross capital expenditure, EUR million % 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. 67 17 February 2014 l Financial Statements Bulletin 2013
  68. 68. Consolidated cash flow statement CONSOLIDATED CASH FLOW STATEMENT (EUR 1,000) Cash flow from operating activities Profit before taxes Adjustments Depreciation, amortisation and impairment charges Adjustment for proceeds from sale of used rental equipment Financial income and expenses Adjustment for proceeds from disposals of subsidiaries Other adjustments Cash flow from operating activities before change in working capital Change in working capital Change in trade and other receivables Change in inventories Change in non–interest–bearing liabilities Cash flow from operating activities before interest and taxes Interest paid Interest received Income tax paid Net cash generated from operating activities 10–12/13 10–12/12 1–12/13 Restated* 1–12/12 12,832 24,469 63,869 83,041 27,266 1,272 6,145 − −13,459 34,055 28,976 2,819 3,167 − 805 60,237 112,768 8,975 18,415 −15,609 4,735 193,153 117,943 12,542 9,413 − −1,438 221,501 10,948 2,298 12,144 59,446 2,752 −810 −5,915 55,472 −2,180 3,056 −2,022 59,090 −3,065 422 −2,418 54,029 18,994 3,114 −5,724 209,537 −5,270 1,047 −23,068 182,245 −15,367 1,576 −11,577 196,134 −12,293 3,470 −13,325 173,985 *Retrospective application of amendment to IAS 19 affecting Sweden and Norway segments 68 17 February 2014 l Financial Statements Bulletin 2013
  69. 69. Consolidated cash flow statement (continued) CONSOLIDATED CASH FLOW STATEMENT ……. Cash flow from investing activities Acquisition of businesses and 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 (excluding used rental equipment) Proceeds from sales of other investments Change in loan receivables Net cash flow from investing activities Cash flow from financing activities Paid dividends Purchase of treasury shares Borrowings and repayments of current debt (net) Borrowings of non–current debt Repayments of non–current debt Net cash flow from financing activities Net change in cash and cash equivalents during the financial year Cash at the beginning of the period Translation differences Cash at the end of the period 10–12/13 10–12/12 1–12/13 Restated* 1–12/12 −2,832 −25,136 −2,383 − −34,750 −2,504 −2,832 −112,941 −6,503 −13,940 −99,177 −7,598 98 − − −30,252 44 − − −37,210 360 14,681 −1,577 −108,812 897 − − −119,818 − − −52 −83 −36,354 −36,489 − − −26,000 8,299 24 −17,677 −36,618 − −49,771 99,031 −85,565 −72,923 −30,147 −2,714 5,500 9,311 −37,211 −55,261 −11,269 13,118 0 1,849 −858 2,195 0 1,338 511 1,338 0 1,849 −1,094 2,431 0 1,338 69
  70. 70. 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 10–12/13 10–12/12 1–12/13 1–12/12 38.4 0.3 41.4 0.3 150.9 1.0 165.0 1.5 52.8 0.0 56.7 1.2 206.7 0.6 207.5 2.4 40.8 0.0 50.7 0.4 153.6 0.0 173.6 0.5 11.8 0.0 12.2 0.1 43.7 0.2 44.6 0.1 8.4 0.0 17.3 0.0 35.4 0.1 63.0 0.3 15.2 0.1 −0.4 167.5 15.9 0.3 −2.3 194.1 56.9 0.4 −2.3 647.2 60.4 2.3 −7.1 714.1 0.2 1.2 12.7 3.0 70 17 February 2014 l Financial Statements Bulletin 2013
  71. 71. Segment information: EBITA and EBITA-margin EBITA (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 Net items not allocated to segments GROUP EBIT % of net sales 10–12/13 10–12/12 1–12/13 Restated* 1–12/12 6.1 15.7% 11.1 21.0% 2.8 6.9% −0.7 −6.2% 2.7 32.6% 0.1 0.4% −1.1 20.9 12.5% 7.6 18.3% 10.2 17.6% 7.1 13.9% 0.9 7.0% 5.0 28.9% 0.4 2.2% −1.5 29.7 15.3% 25.7 16.9% 36.6 17.6% 22.0 14.3% −4.3 −9.7% 17.3 48.8% −0.7 −1.2% −4.6 92.1 14.2% 31.4 18.9% 36.3 17.3% 24.6 14.1% 1.8 4.1% 11.1 17.5% −0.7 −1.1% −4.0 100.6 14.1% *Retrospective application of amendment to IAS 19 affecting Sweden and Norway segments 71 17 February 2014 l Financial Statements Bulletin 2013
  72. 72. EBIT and EBIT-margin by Segment 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 Net items not allocated to segments GROUP EBIT % of net sales 10–12/13 10–12/12 1–12/13 Restated* 1–12/12 5.8 14.9% 10.4 19.8% 2.3 5.6% −0.9 −7.2% 2.7 32.3% 0.0 −0.1% −1.3 19.0 11.3% 7.3 17.6% 9.4 16.3% 6.5 12.7% 0.8 6.7% 5.0 28.7% 0.2 1.1% −1.5 27.7 14.3% 24.6 16.2% 34.0 16.4% 19.7 12.8% −4.4 −10.1% 17.2 48.4% −3.7 −6.5% −5.0 82.3 12.7% 30.2 18.2% 33.3 15.9% 22.2 12.8% 1.6 3.6% 10.9 17.3% −1.6 −2.5% −4.2 92.5 13.0% *Retrospective application of amendment to IAS 19 affecting Sweden and Norway segments 72 17 February 2014 l Financial Statements Bulletin 2013
  73. 73. 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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