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Interim reportJanuary-June201112 August 2011President and CEO Magnus RosénCFO Jonas Söderkvist
Q2/11: Profitability improvingAPRIL – JUNE 2011  Net sales up 16.1% MEUR 149.5  (128.7) or 13.7 % at comparable  exchange ...
Highlights H1/11JANUARY – JUNE 2011  Net sales up 18.1% MEUR 283.9  (240.3) or 14.4 % at comparable  exchange rates  EBITD...
Market and Ramirent outlookas of 12 August 2011       Market outlook 2011                  Ramirent Outlook 2011 Overall, ...
Five new acquisitions signed in Q2/11                                                       Outsourcing deal              ...
Acquisition of high-class module specialistRogaland Planbygg AS  Major acquisition for Ramirent Norway  Estimated annual s...
Acquisition of Hyrman i Lund AB One of the largest acquisitions for Ramirent Sweden Estimated annual sales of MEUR 15 In e...
Outlet network expanded Number of outlets all time high at 399 (353) (excl. acquisitions of Rogaland Planbygg in Norway an...
Key strategic objectives         Sustainable profitable growth          Accelerate growth with acquisitions and outsourci...
SEGMENT REVIEW                 10
Q2 2011 Finland            Highlights                            Historic financial performance                           ...
Q2 2011 Sweden           Highlights                          Historic financial performance                               ...
Q2 2011 Norway           Highlights                        Historic financial performance                                 ...
Q2 2011 Denmark           Highlights                             Historic financial performance                           ...
Q2 2011 Europe East            Highlights                         Historic financial performanceGrowth driven by infrastru...
Q2 2011 Europe Central              Highlights                      Historic financial performance                        ...
FINANCIAL REVIEW                   17
Financial performance continued to developpositively in Q2      Net Sales (MEUR)                                          ...
Net sales grew 16.1% in Q2/2011 due to  increased activity levels in the market                                  Change in...
Net sales grew in all segments both in euros and in comparable exchange rates                            Change in Q2 net ...
Capital turnover is continuously increasing                                  Invested capital by quarterMEUR800           ...
Gross margin has improved compared toprevious year but is still below pre-downturnlevel                              Gross...
Total workforce has increased slightly due to  recovering demand and acquisitions                          Number of emplo...
Record high number of outlets in the Group                                      Number of outlets per segment450          ...
Fixed cost development continues on stable level                                 Fixed costs by quarterMEUR80      7370   ...
Q2 EBIT margin increased to 10.3%                                     EBIT margin by quarter25 %               19.6 %20 % ...
Q2 EBIT margin improved in all segments  compared to previous year                               EBIT-margin by segments20...
Q2 2011 fleet investment rose to EUR 38.3million                             Purchased and sold equipment by quarterMEUR45...
Capital expenditure increased in all segments to meet the increasing demand                           Capital Expenditure ...
Working capital is at 7% of net sales                                   Working capital by quarterMEUR120                 ...
Cash flow after investments EUR -31.1 milliondue to increased fleet investments and acquisitions                          ...
Strong financial position with gearing at 80%                                     Net debt and gearing MEUR400            ...
CMD 2011Welcome to Ramirent’s   Capital Market Day    1 September 2011      from 9:00-16:00    in Vantaa, Finland
MORE INFORMATIONwww.ramirent.comMagnus Rosén, CEO+358 20 750 2845magnus.rosen@ramirent.comJonas Söderkvist, CFO+358 20 750...
COMPANY OVERVIEW                   35
Ramirent in briefLeading equipment rental company in Northern, Centraland Eastern Europe with net sales of EUR 531 million...
More than 50 years of experience as a   supplier to the construction industry                                             ...
Our strategic choicesVisionTo be the leading and most progressive equipmentrental solutions company in Europe, setting the...
One of the leading equipment rental companies    both in Europe (#3) and globally (#12)    Largest rental companies in Eur...
Nordic countries are our largest markets and   construction is our largest customer sector    Sales per segment 1-6/2011  ...
Leading market positions    in all our markets                                                                            ...
Operating through six geographical segments                     Diversified customer base                      Rental Outl...
Offering is structured into eight core productgroups                                  TOWER CRANESLIFTS        HEAVY MACHI...
Broadest range of equipment andDynamic Rental SolutionsTM ….Rental Solution ConceptsRamirent offers a range of customer ne...
Dynamic Rental SolutionsTMis offered to a diverse customer base Product              Outlet Network   Customers groups    ...
The long-term growth drivers are still in placeIncreasing                             European consolidation High potentia...
Financial targets• ROI >18 % p.a. over a business cycle• EPS growth > 15 % p.a. over a business cycle• Gearing ≤ 120 % at ...
Long-term EBIT and ROI development                         EBIT and ROI development35 %30 %25 %                           ...
Emerging stronger than before                     Ramirent is ready to capture                  the opportunities in its m...
APPENDIX           50
CONSOLIDATED INCOME STATEMENT(EUR 1,000)                              4-6/11    4-6/10    1-6/11    1-6/10    1-12/10Net s...
BALANCE SHEET – ASSETS (EUR 1,000)                       30.6.2011   30.6.2010   31.12.2010NON-CURRENT ASSETSProperty, pla...
BALANCE SHEET – EQUITY AND LIABILITIES  (EUR 1,000)                                                        30.6.2011   30....
KEY FIGURES MEUR                                 4-6/11          4-6/10         Change           1-6/11    1-6/10    Chang...
CONDENSED CASH FLOW STATEMENT MEUR                                                 1-6/11       1-6/10       Change     1-...
SEGMENT INFORMATIONNet sales, MEUR                 4-6/11   4-6/10   Change     1-6/11   1-6/10   Change     1-12/10Finlan...
EBIT BY SEGMENTEBIT (EUR million)           4-6/11   4-6/10    Change    1-6/11   1-6/10    Change     1-12/10Finland     ...
LARGEST SHAREHOLDERS                                                                   % of share                         ...
CONSTRUCTION VOLUME FORECASTSConstruction volume   EUR bn         %         Change                        2010     2011FFi...
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Ramirent Q2 2011

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Ramirent's January-June2011 Interim Report

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Ramirent Q2 2011

  1. 1. Interim reportJanuary-June201112 August 2011President and CEO Magnus RosénCFO Jonas Söderkvist
  2. 2. Q2/11: Profitability improvingAPRIL – JUNE 2011 Net sales up 16.1% MEUR 149.5 (128.7) or 13.7 % at comparable exchange rates EBITDA MEUR 40.6 (30.7) EBITDA-margin 27.2% (23.9%) EBIT MEUR 15.4 (7.4) EBIT-margin 10.3% (5.8%) Gross capex MEUR 44.6 (21.7) Cash flow after investments MEUR -20.4 (13.4) Number of outlets 399 (353) Acquisitions made in Norway, Sweden, Finland and Czech Republic 2
  3. 3. Highlights H1/11JANUARY – JUNE 2011 Net sales up 18.1% MEUR 283.9 (240.3) or 14.4 % at comparable exchange rates EBITDA MEUR 68.2 (48.3) EBITDA-margin 24.0% (20.1%) EBIT MEUR 18.1 (1.9) EBIT-margin 6.4% (0.8%) Gross capex MEUR 76.5 (34.2) Cash flow after investments MEUR -31.1 (9.4) Net debt MEUR 238.2 (209.3) Gearing 80.4% (70.6%) 3
  4. 4. Market and Ramirent outlookas of 12 August 2011 Market outlook 2011 Ramirent Outlook 2011 Overall, the new residential, Ramirent reiterates its outlook for infrastructure and renovation 2011. As a result of increased construction markets are expected construction activity and improving to develop favourably, especially in price levels, net sales are expected the Nordic countries, while demand to increase in 2011, and the result for commercial construction before taxes is expected to improve remains weak. Taking this into compared to 2010. account, Ramirent expects the recovery in its markets to continue. Also, the improved balance between supply and demand indicates a healthier price level. However, due to the current financial turmoil, market risks have increased. Ramirent maintains a cautious stance since uncertainties in the macroeconomic development persist. 4
  5. 5. Five new acquisitions signed in Q2/11 Outsourcing deal Outsourcing deal Acquisition of rental business Outsourcing dealOutsourcing deal with twoLemminkäinen subsidiaries Acquisition of Acquisition of rental business rental business End of 2010 2011 2009 Some 50 companies Acquisition of Acquisition of Acquisition of rental business monitored rental business rental business on our target list Acquisition of Outsourcing deal rental business Aquisition of rental business 5
  6. 6. Acquisition of high-class module specialistRogaland Planbygg AS Major acquisition for Ramirent Norway Estimated annual sales of MEUR 22 In effect from 1 July 2011 Founded in 1997; based in Tananger, south of Stavanger Focused on high class rental accommodation and office modules Key customer sectors: Oil & Gas Industry, public sector (kindergardens and schools) 6
  7. 7. Acquisition of Hyrman i Lund AB One of the largest acquisitions for Ramirent Sweden Estimated annual sales of MEUR 15 In effect from 1 August 2011 Founded in 2000, leading player in southern Sweden with 7 outlets Operations in the highly active regions of Skåne and Halland Key customer sectors: construction, civil engineering and industrial sectors 7
  8. 8. Outlet network expanded Number of outlets all time high at 399 (353) (excl. acquisitions of Rogaland Planbygg in Norway and Hyrman in Sweden) Local head office Outlet Re-renting agents 8
  9. 9. Key strategic objectives Sustainable profitable growth  Accelerate growth with acquisitions and outsourcing deals  Evaluate entry into new markets  Strengthen local offerings and develop solution concepts Operational excellence  Develop a common “Ramirent platform”  Develop group wide IT platform and realize synergies  Maintain strong focus on cost efficiency Balanced risk level  Diversified portfolios of customers, products and markets  Continuous employee competence development  A strong financial position 9
  10. 10. SEGMENT REVIEW 10
  11. 11. Q2 2011 Finland Highlights Historic financial performance MEURMain growth driver was residential 45 41 20 %construction, while growth was 38 37 40 36 35slowed down by lower activity in 34 15 % 35 31 30shipyards, industrial maintenance 29 28 30and in the private household sector 10 % 25 20 5%Profitability improved based on 15higher utilisation levels and 10 0%improving pricing environment 5 0 -5 %Ramirent Finland Oy acquired the Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2shares of Finnish weather 2009 2010 2011protection company Suomen Net sales EBIT-%Sääsuoja Oy Q2 January - June Full Year Finland 2011 2010 Change Change 2011 2010 Change Change 2010 (EUR) (Local) (EUR) (Local) Net sales, MEUR 36.5 36.1 1% 1% 66.8 64.2 4% 4% 136.9 EBIT, MEUR 4.7 4.0 18 % 6.1 3.8 60 % 13.7 EBIT-margin 12.9 % 11.1 % 9.1 % 5.9 % 10.0% Employees 633 641 -1 % 603 Outlets 85 83 2% 84 11
  12. 12. Q2 2011 Sweden Highlights Historic financial performance MEURGrowth was driven by the civil 50 45 25 %engineering, public and housing 41 42sectors. Geographically, growth 40 36 20 % 35was driven by Stockholm and its 32 33 31 32 29surrounding areas as well as 30 15 %southern regions of the countryProfitability improved based on 20 10 %higher capacity utilisation, but is 10 5%still burdened by low price levelsRamirent signed an agreement to 0 0%acquire Hyrman i Lund AB with Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2seven outlets in Southern 2009 2010 2011Sweden contributing to annual Net sales EBIT-%net sales with about MEUR 15 Q2 January - June Full Year Sweden 2011 2010 Change Change 2011 2010 Change Change 2010 (EUR) (Local) (EUR) (Local) Net sales, MEUR 42.1 34.9 21 % 13 % 83.4 64.2 30 % 18 % 145.2 EBIT, MEUR 7.0 5.0 38 % 13.1 7.6 72 % 23.3 EBIT-margin 16.5 % 14.4 % 15.7 % 11.8 % 16.1 % Employees 563 540 4% 546 Outlets 73 69 6% 73 12
  13. 13. Q2 2011 Norway Highlights Historic financial performance MEURGrowth driven by construction 35 33 16 %especially in the western and 29 29 28 31 30 14 % 27 28northern parts of Norway 30 25 27 12 %Profitability still low, but 25 10 %measures have been taken to 20 8%improve efficiency in the outlet 6% 15network and for increasing price 4%levels 10 2% 0%New nationwide cooperation 5 -2 %agreement with Veidekke 0 -4 %Ramirent signed an agreement to Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2acquire Rogaland Planbygg AS 2009 2010 2011contributing to annual net sales Net sales EBIT-%with approximately MEUR 22 Q2 January - June Full Year Norway 2011 2010 Change Change 2011 2010 Change Change 2010 (EUR) (Local) (EUR) (Local) Net sales, MEUR 30.5 27.4 11 % 10 % 63.1 55.7 13 % 11 % 114.4 EBIT, MEUR 2.4 1.0 134 % 2.8 0.6 383 % 2.3 EBIT-margin 7.9 % 3.7 % 4.4 % 1.0 % 2.0 % Employees 518 519 0% 503 Outlets 43 38 13 % 42 13
  14. 14. Q2 2011 Denmark Highlights Historic financial performance MEURMarket conditions improved 14 10 %further during the second 12quarter, but profitability is still 12 11 11 0% 10 10 10burdened by low price levels 10 9 9 8 8 -10 % 8Focus remained on cost control -20 % 6and measures to restore -30 %healthier pricing levels as 4utilisation levels are improving 2 -40 % 0 -50 % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2009 2010 2011 Net sales EBIT-% Q2 January - June Full Year Denmark 2011 2010 Change Change 2011 2010 Change Change 2010 (EUR) (Local) (EUR) (Local) Net sales, MEUR 9.9 9.0 10 % 10 % 18.2 17.1 7% 7% 35.6 EBIT, MEUR -0.3 -0.7 N/A -1.5 -1.3 N/A -2.2 EBIT-margin -2.9 % -7.4 % -8.4 % -7.6 % -6.2 % Employees 160 148 8% 160 Outlets 21 20 5% 20 14
  15. 15. Q2 2011 Europe East Highlights Historic financial performanceGrowth driven by infrastructural MEURconstruction in Russia and 20 19 20 %energy-related investments in 10 %Baltics and Ukraine. The positive 15 13 13development in business volumes 12 12 0% 11continued in the Baltic States, 9 10 9 10 -10 %especially in Lithuania, and also in 8Ukraine -20 % 5Profitability started to recover -30 %based on increasing businessvolumes and higher price levels 0 -40 %New outlets opened in the Baltics, Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2mainly in Lithuania and Estonia, 2009 2010 2011as well as in the Russian city of Net sales EBIT-%Sochi Q2 January - June Full YearEurope East 2011 2010 Change Change 2011 2010 Change Change 2010 (EUR) (Local) (EUR) (Local)Net sales, MEUR 13.0 9.5 37 % 40 % 22.4 17.0 32 % 33 % 42.7EBIT, MEUR 1.0 -1.6 N/A -0.7 -4.0 N/A -3.5EBIT-margin 7.5 % -16.5 % -3.0 % -23.4 % -8.3 %Employees 411 394 4% 392Outlets 51 45 13 % 48 15
  16. 16. Q2 2011 Europe Central Highlights Historic financial performance MEUR The growth drivers were the 25 15 % strong construction and industrial 20 10 % activity in Poland 20 18 19 19 16 16 5% Profitability was burdened by low 14 16 14 0% price levels and business volumes 15 12 especially in Czech Republic and -5 % Hungary 10 -10 % Shop-in-shop concept launched in 5 -15 % Poland with Leroy Merlin in three -20 % stores located in Warsaw, Poznań 0 -25 % and Szczecin Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Two acquisitions of machinery 2009 2010 2011 and equipment rental businesses Net sales EBIT-% in Czech Republic Q2 January - June Full YearEurope Central 2011 2010 Change Change 2011 2010 Change Change 2010 (EUR) (Local) (EUR) (Local)Net sales, MEUR 19.0 15.9 20 % 18 % 33.4 28.0 19 % 18 % 66.6EBIT, MEUR 1.1 0.3 264 % -0.1 -2.3 N/A 0.8EBIT-margin 5.7 % 1.9 % -0.3 % -8.4 % 1.2 %Employees 879 812 8% 824Outlets 126 98 29 % 111 16
  17. 17. FINANCIAL REVIEW 17
  18. 18. Financial performance continued to developpositively in Q2 Net Sales (MEUR) EBITDA (MEUR) EBIT (MEUR) Net sales Y-o-y change-% EBITDA EBITDA-% EBIT EBIT-% 20 17 14 %160 150 150 30 % 45 42 41 35 % 15 141 12 % 134 14140 130 126 129 40 36 37 37 15 12 10 % 122 125 20 % 30 % 11120 112 35 30 31 8% 10 % 28 25 % 10 7 7 30 26 6%100 0% 25 20 % 5 3 4% 80 18 -10 % 20 15 % 2% 60 0 15 0% 40 -20 % 10 % 10 -2 % -30 % 5% -5 20 5 -4 -4 % -6 0 -40 % 0 0% -10 -6 % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2009 2010 2011 2009 2010 2011 2009 2010 2011 Cash flow (MEUR) Net debt (MEUR) Gross Capex (MEUR) Cash flow after investments Net debt Gearing-% Gross Capex Share of net sales-%40 300 281 120 % 50 35 % 28 4530 22 24 255 20 230 238 30 % 18 250 100 % 4020 13 14 207 212 209 197 191 32 25 % 200 177 80 %10 30 20 % 150 60 % 22 0 18 15 % 20-10 -4 100 40 % 13 10 10 % -11 10 8-20 50 20 % 5 3 3 5% -20-30 0 0% 0 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2009 2010 2011 2009 2010 2011 2009 2010 2011 18
  19. 19. Net sales grew 16.1% in Q2/2011 due to increased activity levels in the market Change in net sales YoY, %30 % 19 % 19 % 19 % 20 %20 % 16 % 13 % 9%10 % 3% 0% -4 %-10 % -9 %-20 % -25 %-30 % -27 % -31 % -31 %-40 % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2008 2009 2010 2011 19
  20. 20. Net sales grew in all segments both in euros and in comparable exchange rates Change in Q2 net sales YoY, %60 % 51 %50 % 40 %40 % 37 %30 % 24 % 21 % 22 % 20 % 21 %20 % 16 % 18 % 14 % 13 % 10 % 11 % 12 % 10 % 10 %10 % 1 % 1 %1 %0% Group Finland Sweden Norway Denmark East Central EUR Comparable exchange rates Adjusted for inter-segment sales (in EUR) Group April - June 2011 Net sales increased by 16.1% (13.7% at comparable exchange rates) 20
  21. 21. Capital turnover is continuously increasing Invested capital by quarterMEUR800 160 % 708 707700 654 140 % 586 565600 562 581 578 552 544 120 % 494 515 524 508 509 496 508 536500 100 %400 80 %300 60 %200 40 %100 20 % 0 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2007 2008 2009 2010 2011 Invested capital Net sales/Invested capital Rolling 12 month basis Capital turnover amounted to 110% end of June 2011 (94% end of June 2010) 21
  22. 22. Gross margin has improved compared toprevious year but is still below pre-downturnlevel Gross margin by quarter72 % 71 % 71 % 71 % 71 %71 % 70 % 70 %70 % 69 %69 % 68 % 68 % 68 % 68 %68 % 67 % 67 % 67 %67 % 66 %66 % 65 % 65 %65 %64 %63 %62 % Q1 Q2 Q3 Q4 FY Gross margin 2008 Gross margin 2009 Gross margin 2010 Gross margin 2011Gross margin is impacted by price pressure and increased equipment transportationand use of external services 22
  23. 23. Total workforce has increased slightly due to recovering demand and acquisitions Number of employees by segment1 000 879 900 812 800 700 641 633 563 600 540 519 518 500 394 411 400 300 160 200 148 100 0 Finland Sweden Norway Denmark Europe East Europe Central Personnel 30/06/10 Personnel 30/06/11 At the end of June 2011, the Group’s workforce amounted to 3,185 (3,071) persons At the end of December 2010, the Group’s workforce amounted to 3,048 (3,021) persons 23
  24. 24. Record high number of outlets in the Group Number of outlets per segment450 399400 359350 126 99300250 73 43 21 51 57 3718 52200150100 50 96 85 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2008 2009 2010 2011 Finland Sweden Norway Denmark Europe East Europe Central 24
  25. 25. Fixed cost development continues on stable level Fixed costs by quarterMEUR80 7370 63 63 6260 57 57 56 56 29 52 52 5450 24 27 25 22 23 22 23 22 19 22403020 44 35 33 33 38 37 37 30 33 33 3210 0 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2008 2009 2010 2011 Employee benefit expenses Other operating expenses The fixed cost level increased year-on-year due to a higher number of employees, intensified sales activities and expenses related to development of Ramirent’s common platform and outlet network. 25
  26. 26. Q2 EBIT margin increased to 10.3% EBIT margin by quarter25 % 19.6 %20 % 18.2 % 18.4 %15 % 11.8 % 10.8 % 10.3 % 9.0 %10 % 7.5 % 5.9 % 5.8 % 5% 2.0 % 0% -5 % -2.9 % -5.0 %-10 % -11.4 %-15 % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2008 2009 2010 2011 Q2/2011 EBIT-margin was 10.3% (5.8%) 26
  27. 27. Q2 EBIT margin improved in all segments compared to previous year EBIT-margin by segments20 % 14.4 % 16.5 %15 % 12.9 % 10.3 % 11.1 %10 % 7.9 % 7.5 % 5.8 % 5.7 % 5% 3.7 % 1.9 % 0% -5 % -2.9 % -7.4 %-10 %-15 % -16.5 %-20 % Group Finland Sweden Norway Denmark East Central Q2 2010 Q2 2011 27
  28. 28. Q2 2011 fleet investment rose to EUR 38.3million Purchased and sold equipment by quarterMEUR4540 38.335 29.63025 18.920 17.415 8.910 6.7 6.5 7.5 4.4 5.0 4.7 5.0 4.4 5.2 3.7 3.7 3.3 3.75 2.0 2.10 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2009 2010 2011 Purchased equipment Sold equipment In April-June 2011, gross capital expenditure was EUR 44.6 (21.7) million of which EUR 38.3 (18.9) million in rental fleet The value of sold rental equipment was EUR 5.2 (3.7) million. 28
  29. 29. Capital expenditure increased in all segments to meet the increasing demand Capital Expenditure by segmentsMEUR9080 7670605040 3430 25 1820 15 12 12 1010 7 5 7 2 3 00 Group Finland Sweden Norway Denmark East Central 1-6/2010 1-6/2011 29
  30. 30. Working capital is at 7% of net sales Working capital by quarterMEUR120 10 % 8% 80 6% 97 109 88 90 90 99 95 86 80 83 40 4% 2% 16 15 15 15 15 14 14 16 16 17 0 0% -2 % -66 -68 -70 -67 -69 -40 -86 -86 -89 -82 -84 -4 % -80 -6 % -8 %-120 -10 % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2009 2010 2011 Inventories Trade and other receivables Trade payables and other liabilities Working capital/Net sales Rolling 12 month basis 30
  31. 31. Cash flow after investments EUR -31.1 milliondue to increased fleet investments and acquisitions Cash flow versus change in net debtMEUR907050 8230 56 67 4810 25 28 22 20 24 18 5 13 14 14 -11 -11-10 -30 -23 -2 -21 -20 -22 -26 -25 -4 -12-30 -55 -59-50-70 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2008 2009 2010 2011 Cash flow after investments Change in net debt Change of net debt in 1-6/2011 is effected by paid dividends of EUR 27.0 million and purchase of own shares of EUR 3.4 million 31
  32. 32. Strong financial position with gearing at 80% Net debt and gearing MEUR400 113 % 120 % 106 % 108 %350 96 % 81 % 99 % 100 % 84 % 86 %300 69 % 74 % 80 % 70 % 71 % 80 %250 68 % 68 % 64 % 60 %200 56 % 60 %150 40 %100 20 % 50 0 0% 2004 2005 2006 2007 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2008 2009 2010 2011 Net debt Gearing (%) Equity ratio decreased to 42.5% (44.3%) Net debt amounted to EUR 238.2 (209.3) million On 30 June 2011 unused committed back-up loan facilities were EUR 126.0 million 32
  33. 33. CMD 2011Welcome to Ramirent’s Capital Market Day 1 September 2011 from 9:00-16:00 in Vantaa, Finland
  34. 34. MORE INFORMATIONwww.ramirent.comMagnus Rosén, CEO+358 20 750 2845magnus.rosen@ramirent.comJonas Söderkvist, CFO+358 20 750 3248jonas.soderkvist@ramirent.comFranciska Janzon, IR+358 20 750 2859franciska.janzon@ramirent.com 34
  35. 35. COMPANY OVERVIEW 35
  36. 36. Ramirent in briefLeading equipment rental company in Northern, Centraland Eastern Europe with net sales of EUR 531 million(2010)399 rental customer centers located in 13 countries andproviding 200 000 rental items3 185 employees serving 100 000 customersFounded in 1955 and headquartered in FinlandListed on NASDAQ OMX Helsinki since 1998 36
  37. 37. More than 50 years of experience as a supplier to the construction industry GreenfieldSteel Nail shop First move entry toRakennusmies outside Finland Enter Acquires Czech Republicfounded through JV in Lithuania Bautas in Moscow, Russia Norway The rental Acquires business is MBO by key Enter Altima in established personnel and Poland Sweden capital investors1955 1983 1988 1994 1995 1996 1997 1998 2000 2001 2002 2003 2004 2005 2006 2008 Acquired by Partek Enter Renamed Enter and renamed Latvia Ramirent Ukraine A-rakennusmies Plc Enter The third county Slovakia becomes Estonia with Listed on the Greenfield the expansion to Helsinki Stock entry to Tallinn Exchange Hungary 37
  38. 38. Our strategic choicesVisionTo be the leading and most progressive equipmentrental solutions company in Europe, setting thebenchmark for industry performance and customerserviceMissionWe simplify business by Delivering DynamicRental Solutions™ValuesOpen, Progressive, EngagedBrand promiseLet’s solve it 38
  39. 39. One of the leading equipment rental companies both in Europe (#3) and globally (#12) Largest rental companies in Europe Largest rental companies globally Turnover 2010 (MEUR) Turnover 2010 (MEUR) Aggreko Loxam United Rentals Cramo* Ashtead Group Ramirent RSC Equipment Rental Algeco… Algeco ScotsmanSpeedy Hire Coates Hire Ltd Sarens Hertz Equipment Rental Liebherr-… Kiloutou Loxam Mediaco… Nishio Rent All Co HKL… Nikken Corp Cramo* Ramirent 0 200 400 600 800 1000 0 500 1000 1500 2000 *Cramo + Theisen PF Source: IRN June 2011 39
  40. 40. Nordic countries are our largest markets and construction is our largest customer sector Sales per segment 1-6/2011 Sales per customer sector 2010 Europe Households Central Public sector 5% 12 % Finland 5% Europe 23 % Construction East 76% 8% Industry 14 %Denmark 6% Norway Sweden 22 % 29 % 40
  41. 41. Leading market positions in all our markets Finland 85 depots Sweden (25 franchises) 73 depots Market #1 (10 franchises) Employees Norway Market #2 43 depots Russia1 Europe Finland (4 franchises) 6 depots Central 633 Market #1 10 re-renting 879 agents Market #1 Baltic 40 depots Market #2 Total Denmark 3,185 21 depots Poland2 Sweden Market #1 44 depotsEurope 563 Market #1 Ukraine East 5 depots 411 Market #~4 Slovakia Czech Denmark 35 depots Norway 31 depots (17 franchises) 160 518 (7 franchises) Market #1 Market #~3 Hungary2 16 depots Market #1 1) St Petersburg + Moscow 2) Excl. Fomrworks business 41
  42. 42. Operating through six geographical segments Diversified customer base Rental Outlet Network Finland Sweden Norway Denmark E.East1) E.Central2) Fleet management Sourcing Finance IT 1) Europe East includes Russia, The Baltic States, Ukraine. 2) Europe Central includes Poland, Hungary, Czech Rep., Slovakia. 42
  43. 43. Offering is structured into eight core productgroups TOWER CRANESLIFTS HEAVY MACHINERY AND HOISTS SCAFFOLDING SAFE (SAFETY ANDMODULES FORMWORKS EQUIPM.) LIGHT MACHINERY POWER & HEATING 43
  44. 44. Broadest range of equipment andDynamic Rental SolutionsTM ….Rental Solution ConceptsRamirent offers a range of customer needs-driven & value-addingturnkey rental solution concepts, driving the problem-solvingapproach and the promise of Let’s solve itRental services • Operators• Planning, design • Fuel / gas refilling• Ramirent know-how • Facility management• Transportation/Installation • Technical support• Maintenance/Inspections • Site logistics coordinator• Insurance • PaperworkEquipment rental • Scaffolding• Lifts • Power & Heating• Modules • SAFE• Heavy Machinery• Light Machinery• Tower Cranes & Hoists 44
  45. 45. Dynamic Rental SolutionsTMis offered to a diverse customer base Product Outlet Network Customers groups  Construction  Lifts and hoists companies  Tower cranes  Industry  Heavy machinery  Public sector  Modules  Households  SAFE  Light machinery  Scaffolding  Power and heating Dynamic Rental SolutionsTM 45
  46. 46. The long-term growth drivers are still in placeIncreasing European consolidation High potential CEErental penetration opportunities construction markets Ramirent Cramo70 % Algeco Scotsman Speedy Hire Liebherr-Mietpartner GAM60 % Mediaco Lifting Harsco Infrastructur50 % Kiloutou Others40 %30 %20 %10 % 0% Europe FI DK SE UK avg. Note: Finland company estimate Top 10 companies account for 19% of Inhabitants (million) the Europe market of 20.2 BEUR Construction output (BEUR) 46
  47. 47. Financial targets• ROI >18 % p.a. over a business cycle• EPS growth > 15 % p.a. over a business cycle• Gearing ≤ 120 % at end of each year• Dividend pay-out > 40 % 47
  48. 48. Long-term EBIT and ROI development EBIT and ROI development35 %30 %25 % 23%20 % 18%15 %10 %5%0% 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 EBIT margin ROI EBIT margin (average) ROI (average) 48
  49. 49. Emerging stronger than before Ramirent is ready to capture the opportunities in its marketsBroadest range of equipment andDynamic Rental SolutionsTM3,200 dedicated problem solversWide network of outlets close to our customersStrong financial positionDeriving higher synergies through a uniform”Ramirent platform” across the organisationA more unified company and brand 49
  50. 50. APPENDIX 50
  51. 51. CONSOLIDATED INCOME STATEMENT(EUR 1,000) 4-6/11 4-6/10 1-6/11 1-6/10 1-12/10Net sales 149 527 128 749 283 878 240 275 531 284Other operating income 327 613 669 912 1 616Materials and services -47 628 -42 628 -91 443 -81 318 -177 118Employee benefit expenses -36 599 -32 595 -73 229 -66 089 -136 214Depreciation and amortisation -25 154 -23 294 -50 087 -46 409 -97 716Other operating expenses -25 026 -23 398 -51 661 -45 515 -92 122EBIT 15 446 7 447 18 127 1 856 29 731Financial income 1 990 3 617 4 106 9 718 13 780Financial expenses -4 921 -4 968 -9 875 -11 496 -22 658EBT 12 515 6 097 12 358 78 20 853Income taxes -3 438 -1 804 -3 388 -1 097 -6 212NET RESULT FOR THE PERIOD 9 078 4 293 8 970 -1 019 14 640Net result for the period attributableto:Owners of the parent company 9 078 4 293 8 970 -1 019 14 640Non-controlling interest - - - - -TOTAL 9 078 4 293 8 970 -1 019 14 640Earnings per share (EPS), basic anddiluted, EUR 0,08 0,04 0,08 -0,01 0,13 51
  52. 52. BALANCE SHEET – ASSETS (EUR 1,000) 30.6.2011 30.6.2010 31.12.2010NON-CURRENT ASSETSProperty, plant and equipment 443 969 446 885 427 248Goodwill 96 379 94 559 93 211Other intangible assets 12 079 6 780 10 348Available-for-sale investments 422 53 422Deferred tax assets 14 811 11 019 13 325NON-CURRENT ASSETS, TOTAL 567 660 559 296 544 555CURRENT ASSETSInventories 16 987 13 988 15 856Trade and other receivables 108 574 89 709 96 616Current tax assets 2 333 2 222 2 902Cash and cash equivalents 2 029 2 425 1 352CURRENT ASSETS, TOTAL 129 923 108 345 116 727Non-current assets held for sale - 370 -TOTAL ASSETS 697 583 668 011 661 282 52
  53. 53. BALANCE SHEET – EQUITY AND LIABILITIES (EUR 1,000) 30.6.2011 30.6.2010 31.12.2010EQUITYShare capital 25 000 25 000 25 000Revaluation fund -1 632 -3 287 -2 472Invested unrestricted equity fund 113 329 113 329 113 329Retained earnings 159 487 161 153 181 783Items recognised directly to equity on non-current assets held forsale - 62 -PARENT COMPANY SHAREHOLDERS’ EQUITY 296 184 296 258 317 640Non-controlling interests - - -EQUITY, TOTAL 296 184 296 258 317 640NON-CURRENT LIABILITIESDeferred tax liabilities 60 625 54 414 60 413Pension obligations 7 158 9 501 6 866Provisions 1 945 3 432 2 347Interest-bearing liabilities 149 974 181 025 137 384Other long-term liabilities 2 452 - 2 200NON-CURRENT LIABILITIES, TOTAL 222 154 248 372 209 209CURRENT LIABILITIESTrade payables and other liabilities 84 125 86 495 89 480Provisions 1 041 5 184 1 762Current tax liabilities 3 832 1 003 2 658Interest-bearing liabilities 90 247 30 698 40 533CURRENT LIABILITIES, TOTAL 179 245 123 380 134 433LIABILITIES, TOTAL 401 398 371 753 343 642TOTAL EQUITY AND LIABILITIES 697 583 668 011 661 282 53
  54. 54. KEY FIGURES MEUR 4-6/11 4-6/10 Change 1-6/11 1-6/10 Change 1-12/10Net sales 149.5 128.7 16.1 % 283.9 240.3 18.1 % 531.3EBITDA 40.6 30.7 32.1 % 68.2 48.3 41.2 % 127.4% of net sales 27.2 % 23.9 % 24.0 % 20.1 % 24.0 %EBIT 15.4 7.4 107.4 % 18.1 1.9 854.1 % 29.7% of net sales 10.3 % 5.8 % 6.4 % 0.8 % 5.6 %Earnings per share (EPS), (basicand diluted), EUR 0.08 0.04 112.6 % 0.08 -0.01 N/A 0.13Gross capital expenditure 44.6 21.7 105.6 % 76.5 34.2 123.6 % 62.0Gross capital expenditure,% ofnet sales 29.8 % 16.8 % 26.9 % 14.2 % 11.7 %Cash flow after investments -20.4 13.4 N/A -31.1 9.4 N/A 48.0Invested capital at the end of theperiod 536.4 508.0 5.6 % 495.6Return on invested capital (ROI),% 1) 10.4 % 5.1 % 8.6 %Return on equity (ROE), % 1) 8.3 % -1.8 % 4.7 %Net debt 238.2 209.3 13.8 % 176.6Gearing, % 80.4 % 70.6 % 55.6 %Equity ratio, % 42.5 % 44.3 % 48.0 %Personnel at end of period 3 185 3 071 3.7 % 3 048 1) The figures are calculated on a rolling twelve month basis. 54
  55. 55. CONDENSED CASH FLOW STATEMENT MEUR 1-6/11 1-6/10 Change 1-12/10Cash flow from operating activities 51.0 39.6 28.8 % 104.2Cash flow from investing activities -82.1 -30.3 -171.1 % -56.2Cash flow from financing activitiesBorrowings / repayment of short-term debt 48.6 12.8 279.7 % 0.6Borrowings / repayment of long-term debt 13.6 -5.2 361.6 % -29.8Acquisition of treasury shares -3.4 - -2.9Dividends paid -27.0 -16.3 -65.7 % -16.3Cash flow from financing activities 31.8 -8.7 465.7 % -48.5Net change in cash and cash equivalents 0.7 0.6 16.6 % -0.5Cash and cash equivalents at the beginning of theperiod 1.4 1.8 -24.9 % 1.8Translation difference on cash and cash equivalents - - 0.1Net change in cash and cash equivalents 0.7 0.6 12.7 % -0.5Cash and cash equivalents at the end of the period 2.0 2.4 -15.5 % 1.4 55
  56. 56. SEGMENT INFORMATIONNet sales, MEUR 4-6/11 4-6/10 Change 1-6/11 1-6/10 Change 1-12/10Finland, net sales (external) 35.6 35.2 1.1 % 64.8 63.1 2.6 % 135.2-Inter-segment sales 0.9 0.9 7.8 % 2.0 1.0 95.5 % 1.8Sweden, net sales (external) 42.1 34.5 22.1 % 83.1 63.8 30.3 % 144.5-Inter-segment sales - 0.4 -97.3 % 0.3 0.5 -31.4 % 0.7Norway, net sales (external) 30.4 27.1 12.1 % 62.9 55.4 13.4 % 113.7-Inter-segment sales 0.1 0.3 -80.8 % 0.2 0.3 -34.7 % 0.7Denmark, net sales (external) 9.7 7.8 23.8 % 17.9 15.5 15.4 % 32.9-Inter-segment sales 0.2 1.2 -83.7 % 0.4 1.7 -76.2 % 2.7Europe East, net sales(external) 13.0 8.6 50.8 % 22.3 15.2 46.4 % 39.5-Inter-segment sales - 0.9 -96.9 % 0.1 1.8 -93.2 % 3.2Europe Central, net sales(external) 18.7 15.5 21.0 % 33.0 27.2 21.2 % 65.4-Inter-segment sales 0.3 0.4 -34.9 % 0.3 0.7 -52.7 % 1.2Elimination of sales betweensegments -1.5 -4.0 63.0 % -3.4 -5.9 43.1 % -10.2Net sales, total 149.5 128.7 16.1 % 283.9 240.3 18.1 % 531.3 56
  57. 57. EBIT BY SEGMENTEBIT (EUR million) 4-6/11 4-6/10 Change 1-6/11 1-6/10 Change 1-12/10Finland 4.7 4.0 18.0 % 6.1 3.8 59.5 % 13.7% of net sales 12.9 % 11.1 % 9.1 % 5.9 % 10.0 %Sweden 7.0 5.0 38.4 % 13.1 7.6 72.4 % 23.3% of net sales 16.5 % 14.4 % 15.7 % 11.8 % 16.1 %Norway 2.4 1.0 133.9 % 2.8 0.6 363.1 % 2.3% of net sales 7.9 % 3.7 % 4.4 % 1.0 % 2.0 %Denmark -0.3 -0,7 57.2 % -1.5 -1.3 -18.4 % -2.2% of net sales -2.9 % -7.4 % -8.4 % -7.6 % -6.2 %Europe East 1.0 -1.6 162.0 % -0.7 -4.0 83.0 % -3.5% of net sales 7.5 % -16.5 % -3.0 % -23.4 % -8.3 %Europe Central 1.1 0.3 263.7 % -0.1 -2.3 95.7 % 0.8% of net sales 5.7 % 1.9 % -0.3 % -8.4 % 1.2 %Net items not allocated tooperating segments -0.4 -0.7 38.8 % -1.5 -2.5 40.2 % -4.7Group EBIT 15.4 7.4 107.4 % 18.1 1.9 854.1 % 29.7% of net sales 10.3 % 5.8 % 6.4 % 0.8 % 5.6 % 57
  58. 58. LARGEST SHAREHOLDERS % of share Number of shares capital1. Nordstjernan AB 31,882,078 29.332. Julius Tallberg Oy Ab 11,962,229 11.013. Varma Mutual Pension Insurance Company 7,831,299 7.204. Ilmarinen Mutual Pension Insurance Company 5,637,214 5.195. Tapiola Mutual Pension Insurance Company 2,320,000 2.136. Odin Norden 1,820,728 1.687. Veritas Pension Insurance Company Ltd 1,474,267 1.368. Odin Finland 1,420,458 1.319. Odin Europa Smb 1,077,355 0.9910. Investment Fund Aktia Capital 1,026,002 0.94 *As 58 per 30 June 2011
  59. 59. CONSTRUCTION VOLUME FORECASTSConstruction volume EUR bn % Change 2010 2011FFinland* 28,800 4.0% -Sweden** 27,500 8.0%Norway 33,600 5.9%Denmark 21,600 2.7% -Poland 44,950 12.8% -Hungary 8,300 -3.0%Czech Republic 18,400 -1.1%Slovakia 5,200 -1.6%Estonia 1,800 18.0% Increased forecastLatvia 2,000 0% Reduced forecastLithuania 3,000 7.0% No change since - last quarterly reportRussia 135,000 3-7% - Source: Euroconstruct as per June 2011 *VTT Expert Service Oy as per May 2011, **Swedish Construction Federation 6/2011, ***Excluding Ukraine 59

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