Rr results q4_2012_en_final

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Rr results q4_2012_en_final

  1. 1. FINANCIALSTATEMENTS 2012February 12, 2013CEO Magnus RosénCFO Jonas Söderkvist
  2. 2. Agenda Highlights: Q4 and FY2012 Market outlook and guidance Segment review Financial Review Company overview Appendix Financial Statements 2012 2 Agenda
  3. 3. Highlights: Q4/2012 Net sales MEUR 194.1 (186.8) up 3.9% or 0.5% at comparable exchange rates EBITDA MEUR 56.5 (55.0) EBITDA–margin 29.1% (29.4%) EBITA MEUR 29.4 (27.3) EBITA–margin 15.2% (14.6%) EBIT MEUR 27.5 (25.5) EBIT–margin 14.2% (13.6%) Gross capex MEUR 36.8 (45.9) Cash flow after investments MEUR 16.8 (15.9) Decision on formation of a joint venture with Cramo in Russia and Ukraine Financial Statements 2012 3 Highlights: FY2012 and Q4
  4. 4. January–December 2012: Profitabilityimproved and all–time high sales Net sales MEUR 714.1 (649.9) up 9.9% or 7.7% at comparable exchange rates EBITDA MEUR 210.2 (181.8) EBITDA–margin 29.4% (28.0%) EBITA MEUR 100.3 (79.4) EBITA–margin 14.1% (12.2%) EBIT MEUR 92.3 (74.1) EBIT–margin 12.9% (11.4%) Gross capex MEUR 124.0 (242.2) Cash flow after investments MEUR 54.2 (−52.0) Net debt MEUR 239.4 (262.8) Net debt to EBITDA 1.1x (1.4x) Customer centres 358 (406) Financial Statements 2012 4 Highlights: FY2012 and Q4
  5. 5. Profitability is improving steadily Net Sales (MEUR) and EBIT (%) Net sales EBIT,%800 30% 703 714700 634 650 25%600 531 498 503 20%500 389400 15%300 10%200 5%100 0 0% 2005 2006 2007 2008 2009 2010 2011 2012 Financial Statements 2012 5 Highlights: FY2012 and Q4
  6. 6. Full–year net sales grew in all segments except Europe Central YoY Change in net sales,% Q4/12 YoY Change in net sales,% 1–12/1225% 22% 25% 20%20% 20% 15%15% 15% 13% 10%10% 7% 10% 8% 4% 5% 5% 5% 1% 0% 0%-5% -2% -5%-10% -10%-15% -15% -14% -16% -15%-20% -20% Financial Statements 2012 6 Highlights: FY2012 and Q4
  7. 7. EBIT margin improved in Q4 in all segments expect Sweden and Central Europe EBIT margin Q4/12 vs. Q4/11 EBIT margin 1–12/12 vs. 1–12/1135% 20% 18% 17% 29% 16%30% 15% 13% 13%25% 10%20% 18% 16% 14%15% 13% 5% 4%10% 7% 0%5% 1% -3%0% -5% Q4 2011 Q4 2012 1–12 2011 1–12 2012 Q4 2011 Q4 2012 1–12 2011 1–12 2012 Financial Statements 2012 7 Highlights: FY2012 and Q4
  8. 8. Cash flow improved clearly in 2012 Cash flow Q4/12 vs. Q4/11 Cash flow 1–12/12 vs. 1–12/1150 60 54.2 4040 2030 020 16.8 15.9 -2010 -40 0 -60 –52.0 Cash flow after investments Cash flow after investments Q4/11 Q4/12 1–12/11 1–12/12 Financial Statements 2012 8 Highlights: FY2012 and Q4
  9. 9. Long-term financial targets were met in 2012 Element Measure Target level 1–12/2012 Profit 18% p.a. over a ROE 18.3% generation business cycle Net Debt / Below 1.6x at Leverage EBITDA the end of each 1.1x and risk ratio fiscal year Dividend 57.6%* of At least 40% of Dividend pay-out 2012 Net profit ratio net profit *Board’s proposal Financial Statements 2012 9 Highlights: FY2012 and Q4
  10. 10. Dividend proposal EUR 0.34 per share Earnings Per Share and Dividend Per Share *Board’s proposal1,20 1.021,000,80 0.73 0.590,60 .0.50 0.410,40 0.33 .0.30 0.31 0.34* 0.28 0.250,20 0.15 0.15 0.13 0.04 0.000,00 2005 2006 2007 2008 2009 2010 2011 2012 EPS DPS The Board proposes a dividend of EUR 0.34 (0.28) per share for the year 2012 Payout ratio 57.6%* (67.6%) Financial Statements 2012 10 Highlights: FY2012 and Q4
  11. 11. MARKETOUTLOOK 11
  12. 12. Market outlook –Construction output forecasts Country 2013F 2014F Source Nordic Finland −2.3% 0.8% Euroconstruct Sweden 0.2% 2.6% Euroconstruct Norway 5.6% 2.5% Euroconstruct Denmark 2.2% 4.4% Euroconstruct Europe Central Poland −3.4% −1.0% Euroconstruct Czech Republic −1.9% 0.8% Euroconstruct Slovakia −1.0% 2.2% Euroconstruct Hungary 0.9% 3.4% Euroconstruct Europe East Russia 0–5% 0–5% Euroconstruct Estonia 2.0% −3.0% Euroconstruct Latvia 4.0% −2.0% Euroconstruct Lithuania 3.0% −1.0% Euroconstruct Ukraine N/A. N/A. N/A. Source: Euroconstruct, December 2012 Financial Statements 2012 12 Market outlook
  13. 13. Residential construction expected to increase in Norway Residential construction (output) 2008A – 2014F120 120115 Index 2008 = 100 (volume)110 10910510095 9490 91 8885807570 2008 2009 2010 2011 2012E 2013F 2014F Finland Sweden Norway Denmark Europe Central Source: Euroconstruct December 2012 Forecasts for Europe East countries not available Financial Statements 2012 13 Market outlook
  14. 14. Non–residential construction forecasted to remain stable Non–residential construction (output) 2008A – 2014F120110 Index 2008 = 100 (volume) 104100 96 949080 8070 7160 2008 2009 2010 2011 2012E 2013F 2014F Finland Sweden Norway Denmark Europe Central Source: Euroconstruct December 2012 Forecasts for Europe East countries not available Financial Statements 2012 14 Market outlook
  15. 15. Nordic construction order books continued to decrease in Q4/2012 Order books: Nordic construction companies (BEUR, real exchange rates)*14 60%12 40%10 20%86 0%4 -20%20 -40% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2007 2008 2009 2010 2011 2012 2 Skanska NCC YIT Lemminkäinen Change in Net sales YoY, R12 Ramirent Change in order backlog YoY, Nordic construction 8.2% decrease in Q4/2012 compared to Q4/2011 *Order books for Swe, Fin, Nor, Den excluding Veidekke, Peab and SRV that had not reported by February 12, 2013 Financial Statements 2012 15 Market outlook
  16. 16. Ramirent outlook for 2013In 2013, EBITA isexpected to remainat the level of 2012 Financial Statements 2012 16 Market outlook
  17. 17. Strategic priorities 2013 Customer • Strong customer-centric approach with increased first focus on sustainability, safety and quality Sustainable • Being the leading and most profitable general rental profitable growth company where present Common • Developing a one-company structure with operational Ramirent platform consistency Balanced • Maintain a balanced portfolio of customers, products and business portfolio markets to balance risk Financial Statements 2012 17
  18. 18. SEGMENTREVIEW 18
  19. 19. Finland Highlights Q4/2012 Sales and EBIT by quarter Good demand from industrial 50 30% 45 45 sector 41 42 38 41 42 25% 36 38 35 In construction sector, demand 40 37 34 20% 31 30 for equipment rental remained 30 29 28 15% stable 10% 20 Good demand in Southern and 5% Northern Finland 10 0% EBIT improved thanks to good 0 -5% price discipline and enhanced Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2009 2010 2011 2012 utilisation rates Net sales EBIT-%Finland Q4 Q4 Change Change 1–12/ 1–12/ Change Change 2012 2011 (EUR) (Local) 2012 2011 (EUR) (Local)Net sales, MEUR 41.7 42.5 −2% −2% 166.5 154.7 8% 8%EBIT, MEUR 7.3 6.2 19% 30.2 22.8 33%EBIT–margin 17.6% 14.6% 18.2% 14.7%Employees 572 596 −4%Outlets 76 83 −8% Financial Statements 2012 19 Segment review
  20. 20. Sweden Highlights Q4/2012 Sales and EBIT by quarter Good demand in the capital city 70 25% area and Western Sweden in 60 54 51 53 58 20% construction 50 45 41 42 45 48 Good activity in industrial 40 32 33 31 32 29 35 36 15% projects in Northern Sweden 30 10% EBIT was burdened by an 20 increase in external work 10 5% related to module projects 0 0% Erik Alteryd was appointed as Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2009 2010 2011 2012 head of Sweden segment (to start latest in July 2013) Net sales EBIT-%Sweden Q4 Q4 Change Change 1–12/ 1–12/ Change Change 2012 2011 (EUR) (Local) 2012 2011 (EUR) (Local)Net sales, MEUR 57.9 53.9 7% 2% 209.9 182.7 15% 11%EBIT, MEUR 9.2 11.9 –23% 33.1 33.2 -EBIT–margin 15.9% 22.2% 15.7% 18.2%Employees 677 630 7%Customer 79 79 -centres Financial Statements 2012 20 Segment review
  21. 21. Norway Highlights Q4/2012 Sales and EBIT by quarter Ramirent continued to 60 20% 51 experience good demand from 50 44 15% construction as well as other 40 40 42 38 41 industrial sectors 29 29 28 27 28 31 33 30 10% 30 25 27 EBIT strengthened clearly 5% thanks to growth in net sales, 20 0% higher utilisation rates as well 10 as good cost control 0 -5% Price level remained stable Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2009 2010 2011 2012 Net sales EBIT-%Norway Q4 Q4 Change Change 1–12/ 1–12/ Change Change 2012 2011 (EUR) (Local) 2012 2011 (EUR) (Local)Net sales, MEUR 51.0 42.0 22% 16% 174.0 144.8 20% 15%EBIT, MEUR 6.5 4.5 44% 22.2 11.2 98%EBIT–margin 12.7% 10.7% 12.8% 7.7%Employees 467 486 −4%Outlets 42 42 - Financial Statements 2012 21 Segment review
  22. 22. Denmark Highlights Q4/2012 Sales and EBIT by quarter Demand of the equipment rental 16 15 20% weakened due to slowing activity 14 12 12 10% 11 11 11 in construction market 12 11 11 10 10 0% 10 9 9 10 8 10 Early winter affected on 8 8 -10% utilisation rates 6 -20% Price level stable 4 -30% Full-year EBIT improved thanks 2 -40% to good cost control and 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 -50% remained stable in Q4 2009 2010 2011 2012 Net sales EBIT-%Denmark Q4 Q4 Change Change 1–12/ 1–12/ Change Change 2012 2011 (EUR) (Local) 2012 2011 (EUR) (Local)Net sales, MEUR 12.2 14.6 −16% −16% 44.7 44.1 1% 1%EBIT, MEUR 0.8 0.8 4% 1.6 0.1 N/AEBIT–margin 6.7% 5.4% 3.6% 0.2%Employees 192 186 3%Outlets 19 22 −14% Financial Statements 2012 22 Segment review
  23. 23. Europe East Highlights Q4/2012 Sales and EBIT by quarter In Russia and Ukraine, 20 19 19 17 40% infrastructure construction was 17 16 15 30% the main growth driver 15 12 13 13 12 20% 12 In the Baltic countries, especially 9 11 10 9 10% in Estonia, growth was driven by 10 8 0% -10% large energy sector projects 5 -20% EBIT improved based on good -30% growth in net sales and improved 0 -40% price levels Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2009 2010 2011 2012 Decision on formation of joint Net sales EBIT-% venture with Cramo in Russia and UkraineEurope East Q4 Q4 Change Change 1–12/ 1–12/ Change Change 2012 2011 (EUR) (Local) 2012 2011 (EUR) (Local)Net sales, MEUR 17.4 16.5 5% 3% 63.3 56.1 13% 11%EBIT, MEUR 5.0 2.3 113% 10.9 5.9 86%EBIT–margin 28.7% 14.2% 17.3% 10.5%Employees 443 439 1%Outlets 62 58 7% Financial Statements 2012 23 Segment review
  24. 24. Europe Central Highlights Q4/2012 Sales and EBIT by quarter Demand weakened for rental 25 20% 22 equipment in all Europe 20 18 20 19 19 19 18 15% Central countries 10% 16 16 16 16 14 15 5% 14 Fleet allocation and 15 13 12 0% downsizing of operations 10 -5% -10% continued 5 -15% EBIT was burdened by low -20% volumes, high price pressure 0 -25% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 and lower utilisation rates 2009 2010 2011 2012 Net sales EBIT-%Europe Central Q4 Q4 Change Change 1–12/ 1–12/ Change Change 2012 2011 (EUR) (Local) 2012 2011 (EUR) (Local)Net sales, MEUR 16.2 18.9 −14% −19% 62.7 73.9 −15% −14%EBIT, MEUR 0.2 2.0 −91% −1.6 5.5 −128%EBIT–margin 1.1% 10.8% −2.5% 7.4%Employees 626 825 −24%Outlets 80 122 −34% Financial Statements 2012 24 Segment review
  25. 25. FINANCIALREVIEW 25
  26. 26. Good profitability and strong cash flow in 2012 Net Sales (MEUR) EBITDA (MEUR) EBIT (MEUR) Net sales Y-o-y change-% EBITDA EBITDA-% EBIT EBIT-%250 40% 70 35% 35 31 30 20% 59 60 28 194 30% 60 55 57 30% 30 25200 187 179 186 52 23 15% 170 164 20% 25 150 150 50 42 42 25% 141 134 41 20 17 10%150 122 130 125 126 129 10% 36 37 37 15 112 40 20% 14 12 0% 30 31 15 12 11 26 28 5%100 30 15% 10 7 7 -10% 18 20 10% 5 3 0% -20% 50 -30% 10 5% 0 -5% 0 -40% 0 0% -5 -4 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4 -10 -6 -10% 2009 2010 2011 2012 2009 2010 2011 2012 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4 2009 2010 2011 2012 Cash flow (MEUR) Net debt (MEUR) Gross Capex (MEUR) Cash flow after investments Net debt Gearing-% Gross Capex Share of net sales-%40 280 263 281 28 300 281 120% 140 80%30 22 20 24 24 255 258 256 120 18 230 238 239 120 70% 16 17 250 100%20 13 14 212 207 209 6 7 197 191 100 60%10 200 177 80% 50% 0 80 150 60% 40%-10 -4 60 45 46-20 -11 100 40% 32 36 37 30% -20 40 22 24 28 20%-30 18 50 20% 20 13 10-40 3 5 3 8 10% -37 0 0% 0 0%-50 Q1Q2 Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4 Q1Q2 Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 Financial Statements 2012 26 Financial review
  27. 27. Net sales grew 3.9% in Q4/2012, full–yearnet sales growth was 9.9% Net sales grew 9.9% in 1-12/2012 (7.7% at % Change in net sales YoY, comparable exchange 27% 24% 22%19%19% 19%20% 16% 13% 14% 9% 3% 4% 4% −4% −9% −25% −27% −31% −31% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2 Q42008 2009 2010 2011 2012 At comparable exchange rates, net sales grew 0.5% in Q4/2012 and 7.7% for the full-year 2012 Financial Statements 2012 27 Financial review
  28. 28. Share of ancillary income increased clearly Breakdown of net sales (%) and MEUR100 % 6% 4% 25080 % 29% 33% 200 7.6 11.860 % 150 53.2 63.740 % 100 65% 63% 121.8 122.820 % 50 0% 0 Q4/2011 Q4/2012 Q4/2011 Q4/2012 Income from sold equipment Income from sold equipment Ancillary income Ancillary income Rental income Rental income Q4/2012 compared to Q4/2011: • Rental income increased 0.8% • Ancillary income increased 19.8% • Income from sold equipment declined 35.3% Financial Statements 2012 28 Financial review
  29. 29. Gross margin affected by sales mix Gross margin (%) by quarter71% 70% 69% 69% 68% 69% 68% 68% 68% 68% 67% 67% 67% 67% 66% 66% 66% 65% 65% 64% Q1 Q2 Q3 Q4 FY 2009 2010 2011 2012 Financial Statements 2012 29 Financial review
  30. 30. Number of employees decreased in EuropeCentral due to reorganisation Number of employees by segment 825 677 630 626 596 572 486 467 439 443 186 192 Finland Sweden Norway Denmark Europe East Europe Central Personnel 31/12/11 Personnel 31/12/12 At the end of December 2012, the Group’s number of employees was 3,005 (3,184) Financial Statements 2012 30 Financial review
  31. 31. Optimisation of customer centres continues,358 customer centres at the end of 2012 Number of customer centres per segment 359 358 80 99 62 52 18 19 37 42 57 79 96 76 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q42008 2009 2010 2011 2012 Finland Sweden Norway Denmark Europe East Europe Central Financial Statements 2012 31 Financial review
  32. 32. Stable fixed cost development Fixed costs by quarter (MEUR) 70 68 68 69 66 65 62 63 62 57 57 56 56 52 54 52 28 25 26 27 25 25 24 27 25 23 23 22 23 22 19 22 41 42 42 40 42 42 35 38 37 37 30 33 33 33 33 32 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q422009 2010 2011 2012 Employee benefit expenses Other operating expenses Group fixed costs 270 (260) MEUR in 1-12/2012 Financial Statements 2012 32 Financial review
  33. 33. EBIT-margin improved in the fourth quarter compared to the previous year EBIT-margin (%) by quarter 19.6%18.2% 18.4% 17.0% 16.0% 13.6% 13.4% 14.2% 11.8% 10.8% 10.3% 9.0% 7.5% 7.5% 5.9% 5.8% 2.0% −2.9% −5.0% −11.4% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q32 Q432008 2009 2010 2011 2012 EBIT–margin January–December 2012: 12.9% (11.4%) Financial Statements 2012 33 Financial review
  34. 34. Profitability improved in Q4 in all segmentsexpect Sweden and Central Europe EBIT–margin (%) by segments 28.7% 22.2% 17.6% 15.9% 14.2% 14.6% 14.2%13.6% 12.7% 10.7% 10.8% 6.7% 5.4% 1.1% Group Finland Sweden Norway Denmark East Central Q4/11 Q4/12 Q4/11 Q4/12 Financial Statements 2012 34 Financial review
  35. 35. Ramirent purchased less equipment in 2012compared to previous year Purchased and sold equipment by quarter (MEUR) 67 38 34 3430 25 20 22 12 6 8 6 6 8 4 5 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2011 2012 Purchased equipment Sold equipment The total value of purchased equipment was 101.3 (169.2) million in 1-12/2012 The value of sold rental equipment was EUR 28.0 (27.0) million in 1-12/2012 Non-cancellable operational leases for rental equipment amounted to EUR 3.7 (12.3) million at end of 2012 Financial Statements 2012 35 Financial review
  36. 36. Capital expenditure lower level than in theprevious yearCapital Expenditure by segments (MEUR)242 124 95 81 46 3426 34 9 2 1210 14 8 1–12/2011 1–12/2012 1–12/2011 1–12/2012 Lower level of acquitions as well as investments into machinery Financial Statements 2012 36 Financial review
  37. 37. Working capital at 5% of net sales Working capital by quarter (MEUR)160 8%120 6% 141 131 136 124 80 4% 120 114 109 97 95 99 90 88 90 83 80 86 40 2% 16 15 15 15 15 14 14 16 16 17 17 17 18 18 20 15 0 0% -66 -67 -68 -69 -70 -40 -2% -82 -84 -86 -86 -89 -107 -109 -112 -113 -122 -139 -80 -4%-120 -6% Q1 Q2 Q3 Q4 Q1 Q2 Q33Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q32 Q42 2009 2010 2011 2012 Trade payables and other liabilities Trade and other receivables Inventories Working capital/Net sales Rolling 12 month basis Q4/2012 credit losses and net change in the allowance for bad debt totalled EUR −1.3 (−1.3) million Financial Statements 2012 37 Financial review
  38. 38. Return on equity improved during 2012 Total equity (MEUR) and ROE (%) rolling 12400 368 30% 350350 316 326 322 305 308 25% 296300 20%250200 15%150 10%100 5%50 0 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2011 2012 Total equity ROE (R12) Return on equity, ROE 18.3% 1-12/2012 Financial Statements 2012 38 Financial review
  39. 39. Invested capital and Return on investment remained stable in 2012 Invested capital (MEUR) and ROI (%) by quarter700 30% 588 591 605 608 608600 568 536 25% 508500 20%400 15%300 10%200100 5% 0 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2011 2012 Invested capital ROI (R12) Return on invested capital, ROI 18.8% 1-12/2012 Financial Statements 2012 39 Financial review
  40. 40. Cash flow after investments increased to 54.2 MEUR in 1-12/2012 Cash flow after investments (MEUR) 66.5 25.2 27.8 22.4 24.2 23.7 17.9 19.5 15.9 16.8 13.4 14.4 6.4 7.3 −4.0 −10.7 −20.4 −29.9 −36.8−54.8 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q42008 2009 2010 2011 2012 Cash flow after investments Rolling 12 months Financial Statements 2012 40 Financial review
  41. 41. Net debt decreased during the second half ofthe 2012 Net debt (MEUR) and Net debt to EBITDA ratio300 2,5250 2,0200 1,5150 1,0100 0,5 50 0 0,0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2009 2010 2011 2012 Net debt Net debt to EBITDA ratio Net debt to EBITDA 1.1x (1.4x) at the end of 2012 Financial Statements 2012 41 Financial review
  42. 42. At end of Q4/12, Ramirent had unusedcommitted back–up facilities of 150.9 MEUR Repayment schedule of interest–bearing liabilities (MEUR) 390 MEUR in committed credit facilities 239.4 MEUR in net debt 240 150 2012 2013 2014 2015 2016 2017 In addition to bank facilities, Ramirent is utilising a domestic commercial paper program of up to EUR 150 million Financial Statements 2012 42 Financial review
  43. 43. RAMIRENTAND CRAMOJOINTVENTURE 43
  44. 44. New strategy for our presence in Russia and Ukraine through joint venture with Cramo Combining Forces in Growing Markets… …Creates a Strong Stand–Alone CompanyRationale is to createstrong player withincreased financialresources and excellentorganisational capabilitiesto capture the growthopportunities in targetmarkets. “50/50 JV” RUSSIA Group Group 50% 50% Key Facts A stand-alone entity with new corporate identity UKRAINE 50/50 ownership for Cramo and Ramirent 2012E net sales and EBITDA margin of €52 million and ~35%, respectively 400 employees Depot locations: St. Petersburg region 7, Moscow region 6, other regions Russia 3, Ukraine 6 (+ 6 shop-in-shop outlets) Financial Statements 2012 44 Ramirent and Cramo JV
  45. 45. For more information:www.ramirent.comMagnus Rosén, CEO+358 20 750 2845magnus.rosen@ramirent.comJonas Söderkvist, CFO+358 20 750 3248jonas.soderkvist@ramirent.comFranciska Janzon, IR+358 20 750 2859franciska.janzon@ramirent.com
  46. 46. COMPANYOVERVIEW 46
  47. 47. Ramirent in briefLeading equipment rental company in Northern, Centraland Eastern Europe with net sales of EUR 714 million(2012)358 rental customer centers located in 13 countries andproviding 200 000 rental items3,005 employees serving 100,000 customersFounded in 1955 and headquartered in FinlandListed on NASDAQ OMX Helsinki since 1998 Financial Statements 2012 47 C ompany overview
  48. 48. Ramirent operates in Europe withBaltic Sea region being the coremarket Wide network of customer centres Sales per segment 1-12/2012 and leading market position E urope C entral 9% Finland E urope E as t 23% 9% D enmark 6% Finland Norway 7 6 c us tomer 4 2 c us tomer c entres c entres # 1 # 1 Europe N orway Sweden Sweden East 24% 29% 7 9 c us tomer 6 2 c us tomer c entres c entres # 2 # 1 Denmark Sales per customer 1-12/2012 1 9 c us tomer c entres # 1 P ublic P rivate 4% C ons truc- Europe 3% tion Central 68% 8 0 c us tomer c entres I ndus trial # 1 15% Target is to increase sales to non-construction customers to 40% of the Groups net sales Servic es &Retail 10% Financial Statements 2012 48 C ompany overview
  49. 49. We accelerate our growth through acquisitions and outsourcing cases 2012 2011 2010 Outsourcing deal in Finland Acquisition of End of 2009 Finnish weather protection rental company Acquisition of specialist Outsourcing deal in module rental company in Finland Norway Acquisition of Outsourcing deal Swedish rental in NorwayOutsourcing deal with two subsidiaries in Finland company Some 50 companies Acquisition of Acquisition of Danish rental Danish scaffolding on our Czech rental business business division Acquisition of Swedish rental watch list company JV with Cramo in Russia Outsourcing deal and Ukraine in Norway Outsourcing deal Acquisition of announced in Denmark Czech rental Acquisition of Swedish business rental company Acquisition of Aquisition of Swedish rental Czech rental company business Financial Statements 2012 49 C ompany overview
  50. 50. 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 50 C ompany overview
  51. 51. How we simplify our customers business SOLUTIONS • Total • Power SERVICES Management • A ccess • Planning & design • Fuel/gas ref illing • Eco solut ions • Climate • Ramirent • Site logistics • Saf et y • Space know-how coordinat or • Event PRODUCTSRA MIRENT OFFERING • Transport at ion • Facilit y • Lif ts • Modules • Installation management Benef it s: • Heavy machinery • Saf et y and • Maint enance • Paperwork Easy to buy, reduced number of • Tower cranes f ormworks • Inspect ions f or authorit ies subcontractors, increased focus and hoist s • Light machinery • Insurance • Technical on the core business • Scaf f olding • Power and heat ing • Operators support Benef it s: Benef it s: Lighter balance sheets, More uptime in core operations OUTSOURCING less investments due to less downtime in equipment, Benef it s: less maintenance costs, right choice By outsourcing your of equipment improves efficiency, machine fleet to Ramirent, less product liability risk companies can increase efficiency and simplify their INDUSTRIES business by focusing on core competences • Const ruct ion • Mining • Paper • Power generat ion • Oil & gas • Shipyards • Facility management • Public sect or • Households CUSTOMER NEEDS Financial Statements 2012 51 C ompany overview
  52. 52. Our offering Financial Statements 2012 52 C ompany overview
  53. 53. Our strategic and operational themes through the business cycles Market conditions Weak Stable Strong Weak market conditions in Business 2009-2010 cycleIncreased demand and investments Counter cyclical 2011-2012 cash flow • Safe-guard profitability and • Realise synergies • Profitable growth cash flow through operational excellence Strategic themes • Consolidate market – • Consolidate market – Outsourcing cases Bolt-on acquisitions • Pricing discipline • Develop product, • Drive penetration and • Execute contingency plans customer and market capture growth • Reduce costs and transform portfolio opportunities fixed costs to variable • Expand value offering • Keep control of fixedOperational themes • Reduce financial risk, focus • Maintenance capex cost base on A/R and credits • Prepare contingency • Amortise debt plans • Limited capex, transfer fleet • Growth capex for to where demand is expansion Financial Statements 2012 53 C ompany overview
  54. 54. Good organic and strategic growth opportunities Organic growth drivers External growth drivers Increasing rental penetration Increasing rental penetration100% 70% 60%80% Outsourcing Joint 45% 40% 40%60% deals Ventures 30% 30% 25% 20% 20% 15% 15% 15%40% 10% 10% 10% 5%20% 0% Bolt-on and selected strategic acquisitions Expansion to Eastern and Cental Europe Consolidation opportunities in Europe Ramirent Loxam Cramo Algeco Scotsman Speedy Hire Liebherr-Mietpartner GAM Inhabitants Mediaco Lifting (million) Sarens Kiloutou Construction HKL Baumschinen output (BEUR) Others Financial Statements 2012 54 C ompany overview
  55. 55. Summary of company’s strengths Leading equipment rental Senats square, Helsinki, Finland company in Northern, Central and Eastern Europe More than 50 years industry experience Diversified portfolios of customers, products and markets Stable profitability and steady cash flow Flexibility to maneuver: capex and cost flexibility, strong balance sheet Strong financial position and funding Financial Statements 2012 55 C ompany overview
  56. 56. Largest shareholders % of Market Cap EUR 673 million Largest shareholders Number of share on December 31, 2012 shares Shareholders December 31, 2012 capital1. Nordstjernan AB 31,882,078 29.33% 16% 35%2. Oy Julius Tallberg Ab 11,962,229 11.01% 24%3. Varma Mutual Pension Insurance Company 7,368,799 6.78% 2% 9% 14%4. Odin funds 4,638,955 4.27%5. Ilmarinen Mutual Pension Insurance Company 3,295,154 3.03% Private companies Financial and insurance institutions6. Nordea funds 2,664,173 2.45% Public sector organizations7. LocalTapiola Mutual Pension InsuranceCompany 2,407,668 2.22% Households Non-profit organizations8. Aktia funds 2,072,640 1.91% Foreigners9. Veritas Pension Insurance Company Ltd 1,508,768 1.39%10. Föreningen Konstsamfundet Rf 825,000 0.76%Ramirent Oyj treasury shares 1,030,192 0.95%Nominee registered 17,200,818 15.82%Other shareholders 21,840,854 20.09% Trading informationTotal 108,697,328 100.00% Listing: NASDAX OMX Helsinki Date of listing: April 30, 1998 Segment: Mid Cap Sector: Industrials Trading code: RMR1V Financial Statements 2012 56 C ompany overview
  57. 57. Share price developmentEUR Ramirent Plc (RMR1V)141210 8 EUR 7.43* 6 4 2 0 *February 8, 2013 Financial Statements 2012 57 C ompany overview
  58. 58. APPENDIX Financial Statements 2012 58
  59. 59. Consolidated income statementCONSOLIDATED INCOME STATEMENT 10–12/12 10–12/11 1–12/12 1–12/11(EUR 1,000)Rental income 122,777 121,795 463,070 430,848Ancillary income 63,738 53,196 223,899 192,355Sales of equipment 7,625 11,780 27,115 26,658NET SALES 194,141 186,772 714,083 649,861Other operating income 1,192 541 3,026 1,526Materials and services −70,086 −62,820 −237,184 −209,357Employee benefit expenses −41,809 −41,844 −166,550 −156,101Other operating expenses −27,096 −27,736 −103,249 −104,214Share of result in associates and joint ventures 116 74 116 74Depreciation and amortisation −28,976 −29,494 −117,943 −107,659EBIT 27,481 25,492 92,298 74,131Financial income 1,965 2,430 20,320 11,405Financial expenses −5,132 −5,174 −29,733 −24,776EBT 24,314 22,749 82,885 60,760Income taxes −4,525 −5,691 −19,257 −16,030NET RESULT FOR THE PERIOD 19,788 17,058 63,628 44,730Net result for the period attributable to:Owners of the parent company 19,788 17,058 63,628 44,730Non-controlling interest - - - -TOTAL 19,788 17,058 63,628 44,730Earnings per share (EPS)EPS on parent company shareholders share of profit, basic, EUR 0.18 0.16 0.59 0.41EPS on parent company shareholders share of profit, diluted,EUR 0.18 0.16 0.59 0.41 Financial Statements 2012 59 Appendix
  60. 60. Balance sheet – AssetsCONSOLIDATED BALANCE SHEET 31/12/2012 31/12/2011(EUR 1,000)NON-CURRENT ASSETSProperty, plant and equipment 451,511 487,310Goodwill 133,515 124,452Other intangible assets 40,381 35,719Investments in associates and Joint Ventures 1,125 953Available-for-sale investments 412 415Deferred tax assets 9,189 12,183NON-CURRENT ASSETS, TOTAL 636,133 661,032CURRENT ASSETSInventories 15,250 17,309Trade and other receivables 135,600 120,000Current income tax assets 145 344Cash and cash equivalents 1,338 2,431CURRENT ASSETS, TOTAL 152,333 140,084Assets to be transferred to the Joint Venture 42,250 -TOTAL ASSETS 830,716 801,117 Financial Statements 2012 60 Appendix

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