INTERIM REPORT Q1/2013

Transcription

1 INTERIM REPORT Q1/2013 May 8, 2013 CEO Magnus Rosén CFO Jonas Söderkvist

2 Agenda Highlights: Q1/2013 Market outlook Segment review Financial Review Company overview Appendix Agenda 2

3 Highlights: Q1/2013 Net sales MEUR (164.3) down by 7.0% or 8.7% at comparable exchange rates. Sales decrease excluding operations in Russia and Ukraine for March 2012 was 5.6%. EBITA MEUR 22.6 (14.4) or 14.8% (8.7%) of net sales EBITA excluding non-recurring items EUR 12.4 or 8.1% of net sales EBIT EUR 18.0 (12.3) million or 11.8% (7.5%) of net sales EBIT excluding non-recurring items was EUR 10.7 million or 7.0% of net sales Highlights: Q1/2013 3

4 Highlights: Q1/2013 Gross capex MEUR 32.4 (35.7) down by 9.3% Cash flow after investments MEUR 19.0 (6.4), up 197% Net debt MEUR (257.7) Net debt to EBITDA ratio 1.0x (1.2x) Return on equity (ROE) 20.7% (16.9%) Equity ratio 38.2% (37.6%) Highlights: Q1/2013 4

5 Net sales decreased by 7.0% in Q1/ Quarterly net sales Q1/2010 Q1/2013 (MEUR) Comparable net sales decreased by 5.6% (adjusted for the operations in Russia and Ukraine) Q1 Q2 Q3 Q Net sales decreased by 8.7% at comparable exchange rates Highlights: Q1/2013 5

6 Profitability excluding non-recurring items was close to last year's level Quarterly EBIT-margin (%) Q1/2010 Q1/ % 15% EBIT margin excl. nonrecurring items 7.0% 13.3% 17.0% 16.0% 14.3% 13.6% 11.8% 11.8% 10% 10.3% 7.5% 7.5% 5.8% 5% 2.0% 0% Q1 Q2 Q3 Q4-5% -5.0% -10% Highlights: Q1/2013 6

7 Profitability continued to improve in Norway and Europe East EBIT MEUR Q1/2013 vs. Q1/2012 EBIT margin, % Q1/2013 vs. Q1/ % 113.1% % 10% 5% 0% -5% -10% -15% -20% -25% -30% 12.9% 13.5% 13.3% 11.4% 8.8% 8.9% -0.6% -2.1% -16.0% Q1/2012 Q1/2013 Q1/2012 Q1/ % -47.5% Europe East EBIT excluding capital gain from the transaction to form a JV with Cramo in Russia and Ukraine was EUR 0.9 million, representing 8.8% of net sales Europe Central EBIT excluding impairment loss at the Hungarian goodwill was EUR 2.3 million, representing 21.2% of net sales Highlights: Q1/2013 7

8 Long-term financial targets were met in Q1/2013 Element Measure Target level 1 3/2013 Profit generation ROE 18% p.a. over a business cycle 20.7% Leverage and risk Net Debt / EBITDA ratio Below 1.6x at the end of each fiscal year 1.0x Dividend Dividend pay-out ratio At least 40% of Net profit 57.6%* of 2012 net profit *Paid for 2012 Highlights: Q1/2013 8

9 MARKET OUTLOOK 9

10 Market outlook Construction output forecasts Country F Source Nordic Finland 2.3% 3.0% RT* Sweden 2.4% 1.0% BI** Norway 5.2% 5.8% Prognoscentret Denmark 3.4% 1.4% DB*** Europe Central Poland 1.6% 3.4% Euroconstruct Czech Republic 5.4% 1.9% Euroconstruct Slovakia 13.3% 1.0% Euroconstruct Hungary 9.0% 0.9% Euroconstruct Europe East Russia 3.0% 0-5% Euroconstruct Estonia 23.0% 2.0% Euroconstruct Latvia 8.0% 4.0% Euroconstruct Lithuania 1.0% 3.0% Euroconstruct Ukraine n.a. n.a. Euroconstruct Euroconstruct forecasts in December 2012 *RT = Confederation of Finnish Construction Industries **BI = The Swedish Construction Federation ***DB = The Danish Construction Federation Market outlook 10

11 Residential construction expected to increase in Norway Residential construction (output) 2008A 2014F Index 2008 = 100 (volume) E 2013F 2014F Finland Sweden Norway Denmark Europe Central Source: Euroconstruct December 2012 Forecasts for Europe East countries not available Market outlook 11

12 120 Non residential construction forecasted to remain stable Non residential construction (output) 2008A 2014F Index 2008 = 100 (volume) E 2013F 2014F Finland Sweden Norway Denmark Europe Central Source: Euroconstruct December 2012 Forecasts for Europe East countries not available Market outlook 12

13 Nordic construction order books decreased 4.7% in Q1/2013 Order books: Nordic construction companies (BEUR, fixed exchange rates) 16 60% % 10 20% 8 6 0% % 0 Q Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q Q2 Q3 Q4 Q1 Q2 Q3 Q Q % Skanska Veidekke SRV Change in order backlog YoY, Nordic construction NCC YIT Change in Net sales YoY, R12 Ramirent A decrease of 4.7% in Q1/13 vs. Q1/12 in construction company order books (excluding Peab and Lemminkäinen) for SE, FI, NO and DK. Market outlook 13

14 Ramirent outlook for 2013 In 2013, EBITA is expected to remain at the level of 2012 Market outlook 14

15 Strategic priorities 2013 Customer first Sustainable profitable growth Strong customer-centric approach with increased focus on sustainability, safety and quality 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 15

16 SEGMENT REVIEW 16

17 Finland Highlights Q1/2013 Sales and EBIT by quarter Net sales in comparison period included large industrial projects that are now completed Demand on equipment rental weakened slightly in construction sector mainly due to prolonged winter Pressure on pricing increased Low activity in Northern Finland Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q Net sales EBIT-% % 25% 20% 15% 10% 5% 0% -5% Finland Q Q Change (EUR) Change (Local) 1 12/ 2012 Net sales, MEUR % EBIT, MEUR % 30.2 EBIT margin 8.8% 12.9% 18.2% Employees % 572 Customer centres % 76 Segment review 17

18 Sweden Highlights Q1/2013 Sales and EBIT by quarter Demand of equipment rental remained stable Stable activity in capital region Lack of big construction projects in Southern Sweden Good demand in industrial sector in Central and Northern Sweden Profitability remained on last year s level thanks to cost control and good utilisation rates Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q % 20% 15% 10% 5% 0% Net sales EBIT-% Sweden Q Q Change (EUR) Change (Local) 1 12/ 2012 Net sales, MEUR % 0% EBIT, MEUR % 33.3 EBIT margin 13.3% 13.5% 15.9% Employees % 677 Customer centres % 79 Segment review 18

19 Norway Highlights Q1/2013 Sales and EBIT by quarter Net sales declined mainly due to less trading of used equipment Good demand in oil & gas sector Profitability improved thanks to better operational efficiency and cost control Price level remained stable Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q % 16% 14% 12% 10% 8% 6% 4% 2% 0% -2% -4% Net sales EBIT-% Norway Q Q Change (EUR) Change (Local) 1 12/ 2012 Net sales, MEUR % 15% EBIT, MEUR % 22.2 EBIT margin 11.4% 8.9% 12.8% Employees % 467 Customer centres % 42 Segment review 19

20 Denmark Highlights Q1/2013 Sales and EBIT by quarter Weak activity in the construction sector affected on the demand of equipment rental Profitability was burdened by lower utilisation rates Price level remained stable Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q % 5% 0% -5% -10% -15% -20% Net sales EBIT-% Denmark Q Q Change (EUR) Change (Local) 1 12/ 2012 Net sales, MEUR % 7% 44.7 EBIT, MEUR n/a 1.6 EBIT margin 16.0% 2.1% 3.6% Employees % 192 Customer centres % 19 Segment review 20

21 Europe East Highlights Q1/2013 Sales and EBIT by quarter Activity in construction sector remained relatively stable in the Baltic States EBIT* includes a non-taxable capital gain of EUR 10.1 million from the formation of Fortrent EBIT-margin excl. capital gain improved thanks to good cost control and higher utilisation rates Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q Net sales EBIT-% 19 (113%) % 50% 40% 30% 20% 10% 0% -10% -20% -30% -40% Europe East Q Q Change (EUR) Change (Local) 1 12/ 2012 Net sales, MEUR % 20% 66.3 EBIT, MEUR 11.0* 0.1 n/a 10.9 EBIT margin 113.1% 0.6% 17.3% Employees % 443 Customer centres % 62 *Europe East EBIT excluding the capital gain was EUR 0.9 million or 8.8% of net sales Segment review 21

22 Successful closing of transaction to form the JV Fortrent in Russia and Ukraine Forces combined in Growing Markets Created Strong Stand Alone Company "Fortrent" On 7 March, 2013 Ramirent and Cramo announced that they received approval from competition authorities and successfully closed the transaction to form a joint venture operating under the brand name Fortrent in Russia and Ukraine. RUSSIA UKRAINE 50% 50/50 JV Group Group 50% Key Figures (1 March March 2013) Net sales in March increased by 5.0% to MEUR 4.2 (4.0) EBITA was MEUR 0.2 (0.2) or 4.8% (5.1%) of net sales, and net profit for the period was MEUR employees and 22 customer centres Fortrent started its operations on 1 March 2013 From beginning of March Fortrent s net sales is not included in Ramirent Group s net sales. Ramirent s share (50%) of the net profit will be included in the operating profit of the Europe East segment in accordance with the equity method of accounting. Ramirent s net sales in Russia and Ukraine totalled EUR 33.6 million in EBIT amounted to EUR 5.6 million representing a margin of 16.7% Segment review 22

23 Europe Central Highlights Q1/2013 Sales and EBIT by quarter Demand was weak in all countries Market situation weakened in the construction sector especially in Poland Profitability was burdened by low volumes and utilisation rates High price pressure Further reduction in number of employees and customer centres Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q % 10% 0% -10% -20% -30% -40% -50% Net sales EBIT-% Europe Central Q Q Change (EUR) Change (Local) 1 12/ 2012 Net sales, MEUR % 18% 62.7 EBIT, MEUR n/a 1.6 EBIT margin 47.5% 16.8% 2.5% Employees % 626 Customer centres % 80 Europe Central EBIT excluding EUR 2.9 million impairment loss in the Hungarian goodwill was EUR 2.3 million, representing 21.2% of net sales Segment review 23

24 FINANCIAL REVIEW 24

25 Good cash flow and strong financial position Net Sales (MEUR) EBITDA (MEUR) EBITA (MEUR) Net sales Y-o-y change-% EBITDA EBITDA-% EBITA EBITA-% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q % 25% 20% 15% 10% 5% 0% -5% -10% -15% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q % 30% 25% 20% 15% 10% 5% 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q % 15% 10% 5% 0% -5% -10% Cash flow (MEUR) Net debt (MEUR) Gross Capex (MEUR) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q Net debt Gearing-% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q % 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Gross Capex Share of net sales-% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q % 70% 60% 50% 40% 30% 20% 10% 0% Non-recurring items in Q1/2013: Capital gain of EUR 10.1 million booked from the transaction to form Fortrent as well as an impairment loss of EUR 2.9 million in the Hungarian goodwill EBITA excluding non-recurring items was EUR 12.4 million, representing 8.1% of net sales Financial review 25

26 Net sales decreased by 7.0% in Q1/ Net sales (MEUR) Q1/2010 Q1/ Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q /2010: /2011: /2012: Net sales decreased by 8.7% at comparable exchange rates Comparable net sales decreased by 5.6% (adjusted for the formation of JV in Russia and Ukraine) Financial review 26

27 Net sales decreased in all segments except Sweden 60 Net sales by segment (MEUR) and Change % (YoY) Q1/2012 Q1/ Finland Sweden Norway Denmark Europe East Europe Central 8.6% 4.4% 12.9% 7.7% 20.2% 16.9% Financial review 27

28 Share of rental income increased in Q1/2013 Breakdown of net sales (%) and MEUR 100 % 4% 3% % 60 % 40 % 20 % 33% 32% 63% 65% % Q1/2012 Q1/ Q1/2012 Q1/2013 Income from sold equipment Income from sold equipment Ancillary income Ancillary income Rental income Rental income Q1/2012 compared to Q1/2013: Rental income decreased by 4.0% Ancillary income decreased by 7.7% Income from sold equipment declined by 42.7% Financial review 28

29 Gross margin improved slightly from the previous year Gross margin (%) by quarter 67% 67% 66% 65% 68% 67% 68% 69% 69% 68% 66% 66% 68% 67% 67% 64% Q1 Q2 Q3 Q4 FY Financial review 29

30 Number of employees decreased due to scaling down of operations in Europe Central Number of employees by segment Finland Sweden Norway Denmark Europe East Europe Central Personnel 31/3/12 Personnel 31/12/12 Personnel 31/3/13 At the end of March 2013, the Group s number of employees was 2,751 (3,086) At the end of 2012, number of employees in Russia and Ukraine was 238 Financial review 30

31 Optimisation of customer centres continues, 334 customer centres at the end of March Number of customer centres per segment Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Finland Sweden Norway Denmark Europe East Europe Central At the end of 2012, number of customer centres in Russia and Ukraine was 19 Financial review 31

32 Fixed costs decreased thanks to cost control throughout the Group Fixed costs by quarter (MEUR) Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Employee benefit expenses Other operating expenses Group fixed costs MEUR 66 (68) in 1-3/2013 Financial review 32

33 EUR 22.6 million EBITA including nonrecurring items in Q1/2013 EBITA (MEUR) and EBITA-margin (%) Q1/2010 Q1/ % 15% % 5% % Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q EBITA EBITA-% Q2 Q3 Q4 Q % -10% 1-12/2010: /2011: /2012: Non-recurring items in Q1/2013: Capital gain of EUR 10.1 million booked from the transaction to form Fortrent EBITA excluding non-recurring items was EUR 12.4 million, representing 8.1% of net sales Financial review 33

34 EUR 7.2 million non-recurring items in Q1/2013 EBIT (MEUR) Q1/12 vs Q1/ ,3 Q1/2012 reported 18,0 Q1/2013 reported 10,1 Capital gain 2,9 Goodwill impairment 10,7 Q1/2013 adjusted Reported EBIT was EUR 18.0 (12.3) million or 11.8% (7.5%) of net sales Non-recurring items in Q1/2013: Capital gain of EUR 10.1 million booked from the transaction to form Fortrent as well as an impairment loss of EUR 2.9 million in the Hungarian goodwill EBIT excluding non-recurring items was EUR 10.7 million, representing 7.0% of net sales Financial review 34

35 Profitability improved in Norway and Europe East EBIT margin (%) by segments (113.1%) 12.9% 13.5% 13.3% 8.8% 11.4% 8.9% 8.8%* -2.1% -0.6% -16.0% -16.8% -21.2%* (-47.5%) Finland Sweden Norway Denmark East Central Q1/12 Q1/13 Exc. non-recurring items *EBIT-margin excluding non-recurring items Financial review 35

36 Ramirent is still cautious with capital expenditure Purchased and sold equipment by quarter (MEUR) Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Purchased equipment Sold equipment The total value of purchased equipment was 29.3 (20.3) million in 1-3/2013 The value of sold rental equipment was EUR 4.3 (7.5) million in 1-3/2013 Financial review 36

37 Capital expenditure slightly lower level than in previous year Capital Expenditure by segments (MEUR) Finland Sweden Norway Denmark East Central 1 3/ /2013 No acquisitions were made during the quarter Financial review 37

38 Positive development in working capital Working capital by quarter (MEUR) 160 8% 120 6% % 2% % % -4% -120 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Trade payables and other liabilities Trade and other receivables Inventories Working capital/net sales Rolling 12 month basis Q2 Q3 Q4 Q Q1/2013 credit losses and net change in the allowance for bad debt totalled EUR 1.9 ( 1.9) million Dividend of EUR 36.6 million paid in April -6% Financial review 38

39 Return on investment remained stable in Q1/2013 Invested capital (MEUR) and ROI (%) rolling 12 months % 20% % % % 0 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q % Invested capital ROI % (R12) Return on invested capital, ROI 18.9% (19.6%) 1-3/2013 Financial review 39

40 Cash flow after investments increased to 19.0 MEUR in the first quarter Cash flow after investments (MEUR) Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Cash flow after investments Cash flow after investments, Rolling 12 months 1-12/2010: /2011: /2012: 54.2 Financial review 40

41 Financial position continued to strengthen in Q1/2013 Net debt (MEUR) and Net debt to EBITDA ratio x 1.8x x 1.6x 1.7x 1.4x 1.4x 1.4x 1.4x 1.2x 1.2x 1.1x 1.0x Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Net debt Net debt to EBITDA ratio Net debt to EBITDA 1.0x (1.2x) at the end of March 2013 Financial review 41

42 Ramirent issued a EUR 100 million bond in March 2013 On 14 March 2013, Ramirent issued a EUR 100 million senior unsecured bond The six-year bond matures on 21 March 2019 and carries a fixed annual interest at the rate of per cent The bond offering was oversubscribed significantly and allocated to approximately 60 investors The bond issue extends the maturity profile of Ramirent s debt portfolio and diversifies the financing base The proceeds from the bond offering will be used for general corporate purposes Financial review 42

43 At end of March 2013, Ramirent had unused committed back up loan facilities of EUR million Repayment schedule of interest bearing liabilities (MEUR) 490 MEUR in committed credit facilities MEUR in net debt In addition to bank facilities, Ramirent is utilising a domestic commercial paper program of up to EUR 150 million Financial review 43

44 Return on equity improved and was 20.7% in the first quarter Total equity (MEUR) and ROE (%) rolling 12 months % 20% 15% % % 0% 0 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q % Total equity ROE % (R12) Return on equity, ROE 20.7% (16.9%) 1-3/2013 Financial review 44

45 For more information: Magnus Rosén, CEO Jonas Söderkvist, CFO Franciska Janzon, IR

46 COMPANY OVERVIEW 46

47 Ramirent in brief Leading equipment rental company in Northern, Central and Eastern Europe with net sales of EUR 714 million (2012) Presence in 11 countries through 334 customer centers and in two countries through joint venture 2,751 employees serving 200,000 customers with 200,000 rental items Founded in 1955 and headquartered in Finland Listed on NASDAQ OMX Helsinki since 1998 Company overview 47

48 Ramirent operates in Europe with Baltic Sea region being the core market Sales per segment 1-12/2012 Europe East 9% Europe Central 9% Finland 23% Wide network of customer centres and leading market position Denmark 6% Norway 24% Sweden 29% Sales per customer 1-12/2012 Services &Retail 10% Public 4% Private 3% Construction 68% Norway 42 customer centres # 1 Denmark 19 customer centres # 1 Sweden 79 customer centres # 2 Europe Central 80 customer centres # 1 Finland 76 customer centres # 1 Europe East 43 customer centres # 1 Industrial 15% Target is to increase sales to non-construction customers to 40% of the Group's net sales JV with Cramo (22 customer centres) Company overview 48

49 Targeting a wider range of customer industries in all countries Windpower Construction Oil and gas Shipyards Public Power Aviation Households 2013 Ramirent 49

50 We accelerate our growth through acquisitions and outsourcing cases End of Outsourcing deal in Finland Acquisition of Finnish weather protection rental company Outsourcing deal with two subsidiaries in Finland Outsourcing deal in Norway Outsourcing deal in Finland Acquisition of Czech rental business Acquisition of Swedish rental company Acquisition of specialist module rental company in Norway Acquisition of Danish rental business Acquisition of Czech rental business Danish scaffolding division Outsourcing deal in Denmark Acquisition of Swedish rental company Acquisition of Swedish rental company Outsourcing deal in Norway 2013 Closing of the JV with Cramo in Russia and Ukraine New brand name: Fortrent Active screening of acquisition targets Aquisition of Czech rental business Acquisition of Swedish rental company Company overview 50

51 Our strategic choices Vision To be the leading and most progressive equipment rental solutions company in Europe, setting the benchmark for industry performance and customer service Mission We simplify business by Delivering Dynamic Rental Solutions Values Open, Progressive, Engaged Brand promise Let s solve it 51

52 Broadest range of equipment and Dynamic Rental Solutions TM SOLUTIONS RAMIRENT OFFERING PRODUCTS Light machinery Heavy machinery Lifts Power and heating Benefits: Lighter balance sheets, less investments Modules Tower cranes and hoists Scaffolding SAFE SERVICES Planning Business Support On-Site Support Merchandise Sales Rental Insurance Training 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 SpaceSolve SafeSolve AccessSolve EcoSolve INDUSTRIES Construction Mining Paper Power generation Oil & gas Shipyards Retail and Service Public sector Households PowerSolve ClimateSolve TotalSolve Benefits: Easy to buy, reduced number of subcontractors, increased focus on the core business OUTSOURCING Benefits: By outsourcing their machine fleet to Ramirent, companies can increase efficiency and simplify their business by focusing on core competences CUSTOMER NEEDS Company overview 52

53 Ramirent developed its solutions concepts further Company overview 53

54 Our strategic and operational themes through the business cycles Market conditions Weak Stable Strong Weak market conditions in Increased demand and investments Business cycle Counter cyclical cash flow Strategic themes Customer First Sustainable profitable growth Operational Excellence Balanced portfolio of customers, products and markets Operational themes Safe-guard profitability and cash flow Consolidate market Outsourcing cases Pricing discipline Execute contingency plans Reduce costs and transform fixed costs to variable Reduce financial risk, focus on A/R and credits Amortise debt Limited capex, transfer fleet to where demand is Realise synergies through operational excellence Consolidate market Bolt-on acquisitions Maintenance capex Profitable growth Drive penetration and capture growth opportunities Keep control of fixed cost base Prepare contingency plans Growth capex for expansion Company overview 54

55 Good organic and strategic growth opportunities Organic growth drivers Increasing rental penetration External growth drivers M&A activity 100% 80% 60% 40% 20% 0% 70% 60% 45% 40% 40% 30% 30% 25% 20% 20% 15% 15% 10% 10% 10% Outsourcing deals Joint Ventures Bolt-on and selected strategic acquisitions Expansion in select customer industries Consolidation opportunities in Europe Public Services 4% &Retail 10% Industrial 15% Private 3% Construction 68% Targeting 40% of Group sales to non-construction customers Ramirent Loxam Cramo Algeco Scotsman Speedy Hire Liebherr-Mietpartner GAM Mediaco Lifting Sarens Kiloutou HKL Baumschinen Others Company overview 55

56 Summary of company s strengths Leading equipment rental company in Northern, Central and Eastern Europe Senat's square, Helsinki, Finland 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 Company overview 56

57 Largest shareholders Largest shareholders March 31, 2013 Number of shares % of share capital Market Cap EUR million Shareholders March 31, Nordstjernan AB 31,882, % 2. Oy Julius Tallberg Ab 11,962, % 3. Varma Mutual Pension Insurance Company 7,368, % 4. Odin funds 4,438, % 34% 2% 9% 13% 16% 26% 5. Ilmarinen Mutual Pension Insurance Company 4,295, % 6. Nordea funds 2,634, % 7. Aktia funds 2,082, % 8. Veritas Pension Insurance Company Ltd 1,379, % 9. Fondita funds 1,102, % Private companies Financial and insurance institutions Public sector organizations Households Non-profit organizations Foreigners 10. Föreningen Konstsamfundet Rf 825, % Ramirent Oyj treasury shares 998, % Nominee registered 19,260, % Other shareholders 20,468, % Total 108,697, % Trading information Listing: NASDAX OMX Helsinki Date of listing: April 30, 1998 Segment: Mid Cap Sector: Industrials Trading code: RMR1V Company overview 57

58 Share price development EUR 14 Ramirent Plc (RMR1V) * EUR *May 7, 2013 Company overview 58

59 APPENDIX 59

60 Consolidated income statement CONSOLIDATED INCOME STATEMENT 1 3/13 Restated* 1 3/12 Restated* 1 12/12 (EUR 1,000) Rental income 98, , ,070 Ancillary income 49,608 53, ,899 Sales of equipment 4,305 7,513 27,115 NET SALES 152, , ,083 Other operating income 11, ,026 Materials and services 49,958 55, ,184 Employee benefit expenses 41,875 42, ,324 Other operating expenses 23,976 25, ,249 Share of result in associates and joint ventures Depreciation and amortisation and impairment charges 30,073 29, ,943 EBIT 18,005 12,340 92,524 Financial income 4,242 7,016 20,320 Financial expenses 7,048 8,687 29,803 EBT 15,199 10,670 83,041 Income taxes 4,180 2,773 19,291 NET RESULT FOR THE PERIOD 11,019 7,896 63,749 Net result for the period attributable to: Owners of the parent company 11,019 7,896 63,749 Non-controlling interest TOTAL 11,019 7,896 63,749 Earnings per share (EPS) EPS on parent company shareholders' share of profit, basic, EUR EPS on parent company shareholders' share of profit, diluted, EUR *Retrospective application of amendment to IAS 19 affecting Sweden and Norway segments Appendix 60

61 Balance sheet - Assets CONSOLIDATED BALANCE SHEET 31/3/2013 Restated* 31/3/2012 Restated* 31/12/2012* (EUR 1,000) NON-CURRENT ASSETS Property, plant and equipment 453, , ,511 Goodwill 131, , ,515 Other intangible assets 40,311 40,443 40,381 Investments in associates and Joint Ventures 22, ,125 Non-current loan receivables 20,250 Available-for-sale investments Deferred tax assets 1,856 13,973 10,344 TOTAL NON-CURRENT ASSETS 670, , ,288 CURRENT ASSETS Inventories 15,281 17,836 15,250 Trade and other receivables 115, , ,600 Current income tax assets 1,923 1, Cash and cash equivalents 92,437 2,625 1,338 TOTAL CURRENT ASSETS 224, , ,333 Assets to be transferred to the Joint Venture 42,250 TOTAL ASSETS 895, , ,872 *Retrospective application of amendment to IAS 19 affecting Sweden and Norway segments Appendix 61

62 Balance sheet Equity and liabilities CONSOLIDATED BALANCE SHEET 31/3/2013 (EUR 1,000) EQUITY Restated* 31/3/2012 Restated* 31/12/2012 Share capital 25,000 25,000 25,000 Revaluation fund 4,273 4,223 4,924 Invested unrestricted equity fund 113, , ,329 Retained earnings 207, , ,168 PARENT COMPANY SHAREHOLDERS EQUITY 341, , ,573 Non-controlling interests TOTAL EQUITY 341, , ,573 NON-CURRENT LIABILITIES Deferred tax liabilities 65,286 77,643 73,333 Pension obligations 14,784 10,852 13,948 Provisions 964 1, Interest-bearing liabilities 277, , ,199 Other long-term liabilities 5,669 10,127 8,071 TOTAL NON-CURRENT LIABILITIES 364, , ,523 CURRENT LIABILITIES Trade payables and other liabilities 143, , ,956 Provisions 499 1, Current income tax liabilities 10,533 6,017 10,936 Interest-bearing liabilities 34,951 35,222 49,513 TOTAL CURRENT LIABILITIES 189, , ,231 Liabilities to be transferred to the Joint Venture 6,545 TOTAL LIABILITIES 553, , ,299 TOTAL EQUITY AND LIABILITIES 895, , ,872 *Retrospective application of amendment to IAS 19 affecting Sweden and Norway segments Appendix 62

63 Key figures KEY FINANCIAL FIGURES 1 3/13 Restated* 1 3/12 Restated* 1 12/12 (MEUR) Net sales, EUR million Increase in net sales, % 7,0% 22.3% 9.9% Operating result before depreciation and amortisation (EBITDA), EUR million Operating result before depreciation and amortisation (EBITDA), % of net sales 31.5% 25.5% 29.4% Operating result before amortisation of intangible assets (EBITA), EUR million Operating result before amortisation of intangible assets (EBITA), % net sales 14.8% 8.7% 14.1% Operating result (EBIT), EUR million Operating result (EBIT), % of net sales 11.8% 7.5% 13.0% Result before taxes (EBT), EUR million Result before taxes (EBT), % of net sales 9.9% 6.5% 11.6% Net result for the financial year, EUR million Net result for the financial year, % of net sales 7.2% 4.8% 8.9% Return on invested capital (ROI), % 18.9% 19.6% 18.9% Return on equity (ROE), % 20.7% 16.9% 18.6% Interest-bearing debt, EUR million Net debt, EUR million Net debt to EBITDA ratio 1.0x 1.2x 1.1x Gearing, % 64.5% 84.6% 65.8% Equity ratio, % 38.2% 37.6% 43.7% Personnel, average during financial year 2,913 3,131 3,077 Personnel, at end of financial year 2,751 3,086 3,005 Gross capital expenditure, EUR million Gross capital expenditure, % of net sales 21.2% 21.7% 17.4% *Retrospective application of amendment to IAS 19 affecting Sweden and Norway segments Appendix 63

64 Consolidated Cash flow statement Cash flow from operating activities (1 000 EUR) 1 3/13 1 3/ /12 Result before taxes 15,199 10,670 83,041 Adjustments Depreciation, amortisation and impairment charges 30,073 29, ,943 Adjustment for proceeds from sale of used rental equipment 1,879 4,794 12,542 Financial income and expenses 2,806 1,671 9,413 Other adjustments 14, ,438 Change in working capital Change in trade and other receivables 19,135 9,096 15,367 Change in inventories ,576 Change in non-interest-bearing current liabilities 2,385 6,984 11,577 Interest paid 2,624 3,262 12,293 Interest received 480 1,065 3,470 Income tax paid 7,443 4,443 13,325 Net cash generated from operating activities 42,064 41, ,985 Cash flow of investing activities Acquisition of subsidiaries, net of cash 10,038 13,940 Investment in tangible non-current asset 28,992 17,191 99,177 Investment in intangible non-current assets 1,757 7,706 7,598 Proceeds from sale of tangible and intangible non-current assets (exc. Used rental equipment Proceeds from sales of subsidiaries 9,200 Loan receivables, increase, decrease and other changes 1,567 Net cash flow of investing activities 23,062 34, ,818 Cash flow from financing activities Dividends paid 30,147 Purchase of treasury shares 2,714 2,714 Borrowings and repayments of short-term debt (net) 14,563 8,500 5,500 Proceeds from long-term borrowings 99,030 13,557 9,311 Repayments of long-term debt 12,370 8,539 37,211 Net cash flow of financing activities 72,096 6,197 55,261 Net change in cash and cash equivalents during the financial period 91, ,094 Cash at the beginning of the period 1,338 2,431 2,431 Cash at the end of the period 92,437 2,625 1,338 Appendix 64

65 Segment information: Net sales NET SALES 1 3/13 Restated* 1 3/12 Restated* 1 12/12 (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 0.1 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 *Retrospective application of amendment to IAS 19 affecting Sweden and Norway segments Appendix 65

66 Segment information: EBIT and EBIT-margin EBIT 1 3/12 (MEUR) Restated* 1 3/12 Restated* 1 12/12 FINLAND % of net sales 8.8% 12.9% 18.2% SWEDEN % of net sales 13.3% 13.5% 15.9% NORWAY % of net sales 11.4% 8.9% 12.8% DENMARK % of net sales 16.0% 2.1% 3.6% EUROPE EAST % of net sales 113.1% 0.6% 17.3% EUROPE CENTRAL % of net sales 47.5% 16.8% 2.5% Net items not allocated to operating segments GROUP EBIT % of net sales 11.8% 7.5% 13.0% *Retrospective application of amendment to IAS 19 affecting Sweden and Norway segments Appendix 66

67 For more information: Magnus Rosén, CEO Jonas Söderkvist, CFO Franciska Janzon, IR