Capital Market Day 2008 Financial Update

Transcription

1 Capital Market Day 28 Financial Update Heli Iisakka, CFO 1 27 May, 28 CMD Ramirent

2 Q1 28 Highlights Net sales increased by 18.7% to (1-3/27:136.6) EBITDA up 12.% to 52.1(46.5) EBIT up 1.5% to 29.5 (29.) incl. capital gain of 1.2 EBIT-margin of 18.2% (21.3%) Profit for the period decreased by 2.9% to 19.5 (2.1) Earnings per share of EUR.18 (.19) Gross capital expenditure was 93. (74.) Net debt of 292. (28.) and gearing of 81.3% (73.1%) Return on invested capital (ROI) of 28.6% (28.5%) 2 27 May, 28 CMD 28 Ramirent

3 Q1- Group total A more challenging market environment Fewer working days compared to Q1 27 Increased provisions for bad debts and maintenance costs 1-3/8 1-3/7 Change 1-12/7 Net sales % 634,3 EBIT % 157,5 EBIT-margin 18.2% 21.3% 24.8% Employees (average) 3,927 3, % 3,47 Outlets % % 3 % 27,6 % 26,2 % 25,6 % 25 % 22,3 % 21,3 % 21,1 % 19,8 % 2,3 % 2 % 18,2 % 14,7 % 15 % 14, % 14,8 % 1 % 6,3 % 5 % % Sales 3 27 May, 28 CMD 28 Ramirent EBIT -margin

4 Group total Cost structure % 12.% 4.1% 2.% 12.2% 13.9% 26.5% Net profit for the financial year Income taxes Financial income and expenses Other operating income and expenses Depreciation, amortisation and impairment charges Employee benefit expenses % Material and service expenses Net sales Net sales Costs 4 27 May, 28 CMD 28 Ramirent

5 Q1- Finland Rapid growth continued based on the strong development in the Finnish construction market, shipyards and industrial projects. Acquisition in January of the rental business of Suomen Rakennuskonevuokraamo Oy with annual revenues of around 2 and 1 employees in two outlets. 1-3/8 1-3/7 Change 1-12/7 Net sales EBIT EBIT-margin % % 23.5% 2.3% % Employees (average) Outlets % 2.1% % 3 % 33,2 % 31,9 % 32,2 % ,9 % 25 % 23,6 % 22,8 % 2,5 % 2 % 19,6 % 16,8 % 15 % 13,1 % 23,9 % 23, % 16,3 % % % 28 Sales % EBIT -margin 5 27 May, 28 CMD 28 Ramirent

6 Q1-Sweden Profitability improvement continued due to better utilisation of the fleet and organisational resources, an enhanced outlet network and new customer groups. Acquisition of Hyresmaskiner i Stockholm AB in 27 integrated as of 1 January /8 1-3/7 Change 1-12/7 Net sales % EBIT % 35.1 EBIT-margin 21.7% 2.7% 23.% Employees (average) % 597 Outlets % % % 2 % 15 % 1 % 5 % 26, % 21,7 % 24, % 2,6 % 2,7 % 19,2 % 19,6 % 14,4 % 12,5 % 11,7 % 11,8 % 7,9 % 3, % % Sales 6 27 May, 28 CMD 28 Ramirent EBIT- margin

7 Q1- Norway Profitability decreased as a consequence of salary increases and lower utilization due to transportation of fleet between major projects. Weaker market demand in some of our main regions 1-3/8 1-3/7 Change 1-12/7 Net sales EBIT EBIT-margin Employees (average) Outlets % % % -11.3% 1.8%.% % % % 2 % 15 % 9,5 % 1 % 5 % 22,4 % 18,6 % 18,7 % 18,5 % 25, % 25,7 % 24,9 % 25,2 % 22,9 % 21,8 % 19,2 % 14,3 % Sales 7 27 May, 28 CMD 28 Ramirent % EBIT -margin

8 Q1-Denmark Declining construction market slowed business growth Tough competition increased price pressure Net sales EBIT EBIT-margin Employees (average) Outlets 1-3/ % / % Change 9.3 % % 16.8% 12.5% 1-12/ % % 25 % 2 % 15 % 1 % 5 % 2 % Sales 8 27 May, 28 CMD 28 Ramirent 24,2 % 18,3 % 17,8 % 17,8 % 17,4 % 14,2 % 12,7 % 11,4 % 1,4 % 6,8 % 1,2 % 8,4 % 5,9 % EBIT -margin

9 Q1 - Europe East (Russia, Estonia, Latvia, Lithuania,Ukraine) Fastest growth in Russia and Lithuania Profitability decreased due to negative development in Estonia and Latvia. Investments in Latvia and Estonia have been reduced and overcapacity is being transferred to other countries. Bad debt provisions have been increased due to financial uncertainty. 1-3/8 1-3/7 Change 1-12/7 Net sales % 91. EBIT % 29.4 EBIT-margin 2.6% 27.2% 32.3% Employees (average) % 589 Outlets % % 35 % 3 % 25 % 2 % 15 % 29,4 % 27,2 % 2,6 % 36, % 34,3 % % 5 % Sales % EBIT-margin 9 27 May, 28 CMD 28 Ramirent

10 Q1 - Europe Central (Poland, Hungary, Czech Republic, Slovakia) Strengthened market position due to investments in new capacity, entry into Slovakia and further expansion of the outlet network. Profitability decreased due to planned ramp up costs in Poland, Czech republic and Slovakia and negative development in Hungary. 1-3/8 1-3/7 Change 1-12/7 Net sales % 55.4 EBIT % 12.9 EBIT-margin 9.2% 23.3% 23.2% Employees (average) % 661 Outlets % % 27,9 % % 23,3 % 21,4 % 2,4 % % % % 9,2 % % % Sales EBIT-margin 1 27 May, 28 CMD 28 Ramirent

11 Bad debt provisions Bad debt allowance Net sales Sales receivables May, 28 CMD 28 Ramirent

12 Tax rates in Ramirent countries 28 Country Finland Sweden Norway Denmark Europe East Tax rate-% Segment s share of Group EBIT Q1 8 Russia 24 Estonia Latvia 18 Lithuania 15 Ukraine 25 Europe Central Poland Hungary Czech Republic 19 16* 21 Finland Norway Europe East Sweden Denmark Europe Central Slovakia 19 *excl. additional tax of 4% May, 28 CMD 28 Ramirent

13 Gross investments in non-current assets by quarters Q1 25 Q1 26 Q1 27 Q1 28 Q2 25 Q2 26 Q2 27 Q3 25 Q3 26 Q3 27 Q4 25 Q4 26 Q May, 28 CMD 28 Ramirent

14 Q4 27 Capital Structure Gearing by quarters % 12 % 1 % 8 % 6 % 4 % 2 % Q1 24 Q1 25 Q1 26 Q1 27 Q1 28 Q2 24 Q2 25 Q2 26 Q2 27 Q3 24 Q3 25 Q3 26 Q3 27 Q4 24 Q4 25 Q4 26 % May, 28 CMD 28 Ramirent

15 Capital Structure Net Debt / EBITDA % May, 28 CMD 28 Ramirent

16 Key Figures 1-3/28 1-3/27 Net sales EBIT EBIT-% ROI,% 1) ROE,% 1) Net debt Gearing, % Equity ratio,% Personnel, average 3,927 3,141 Personnel, end of period 3,961 3,244 Gross investments Gross investments, % net sales EPS diluted, EUR change % , / ,47 3, ) The figures are calculated on a rolling twelve month basis May, 28 CMD 28 Ramirent

17 Long-term financial targets Target EPS (diluted), EUR EPS change, % > 15% ROI, % > 18% Dividend per share, EUR Dividend payout ratio, % > 4% May, 28 CMD 28 Ramirent

18 Earnings per share EUR 1,2 1,8,6,4,2 14 % 12 % 1 % 8 % 6 % 4 % 2 % % -2 % EPS EPS change, % Target -4 % May, 28 CMD 28 Ramirent

19 Return on invested capital 7 35 % 6 3 % % 2 % 3 15 % 2 1 % 1 5 % Invested capital ROI, % Target % May, 28 CMD 28 Ramirent

20 Dividend payout ratio % 8 % 7 % 6 % 5 % 4 % 3 % 2 % 1 % Dividends Payout ratio, % Target % 2 27 May, 28 CMD 28 Ramirent

21 Q&A May, 28 CMD Ramirent