Investor Presentation

Transcription

1 Investor Presentation June 2015 December 13, 2012 DRAFT 5

2 Safe Harbor Basis of Presentation Unless otherwise noted or unless the context otherwise requires, all references to we, us, our, the Group and the Company refer to Algeco Scotsman Global S.à r.l., a limited liability company incorporated under the laws of Luxembourg, together with its subsidiaries (which includes Target Logistics Management, LLC and its subsidiaries (collectively, Target Logistics )) on a combined basis. As used in this presentation, EMEA means Europe, the Middle East and Africa, Americas means the United States, Canada, Mexico, and Brazil, and Asia Pacific means Australia, New Zealand, and China. Unless otherwise noted or unless the context otherwise requires, all amounts are presented in U.S. dollars ( US$ ). Forward-Looking Statements This presentation contains forward-looking statements which reflect management s expectations regarding growth, result of operations, operational and financial performance, business prospects, opportunities, challenges and other matters. All statements other than statements of historical fact are forward-looking statements. Although the forward-looking statements contained in this presentation reflect management s expectations based on information currently available to management and upon assumptions which management believes to be reasonable, such expectations and assumptions are subject to risks, uncertainties and other factors which could cause actual results to differ materially from those stated in or implied by these forward-looking statements. Given these risks, uncertainties and other factors, readers are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements are made only as of the date of this presentation and, except as required by law, we assume no obligation to update or revise them to reflect new events or circumstances. Use of Non-GAAP Financial Measures This presentation includes certain financial measures not calculated and presented in accordance with U.S. Generally Accepted Accounting Principles ( GAAP ), including, but not limited to, EBITDA, Adjusted EBITDA, Adjusted Gross Profit, and certain ratios and other metrics derived therefrom. These non-gaap financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing our financial condition and results. Therefore, these measures should not be considered in isolation or as alternatives to net income, cash flow from operations or other measures of profitability, liquidity or performance under GAAP. These measures may not be comparable to similarly-titled measures used by other companies. A reconciliation of each non-gaap financial measure to the most comparable GAAP financial measure is included in an appendix to this presentation. Use of Constant Currency Results We believe that currency exchange rates are an important factor in understanding period-to-period comparisons of our financial results. Accordingly, we present financial results on a constant currency basis in addition to our reported actual currency results. Constant currency information compares results between periods as if exchange rates had remained constant period-over-period. In this presentation, we calculate constant currency results by calculating current-year results using prior-year currency exchange rates. We generally refer to such amounts as excluding or adjusting for the impact of foreign currency or being on a constant currency basis. These constant currency results should be considered in addition to, as opposed to as a substitute for, our actual currency results. Constant currency results, as we present them, may not be comparable to similarly titled measures used by other companies and are not measures of performance presented in accordance with GAAP. 2

3 Executive Biographies Stephen Bishop, Executive Vice President and Chief Financial Officer Steve Bishop joined Algeco Scotsman in January 2014 as Executive Vice President and Chief Financial Officer. As EVP and CFO, Steve is responsible for all financial management of the Company, its financial functions including Controller, Treasury, Financial Planning, Tax and Internal Audit Steve has extensive experience with both private and public companies Prior to joining Algeco Scotsman, Steve held the position of CFO and COO of SeaCube, where he led the company through its IPO in 2010 and its sale to a private buyer in 2013 He also held the position of CFO at Greatwide Logistics Services, GeoLogistics and NETJETS Steve received an MBA from Northeastern University and holds a Bachelor of Science from the University of Maine Scott Shaughnessy, Vice President of Planning, Analysis, and Investor Relations Scott Shaughnessy joined Algeco Scotsman in November of 2004, and he has served in his current role since Scott is responsible for all of the global financial planning, analysis, and investor relations. Prior to holding his current position, Scott served as the head of Mergers & Acquisitions for Williams Scotsman (at the time, an independent public company) Prior to his time at Algeco Scotsman, Scott served as a financial analyst at FTI Consulting, a $1.8bn global business advisory firm, and in product management at TESSCO Technologies, a $0.5bn provider of products, services, and solutions for the wireless communications industry Scott received an MBA from Boston University and holds a Bachelor of Science from the University of Vermont 3

4 Creating the Industry Leader EBITDA Algeco founded in 1950 Williams founded in 1944, Scotsman founded in 1945 Merged to form Williams Scotsman in Acquisition of Paris-listed Algeco by TDR ~ 80m Acquired leading U.K. business Acquired Europe s #2 business EUROPE 2007 Acquired leading U.K. business and Combination with NA market leader to form Algeco Scotsman Nine bolt-on acquisitions in the U.S. and Europe (3 new markets) TDR acquired leading player in Asia-Pacific Distribution agreement in Middle East Acquired leading player in Latin America >$500m 2012 Ausco consolidation with AS 2013 AS acquisition of Target Logistics 2013 JV with Chengdong in China 4

5 Today s Agenda 1 Company Overview 2 Business Strategy 3 Financial Highlights 5

6 1 Company Overview 2 Business Strategy 3 Financial Highlights 6

7 Unprecedented Global Coverage Countries with operations: 29 Branch/depot locations globally: 247 Market Leader in all core markets within our operating regions: EMEA: #1 / #2 Americas: #1 / #2 Asia-Pacific (Aus/NZ): #1 88% of revenue from 6 countries: United States United Kingdom Australia France Germany Canada 7

8 Investment Highlights 1 Clear Global Leadership Delivers Scale Advantages 2 Significant Geographic, End-market and Customer Diversification 3 Specialist Leasing Business Model Offers Attractive Economics 4 Well-Invested Fleet Provides Downside Protection 5 Highly Contracted Revenue Underpins Earnings Visibility and Cash Flow 6 Compelling Opportunity Mix of Secular and Cyclical Growth Drivers 8

9 Significant Scale Advantages Regional Scale Benefits Global Scale Benefits Barriers to Entry Footprint to serve large customers and national accounts Fleet utilization and availability Talent attraction Shared back office Example: Regional fleet management Transfer of units in markets with low utilization to markets with high utilization Transfer of sub-standard units from developed markets to developing markets where they are above market standards Effect: Increasing fleet utilization and expanding useful economic asset life E.g. Germany to Poland, US to Mexico, France to UK Best practice sharing Innovation & product development Talent attraction Stability / Credibility Ability to deploy capital to most attractive opportunities Example: Best practice sharing Customer relationship management (CRM): rolling out US system and processes to the rest of the world Net Promoter Score (NPS): in place in France/UK for several years, being rolled out to all major geographies with consistent process to close the loop on customer issues Branch network Skills & capabilities Capital / Fleet Customer relations Brand recognition Example: Fleet size and credibility Awarded contract for all 2012 Olympics temporary space Most credible bidder due to superior fleet, product offering, service capabilities and experience from previous Olympics Example: Talent attraction AS today attracts talent at a tier not available to the modular industry before With its global scale, AS can employ senior functional leaders that can be leveraged across the whole business Example: Brand recognition In France, Algeco has been the market leader for the last 50 years The word Algeco is synonymous with a modular space unit 9

10 Unparalleled Diversity Revenue Mix Geography (1) Revenue Mix Sector (1) Leasing & Services Customer Mix (1) RoW 12% Germany 7% Canada 6% US 30% Government 9% Education Mining 5% 5% Commercial/ Industrial 21% Top 1 4% Remaining of Top 20 18% France 14% Australia 15% UK 16% Residential/ Infrastructure 12% Manufacturing 14% Oil & Gas 17% Services/ Other 17% Other 78% US represents the single largest geographic region with 30% 6 core countries represent c.88% of the revenues The Commercial / Industrial sector represents strongest market, while the Oil & Gas sector remains a meaningful contributor Diverse customer base Long contract periods Over 70% of customers are recurring (1) Based on LTM Q at reported FX rates. 10

11 Attractive Unit Economics Cumulative Cash Flow RoC: >20% over 20 year unit life Cash-on-Cash Return: 6x 8x ~30 Months * Monthly Rental Rate: ~$265 + Monthly VAPS Revenue ~$55 1 Acquisition Cost: ~$9, Years Asset Life 20 Years 1 Economics 2 Maintenance 3 Typical new unit acquisition cost ~$9,000 Unit transported to branches at lease end Unit typically idle for 2 3 months Unit is cleaned and minor repairs performed Damage repairs paid by customer Typical maintenance cost: ~$550/ unit per year In addition, unit may undergo a major mid-life refurbishment Proceeds Sell unit at the end of its economic life Sales proceeds typically ~75 80% of original equipment cost Average margin on used unit sales of ~25%+ 11

12 Long Life and Scale Asset Base Provides Barrier to Entry Young Fleet (1) Well-Invested Fleet (GBV) (2) 25 ($m) $3, ~20yrs ~20yrs ~20yrs ~20yrs $2,000 1,357 2, $1, ,225 0 EMEA Americas Asia-Pacific Group $0 EMEA Americas Asia-Pacific Group Average Fleet Age Useful Life Fleet Size 186k 91k 18k 295k (1) Modular Fleet only as of 3/31/15 (2) Modular and Remote Accommodation Fleet as of 3/31/15; GBV in US$ millions at Reported FX Rates 12

13 Discretionary CapEx Facilitates Downside Protection In US$ at Reported FX Rates CapEx (1) ($m) $196 Recession $ $430 Commodity Cycle $ $242 Normalised CapEx LTM Q $ Net CapEx (2) Proceeds from Used Unit Sales (1) Excluding acquisitions. (2) Net CapEx defined as Capital Expenditures net of Proceeds of Used Unit Sales. 13

14 Substantial Fleet Earnings Capacity Incremental Modular EBITDA FY Run-Rate Potential (1) $m Utilization 72.0% 77.0% 82.0% 0% Current Level ARR % Growth (from Current) 5% % Further upside from: Increased VAPS Best-practice sharing penetration (salesforce effectiveness, G&A) (1) Analysis uses Q utilization and average rental rate. 14

15 Multiple Growth Drivers Shift to Modular Solutions Market Share Gain from Industry Leading Operations Momentum from Secular Growth Regions and Sectors Macro Growth: Tailwind from Construction Backlog Increase Rental Rates Increase Value Added Products & Services Major Projects Further Consolidation of Fragmented Market 15

16 Secular Growth in Infrastructure Spend Underpins Modular Demand $Tn Growth in Demand for General Space Specific Industry Drivers Non-residential construction Industrial production Growth in Demand for Modular Space Oil/Gas/Mining activity = X Public/Education spend Annual events calendar Disasters Demographics/Migration and Urbanization Shift from Fixed Construction to Modular Space Superior Modular Solution Mobility Speed Flexibility Temporality Cost of ownership Quality Locality Global Infrastructure Spending (1) ($tn) Source: HIS. (1) Includes residential, non-residential, infrastructure (transportation, public health, energy) spending. 16

17 1 Company Overview 2 Business Strategy 3 Financial Highlights 17

18 Clear Strategic Priorities Being Implemented 1 Maximize Customer Value Proposition as a Full Service Solutions Provider 2 Optimize Pricing and Utilization by Deploying Best-in-Class Processes 3 Continuous Management of Costs to Maximize Investment Capital 4 Allocate Capital Efficiently to Strong Markets and Best Opportunities 18

19 Extend Customer Value Proposition with Value Added Products & Services Ensure best-in-class segment-specific propositions are deployed in all core markets via a strengthened and centrally coordinated sales & marketing function Objectives Shift from product mindset to solution selling and bundled offerings Build scale in core markets by targeting attractive, underpenetrated segments Examples We expect VAPS revenue per unit to continue to grow by 10% or more 19

20 Deploy Best-in-class Processes to Optimize Price and, Grow UoR and Market Share Use NPS to drive organizational focus on customer service excellence, continuous improvement, and voice of customer Objectives Institutionalize customer-centric performance metrics such as on-time-delivery and 60-day service calls (others to be defined) to further differentiate from competitors, drive increased conversion rates, less price-based competition, and greater wallet share Implement process improvements based on principles in the AS Way of Pricing to ensure consistent price / volume decisions and improve ROCE We expect utilization globally to increase from 72% in Q to 75% by year end 20

21 Rationalize Cost Base and Platform Infrastructure to Reduce SG&A and Improve Organizational Effectiveness Pursue cost reduction program with >$10M+ of run-rate savings Objectives Improve organizational effectiveness defined as (a) quality of decision-making, (b) speed of implementation, and (c) results delivery UK 2013; eliminated ~260 FTE s and closed 8 branches Brazil 2014; eliminated ~100 FTE s and closed 8 branches Actions To Date Australia 2014; downsizing completed and will impact FY 2015 results As we grow revenues, we plan on continuing to rationalize G&A costs to accelerate margin expansion Driven by a focus on managing SG&A, we expect $10m in run-rate savings by year end 21

22 Focus Capital Allocation on Core Markets and Prioritize Using Relative Risk-adjusted Returns In US$ at Constant Currency FX Rates Capital Expenditure by Region Gross CapEx up ~$27m or ~60% driven by increased spend related to the South Texas Family Residential Center in the Americas Net CapEx: $ 38.7m Gross CapEx: $ 45.1m Net CapEx: $ 64.1m Gross CapEx: $ 71.8m Net Gross CapEx: Corporate Investment focused on South Texas Family Residential Center opportunity; fleet refurbishment in the U.S., France, and the U.K.; fleet expansion in Germany Net Asia Pacific Americas Growth CapEx underwritten by contracted earnings 2015 Net CapEx guidance ~$200-$230m (6.4) (7.8) EMEA Global proceeds from Used Unit Sales Q Q Maximize our Return on Invested Capital 22

23 South Texas Family Residential Center Current Site (April 23, 2015) Living Units Recreation Living Units 23

24 1 Company Overview 2 Business Strategy 3 Financial Highlights 24

25 Q Highlights Revenue Overall Q1 revenue up 2% as increased EMEA New Sales and Americas Leasing & Services revenues were partially offset by decreased revenues in Asia-Pacific Pricing globally continues to improve as average modular monthly rental rate increased 2% to $238 VAPS revenue grew ~8% to $34m Utilization declined 130bps to 72.1% driven primarily by declines in Asia Pacific and Brazil Profitability SG&A increased $4.3m as cost savings in Corporate were offset primarily by one-time legal expenses in EMEA (~$2m) and by increased employee costs in the Americas Adjusted EBITDA decline driven by reduced Leasing & Services in Asia Pacific and higher SG&A Capital Discipline Continue managing capital aggressively Q1 Gross CapEx up ~$27m over prior year as decreased spend in Asia-Pacific was offset by investment in the Americas associated with the South Texas Family Residential Center. 25

26 Modular Volume Average Modular Fleet Utilization Average Modular UoR (Units in 000 s) 77% 75% 73.2% 73.4% 74.0% 74.7% 74.9% 74.8% 74.9% 73.5% % 72.1% % % % Q1 Q2 Q3 Q4 200 Q1 Q2 Q3 Q

27 Robust Growth in Modular Pricing and VAPS All quarters presented in US$ at Q Reported FX Rates Average Modular Monthly Rental Rate Average Incremental VAPS Impact ($) ($) Q1 Q2 Q3 Q4 0 Q1 Q2 Q3 Q

28 Remote Accommodation Volume and Pricing Stable All quarters presented in US$ at Q Reported FX Rates Average Daily Rate Average Rooms on Rent ($) (Rooms in 000 s) Q1 Q2 Q3 Q4 0.0 Q1 Q2 Q3 Q

29 Q1 Financials In US$ at Constant Currency FX Rates Leasing & Services revenue was flat as increases in the Americas ($7.5m) were offset by decreases in Asia Pacific New Units Sales increased 10% due to increased volume in EMEA Adjusted Gross Profit % decline of 200bps driven by declines in Asia Pacific Modular Space and Remote Accommodations SG&A increased $4.3m as cost savings in Corporate were offset primarily by one-time legal expenses in EMEA (~$2m) and by increased employee costs in the Americas Adjusted EBITDA down $7.9m driven primarily by a decline of $7.1m in Asia Pacific ($ in millions) Y-o-Y Y-o-Y % - Modular Space Leasing $208.0 $207.0 ($0.9) (0.4%) - Modular Space Delivery & Install $55.3 $56.2 $ % - Remote Accommodations $51.5 $50.9 ($0.6) (1.1%) Leasing & Services Revenue $314.8 $314.1 ($0.6) (0.2%) - New Units $74.7 $82.3 $ % - Rental Units $6.4 $7.8 $ % Sales Revenue $81.2 $90.1 $ % Total Revenue $395.9 $404.2 $ % Adjusted Gross Profit (1) $204.2 $200.6 ($3.7) (1.8%) Adjusted Gross Profit % (1) 51.6% 49.6% (200bps) SG&A (2) $101.5 $105.8 ($4.3) (4.2%) Adjusted EBITDA $102.7 $94.8 ($7.9) (7.7%) Adjusted EBITDA % 25.9% 23.4% (250bps) (1) Excludes depreciation on rental equipment (2) Excludes sponsor fees, acquisition related fees and other non-recurring items Q1 29

30 Diverse Oil & Gas Exposure with Limited Concentration Across Regions In US$ at Reported FX Rates AS Oil & Gas Exposure 17.1% of Total Revenue (LTM Q1 2015) = ~$290m Americas 69% = ~$199m EMEA Modular & Sales 8% = ~$24m Asia-Pacific 23% = ~$67m Americas Remote Accom Americas Modular & Sales Asia-Pacific Remote Accom Asia-Pacific Modular & Sales 43% = ~$125m 26% = ~$74m 13% = ~$38m 10% = ~$29m 30

31 Americas In US$ at Constant Currency FX Rates Ongoing U.S. recovery; Mexico is doing well, Canada is affected by oil & gas but is manageable Revenue Increased Modular Space ($2.1m) and Remote Accommodations ($5.4m) partially offset by reduced Sales volumes ($5.8m) Continued strong rental rates and VAPS growth in the U.S. and Canada was offset by lower UoR and pricing in Brazil Increase in Remote Accommodations Rooms on Rent ( RoR ) driven by the ramp up of the South Texas Family Residential Center $200 $100 $0 Revenue Adjusted EBITDA $ $35 $0 Q Q Q Q CapEx $ $ $0 Q Q Adjusted EBITDA Decreased $4.5m driven by increased investment in sales and related support people CapEx Increased investment related to South Texas Family Residential Center Investing in U.S. fleet refurbishment; reduced spend in Brazil Q Q Average Modular Units on Rent (#) 65,197 60,893 Average Modular Utilization 71% 67% Avg. Modular Monthly Rental Rate ($) at CC Avg. Remote Accom Rooms on Rent (#) 3,248 3,947 Avg. Remote Accom Utilization 64% 67% Avg. Remote Accom Daily Rate ($) at CC

32 EMEA In US$ at Constant Currency FX Rates Economic conditions stable to improving; U.K. improving, France stable, Southern Europe stabilizing, and Germany regaining traction Revenue Sales revenue increased ($17.8m) driven by higher volume and improving pipelines Leasing & Services revenues were flat as improved VAPS and pricing were offset by lower volume Adjusted EBITDA Adjusted EBITDA increased $1.6m driven by increased Sales margin ($6.7m) partially offset by higher project specific leasing costs and one-time legal expenses (SG&A) $230 $115 $0 Revenue Adjusted EBITDA $ $30 $0 Q Q Q Q CapEx $30 $ $0 Q Q CapEx Continued investment in France, Germany, and the U.K.; reduced investment in all other countries Q Q Average Modular Units on Rent (#) 143, ,141 Average Modular Utilization 75% 75% Avg. Modular Monthly Rental Rate ($) at CC

33 Asia Pacific In US$ at Constant Currency FX Rates Continued slow-down in Energy and Natural Resources sector; China joint-venture progressing well Revenue Decreased Leasing & Services revenue ($7.7m) driven by lower Modular Space ($1.7m) and Remote Accommodations ($6.0m) volume $100 $50 $0 Revenue Q Q $20 $30 $15 $0 CapEx Adjusted EBITDA Q Q Adjusted EBITDA Declined ($7.1m) primarily driven by a reduction in volume and rate in Remote Accommodations Q cost restructuring driving an incremental ~$3m of full year savings $10 $ Q Q Q Q CapEx Significantly reduced levels of CapEx in Asia Pacific due to softening market conditions Average Modular Units on Rent (#) 13,461 12,323 Average Modular Utilization 74% 68% Avg. Modular Monthly Rental Rate ($) at CC Avg. Remote Accom Rooms on Rent (#) 1,962 1,398 Avg. Remote Accom Utilization 70% 46% Avg. Remote Accom Daily Rate ($) at CC

34 Capital Structure In US$ at Reported FX Rates $1.355Bn ABL facility $254m of availability $134m of availability after consideration of the 90% covenant threshold As of March 31, 2015 Cash and Cash Equivalents $ (64) Asset Based Loan Revolver (ABL) (L+250) 883 Other Debt, including Capital Leases 24 Senior Secured Notes (8.5/9.0%) 1,370 Net Leverage Ratio Total Net Senior Secured Debt $ 2, x Blue chip US and European investor base Senior Unsecured Notes (10.75%) x Total Net Debt $ 2, x LTM 3/31/15 Adjusted EBITDA $ 424 Adjusted EBITDA / Interest Expense 1.8x Accretive Capital Structure >20% <8% Bonds ~9% ABL ~4% Cost of debt New unit RoC 34

35 Conclusion 1 Clear Global Leadership Delivers Scale Advantages 2 Significant Geographic, End-market and Customer Diversification 3 Specialist Leasing Business Model Offers Attractive Economics 4 Well-Invested Fleet Provides Downside Protection 5 Highly Contracted Revenue Underpins Earnings Visibility and Cash Flow 6 Compelling Opportunity Mix of Secular and Cyclical Growth Drivers 35

36 Questions & Answers

37 Appendix

38 Favorable Leading Macroeconomic Indicators United States Non-Residential Building (1) EMEA Non-Residential Building (2) Architectural Billings Index $Tn $bn 800 bn 150 $, Monthly Nov 95 Jan 99 Mar 02 May 05 Jul 08 Sep 11 Nov 14 UK France Germany ABI Index Expansion/Contraction North America Oil & Gas Expenditures (3) Rig Count: 2007 Present (4) Australia Mining Capital Expenditures (3) 600 $bn As of 15 May 2015 Rig Count 2, $bn , Jan 07 Mar 08 May 09 Aug 10 Oct 11 Dec 12 Feb 14 May 15 US Canada Horizontal + Directional Vertical (1) Source : FMI. (2) Source : EuroConstruct. (3) Source: HIS; mining capex growth rate taken as a weighted average of capex consensus estimates for the Diversified Australian Mining players. (4) Source: Baker Hughes, EIA

39 Foreign Exchange Exposure EBITDA & CapEx In US$ at Reported FX Rates Avg. Reported FX Rates Local to US$ Q Q % Chg EUR (18%) AUD (12%) CAD (11%) GBP (8%) Q1 FX Impact by Currency US$ millions EBITDA Gross Capex Net EUR (5.8) 1.9 (3.9) GBP (1.3) 0.1 (1.2) AUD (1.3) 0.3 (1.0) CAD (0.8) 0.4 (0.4) Other (0.2) Total $ (9.4) $ 3.2 $ (6.2) 39

40 Q1 Financials In US$ at Reported FX Rates ($ in millions) Y-o-Y Y-o-Y % - Modular Space Leasing $208.0 $186.1 ($21.9) (10.5%) - Modular Space Delivery & Install $55.3 $50.0 ($5.3) (9.5%) - Remote Accommodations $51.5 $49.4 ($2.1) (4.0%) Leasing & Services Revenue $314.8 $285.5 ($29.2) (9.3%) - New Units $74.7 $72.4 ($2.4) (3.1%) - Rental Units $6.4 $6.8 $ % Sales Revenue $81.2 $79.2 ($1.9) (2.4%) Total Revenue $395.9 $364.8 ($31.1) (7.9%) Adjusted Gross Profit (1) $204.2 $180.8 ($23.4) (11.5%) Adjusted Gross Profit % (1) 51.6% 49.6% (200bps) SG&A (2) $101.5 $95.4 $ % Adjusted EBITDA $102.7 $85.4 ($17.3) (16.9%) Adjusted EBITDA % 25.9% 23.4% (250bps) (1) Excludes depreciation on rental equipment (2) Excludes sponsor fees, acquisition related fees and other non-recurring items Q1 40

41 Quarterly Highlights In US$ at Reported FX Rates Revenue 1Q14 2Q14 3Q14 4Q14 FY Q15 EMEA Americas Asia Pacific AS Total $ $ $ $ $ 1,735.0 $ Adj. EBITDA 1Q14 2Q14 3Q14 4Q14 FY Q15 EMEA Americas Asia Pacific Corporate Exp (10.3) (11.8) (10.2) (8.8) (41.0) (8.1) AS Total $ $ $ $ $ $ 85.4 CAPEX 1Q14 2Q14 3Q14 4Q14 FY Q15 EMEA Americas Asia Pacific Corporate Exp AS Total $ 45.1 $ 61.3 $ 53.2 $ 82.7 $ $

42 Reconciliation of Adjusted EBITDA In US$ at Reported FX Rates Algeco Scotsman Adjusted EBITDA Q Q YE Net income (loss) before taxes $ 3.1 $ (133.9) $ (346.6) Interest expense, net Depreciation and amortization EBITDA (23.1) Currency (gains) losses, net (28.4) Change in fair value of contingent considerations 0.3 (13.7) 48.5 Restructuring charges Sponsor management fees Loss on extignuishment of debt Other expense Adjusted EBITDA $ $ 85.4 $

43 Reconciliation of Adjusted Gross Profit In US$ at Reported FX Rates Algeco Scotsman Adjusted Gross Profit Q Q Gross Profit $ $ Depreciation of Rental Equipment Adjusted Gross Profit $ $

44 Algeco Scotsman 901 S. Bond Street, Suite 600, Baltimore MD December 13, 2012 DRAFT 5