INTERIM REPORT Q3/2013 November 8, 2013 CEO Magnus Rosén CFO Jonas Söderkvist

Transcription

1 INTERIM REPORT Q3/2013 November 8, 2013 CEO Magnus Rosén CFO Jonas Söderkvist

2 Agenda Highlights Q3 and 1-9/2013 Market outlook Segment review Financial review Company overview Appendix 2

3 Highlights Q3/2013 Net sales MEUR (185.9) down by 10.6% (down by 8.7% at comparable exchange rates) Adjusted for transferred or divested operations, net sales decreased by 3.3% at comparable exchange rates EBITA MEUR 25.9 (31.8) or 15.6% (17.1%) of net sales EBITA excluding non-recurring items 1) EUR 29.3 (31.8) million or 17.6% (17.1%) of net sales Cash flow after investments MEUR 34.4 (23.7) Gross capex MEUR 29.5 (27.6) 1) Non-recurring items included EUR 1.9 million loss from disposal of Hungary and EUR 1.5 million restructuring provision in Denmark. 3

4 Highlights 1-9/2013 Net sales MEUR (519.9) down by 7.7% (down by 7.8% at comparable exchange rates) Adjusted for transferred or divested operations, net sales decreased by 4.0% at comparable exchange rates EBITA MEUR 71.2 (70.9) or 14.8% (13.6%) of net sales EBITA excluding non-recurring items 1) was MEUR 64.4 (70.9) or 13.4% (13.6%) Net result MEUR 40.1 (43.8) and EPS EUR 0.37 (0.41) Gross capex MEUR 91.9 (87.2) Cash flow after investments MEUR 48.2 (37.3) Net debt to EBITDA ratio 1.1x (1.2x) 1) Non-recurring items included a non-taxable capital gain of MEUR 10.1 from the formation of Fortrent, the loss of MEUR 1.9 from disposal of Hungary and the restructuring provision of MEUR 1.5 in Denmark. 4

5 Net sales declined by 3.3% in Q3, adjusted for currency rates and divested operations Change in net sales (%) Q3/12 vs. Q3/13 Change in net sales (%) 1-9/12 vs. 1-9/13 0% 0% -2% -3.3% -1% -2% -4.0% -4% -6% -10.6% -8.7% -3% -4% -5% -7.7% -7.8% -8% -6% -10% -7% -8% -12% Q3/2013 reported Q3/2013 at Q3/2013 comparable adjusted for currency rates the transfer of operations in Russia, Ukraine and Hungary, at comparable currency rates -9% 1-9/2013 reported 1-9/2013 at comparable currency rates 1-9/2013 adjusted for the transfer of operations in Russia, Ukraine and Hungary, at comparable currency rates 5

6 EBITA margin excluding non-recurring items improved to 17.6% in the third quarter EBITA margin (%) Q3/12 vs. Q3/13 EBITA margin (%) 1-9/12 vs. 1-9/13 20% 18% 16% 14% 12% 16% 14% 12% 10% 10% 8% 6% 4% 2% 17.1% 15.6% 7.6% 8% 6% 4% 2% 13.6% 14.8% 13.4% 0% Q3/2012 reported Q3/2013 reported Q3/2013 excluding non-recurring items 0% 1-9/2012 reported 1-9/2013 reported 1-9/2013 excluding non-recurring items 1) 2) 1) The non-recurring items include EUR 1.9 million loss from disposal of Hungary and EUR 1.5 million restructuring provision in Denmark 2) The non-recurring items include a non-taxable capital gain of EUR 10.1 million from the formation of Fortrent, the EUR 1.9 million loss from disposal of Hungary and the EUR 1.5 million restructuring provision in Denmark 6

7 Strong cash flow generation, whilst renewing fleet Cash flow after investments (MEUR) Q3/12 vs. Q3/13 Cash flow after investments (MEUR) 1-9/12 vs. 1-9/ Q3/2012 reported Q3/2013 reported 0 1-9/2012 reported 1-9/2013 reported 7

8 Financial position strengthened further during the third quarter Element Measure Target level 1 9/2013 Profit generation ROE 18% p.a. over a business cycle 16.9% Leverage and risk Net Debt / EBITDA ratio Below 1.6x at the end of each fiscal year 1.1x Dividend Dividend pay-out ratio At least 40% of Net profit 57.6%* of 2012 net profit *Paid for

9 MARKET OUTLOOK Merihaka, Helsinki Finland 9

10 Construction output outlook turning positive in our main markets Country 2013E 2014E Source Nordic countries Finland 3.0% 1.0% Confederation of Finnish Construction Industries Sweden 1.0% 2.0% Swedish Construction Federation Norway 3.9% 3.7% Prognosesenteret Denmark 0.8% 2.9% Danish Construction Industry Europe Central Poland 5.6% 0.6% Euroconstruct Czech Republic 6.1% 2.2% Euroconstruct Slovakia 2.0% 2.9% Euroconstruct Europe East Russia 3.0% 4.0% Euroconstruct Estonia 2.0% 1.0% Euroconstruct Latvia 7.0% 1.0% Euroconstruct Lithuania 4.0% 0.0% Euroconstruct Ukraine n/a n/a n/a Source: Actual figures for 2012 from Euroconstruct June 2013 report Forecasts for based on Euroconstruct June 2013 and local construction federations forecasts in October and November

11 Main rental markets expected to grow in 2014 Country 2013E 2014E Source Nordic countries Finland 5.5% 3.5% ERA Sweden 2.3% 2.3% ERA Norway 4.1% 3.6% ERA Denmark 0.9% 1.9% ERA Europe Central Poland 17.2% 3.6% ERA Source: European Rental Association, The European Equipment Rental Industry Report October

12 Renovation continues to grow steadily in all Nordic countries Growth by construction sector in Nordic countries (%) 2013E 12% 10% 10.2% 8% 6% 4% 2% 4.0% 2.0% 3.0% 2.5% 2.3% 1.0% 0% -2% -4% -6% New residential construction -4.0% New nonresidential construction 2.4% -3.7% Renovation -8% -10% -12% -20.7% -10.0% Finland Sweden Norway Denmark Sources: Confederation of Finnish Construction Industries 10/2013, Swedish Construction Federation 10/2013 (renovation forecast is from Euroconstruct 6/2013 report), Prognosesenteret 10/2013 and Danish Construction Industry 11/

13 16 Nordic construction order books increased by 1% compared with the previous year Order books: Nordic construction companies BEUR fixed exchange rates 60% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q % 20% 0% -20% -40% Skanska Veidekke Lemminkäinen Change in Net sales YoY, R12 Ramirent NCC YIT SRV Change in order backlog YoY, Nordic construction A increase of 1.3% in Q3/13 vs. Q3/12 in construction companies order books 13

14 Ramirent outlook for 2013 unchanged Ramirent's 2013 EBITA is expected to be slightly below the 2012 level. 14

15 SEGMENT REVIEW 15

16 Finland Highlights Q3/2013 Demand steady in Southern and Central Finland Market activity weakened in Northern and Western Finland Strong EBIT margin due to strict cost control Ramirent defended price levels in tough pricing environment Capacity utilisation on a healthy level Sales and EBIT by quarter Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q Net sales EBIT-% Q3 30% 25% 20% 15% 10% 5% 0% -5% Finland Q Q Change (EUR) Change (Local) 1 9/ / 2012 Change (EUR) Change (Local) Net sales, MEUR % % EBIT, MEUR % % EBIT margin 23.8% 24.2% 16.6% 18.4% Capital expenditure % % Personnel % % Customer centres % % 16

17 Sweden Highlights Q3/2013 Sales and EBIT by quarter Good activity in construction supported the demand in capital city region Lack of big construction projects kept market activity low in Southern Sweden Favourable demand in the industrial sector in Northern Sweden Ramirent continued strict price discipline Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q Net sales EBIT-% 25% 20% 15% 10% 5% 0% Sweden Q Q Change (EUR) Change (Local) 1 9/ / 2012 Change (EUR) Change (Local) Net sales, MEUR % 1% % 0% EBIT, MEUR % % EBIT margin 15.5% 16.4% 15.2% 15.7% Capital expenditure % % Personnel % % Customer centres % % 17

18 Norway Highlights Q3/2013 Sales and EBIT by quarter Net sales affected by greater margin focus and lower income from sales of used equipment Demand for equipment rental at good level except for Southern Norway Profitability improved due to better operational efficiency, healthy capacity utilisation and good cost control Price levels remained steady Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q Net sales EBIT-% 20% 15% 10% 5% 0% -5% Norway Q Q Change (EUR) Change (Local) 1 9/ / 2012 Change (EUR) Change (Local) Net sales, MEUR % 6% % 7% EBIT, MEUR % % EBIT margin 16.0% 15.6% 15.5% 12.8% Capital expenditure % % Personnel % % Customer centres

19 Denmark Highlights Q3/2013 Sales and EBIT by quarter Demand for equipment rental improved slightly due to a gradual improvement in construction activity EBIT includes MEUR 1.5 of restructuring costs from actions to reduce the fixed cost level and enhance the operational efficiency EBIT-margin exc. restructuring costs was 4.8% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q % 5% 0% -5% -10% -15% -20% Net sales EBIT-% Denmark Q Q Change (EUR) Change (Local) 1 9/ / 2012 Change (EUR) Change (Local) Net sales, MEUR % 4% % 1% EBIT, MEUR 2.1 1) 0.8 n/a 3.6 1) 0.8 n/a EBIT margin 17.4% 1) 6.8% 11.1% 1) 2.4% Capital expenditure % % Personnel % % Customer centres % % 1) EBIT excluding non-recurring items was EUR 0.6 (0.8) million or 4.8% (6.8%) of net sales in July September 2013 and 2.1 (0.8) million or 6.5% (2.4%) of net sales in January September

20 Europe East Highlights Q3/2013 Demand for equipment rental remained at good level in the Baltics EBIT margin strengthened due to improved capacity utilisation in the Baltics Fixed costs under control and price levels steady Fortrent: profitability improved in Russian operations Sales and EBIT by quarter Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q Net sales EBIT-% 113% % 50% 40% 30% 20% 10% 0% -10% -20% -30% -40% Europe East Q Q Change (EUR) Change (Local) 1 9/ / 2012 Change (EUR) Change (Local) Net sales, MEUR % 1) 48% % 1) 41% EBIT, MEUR % ) % EBIT margin 35.3% 23.4% 53.4% 2) 12.9% Capital expenditure % % Personnel % % Customer centres % % 1) Adjusted for the transfer of the operations in Russia and Ukraine to Fortrent Q3/2013 net sales increased by 7.0%. In January September 2013 the increase was 3.5%. 2) January September 2013 EBIT excluding the capital gain of EUR 10.1 million was EUR 4.5 (5.9) million or 16.1% (12.9%) of net sales. 20

21 Europe Central Highlights Q3/2013 Sales and EBIT by quarter Weak demand continued in all Europe Central countries In Poland, market activity in the industrial sector recovered slightly Profitability improved primarily due to improved capacity utilisation Scaling down of operations supported profitability Prices still at low level Divestment of Hungarian operations completed in Q Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q Net sales EBIT-% % 10% 0% -10% -20% -30% -40% -50% Europe Central Q Q Change (EUR) Change (Local) 1 9/ / 2012 Change (EUR) Change (Local) Net sales, MEUR ) % 1) 4% ) % 1) 9% EBIT, MEUR 1.2 3) % 3.7 2) 1.7 n/a EBIT margin 7.1% 3) 2.0% 8.9% 2) 3.7% Capital expenditure % % Personnel % % Customer centres % % 1) Adjusted for the divestment of Hungary the sales decrease in July September was 1.6%. In January September 2013, the decrease was 8.1%. 2) January September 2013 EBIT excluding EUR 2.9 million impairment loss in the Hungarian goodwill and EUR 1.9 million loss from disposal of Hungary was EUR 1.0 ( 1.7) million, representing 2.4% ( 3.7%) of net sales. 3) Third-quarter EBIT excluding the EUR 1.9 million loss from disposal of Hungary was EUR 3.1 (0.4) million or 18.2% (2.0%) of net sales. 21

22 FINANCIAL REVIEW 22

23 Strong cash flow and financial position in Q Net Sales (MEUR) Q1Q2Q3Q4Q1 Q2Q3Q4Q1 Q2Q3Q4Q1 Q2Q Net sales Cash flow after investments (MEUR) Y-o-y change-% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q % 25% 20% 15% 10% 5% 0% -5% -10% -15% EBITDA (MEUR) EBITDA Net debt (MEUR) Net debt Gearing-% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q EBITDA-% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q % 30% 25% 20% 15% 10% 5% 0% 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% EBITA (MEUR) EBITA 4 Gross Capex (MEUR) Gross Capex Share of net sales-% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q EBITA-% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q % 15% 10% 5% 0% -5% -10% 80% 70% 60% 50% 40% 30% 20% 10% 0% First-quarter EBITA excluding non-recurring items was EUR 12.4 (14.4) million, representing 8.1% (8.7%) of net sales Third-quarter EBITA excluding non-recurring items was 29.3 (31.8) million or 17.6% (17.1%) of net sales 23

24 Net sales amounted to 166 MEUR in the third quarter 220 Quarterly Net sales net sales (MEUR) Q1/2010 Q1/2010 Q3/2013 Q3/2013 (MEUR) Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 1-12/2010: /2011: /2012: R12:

25 Net sales affected by currency rates and divested operations Net sales (MEUR) Q3/12 vs. Q3/13 Net sales (MEUR) 1-9/12 vs. 1-9/ Q3/2012 reported -3.6 Exchange rates Divested operations Market change Q3/2013 reported Q3/2012 reported Exchange rates Divested operations Market change Q3/2013 reported Net sales MEUR (185.9) down by 10.6% (down by 8.7% at comparable exchange rates) Adjusted for transferred or divested operations, net sales decreased by 3.3% at comparable exchange rates Net sales MEUR (519.9) down by 7.7% (down by 7.8% at comparable exchange rates) Adjusted for transferred or divested operations, net sales decreased by 4.0% at comparable exchange rates 25

26 Net sales declined in most markets during the third quarter Net sales by segment (MEUR) and Change % (YoY) Q3/12 vs. Q3/ Q3/2012 Q3/ ) ) 0.0 Finland Sweden Norway Denmark Europe East Europe Central 7.1% 3.6% 12.8% 3.9% 47.6% 1) 5.8% 1) Adjusted for the transfer of the Russian and Ukrainian operations to Fortrent, net sales increased in Q3/2013 by 7.0% 2) Adjusted for the divestment of the Hungarian business the decrease in net sales in Q3/2013 was 1.6% 26

27 Rental income and ancillary income decreased compared to previous year Breakdown of net sales (%) and MEUR 100% 3% 3% % % 70% 29% 29% % 12.4% 60% % % 30% 68% 68% % 20% 40 10% 20 0% Q3/2012 Q3/ Q3/2012 Q3/2013 Income from sold equipment Income from sold equipment Ancillary income Ancillary income Rental income Rental income 27

28 Gross margin improved slightly year-on-year Gross margin (%) by quarter 67% 67% 66% 65% 68% 67% 69% 68% 69% 69% 69% 68% 66% 66% 68% 67% 67% 64% Q1 Q2 Q3 Q4 FY

29 Number of employees decreased mainly due to scaling down of operations in Europe Central Number of employees by segment Finland Sweden Norway Denmark Europe East Europe Central Personnel 30/9/12 Personnel 31/12/12 Personnel 30/9/13 At the end of September 2013, the Group s number of employees was 2,592 (3,027) At the end of 2012, the number of employees in Russia and Ukraine amounted to

30 Ramirent continued strict cost control and reduced customer centres in Finland and Europe Central Number of customer centres per segment 353 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Finland Sweden Norway Denmark Europe East Europe Central 30

31 Ramirent s fixed costs reduced by 10 MEUR compared to last year Fixed costs by quarter (MEUR) Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Employee benefit expenses Other operating expenses Group fixed costs (201.0) MEUR in 1-9/2013, including 3.4 MEUR in non-recurring items 31

32 Profitability remained stable in the third quarter 2013 EBITA (MEUR) and EBITA-margin (%) Q1/2010 Q3/ ) ) 20% 15% % 5% % Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q EBITA Q2 Q3 Q4 Q EBITA-% Q2 Q3-5% -10% 1-12/2010: /2011: /2012: R12: ) First-quarter EBITA excluding non-recurring items was EUR 12.4 (14.4) million, representing 8.1% (8.7%) of net sales 2) Third-quarter EBITA excluding non-recurring items was 29.3 (31.8) million or 17.6% (17.1%) of net sales 32

33 Hungary was divested from 1 September 2013 Group Net sales and Net sales in Russia, Ukraine and Hungary (MEUR) Group (exc. Russia, Ukraine and Hungary) Russia and Ukraine Hungary Group EBITA and EBITA in Russia, Ukraine and Hungary (MEUR) (Fortrent) (Fortrent) (Fortrent) Group (exc. Russia, Ukraine and Hungary) Hungary Fortrent Russia and Ukraine Loss from disposal of Hungary 33

34 January September 2013 included EUR 3.8 million of non-recurring items /2012 reported 1-9/2013 reported EBIT (MEUR) 1-9/12 vs 1-9/ Capital gain 2.9 Goodwill impairment Loss from disposal of Hungary Restructuring provision in Denmark /2013 adjusted Reported EBIT was EUR 63.3 (64.8) million or 13.2% (12.5%) of net sales Non-recurring items in 1-9/2013: Capital gain of EUR 10.1 million booked from the transaction to form Fortrent, impairment loss of EUR 2.9 million in the Hungarian goodwill, loss of EUR 1.9 million from disposal of Hungary and restructuring provision of 1.5 million in Denmark EBIT excluding non-recurring items was EUR 59.4 (64.8) million, representing 13.4% (13.6%) of net sales 34

35 Stable EBIT margin development in main segments, compared to previous year EBIT margin (%) by segments 35.3% 24.2% 23.8% 23.4% 16.4% 15.5% 15.6% 16.0% 6.8% 2.0% 7.1% 2) -17.4% 1) Finland Sweden Norway Denmark East Central Q3/12 Q3/13 1) EBIT excluding non-recurring items was EUR 0.6 (0.8) million or 4.8% (6.8%) of net sales in July September ) EBIT excluding non-recurring items was EUR 3.1 (0.4) million or 18.2% (2.0%) of net sales in July September

36 Investments are done to maintain fleet age Purchased and sold equipment by quarter (MEUR) Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Purchased equipment Q2 Q3 Q4 Q Sold equipment Q2 Q3 The total value of purchased equipment was 85.3 (67.2) million in 1-9/2013 The value of sold rental equipment was EUR 17.5 (19.5) million in 1-9/

37 Capital expenditure focused on Norway, Sweden and Finland Capital Expenditure by segments (MEUR) Finland Sweden Norway Denmark East Central 7 9/ /2013 No acquisitions were made during the quarter 37

38 Working capital below 6% at the end of the September 2013 Working capital by quarter (MEUR) 160 8% 120 6% % 2% % % -4% -120 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3-6% Trade payables and other liabilities Trade and other receivables Inventories Working capital/net sales Rolling 12 month basis January September 2013 credit losses and net change in the allowance for bad debt totalled EUR 3.2 ( 5.1) million Dividend of EUR 36.6 million paid in April

39 Return on investment at 17.5% Invested capital (MEUR) and ROI (%) rolling 12 months % 20% 15% % 5% 0 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 0% Invested capital ROI % (R12) Return on invested capital, ROI 17.5% (19.5%) at the end of September

40 Strong cash flow after investments in the third quarter Cash flow after investments (MEUR) Q Q2 Q3 Q4 Q Cash flow after investments Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Cash flow after investments, Rolling 12 months Q3 1-12/2010: /2011: /2012: 54.2 R12:

41 Ramirent's financial position strengthened further during the quarter Net debt (MEUR) and Net debt to EBITDA ratio x 1.8x x 1.7x 1.6x 1.4x 1.4x 1.4x 1.4x 1.2x 1.2x 1.2x 1.1x 1.0x 1.1x Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 0 Net debt Net debt to EBITDA ratio Net debt to EBITDA 1.1x (1.2x) at the end of September 2013 Dividend of EUR 36.6 million was paid in the second quarter 41

42 Return on equity at 16.9% Total equity (MEUR) and ROE (%) rolling 12 months % 20% 15% 10% 5% 0% 0 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3-5% Total equity ROE % (R12) Return on equity, ROE 16.9% (18.7%) for last 12 months 42

43 At end of September 2013, Ramirent had unused committed back up loan facilities of EUR million Repayment schedule of interest bearing liabilities (MEUR) EUR 440 million in committed credit facilities 100 Net debt EUR million In addition to bank facilities, Ramirent is utilising a domestic commercial paper program of up to EUR 150 million 43

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

45 COMPANY OVERVIEW 45

46 Ramirent in brief Leading equipment rental company in Northern, Central and Eastern Europe with net sales of EUR 714 million (2012) Presence in 10 countries through 306 customer centers and in two countries through joint venture Fortrent 2,592 employees serving 200,000 customers with 200,000 rental items Founded in 1955 and headquartered in Finland Listed on NASDAQ OMX Helsinki since

47 Ramirent operates in Europe with Baltic Sea region being the core market Sales per segment 1-9/2013 Europe East 5.6% Europe Central 8.7% Finland 23.5% Wide network of customer centres and leading market position (Q3/13) Denmark 6.7% Norway 23.4% Sweden 32.1% Sales per customer 1-12/2012 Services &Retail 10% Industrial 15% Public 4% Private 3% Construction 68% Denmark # 1 16 customer centres Norway # 1 43 customer centres Sweden # 2 75 customer centres Europe Central (PO+CZ+SL) # 1 57 customer centres Finland # 1 74 customer centres Europe East #1 41 customer centres Target is to increase sales to non-construction customers to 40% of the Group's net sales Fortrent, presence through JV 47

48 Targeting a wider range of customer industries in all countries Windpower Construction Oil and gas Shipyards Public Power Aviation Households 2013 Ramirent 48

49 We accelerate our growth through acquisitions and outsourcing cases Outsourcing deal in Finland Outsourcing deal in Finland Acquisition of module rental company in Norway Acquisition of Finnish weather protection rental company Outsourcing deal in Norway Divestment of operations in Hungary Outsourcing deal with two subsidiaries in Finland Acquisition of Czech rental business Acquisition of Danish rental business Outsourcing of Mt Hojgaard's Danish scaffolding division Acquisition of Swedish rental company Ramirent Russian and Ukrainian operations moved into JV with Cramo Active screening of acquisition targets Outsourcing deal in Norway Acquisition of Swedish rental company Acquisition of Czech rental business Outsourcing deal in Denmark Acquisition of Swedish rental company Outsourcing deal in Finland Aquisition of Czech rental business Acquisition of Swedish rental company 49

50 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 50

51 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 INDUSTRIES SpaceSolve SafeSolve AccessSolve EcoSolve 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 51

52 Our offering 52

53 Strategic priorities 2013 Customer first Sustainable profitable growth Common Ramirent platform Balanced business portfolio Strong customer-centric approach with increased focus on sustainability, safety and quality Being the leading and most profitable general rental company where present Developing a one-company structure with operational consistency Maintain a balanced portfolio of customers, products and markets to balance risk 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 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 55

56 Summary of company s strengths Leading equipment rental 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 56

57 Largest shareholders Largest shareholders September 30, 2013 Number of shares % of share capital Market Cap EUR million Shareholders September 30, Nordstjernan AB 31,882, % 2. Oy Julius Tallberg Ab 12,207, % 3. Varma Mutual Pension Insurance Company 6,753, % 4. Ilmarinen Mutual Pension Insurance Company 4,145, % 5. Odin funds 4,145, % 6. Nordea funds 2,704, % 7. Aktia funds 2,037, % 8. Veritas Pension Insurance Company Ltd 1,222, % 9. Fondita funds 1,149, % 33% 2% 9% 12% 16% Private companies 28% Financial and insurance institutions Public sector organizations Households Non-profit organizations Foreigners 10. SEB funds 923, % Ramirent Oyj treasury shares 998, % Nominee registered 21,424, % Other shareholders 19,103, % Total 108,697, % Trading information Listing: NASDAX OMX Helsinki Date of listing: April 30, 1998 Segment: Mid Cap Sector: Industrials Trading code: RMR1V 57

58 Share price development (YTD) EUR Ramirent Plc (RMR1V) EUR* *November 6, /01/ /01/ /01/ /01/ /01/ /02/ /02/ /02/ /02/ /03/ /03/ /03/ /03/ /04/ /04/ /04/ /04/ /05/ /05/ /05/ /05/ /05/ /06/ /06/ /06/ /06/ /07/ /07/ /07/ /07/ /07/ /08/ /08/ /08/ /08/ /09/ /09/ /09/ /09/ /10/ /10/ /10/ /10/ /10/ /11/2013

59 APPENDIX 59

60 Consolidated income statement CONSOLIDATED INCOME STATEMENT 7 9/13 7 9/12 1 9/13 1 9/12 Restated* 1 12/12 (EUR 1,000) Rental income 112, , , , ,070 Ancillary income 47,830 54, , , ,899 Sales of equipment 5,574 5,720 17,471 19,490 27,115 NET SALES 166, , , , ,083 Other operating income ,524 1,834 3,026 Materials and services 51,876 58, , , ,184 Employee benefit expenses 39,625 42, , , ,324 Other operating expenses 24,099 26,089 70,277 76, ,249 Share of result in associates and joint ventures Depreciation and amortisation and impairment charges 27,638 30,596 85,501 88, ,943 EBIT 24,330 29,731 63,307 64,817 92,524 Financial income 3,207 8,789 13,031 18,355 20,320 Financial expenses 6,946 10,595 25,302 24,601 29,803 EBT 20,590 27,925 51,037 58,571 83,041 Income taxes 3,776 6,940 10,907 14,732 19,291 NET RESULT FOR THE PERIOD 16,814 20,986 40,130 43,840 63,749 Net result for the period attributable to: Owners of the parent company 16,814 20,986 40,130 43,840 63,749 Non-controlling interest TOTAL 16,814 20,986 40,130 43,840 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 60

61 Balance sheet - Assets CONSOLIDATED BALANCE SHEET 30/9/2013 Restated* 30/9/2012 Restated* 31/12/2012 (EUR 1,000) ASSETS NON-CURRENT ASSETS Property, plant and equipment 436, , ,511 Goodwill 126, , ,515 Other intangible assets 37,894 39,988 40,381 Investments in associates and Joint Ventures 19,026 1,090 1,125 Non-current loan receivables 20,261 Available-for-sale investments Deferred tax assets 1,291 13,387 10,344 TOTAL NON-CURRENT ASSETS 641, , ,288 CURRENT ASSETS Inventories 14,434 19,820 15,250 Trade and other receivables 125, , ,600 Current income tax assets 3, Cash and cash equivalents 13,118 2,195 1,338 TOTAL CURRENT ASSETS 156, , ,333 Assets held for sale 42,250 TOTAL ASSETS 797, , ,872 *Retrospective application of amendment to IAS 19 affecting Sweden and Norway segments 61

62 Balance sheet Equity and liabilities CONSOLIDATED BALANCE SHEET 30/9/2013 (EUR 1,000) Restated* 30/9/2012 Restated* 31/12/2012 EQUITY Share capital 25,000 25,000 25,000 Revaluation fund 3,376 5,272 4,924 Invested unrestricted equity fund 113, , ,329 Retained earnings 225, , ,168 PARENT COMPANY SHAREHOLDERS EQUITY 360, , ,573 Non-controlling interests TOTAL EQUITY 360, , ,573 NON-CURRENT LIABILITIES Deferred tax liabilities 57,417 80,337 73,333 Pension obligations 14,806 10,893 13,948 Provisions 1,379 1, Interest-bearing liabilities 243, , ,199 Other long-term liabilities 5,546 9,117 8,071 TOTAL NON-CURRENT LIABILITIES 322, , ,523 CURRENT LIABILITIES Trade payables and other liabilities 101, , ,956 Provisions 1,128 1, Current income tax liabilities 11,303 6,687 10,936 Interest-bearing liabilities 40 82,451 49,513 TOTAL CURRENT LIABILITIES 114, , ,231 Liabilities classified as held for sale 6,545 TOTAL LIABILITIES 436, , ,299 TOTAL EQUITY AND LIABILITIES 797, , *Retrospective application of amendment to IAS 19 affecting Sweden and Norway segments 62

63 Key figures KEY FINANCIAL FIGURES 7 9/13 7 9/12 1 9/13 Restated* 1 9/12 Restated* 1 12/12 (MEUR) Net sales, EUR million Increase in net sales, % 10.6% 3.7% 7.7% 12.3% 9.9% EBITDA, EUR million EBITDA, % of net sales 31.3% 32.5% 31.0% 29.6% 29.5% EBITA, EUR million EBITA, % net sales 15.6% 17.1% 14.8% 13.6% 14.1% EBIT, EUR million EBIT, % of net sales 14.6% 16.0% 13.2% 12.5% 13.0% EBT, EUR million EBT, % of net sales 12.4% 15.0% 10.6% 11.3% 11.6% Net result for the reporting period, EUR million Net result for the reporting period, % of net sales 10.1% 11.3% 8.4% 8.4% 8.9% Gross capital expenditure, EUR million Gross capital expenditure, % of net sales 17.8% 14.8% 19.2% 16.8% 17.4% Invested capital, EUR million, end of period Return on invested capital (ROI), %** 17.5% 19.5% 18.9% Return on equity (ROE), %** 16.9% 18.7% 18.6% Interest-bearing debt, EUR million Net debt, EUR million Net debt to EBITDA ratio 1.1x 1.2x 1.1x Gearing, % 63.9% 73.8% 65.8% Equity ratio, % 45.2% 41.5% 43.7% Personnel, average during reporting period 2,787 3,100 3,077 Personnel, at end of reporting period 2,592 3,027 3,005 *Retrospective application of amendment to IAS 19 affecting Sweden and Norway segments **The figures are calculated on a rolling twelve month basis. 63

64 Consolidated cash flow statement CONSOLIDATED CASH FLOW STATEMENT (EUR 1,000) 7 9/13 7 9/12 1 9/13 1 9/ /12 Cash flow from operating activities Result before taxes 20,590 27,925 51,037 58,571 83,041 Adjustments Depreciation, amortisation and impairment charges 27,638 30,596 85,501 88, ,943 Adjustment for proceeds from sale of used rental equipment 1,304 2,061 7,703 9,723 12,542 Financial income and expenses 3,739 1,806 12,270 6,246 9,413 Other adjustments 14,554 2,003 2,586 2,243 1,438 Change in working capital Change in trade and other receivables 7,021 6,316 8,046 13,186 15,367 Change in inventories 1,196 1, ,480 1,576 Change in non-interest-bearing liabilities 13,829 5,101 17,868 9,555 11,577 Interest paid 2,972 2,937 8,022 9,228 12,293 Interest received 549 1,071 1,857 3,048 3,470 Income tax paid 2,566 1,211 17,153 10,907 13,325 Net cash generated from operating activities 57,225 44, , , ,985 Cash flow from investing activities Acquisition of subsidiaries, net of cash ,940 13,940 Investment in tangible non-current asset 27,818 25,803 87,804 64,427 99,177 Investment in intangible non-current assets 588 4,730 4,121 5,094 7,598 Proceeds from sale of tangible and intangible non-current assets (exc. used eq.) Proceeds from sales of subsidiaries 5,481 14,681 Loan receivables, increase, decrease and other changes 1,577 Net cash flow from investing activities 22,786 20,832 78,560 82, ,818 Cash flow from financing activities Dividends paid 36,618 30,147 30,147 Purchase of treasury shares 2,714 2,714 Borrowings and repayments of short-term debt (net) 21,545 17,832 49,719 31,500 5,500 Borrowings of long-term debt 37 14,076 99,113 1,012 9,311 Repayments of long-term debt 2,906 27,357 49,210 37,235 37,211 Net cash flow from financing activities 24,414 23,601 36,433 37,584 55,261 Net change in cash and cash equivalents during the financial period 10, , ,094 Cash at the beginning of the period 3,093 2,089 1,338 2,431 2,431 Cash at the end of the period 13,118 2,195 13,118 2,195 1,338 64

65 Segment information: Net sales NET SALES 7 9/13 7 9/12 1 9/13 1 9/ /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 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

66 Segment information: EBIT and EBIT-margin EBIT 7 9/13 7 9/12 1 9/13 1 9/12 (MEUR) *Retrospective application of amendment to IAS 19 affecting Sweden and Norway segments Restated* 1 12/12 FINLAND % of net sales 23.8% 24.2% 16.6% 18.4% 18.2% SWEDEN % of net sales 15.5% 16.4% 15.2% 15.7% 15.9% NORWAY % of net sales 16.0% 15.6% 15.5% 12.8% 12.8% DENMARK % of net sales 17.4% 6.8% 11.1% 2.4% 3.6% EUROPE EAST % of net sales 35.3% 23.4% 53.4% 12.9% 17.3% EUROPE CENTRAL % of net sales 7.1% 2.0% 8.9% 3.7% 2.5% Net items not allocated to operating segments GROUP EBIT % of net sales 14.6% 16.0% 13.2% 12.5% 13.0% 66

67 For more information: Magnus Rosén, CEO Jonas Söderkvist, CFO and EVP Corporate Functions Franciska Janzon, IR