INTERIM REPORT Q2/2013 August 8, 2013 CEO Magnus Rosén CFO Jonas Söderkvist

Transcription

1 INTERIM REPORT Q2/2013 August 8, 2013 CEO Magnus Rosén CFO Jonas Söderkvist

2 Agenda Highlights Q2 and 1-6/2013 Market outlook Segment review Financial review Company overview Appendix Agenda 2

3 Highlights Q2/2013 Net sales MEUR (169.7) down by 5.3% (down by 5.8% at comparable exchange rates); adjusted for the transfer of the operations in Russia and Ukraine to Fortrent, net sales decreased by 0.7% EBITA MEUR 22.7 (24.7) or 14.1% (14.6%) of net sales Cash flow after investments MEUR 5.2 (7.3) After the review period, Ramirent signed agreement to divest its Hungarian operation Highlights: Q2/2013 3

4 Highlights 1-6/2013 Net sales MEUR (334.1) down by 6.1% (down by 7.2% at comparable exchange rates); adjusted for the transfer of the operations in Russia and Ukraine to Fortrent, net sales decreased by 3.2% Oslo, Norway EBITA MEUR 45.3 (39.1) or 14.4% (11.7%) of net sales EBITA excluding non-recurring items 1) was MEUR 35.1 (39.1) or 11.2% (11.7%) Net result MEUR 23.3 (22.9) and EPS EUR 0.22 (0.21) Gross capex MEUR 62.4 (59.6) Cash flow after investments MEUR 13.8 (13.6) Net debt to EBITDA ratio 1.2x (1.4x) 1) Non-recurring item included a non-taxable capital gain of MEUR 10.1 from the formation of Fortrent. Highlights: Q2/2013 4

5 Second-quarter adjusted net sales were on par with the corresponding period last year Quarterly net sales Q1/2010 Q2/2013 (MEUR) Adjusted for the transfer of the operations in Russia and Ukraine to Fortrent, net sales decreased by 0.7% Q1 Q2 Q3 Q Q2/2013 Net sales decreased by 5.3% or 5.8% at comparable exchange rates Highlights: Q2/2013 5

6 Profitability remained close to last year's level despite mixed market picture Quarterly EBITA-margin (%) Q1/2010 Q2/ % 17.9% 17.1% 15% 14.8% 14.6% 14.1% 15.3% 14.6% 12.4% 11.0% 10% 8.7% 8.5% 6.2% 5% 2.7% 0% Q1 Q2 Q3 Q4-5% -4.5% -10% Highlights: Q2/2013 6

7 Second-quarter EBIT improved in Norway and Sweden EBIT MEUR Q2/2013 vs. Q2/2012 EBIT margin, % Q2/2013 vs. Q2/ % 18.9% % 17.0% 16.9% 16.8% 15.8% 14.2% % 10.8% % 0% 2.0% -0.5% 0.3% 2.1% 0.9% -4-6 Q2/2012 Q2/2013 Q2/2012 Q2/2013-5% Highlights: Q2/2013 7

8 Ramirent sold its operations in Hungary After the review period, Ramirent sold its entire Hungarian operation to the Danube SCA Sicar, a private equity fund Ramirent Europe Central The transaction will result in a non-recurring cost due to foreign exchange translation differences of app. EUR 2 million Divestment is line with aim to strengthen the strategic focus on higher growth opportunities in Ramirent's core markets in the Baltic Sea region Completion of the sale is expected during the third quarter Hungary Net sales* 7 MEUR Personnel: 83 Customer centres: 13 *Forecast for 2013 Highlights Q2/2013 8

9 All long-term financial targets were met in Q2/2013 Element Measure Target level 1 6/2013 Profit generation ROE 18% p.a. over a business cycle 19.3% Leverage and risk Net Debt / EBITDA ratio Below 1.6x at the end of each fiscal year 1.2x Dividend Dividend pay-out ratio At least 40% of Net profit 57.6%* of 2012 net profit *Paid for 2012 Highlights: Q2/2013 9

10 MARKET OUTLOOK Flow Festival, Helsinki, Finland 10

11 Market outlook Construction output forecasts Country F Source Nordic Finland 3.8% 1.2% Euroconstruct Sweden 2.9% 0.8% Euroconstruct Norway 5.4% 5.7% Euroconstruct Denmark 1.1% 3.0% Euroconstruct Europe Central Poland 0.0% 5.6% Euroconstruct Czech Republic 7.4% 6.1% Euroconstruct Slovakia 13.8% 2.0% Euroconstruct Hungary 5.4% 2.5% Euroconstruct Europe East Russia 2.0% 3.0% Euroconstruct Estonia 19.0% 2.0% Euroconstruct Latvia 14.0% 7.0% Euroconstruct Lithuania 7.0% 4.0% Euroconstruct Ukraine n.a. n.a. Euroconstruct Source: Euroconstruct June 2013 Market outlook 11

12 Residential construction expected to increase in Norway 130 Residential construction (output) F 120 Index 2008 = 100 (volume) F 2014F Finland Sweden Norway Denmark Europe Central Source: Euroconstruct June 2013 Forecasts for Europe East countries not available Market outlook 12

13 120 Non residential construction forecasted to remain stable Non residential construction (output) F Index 2008 = 100 (volume) F 2014F Finland Sweden Norway Denmark Europe Central Source: Euroconstruct June 2013 Forecasts for Europe East countries not available Market outlook 13

14 130 Renovation markets expected to continue to grow steadily Renovation in construction sector (output) F 120 Index 2008 = 100 (volume) F 2014F Finland Sweden Norway Denmark Europe Central Source: Euroconstruct June 2013 Forecasts for Europe East countries not available Market outlook 14

15 Nordic construction order books (inc. Skanska, YIT and SRV) decreased by 3.7% in Q2/ Order books: Nordic construction companies BEUR fixed exchange rates 60% % % 4 3 0% 2-20% 1 0 Q Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q1 Q % Skanska SRV YIT Change in Net sales YoY, R12 Ramirent Change in order backlog YoY, Nordic construction A decrease of 3.7% in Q2/13 vs. Q2/12 in construction companies order books (including Skanska, YIT and SRV) Market outlook 15

16 Ramirent outlook for 2013 Ramirent previously estimated the full year 2013 EBITA to remain at the 2012 level. Due to the non-recurring cost of divesting Hungary, Ramirent's 2013 EBITA is expected to be slightly below the 2012 level. Market outlook 16

17 SEGMENT REVIEW Riga European Capital of Culture 2014, Latvia 17

18 Finland Highlights Q2/2013 Season started exceptionally late this year Demand for equipment rental lower than in comparative period Stable demand in industrial sector Low market activity in Northern Finland Price pressure continued Sales and EBIT by quarter Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q Net sales EBIT-% 30% 25% 20% 15% 10% 5% 0% -5% Finland Q Q Change (EUR) Change (Local) 1 6/ / 2012 Change (EUR) Change (Local) Net sales, MEUR % % EBIT, MEUR % % EBIT margin 15.8% 17.0% 12.4% 15.0% Personnel % % Customer centres % % Segment review 18

19 Sweden Highlights Q2/2013 Sales and EBIT by quarter Demand of equipment rental improved in the end of Q2 In capital region, demand was supported by stable development in construction sector Lack of big construction projects in Southern Sweden EBIT improved due to improved utilisation rates and pick up in demand Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q Net sales EBIT-% 25% 20% 15% 10% 5% 0% Sweden Q Q Change (EUR) Change (Local) 1 6/ / 2012 Change (EUR) Change (Local) Net sales, MEUR % 0% % 0% EBIT, MEUR % % EBIT margin 16.8% 16.9% 15.1% 15.3% Personnel % % Customer centres % % Segment review 19

20 Norway Highlights Q2/2013 Sales and EBIT by quarter High activity in construction and oil & gas sector Demand was favourable in all geographical areas, except Southern Norway EBIT improved due to better operational efficiency and good cost control Price levels increased slightly Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q % 15% 10% 5% 0% -5% Net sales EBIT-% Norway Q Q Change (EUR) Change (Local) 1 6/ / 2012 Change (EUR) Change (Local) Net sales, MEUR % 5% % 6% EBIT, MEUR % % EBIT margin 18.9% 14.2% 15.2% 11.4% Personnel % % Customer centres Segment review 20

21 Denmark Highlights Q2/2013 Sales and EBIT by quarter Demand for equipment rental was stable Activity in construction sector improved slightly Profitability still suffering from low price levels Ramirent has taken actions to reduce fixed costs Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q % 5% 0% -5% -10% -15% -20% Net sales EBIT-% Denmark Q Q Change (EUR) Change (Local) 1 6/ / 2012 Change (EUR) Change (Local) Net sales, MEUR % 0% % 3% EBIT, MEUR n/a n/a EBIT margin 0.5% 2.0% 7.5% 0.1% Personnel % % Customer centres % % Segment review 21

22 Europe East Highlights Q2/2013 Activity in construction sector remained stable Adjusted for the transfer of the operations in Russia and Ukraine to Fortrent, net sales increased by 4.9% Price levels remained stable The integration of Fortrent s business operations is proceeding according to plan Sales and EBIT by quarter Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q Net sales EBIT-% (113%) % 50% 40% 30% 20% 10% 0% -10% -20% -30% -40% Europe East Q Q Change (EUR) Change (Local) 1 6/ / 2012 Change (EUR) Change (Local) Net sales, MEUR % 1) 50% % 36% EBIT, MEUR % ) % EBIT margin 0.3% 10.8% 63.7% 2) 5.7% Personnel % % Customer centres % % 1) Adjusted for the transfer of the operations in Russia and Ukraine to Fortrent, Q2/2013 net sales increased by 4.9% 2) January-June 2013 EBIT excl. capital gain EUR 0.9 million or 5.2% of net sales Segment review 22

23 Europe Central Highlights Q2/2013 Sales and EBIT by quarter Weak demand in all Europe Central countries Market activity was at low level in construction sector, especially in Poland EBIT was hampered by weak volumes and low utilisation rates Intense competition and overcapacity in the market increased pressure on rental prices Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q Net sales EBIT-% % 10% 0% -10% -20% -30% -40% -50% Europe Central Q Q Change (EUR) Change (Local) 1 6/ / 2012 Change (EUR) Change (Local) Net sales, MEUR % 8% % 13% EBIT, MEUR % 4.9 1) 2.1 n/a EBIT margin 2.1% 0.9% 19.6% 1) 7.3% Personnel % % Customer centres % % 1) January-June 2013 EBIT excluding EUR 2.9 million impairment loss in the Hungarian goodwill was EUR 2.0 million, representing 8.0% of net sales Segment review 23

24 FINANCIAL REVIEW Tall Ships Race, Helsinki, Finland 24

25 Stable profitability and strong financial position Net Sales (MEUR) EBITDA (MEUR) EBITA (MEUR) Net sales Y-o-y change-% EBITDA EBITDA-% EBITA EBITA-% Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q % 25% 20% 15% 10% 5% 0% -5% -10% -15% Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q % 30% 25% 20% 15% 10% 5% 0% Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q % 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 Q1 Q Net debt Gearing-% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q % 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Gross Capex Share of net sales-% Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q % 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 First-quarter EBITA excluding non-recurring items was EUR 12.4 million, representing 8.1% of net sales Financial review 25

26 Net sales decreased by 5.3% in Q2/2013, comparable net sales decreased by 0.7% 220 Net sales (MEUR) Q1/2010 Q2/ Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 1-12/2010: /2011: /2012: R12: Net sales decreased by 5.8% at comparable exchange rates Comparable net sales decreased by 0.7% (adjusted for the transfer of the operations in Russia and Ukraine to Fortrent) Financial review 26

27 Net sales grew in Sweden and Norway Net sales by segment (MEUR) and Change % (YoY) Q2/2012 Q2/ Finland Sweden Norway Denmark Europe East Europe Central 12.2% 4.3% 1.9% 0.1% 49.6% 7.7% Financial review 27

28 Rental income and ancillary income decreased compared to previous year Breakdown of net sales (%) and MEUR 100% 4% 5% % 60% 40% 20% 31% 30% 66% 65% % Q2/2012 Q2/ Q2/2012 Q2/2013 Income from sold equipment Income from sold equipment Ancillary income Ancillary income Rental income Rental income Q2/2012 compared to Q2/2013: Rental income decreased by 6.5% Ancillary income decreased by 5.9% Income from sold equipment increased by 21.3% Financial review 28

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

30 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 30/6/12 Personnel 31/12/12 Personnel 30/6/13 At the end of June 2013, the Group s number of employees was 2,777 (3,129) At the end of 2012, number of employees in Russia and Ukraine was 238 Financial review 30

31 Customer centres were reduced in Sweden, Denmark and Europe Central segment Number of customer centres per segment Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Finland Sweden Norway Denmark Europe East Europe Central Financial review 31

32 Fixed costs have remained well under control Fixed costs by quarter (MEUR) Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Employee benefit expenses Other operating expenses Group fixed costs MEUR (132.8) in 1-6/2013 Financial review 32

33 Profitability remained stable in the second quarter 2013 EBITA (MEUR) and EBITA-margin (%) Q1/2010 Q2/ ) % 15% % 5% % Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q EBITA Q2 Q3 Q4 Q EBITA-% Q2-5% -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 Group net sales and EBITA excluding transferred operations to Fortrent (in Russia and Ukraine) Group Net sales and Net sales in Russia and Ukraine (MEUR) Group (exc. Russia and Ukraine) Russia and Ukraine Group EBITA and EBITA in Russia and Ukraine (MEUR) (Fortrent) (Fortrent) Group (exc. Russia and Ukraine) Russia and Ukraine Fortrent Financial review 34

35 January-June 2013 included EUR 7.2 million of non-recurring items EBIT (MEUR) 1-6/12 vs 1-6/ /2012 reported 1-6/2013 reported Capital gain Goodwill impairment 1-6/2013 adjusted Reported EBIT was EUR 39.0 (35.1) million or 12.4% (10.5%) of net sales Non-recurring items in 1-6/2013: 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 31.7 million, representing 10.1% of net sales Financial review 35

36 Good level of EBIT margin in Norway, Sweden and Finland EBIT margin (%) by segments 17.0% 16.9% 16.8% 15.8% 14.2% 18.9% 10.8% 2.0% -0.5% 0.3% 2.1% 0.9% Finland Sweden Norway Denmark East Central Q2/12 Q2/13 Financial review 36

37 Ramirent continued its cautiousness with capital expenditure Purchased and sold equipment by quarter (MEUR) Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Purchased equipment Sold equipment The total value of purchased equipment was 57.3 (41.9) million in 1-6/2013 The value of sold rental equipment was EUR 11.9 (13.8) million in 1-6/2013 Financial review 37

38 Capital expenditure focused on Norway, Sweden and Finland Capital Expenditure by segments (MEUR) Finland Sweden Norway Denmark East Central 4 6/ /2013 No acquisitions were made during the quarter Financial review 38

39 Working capital again at some 6% of net sales 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 Trade payables and other liabilities Trade and other receivables Inventories Working capital/net sales Rolling 12 month basis Q2/2013 credit losses and net change in the allowance for bad debt totalled EUR 0.9 ( 0.9) million Dividend of EUR 36.6 million paid in April 2013 Q2-6% Financial review 39

40 Return on investment remained stable in the second quarter Invested capital (MEUR) and ROI (%) rolling 12 months % 20% % % % 0 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 0% Invested capital ROI % (R12) Return on invested capital, ROI 19.2% (19.0%) at the end of June 2013 Financial review 40

41 Cash flow after investments at lower level compared with the previous year Cash flow after investments (MEUR) Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Cash flow after investments Cash flow after investments, Rolling 12 months 1-12/2010: /2011: /2012: 54.2 R12: 54.3 Financial review 41

42 Ramirent's financial position is strong 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 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 0 Net debt Net debt to EBITDA ratio Net debt to EBITDA 1.2x (1.4x) at the end of June 2013 Dividend of EUR 36.6 million was paid in the second quarter Financial review 42

43 At end of June 2013, Ramirent had unused committed back up loan facilities of EUR million Repayment schedule of interest bearing liabilities (MEUR) 440 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 remained above the long-term financial target 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 Q2-5% Total equity ROE % (R12) Return on equity, ROE 19.3% (19.0%) for last 12 months 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 325 customer centers and in two countries through joint venture Fortrent 2,777 employees serving 200,000 customers with 200,000 rental items Founded in 1955 and headquartered in Finland Listed on NASDAQ OMX Helsinki since Company overview

48 Ramirent operates in Europe with Baltic Sea region being the core market Sales per segment 1-6/2013 Europe East 6% Europe Central 8% Finland 23% Wide network of customer centres and leading market position (Q2/13) Denmark 6% Norway 25% Sweden 32% Sales per customer 1-12/2012 Services &Retail 10% Industrial 15% Public 4% Private 3% Construction 68% Norway 43 customer centres # 1 Denmark 16 customer centres # 1 Sweden 76 customer centres # 2 Europe Central 73 customer centres # 1 Finland 76 customer centres # 1 Europe East 41 customer centres # 1 Target is to increase sales to non-construction customers to 40% of the Group's net sales Fortrent, presence through JV 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 Fortrent (JV with Cramo in Russia and Ukraine) 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 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 Company overview 52

53 Our offering 53 Company overview

54 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 Company overview 54

55 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 55

56 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 56

57 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 Company overview 57

58 Largest shareholders Largest shareholders June 30, 2013 Number of shares % of share capital Market Cap EUR million Shareholders June 30, Nordstjernan AB 31,882, % 2. Oy Julius Tallberg Ab 12,207, % 3. Varma Mutual Pension Insurance Company 6,753, % 4. Odin funds 4,138, % 5. Ilmarinen Mutual Pension Insurance Company 4,145, % 6. Nordea funds 3,080, % 7. Aktia funds 2,087, % 8. Veritas Pension Insurance Company Ltd 1,340, % 9. Fondita funds 1,169, % 34% 2% 10% 12% 16% Private companies 26% Financial and insurance institutions Public sector organizations Households Non-profit organizations Foreigners 10. Föreningen Konstsamfundet Rf 825, % Ramirent Oyj treasury shares 998, % Nominee registered 19,346, % Other shareholders 20,721, % 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 58

59 Share price development EUR Ramirent Plc (RMR1V) EUR* *August 6, 2013 Company overview 59

60 APPENDIX 60

61 Consolidated income statement CONSOLIDATED INCOME STATEMENT 4 6/13 4 6/12 1 6/13 1 6/12 Restated* 1 12/12 (EUR 1,000) Rental income 104, , , , ,070 Ancillary income 48,748 51,788 98, , ,899 Sales of equipment 7,593 6,258 11,897 13,770 27,115 NET SALES 160, , , , ,083 Other operating income , ,026 Materials and services 50,230 53, , , ,184 Employee benefit expenses 39,313 40,210 81,188 82, ,324 Other operating expenses 22,201 24,788 46,177 50, ,249 Share of result in associates and joint ventures Depreciation and amortisation and impairment charges 27,791 28,859 57,863 58, ,943 EBIT 20,973 22,746 38,978 35,087 92,524 Financial income 5,582 2,549 9,824 9,565 20,320 Financial expenses 11,307 5,319 18,355 14,006 29,803 EBT 15,248 19,976 30,447 30,646 83,041 Income taxes 2,951 5,019 7,131 7,792 19,291 NET RESULT FOR THE PERIOD 12,297 14,958 23,316 22,854 63,749 Net result for the period attributable to: Owners of the parent company 12,297 14,958 23,316 22,854 63,749 Non-controlling interest TOTAL 12,297 14,958 23,316 22,854 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 61

62 Balance sheet - Assets CONSOLIDATED BALANCE SHEET 30/6/2013 Restated* 30/6/2012 Restated* 31/12/2012 (EUR 1,000) ASSETS NON-CURRENT ASSETS Property, plant and equipment 435, , ,511 Goodwill 126, , ,515 Other intangible assets 39,254 39,864 40,381 Investments in associates and Joint Ventures 21,351 1,037 1,125 Non-current loan receivables 20,261 Available-for-sale investments Deferred tax assets 1,824 13,874 10,344 TOTAL NON-CURRENT ASSETS 645, , ,288 CURRENT ASSETS Inventories 14,765 18,103 15,250 Trade and other receivables 127, , ,600 Current income tax assets 1, Cash and cash equivalents 3,093 2,089 1,338 TOTAL CURRENT ASSETS 146, , ,333 Assets held for sale 6,702 42,250 TOTAL ASSETS 798, , ,872 *Retrospective application of amendment to IAS 19 affecting Sweden and Norway segments Appendix 62

63 Balance sheet Equity and liabilities CONSOLIDATED BALANCE SHEET 30/6/2013 (EUR 1,000) Restated* 30/6/2012 Restated* 31/12/2012 EQUITY Share capital 25,000 25,000 25,000 Revaluation fund 3,315 4,568 4,924 Invested unrestricted equity fund 113, , ,329 Retained earnings 208, , ,168 PARENT COMPANY SHAREHOLDERS EQUITY 343, , ,573 Non-controlling interests TOTAL EQUITY 343, , ,573 NON-CURRENT LIABILITIES Deferred tax liabilities 59,657 78,082 73,333 Pension obligations 14,094 10,806 13,948 Provisions 909 1, Interest-bearing liabilities 245, , ,199 Other long-term liabilities 5,588 9,133 8,071 TOTAL NON-CURRENT LIABILITIES 326, , ,523 CURRENT LIABILITIES Trade payables and other liabilities 97, , ,956 Provisions 166 1, Current income tax liabilities 8,399 4,273 10,936 Interest-bearing liabilities 21,339 58,913 49,513 TOTAL CURRENT LIABILITIES 127, , ,231 Liabilities classified as held for sale 999 6,545 TOTAL LIABILITIES 454, , ,299 TOTAL EQUITY AND LIABILITIES 798, , ,872 *Retrospective application of amendment to IAS 19 affecting Sweden and Norway segments Appendix 63

64 Key figures KEY FINANCIAL FIGURES 4 6/13 4 6/12 1 6/13 Restated* 1 6/12 Restated* 1 12/12 (MEUR) Net sales, EUR million Increase in net sales, % 5.3% 13.5% 6.1% 17.7% 9.9% EBITDA and impairment charges, EUR million EBITDA and impairment charges, % of net sales 30.3% 30.4% 30.9% 28.0% 29.5% EBITA, EUR million EBITA, % net sales 14.1% 14.6% 14.4% 11.7% 14.1% EBIT, EUR million EBIT, % of net sales 13.0% 13.4% 12.4% 10.5% 13.0% EBT, EUR million EBT, % of net sales 9.5% 11.8% 9.7% 9.2% 11.6% Net result for the financial year, EUR million Net result for the financial year, % of net sales 7.6% 8.8% 7.4% 6.8% 8.9% Gross capital expenditure, EUR million Gross capital expenditure, % of net sales 18.7% 14.1% 19.9% 17.8% 17.4% Invested capital, EUR million, end of period Return on invested capital (ROI), %** 19.2% 19.0% 18.9% Return on equity (ROE), %** 19.3% 19.0% 18.6% Interest-bearing debt, EUR million Net debt, EUR million Net debt to EBITDA ratio 1.2x 1.4x 1.1x Gearing, % 76.8% 87.9% 65.8% Equity ratio, % 43.1% 39.1% 43.7% Personnel, average during financial year 2,834 3,111 3,077 Personnel, at end of financial year 2,777 3,129 3,005 *Retrospective application of amendment to IAS 19 affecting Sweden and Norway segments **The figures are calculated on a rolling twelve month basis. Appendix 64

65 Consolidated cash flow statement CONSOLIDATED CASH FLOW STATEMENT 4 6/13 4 6/12 1 6/13 1 6/ /12 (EUR 1,000) Cash flow from operating activities Result before taxes 15,248 19,976 30,447 30,646 83,041 Adjustments (depreciation and other non-cash items) 40,976 35,238 60,825 70, ,461 Change in working capital 19,998 13,647 3,395 11,453 25,368 Interest paid 2,427 3,029 5,050 6,291 12,293 Interest received ,307 1,978 3,470 Income tax paid 7,144 5,253 14,587 9,696 13,325 Net cash generated from operating activities 27,483 34,198 69,547 75, ,985 Cash flow of investing activities Acquisition of subsidiaries, net of cash 3,558 13,595 13,940 Investment in tangible non-current asset 30,994 21,432 59,987 38,623 99,177 Investment in intangible non-current assets 1,776 2,119 3,533 9,824 7,598 Proceeds from sale of tangible and intangible non-current assets (exl. used rental equipment) Proceeds from sales of subsidiaries 9,200 Loan receivables, increase, decrease and other changes 11 1,577 Net cash flow of investing activities 32,712 26,947 55,773 61, ,818 Cash flow from financing activities Dividends paid 36,618 30,147 36,618 30,147 30,147 Purchase of treasury shares 2,714 2,714 Borrowings and repayments of short-term debt (net) 13,610 22,168 28,173 13,668 5,500 Borrowings and repayments of long-term debt (net) 33, ,771 5,210 27,900 Net cash flow of financing activities 84,116 7,786 12,019 13,983 55,261 Net change in cash and cash equivalents during the financial year 89, , ,094 Cash at the beginning of the period 92,437 2,625 1,338 2,431 2,431 Cash at the end of the period 3,093 2,089 3,093 2,089 1,338 Appendix 65

66 Segment information: Net sales NET SALES 4 6/13 4 6/12 1 6/13 1 6/ /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 Appendix 66

67 Segment information: EBIT and EBIT-margin EBIT 4 6/13 4 6/12 1 6/13 1 6/12 (MEUR) Restated* 1 12/12 FINLAND % of net sales 15.8% 17.0% 12.4% 15.0% 18.2% SWEDEN % of net sales 16.8% 16.9% 15.1% 15.3% 15.9% NORWAY % of net sales 18.9% 14.2% 15.2% 11.4% 12.8% DENMARK % of net sales 0.5 % 2.0 % 7.5 % 0.1 % 3.6 % EUROPE EAST % of net sales 0.3 % 10.8 % 63.7 % 5.7 % 17.3 % EUROPE CENTRAL % of net sales 2.1 % 0.9 % 19.6 % 7.3 % 2.5 % Net items not allocated to operating segments GROUP EBIT % of net sales 13.0 % 13.4 % 12.4 % 10.5 % 13.0 % *Retrospective application of amendment to IAS 19 affecting Sweden and Norway segments Appendix 67

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