Capital Market Day 28 Financial Update Heli Iisakka, CFO 1 27 May, 28 CMD Ramirent
Q1 28 Highlights Net sales increased by 18.7% to 162.1 (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
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 162.1 136.6 18.7% 634,3 EBIT 29.5 29. 1.5% 157,5 EBIT-margin 18.2% 21.3% 24.8% Employees (average) 3,927 3,141 25.% 3,47 Outlets 359 293 22.5% 31 2 18 16 14 12 1 8 6 4 2 162 137 15 78 95 117 152 13 13 166 113 146 18 % 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 % 25 26 27 28 % Sales 3 27 May, 28 CMD 28 Ramirent EBIT -margin
Group total Cost structure 18 16 14 12 1 8 6 1.% 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 4 2 29.2% Material and service expenses Net sales Net sales Costs 4 27 May, 28 CMD 28 Ramirent
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 33.4 6.5 19.6% 27.1 6.4 23.6% 23.5% 2.3% 133.6 34.8 26.1% Employees (average) Outlets 667 96 625 94 6.7% 2.1% 674 95 4 35 33 35 36 36 35 % 3 % 33,2 % 31,9 % 32,2 % 3 25 2 15 27 21 16 24 22 28 25 29 23 23,9 % 25 % 23,6 % 22,8 % 2,5 % 2 % 19,6 % 16,8 % 15 % 13,1 % 23,9 % 23, % 16,3 % 25 26 1 1 % 27 5 5 % 28 Sales % EBIT -margin 5 27 May, 28 CMD 28 Ramirent
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 28 1-3/8 1-3/7 Change 1-12/7 Net sales 41.7 35.8 16.3% 152.6 EBIT 9. 7.4 22.1% 35.1 EBIT-margin 21.7% 2.7% 23.% Employees (average) 65 581 11.9% 597 Outlets 57 48 18.8% 51 5 3 % 45 4 35 3 25 2 15 1 5 42 36 3 24 37 37 31 32 27 25 3 38 43 25 % 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, % 25 26 27 28 % Sales 6 27 May, 28 CMD 28 Ramirent EBIT- margin
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 37.1 6.9 18.6% 678 37 34.8 7.8 22.4% 612 37 6.7% -11.3% 1.8%.% 145.9 35.9 24.6% 631 37 45 42 3 % 4 35 3 25 2 15 1 5 37 35 36 33 29 29 29 26 24 22 29 33 25 % 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 % 25 26 27 28 Sales 7 27 May, 28 CMD 28 Ramirent % EBIT -margin
Q1-Denmark Declining construction market slowed business growth Tough competition increased price pressure Net sales EBIT EBIT-margin Employees (average) Outlets 1-3/8 13.7.8 5.9% 257 18 1-3/7 12.5 1.3 1.4% 22 16 Change 9.3 % -37.8 % 16.8% 12.5% 1-12/7 57. 1.2 17.9% 237 17 18 16 16 15 14 14 14 14 14 13 13 12 12 11 11 1 1 8 8 6 4 3 % 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 25 26 27 28
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 2. 17.4 15.4% 91. EBIT 4.1 4.7-12.7% 29.4 EBIT-margin 2.6% 27.2% 32.3% Employees (average) 674 524 28.6% 589 Outlets 52 49 6.1% 49 3 25 2 15 1 2 17 21 26 26 4 % 35 % 3 % 25 % 2 % 15 % 29,4 % 27,2 % 2,6 % 36, % 34,3 % 25 26 5 1 % 5 % 27 28 Sales % EBIT-margin 9 27 May, 28 CMD 28 Ramirent
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 16.6 9.5 74.8% 55.4 EBIT 1.5 2.2-3.8% 12.9 EBIT-margin 9.2% 23.3% 23.2% Employees (average) 982 564 74.1% 661 Outlets 99 49 12.% 61 2 3 % 27,9 % 18 16 17 16 18 25 % 23,3 % 21,4 % 2,4 % 14 12 13 2 % 1 1 15 % 8 6 1 % 9,2 % 25 26 4 5 % 27 2 28 % Sales EBIT-margin 1 27 May, 28 CMD 28 Ramirent
Bad debt provisions 12 7 1 6 8 5 6 4 3 4 2 2 1 24 25 26 27 Bad debt allowance Net sales Sales receivables 11 27 May, 28 CMD 28 Ramirent
Tax rates in Ramirent countries 28 Country Finland Sweden Norway Denmark Europe East Tax rate-% 28 26 28 28 25 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% 12 27 May, 28 CMD 28 Ramirent
Gross investments in non-current assets by quarters 24-28 1 9 8 7 6 5 4 3 2 1 Q1 25 Q1 26 Q1 27 Q1 28 Q2 25 Q2 26 Q2 27 Q3 25 Q3 26 Q3 27 Q4 25 Q4 26 Q4 27 13 27 May, 28 CMD 28 Ramirent
Q4 27 Capital Structure Gearing by quarters 24-28 14 % 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 % 14 27 May, 28 CMD 28 Ramirent
Capital Structure Net Debt / EBITDA % 25 2 15 1 5 23 24 25 26 27 15 27 May, 28 CMD 28 Ramirent
Key Figures 1-3/28 1-3/27 Net sales 162.1 136.6 EBIT 29.5 29. EBIT-% 18.2 21.3 ROI,% 1) 28.6 28.5 ROE,% 1) 34.1 33.5 Net debt 292. 28. Gearing, % 81.3 73.1 Equity ratio,% 43.7 44.1 Personnel, average 3,927 3,141 Personnel, end of period 3,961 3,244 Gross investments 93. 74. Gross investments, % net sales 57.4 54.2 EPS diluted, EUR.18.19 change % 18.7 1.5 4.4 25, 22.1-5.3 1-12/27 634.3 157.5 24.8 31.7 36.4 235.9 69.2 46.3 3,47 3,642 217.5 34.3 1.2 1) The figures are calculated on a rolling twelve month basis 16 27 May, 28 CMD 28 Ramirent
Long-term financial targets 23 24 25 26 27 Target EPS (diluted), EUR.2.15.33.73 1.2 EPS change, % -17.9-26.1 12. 119. 39.7 > 15% ROI, % 1.3 14.2 17.2 28.1 31.7 > 18% Dividend per share, EUR Dividend payout ratio, %.3 15.4.6 37.5.15 45.5.3 41.1.5 49.3 > 4% 17 27 May, 28 CMD 28 Ramirent
Earnings per share EUR 1,2 1,8,6,4,2 14 % 12 % 1 % 8 % 6 % 4 % 2 % % -2 % 1998 1999 2 21 22 23 24 25 26 27 EPS EPS change, % Target -4 % 18 27 May, 28 CMD 28 Ramirent
Return on invested capital 7 35 % 6 3 % 5 4 25 % 2 % 3 15 % 2 1 % 1 5 % 1998 1999 2 21 22 23 24 25 26 27 Invested capital ROI, % Target % 19 27 May, 28 CMD 28 Ramirent
Dividend payout ratio 6 5 4 3 2 1 9 % 8 % 7 % 6 % 5 % 4 % 3 % 2 % 1 % 1998 1999 2 21 22 23 24 25 26 27 Dividends Payout ratio, % Target % 2 27 May, 28 CMD 28 Ramirent
Q&A 21 27 May, 28 CMD Ramirent