Ramirent Q1 2011

Interim reportJanuary-March201110 May 2011

President and CEO Magnus Rosén

CFO Jonas Söderkvist

Q1 2011: Demand improved in all segments

2

Net sales up 20.5% MEUR 134.4 (111.5)

Up 15.1 % at comparable

exchange rates

EBITDA MEUR 27.6 (17.5)

EBITDA-margin 20.6% (15.7%)

EBIT MEUR 2.7 (-5.6)

EBIT-margin 2.0% (-5.0%)

Gross capex MEUR 31.9 (12.5)

Cash flow after investments

MEUR -10.7 (-4.0)

Net debt MEUR 190.6 (211.7)

Gearing 60.2% (68.4%)

Nordic construction order book increased inQ1 2011

3

Order book Nordics (BEUR, real exchange rates)*

0

5

10

15

Q12007

Q2 Q3 Q4 Q12008

Q2 Q3 Q4 Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Skanska NCC YIT Veidekke Lemminkäinen

BEUR

The order books grew with 33% y-o-y in Q1 2011, but the order intake of large

construction companies decreased.

* Order books for Swe, Fin, Nor, Den

Construction market outlook improved in Sweden and Finland

4

Construction outlook 2011

0

50

100

150

200

250

300

350

400

2009 2010F 2011F

Finland* Sweden**

Norway Denmark

Europe Central Europe East***

Finland*: Construction is expected to grow by 4% in 2011

Sweden**: Construction is expected to grow by 7% in 2011

Norway: Construction is expected to grow by 3% in 2011

Denmark: Construction is expected to grow by 3% in 2011

Europe Central: Construction is expected to grow by 13% in 2011 in Poland, by 5% in Hungary but decrease by 3% in Slovakia and by 3% in Czech Republic

Europe East: Construction is expected to increase by 10% in 2011 in Estonia, by 4% in Latvia, by 5% in Lithuania and by 3-7% in Russia.

323 321339

BEUR

Source: Euroconstruct as per December 2010*VTT Expert Service Oy as per May 2011,**Swedish Construction Federation 2/2011, ***Excluding Ukraine

Ramirent 2011 outlook reiterated

5

As a result of increased

construction activity and

improving price levels,

net sales are expected to

increase in 2011, and the

result before taxes is

expected to improve

compared to 2010.

Latest outsourcing deals and acquisitions

6

E. Pihl & Søn A.S. outsourced light equipment and hoist operations to Ramirent Denmark and signed a five-year rental agreement

March2011

February2011

January2011

Destia outsourced modules, light machinery and related operations to Ramirent Finland and signed a five-year rental agreement

April2011

Ramirent acquired the equipment rental business

of Czech-based StavebníDoprava a Mechanizace

Ramirent acquired the business assets

of Danish machinery rental company Jydsk

Materiel Udlejning

May2011

Ramirent acquired the rental business of the Czech machinery company RENT MB

7

Outlet

Local head office

Re-renting agents

Our network grew further

Number of outlets all

time high at 382 (353)

Sustainable profitable growth Accelerate growth with acquisitions and outsourcing deals

Evaluate entry into new markets

Strengthen local offerings and develop solution concepts

Operational excellence Develop a common “Ramirent platform”

Develop group wide IT platform and realize synergies

Maintain strong focus on cost efficiency

Balanced risk level Diversified portfolios of customers, products and markets

Continuous employee competence development

A strong financial position

Key strategic objectives: In Q1 2011 new inroads made into new customer sectors and

Dynamic Rental SolutionsTM development continued

8

SEGMENT REVIEW

9

29

34

41

3128

36 3835

30

-5 %

0 %

5 %

10 %

15 %

20 %

0

5

10

15

20

25

30

35

40

45

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Net sales EBIT-%

Finland

10

MEUR

Highlights Historic financial performance

Q1 Full Year

Finland 2011 2010 Change(EUR)

Change(Local)

2010

Net sales, MEUR 30.2 28.1 7.7% 7.7% 136.9

EBIT, MEUR 1.3 -0.2 705.1% 13.7

EBIT-margin 4.4% -0.8% 10.0%

Employees 566 646 -12.4% 603

Outlets 84 82 2.4% 84

Main growth driver was residential construction

Renovation activity was lower as government subsidies decreased

Profitability is still burdened by lower activity levels in shipyards, low price levels and low utilisation in certain product groups, in particular scaffolding

Destia outsourced modules, some light machinery and related operations to Ramirent and signed a five-year rental agreement

Cooperation agreements signed within new customer sectors, the Central Union of Agricultural Producers and Forest Owners and with VR Track, Finland’s largest rail constructor

Sweden

11

Especially civil engineering, public sector demand and housing boosted growth

Geographically, growth was driven by Stockholm and the surrounding areas

Central and southern regions of the country also developed positively

Profitability improved based on higher capacity utilisation , but was still burdened by low price levels

Historic financial performance

Q1 Full Year

Sweden 2011 2010 Change(EUR)

Change(Local)

2010

Net sales, MEUR

41.3 29.4 40.5% 25.1% 145.2

EBIT, MEUR 6.1 2.6 139.0% 23.3

EBIT-margin 14.9% 8.8% 16.1%

Employees 552 540 2.2% 546

Outlets 74 67 10.4% 73

32 33 31 3229

35 36

4541

0 %

5 %

10 %

15 %

20 %

25 %

0

10

20

30

40

50

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Net sales EBIT-%

MEUR

Highlights

Norway

12

The growth driver was the recovery in construction activity especially in the western and northern parts of Norway

Profitability was still burdened by low price levels

New managing director started in 1 February 2011


Q1 Full Year

Norway 2011 2010 Change(EUR)

Change(Local)

2010

Net sales, MEUR 32.6 28.4 15.0% 11.0% 114.4

EBIT, MEUR 0.4 -0.4 184.9% 2.3

EBIT-margin 1.2% -1.6% 2.0%

Employees 514 537 -4.3% 503

Outlets 41 39 5.1% 42

29

2527

29 28 27 28

31 33

-4 %

-2 %

0 %

2 %

4 %

6 %

8 %

10 %

12 %

14 %

16 %

0

5

10

15

20

25

30

35

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Net sales EBIT-%

MEUR

Highlights

Denmark

13

Market conditions have improved slightly and the high level of price competition has decreased

Profitability was burdened by increased costs for intensified sales and marketing activities in advance of the summer season

Pihl&Søn A.S. outsourced its light equipment and hoists operations to Ramirent and signed a 5-year rental agreement. The transfer of the acquired assets took place on 1 January 2011

Ramirent acquired the business assets of the machinery rental company Jydsk Materiel Udlejning located in West Jutland. For Ramirent Denmark, the acquisition contributes with approximately EUR 1.5 million in annual sales.


Q1 Full Year

Denmark 2011 2010 Change(EUR)

Change(Local)

2010

Net sales, MEUR 8.4 8.1 3.2% 3.4% 35.6

EBIT, MEUR -1.3 -0.6 -97.5% -2.2

EBIT-margin -15.0% -7.8% -6.2%

Employees 150 145 3.4% 160

Outlets 21 21 - 20

1112

1110

89 9 10

8

-50 %

-40 %

-30 %

-20 %

-10 %

0 %

10 %

0

2

4

6

8

10

12

14

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Net sales EBIT-%

MEUR

Highlights

Europe East

14

Growth drivers were mainly the revival of infrastructural construction in Russia

Energy-related investment projects grew in particular in the Baltics and Ukraine

Business volumes improved also in the Baltic States, especially in Lithuania and also in Ukraine

Ukraine network expanded by one new outlet, totalling 7 outlets at the end of the quarter

Profitability was still burdened by low price levels and low business volumes due to tough winter conditions


Q1 Full Year

Europe East 2011 2010 Change(EUR)

Change(Local)

2010

Net sales, MEUR 9.4 7.5 25.4% 22.8% 42.7

EBIT, MEUR -1.7 -2.4 31.1% -3.5

EBIT-margin -17.7% -32.2% -8.3%

Employees 407 367 10.9% 392

Outlets 48 45 6.7% 48

9

12

19

11

8

10

1213

9

-40 %

-30 %

-20 %

-10 %

0 %

10 %

20 %

0

5

10

15

20

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Net sales EBIT-%

MEUR

Highlights

Europe Central

15

The main growth drivers were the recovery in construction and industrial activity in Poland and Hungary

Profitability was burdened by lower price levels and business volumes especially in Czech Republic and Slovakia

The Czech network was expanded with 3 new outlets, totalling 21 outlets at the end of quarter

Ramirent exercised its option to acquire the remaining 40% stake in the Slovak-based company OTS Bratislava it acquired a majority stake in 2008


Q1 Full Year

Europe Central 2011 2010 Change(EUR)

Change(Local)

2010

Net sales, MEUR 14.4 12.1 19.0% 18.5% 66.6

EBIT, MEUR -1.2 -2.6 55.4% 0.8

EBIT-margin -8.2% -21.8% 1.2%

Employees 835 797 4.8% 824

Outlets 114 99 15.2% 111

1416

1816

12

16

20 19

14

-25 %

-20 %

-15 %

-10 %

-5 %

0 %

5 %

10 %

15 %

0

5

10

15

20

25

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Net sales EBIT-%

MEUR

Highlights

FINANCIAL REVIEW

16

Financial performance developed positively in Q1

17

Net Sales (MEUR) EBITDA (MEUR)

Cash flow (MEUR) Net debt (MEUR) Gross Capex (MEUR)

EBIT (MEUR)

35

3

8

13

22

10

18

32

0 %

5 %

10 %

15 %

20 %

25 %

0

5

10

15

20

25

30

35

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Gross Capex Share of net sales-%

281255

230207 212 209

197177

191

0 %

20 %

40 %

60 %

80 %

100 %

120 %

0

50

100

150

200

250

300

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Net debt Gearing-%

7

1412

-4-6

7

17

11

3

-6 %

-4 %

-2 %

0 %

2 %

4 %

6 %

8 %

10 %

12 %

14 %

-10

-5

0

5

10

15

20

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

EBIT EBIT-%

30

36 37

26

18

31

42

37

28

0 %

5 %

10 %

15 %

20 %

25 %

30 %

35 %

0

5

10

15

20

25

30

35

40

45

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

EBITDA EBITDA-%

122 125 130 126112

129141

150

134

-40 %

-30 %

-20 %

-10 %

0 %

10 %

20 %

30 %

0

20

40

60

80

100

120

140

160

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Net sales Y-o-y change-%

18

28

2220

-4

13 14

24

-11-15

-10

-5

0

5

10

15

20

25

30

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Cash flow after investments

Recovery of construction market activity increased net sales by 20.5% in Q1 2011

18

19 % 19 %

13 %

-4 %

-25 %

-31 % -31 %

-27 %

-9 %

3 %

9 %

19 % 20 %

-40 %

-30 %

-20 %

-10 %

0 %

10 %

20 %

30 %

Q12008

Q2 Q3 Q4 Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Change in net sales YoY, %

19

20 %

8 %

41 %

15 %

3 %

25 %

19 %

15 %

8 %

25 %

11 %

3 %

23 %

19 %

4 %

40 %

15 %

7 %

41 %

22 %

0 %

5 %

10 %

15 %

20 %

25 %

30 %

35 %

40 %

45 %

Group Finland Sweden Norway Denmark East Central

EUR Comparable exchange rates Adjusted for inter-segment sales (in EUR)

Change in Q1 net sales YoY, %

Net sales grew in all segments both in eurosand in comparable exchange rates

Group January - March 2011 Net sales increased by 20.5% (15.1% at comparable

exchange rates)

Capital turnover is continuously increasing

494

562 581 578

654

708 707

586 565 552 544515 524 508 509 496 508

0 %

20 %

40 %

60 %

80 %

100 %

120 %

140 %

160 %

0

100

200

300

400

500

600

700

800

Q12007

Q2 Q3 Q4 Q12008

Q2 Q3 Q4 Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Invested capital Net sales/Invested capital Rolling 12 month basis

MEUR

20

Invested capital by quarter

Capital turnover amounted to 107% end of March 2011 (90% end of March 2010)

Gross margin has improved compared to previous year but is still on unsatisfactory level

21

Gross margin by quarter

Gross margin is impacted by

Price pressure

Increased equipment transportation and use of external services

71 % 71 % 71 %

68 %

70 %

71 %

70 %

68 %

65 %

69 %

65 %

67 %

68 %

66 %

67 %67 %

62 %

63 %

64 %

65 %

66 %

67 %

68 %

69 %

70 %

71 %

72 %

Q1 Q2 Q3 Q4 FY

Gross margin 2008 Gross margin 2009 Gross margin 2010 Gross margin 2011

Recovering demand puts pressure on personnel, but total workforce unchanged

At the end of March 2011, the Group’s workforce amounted to 3,045 (3,047) persons

At the end of December 2010, the Group’s workforce amounted to 3,048 (3,021) persons

22

646

540 537

145

367

797

566 552

514

150

407

835

0

100

200

300

400

500

600

700

800

900

Finland Sweden Norway Denmark Europe East Europe Central

Personnel 31/3/10 Personnel 31/3/11

Number of employees by segment

Record high number of outlets in the Group

96

84

57

74

37

411

8 215

2 48

99

11

4

0

50

100

150

200

250

300

350

400

450

Q12008

Q2 Q3 Q4 Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Finland Sweden Norway Denmark Europe East Europe Central

359

382

23

Number of outlets per segment

Fixed cost development stable

4435 30 33 33 33 33 32

38 37

29

2222 19

23 22 23 22

24 27

0

10

20

30

40

50

60

70

80

Q3 2008

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Employee benefit expenses Other operating expenses

24

5752 52

57 56 56 54

73

Fixed costs by quarter

MEUR

63 63

Investments in common platform and high facility cost due to cold winter have kept

the fixed cost on relatively high level.

January-March 2011 EBIT-margin was 2.0% (-5.0%)

Q1 EBIT margin increased to 2.0%, but is still burdened by low price and utilisation levels

25

18.2 %19.6 %

18.4 %

-11.4 %

5.9 %

10.8 %9.0 %

-2.9 %-5.0 %

5.8 %

11.8 %

7.5 %

2.0 %

-15 %

-10 %

-5 %

0 %

5 %

10 %

15 %

20 %

25 %

Q12008

Q2 Q3 Q4 Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

EBIT margin by quarter

Q1 EBIT margin improved in all segments except in Denmark

-5,0 %-0,8 %

8,8 %

-1,6 %

-7,8 %

-32,2 %

-21,8 %

2,0 %

4,4 %

14,9 %

1,2 %

-15,0 %-17,7 %

-8,2 %

-40 %

-30 %

-20 %

-10 %

0 %

10 %

20 %


Q1 2010 Q1 2011

26

EBIT-margin by segments

2,0

4,42,1

6,57,5

18,9

8,9

17,4

29,6

3,75,0

6,74,7 5,0

3,7 3,34,4 3,7

0

5

10

15

20

25

30

35

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Purchased equipment Sold equipment

27

Q1 fleet investment level rose to EUR 29.6 million

Purchased and sold equipment by quarter

MEUR

In January-March 2011, gross capital expenditure was EUR 31.9 (12.5) million of

which EUR 29.6 (7.5) million in rental fleet

The value of sold rental equipment was EUR 3.7 (5.0) million.

Capital expenditure increased in all segments to meet the increasing demand

13

1

8

4

0 1 1

32

4

13

5 43 4

0

5

10

15

20

25

30

35


Q1 2010 Q1 2011

28

Capital Expenditure by segments

MEUR

Working capital is at 5% of net sales

16 15 15 15 15 14 14 16 16

86 88 90 80 83 90 99 97 95

-66 -68 -70 -67 -69-86 -86 -89 -82

-10 %

-8 %

-6 %

-4 %

-2 %

0 %

2 %

4 %

6 %

8 %

10 %

-120

-80

-40

0

40

80

120

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Inventories Trade and other receivables

Trade payables and other liabilities Working capital/Net sales Rolling 12 month basis

29

Working capital by quarter

MEUR

Cash flow after investments EUR -10.7 million due to increased fleet investments and acquisitions

30

-55

-30

25

67

1828 22 20

4--4

13 1424

-11

5682

-11

-59

-22 -26 -25-23

5

-2-12

-21

14

-70

-50

-30

-10

10

30

50

70

90

Q1 2008

Q2 Q3 Q4 Q1 2009

Q2 Q3 Q4 Q1 2010

Q2 Q3 Q4 Q1 2011

Cash flow after investments Change in net debt

Cash flow versus change in net debt

MEUR

Share repurchase amounted to EUR 3.3 million in Q1 2011

96 %

84 %

70 %

69 %

81 %

113 %106 % 108 %

99 %

86 %

74 %

68 %68 %71 %

64 %

56 %60 %

0 %

20 %

40 %

60 %

80 %

100 %

120 %

0

50

100

150

200

250

300

350

400

2004 2005 2006 2007 Q1

2008

Q2 Q3 Q4 Q1

2009

Q2 Q3 Q4 Q1

2010

Q2 Q3 Q4 Q1

2011

Net debt Gearing (%)

Strong financial position with gearing at 60%

31

Net debt and gearing

MEUR

Equity ratio rose to 47.5% (46.4%)

Net debt amounted to EUR 190.6 (211.7) million

On 31 March 2011 unused committed back-up loan facilities were EUR 177.2 million

3,000 dedicated problem solvers

Emerging stronger than before Ramirent is ready to capture

the opportunities in its markets

32

Broadest range of equipment and

Dynamic Rental SolutionsTM

Wide network of outlets close to our customers

Deriving higher synergies through a uniform

”Ramirent platform” across the organisation

Strong financial position

A more unified company and brand

MORE INFORMATIONwww.ramirent.com

Magnus Rosén, CEO+358 20 750 [email protected]

Jonas Söderkvist, CFO+358 20 750 [email protected]

Franciska Janzon, IR+358 20 750 [email protected]

34

COMPANY OVERVIEW

35

Ramirent in brief

36

Leading equipment rental company in Northern, Central

and Eastern Europe with net sales of EUR 531 million

(2010)

382 rental customer centers located in 13 countries and

providing 200 000 rental items

Listed on NASDAQ OMX Helsinki since 1998

3 048 employees serving 100 000 customers

Founded in 1955 and headquartered in Finland

More than 50 years of experience as a supplier to the construction industry

37

Steel Nail shop Rakennusmiesfounded

The rental business is established

Acquired by Partekand renamed A-rakennusmies

First move outside Finland through JV in Moscow, Russia

The third county becomes Estonia with the expansion to Tallinn

MBO by key personnel and capital investors

Enter Latvia

Enter Lithuania

Listed on the Helsinki Stock Exchange

Enter Poland

Renamed Ramirent Plc

Greenfield entry to Hungary

Enter Ukraine

Greenfield entry to Czech Republic

Enter Slovakia

19831955 1988 1994 1995 1996 1997 1998 2000 2001 2002 2003 2004 2005 20082006

Acquires Bautas in Norway

Acquires Altima in Sweden

38

OUR VISION AND MISSION

VisionTo 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 through Dynamic Rental SolutionsTM

38

One of the leading equipment rental companies both in Europe (#3) and globally (#11)

0 200 400 600 800 1000

Loxam

Cramo*

Ramirent

Algeco …

Speedy Hire

Liebherr-…

GAM

Mediaco …

Harsco …

Kiloutou

*Cramo + Theisen PFSource: IRN June 2010

39

0 200 400 600 800 1000

United Rentals

Aggreko

Ashtead Group

RSC Equipment Rental

Algeco Scotsman

Hertz Equipment …

Loxam

Coates Hire Ltd

Cramo*

Nishio Rent All Co

Ramirent

Turnover 2009 (MEUR) Turnover 2009 (MEUR)

Largest rental companiesin Europe

Largest rental companies globally

Nordic countries are our largest markets and construction is our largest customer sector

40

Finland

22 %

Sweden

30 %

Norway

24 %

Denmark

6 %

Europe

East7 %

Europe

Central11 %

Sales per segment Q1 2011

Construction

76%

Industry

14 %

Public sector

5 %

Households

5 %

Sales per customer sector 2010

Leading market positionsin all our markets

41

Ukraine5 depots

Market #~4

Hungary2

16 depots Market #1

Russia1

4 depots10 re-renting

agents Market #1

Finland84 depots

(25 franchises) Market #1

Slovakia37 depots


Baltic39 depots Market #2

Norway41 depots


Denmark21 depots Market #1

1) St Petersburg + Moscow 2) Excl. Fomrworks business

Czech21 depots

(7 franchises) Market #~3

Poland2

40 depotsMarket #1

Sweden74 depots


Total3,045

Finland566

Sweden552

Norway514

Denmark150

EuropeEast407

EuropeCentral

835

Employees

1) Europe East includes Russia, The Baltic States, Ukraine.2) Europe Central includes Poland, Hungary, Czech Rep., Slovakia.

Operating through six geographical segments

42

Fleet management

Sourcing

Finance

IT

Diversified customer base

Rental Outlet Network

Finland Sweden Norway Denmark E.East1) E.Central2)

Offering is structured into eight core product groups

43

MODULES

HEAVY MACHINERY

LIGHT MACHINERY

LIFTSTOWER CRANESAND HOISTS SCAFFOLDING

POWER & HEATINGSAFE (SAFETY AND FORMWORKS EQUIPM.)

Rental Solution ConceptsRamirent offers a range of customer needs-driven & value-addingturnkey rental solution concepts, driving the problem-solvingapproach and the promise of Let’s solve it.

Broadest range of equipment and Dynamic Rental SolutionsTM

44

Equipment rental• Lifts• Modules• Heavy Machinery• Light Machinery• Tower Cranes & Hoists• Scaffolding

• Power & Heating• SAFE

Rental services• Planning, design• Ramirent know-how• Transportation• Installation• Maintenance• Inspections

• Insurance• Operators• Fuel / gas refilling• Facility management• Technical support• Site logistics coordinator• Paperwork for authorities

Impact on Simplifying Customer Business Increases


is offered to a diverse customer base

Customers

Constructioncompanies

Industry

Public sector

Households

Product groups

Lifts and hoists

Tower cranes

Heavy machinery

Modules

SAFE

Light machinery

Scaffolding

Power and heating

Outlet Network


45

The long-term growth drivers are still in place

46

High potential CEEconstruction markets

Inhabitants (million)

Construction output (BEUR)

0 %

10 %

20 %

30 %

40 %

50 %

60 %

70 %

Europe

avg.

FI DK SE UK

Increasing rental penetrationNote: Finland company estimate

Ramirent Cramo

Algeco Scotsman Speedy Hire

Liebherr-Mietpartner GAM

Mediaco Lifting Harsco Infrastructur

Kiloutou Others

European consolidationopportunities

Long-term growing industry

Growth drivers are construction, industrial activity and rental penetration

European market 20.2 BEUR (excl. operators)

Top 50 companies comprising 38% of the market

CEE construction markets on a low level compared to Nordics and Western Europe

47

• ROI >18 % p.a. over a business cycle

• EPS growth > 15 % p.a. over a business cycle

• Gearing ≤ 120 % at end of each year

• Dividend pay-out > 40 %

Financial targets

48

0 %

5 %

10 %

15 %

20 %

25 %

30 %

35 %

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

EBIT margin ROI EBIT margin (average) ROI (average)

23%

18%

EBIT and ROI development

Long-term EBIT and ROI development

APPENDIX

49

CONSOLIDATED INCOME STATEMENT

(EUR 1,000) 1-3/11 1-3/10 1-12/10

Net sales 134 351 111 525 531 284

Other operating income 342 299 1 616

Materials and services -43 815 -38 690 -177 118

Employee benefit expenses -36 629 -33 493 -136 214

Depreciation and amortisation -24 933 -23 115 -97 716

Other operating expenses -26 635 -22 117 -92 122

EBIT 2 681 -5 591 29 731

Financial income 2 116 6 101 13 780

Financial expenses -4 954 -6 528 -22 658

EBT -157 -6 019 20 853

Income taxes 50 707 -6 212

NET RESULT FOR THE PERIOD -108 -5 312 14 640

Net result for the period attributable to:

Owners of the parent company -108 -5 312 14 640

Non-controlling interest - - -

TOTAL -108 -5 312 14 640

Earnings per share (EPS), basic and diluted, EUR0,00 -0,05 0,13

50

BALANCE SHEET – ASSETS

(EUR 1,000) 31.3.2011 31.3.2010 31.12.2010

NON-CURRENT ASSETS

Property, plant and equipment 432 136 453 074 427 248

Goodwill 94 030 93 398 93 211

Other intangible assets 10 565 7 047 10 348

Available-for-sale investments 422 53 422

Deferred tax assets 14 347 9 593 13 325

NON-CURRENT ASSETS, TOTAL 551 500 563 164 544 555

CURRENT ASSETS

Inventories 16 493 14 714 15 856

Trade and other receivables 94 804 82 801 96 616

Current tax assets 2 371 3 427 2 902

Cash and cash equivalents 911 2 758 1 352

CURRENT ASSETS, TOTAL 114 580 103 701 116 727

Non-current assets held for sale - 370 -

TOTAL ASSETS 666 080 667 234 661 282

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(EUR 1,000) 31.3.2011 31.3.2010 31.12.2010

EQUITY

Share capital 25 000 25 000 25 000

Revaluation fund -1 258 -3 207 -2 472

Invested unrestricted equity fund 113 329 113 329 113 329

Retained earnings 179 374 174 143 181 783

Items recognised directly to equity on non-current assets held for sale - 62 -

PARENT COMPANY SHAREHOLDERS’ EQUITY 316 445 309 327 317 640

Non-controlling interests - - -

EQUITY, TOTAL 316 445 309 327 317 640

NON-CURRENT LIABILITIES

Deferred tax liabilities 59 880 53 178 60 413

Pension obligations 7 106 10 380 6 866

Provisions 2 205 3 557 2 347

Interest-bearing liabilities 131 408 197 728 137 384

Other long-term liabilities 2 602 - 2 200

NON-CURRENT LIABILITIES, TOTAL 203 200 264 844 209 209

CURRENT LIABILITIES

Trade payables and other liabilities 82 362 68 587 89 480

Provisions 1 415 6 956 1 762

Current tax liabilities 2 595 828 2 658

Interest-bearing liabilities 60 063 16 692 40 533

CURRENT LIABILITIES, TOTAL 146 435 93 063 134 433

LIABILITIES, TOTAL 349 635 357 907 343 642

TOTAL EQUITY AND LIABILITIES 666 080 667 234 661 282

BALANCE SHEET – EQUITY AND LIABILITIES

52

KEY FIGURES

MEUR 1-3/11 1-3/10 Change 1-12/10

Net sales134.4 111.5 20.5 % 531.3

EBITDA27.6 17.5 57.6 % 127.4

EBITDA,%20.6 % 15.7 % 24.0 %

EBIT2.7 -5.6 147.9 % 29.7

EBIT, %2.0 % -5.0 % 5.6 %

ROI,% 9.3 % 5.8 % 8.6 %

Invested capital, end of period507.9 523.7 -3.0 % 495.6

Net debt190.6 211.7 -10.0 % 176.6

Gearing, %60.2 % 68.4 % 55.6 %

Equity ratio,%47.5 % 46.4 % 48.0 %

Personnel, end of period3 045 3 047 -0.1 % 3 048

Gross capital expenditure31.9 12.5 155.1 % 62.0

Gross capital expenditure, % net sales 23.7 % 11.2 % 11.7 %

Cash flow after investments -10.7 -4.0 -165.3 % 48.0

Earnings per share, (diluted), EUR 0.00 -0.05 98.0 % 0.13

Dividend per share, EUR0.25

53

CONDENSED CASH FLOW STATEMENT

MEUR 1-3/11 1-3/10 Change 1-12/10

Cash flow from operating activities 27.3 9.8 178.2 % 104.2

Cash flow from investing activities -38.1 -13.9 -174.5 % -56.2

Cash flow from financing activities

Borrowings / repayment of short-term debt 18.7 -7.4 352.8 % 0.6

Borrowings / repayment of long-term debt -5.2 12.4 -141.6 % -29.8

Acquisition of treasury shares -3.3 - n/a -2.9

Dividends paid - - n/a -16.3

Cash flow from financing activities 10.3 5.0 105.7 % -48.5

Net change in cash and cash equivalents -0.4 1.0 -145.0 % -0.5

Cash and cash equivalents at the beginning of the period 1.4 1.8 -24.9 % 1.8

Translation difference on cash and cash equivalents - - 0.1

Net change in cash and cash equivalents -0.4 1.0 -146.0 % -0.5

Cash and cash equivalents at the end of the period 0.9 2.8 -67.0 % 1.4

54

SEGMENT INFORMATION

Net sales, MEUR 1-3/11 1-3/10 Change 1-12/10

Finland, net sales (external) 29.2 27.9 4.4 % 135.2

-Inter-segment sales 1.1 0.2 551.1 % 1.8

Sweden, net sales (external) 41.0 29.3 40.0 % 144.5


Norway, net sales (external) 32.4 28.3 14.7 % 113.7


Denmark, net sales (external) 8.2 7.7 6.9 % 32.9

-Inter-segment sales 0.2 0.5 -57.1 % 2.7

Europe East, net sales (external) 9.3 6.6 40.6 % 39.5


Europe Central, net sales (external) 14.3 11.8 21.5 % 65.4


Elimination of sales between segments -1.9 -2.0 3.3 % -10.2

Net sales, total 134.4 111.5 20.5 % 531.3

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EBIT BY SEGMENT

EBIT (EUR million) 1-3/11 1-3/10 Change 1-12/10

Finland 1.3 -0.2 705.1 % 13.7

% of net sales 4.4 % -0.8 % 10.0%

Sweden 6.1 2.6 139.0 % 23.3

% of net sales 14.9 % 8.8 % 16.1%

Norway 0.4 -0.4 184.9 % 2.3

% of net sales 1.2 % -1.6 % 2.0%

Denmark -1.3 -0.6 -97.5 % -2.2

% of net sales -15.0 % -7.8 % -6.2%

Europe East -1.7 -2.4 31.1 % -3.5

% of net sales -17.7 % -32.2 % -8.3%

Europe Central -1.2 -2.6 55.4 % 0.8

% of net sales -8.2 % -21.8 % 1.2%

Net items not allocated to operating segments

-1.1 -1.8 38.9 % -4.7

Group EBIT 2.7 -5.6 147.9 % 29.7

% of net sales 2.0 % -5.0 % 5.6%

56

LARGEST SHAREHOLDERS

Number of shares% of share

capital

1. Nordstjernan AB 31,882,078 29.33

2. Julius Tallberg Oy Ab 11,962,229 11.01

3. Varma Mutual Pension Insurance Company 7,831,299 7.20

4. Ilmarinen Mutual Pension Insurance Company 5,537,214 5.09

5. Tapiola Mutual Pension Insurance Company 2,320,000 2.13

6. Odin Norden 1,824,328 1.68

7. Odin Finland 1,417,968 1.30

8. Veritas Pension Insurance Company Ltd 1,235,668 1.14

9. Odin Europa Smb 1,082,355 1.00

10. Nordea Nordenfonden 933,105 0.86

*As per 31 March 201157

Ramirent Q1 2011

Economy & Finance

Transcript of Ramirent Q1 2011