Ramirent Q1 2012

Interim report
January–March
2012
10 May 2012

President and CEO Magnus Rosén
CFO Jonas Söderkvist

Q1/2012: Good start of the year, but low visibility
Net sales up 22.3% MEUR 164.3 (134.4)
or 21.8% at comparable exchange
rates. Like-for-like* growth 12.4%

EBITDA MEUR 41.9 (27.6)
EBITDA-margin 25.5% (20.6%)

EBIT MEUR 12.3 (2.7)
EBIT-margin 7.5% (2.0%)

Gross capex MEUR 35.7 (31.9)
Cash flow after investments
MEUR 6.4 (-10.7)

Net debt MEUR 257.7 (190.6)
Gearing 83.8% (60.2%)

Number of outlets 394 (382)
* Excluding acquisitions in Sweden and Norway

2
Ramirent Plc I 10 May 2012 I Interim Report January-March 2012

All financial targets fulfilled in Q1
Good sales growth based on ROI >18 % p.a. over a business cycle
strengthened market positions
35 %
and rental rates 30 %
Growth was fuelled also by 25 %
20 %
acquisitions and outsourcing
15 %
deals
10 % 19 %
Dividend payout ratio for fiscal 5 %
0 %
year 2011 was 68% (payout ratio
2005 2006 2007 2008 2009 2010 2011 Q1
target 40%) 2012
ROI Target

EPS growth > 15 % p.a. over a business cycle Gearing ≤ 120 % at end of each fiscal year

300 % 140 %
120 %
200 %
100 %
100 % *167% 80 %
0% 60 %
40 % 84 %
-100 %
20 %
-200 % 0 %
2005 2006 2007 2008 2009 2010 2011 Q1 2005 2006 2007 2008 2009 2010 2011 Q1
2012 2012
EPS Target Gearing Target
*R12 Q1 2012 vs. Q1 2011

3

Capital turnover continued to develop
positively and was 126% for the last 12 mths

Invested capital by quarter
MEUR
800 160 %
708 707
700 654 140 %
586 588 591
600 562 581 578 565 552
544
568 120 %
536
515 524 508 509 496 508
494
500 100 %
400 80 %
300 60 %
200 40 %
100 20 %
0 0%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2007 2008 2009 2010 2011 2012

Invested capital Net sales/Invested capital, rolling 12 month

Capital turnover amounted to 126% (100%) for the last 12 months
at the end of March 2012

4

Development programs, with which we improve
our competitiveness, progressed

Key objective Progress in Q1

 Integration of year end 2011 acquisitions progressed well
 Organic growth based on strengthened market positions
 Strengthening solutions offering to support growth
Sustainable focused on Safety, Eco, Power and Climate control
profitable growth

 Streamlining shared processes for Ramirent platform
 Advancing the group wide IT infrastructure
 Developing supplier relations and reducing the number of
Operational suppliers to realise further economies of size
excellence

 Strengthening offering portfolio to cater for industrial
customers, including wind power and oil and gas
 Disciplined CapEx spending
Balanced  Adjusting operations in Europe Central countries, where
risk level
market is weakening

5


Events after the reporting period
Forklifts were added to the product portfolio
in Finland

Cooperation agreement
signed with Toyota Material
Handling Finland Oy on the
short-term rental of forklifts
to Ramirent's customers in
Finland

Cooperation to be expanded
to all Nordic countries in
autumn of 2012 and to other
Ramirent countries in 2013

Forklifts belong to the Heavy Machinery Product Group


Ramirent and market outlook as of 10 May 2012

Ramirent outlook 2012 unchanged Market outlook 2012

Country 2012 Source
In 2012, net sales are expected to Finnish Construction
Finland -2%
increase and the result before Industries, RT *

taxes is expected to improve Sweden -1%
Swedish Construction
Federation**
compared to 2011.
Norway 6% Euroconstruct

Denmark 4% Euroconstruct

Poland 4% Euroconstruct

Czech
-4% Euroconstruct
Republic
Europe Central
Slovakia 3% Euroconstruct

Hungary -2% Euroconstruct

Russia 0-5% Euroconstruct

Estonia 8% Euroconstruct

Latvia -4% Euroconstruct Europe East

Lithuania -4% Euroconstruct

Ukraine n.a Euroconstruct

Source: Euroconstruct Nov 2011, *April 2012, **February 2012
7


Priorities for 2012 due to low visibility and
uncertainties in the general economy

Maintain preparedness for tackling
different market scenarios
Caution in capex spending
Keep strong cost control
Maintain a strong balance sheet
Continue to develop the product
portfolio to provide integrated
solutions and cater to customers’
needs in the areas of eco-efficiency
and safety

8

SEGMENT REVIEW

9

Q1 2012 Finland
Highlights Sales and EBIT by quarter
MEUR
Growth was driven by 50 25 %
45
continued high construction 41 42
38
36 38 35 20 %
and industrial activity 40
34
37
31 30 15 %
Demand increased in all 30
29 28

product groups 10 %
20
EBIT recovered to satisfactory 5%
level due to high utilisation 10 0%
rates and improved price levels 0 -5 %
in many product groups Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2009 2010 2011 2012
Anna Hyvönen was appointed
new SVP, Finland effective 2 Net sales EBIT-%

June 2012
Finland Q1 2012 Q1 2011 Change Change 2011
(EUR) (Local)
Net sales, MEUR 38.4 30.2 27% 27% 154.7
EBIT, MEUR 5.0 1.3 267% 22.8
EBIT-margin 12.9% 4.4% 14.7%
Employees 579 566 2% 596
Outlets 84 84 N/A 83

10

Q1 2012 Sweden
Organic growth 3.3%
MEUR
60 54 25 %
Demand was still strong in the 48
50 45 45
capital city area and in western 41 42 20 %
35 36
Sweden, while activity in 40
32 33 31 32
29 15 %
southern Sweden is slowing 30
10 %
down 20
EBIT remained on the same 10 5%
level compared to previous 0 0%
year, due to higher Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
amortisation of intangible 2009 2010 2011 2012

assets arising from acquisitions Net sales EBIT-%

Sweden Q1 2012 Q1 2011 Change Change 2011
(EUR) (Local)
Net sales, MEUR 48.1 41.3 17% 17% 182.7
EBIT, MEUR 6.5 6.1 6% 33.2
EBIT-margin 13.5% 14.9% 18.2%
Employees 675 552 22% 630
Outlets 84 74 14% 79

11

Q1 2012 Norway
MEUR
Organic growth 11.7% 50 16 %
42 44
Demand was driven by 40 14 %
40 12 %
residential construction and 31 33 30 10 %
29 29 28 27 28
industrial activity that 30 25 27 8%
showed continued strong 20
6%
4%
development 2%
EBIT improved on the back of 10 0%
-2 %
high utilisation rates and 0 -4 %
increased margins in most Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2009 2010 2011 2012
product groups
Net sales EBIT-%

Norway Q1 2012 Q1 2011 Change Change 2011
(EUR) (Local)
Net sales, MEUR 43.7 32.6 34% 30% 144.8
EBIT, MEUR 3.9 0.4 N/A 11.2
EBIT-margin 8.9% 1.2% 7.7%
Employees 477 514 -7% 486
Outlets 43 41 5% 42

12

Q1 2012 Denmark
MEUR
Growth was driven by good 16 15 20 %
construction activity, including 14
12 10 %
infrastructure projects that 12 11 11 10
11
10 0%
10 10
continued on a relatively good 10 8
9 9 8 -10 %
level 8
-20 %
6
EBIT improved on the back of 4 -30 %
good fleet utilisation and 2 -40 %
stable price levels due to a 0 -50 %
slightly improved competitive Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2009 2010 2011 2012
situation
Net sales EBIT-%

Denmark Q1 2012 Q1 2011 Change Change 2011
(EUR) (Local)
Net sales, MEUR 9.8 8.4 17% 17% 44.1
EBIT, MEUR -0.2 -1.3 84% 0.1
EBIT-margin -2.1% -15.0% 0.2%
Employees 178 150 19% 186
Outlets 22 21 5% 22

13

Q1 2012 Europe East


Net sales increased in all the MEUR

segment’s countries 20 19
17 16
30 %
20 %
Growth drivers were energy, 15 13 13 10 %
renovation as well as 12 11
12 12
0%
infrastructure projects in the 10
9
8
10 9
-10 %
Baltic countries. Infrastructure
-20 %
construction continued to develop 5
positively also in Russia and -30 %

Ukraine 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
-40 %

EBIT improved due to good fleet 2009 2010 2011 2012
utilisation and warm winter Net sales EBIT-%
weather
Europe East Q1 2012 Q1 2011 Change Change 2011
(EUR) (Local)
Net sales, MEUR 12.2 9.4 30% 29% 56.1
EBIT, MEUR -0.1 -1.7 96% 5.9
EBIT-margin -0.6% -17.7% 10.5%
Employees 428 407 5% 439
Outlets 58 48 21% 58

14

Q1 2012 Europe Central

MEUR
In Poland construction and 25 20 %
22
industrial activity started to 20 19 19 19
15 %
18
weaken. Market conditions 20
16 16 16
10 %
5%
remained difficult in the other 15
14
12
14
13
0%
countries, especially in Hungary -5 %
10
Operations of Slovakia, Czech -10 %
Republic and Hungary are being 5 -15 %
-20 %
restructured in order to drive 0 -25 %
higher synergies and cost Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
efficiencies 2009 2010 2011 2012

EBIT burdened by lower price Net sales EBIT-%

levels and utilisations rates

Europe Central Q1 2012 Q1 2011 Change Change 2011
(EUR) (Local)
Net sales, MEUR 13.3 14.4 -8% -2% 73.9
EBIT, MEUR -2.2 -1.2 -89% 5.5
EBIT-margin -16.8% -8.2% 7.4%
Employees 726 835 -13% 825
Outlets 103 114 -10% 122

15

FINANCIAL REVIEW

16

Positive development in financial performance
continued in Q1
Net Sales (MEUR) EBITDA (MEUR) EBIT (MEUR)
Net sales Y-o-y change-% EBITDA EBITDA-% EBIT EBIT-%

200 179187 40 % 70 35 % 35 31 20 %
180 164 59 30
30 % 60 55 30 % 25
160 150 150 15 %
141 134 20 % 25
140 122 130
125 126 129 50 42 41 42 25 %
112 10 % 20 17 15 10 %
120 40 36 37 37 20 % 14
30 31 15 12 11 12
100 0% 28 5%
30 26 15 % 7
80 10 7
-10 %
60 18 3
-20 % 20 10 % 5 0%
40
-30 % 10 5% 0
20 -5 %
0 -40 % 0 0% -5
-4
Q1Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 -10 -6 -10 %
2009 2010 2011 2012 2009 2010 2011 2012 Q1Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2009 2010 2011 2012

Cash flow (MEUR) Net debt (MEUR) Gross Capex (MEUR)
Cash flow after investments Net debt Gearing-% Gross Capex Share of net sales-%
40 280 263
28 300 281 120 % 140 80 %
30 22 20 24 255 258 120
18 230 238 120 70 %
20 13 14 16 250 100 %
207212209
6 197 191 100 60 %
10 200 177 80 %
50 %
0 80
150 60 % 40 %
-10 -4 60 45 46
36 30 %
-20 -11 100 40 % 32
40 20 %
-20 22 18
-30 50 20 % 13
20 10
-40 3 5 3 8 10 %
-37 0 0% 0 0%
-50
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2009 2010 2011 2012 2009 2010 2011 2012
2009 2010 2011 2012

17

Net sales grew 22.3% in Q1/2012, like-for-
like growth was 12.4%

Change in net sales YoY, %
40 %

30 % 27 %
24 %
22 %
19 % 19 % 19 % 20 %
20 % 16 %
13 %
9%
10 %
3%

0%
-4 %
-10 %
-9 %

-20 %

-30 % -25 %
-27 %
-31 %-31 %
-40 %
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2008 2009 2010 2011 2012

18

Net sales grew in all segments except Europe
Central

Change in Q1 net sales YoY, %

40 %
34 % 35 %
35 %
30 % 30 % 30 % 29 %
27 % 29 %
30 %
27 %
22 %
25 % 22 %
22 % 20 %
20 % 18 % 17 %
17 % 17 % 17 %
15 %
10 %
5%
0%
-5 % -2 %

-10 % -8 %
-11 %
-15 %
Group Finland Sweden Norway Denmark East Central

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

19

Higher share of ancillary income and income
from sold equipment
Breakdown of net sales
MEUR
100% 3% 5% 200
+101%
80% 32 % 33 % 7.5
150 +23%
3.7 53.7
60%
43.6
100 +18%
40%
65 % 63 %
50 87.0
103.1
20%

0% 0
Q1/2011 Q1/2012 Q1/2011 Q1/2012
Income from sold equipment Income from sold equipment
Ancillary income Ancillary income
Rental income Rental income

Share of ancillary income has increased from last year due to higher
degree of work and service in our solutions offering

Sales of equipment increased due to sold modules in Norway

20

Gross margin decreased in Q1/2012
compared to previous year

Gross margin by quarter

72 %
71 %
71 %
70 %
70 % 69 %
69 %
69 % 68 %
68 % 68 % 68 %
68 % 67 %
67 % 67 %
67 % 66 % 66 %
66 %
66 % 65 %
65 %
65 %
64 %
63 %
62 %
Q1 Q2 Q3 Q4 FY

Gross margin 2009 Gross margin 2010 Gross margin 2011 Gross margin 2012

Gross margin was impacted by an increase in sold equipment and
use of external services

21

Number of employees increased due to
acquisitions, especially in Sweden

Number of employees by segment
900 835825
800 726
675
700 630
596579
600 566 552
514
486477
500 439428
407
400
300
186178
200 150

100
0
Finland Sweden Norway Denmark Europe East Europe
Central
Personnel 31/3/11 Personnel 31/12/11 Personnel 31/3/12

At the end of March 2012, the Group’s number of employees
amounted to 3,086 (3,045) persons

22

We continue to develop our outlet network –
394 outlets at the end of March 2012

Number of outlets per segment

450
394
400
359
350

103
99

300

43 22 58
250
57 3718 52

200
150

84
100
50
96

84
0
2008 2009 2010 2011 2012
Finland Sweden Norway Denmark Europe East Europe Central

23

Fixed cost level increased due to acquisitions
Fixed costs by quarter

MEUR
80
70 68
70 63 66
62 62
60 57 57 56 56
52 52 54
25 28 25
50 24 27 25
23 23 22 23
22 19 22
40
30
20 38 41 42 42
35 33 33 33 33 32 37 37
30
10
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2009 2010 2011 2012

Employee benefit expenses Other operating expenses

The fixed cost level increased year-on-year due to
• Acquisitions and outsourcing deals (more employees and outlets)
• Higher market activity (more outsourced services and intensified sales activities)
• Cost for building common platform
24

Q1 EBIT margin increased to 7.5%

EBIT margin by quarter

25 %
19.6 %
20 % 18.2 % 18.4 %
17.0 %

15 % 13.6 %
10.8 % 11.8 %
10.3 %
9.0 %
10 % 7.5 % 7.5 %
5.9 % 5.8 %
5% 2.0 %

0%

-5 % -2.9 %
-5.0 %
-10 %
-11.4 %
-15 %
2008 2009 2010 2011 2012

EBIT-margin January-March 2012: 7.5% (2.0%)

25

Q1 EBIT margin improved in Finland, Norway,
Denmark and Europe East year-on-year

EBIT-margin by segments

20 %
14.9 %
15 % 12.9 % 13.5 %

8.9 %
10 % 7.5 %
4.4 %
5% 2.0 % 1.2 %
0%
-0.6 %
-5 % -2.1 %

-10 % -8.2 %

-15 %
-15.0 %
-16.8 %
-20 % -17.7 %

Q1 2011 Q1 2012

26

Q1/2012 rental fleet investments were EUR 20.3
million
Purchased and sold equipment by quarter
MEUR
80
70 66.8

60
50
38.3
40 34.4
29.6
30
18.9 20.3
20 17.4
11.8
7.5 8.9 6.0 7.5
10 6.7 6.5 5.2
4.45.0 4.7 5.0 3.7 3.3 4.4 3.7
2.0 3.7 2.1
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2009 2010 2011 2012
Purchased equipment Sold equipment
In January-March 2012, gross CapEx was EUR 35.7 (31.9) million of
which EUR 20.3 (29.6) million in rental fleet
The value of sold rental equipment was EUR 7.5 (3.7) million
Committed investments at the end of quarter were EUR 3.4 (18.0)
million.
27

Capital expenditure increased due to
acquisitions, in particular in Sweden

Capital Expenditure by segments
MEUR

40
36
35 32

30
25
25

20

15 13

10
4 4 5 4
5 3 4
2 2 2
0
0

1-3/2011 1-3/2012

28

Working capital at -1% of net sales

Working capital by quarter

MEUR
120 10 %
8%
80 124 120 114 6%
109
88 90 90 99 97 95
86 80 83
40 4%
2%
16 15 15 15 15 14 14 16 16 17 17 17 18
0 0%
-2 %
-66 -68 -70 -67 -69
-40 -86 -86 -89 -82 -84 -4 %
-107 -109
-80
-139 -6 %
-8 %
-120 -10 %
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2009 2010 2011 2012

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

29

Q1/2012 cash flow after investments 6.4 MEUR

MEUR
80
60
40
67
20
25 28 22 20 24
18 13 14 16
0 6
-11
-20
-30 -4 -37
-20
-55
-40
-60
-80
2008 2009 2010 2011 2012


30

Net debt decreased by 5 MEUR in Q1 2012;
gearing was 83.8% at end of the period
Net debt and gearing
MEUR
400 113 % 120 %
106 % 108 %
350 96 % 81 % 99 %
100 %
86 % 92 %
300 84 % 69 % 81 % %
84
74 % 80 %
70 % 71 % 80 %
250 68 % %
68 64 % 60 %
200 56 % 60 %

150
40 %
100
20 %
50

0 0%
2004200520062007 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2008 2009 2010 2011 2012
Net debt Gearing (%)

Equity ratio was 38.0% (47.5%)
Net debt amounted to EUR 257.7 (190.6) million

31


At end of Q1 2012, Ramirent had unused
committed back-up facility of EUR 132.1 million
Repayment schedule of interest-bearing liabilities
MEUR
450
390 MEUR in committed credit facilities
400
350
300 257.7 MEUR in net debt
240
250
200
150
100
150
50
0
2012 2013 2014 2015 2016 2017

Committed credit facilities

32
32

Ramirent is in good shape to manage
possible changes in market conditions

Broadest range of equipment and
Dynamic Rental SolutionsTM

3,100 dedicated problem solvers

Wide network of outlets close to our customers

Strong financial position

Deriving higher synergies through a more uniform
”Ramirent platform” and brand

33

MORE INFORMATION
www.ramirent.com

Magnus Rosén, CEO
+358 20 750 2845
magnus.rosen@ramirent.com

Jonas Söderkvist, CFO
+358 20 750 3248
jonas.soderkvist@ramirent.com

Franciska Janzon, IR
+358 20 750 2859
franciska.janzon@ramirent.com

34

COMPANY OVERVIEW

35

Ramirent in brief

Leading equipment rental company in Northern, Central
and Eastern Europe with net sales of EUR 650 million
(2011)

394 rental customer centers located in 13 countries and
providing 200 000 rental items

3 086 employees serving 100 000 customers

Founded in 1955 and headquartered in Finland

Listed on NASDAQ OMX Helsinki since 1998

36

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

Greenfield
Steel Nail shop First move entry to
Rakennusmies outside Finland Enter Acquires Czech Republic
founded through JV in Lithuania Bautas in
Moscow, Russia Norway
The rental Acquires
business is MBO by key Enter Altima in
established personnel and Poland Sweden
capital investors

1955 1983 1988 1994 1995 1996 1997 1998 2000 2001 2002 2003 2004 2005 2006 2008

Acquired by Partek Enter Renamed Enter
and renamed Latvia Ramirent Ukraine
A-rakennusmies Plc
Enter
The third county
Slovakia
becomes Estonia with Listed on the Greenfield
the expansion to Helsinki Stock entry to
Tallinn Exchange Hungary

37

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

38

One of the leading equipment rental companies
both in Europe (#3) and globally (#12)
Largest rental companies in Europe Largest rental companies globally
Turnover 2010 (MEUR) Turnover 2010 (MEUR)

Aggreko
Loxam
United Rentals
Cramo*
Ashtead Group
Ramirent

Algeco… RSC Equipment Rental

Speedy Hire Algeco Scotsman

Sarens Coates Hire Ltd

Liebherr-… Hertz Equipment Rental

Kiloutou Loxam

Mediaco… Nishio Rent All Co

HKL… Nikken Corp

Cramo*

0 200 400 600 800 1000 Ramirent

0 500 1000 1500 2000
*Cramo + Theisen PF
Source: IRN June 2011

39

Leading market position in five of our six
geographical segments
Finland
84 depots
Sweden (25 franchises)
84 depots Market #1
Employees Norway
(10 franchises)
Market #2
43 depots
Europe Finland (4 franchises)
Central 579 Market #1
726

Europe East
58 depots
10 re-renting
Total agents
Denmark
3,086 Market #1
22 depots
Sweden Market #1
Europe 675
East Europe Central
428 103 depots
(24 franchises)
Market #1
Denmark
Norway
178
477

40

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

Sales per segment 1-3/2012 Sales per customer sector 2010

Europe
Central Households
Public sector 5%
Europe 8% Finland 5%
East 23% Construction
7% 76%
Industry
Denmark 14%
6%

Norway
Sweden
26%
29%

41

Broadest range of equipment and
Dynamic Rental SolutionsTM

OUTSOURCING
Ramirent takes care of, and caters
SOLUTIONS
to, the total customer needs
• TotalSolve • AccessSolve
SERVICES • SafeSolve • PowerSolve
• EcoSolve • ClimateSolve
RAMIRENT OFFERING

• Planning & • Fuel / gas Benefits:
design refilling • SpaceSolve By outsourcing functions to
• Ramirent • Site logistics Ramirent, companies can increase
know-how coordinator efficiency and simplify their
PRODUCTS • Transportation • Facility business by focusing on core
Benefits:
• Lifts • Modules • Installation management competences
• Maintenance • Paperwork Easy to buy, reduced number of
• Heavy machinery • Safety and subcontractors, increased focus on
• Tower, cranes formworks • Inspections for authorities
the core business
and hoists • Light machinery • Insurance • Technical
• Scaffolding • Power and • Operators support
heating
Benefits:
Benefits: More uptime in core operations
Lighter balance sheets, due to less downtime in equipment,
less investments less maintenance costs, right choice
of equipment improves efficiency,
less product liability risk

INDUSTRIES
• Construction • Mining • Paper • Power generation • Oil & gas
• Shipyards • Facility management • Public sector • Households

CUSTOMER NEEDS

42

Light machinery, lifts and modules are the biggest
product groups measured by rental income

19% 8% 5% 11%

TOWER CRANES
LIFTS HEAVY MACHINERY AND HOISTS SCAFFOLDING

17% 5% 26% 10%

MODULES SAFE LIGHT MACHINERY POWER & HEATING

Ramirent’s equipment fleet is organised along eight core product groups

43

The Group’s key strategic objectives

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 realise 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

44

Strong long-term growth drivers

Long-term growing industry Increasing rental penetration
100 %
Increasing rental penetration in most

70 %
90 %

60 %
markets, still high potential compared 80 %

45 %
to mature UK market 70 %

40 %
40 %
60 %

30 %
30 %
Fragmented European rental market of

25 %
50 %

20 %
20 %
15 %
15 %
15 %
40 %
EUR 20bn with top 10 rental companies

10 %
10 %
10 %
30 %

5%
accounting for 19% of the market 20 %
10 %
CEE construction markets on a low 0 %
level compared to Nordics and Western
Europe

European consolidation opportunities High potential CEE construction markets

Inhabitants
Ramirent (million)

Loxam Construction
output (BEUR)
Cramo
Algeco Scotsman
Speedy Hire
Liebherr-Mietpartner
GAM
Mediaco Lifting
Sarens
Kiloutou
HKL Baumschinen
Others

St. Petersburg + Moscow only 45
Source: ERA, Euroconstruct

The Group’s financial targets

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

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

• Gearing ≤ 120 % at end of each fiscal year

• Dividend pay-out > 40 % of earnings per share

46

CONSOLIDATED INCOME STATEMENT
CONSOLIDATED INCOME STATEMENT 1−3/12 1−3/11 1−12/11
(EUR 1,000)
Rental income 103 073 87 040 430 848
Ancillary income 53 745 43 565 192 355
Sales of equipment 7 513 3 746 26 658
NET SALES 164 331 134 351 649 861
Other operating income 427 342 1 526

Materials and services −55 056 −43 815 −209 357
Employee benefit expenses −42 489 −36 629 −156 101
Depreciation and amortisation −29 512 −24 933 −107 659
Other operating expenses −25 361 −26 635 −104 140
EBIT 12 340 2 681 74 131

Financial income 7 016 2 116 11 405
Financial expenses −8 687 −4 954 −24 776
EBT 10 670 −157 60 760
Income taxes −2 773 50 −16 030
NET RESULT FOR THE PERIOD 7 896 −108 44 730

Net result for the period attributable to:
Owners of the parent company 7 896 −108 44 730
Non-controlling interest – – –
TOTAL 7 896 −108 44 730

Earnings per share (EPS)
EPS on parent company shareholders' share of profit,
0.07 0.00 0.41
basic and diluted, EUR

48

BALANCE SHEET – ASSETS
CONSOLIDATED BALANCE SHEET 31.3.2012 31.3.2011 31.12.2011
ASSETS
(EUR 1,000)
NON-CURRENT ASSETS
Property, plant and equipment 486 878 432 136 487 310
Goodwill 133 413 94 030 124 452
Other intangible assets 40 443 10 565 35 719
Available-for-sale investments 1 385 422 1 368
Deferred tax assets 12 988 14 347 12 183
NON-CURRENT ASSETS, TOTAL 675 108 551 500 661 032

CURRENT ASSETS
Inventories 17 837 16 493 17 309
Trade and other receivables 113 702 94 804 120 000
Current tax assets 1 225 2 371 344
Cash and cash equivalents 2 625 911 2 431
CURRENT ASSETS, TOTAL 135 388 114 580 140 084

TOTAL ASSETS 810 496 666 080 801 117

49

BALANCE SHEET – EQUITY AND LIABILITIES
EQUITY AND LIABILITIES 31.3.2012 31.3.2011 31.12.2011
(EUR 1,000)
EQUITY
Share capital 25 000 25 000 25 000
Revaluation fund −4 223 −1 258 −4 192
Invested unrestricted equity fund 113 329 113 329 113 329
Retained earnings 173 442 179 374 191 862
PARENT COMPANY SHAREHOLDERS’ EQUITY 307 547 316 445 326 000
Non-controlling interests – – –
EQUITY, TOTAL 307 547 316 445 326 000

NON-CURRENT LIABILITIES
Deferred tax liabilities 77 643 59 880 73 690
Pension obligations 7 113 7 106 7 226
Provisions 1 373 2 205 1 553
Interest-bearing liabilities 225 129 131 408 219 773
Other long-term liabilities 10 127 2 602 11 748
NON-CURRENT LIABILITIES, TOTAL 321 385 203 200 313 990

CURRENT LIABILITIES
Trade payables and other liabilities 139 117 82 362 109 020
Provisions 1 208 1 415 1 163
Current tax liabilities 6 017 2 595 5 496
Interest-bearing liabilities 35 222 60 063 45 448
CURRENT LIABILITIES, TOTAL 181 564 146 435 161 127

LIABILITIES, TOTAL 502 949 349 635 475 117

TOTAL EQUITY AND LIABILITIES 810 496 666 080 801 117

50

KEY FIGURES

(MEUR) 1–3/12 1–3/11 CHANGE 1–12/11
Net sales 164.3 134.4 22.3% 649.9
EBITDA 41.9 27.6 51.6% 181.8
% of net sales 25.5% 20.6% 28.0%
EBIT 12.3 2.7 360.3% 74.1
% of net sales 7.5% 2.0% 11.4%
Earnings per share (EPS), (basic and diluted), EUR 0.07 0.00 N/A 0.41
Gross capital expenditure on non-current assets 35.7 31.9 12.0% 242.2
Gross capital expenditure, % of net sales 21.7% 23.7% 37.3%
Cash flow after investments 6.4 −10.7 N/A −52.0
Invested capital at the end of period 567.9 507.9 11.8 % 591.2
Return on invested capital (ROI), % 1) 18.6 % 9.3 % 15.7%
Return on equity (ROE), % 1) 16.9 % 6.3 % 13.9%
Net debt 257.7 190.6 35.2 % 262.8
Gearing, % 83.8 % 60.2 % 80.6%
Equity ratio, % 38.0 % 47.5 % 40.7%
Personnel at end of period 3 086 3 045 1.3 % 3 184

1) The figures are calculated on a rolling twelve month basis.

51

CONDENSED CASH FLOW STATEMENT

CONSOLIDATED CONDENSED CASH FLOW
1−3/12 1−3/11 1−12/11
STATEMENT
(MEUR)
Cash flow from operating activities 41.2 27.3 177.4

Cash flow from investing activities −34.8 −38.1 −229.5

Cash flow from financing activities
Borrowings / repayment of short-term debt −8.5 18.7 30.6
Borrowings / repayment of long-term debt 5.0 −5.2 52.9
Purchase of treasury shares −2.7 −3.3 −3.4
Dividends paid – – −27.0
Cash flow from financing activities −6.2 10.3 53.1

Net change in cash and cash equivalents 0.2 −0.4 1.1

Cash and cash equivalents at the beginning of the period 2.4 1.4 1.4
Translation difference on cash and cash equivalents – – –
Net change in cash and cash equivalents 0.2 −0.4 1.1
Cash and cash equivalents at the end of the period 2.6 0.9 2.4

52

SEGMENT INFORMATION
Net sales, MEUR 1−3/12 1−3/11 Change 1-12/11

Finland, net sales (external) 37.9 29.2 30 % 151.4

-Inter-segment sales 0.5 1.1 -58 % 3.3

Sweden, net sales (external) 48.1 41.0 18 % 182.0

-Inter-segment sales - 0.3 N/A 0.6

Norway, net sales (external) 43.7 32.4 35 % 144.3

-Inter-segment sales 0.1 0.2 -42 % 0.5

Denmark, net sales (external) 9.8 8.2 20 % 43.5

-Inter-segment sales - 0.2 N/A 0.6

Europe East, net sales (external) 12.0 9.3 29 % 55.8

-Inter-segment sales 0.2 0.1 97 % 0.2

Europe Central, net sales (external) 12.8 14.3 -11 % 72.8

-Inter-segment sales 0.5 0.1 500 % 1.0

Elimination of sales between segments -1.2 -1.9 38 % -6.3

Net sales, total 164.3 134.4 22 % 649.9

53

EBIT BY SEGMENT
EBIT (EUR million) 1−3/12 1−3/11 Change 1-12/11

Finland 5.0 1.3 267% 22.8

% of net sales 12.9% 4.4% 14.7%

Sweden 6.5 6.1 6% 33.2

% of net sales 13.5% 14.9% 18.2%

Norway 3.9 0.4 926% 11.2

% of net sales 8.9% 1.2% 7.7%

Denmark -0.2 -1.3 84% 0.1

% of net sales -2.1% -15.0% 0.2%

Europe East -0.1 -1.7 96% 5.9

% of net sales -0.6% -17.7% 10.5%
Europe Central -2.2 -1.2 -89% 5.5
% of net sales -16.8% -8.2% 7.4%

Net items not allocated to operating segments -0.5 -1.1 51% -4.5

Group EBIT 12.3 2.7 360% 74.1

% of net sales 7.5% 2.0% 11.4%

54

LARGEST SHAREHOLDERS
% of Market Cap EUR 705.2 million
Largets shareholders Number of
share
on 31 March 2012 shares 8.9 %
capital

1 Nordstjernan AB 31 882 078 29.33 34.7 %

2 Oy Julius Tallberg Ab 11 962 229 11.01

3 Varma Mutual Pension Insurance Company 7 831 299 7.20

4 Ilmarinen Mutual Pension Insurance Company 5 262 059 4.84
40.2 %
5 Odin Funds 4 595 085 4.22 17.4 %

6 Tapiola Mutual Pension Insurance Company 2 407 668 2.22
Foreign owners
7 Veritas Pension Insurance Company Ltd 1 448 120 1.33

8 Investment Fund Aktia Capital 1 192 540 1.10 Nominee registered

9 Investment Fund Nordea Fennia 1 000 000 0.92
Finnish companies and
825 000 0.76 organisations
10 Föreningen Konstsamfundet rf
Finnish households
Ramirent Plc’s treasury shares 1 030 192 0.95

Nominee registered shares 18 627 031 17.14

Other shareholders 22 253 788 20.47

Total number of shares 108 697 328 100.00

Trading information
Listing: NASDAX OMX Helsinki
Date of listing: April 30, 1998
Segment: Mid Cap
Sector: Industrials
Trading code: RMR1V
55

Share price development
EUR MEUR

22.36
180 300
19.87
160
250
17.39
140
14.90
120 200

100
12.42
150
80
9.94

7.45
60 100
4.97
40
50
2.48
20

0

Share turnover
Osakevaihdon arvo Ramirent OMX Helsinki

56

Ramirent Q1 2012

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