2. Q4/11: Back to profitable
growth
OCTOBER–DECEMBER 2011
Net sales up 24.4% MEUR 186.8 (150.1)
or 23.7% at comparable exchange rates.
Organic growth 17.8%
EBITDA MEUR 55.0 (36.9)
EBITDA-margin 29.4% (24.6%)
EBIT MEUR 25.5 (11.3)
EBIT-margin 13.6% (7.5%)
Gross capex MEUR 45.9 (18.1)
Cash flow after investments
MEUR 15.9 (24.2)
Net debt MEUR 262.8 (176.6)
Gearing 80.6% (55.6%)
Number of outlets 406 (378)
2
3. Highlights 2011
JANUARY–DECEMBER 2011
Net sales up 22.3% MEUR 649.9 (531.3)
or 20.1 % at comparable exchange rates.
Organic growth 18.5%
EBITDA MEUR 181.8 (127.4)
EBITDA-margin 28.0% (24.0%)
EBIT MEUR 74.1 (29.7)
EBIT-margin 11.4% (5.6%)
Gross capex MEUR 242.2 (62.0)
Cash flow after investments
MEUR -52.0 (48.0)
The Board proposes a dividend of EUR
0.28 (0.25) per share for the year 2011
3
4. Back to profitable growth as market is
recovering
ROI >18 % p.a. over a business cycle
Recovery in market activity
especially in the second half of 35 %
the year 30 %
25 %
Higher utilisation and rental rates 20 %
that improved during the year 15 %
10 %
Significant investments in 16 %
5 %
acquisitions and outsourcing 0 %
deals 2005 2006 2007 2008 2009 2010 2011
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 % 207 % 80 %
0% 60 %
40 % 81 %
-100 %
20 %
-200 % 0 %
2005 2006 2007 2008 2009 2010 2011 2005 2006 2007 2008 2009 2010 2011
EPS Target Gearing Target
4
5. Dividend proposal EUR 0.28 per share
Earnings per share and dividend pay-out ratio
EUR
1,20 400 %
1,02
350 %
1,00
*Board’s proposal
300 %
0,80 0,73
250 %
0,60 0,50
200 %
0,41 150 %
0,40 0,33
0,30 0,31 0,28
0,25 100 %
0,20 0,15 0,15 0,13 *68%
50 %
0,04
0,00
0,00 0%
2005 2006 2007 2008 2009 2010 2011
EPS DPS Dividend pay-out ratio
The Board proposes a dividend of EUR 0.28 (0.25) per share for the
year 2011
Ramirent’s dividend policy is to distribute at least 40% of annual
earnings per share to shareholders as dividends
5
6. Strong construction growth in Ramirent’s
main markets in 2011
Growth in GDP and Construction output in 2011
21,0 %
25 %
16,0 %
12,9 %
20 %
11,0 %
9,0 %
15 %
7,7 %
6,3 %
6,2 %
5,0 %
4,5 %
4,3 %
4,3 %
4,0 %
10 %
3,3 %
3,3 %
2,6 %
2,5 %
2,1 %
1,6 %
1,6 %
0,5 %
5%
0%
-5 %
-5,5 %
-6,2 %
-10 %
-10,8 %
-15 %
-20 %
Latvia
Slovakia
Poland
Hungary
Estonia
Czech Rep.
Sweden
Russia
Norway
Lithuania
Denmark
Finland
GDP growth Total construction output growth
6
Source: Euroconstruct November 2011 / VTT
7. Nine acquisitions and two outsourcing deals
in 2011
Outsourcing deal
in Finland
Outsourcing deal in
Acquisition of specialist module
Finland
Outsourcing deal rental company in Norway
in Denmark
Outsourcing deal with two
subsidiaries in Finland Acquisition of Finnish
Acquisition of Acquisition of Acquisition of
weather protection
Czech rental business Swedish rental Swedish rental
rental company
company company
End of
2010 2011
2009
Some 50
Acquisition of companies
Acquisition of
Acquisition of Swedish
Danish rental business
Swedish rental on our
rental company company
watch list
Aquisition of Acquisition of
Outsourcing deal in Norway
Czech rental business Czech rental
business Danish scaffolding division
Capex on acquisitions EUR 111.2 million in 2011
Acquisitive impact approximately 8% on Group net sales on an annual level
7
8. Ramirent is market leader in
5 out of 6 geographical segments
Finland
83 depots
Sweden (25 franchises)
79 depots Market #1
Employees Norway
(10 franchises)
Market #2
42 depots
Europe Finland (4 franchises)
Central 596 Market #1
825
Europe East
58 depots
10 re-renting
Total agents
Denmark
3,184 Market #1
22 depots
Sweden Market #1
Europe 630
East Europe Central
439 122 depots
(24 franchises)
Market #1
Denmark
Norway
186
486
8
9. Progress in achieving 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
9
10. Ramirent and market outlook as of
16 February 2012
Ramirent outlook for 2012 Country 2012 Source
Finnish construction
Finland 0%/-2.2% industries, RT / VTT
In 2012, net sales are expected to Swedish Construction
Sweden -1% Federation
increase and the result before taxes is
expected to improve compared to 2011. Norway 6% Euroconstruct
Denmark 4% Euroconstruct
Poland 4% Euroconstruct
Czech
Market outlook 2012 Republic
-4% Euroconstruct
Europe Central
Slovakia 3% Euroconstruct
Overall, the new residential construction
market is expected to weaken in 2012 Hungary -2% Euroconstruct
while renovation and infrastructure
construction markets are expected to Russia 0-5% Euroconstruct
develop more favourably, especially in
the Nordic countries. Estonia 8% Euroconstruct
However, Ramirent maintains a cautious
Latvia -4% Euroconstruct Europe East
stance since uncertainties in the
macroeconomic developement persists. Lithuania -4% Euroconstruct
Ukraine n.a Euroconstruct
10
11. Growth in Nordic construction order books is
levelling off
Order book Nordics (BEUR, real exchange rates)*
14 60 %
12
40 %
10
20 %
8
6
0%
4
-20 %
2
0 -40 %
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2007 2008 2009 2010 2011
Skanska NCC
YIT Lemminkäinen
Change in Net sales YoY, R12 Ramirent Change in order backlog YoY, Nordic construction
9% growth vs. Q4/10 in real exchange rates and 10% growth in fixed
1% decline vs. Q3/11
* Order books for Swe, Fin, Nor, Den
11
12. Construction output still predicted to grow in
Ramirent’s markets
Total construction output 2008 – 2014
120
115 116
Index 2008 = 100 (volume)
110
108
106
105
100
98
95
93
90
85
80
75
70
2008 2009 2010 2011E 2012F 2013F 2014F
Finland Sweden Norway Denmark Europe Central
12
Source: Euroconstruct November 2011
13. In a downturn scenario, multiple levers can
be pulled
Growth Stability Positioning Growth Priorities in a downturn scenario
Top line
•Keep strong discipline in discount
levels and price lists
•Increase focus on non-construction
business
Investments
Business cycle •Reduce capex
•Sell equipment
•Return re-rental equipment and leases
Opex
•Review organisational structures
•Optimise maintenance of equipment to
utilisation
•Optimise marketing and branding
•Reduce indirect costs
Strong market Market downturn reduced Recovery in demand
conditions and
•Postpone non-crucial development
need for investments and and increased
growth improved cash flow 2008-2010 investments 2011
projects
2004-2007
13
14. Actions taken to prepare for possible changes
in market conditions
Increased list prices
Reduced average discount level
Refinanced loan facilities
Acquired Rogaland Planbygg to gain
access to oil & gas industry with stable
demand and long term contracts
Sold non-performing fleet
Increased use of temporary personnel in
project business
Streamlined administration personnel
Updated contingency plans
Cautious in capex spending
14
15. Going forward, several drivers support the
growth of equipment rental business
In the long term, rental penetration is expected to increase in
Rental penetration Europe as customers recognise the advantages of renting
There is a general trend towards outsourcing non-core
Outsourcing activities to reduce capital employed and improve flexibility
Rental related Customers are increasingly interested in giving a broader
solutions rental related responsibility in their projects to rental
companies
The equipment rental industry is highly fragmented and
Market consolidation Ramirent’s strong position enables it to take an active role in
the market consolidation
Long-term growth In the emerging rental markets there are long-term growth
in construction potential in the construction volumes per capita compared to
markets more mature Western Europe
15
17. Q4 2011 Finland
Highlights Historic financial performance
MEUR
Growth was driven by high
50 45 25 %
construction and industrial activity 41 42
40 36 38 35 37 20 %
34
All product areas developed well 29 31
28
30 15 %
except heating equipment due to 30
exceptionally warm weather 10 %
20
conditions 5%
10 0%
EBIT was burdened by a write-
down of scaffolding equipments of 0 -5 %
EUR 1.4 million Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2009 2010 2011
Net sales EBIT-%
Q4 January - December
Finland 2011 2010 Change Change 2011 2010 Change Change
(EUR) (Local) (EUR) (Local)
Net sales, MEUR 42.5 35.2 21% 21% 154.7 136.9 13% 13%
EBIT, MEUR 6.2 2.9 117% 22.8 13.7 66%
EBIT-margin 14.6% 8.1% 14.7% 10.0%
Employees 596 603 -1%
Outlets 83 84 -1%
17
18. Q4 2011 Sweden
Highlights Historic financial performance
MEUR
The growth was driven by high
60 54 25 %
construction activity in
Stockholm and Gothenburg 50 45 45 20 %
41 42
40 35 36
Two rental companies were 32 33 31 32 15 %
29
acquired, Consensus and TLM 30
10 %
20
Renewed frame agreement with 10 5%
NCC and was selected as a total
solution supplier of rental 0 0%
equipment in the expansion of Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Boliden’s operations at the 2009 2010 2011
Garpenberg mine over the next Net sales EBIT-%
three years
Q4 January - December
Sweden 2011 2010 Change Change 2011 2010 Change Change
(EUR) (Local) (EUR) (Local)
Net sales, MEUR 53.9 44.9 20% 17% 182.7 145.2 26% 19%
EBIT, MEUR 11.9 8.3 44% 33.2 23.3 42%
EBIT-margin 22.2% 18.5% 18.2% 16.1%
Employees 630 546 15%
Outlets 79 73 8%
18
19. Q4 2011 Norway
Highlights Historic financial performance
MEUR
Residential construction in the
45 40 42 16 %
major cities was driving demand, 14 %
40
alongside with the oil and gas
35 31 33 30 12 %
industry 29 29 28 27 28 10 %
30 25 27 8%
25
Profitability improved based on 6%
20
4%
good fleet utilisation, improving 15 2%
price levels, and strict cost 10 0%
control 5 -2 %
0 -4 %
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2009 2010 2011
Net sales EBIT-%
Q4 January - December
Norway 2011 2010 Change Change 2011 2010 Change Change
(EUR) (Local) (EUR) (Local)
Net sales, MEUR 42.0 31.1 35% 30% 144.8 114.4 27% 23%
EBIT, MEUR 4.5 0.1 N/A 11.2 2.3 379%
EBIT-margin 10.7% 0.3% 7.7% 2.0%
Employees 486 503 -3%
Outlets 42 42 -
19
20. Q4 2011 Denmark
Highlights Historic financial performance
MEUR
Growth was driven by improving
16 15 20 %
construction activity, including
14
infrastructure projects 12
11
10 %
12 11 11
10 10 10 0%
10 9 9
EBIT improved due to good fleet 8 8 -10 %
utilisation and stable price levels 8
-20 %
6
4 -30 %
Acquired scaffolding division of
Ajos A/S, a subsidiary of 2 -40 %
construction company MT 0 -50 %
Højgaard A/S, and in the same Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
transaction, Ramirent sold its 2009 2010 2011
hoist and working platforms to Net sales EBIT-%
Ajos A/S
Q4 January - December
Denmark 2011 2010 Change Change 2011 2010 Change Change
(EUR) (Local) (EUR) (Local)
Net sales, MEUR 14.6 9.5 53% 53% 44.1 35.6 24% 24%
EBIT, MEUR 0.8 -0.7 N/A 0.1 -2.2 N/A
EBIT-margin 5.4% -7.8% 0.2% -6.2%
Employees 186 160 16%
Outlets 22 20 10%
20
21. Q4 2011 Europe East
Highlights Historic financial performance
Due to favourable market MEUR
conditions, good and stable 20 19 30 %
17 16
growth continued in all Europe 20 %
East countries 15 13 13
12 12 10 %
11
10 9 0%
EBIT improved based on higher 10
9
8
utilisation and price levels -10 %
5 -20 %
-30 %
0 -40 %
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2009 2010 2011
Net sales EBIT-%
Q4 January - December
Europe East 2011 2010 Change Change 2011 2010 Change Change
(EUR) (Local) (EUR) (Local)
Net sales, MEUR 16.5 13.4 23% 27% 56.1 42.7 31% 32%
EBIT, MEUR 2.3 1.1 105% 5.9 -3.5 N/A
EBIT-margin 14.2% 8.5% 10.5% -8.3%
Employees 439 392 12%
Outlets 58 48 21%
21
22. Q4 2011 Europe Central
Highlights Historic financial performance
MEUR
In Poland construction and 25 20 %
industrial activity continued to 22
15 %
20 19
drive demand, whereas the 20 18 19 19
10 %
market development weakened 16 16 16
14 14 5%
further in the other countries in 15 12 0%
the segment -5 %
10
-10 %
Profitability improved in Poland 5 -15 %
but was burdened by lower price -20 %
levels and utilisations rates in 0 -25 %
Hungary, Czech Republic and Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Slovakia 2009 2010 2011
Net sales EBIT-%
Q4 January - December
Europe Central 2011 2010 Change Change 2011 2010 Change Change
(EUR) (Local) (EUR) (Local)
Net sales, MEUR 18.9 18.9 - 10% 73.9 66.6 11% 13%
EBIT, MEUR 2.0 1.0 111% 5.5 0.8 N/A
EBIT-margin 10.8% 5.1% 7.4% 1.2%
Employees 825 824 -
Outlets 122 111 10%
22
26. Net sales grew in all segments in local
currency
Change in Q4 net sales YoY, %
70 % 64 %
60 % 53 %
53 %
50 %
40 % 35 % 36 %
33 %
30 %
30 % 24 % 27 %
24 %
24 % 21 % 23 %
21 % 21 % 20 % 20 %
20 % 17 %
10 %
10 %
0%
0%
-2 %
-10 %
Group Finland Sweden Norway Denmark East Central
EUR Comparable exchange rates Adjusted for inter-segment sales (in EUR)
26
27. Capital turnover continued to develop
positively, 120% at end of 2011
Invested capital by quarter
MEUR
800 160 %
708 707
700 654 140 %
586 588 591
600 562 581 578 565 552
544 120 %
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
2007 2008 2009 2010 2011
Invested capital Net sales/Invested capital, rolling 12 month
Capital turnover amounted to 120% (105%) at the end of December
2011
27
28. Gross margin continued to improve in
Q4/2011
Gross margin by quarter
72 %
71 % 71 % 71 % 71 %
71 %
70 % 70 %
70 % 69 %
69 %
69 % 68 %
68 % 68 % 68 % 68 %
68 % 67 %
67 % 67 %
67 % 66 %
66 %
66 % 65 %
65 %
65 %
64 %
63 %
62 %
Q1 Q2 Q3 Q4 FY
Gross margin 2008 Gross margin 2009 Gross margin 2010 Gross margin 2011
Gross margin is impacted by price pressure and increased equipment
transportation as well as use of external services and sold
equipment
28
29. Number of employees increased due to
acquisitions
Number of employees by segment
1 000
900 868
824 825
800
700 622 630
603611 596
600 546
503 523 486
500 440 439
392
400
300
200 160 163 186
100
0
Finland Sweden Norway Denmark Europe East Europe
Central
Personnel 31/12/10 Personnel 30/09/11 Personnel 31/12/11
At the end of December 2011, the Group’s workforce amounted to
3,184 (3,048) persons
29
30. We continue to develop our outlet network –
406 outlets as of 31 December 2011
Number of outlets per segment
450
406
400
359
122
350
99
300
42 22 58
250
57 3718 52
200
150
79
100
50
96
83
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2008 2009 2010 2011
Finland Sweden Norway Denmark Europe East Europe Central
30
31. Fixed cost level increased due to acquisitions
Fixed costs by quarter
MEUR
80
70
70 63 66
62 62
60 57 57 56 56
52 52 54
25 28
50 24 27 25
23 23 22 23
22 19 22
40
30
20 38 37 37 41 42
35 30 33 33 33 33 32
10
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2009 2010 2011
Employee benefit expenses Other operating expenses
The fixed cost level increased year-on-year due to
• Acquisitions and outsourcing deals (more people and outlets)
• Higher market activity (more outsourced services and intensified sales activities)
• Cost for building common platform
31
33. Q4 EBIT margin improved in all segments
compared to previous year
EBIT-margin by segments
25 %
22.2 %
20 % 18.5 %
14.6 % 14.2 %
15 % 13.6 %
10.7 % 10.8 %
10 % 8.1 % 8.5 %
7.5 %
5.4 % 5.1 %
5%
0.3 %
0%
-5 %
-10 % -7.8 %
Group Finland Sweden Norway Denmark East Central
Q4 2010 Q4 2011
EBIT in Finland was burdened by a write-down of scaffolding
equipments of EUR 1.4 million
33
34. Q4 2011 rental fleet investments was EUR 34.4
million
Purchased and sold equipment by quarter
MEUR
80
70 66.8
60
50
38.3
40 34.4
29.6
30
18.9 17.4
20 11.8
7.5 8.9 6.0
10 6.7 6.5 5.2
4.4 5.0 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
2009 2010 2011
Purchased equipment Sold equipment
In October-December 2011, gross capex was EUR 45.9 (18.1) million of which EUR
34.4 (17.4) million in rental fleet. The value of sold rental equipment was EUR 11.8
(4.4) million
In January-December 2011, gross capex was EUR 242.2 (62.0) million of which EUR
169.2 (52.7) million in rental fleet. The value of sold rental equipment was EUR 26.7
(16.4) million
34
35. Due to acquisitions capital expenditure
increased most in Norway and Sweden
Capital Expenditure by segments
MEUR
300
242
250
200
150
95
100 81
62
50 34 30
17 11 12 14
9 4 7
1
0
Group Finland Sweden Norway Denmark East Central
1-12/2010 1-12/2011
35
36. Working capital is at 4% of net sales
Working capital by quarter
MEUR
120 10 %
8%
80 124 120 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
0 0%
-2 %
-66 -68 -70 -67 -69
-40 -86 -86 -89 -82 -84 -4 %
-107 -109
-80 -6 %
-8 %
-120 -10 %
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2009 2010 2011
Inventories Trade and other receivables
Trade payables and other liabilities Working capital/Net sales Rolling 12 month basis
In October-December 2011, credit losses and net change in the allowance for
bad debt totalled EUR -1.3 (-0.3) million
In January-December 2011, credit losses and net change in the allowance for
bad debt totalled EUR -4.0 (-3.3) million
36
38. Net debt decreased by 17 MEUR in Q4/2011;
gearing was 81% at year-end
Net debt and gearing
MEUR
400 113 % 120 %
106 % 108 %
350 96 % 81 % 99 %
100 %
86 % 92 %
300 84 % 69 % 80 % 81 %
74 %
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
2008 2009 2010 2011
Net debt Gearing (%)
Equity ratio decreased to 40.7% (48.0%)
Net debt amounted to EUR 262.8 (176.6) million
Board proposes a dividend of EUR 0.28 (0.25) per share for the year 2011
38
39. Debt maturity extended
Repayment schedule of interest-bearing liabilities
MEUR
450
390 MEUR in committed credit facilities
400
350
300 262.8 MEUR in net debt
240
250
200
150
100
150
50
0
2012 2013 2014 2015 2016 2017
Committed credit facilities
On 4 November 2011, Ramirent Plc's syndicated credit facility agreement totalling
EUR 240 million was amended to mature fully in 2017
At end of Q4 2011, Ramirent had unused committed back-up facility of EUR 127.2
million
39
39
40. 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
40
42. Ramirent in brief
Leading equipment rental company in Northern, Central
and Eastern Europe with net sales of EUR 650 million
(2011)
406 rental customer centers located in 13 countries and
providing 200 000 rental items
3 184 employees serving 100 000 customers
Founded in 1955 and headquartered in Finland
Listed on NASDAQ OMX Helsinki since 1998
42
43. 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
43
44. 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
44
45. 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
RSC Equipment Rental
Algeco…
Algeco Scotsman
Speedy Hire
Coates Hire Ltd
Sarens
Hertz Equipment Rental
Liebherr-…
Kiloutou Loxam
Mediaco… Nishio Rent All Co
HKL… Nikken Corp
Cramo*
Ramirent
0 200 400 600 800 1000
0 500 1000 1500 2000
*Cramo + Theisen PF
Source: IRN June 2011
45
46. Nordic countries are our largest markets and
construction is our largest customer sector
Sales per segment 1-12/2011 Sales per customer sector 2010
Europe
Households
Central Public sector 5%
11 % Finland 5%
Europe 24 % Construction
East 76%
9% Industry
14 %
Denmark
7%
Norway Sweden
22 % 28 %
46
47. Broadest range of equipment and
Dynamic Rental SolutionsTM ….
Rental Solution Concepts
Ramirent offers a range of customer needs-driven & value-adding
turnkey rental solution concepts, driving the problem-solving
approach and the promise of Let’s solve it
Rental services • Operators
• Planning, design • Fuel / gas refilling
• Ramirent know-how • Facility management
• Transportation/Installation • Technical support
• Maintenance/Inspections • Site logistics coordinator
• Insurance • Paperwork
Equipment rental • Scaffolding
• Lifts • Power & Heating
• Modules • SAFE
• Heavy Machinery
• Light Machinery
• Tower Cranes & Hoists
47
48. Strong long-term growth drivers
Long-term growing industry Increasing rental penetration
100 %
70 %
Increasing rental penetration in most 90 %
60 %
markets, still high potential compared 80 %
45 %
70 %
40 %
40 %
to mature UK market 60 %
30 %
30 %
25 %
50 %
20 %
20 %
Fragmented European rental market of
15 %
15 %
15 %
40 %
10 %
10 %
10 %
EUR 20bn with top 10 rental companies 30 %
5%
20 %
accounting for 19% of the market 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 48
Source: ERA, Euroconstruct
49. Continued demand predicted, especially in
non-residential and civil engineering sectors
Finland
Finland Sweden
Sweden
25 15
% change in real terms (volume)
% change in real terms (volume)
20
10
15
10 5
5
0
0
-5 -5
-10
-10
-15
-20 -15
2008 2009 2010 2011E 2012F 2013F 2014 2008 2009 2010 2011E 2012F 2013F 2014
outlook outlook
Residential construction Non-residential construction Residential construction Non-residential construction
Civil engineering Total construction output Civil engineering Total construction output
Denmark
Denmark Norway
Norway
15 20
% change in real terms (volume)
% change in real terms (volume)
10
15
5
10
0
-5 5
-10 0
-15
-5
-20
-25 -10
-30 -15
2008 2009 2010 2011E 2012F 2013F 2014 2008 2009 2010 2011E 2012F 2013F 2014
outlook outlook
Residential construction Non-residential construction Residential construction Non-residential construction
Civil engineering Total construction output Civil engineering Total construction output
49
Source: Euroconstruct November 2011
50. 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
50
51. Long-term EBIT and ROI development
EBIT and ROI development
35 %
30 %
25 %
23%
20 % 18%
15 %
10 %
5%
0%
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
EBIT margin ROI EBIT margin (average) ROI (average)
51
53. CONSOLIDATED INCOME STATEMENT
(EUR 1,000) 10-12/11 10-12/10 1-12/11 1-12/10
Net sales 186 772 150 111 649 861 531 284
Other operating income 541 456 1 526 1 616
Materials and services -62 820 -51 045 -209 357 -177 118
Employee benefit expenses -41 844 -38 170 -156 101 -136 214
Depreciation and amortisation -29 494 -25 625 -107 659 -97 716
Other operating expenses -27 662 -24 478 -104 140 -92 122
EBIT 25 492 11 251 74 131 29 731
Financial income 2 430 3 814 11 405 13 780
Financial expenses -5 174 -6 306 -24 776 -22 658
EBT 22 749 8 760 60 760 20 853
Income taxes -5 691 -1 635 -16 030 -6 212
NET RESULT FOR THE PERIOD 17 058 7 125 44 730 14 640
Net result for the period attributable to:
Owners of the parent company 17 058 7 125 44 730 14 640
Non-controlling interest - - - -
TOTAL 17 058 7 125 44 730 14 640
Earnings per share (EPS), basic and diluted, EUR 0.16 0.07 0.41 0.13
53
54. BALANCE SHEET – ASSETS
(EUR 1,000) 31.12.2011 31.12.2010
NON-CURRENT ASSETS
Property, plant and equipment 487 310 427 248
Goodwill 124 452 93 211
Other intangible assets 35 719 10 348
Available-for-sale investments 1 368 422
Deferred tax assets 12 183 13 325
NON-CURRENT ASSETS, TOTAL 661 032 544 555
CURRENT ASSETS
Inventories 17 309 15 856
Trade and other receivables 120 000 96 616
Current tax assets 344 2 902
Cash and cash equivalents 2 431 1 352
CURRENT ASSETS, TOTAL 140 084 116 727
TOTAL ASSETS 801 117 661 282
54
55. BALANCE SHEET – EQUITY AND LIABILITIES
(EUR 1,000) 31.12.2011 31.12.2010
EQUITY
Share capital 25 000 25 000
Revaluation fund -4 192 -2 472
Invested unrestricted equity fund 113 329 113 329
Retained earnings 191 862 181 783
PARENT COMPANY SHAREHOLDERS’ EQUITY 326 000 317 640
Non-controlling interests - -
EQUITY, TOTAL 326 000 317 640
NON-CURRENT LIABILITIES
Deferred tax liabilities 73 690 60 413
Pension obligations 7 226 6 866
Provisions 1 553 2 347
Interest-bearing liabilities 219 773 137 384
Other long-term liabilities 11 748 2 200
NON-CURRENT LIABILITIES, TOTAL 313 990 209 209
CURRENT LIABILITIES
Trade payables and other liabilities 109 020 89 480
Provisions 1 163 1 762
Current tax liabilities 5 496 2 658
Interest-bearing liabilities 45 448 40 533
CURRENT LIABILITIES, TOTAL 161 127 134 433
LIABILITIES, TOTAL 475 117 343 642
TOTAL EQUITY AND LIABILITIES 801 117 661 282
55
56. KEY FIGURES
MEUR 10-12/11 10-12/10 Change 1-12/11 1-12/10 Change
Net sales 186.8 150.1 24.4% 649.9 531.3 22.3%
EBITDA 55.0 36.9 49.1% 181.8 127.4 42.6%
% of net sales 29.4% 24.6% 28.0% 24.0%
EBIT 25.5 11.3 126.6% 74.1 29.7 149.3%
% of net sales 13.6% 7.5% 11.4% 5.6%
Earnings per share (EPS), (basic
and diluted), EUR 0.16 0.07 140.3% 0.41 0.13 206.9%
Gross capital expenditure 45.9 18.1 153.6% 242.2 62.0 290.7%
Gross capital expenditure,% of
net sales 24.6% 12.1% 37.3% 11.7%
Cash flow after investments 15.9 24.2 -34.3% -52.0 48.0 N/A
Invested capital at the end of
period 591.2 495.6 19.3%
Return on invested capital (ROI),
% 1) 15.7% 8.6%
Return on equity (ROE), % 1) 13.9% 4.7%
Net debt 262.8 176.6 48.8%
Gearing, % 80.6% 55.6%
Equity ratio, % 40.7% 48.0%
Personnel at end of period 3 184 3 048 4.5%
1) The figures are calculated on a rolling twelve month basis.
56
57. CONDENSED CASH FLOW STATEMENT
MEUR 10-12/11 10-12/10 1-12/11 1-12/10 Change
Cash flow from operating activities 44.1 39.8 177.4 104.2 70.3%
Cash flow from investing activities -28.2 -15.6 -229.5 -56.2 -308.0%
Cash flow from financing activities
Borrowings / repayment of short-term debt -7.5 -4.2 30.6 0.6 N/A
Borrowings / repayment of long-term debt -9.1 -22.2 52.9 -29.8 277.7%
Purchase of treasury shares - -0.9 -3.4 -2.9 -14.9%
Dividends paid - - -27.0 -16.3 -65.6%
Cash flow from financing activities -16.6 -27.4 53.1 -48.5 209.6%
Net change in cash and cash equivalents -0.8 -3.1 1.1 -0.5 308.8%
Cash and cash equivalents at the beginning
of the period 3.2 4.4 1.4 1.8 -24.9%
Translation difference on cash and cash
equivalents -0.1 0.1 - 0.1 -101.3%
Net change in cash and cash equivalents -0.7 -3.2 1.1 -0.5 308.8%
Cash and cash equivalents at the end of the
period 2.4 1.4 2.4 1.4 79.8%
57
58. SEGMENT INFORMATION
Net sales, MEUR 10-12/11 10-12/10 Change 1-12/11 1-12/10 Change
Finland, net sales (external) 42.1 34.8 21.0% 151.4 135.2 12.0%
-Inter-segment sales 0.4 0.5 -12.2% 3.3 1.8 86.9%
Sweden, net sales (external) 53.6 44.8 19.8% 182.0 144.5 25.9%
-Inter-segment sales 0.2 0.2 24.4% 0.6 0.7 -6.9%
Norway, net sales (external) 41.9 30.8 36.2% 144.3 113.7 26.9%
-Inter-segment sales 0.1 0.3 -70.1% 0.5 0.7 -23.4%
Denmark, net sales
14.4 8.7 64.3% 43.5 32.9 32.1%
(external)
-Inter-segment sales 0.2 0.8 -72.6% 0.6 2.7 -77.3%
Europe East, net sales
16.4 12.3 33.2% 55.8 39.5 41.3%
(external)
-Inter-segment sales 0.1 1.1 -94.9% 0.2 3.2 -93.0%
Europe Central, net sales
18.4 18.7 -1.9% 72.8 65.4 11.3%
(external)
-Inter-segment sales 0.6 0.2 168.9% 1.0 1.2 -11.4%
Elimination of sales between
-1.6 -3.0 47.6% -6.3 -10.2 37.8%
segments
Net sales, total 186.8 150.1 24.4% 649.9 531.3 22.3%
58
59. EBIT BY SEGMENT
EBIT (EUR million) 10-12/11 10-12/10 Change 1-12/11 1-12/10 Change
Finland 6.2 2.9 116.6% 22.8 13.7 66.3%
% of net sales 14.6% 8.1% 14.7% 10.0%
Sweden 11.9 8.3 43.9% 33.2 23.3 42.4%
% of net sales 22.2% 18.5% 18.2% 16.1%
Norway 4.5 0.1 N/A 11.2 2.3 378.8%
% of net sales 10.7% 0.3% 7.7% 2.0%
Denmark 0.8 -0.7 206.8% 0.1 -2.2 104.6%
% of net sales 5.4% -7.8% 0.2% -6.2%
Europe East 2.3 1.1 104.6% 5.9 -3.5 266.6%
% of net sales 14.2% 8.5% 10.5% -8.3%
Europe Central 2.0 1.0 111.5% 5.5 0.8 561.9%
% of net sales 10.8% 5.1% 7.4% 1.2%
Net items not allocated to
-2.3 -1.4 -68.2% -4.5 -4.7 4.1%
operating segments
Group EBIT 25.5 11.3 126.6% 74.1 29.7 149.3%
% of net sales 13.6% 7.5% 11.4% 5.6%
59
