rr results q2_2015_en_final
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© 2015 Ramirent
PERFORMANCE IMPROVING DUE TO HIGHER DEMAND AND EFFICIENCY ACTIONS 6 August 2015 Magnus Rosén, President and CEO Jonas Söderkvist, CFO and EVP Corporate Functions
Q2 Interim report January–June 2015
Agenda
2
Group performance
Segment review
Market outlook
Key figures
Financial position
Company overview
Appendix
© 2015 Ramirent 3
Q2/2015: Performance improving due to higher demand and efficiency actions
Key figures Q2/2015
Business performance
Market situation
Net sales up by 5.0% or by 6.9% at comparable exchange rates
EBITA 21.0 (16.2) MEUR or 13.2% (10.7%) of net sales
EBITA excl. non-recurring items improved by 6.7% to 17.2 (16.2) MEUR and was 10.8% (10.7%) of net sales
Profit for the period 13.2 (7.1) MEUR and EPS 0.12 (0.07) up by 84.2%
ROI % on a rolling 12 months basis improved to 12.3% (11.9%)
Second-quarter sales grew in all segments except Norway, where demand was hampered by lower demand from building construction and cautiousness in the oil and gas sector
Higher demand improved topline especially towards the end of the quarter
Performance improving from implemented efficiency actions in particular the centralising of maintenance and repair operations, reduction of non-productive fleet and from establishing a shared service centre for financial services
Interim report January–June 2015 l 6 August 2015
In Sweden, strong demand from residential and infrastructure construction
Challenging market conditions in Finland and Norway continued
Demand in the Danish equipment rental market picked up
Balanced market activity in the Baltics
Improving demand in Europe Central supported by construction of roads, industrial buildings and power plants
© 2015 Ramirent 4
Sales growth supported by improved market activity and good progress in Solutions projects
Change in net sales Q2/2015
5.0%
6.9%
0%
1%
2%
3%
4%
5%
6%
7%
8%
Q2/2015 reported Q2/2015 at comparable
exchange rates
Net sales (MEUR) Q2/2015
Second-quarter net sales grew by 6.9% at comparable exchange rates
Reported sales were up by 5.0% compared to the previous year
151.8 159.4
0
20
40
60
80
100
120
140
160
180
Q2/2014 reported Q2/2015 reported
Second-quarter net sales 159.4 (151.8) MEUR
Sales growth was strongest in Sweden supported by large Solutions projects
Interim report January–June 2015 l 6 August 2015
© 2015 Ramirent 5
Profits improving as a result of increased demand and efficiency actions
10.7%
13.2%
10.8%
0%
2%
4%
6%
8%
10%
12%
14%
Q2/2014 Q2/2015 Q2/2015 excl.non-recurring
items
Second–quarter EBITA amounted to 21.0 (16.2) MEUR or 13.2% (10.7%) of net sales
EBITA was positively impacted by the settlement of earn-out in the weather shelter and scaffolding company DCC acquired in 2014, resulting in EUR 3.8 million of non-recurring income in the second quarter
EBITA margin Q2/2015 EBITA (MEUR) Q2/2015
16.2
21.0
17.2
0
2
4
6
8
10
12
14
16
18
20
22
Q2/2014 Q2/2015 Q2/2015 excl.non-recurring
items
Second-quarter EBITA improved by 30.2% or by 6.4% excluding non-recurring items compared to the previous year
Group EBITA was supported by increase in Customer Centre sales, progress in Solutions projects as well as good fixed cost control
Performance improving from implemented efficiency actions in particular the centralising of maintenance and repair operations, reduction of non-productive fleet and from establishing a shared service centre for financial services
Interim report January–June 2015 l 6 August 2015
© 2015 Ramirent 6
Interim report January–June 2015 l 6 August 2015
Second-quarter ROI improved as a result of higher margins
Return on invested capital % (rolling 12 months) Return on equity % (rolling 12 months)
11.9% 12.3%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
Q2/2014 Q2/2015
On a rolling 12 months basis ROI improved to 12.3% (11.9%)
ROI was supported by a higher share of service sales, improved margins and reduction of non-productive fleet
On a rolling 12 months basis, Return on equity (ROE) was 11.5% (12.1%*) at the end of the second quarter
12.1%* 11.5%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
Q2/2014 Q2/2015
*Tax rate in the period July 2013 to June 2014 was artificially low due to changes in tax rates in the end of 2013
© 2015 Ramirent 7
Ramirent signed a nationwide lift rental agreement with Statoil in Norway
Ramirent signed a nationwide four-year frame agreement with Statoil in Norway for the rental of lifts
According to the agreement, Ramirent will supply lifts to be used for modification and maintenance work at Statoil's onshore facilities in Norway
The agreement extends Ramirent’s offer to the Oil & Gas industry to also cover access equipment
Interim report January–June 2015 l 6 August 2015
© 2015 Ramirent 8
Ramirent and NCC Roads explore possibilities for closer cooperation in road and traffic safety
Ramirent and NCC Roads signed a Letter of Intent to explore possibilities for closer cooperation in road and traffic safety in all Nordic countries
Ramirent’s network of 200 customer centres in the Nordic region provides good synergies in working together with NCC Roads
Interim report January–June 2015 l 6 August 2015
© 2015 Ramirent 9
Our efficiency programme and work on the improvement agenda NextRamirent proceeded
Interim report January–June 2015 l 6 August 2015
More proactive
More competent
More conscious
More safe and green
More efficient
EXAMPLES OF INITIATIVES H1/2015
• Developing Solutions sales and Customer Centre sales organisations
• Building centres of excellence in Solutions sales • Sales performance management
• Developing pricing management procedures • New management structure
• Participation in Tekniksprånget (Technology Lead)
internship programme run by IVA (Ingenjörsvetenskapsakademien)
• Introducing Ramirent management trainee programme
• Successful introduction of fall protection brand GuardLite™ in Sweden and Norway
• LoI signed with NCC Roads to explore cooperation possibilities in road & traffic safety
• Centralising repair and maintenance operations • Reducing non-productive and non-available fleet • Shared Service Centre in Estonia • eProcurement system implemented
10
Group performance
Segment review
Market outlook
Key figures
Financial position
Company overview
Appendix
© 2015 Ramirent 11
Finland Q2/2015: Price pressure and slow underlying demand except in Southern Finland
Net sales (MEUR) Highlights Q2/2015
36.4 39.0 39.4
05
101520253035404550
Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2
Profitability Key figures
Demand in the Finnish market was sluggish, except for Southern Finland where demand for rental equipment was supported by ongoing construction activity
EBITA margin was impaired by price pressure and a higher share of services income compared to last year
Net sales up by 1.0%
0%
5%
10%
15%
20%
25%
30%
Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2
EBITA-margin (%) ROCE (%) R12
Interim report January–June 2015 l 6 August 2015
Key figures 4–6/15 4–6/14 Change 1–6/15 1–6/14 Change
Net sales 39.4 39.0 1.0% 71.5 70.6 1.1%
EBITA 4.5 6.0 −25.7% 5.3 8.9 −41.1%
% of net
sales 11.3% 15.4% 7.4% 12.7%
Capex 9.9 22.3 −55.6% 14.0 26.5 −47.1%
Capital
employed 117.2 127.0 −7.7%
ROCE (%) 12.9% 19.9%
Personnel
(FTE) 482 532 −9.4%
Customer
centres 59 68 −13.2%
© 2015 Ramirent 12
Sweden Q2/2015: Sales growth driven by high construction activity
Net sales (MEUR) Highlights Q2/2015
53.1 48.7
56.8
0
10
20
30
40
50
60
Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2
Key figures
Sales growth was supported by high construction activity, progress in Solutions projects and the acquisition of weather shelter and scaffolding company DCC
EBITA improved due to higher sales, price levels and fleet utilisation rates
EBITA includes a non-recurring income of 3.8 MEUR from the settlement of earn-out in the acquisition of the company DCC
Net sales up by 16.6% or by 20.0% at
comparable exchange rates
1) EBITA excluding non-recurring items was EUR 8.3 million or 14.6% of net sales in April–June 2015 and EUR 13.4 million or 12.4% in January–June 2015. The settlement of earn-out in the weather shelter and scaffolding company DCC acquired in 2014, resulted in EUR 3.8 million non-recurring income in Q2 2015.
Profitability
0%
5%
10%
15%
20%
25%
30%
Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2
EBITA-margin (%) ROCE (%) R12
Interim report January–June 2015 l 6 August 2015
Key figures 4–6/15 4–6/14 Change 1–6/15 1–6/14 Change
Net sales 56.8 48.7 16.6% 107.8 94.1 14.6%
EBITA 12.11) 6.7 80.7% 17.21) 10.9 57.9%
% of net
sales 21.4%1) 13.8% 16.0%1) 11.6%
Capex 18.4 35.9 −48.9% 22.3 45.8 −51.3%
Capital
employed 187.7 167.5 12.0%
ROCE (%) 17.9% 16.7%
Personnel
(FTE) 776 764 1.6%
Customer
centres 80 74 8.1%
© 2015 Ramirent 13
Norway Q2/2015: Lower demand from building construction sector and continued price pressure
Net sales (MEUR) Highlights Q2/2015
38.8
33.8 31.0
0
5
10
15
20
25
30
35
40
45
Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2
Key figures
Net sales down by 8.4% or by 4.4% at
comparable exchange rates
Profitability
0%
5%
10%
15%
20%
25%
30%
Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2
EBITA-margin (%) ROCE (%) R12
Interim report January–June 2015 l 6 August 2015
Net sales were hampered by lower demand from building construction, which was not offset by demand from infrastructure construction
Profitability affected negatively by lower net sales and continued price pressure
Key figures 4–6/15 4–6/14 Change 1–6/15 1–6/14 Change
Net sales 31.0 33.8 −8.4% 62.0 67.8 −8.6%
EBITA 2.9 4.2 −31.3% 3.9 6.8 −42.5%
% of net
sales 9.4% 12.5% 6.3% 10.0%
Capex 4.5 4.8 −6.6% 7.0 9.7 −27.3%
Capital
employed 134.1 138.9 −3.5%
ROCE (%) 6.7% 9.5%
Personnel
(FTE) 413 449 −8.2%
Customer
centres 43 43 −
© 2015 Ramirent 14
Denmark Q2/2015: Cost reduction measures are showing results
Net sales (MEUR) Highlights Q2/2015
11.2
9.1
10.6
0
2
4
6
8
10
12
14
Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2
Key figures
Demand driven by Solutions projects mainly in the public sector and strong construction activity in the Copenhagen area
Profitability supported by lower fixed cost level compared to the previous year
Development of the Danish organisation and customer centre network will continue in 2015 to improve profitability
Net sales increased by
17.2%
Profitability
-30%
-25%
-20%
-15%
-10%
-5%
0%
5%
Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2
EBITA-margin (%) ROCE (%) R12
Interim report January–June 2015 l 6 August 2015
Key figures 4–6/15 4–6/14 Change 1–6/15 1–6/14 Change
Net sales 10.6 9.1 17.2% 20.0 18.7 7.2%
EBITA 0.3 −1.7 n/a −1.1 −2.9 62.0%
% of net sales 2.8% −19.1% −5.4% −15.3%
Capex 0.7 1.7 −60.4% 1.6 1.7 −7.7%
Capital
employed 26.6 25.8 3.2%
ROCE (%) −9.0% −20.8%
Personnel
(FTE) 151 136 11.0%
Customer
centres 15 16 −6.3%
© 2015 Ramirent 15
Europe East Q2/2015: Continued strong profitability in the Baltics
Net sales (MEUR) Highlights Q2/2015
7.6 8.2 8.5
0
2
4
6
8
10
12
Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2
Key figures
Net sales up by 4.1%
Baltics: - Sales increase was driven by demand from building construction and rental related services - Strict fixed cost control was maintained by a lean and effective organisational structure
Fortrent: Higher prices and contingency measures implemented in the previous year supported EBITA
Profitability
Interim report January–June 2015 l 6 August 2015
0%
5%
10%
15%
20%
25%
30%
35%
Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2
EBITA-margin (%) in the Baltics ROCE (%) R12 in the Baltics
Key figures 4–6/15 4–6/14 Change 1–6/15 1–6/14 Change
Net sales 8.5 8.2 4.1% 15.1 14.4 4.9%
EBITA 1.7 1.0 76.7% 1.9 0.9 113.6%
% of net
sales 20.4% 12.1% 12.4% 6.1%
Capex 9.3 4.7 96.2% 13.0 7.4 76.0%
Capital
employed 52.2 63.5 −17.8%
ROCE (%) 13.4% 10.0%
Personnel
(FTE) 257 233 10.3%
Customer
centres 43 42 2.4%
© 2015 Ramirent 16
Europe Central Q2/2015: Increasing demand and improving profitability
Net sales (MEUR) Highlights Q2/2015
14.1 13.3 13.7
0
2
4
6
8
10
12
14
16
18
Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2
Key figures
Net sales up by 2.7% or by 1.4% at
comparable exchange rates
Profitability
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2
EBITA-margin (%) ROCE (%) R12
Interim report January–June 2015 l 6 August 2015
In Poland, demand was supported by increased construction activity and several power plant projects
The comparative period included a large industrial project in Slovenia
In Czech republic and Slovakia, demand was fuelled by road as well as warehouse and logistics projects
Key figures 4–6/15 4–6/14 Change 1–6/15 1–6/14 Change
Net sales 13.7 13.3 2.7% 24.7 25.2 −1.8%
EBITA 0.9 0.8 9.7% 0.3 −0.4 n/a
% of net
sales 6.2% 5.8% 1.2% −1.7%
Capex 3.2 4.0 −22.0% 5.5 5.6 −2.7%
Capital
employed 51.3 58.7 −12.7%
ROCE (%) 4.2% 1.1%
Personnel
(FTE) 489 482 1.4%
Customer
centres 55 58 −5.2%
Group performance
Segment review
Market outlook
Key figures
Financial position
Company overview
Appendix
17
© 2015 Ramirent 18
Favourable market conditions in Sweden, Denmark and Europe Central countries
Construction association’s estimates on construction output 2015
Nordic countries
Baltics and Europe Central
2015E
Finland 0.0%
Sweden 5.0%
Norway 2.6%
Denmark 1.2%
2015E
Estonia -4.0%
Latvia -6.0%
Lithuania 1.0%
Poland 9.7%
The Czech Republic 4.3%
Slovakia 2.1%
Source: Euroconstruct 6/2015
Ramirent’s expectation on overall demand by equipment rental market 2015
Interim report January–June 2015 l 6 August 2015
© 2015 Ramirent
0
5
10
15
20
25
30
35
40
45
50
Finland Sweden Norway Denmark
Residential construction Non-residential construction Infrastructure construction
19
Several sectors growing in Nordic construction
Change in construction output by sector in the Nordics 2015 vs. 2014
+10.4%
billion EUR
Interim report January–June 2015 l 6 August 2015
+4.7%
+4.9%
+3.6%
+2.4%
Source: Euroconstruct 6/2015
0.0%
5.0%
2.6%
1.2%
Total Nordic construction market is expected to grow by 2.3% in 2015
+0.2%
+0.1%
-0.4%
-1.1%
+1.0% +0.7%
+0.2%
© 2015 Ramirent 20
Second-quarter Nordic construction order books increased by 1.3% at comparable exchange rates
Nordic construction companies order books (at comparable exchange rates)
billion Second-quarter Nordic construction order books including Skanska, NCC, YIT and Lemminkäinen increased by 1.3% at comparable exchange rates
Ramirent's rolling 12 months net sales amounted to 624.2 MEUR, up by 2.7% at comparable exchange rates
-40%
-20%
0%
20%
40%
60%
0
2
4
6
8
10
12
14
Q1 2007
Q2 Q3 Q4 Q1 2008
Q2 Q3 Q4 Q1 2009
Q2 Q3 Q4 Q1 2010
Q2 Q3 Q4 Q1 2011
Q2 Q3 Q4 Q1 2012
Q2 Q3 Q4 Q1 2013
Q2 Q3 Q4 Q1 2014
Q2 Q3 Q4 Q1 2015
Q2
NCC Skanska
YIT Lemminkäinen
Change in Net sales (y-o-y), R12 Ramirent Change in order backlog (y-o-y), Nordic construction
Interim report January–June 2015 l 6 August 2015
Ramirent expects the market
picture for 2015 to remain mixed,
with challenging market conditions
especially in Finland and Norway.
We expect full-year 2015 net sales
and EBITA margin to be similar to
the level of 2014 when measured
in local currencies.
Ramirent outlook for full year 2015 unchanged
Group performance
Segment review
Market outlook
Key figures
Financial position
Company overview
Appendix
© 2015 Ramirent 23
Finland Sweden Norway Denmark Baltics Central
Ro
llin
g 1
2
mo
nth
s
net
Sale
s
(M
EU
R)
Ro
llin
g 1
2 m
on
ths
EB
ITA
marg
in e
xcl.
n
on
-recu
rrin
g
item
s
(%
)
Q2/2014 Q2/2015
Rolling 12 months EBITA excl. non-recurring items improved in Denmark, the Baltics and Central Europe
16.7% 15.4%
11.0%
-9.8%
18.8%
4.7%
12.1%
15.1%
10.2%
-5.0%
22.1%
6.7%
-10%
-5%
0%
5%
10%
15%
20%
25%
Finland Sweden Norway Denmark The Baltics Europe Central
151.1
198.0
144.5
42.3 32.6
57.3
153.6
214.7
129.9
40.7 34.6 52.7
0.0
50.0
100.0
150.0
200.0
Finland Sweden Norway Denmark The Baltics Europe Central
Non-recurring items impacting R12 EBITA-margin Q2/2015: Sweden: Q2/2015 includes 3.8 MEUR non-recurring income from the settlement of earn-out in the weather shelter and scaffolding company DCC acquired in 2014 Sweden: 0.7 MEUR of restructuring costs were booked in Q4 2014 Finland: 1.5 MEUR of restructuring costs and asset write-downs were booked in Q4 2014 Norway: 2.2 MEUR of restructuring costs were booked in H2 2014 Denmark: 0.1 MEUR of restructuring costs were booked in Q4 of 2014 Europe Central: 1.1 MEUR of restructuring costs and asset write-downs were booked in Q4 2014
Interim report January–June 2015 l 6 August 2015
© 2015 Ramirent 24
Second-quarter net sales were driven by increased service income
Net sales (MEUR) Breakdown of net sales (MEUR)
98.1 99.8
47.9 54.9
5.8 4.7
0
20
40
60
80
100
120
140
160
180
Q2/2014 Q2/2015
Income from sold equipment
Ancillary income
Rental income
+1.7%
+14.6%
−18.0%
151.8
-2.8 10.4
159.4
0
20
40
60
80
100
120
140
160
180
Q2/2014reported
Exchange rates Underlyingchange
Q2/2015reported
Second-quarter sales up by 5.0% or by 6.9% at comparable exchange rates
Weaker Swedish and Norwegian krona impacted negatively on the net sales in euros
Net sales were driven by increasing service income and advancing large solutions projects
Share of ancillary income of Group sales was 34.4% (31.5%) in the second quarter
Interim report January–June 2015 l 6 August 2015
© 2015 Ramirent 25
Interim report January–June 2015 l 6 August 2015
Fleet utilisation improvement driven by increased demand and reduction of non-productive fleet
Group efficiency utilisation* (%) R3 months
Group total fleet yield** (%) R3 months
Centralising repair & maintenance locations
Optimising fleet transports
Internal fleet transfers
Fleet management efficiency actions 1-6/2015
Reduction of non-productive and non-available fleet
∗) 𝐸𝑓𝑓𝑖𝑐𝑖𝑒𝑛𝑐𝑦 𝑢𝑡𝑖𝑙𝑖𝑠𝑎𝑡𝑖𝑜𝑛 =𝐴𝑐𝑞𝑢𝑖𝑠𝑖𝑡𝑖𝑜𝑛 𝑣𝑎𝑙𝑢𝑒 𝑜𝑓 𝑟𝑒𝑛𝑡𝑒𝑑 𝑓𝑙𝑒𝑒𝑡
𝐴𝑐𝑞𝑢𝑖𝑠𝑖𝑡𝑖𝑜𝑛 𝑣𝑎𝑙𝑢𝑒 𝑜𝑓 𝑡𝑜𝑡𝑎𝑙 𝑓𝑙𝑒𝑒𝑡∗ 100 %
∗∗) 𝑇𝑜𝑡𝑎𝑙 𝐹𝑙𝑒𝑒𝑡 𝑌𝑖𝑒𝑙𝑑 =𝑅𝑒𝑛𝑡𝑎𝑙 𝑖𝑛𝑐𝑜𝑚𝑒 ∗ 100 %
𝐴𝑐𝑞𝑢𝑖𝑠𝑖𝑡𝑖𝑜𝑛 𝑣𝑎𝑙𝑢𝑒 𝑜𝑓 𝑡𝑜𝑡𝑎𝑙 𝑓𝑙𝑒𝑒𝑡
© 2015 Ramirent 26
Efforts to improve gross margin continued
Second–quarter gross profit improved compared
to the first quarter and amounted to 101.1
(87.6) MEUR or 63.4% (62.3%)
Gross margin Q2/2015 Gross profit (MEUR) Q2/2015
87.6 101.1
0
20
40
60
80
100
120
Q1/2015 Q2/2015
Gross margin was impacted by a higher share of service sales, transportation costs, increased rental expenses due to outsourced operations and price pressure especially in Finland and Norway
Interim report January–June 2015 l 6 August 2015
68.8% 66.0%
63.4%
0%
10%
20%
30%
40%
50%
60%
70%
80%
Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2
© 2015 Ramirent 27
Optimisation of the customer centre network continued
Customer centres Personnel (FTE)
Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2
Finland Sweden Norway Denmark Europe East -Baltics Europe Central
In Finland and Europe Central, Ramirent closed
and merged customer centres in the second
quarter of 2015
Outsourcing of non-core operations and contingency actions reduced personnel in Finland and Norway compared to the previous year
In Sweden, the personnel increased due to acquisitions in 2014, however, mitigated by further streamlining of the organisation
Finland
482
Sweden
776
Norway
413
Denmark
151
Baltics 257
Europe
Central 489
Group:
2,6821) (2,651)
Interim report January–June 2015 l 6 August 2015
295 301 325
1) Including personnel in Ramirent Shared Service AS
© 2015 Ramirent 28
Fixed costs well under control – strong basis for operating leverage
Fixed costs (MEUR) and % of Group net sales
61.5 58.6 60.0
38.3% 38.6% 37.6%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0
10
20
30
40
50
60
70
80
Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2
Second-quarter fixed costs 60.0 (58.6) MEUR
• Employee benefit expenses 37.6 (37.5) MEUR
• Other operating expenses 22.4 (21.2) MEUR
Rolling 12 months fixed costs 238.4 (244.6) MEUR or 38.2% (39.3%) of net sales
Rolling 12 months fixed costs excl. non-recurring costs 234.1(243.1) MEUR or 37.5% (39.0%) of net sales
Interim report January–June 2015 l 6 August 2015
© 2015 Ramirent 29
Group's reported rolling 12 months EBITA margin at 10.8%
11.3% 10.8%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
Q2/2014 (R12) Q2/2015 (R12)
Reported rolling 12 months EBITA 67.7
(70.1) MEUR or 10.8% (11.3%) of net
sales
Reported second-quarter EBITA margin
improved to 13.2% (10.7%) of net sales
EBITA margin (rolling 12 months) EBITA margin (quarterly and R12)
Interim report January–June 2015 l 6 August 2015
11.0%
14.6%
14.1%
10.7%
13.2%
8.8%
14.1%
15.4%
11.3%
10.8%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
Q12011
Q2 Q3 Q4 Q12012
Q2 Q3 Q4 Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2
EBITA-margin (%) EBITA-margin (%) (R12)
© 2015 Ramirent 30
Rolling 12 months EBITA excluding non-recurring items was 69.5 MEUR or 11.1 % of net sales
EBITA (MEUR) Q2/2015 rolling 12 months basis
1) Non-recurring items: -the loss from disposal Hungary 1.9 MEUR -1.5 MEUR restructuring costs in Denmark
2) Restructuring and asset write-downs by segment:
Norway 2.2 MEUR
Finland 1.5 MEUR
Central 1.1 MEUR
Sweden 0.7 MEUR
Denmark 0.1 MEUR
2) Including a EUR 3.8 million non-recurring income due to the settlement of earn-out from weather shelter and scaffolding company DCC acquired in 2014
Q2/2015 EBITA (R12) excl. non-recurring items was 69.5 (73.5) MEUR or 11.1% (11.8%) of net sales
11.3% 11.8% 10.8% EBITA margin 11.1%
70.1 67.7
3.41) 73.5
1.82) 69.5
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
Q2/2014 (R12)
reported
non-recurring
items
Q2/2014 (R12)
excl. non-
recurring items
Q2/2015 (R12)
reported
non-recurring
items
Q2/2015 (R12)
excl. non-
recurring items
Interim report January–June 2015 l 6 August 2015
© 2015 Ramirent 31
Ramirent is continuing to focus on improving the profitability level through the efficiency programme
Rolling 12 months EBITA margin excl. non-recurring items by segment (%)
12.1
15.1
10.2
-5.0
22.1
6.7
11.1
-5
0
5
10
15
20
Finland Sweden Norway Denmark Baltics Europe
Central
Group
18%
10%
Target = 17%
Interim report January–June 2015 l 6 August 2015
© 2015 Ramirent 32
Selective fleet investments to strengthen our offering
Gross capital expenditure (MEUR) and % of net sales
30.0
78.3
46.8
18.7%
51.6%
29.4%
0%
10%
20%
30%
40%
50%
60%
0
10
20
30
40
50
60
70
80
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3 Q4 Q1
2015
Q2
Gross Capex Share of net sales-%
Second-quarter gross capex 46.8 (78.3) MEUR of which 0.0 (46.0) MEUR related to acquisitions
Second-quarter investments in machinery and equipment 44.5 (50.1) MEUR
First-half gross capex decreased to 65.0 (101.8) MEUR of which 0.0 (46.0) related to acquisitions
First-half investments in machinery and equipment 60.4 (72.1) MEUR
Interim report January–June 2015 l 6 August 2015
© 2015 Ramirent 33
Capital expenditures focused on Sweden
Capital expenditure by segment (MEUR)
Investments in the fleet
26.5
45.8
9.7
1.7
7.4
5.6
14.0
22.3
7.0
1.6
13.0
5.5
0 10 20 30 40 50
Finland
Sweden
Norway
Denmark
East
CentralH1/2015
H1/2014
Committed investments on rental machinery amounted to 25.2 (17.0) MEUR at the end of the second quarter
Sales value of sold rental machinery and equipment was 4.7 (5.8) MEUR in the second quarter
Capital expenditure in the comparative period includes the acquisitions of Kurko-Koponen in Finland and weather shelter company DCC as well as ownership stake in Safety Solutions Jonsereds in Sweden
Interim report January–June 2015 l 6 August 2015
© 2015 Ramirent 34
Cash flow after investments decreased slightly compared to the previous year
Cash flow after investments (MEUR) Cash conversion (MEUR and %)
-5.2
-19.4 -22.3
-30
-20
-10
0
10
20
30
40
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3 Q4 Q1
2015
Q2
The Group’s cash flow after investments -22.3 (-19.4) MEUR in the second quarter
Second-quarter cash flow was affected by earn-out payments connected to the acquisition of the weather shelter and scaffolding company DCC
The Group's first-half cash flow from operations 47.4 (51.1) MEUR
First-half cash flow after investments improved to -21.4 (-24.5) MEUR
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
-80
-60
-40
-20
20
40
60
80
EBITDA (MEUR)
Cashflow after investments (MEUR)
Cash Conversion
Interim report January–June 2015 l 6 August 2015
© 2015 Ramirent 35
Rolling 12 months return on investment improved to 12.3%
Return on investment % (rolling 12 months) ROI % and Invested capital MEUR
11.9% 12.3%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
Q2/2014 Q2/2015
602 611 611 602
19.0% 19.2%
11.9% 12.3%
0%
5%
10%
15%
20%
25%
0
100
200
300
400
500
600
700
Q1
2012
Q2 Q3 Q4 Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3 Q4 Q1
2015
Q2
Rolling 12 months ROI at the end of June 2015 was 12.3% (11.9%)
Return on investment improved due to a higher share of service sales, improved margins and reduction of non-productive fleet
The Group's invested capital decreased to 602.4
(610.5) MEUR in the second quarter
Interim report January–June 2015 l 6 August 2015
© 2015 Ramirent 36
ROCE improved in all segments except Finland and Norway where challenging market conditions continue
12.9%
17.9%
6.7%
-9.0%
13.4%
4.2%
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
Finland Sweden Norway Denmark East Central
Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15
In Sweden, ROCE was positively impacted by a higher service sales and improved margins
In Europe East, ROCE strengthened mainly as a result of improved margins in the Baltics
In Europe Central, improved margins and reduction of non-productive fleet contributed positively to the ROCE
How we are improving ROCE %?
Pricing
Growing service business
Strict cost control
Focus on fleet utilisation
Working capital management
Return on capital employed % (rolling 12 months)
Interim report January–June 2015 l 6 August 2015
© 2015 Ramirent 37
Return on equity at 11.5%
Return on equity % (rolling 12 months) ROE % and Total equity (MEUR)
12.1%* 11.5%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
Q2/2014 Q2/2015
319
344
325
304 19.0%
19.3%
12.1% 11.5%
-5%
0%
5%
10%
15%
20%
25%
0
50
100
150
200
250
300
350
400
Q1
2012
Q2 Q3 Q4 Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3 Q4 Q1 Q2
Rolling 12 months ROE was 11.5%
(12.1%*) at the end of June 2015
Financial target: ROE of 18% over a
business cycle
The Group's total equity amounted to MEUR 303.6
(324.7) at the end of June 2015
Equity per share was 2.81 (3.00) at the of end of
the second quarter 2015
Target 18%
Interim report January–June 2015 l 6 August 2015
*Tax rate in the period July 2013 to June 2014 was artificially low due to changes in tax rates in the end of 2013
38
Group performance
Segment review
Market outlook
Key figures
Financial position
Company overview
Appendix
© 2015 Ramirent 39
Strong balance sheet with Net debt to EBITDA ratio of 1.8x at the end of the second quarter
Net debt (MEUR) Net debt to EBITDA ratio
264.2 273.4
297.1
0
50
100
150
200
250
300
350
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3 Q4 Q1
2015
Q2
1.4x
1.2x
1.6x
1.8x
0.0
0.5
1.0
1.5
2.0
2.5
Q1
2012
Q2 Q3 Q4 Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3 Q4 Q1
2015
Q2
Net debt increased compared to the previous
year amounting to 297.1 (273.4) MEUR
Second-quarter net debt was impacted by 43.1
MEUR in dividend payment in April
Net debt to EBITDA 1.8x (1.6x) at the end of June
2015
Ramirent holds one of the strongest balance
sheets in the equipment rental industry
Interim report January–June 2015 l 6 August 2015
Target: Below 1.6x at
the end of each fiscal year
© 2015 Ramirent 40
Gearing was above previous year's level due to increased net debt
Equity ratio (%) Gearing (%)
43.1% 40.3%
39.0%
0%
10%
20%
30%
40%
50%
60%
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3 Q4 Q1
2015
Q2
76.8%
84.2%
97.9%
0%
20%
40%
60%
80%
100%
120%
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3 Q4 Q1
2015
Q2
Second-quarter equity ratio decreased to 39.0%
(40.3%)
Total equity amounted to 303.6 (324.7) MEUR at the
end the second quarter
Due to increased net debt gearing was higher than
in the previous year at 97.9% (84.2%)
Net debt 297.1 (273.4) MEUR at the end of June
2015
Interim report January–June 2015 l 6 August 2015
© 2015 Ramirent 41
Working capital at 7.1% at the end of the second quarter
Working capital (MEUR) Working capital / Rolling 12 months net sales
7.2%
5.4% 6.4%
4.6%
7.1%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
Q1
2011
Q2 Q3 Q4 Q1
2012
Q2 Q3 Q4 Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3 Q4 Q1
2015
Q2
Second-quarter credit losses and change in the
allowance for bad debt amounted to -1.2 (0.0) MEUR
Second-quarter inventories increased to 18.4 (13.2)
MEUR
Working capital of rolling 12 months net sales was
7.1% (4.6%) at the end of the second quarter
Dividend of 43.1 (39.9) MEUR was paid in April
2015
15.0 13.2 18.4
128.7 115.6
118.7
-98.2 -100.0 -92.9
-200
-150
-100
-50
0
50
100
150
200
Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2
Trade payables and other liabilities
Trade and other receivables
Inventories
Interim report January–June 2015 l 6 August 2015
© 2015 Ramirent 42
At the end of June 2015, Ramirent had unused committed back–up loan facilities of EUR 118.1 million
Repayment schedule of interest-bearing liabilities (MEUR) Ramirent had unused committed back-up loan facilities of 118.1 (140.6) MEUR available at the end of the second quarter
The average interest rate of the loan portfolio including interest rate hedges was 2.4% (2.9%) at the end of the second quarter
In addition to bank facilities, Ramirent is utilising a domestic commercial paper program of up to 150 MEUR
Net debt EUR 297.1 million
EUR 415.0 million in committed credit facilities
Senior unsecured bond
Interim report January–June 2015 l 6 August 2015
75
95
100
145
2015 2016 2017 2018 2019 2020
© 2015 Ramirent 43
The AGM authorised the Board to decide at its discretion to
distribute an additional dividend of max. EUR 0.60 per share
Earnings Per Share and Dividend Per Share
0.13
0.41
0.59
0.50
0.30
0.25 0.28
0.34 0.37
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
0.90
1.00
2010 2011 2012 2013 2014
EPS DPS
An ordinary dividend of EUR 0.40 (0.37) per share was paid on 10 April 2015
The AGM 2015 authorised the Board to decide at its discretion on the payment of an additional dividend up to the amount of EUR 0.60 per share
The authorisation is valid until the Annual General Meeting 2016
At times when cash generation is above the level likely to be required to support growth, the Board will consider paying higher than ordinary dividends
1.00
0.40
0.60
Interim report January–June 2015 l 6 August 2015
© 2015 Ramirent 44
Ramirent’s long-term financial targets
Leverage and risk
Profit generation
Dividend
Element Target level
ROE
Net Debt / EBITDA
ratio
Dividend pay-out
ratio
18% p.a. over a business cycle
Below 1.6x at the end of each fiscal year
At least 40% of Net profit
Measure 1-6/2015
11.5%
1.8x
132% of 2014 net profit
STATED OBJECTIVES
Interim report January–June 2015 l 6 August 2015
For further information:
Magnus Rosén, President and CEO, tel. +358 20 750 2845 Jonas Söderkvist, CFO, tel. +358 20 750 3248 Franciska Janzon, IR, tel. +358 20 750 2859
www.ramirent.com
46
Group performance
Segment review
Market outlook
Key figures
Financial position
Company overview
Appendix
© 2015 Ramirent
Ramirent is a generalist equipment rental and service company
47
Where
Geographic presence
Home market Europe with focus on the Baltic Rim
How
Concept Ramirent is a generalist rental company, with an extensive customer centre network enabling customer proximity while managing through decentralised operations
What
Offering Ramirent’s business offering stretches from single products to managing the entire fleet capacity at a customer site
Who
Customers Ramirent’s diverse customer base includes construction, industry, services, the public sector and private households
295 customer centres in 10
countries
2,682 employees serving 200,000 customers with
200,000 rental items
MEUR 614 of sales (full-year 2014)
Definition of Ramirent's business and strategic choices
Interim report January–June 2015 l 6 August 2015
© 2015 Ramirent 48
Vision
To be the leading and most progressive equipment rental solutions company in Europe, setting the benchmark for industry performance and customer service
Values Open
Engaged
Progressive
Mission
We simplify business by delivering Dynamic Rental SolutionsTM
Brand promise
More than Machines
Our strategic choices
Interim report January–June 2015 l 6 August 2015
© 2015 Ramirent 49
Strong market position in core Baltic Rim markets
Europe Central
(PL+CZ+SL)
# 1 55 customer
centres
Finland # 1
59 customer centres
Sweden # 2
80 customer centres
Norway # 1
43 customer centres
Denmark # 3
15 customer centres
Europe East –Baltics
# 2 43 customer
centres
Finland 24%
Sweden 36%
Norway 21%
Denmark 7%
Europe East -Baltics
5%
Europe Central 8%
Sales per customers 1-6/2015
Construction 60%
Industrial 18%
Services & Retail 15 %
Public 4%
Other 2%
Private 2%
Group sales generated from non-construction sectors on a par with the target of 40%
Russia and Ukraine presence through JV Fortrent
Sales per segment 1-6/2015
Fehmarnbelt Solutions Services A/S, JV with Zeppelin Rental
Interim report January–June 2015 l 6 August 2015
© 2015 Ramirent 50
614
0 200 400 600 800 1000
Loxam
Cramo
Algeco Scotsman
(EMEA)
Ramirent
Kiloutou
Speedy Hire
Select Plant Hire
HSS Hire
Zeppelin Rental
Sarens (Europe)
Net sales 2014 (MEUR) Net sales 2014 (MEUR)
Top 10 rental companies in Europe Top 15 rental companies globally
One of the leading equipment rental companies both in Europe (#4) and globally (#14)
614
0 1000 2000 3000 4000 5000
United Rentals
Ashtead Group
Algeco Scotsman
Aktio Corp
Herz Equipment Rental
Kanamoto
Coates Hire
Loxam
Nishio Rent
Nikken Corp
Cramo
Sarens
Ramirent
Kiloutou
Interim report January–June 2015 l 6 August 2015
51
Our offering
MODULE AND SITE EQUIPMENT
HEAVY MACHINERY ACCESS EQUIPMENT
PLANNING
LIGHT EQUIPMENT
LOGISTICS
ON-SITE SERVICES
RENTAL INSURANCE
TRAINING ACCESSORIES
Ramirent SpaceSolveTM
Ramirent SafeSolveTM
Ramirent EcoSolveTM
Ramirent PowerSolveTM
Ramirent ClimateSolveTM
Ramirent AccessSolveTM
Ramirent TotalSolveTM
MACHINERY AND EQUIPMENT SERVICES
SOLUTION AREAS
Interim report January–June 2015 l 6 August 2015
© 2015 Ramirent 52
Equipment Services
Rental Business and Sector Knowledge
Benefits Lighter balance sheets, less investments
Benefits More uptime in core operations due to less downtime in equipment, less maintenance costs, right choice of equipment improves efficiency, less product liability risk
Benefits Understanding customer requirements helps to customise product selection and further improve productivity
Heavy Equipment
Access Equipment Lifts, Hoists,
Scaffolding, Tower cranes
Modules and site equipment
Light Equipment Tools, power and heating
equipment
• Planning
• On-site services
• Logistics
• Accessories
• Rental insurance
• Training
• Construction
• Mining
• Paper
• Power generation
• Oil & Gas
• Shipyards
• Retail & Service
• Public sector
• Households
Integrated Solutions
Benefits Easy to buy, reduced number of subcontractors, increased focus on the core business
Ramirent combines the best equipment, services and knowhow into integrated rental solutions
9%
32%
21%
37%
Share of Group rental income (1-6/2015)
Interim report January–June 2015 l 6 August 2015
© 2014 Ramirent 53
Through a diversified business portfolio
One company
Sustainable profitable
growth
Agility in managing business
We are committed to our long-term strategic objectives to achieve sustainable profitable growth
Customer first through NextRamirent
Realised synergies of scale and scope while maintaining local accountability
More Proactive
More Competent
More Conscious
More Safe & Green
More Efficient
Leading and most profitable general rental company in markets where present, growing in selected growth pockets
Geographies
Customers Competences
Products
improvement agenda
Interim report January–June 2015 l 6 August 2015
© 2015 Ramirent 54
Increased market share
Growth within current business
Extended customer value
proposition
Increasing services and integrated solutions
Increased penetration
Outsourcing opportunities
Increased footprint
New customer segments
New geographies
M&A
Acquisitions, joint ventures
and other transactions
1 2 3 4 5
The five components of Ramirent's growth strategy
Interim report January–June 2015 l 6 August 2015
© 2015 Ramirent 55
Room for rental penetration to further increase in the Nordic countries
Equipment rental penetration 2014E (%)
3.5%
2.0%
1.5% 1.7%
Rental penetration (%)*
Sweden Norway Finland Denmark
Source: European Rental Association 11/2014; Rental Turnover / Total construction output
HIG
H
ME
DIU
M
LO
W
Average penetration in Europe: 1.5%
Interim report January–June 2015 l 6 August 2015
© 2015 Ramirent 56
Ramirent has a proven track record in outsourcing deals and M&A transactions
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
M&A critera
Complimentary product ranges or related services
Extending geography to "white spots"
Strengthening links to new customer segments"
Outsourcing of customer's in-house fleets
Targets mid-size companies mainly
Bautas AS
(outsourcing)
Altima AB
(outsourcing)
Basis for Norwegian business
Basis for Swedish and Danish business
Acquisitions in Sweden, Poland
and Hungary
Expansion to the Czech Republic,
bolt-on acquisitions in Finland and
Sweden
Acquisitions in the Nordic countries
Entry into Slovakia
Acquisitions and outsourcings mainly in the
Nordic countries
Nine acquisitions and three
outsourcings
Entry into oil & gas industry in
Norway (Rogaland Planbygg)
Divestments of formwork
business in Finland and the
Hungarian operations
DCC
(outsourcing)
(tower cranes)
Fortrent JV with Cramo in Russia
& Ukraine
Interim report January–June 2015 l 6 August 2015
© 2015 Ramirent 57
Ramirent's Financial Business Model: Three complimentary drivers of value creation
• Volumes • Upselling
• Pricing • Fleet management • Sourcing • Cost structure • Quality of earnings
• Cash conversion • Capex • Working capital • Dividend • Capital Structure
Organic Growth Operating Leverage Financial Leverage
Cash Flow
Target EBITA margin of 17%
Net debt/ EBITDA target of below 1.6x (at y/e)
Capital
Expenditure
ROE target of 18% over the cycle
Dividend pay-out ratio: at least 40% of net profit
Interim report January–June 2015 l 6 August 2015
© 2015 Ramirent 58
Market Cap EUR 705.7 million
Trading information Listing: NASDAX Helsinki
Date of listing: April 30, 1998 Segment: Mid Cap Sector: Industrials
Trading code: RMR1V
16%
8%
12%
2%
31%
32%
Private companies
Public sector organizations
Households
Non-profit organizations
Foreigners
Finance and insurance companies
Shareholders June 30, 2015
Largest shareholders June 30, 2015
Number of shares
% of share
capital
1. Nordstjernan AB 30,393,716 27.96%
2. Oy Julius Tallberg Ab 12,207,229 11.23%
3. Nordea funds 5,056,420 4.65%
4. Ilmarinen Mutual Pension Insurance Company 3,945,154 3.63%
5. Varma Mutual Pension Insurance Company 3,640,865 3.35%
6. Aktia funds 2,290,658 2.11%
7. Ramirent Plc 970,649 0.88%
8. Oslo Pensjonsforsikring As 800,000 0.74%
9. Föreningen Konstamsamfundet 593,500 0.55%
10. Valtion eläkerahasto 532,000 0.49%
Other shareholders 48,277,137 44.41%
Total 108,697,328 100.00%
Largest shareholders at the end of June 2015
Interim report January–June 2015 l 6 August 2015
© 2015 Ramirent
Attractive market - structural growth drivers and cyclical recovery potential
Number 1 position - market leader in 7/10 countries
Strong platform - above industry average profitability, balanced risk level and increasing operational excellence
Growth potential - 5 point growth strategy to capitalise on strong position
Financial strength – industry leading cash generation and leverage potential to finance growth, drive ROE and increase dividends
Proven management track record – experienced management has reshaped the company since 2008
59
Return on equity of 18% over a business cycle
YE net debt to EBITDA of below 1.6x
Dividend pay-out ratio of at least 40% of net profit
EBITA margin of 17%
How will we deliver on our financial targets and create shareholder value?
Company highlights Stated objectives
Interim report January–June 2015 l 6 August 2015
60
Group performance
Segment review
Market outlook
Key figures
Financial position
Company overview
Appendix
© 2015 Ramirent 61
Interim report January–June 2015 l 6 August 2015
Consolidated statement of income
CONSOLIDATED STATEMENT OF INCOME 4–6/15 4–6/14 1–6/15 1–6/14 1–12/14
(EUR 1,000)
Rental income 99,834 98,146 187,439 184,870 395,341
Ancillary income 54,881 47,886 102,638 93,178 193,481
Sales of equipment 4,719 5,755 9,933 11,276 24,714
NET SALES 159,435 151,786 300,010 289,324 613,536
Other operating income 4,765 804 5,433 1,153 2,290
Materials and services −58,334 −51,563 −111,273 −96,420 −209,162
Employee benefit expenses −37,608 −37,468 −75,380 −74,597 −150,305
Other operating expenses −22,357 −21,178 −44,238 −44,971 −88,003
Share of result in associates and joint ventures 108 −152 58 −582 −486
Depreciation, amortisation and impairment charges −27,253 −28,009 −53,893 −54,312 −109,728
EBIT 18,755 14,219 20,718 19,595 58,143
Financial income 3,005 2,076 8,026 4,171 11,292
Financial expenses −5,108 −7,148 −12,307 −11,399 −26,974
Total financial income and expenses −2,103 −5,072 −4,280 −7,229 −15,683
EBT 16,652 9,147 16,437 12,367 42,460
Income taxes −3,410 −2,145 −3,361 −2,805 −10,370
RESULT FOR THE PERIOD 13,243 7,002 13,077 9,562 32,090
Result for the period attributable to:
Shareholders of the parent company 13,166 7,147 13,139 9,707 32,632
Non-controlling interest 77 −145 −62 −145 −542
TOTAL 13,243 7,002 13,077 9,562 32,090
Earnings per share (EPS) on parent company shareholders’ share of result
Basic, EUR 0.12 0.07 0.12 0.09 0.30
Diluted, EUR 0.12 0.07 0.12 0.09 0.30
© 2015 Ramirent 62
Consolidated statement of financial position
Interim report January–June 2015 l 6 August 2015
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 30/6/2015 30/6/2014 31/12/2014
(EUR 1,000)
ASSETS
NON–CURRENT ASSETS
Goodwill 141,952 140,529 139,780
Other intangible assets 45,495 45,745 46,720
Property, plant and equipment 420,476 438,805 406,001
Investments in associates and joint ventures 8,877 16,314 5,278
Non–current loan receivables 16,416 19,261 17,666
Available–for–sale investments 142 147 139
Deferred tax assets 619 677 605
TOTAL NON–CURRENT ASSETS 633,977 661,477 616,189
CURRENT ASSETS
Inventories 18,400 13,247 12,431
Trade and other receivables 118,732 115,576 109,370
Current tax assets 6,588 3,026 2,775
Cash and cash equivalents 1,728 12,356 3,129
TOTAL CURRENT ASSETS 145,449 144,205 127,705
TOTAL ASSETS 779,426 805,682 743,894
© 2015 Ramirent 63
Interim report January–June 2015 l 6 August 2015
Consolidated statement of financial position (cont.)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 30/6/2015 30/6/2014 31/12/2014
EQUITY AND LIABILITIES
EQUITY
Share capital 25,000 25,000 25,000
Revaluation fund −864 −1,559 −976
Invested unrestricted equity fund 113,862 113,767 113,767
Retained earnings from previous years 152,109 176,707 153,876
Result for the period 13,139 9,707 32,632
Equity attributable to the parent company shareholders 303,246 323,622 324,299
Non-controlling interest 316 1,103 693
TOTAL EQUITY 303,562 324,725 324,992
NON–CURRENT LIABILITIES
Deferred tax liabilities 49,910 53,928 50,798
Pension obligations 18,547 14,031 17,491
Non–current provisions 1,594 1,189 2,371
Non–current interest–bearing liabilities 187,433 203,907 206,685
Other non–current liabilities 9,355 24,355 19,890
TOTAL NON–CURRENT LIABILITIES 266,839 297,412 297,236
CURRENT LIABILITIES
Trade payables and other liabilities 92,870 99,988 92,798
Current provisions 1,108 447 1,455
Current tax liabilities 3,652 1,290 3,899
Current interest–bearing liabilities 111,395 81,820 23,514
TOTAL CURRENT LIABILITIES 209,025 183,546 121,666
TOTAL LIABILITIES 475,864 480,957 418,902
TOTAL EQUITY AND LIABILITIES 779,426 805,682 743,894
© 2015 Ramirent 64
Interim report January–June 2015 l 6 August 2015
Key financial figures
KEY FINANCIAL FIGURES 4–6/15 4–6/14 1–6/15 1–6/14 1–12/14
(MEUR)
Net sales, EUR million 159.4 151.8 300.0 289.3 613.5
Change in net sales, % 5.0% −5.6% 3.7% −7.7% −5.2%
EBITDA, EUR million 46.0 42.2 74.6 73.9 167.9
% of net sales 28.9% 27.8% 24.9% 25.5% 27.4%
EBITA, EUR million 21.0 16.2 25.2 23.3 65.8
% net sales 13.2% 10.7% 8.4% 8.0% 10.7%
EBIT, EUR million 18.8 14.2 20.7 19.6 58.1
% of net sales 11.8% 9.4% 6.9% 6.8% 9.5%
EBT, EUR million 16.7 9.1 16.4 12.4 42.5
% of net sales 10.4% 6.0% 5.5% 4.3% 6.9%
Result for the period attributable to the owners of the
parent company, EUR million 13.2 7.1 13.1 9.7 32.6
% of net sales 8.3% 4.7% 4.4% 3.4% 5.3%
Gross capital expenditure, EUR million 46.8 78.3 65.0 101.8 144.6
% of net sales 29.4% 51.6% 21.7% 35.2% 23.6%
Invested capital, EUR million, end of period 602.4 610.5 555.2
Return on invested capital (ROI), %1) 12.3% 11.9% 12.2%
Return on equity (ROE), %1) 11.5% 12.1% 9.4%
Interest–bearing debt, EUR million 298.8 285.7 230.2
Net debt, EUR million 297.1 273.4 227.1
Net debt to EBITDA ratio1) 1.8x 1.6x 1.4x
Gearing, % 97.9% 84.2% 69.9%
Equity ratio, % 39.0% 40.3% 43.7%
Personnel, average during reporting period 2,620 2,553 2,566
Personnel, at end of reporting period 2,682 2,651 2,576
1) The figures are calculated on a rolling twelve month basis
© 2015 Ramirent 65
Interim report January–June 2015 l 6 August 2015
Consolidated cash flow statement
CONSOLIDATED CASH FLOW STATEMENT 4–6/15 4–6/14 1–6/15 1–6/14 1–12/14
(EUR 1,000)
CASH FLOW FROM OPERATING ACTIVITIES
EBT 16,652 9,147 16,437 12,367 42,460
Adjustments
Depreciation, amortisation and impairment charges 27,253 28,009 53,893 54,312 109,728
Adjustment for proceeds from sale of used rental equipment 1,613 8,258 3,730 10,870 17,136
Financial income and expenses 2,103 5,072 4,280 7,229 15,683
Other adjustments −6,150 −3,071 −6,042 1,018 −6,140
Cash flow from operating activities before change in working capital 41,470 47,415 72,298 85,796 178,867
Change in working capital
Change in trade and other receivables −11,536 −4,044 −12,485 −2,015 −2,150
Change in inventories 1,250 −893 −5,900 −1,537 −1,472
Change in non–interest–bearing liabilities 4,879 6,892 9,470 −17,299 −12,302
Cash flow from operating activities before interest and taxes 36,064 49,370 63,384 64,944 162,942
Interest paid −2,855 −7,688 −6,597 −7,845 −10,418
Interest received 291 703 354 703 620
Income tax paid −4,379 −2,601 −9,719 −6,660 −12,646
NET CASH FLOW FROM OPERATING ACTIVITIES 29,120 39,784 47,423 51,141 140,499
© 2015 Ramirent 66
Interim report January–June 2015 l 6 August 2015
Consolidated cash flow statement (continued) CONSOLIDATED CASH FLOW STATEMENT 4–6/15 4–6/14 1–6/15 1–6/14 1–12/14
(EUR 1,000)
CASH FLOW FROM INVESTING ACTIVITIES
Acquisition of businesses and subsidiaries, net of cash −6,200 −27,272 −6,200 −27,272 −29,872
Investments in associates and joint ventures − − −736 − −
Investment in tangible non–current asset (rental equipment) −44,452 −32,109 −60,243 −52,767 −88,902
Investment in other tangible non–current assets −582 −493 −1,011 −578 −504
Investment in intangible non–current assets −1,760 −2,138 −2,798 −3,459 −9,680
Proceeds from sale of tangible and intangible non–current assets
(excluding used rental equipment) 77 1,850 186 7,482 7,713
Proceeds from sales of other investments 750 − 750 − −
Loan receivables, increase, decrease and other changes 755 1,000 1,250 1,000 2,594
NET CASH FLOW FROM INVESTING ACTIVITIES −51,411 −59,163 −68,802 −75,594 −118,651
CASH FLOW FROM FINANCING ACTIVITIES
Dividends paid −43,095 -39,858 −43,095 −39,858 −39,858
Changes in ownership interests in subsidiaries -5,475 − −5,475 − −
Borrowings and repayments of current debt (net) 70,177 74,053 87,880 80,063 22,686
Borrowings of non–current debt - - - - 2,651
Repayments of non–current debt −654 −5,245 −19,332 −5,245 −6,047
NET CASH FLOW FROM FINANCING ACTIVITIES 20,953 28,950 19,978 34,960 −20,567
NET CHANGE IN CASH AND CASH EQUIVALENTS
DURING THE FINANCIAL YEAR −1,338 9,572 −1,401 10,507 1,281
Cash at the beginning of the period 3,066 2,784 3,129 1,849 1,849
Translation differences − − − − −
Change in cash −1,338 9,572 −1,401 10,507 1,281
Cash at the end of the period 1,728 12,356 1,728 12,356 3,129
© 2015 Ramirent 67
Interim report January–June 2015 l 6 August 2015
Net sales
NET SALES 4–6/15 4–6/14 1–6/15 1–6/14 1–12/14
(MEUR)
FINLAND
- Net sales (external) 39.3 38.7 71.3 70.2 151.9
- Inter–segment sales 0.1 0.3 0.1 0.5 0.9
SWEDEN
- Net sales (external) 56.4 48.5 107.2 93.8 200.4
- Inter–segment sales 0.3 0.2 0.6 0.2 0.7
NORWAY
- Net sales (external) 30.9 33.9 61.8 67.3 135.1
- Inter–segment sales 0.1 −0.1 0.2 0.5 0.6
DENMARK
- Net sales (external) 10.6 9.1 20.0 18.7 39.4
- Inter–segment sales 0.0 − 0.0 − −
EUROPE EAST
- Net sales (external) 8.5 8.2 15.1 14.4 33.8
- Inter–segment sales 0.0 0.0 0.0 0.0 0.1
EUROPE CENTRAL
- Net sales (external) 13.7 13.3 24.7 24.9 52.9
- Inter–segment sales 0.0 0.0 0.0 0.3 0.3
Elimination of sales between segments −0.6 −0.4 −1.0 −1.5 −2.4
GROUP NET SALES 159.4 151.8 300.0 289.3 613.5
© 2015 Ramirent 68
Interim report January–June 2015 l 6 August 2015
EBITA
EBITA 4–6/15 4–6/14 1–6/15 1–6/14 1–12/14
(MEUR and % of net sales)
FINLAND 4.5 6.0 5.3 8.9 20.8
% of net sales 11.3% 15.4% 7.4% 12.7% 13.6%
SWEDEN 12.1 6.7 17.2 10.9 29.4
% of net sales 21.4% 13.8% 16.0% 11.6% 14.6%
NORWAY 2.9 4.2 3.9 6.8 14.0
% of net sales 9.4% 12.5% 6.3% 10.0% 10.3%
DENMARK 0.3 −1.7 −1.1 −2.9 −3.9
% of net sales 2.8% −19.1% −5.4% −15.3% −10.0%
EUROPE EAST 1.7 1.0 1.9 0.9 6.7
% of net sales 20.4% 12.1% 12.4% 6.1% 19.6%
EUROPE CENTRAL 0.9 0.8 0.3 −0.4 1.7
% of net sales 6.2% 5.8% 1.2% −1.7% 3.2%
Net items not allocated to segments −1.4 −0.8 −2.3 −1.0 −2.8
GROUP EBITA 21.0 16.2 25.2 23.3 65.8
% of net sales 13.2% 10.7% 8.4% 8.0% 10.7%
© 2015 Ramirent 69
Non-recurring items impacting EBITA by segment
Non-recurring items impacting EBITA 1–6/15 1–6/14 1–12/14
(MEUR)
FINLAND − − −1.52)
SWEDEN 3.81) − −0.73)
NORWAY − − −2.24)
DENMARK − − −0.15)
EUROPE EAST − − −
EUROPE CENTRAL − − −1.16)
Unallocated items and
eliminations − − −
TOTAL 3.8 − −5.7
1) The settlement of earn-out on
DCC, the weather shelter and
scaffolding division acquired in 2014,
resulted in EUR 3.8 million of non-
recurring income in the second
quarter of 2015
2) EUR 1.5 million of restructuring
costs and asset write-downs were
booked in the fourth quarter of 2014
3) EUR 0.7 million of restructuring
costs were booked in the fourth
quarter of 2014
4) EUR 2.2 million of restructuring
costs were booked in the second half
of the 2014
5) EUR 0.1 million of restructuring
costs were booked in the fourth
quarter of 2014
6) EUR 1.1 million of restructuring
costs and asset write-downs were
booked in the fourth quarter of 2014
Interim report January–June 2015 l 6 August 2015
For further information:
Magnus Rosén, President and CEO, tel. +358 20 750 2845 Jonas Söderkvist, CFO, tel. +358 20 750 3248 Franciska Janzon, IR, tel. +358 20 750 2859
www.ramirent.com
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