rr results q2_2012_final

INTERIM REPORT JANUARY-JUNE 20129 August 20129 August 2012

CEO Magnus RosénCFO Jonas Söderkvist

April - June 2012: Profitability improved further

Net sales MEUR 169.7 (149.5) up 13.5% or 12.8% at comparable exchange rates;Like-for-like* growth 4.9%

EBITDA MEUR 51.6 (40.6)

EBITDA-margin 30.4% (27.2%)

EBIT MEUR 22.7 (15.4)

Interim Report January-June 2012 l 9 August 2012 2

EBIT MEUR 22.7 (15.4)

EBIT-margin 13.4% (10.3%)

Gross capex MEUR 23.9 (44.6)

Cash flow after investmentsMEUR 7.3 (-20.4)

*Excluding acquisitions in Sweden and Norway

JanuaryJanuary-- June 2012: Good first half of the yearJune 2012: Good first half of the year

Net sales MEUR 334.1 (283.9) up 17.7% or 17.1% at comparable exchange rates;Like-for-like* growth 8.4%

EBITDA MEUR 93.5 (68.2)

EBITDA-margin 28.0% (24.0%)

EBIT MEUR 35.1 (18.1)


EBIT MEUR 35.1 (18.1)

EBIT-margin 10.5% (6.4%)

Gross capex MEUR 59.6 (76.5)

Cash flow after investmentsMEUR 13.6 (-31.1)

Net debt MEUR 280.6 (238.2)

Gearing 87.2% (80.4%)

Number of outlets 379 (399)

*Excluding acquisitions in Sweden and Norway

All financial targets were reached in Q2/12

Good sales growth based on

stengthened market positions and

rental rates

Growth was also fuelled by

aquisitions and outsourcing deals

Positive cash flow in Q2 2012

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

19 %

0 %

5 %

10 %

15 %

20 %

25 %

30 %

35 %

2005 2006 2007 2008 2009 2010 2011 Q2


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

*139%

-200 %

-100 %

0 %

100 %

200 %

300 %

2005 2006 2007 2008 2009 2010 2011 Q2 2012EPS Target

*R12 Q2 2012 vs. Q2 2011

2005 2006 2007 2008 2009 2010 2011 Q2 2012ROI Target

87 %

0 %

20 %

40 %

60 %

80 %

100 %

120 %

140 %

2005 2006 2007 2008 2009 2010 2011 Q2 2012Gearing Target

Capital turnover continued to develop positively and was 123% for the last 12 months

494

562 581 578

654

708 707

586565 552 544

515 524 508 509 496 508536

588 591568

605

80 %

100 %

120 %

140 %

160 %

400

500

600

700

800

MEUR

Invested capital by quarter

Interim Report January-June 2012 l 9 August 2012

Capital turnover amounted to 123% (109%) for the last 12 months at the end of June 2012

5

0 %

20 %

40 %

60 %

80 %

0

100

200

300

400

Q12007

Q2 Q3 Q4 Q12008

Q2 Q3 Q4 Q12009

Q2 Q3 Q4Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4Q12012

Q2

Invested capital Net sales/Invested capital, rolling 12 month

14 %13 %

21 %

25 %

13 %15 %

10 %

15 %

20 %

25 %

30 %

Change in net sales Q2 YoY, %

Net sales grew in all segments except Europe Central

18 %20 %19 %

30 %

15 %

21 %

15 %

20 %

25 %

30 %

35 %

Change in net sales 1-6 YoY, %


-19 %-25 %

-20 %

-15 %

-10 %

-5 %

0 %

5 %

-14 %-20 %

-15 %

-10 %

-5 %

0 %

5 %

10 %

13 %

17 % 17 %

14 %

11 %

10 %

15 %

20 %

EBIT margin Q2/12 vs. Q2/11

Also EBIT margin improved in all segments except Europe Central

EBIT margin 1-6/12 vs. 1-6/11

11 %

15 %15 %

11 %

6 %

10 %

15 %

20 %


2 %

1 %

-5 %

0 %

5 %

10 %

Q2 2011 Q2 2012

0 %

6 %

-7 %-10 %

-5 %

0 %

5 %

1-6 2011 1-6 20121-6 2011 1-6 2012Q2 2012Q2 2011

23.7

34.2

7.310,0

20,0

30,0

40,0

Cash flow Q2/12 vs. Q2/11

Positive cash flow generation in both Q2 and H1/2012

Cash flow 1-6/12 vs. 1-6/11

51.0

75.4

40,0

60,0

80,0

100,0


-20.4

7.3

-30,0

-20,0

-10,0

0,0

10,0

Cash flow from operations

Cash flow after investments

Q2/11 Q2/12

-31.1

13.6

-40,0

-20,0

0,0

20,0

40,0

Cash flow from operations


1-6/11 1-6/121-6/11 1-6/12Q2/12Q2/11

Adjusting operations in Europe Central where market conditions have weakened

Number of employees in

Europe Central reduced to

676 (879)

Operations are being

restructured for increased

cost efficiencies and


cost efficiencies and

synergies across the four

countries

Focus on broadening the

customer base especially in

the industrial sector and the

DIY market

Market outlook – Construction output forecasts

Country 2012F 2013F 2014F Source*

Nordic

Finland -2%/-2.6% - 0.0% 2.6% Finnish Construction Industries, RT**/ Euroconstruct

Sweden -1%/-2.5% - 2.2% 2.3% Swedish Construction Federation***/ Euroconstruct

Norway 4.0% 4.3% 3.4% Euroconstruct

Denmark 3.2% 2.3% 2.2% Euroconstruct

Europe Central

Poland 6.0% -2.1% 1.5% Euroconstruct

Czech Republic -7.2% -1.9% 0.8% Euroconstruct


Czech Republic -7.2% -1.9% 0.8% Euroconstruct

Slovakia -3.0% 4.8% 3.6% Euroconstruct

Hungary -3.6% 0.6% 6.6% Euroconstruct

Europe East

Russia 0-5% - 0-5% 0.5% Euroconstruct

Estonia 15.0% 0.0% -2.0% Euroconstruct

Latvia 9.0% 4.0% -1.0% Euroconstruct

Lithuania 12.0% 3.0% 0.0% Euroconstruct

Ukraine n.a. - n.a. n.a. Euroconstruct

*Source: Euroconstruct June 2011, **April 2012, ***May 2012

Growth in Nordic construction order books stable on 8-10% level

0 %

20 %

40 %

60 %

4

5

6

7

8

9

10

Order book Nordics (BEUR, real exchange rates)*


-40 %

-20 %

0

1

2

3

Q12007

Q2 Q3 Q4 Q12008

Q2 Q3 Q4 Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2

Skanska SRV

YIT Lemminkäinen

Change in Net sales YoY, R12 Ramirent Change in order backlog YoY, Nordic construction

* Order books for Swe, Fin, Nor, Den

8% growth vs. Q2/11 in both real and fixed exchange rates

4% increase vs. Q1/12

In 2012, net sales are expected to increase and the result before taxes is

RamirentRamirent outlook 2012 unchangedoutlook 2012 unchangedRamirentRamirent outlook 2012 unchangedoutlook 2012 unchanged


result before taxes is expected to improve compared to 2011.

Priority set on maintaining preparedness to manage market conditions and strengthen our competitiveness

Cautious capex spending

Strict cost control

Maintain strong balance sheet


Continue to develop the common

Ramirent platform and provide

customers enhanced efficiency

through integrated solutions

13

SEGMENT REVIEW

14Ramirent Plc I 10 May 2012 I Interim Report January-March 2012

29

34

41

3128

36 3835

30

37

4542

3841

-5 %

0 %

5 %

10 %

15 %

20 %

25 %

0

10

20

30

40

50

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Finland

Growth was driven by high industrial activity especially in northern Finland and high construction activity especially in the beginning of the quarter.

EBIT improved due to higher utilisation rates and improved price levels in many product

MEUR

Highlights Sales and EBIT by quarter


Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2

Net sales EBIT-%

price levels in many product groups.

15

Finland Q2 2012

Q2 2011

Change(EUR)

Change(Local)

1-6/ 2012

1-6/ 2011

Change(EUR)

Change(Local)

2011

Net sales, MEUR

41.4 36.5 13% 13% 79.8 66.8 20% 20% 154.7

EBIT, MEUR 7.0 4.7 49% 12.0 6.1 98% 22.8

EBIT-margin 17.0% 12.9% 15.0% 9.1% 14.7%

Employees 619 633 -2% 596

Outlets 80 85 -6% 83

Sweden

Like-for-like* growth was 7.5% in Q2/12 and 5.4% in H1/12.

Main growth drivers were large industrial projects in northern Sweden, continued strong overall demand in the capital city area and western Sweden. Activity in the southern parts of the country

32 33 31 3229

35 36

4541 42

45

5448

51

0 %

5 %

10 %

15 %

20 %

25 %

0

10

20

30

40

50

60

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

MEUR



southern parts of the country was slow.

EBIT improved based on good utilisation rates.

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2

Net sales EBIT-%

Sweden Q22012

Q2 2011

Change(EUR)

Change(Local)

1-6/ 2012

1-6/ 2011

Change(EUR)

Change(Local) 2011

Net sales, MEUR 50.9 42.1 21% 19% 99.1 83.4 19% 18% 182.7

EBIT, MEUR 8.6 7.0 24% 15.1 13.1 15% 33.2

EBIT-margin 16.9% 16.5% 15.3% 15.7% 18.2%

Employees 727 563 29% 630

Outlets 84 73 15% 79

*Excluding acquisitions in Sweden

Norway

Like-for-like* growth was 4.1% in Q2/12 and 8.0% in H1/12.

Improved construction and industrial activity, especially in the Southeast part of Norway, continued to drive demand.

EBIT improved due to higher utilisation rates and price levels in most product groups.

Consto AS signed a

2925 27

29 28 27 2831 33

30

4042 44

38

-4 %

-2 %

0 %2 %

4 %

6 %8 %

10 %

12 %14 %

16 %

0

10

20

30

40

50

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

MEUR



Consto AS signed a cooperation agreement and outsourced its equipment to Ramirent.

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2

Net sales EBIT-%

Norway Q22012

Q2 2011

Change(EUR)

Change(Local)

1-6/2012

1-6/2011

Change(EUR)

Change(Local)

2011

Net sales, MEUR 38.1 30.5 25% 21% 81.8 63.1 30% 26% 144.8

EBIT, MEUR 5.4 2.4 126% 9.3 2.8 236% 11.2

EBIT-margin 14.2% 7.9% 11.4% 4.4% 7.7%

Employees 471 518 -9% 486

Outlets 43 43 0% 42

*Excluding acquisitions in Norway

Denmark

Growth was driven by improved overall construction activity including increased public sector investments.

EBIT turned positive and increased on the back of good fleet utilisation and stable price levels in many product

1112

1110

89 9 10

810

11

15

1011

-50 %

-40 %

-30 %

-20 %

-10 %

0 %

10 %

20 %

0

2

4

6

8

10

12

14

16

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

MEUR



price levels in many product groups.

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2

Net sales EBIT-%

Denmark Q2 2012

Q2 2011

Change(EUR)

Change(Local)

Q2 2012

Q2 2011

Change(EUR)

Change(Local)

2011

Net sales, MEUR 11.2 9.9 13% 13% 21.0 18.2 15% 15% 44.1

EBIT, MEUR 0.2 -0.3 N/A 0.0 -1.5 N/A 0.1

EBIT-margin 2.0% -2.9% 0.1% -8.4% 0.2%

Employees 178 160 11% 186

Outlets 22 21 5% 22

Europe East

Net sales increased in all the segment countries in Q2/12 compared to previous year.

Infrastructure construction was the main growth driver in Russia and Ukraine. In the Baltic countries demand was driven also by infrastructure and renovation construction as well

9

12

19

11

8

10

1213

9

13

17 16

12

15

-40 %

-30 %

-20 %

-10 %

0 %

10 %

20 %

30 %

0

5

10

15

20

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

MEUR



renovation construction as well as projects in the energy sector.

EBIT improved based on good fleet utilisation in most product groups.

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2

Net sales EBIT-%

Europe East Q2 2012

Q2 2011

Change(EUR)

Change(Local)

1-6/ 2012

1-6/ 2011

Change(EUR)

Change(Local)

2011

Net sales, MEUR

15.0 13.0 15% 14% 27.2 22.4 21% 20% 56.1

EBIT, MEUR 1.6 1.0 65% 1.5 -0.7 327% 5.9

EBIT-margin 10.8% 7.5% 5.7% -3.0% 10.5%

Employees 433 411 5% 439

Outlets 60 51 18% 58

Europe Central

Net sales decreased in all segment countries in Q2/12 compared to the previous year.

Lower construction and industrial activity decreased demand for rental equipment in Poland.

Market conditions remained difficult in the other countries.

Operations are being restructured

1416

1816

12

16

20 19

14

19

22

19

1315

-25 %

-20 %

-15 %

-10 %

-5 %

0 %

5 %

10 %

15 %

20 %

0

5

10

15

20

25

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

MEUR



Operations are being restructured to drive higher synergies and cost efficiencies across the countries.

Profitability of operations was burdened by low utilisation rates.

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2

Net sales EBIT-%

Europe Central Q2 2012

Q2 2011

Change(EUR)

Change(Local)

1-6/ 2012

1-6/ 2011

Change(EUR)

Change(Local)

2011

Net sales, MEUR 15.3 19.0 -19% -15% 28.5 33.4 -14% -9% 73.9

EBIT, MEUR 0.1 1.1 -88% -2.1 -0.1 N/A 5.5

EBIT-margin 0.9% 5.7% -7.3% -0.3% 7.4%

Employees 676 879 -23% 825

Outlets 90 126 -29% 122

FINANCIAL REVIEW

21

Positive development in financial performance continued in Q2

Net Sales (MEUR) EBITDA (MEUR) EBIT (MEUR)

7

1412

-4-6

7

17

11

3

15

31

25

12

23

-10 %

-5 %

0 %

5 %

10 %

15 %

20 %

-10

-5

0

5

10

15

20

25

30

35

Q1Q2 Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2

EBIT EBIT-%

3036 37

26

18

31

4237

28

41

5955

42

52

0 %

5 %

10 %

15 %

20 %

25 %

30 %

35 %

0

10

20

30

40

50

60

70


EBITDA EBITDA-%

122125130126112

129141

150134

150

179187

164170

-40 %

-30 %

-20 %

-10 %

0 %

10 %

20 %

30 %

40 %

0

20

40

60

80

100

120

140

160

180

200


Net sales Y-o-y change-%


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

3 5 3 8 1322

1018

3245

120

4636

24

0 %

10 %

20 %

30 %

40 %

50 %

60 %

70 %

80 %

0

20

40

60

80

100

120

140

Q12009

Q2 Q3Q4Q12010

Q2Q3Q4Q12011

Q2Q3Q4Q12012

Q2

Gross Capex Share of net sales-%

281255

230207212209

197177

191

238

280 263

258

281

0 %

20 %

40 %

60 %

80 %

100 %

120 %

0

50

100

150

200

250

300

Q12009

Q2 Q3Q4Q12010

Q2Q3Q4Q12011

Q2Q3Q4Q12012

Q2

Net debt Gearing-%

Q12009

Q2 Q3Q4Q12010

Q2Q3Q4Q12011

Q2Q3Q4Q12012

Q2Q12009

Q2 Q3Q4Q12010

Q2Q3Q4Q12011

Q2Q3Q4Q12012

Q2Q12009

Q2 Q3Q4Q12010

Q2Q3Q4Q12011

Q2Q3Q4Q12012

Q2

18

2822 20

-4

13 14

24

-11

-20

-37

16

6 7

-50

-40

-30

-20

-10

0

10

20

30

40

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2


19 %19 %

13 %

3 %

9 %

19 %20 %16 %

27 %24 %22 %

14 %

Net sales grew 13.5% in Q2/2012, like-for-like growth* 4.9%

Change in net sales YoY, %


-4 %

-25 %

-31 %-31 %-27 %

-9 %

Q12008

Q2 Q3 Q4 Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2

Net sales grew 17.7% in H1/2012, like-for-like growth 8.4%

23

* Excluding acquisitions in Sweden and Norway

14 % 13 %

21 %

25 %

13 %15 %

13 % 13 %

19 %21 %

13 % 14 %

Change in Q2 net sales YoY, %

Net sales grew in all segments except Europe Central


-19 %

-15 %

Group Finland Sweden Norway Denmark East Central

EUR Comparable exchange rates

EUR Comparable exchange rates

Higher share of ancillary income and income from sold equipment

67 % 66 %

29 % 31 %

3 % 4 %

20 %

40 %

60 %

80 %

100 %

Breakdown of net sales

100.8 111.7

43.751.8

5.1

6.3

50

100

150

200MEUR

+22%

+19%

+11%


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

Continued focus on trading, increased income from sale of equipment YoY in the second quarter

25

0 %

20 %

Q2/2011 Q2/2012

Rental income

Ancillary income

Income from sold equipment

0

Q2/2011 Q2/2012

Rental income

Ancillary income

Income from sold equipment

Gross margin increased slightly in Q2/2012 compared to previous year

Gross margin by quarter

71 %

70 %

68 %

69 %

67 %

68 %

66 %

67 %67 %

68 %

69 %

66 %

68 %

66 %

68 %


65 %65 %

66 %66 %66 %

Q1 Q2 Q3 Q4 FY

2009 2010 2011 2012

Number of employees decreased in Europe Central due to reorganisation

Number of employees by segment

633563

518

411

879

596630

486439

825

619

727

471433

676


At the end of June 2012, the Group’s number of employees was 3,129 (3,185) persons

27

160186178

Finland Sweden Norway Denmark Europe East Europe Central

Personnel 30/6/11 Personnel 31/12/11 Personnel 30/6/12

We continue to optimize our outlet network –379 outlets at the end of June 2012

5260

9990

359379

Number of outlets per segment


96 80

57 84

3743

1822

52

Q12008

Q2 Q3 Q4 Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2

Finland Sweden Norway Denmark Europe East Europe Central

28

Fixed cost level development is stable

Fixed costs by quarter (MEUR)

2322 19

23 22 23 22

24 27 2525 28 25

25

5752 52

57 56 56 54

62 63 6266

70 6865


The fixed cost level increased year-on-year due to

• Acquisitions

• Expenses related to development work on Ramirent’s common platform

29

3530 33 33 33 33 32

38 37 37 41 42 42 40

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2

Employee benefit expenses Other operating expenses

Q2 EBIT margin increased to 13.4%

EBIT margin by quarter

18.2%19.6%

18.4%

5.9%

10.8%9.0%

5.8%

11.8%

7.5%

10.3%

17.0%

13.6%

7.5%

13.4%


EBIT-margin January-June 2012: 10.5% (6.4%)

30

-11.4%

5.9%

-2.9%-5.0%

5.8%

2.0%

Q12008

Q2 Q3 Q4 Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2

Q2 EBIT margin improved in all segments except Europe Central

10.3%

12.9%

16.5%

7.9% 7.5%

13.4%

17.0% 16.9%

14.2%

10.8%

EBIT-margin by segments


7.9%

-2.9%

7.5%

5.7%

2.0%0.9%


Q2/11 Q2/12

Q2/11 Q2/12

30

38

67

34

20 22

Q2/2012 rental fleet investments were 21.7 MEUR

Purchased and sold equipment by quarter (MEUR)


20 22

4 5 612

8 6

Q12011

Q2 Q3 Q4 Q12012

Q2

Purchased equipment Sold equipment

In Q2/2012, gross capital expenditure was EUR 23.9 (44.6) million of which EUR 21.7 (38.4) million in rental fleet

The value of sold rental equipment was EUR 6.3 (5.1) million

Committed investments at the end of quarter were EUR 7.3 (21.7) million

32

Capital expenditure below previous year’s level except in Sweden

76

60

Capital Expenditure by segments (MEUR)


Capital expenditure increased in Sweden due to the acquisition of TLM (Tannefors Lift- och Maskinuthyrning) in early 2012

33

18

25

12

5 7109

33

8

15 3


1-6/2011 1-6/2012

1-6/2011 1-6/2012

Working capital at 5% of net sales

16 15 15 15 15 14 14 16 16 17 17 17 18 18

86 88 90 80 83 90 99 97 95109

124 120 114131

-2 %

0 %

2 %

4 %

6 %

8 %

10 %

0

40

80

120

160

Working capital by quarter (MEUR)


Q2/12 credit losses and net change in the allowance for bad debt totalled EUR −0.9 (−0.7) million

34

-66 -68 -70 -67 -69-86 -86 -89 -82 -84

-107 -109-139

-112

-10 %

-8 %

-6 %

-4 %

-2 %

-120

-80

-40

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2

InventoriesTrade and other receivablesTrade payables and other liabilitiesWorking capital/Net sales Rolling 12 month basis

Invested capital increased slightly to 605 MEUR, ROI at 19%

508536

588 591568

605

13 %

16 %

19 % 19 %

15 %

20 %

25 %

30 %

300

400

500

600

700

Invested capital (MEUR) and ROI (%) by quarter


Capital turnover amounted to 123% (109%) for the last 12 months at the end of June 2012

35

9 %10 %

13 %

0 %

5 %

10 %

0

100

200

300

Q12011

Q2 Q3 Q4 Q12012

Q2

Invested capital ROI (R12) ROI target

Q2/2012 cash flow after investments 7.3 MEUR

Cash flow after investments (MEUR)

25.2

66.5

17.927.8 22.4 19.5 24.2


-54.8

-29.9

25.217.9

27.8 22.4 19.5

-4.0

13.4 14.424.2

-10.7-20.4

-36.8

15.96.4 7.3

Q1 2008

Q2 Q3 Q4 Q1 2009

Q2 Q3 Q4 Q1 2010

Q2 Q3 Q4 Q1 2011

Q2 Q3 Q4 Q1 2012

Q2

Cash flow after investments Rolling 12 months

96 %

84 %

70 %

69 %

81 %

113 %106 % 108 %

99 %

86 %

74 %

68 %68 %71 %

64 %

56 %60 %

80 %

92 %

81 %84 %87 %

60 %

80 %

100 %

120 %

200

250

300

350

400

Net debt increased by 22.9 MEUR in Q2 2012; gearing was 87.2% at end of the period

Net debt and gearing

MEUR


0 %

20 %

40 %

0

50

100

150

2004200520062007Q12008

Q2 Q3 Q4 Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2

Net debt Gearing (%)

Equity ratio was 39.4% (42.5%)

Net debt amounted to EUR 280.6 (238.2) million

37

At end of Q2/12, Ramirent had unused committed back-up facilities of 109.1 MEUR

240

Repayment schedule of interest-bearing liabilities (MEUR)

390 MEUR in committed credit facilities

280.6 MEUR in net debt


In addition to bank facilities, Ramirent is utilising a domestic commercial paper program of up to EUR 150 million

38

150

2012 2013 2014 2015 2016 2017

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

3,129 dedicated problem solvers

Broadest range of equipment and

Dynamic Rental SolutionsTM

Wide network of outlets close to our customers


Deriving higher synergies through a more uniform

”Ramirent platform” and brand

Strong financial position

For more information:www.ramirent.com

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

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

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

COMPANY OVERVIEW

41

Ramirent in brief

Leading equipment rental company in Northern, Central

and Eastern Europe with net sales of EUR 650 million

(2011)

379 rental customer centers located in 13 countries and

providing 200 000 rental items


Listed on NASDAQ OMX Helsinki since 1998

3 129 employees serving 100 000 customers

Founded in 1955 and headquartered in Finland

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

Steel Nail shop Rakennusmiesfounded

The rental business is established

First move outside Finland through JV in Moscow, Russia

MBO by key personnel and capital investors

Enter Lithuania

Enter Poland

Greenfield entry to Czech RepublicAcquires

Bautas in Norway

Acquires Altima in Sweden


Acquired by Partekand renamed A-rakennusmies

The third county becomes Estonia with the expansion to Tallinn

Enter Latvia

Listed on the Helsinki Stock Exchange

Renamed Ramirent Plc

Greenfield entry to Hungary

Enter Ukraine

Enter Slovakia

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

Mission

We simplify business by Delivering Dynamic

Vision

To be the leading and most progressive equipment

rental solutions company in Europe, setting the

benchmark for industry performance and customer

service

Our strategic choices

We simplify business by Delivering Dynamic

Rental Solutions™

4444

Values

Open, Progressive, Engaged

Brand promise

Let’s solve it

One of the leading equipment rental companies both in Europe (#3) and globally (#13)

Loxam

Cramo

Ramirent

Algeco

Turnover 2011 (MEUR) Turnover 2011 (MEUR)

Largest rental companies in Europe Largest rental companies globally

Coates Hire Ltd

Ashtead Group

RSC Equipment Rental

Aggreko

United Rentals


0 200 400 600 800 1000

Algeco Scotsman

Speedy Hire

Sarens

Kiloutou

HKL Baumaschinen

Mediaco Levage

Source: IRN June 2012

45

0 500 1000 1500 2000 2500

Ramirent

Cramo

Nishio Rent All Co

Nikken Corp

Loxam

Hertz Equipment Rental

Aktio Corp

Algeco Scotsman

Coates Hire Ltd

Leading market position in five of our six geographical segments

Finland80 depots

(25 franchises) Market #1

Europe East60 depots

10 re-renting agents

Market #1

Norway43 depots


Denmark22 depots

Sweden84 depots


Total3,129

Finland619

EuropeCentral

676

Employees Q2/12


Market #122 depots Market #1

Europe Central90 depots

(24 franchises)Market #1

3,129Sweden727

Norway471

Denmark178

EuropeEast433

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

Finland24%

EuropeEast 8%

Europe Central9%

Sales per segment 1-6/2012

Construction 76%

Industry

Public sector5 %

Households5 %

Sales per customer sector 2011


Sweden29%

Norway24%

Denmark6%

8%Industry14 %

Broadest range of equipment and Dynamic Rental SolutionsTM

RAMIRENT OFFERING

PRODUCTS

• Lifts

• Heavy machinery

• Tower cranes

• Modules

• Safety and

formworks

SERVICES

• Planning & design

• Ramirent

know-how

• Transportation

• Installation

• Maintenance

• Inspections

• Fuel/gas refilling

• Site logistics

coordinator

• Facility

management

• Paperwork

for authorities

SOLUTIONS

• Total

Management

• Eco solutions

• Safety

• Event

• Power

• Access

• Climate

• Space

Benefits:

Easy to buy, reduced number ofsubcontractors, increased focus


RAMIRENT OFFERING

CUSTOMER NEEDS

and hoists

• Scaffolding

• Light machinery

• Power and heating

• Insurance

• Operators

• Technical

support

Benefits:

Lighter balance sheets,less investments

Benefits:

More uptime in core operationsdue to less downtime in equipment,less maintenance costs, right choiceof equipment improves efficiency,less product liability risk

subcontractors, increased focuson the core business

OUTSOURCING

Benefits:

By outsourcing your machine fleet to Ramirent,companies can increaseefficiency and simplify theirbusiness by focusing oncore competencesINDUSTRIES

• Construction • Mining • Paper

• Power generation • Oil & gas

• Shipyards • Facility management

• Public sector • Households

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

HEAVY MACHINERYLIFTSTOWER CRANESAND HOISTS SCAFFOLDING

19% 8% 5% 11%


49

MODULES LIGHT MACHINERY POWER & HEATINGSAFE

17% 5% 26% 10%

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

The Group’s key strategic objectives

Sustainable profitable growth� Accelerate growth through 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


50

� 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

Strong long-term growth drivers

Long-term growth industry

Increasing rental penetration in most markets, still high potential compared to mature UK market

Fragmented European rental market of EUR 20bn with top 10 rental companies accounting for 19% of the market

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

Increasing rental penetration

70 %

60 %

45 %

40 %

40 %

30 %

30 %

25 %

20 %

20 %

15 %

15 %

15 %

10 %

10 %

10 %

5 %

0 %10 %20 %30 %40 %50 %60 %70 %80 %90 %

100 %


Ramirent

Loxam

Cramo

Algeco Scotsman

Speedy Hire

Liebherr-Mietpartner

GAM

Mediaco Lifting

Sarens

Kiloutou

HKL Baumschinen

Others

European consolidation opportunities

51

Inhabitants (million)

Constructionoutput (BEUR)

High potential CEE construction markets

St. Petersburg + Moscow onlySource: ERA, Euroconstruct

• 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

The Group’s financial targets


• Gearing ≤ 120% at end of each fiscal year

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

APPENDIX

53

Consolidated income statement

CONSOLIDATED INCOME STATEMENT 4-6/12 4-6/11 1-6/12 1-6/11 1-12/11

(EUR 1,000)

Rental income 111 693 100 754 214 766 187 794 430 848

Ancillary income 51 788 43 662 105 533 87 227 192 355

Sales of equipment 6 258 5 111 13 770 8 858 26 658

NET SALES 169 738 149 527 334 069 283 878 649 861

Other operating income 557 327 983 669 1 526

Materials and services -53 748 -47 628 -108 803 -91 443 -209 357

Employee benefit expenses -40 210 -36 599 -82 699 -73 229 -156 101

Depreciation and amortisation -28 859 -25 154 -58 370 -50 087 -107 659

Other operating expenses -24 732 -25 026 -50 093 -51 661 -104 140

EBIT 22 746 15 446 35 087 18 127 74 131


EBIT 22 746 15 446 35 087 18 127 74 131

Financial income 2 549 1 990 9 565 4 106 11 405

Financial expenses -5 319 -4 921 -14 006 -9 875 -24 776

EBT 19 976 12 515 30 646 12 358 60 760

Income taxes -5 019 -3 438 -7 792 -3 388 -16 030

NET RESULT FOR THE PERIOD 14 958 9 078 22 854 8 970 44 730

Net result for the period attributable to:Owners of the parent company 14 958 9 078 22 854 8 970 44 730

Non-controlling interest - - - - -

TOTAL 14 958 9 078 22 854 8 970 44 730

EPS on parent company shareholders' share of profit, basic and diluted, EUR

0.14 0.08 0.21 0.08 0.41

Balance sheet – Assets

CONSOLIDATED BALANCE SHEET 30.6.2012 30.6.2011 31.12.2011

ASSETS

(EUR 1,000)

NON-CURRENT ASSETS

Property, plant and equipment 477 196 443 969 487 310

Goodwill 134 394 96 379 124 452

Other intangible assets 39 864 12 079 35 719

Available-for-sale investments 1 450 422 1 368

Deferred tax assets 12 875 14 811 12 183

NON-CURRENT ASSETS, TOTAL 665 778 567 660 661 032


NON-CURRENT ASSETS, TOTAL 665 778 567 660 661 032

CURRENT ASSETS

Inventories 18 103 16 987 17 309

Trade and other receivables 131 019 108 574 120 000

Current tax assets 193 2 333 344

Cash and cash equivalents 2 089 2 029 2 431

CURRENT ASSETS, TOTAL 151 404 129 923 140 084

TOTAL ASSETS 817 183 697 583 801 117

Balance sheet – Equity and liabilitiesEQUITY AND LIABILITIES 30.6.2012 30.6.2011 31.12.2011

(EUR 1,000)

EQUITYShare capital 25 000 25 000 25 000Revaluation fund -4 568 -1 632 -4 192Invested unrestricted equity fund 113 329 113 329 113 329Retained earnings 188 243 159 487 191 862PARENT COMPANY SHAREHOLDERS’ EQUITY 322 004 296 184 326 000Non-controlling interests - - -EQUITY, TOTAL 322 004 296 184 326 000

NON-CURRENT LIABILITIESDeferred tax liabilities 78 082 60 625 73 690Pension obligations 7 008 7 158 7 226Provisions 1 140 1 945 1 553

56

Provisions 1 140 1 945 1 553Interest-bearing liabilities 223 818 149 974 219 773Other long-term liabilities 9 133 2 452 11 748NON-CURRENT LIABILITIES, TOTAL 319 180 222 154 313 990

CURRENT LIABILITIESTrade payables and other liabilities 111 592 84 125 109 020Provisions 1 221 1 041 1 163Current tax liabilities 4 273 3 832 5 496Interest-bearing liabilities 58 913 90 247 45 448CURRENT LIABILITIES, TOTAL 175 999 179 245 161 127

LIABILITIES, TOTAL 495 178 401 398 475 117

TOTAL EQUITY AND LIABILITIES 817 183 697 583 801 117


Key figures(MEUR) 4-6/12 4-6/11 Change 1-6/12 1-6/11 Change 1-12/11

Net sales 169.7 149.5 13.5% 334.1 283.9 17.7% 649.9

EBITDA 51.6 40.6 27.1% 93.5 68.2 37.0% 181.8

% of net sales 30.4% 27.2% 28.0% 24.0% 28.0%

EBIT 22.7 15.4 47.3% 35.1 18.1 93.6% 74.1

% of net sales 13.4% 10.3% 10.5% 6.4% 11.4%

EBT 20.0 12.5 59.6% 30.6 12.4 148.0% 60.8

% of net sales 11.8% 8.4% 9.2% 4.4% 9.3%

Earnings per share (EPS), (basic and diluted), EUR

0.14 0.08 65.4% 0.21 0.08 155.6% 0.41

Gross capital expenditure on non-current assets

23.9 44.6 -46.4% 59.6 76.5 -22.0% 242.2

Gross capital expenditure,% of net 14.1% 29.8% 17.8% 26.9% 37.3%


Gross capital expenditure,% of net sales

14.1% 29.8% 17.8% 26.9% 37.3%

Cash flow after investments 7.3 -20.4 135.5% 13.6 -31.1 143.8% -52.0

Invested capital at the end of period 604.7 536.4 12.7% 591.2

Return on invested capital (ROI), % 1) 18.9% 10.4% 15.7%

Return on equity (ROE), % 1) 19.0% 8.3% 13.9%

Net debt 280.6 238.2 17.8% 262.8

Gearing, % 87.2% 80.4% 80.6%

Equity ratio, % 39.4% 42.5% 40.7%

Personnel at end of period 3 129 3 185 -1.8% 3 184

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

Condensed cash flow statement

CONSOLIDATED CONDENSED CASH FLOW STATEMENT 4-6/12 4-6/11 1-6/12 1-6/11 1-12/11

(EUR 1,000)

Cash flow from operating activities 34 198 23 674 75 417 51 005 177 433

Cash flow from investing activities -26 947 -44 090 -61 776 -82 146 -229 475

Cash flow from financing activities

Borrowings / repayment of short-term debt 22 168 29 886 13 668 48 595 30 584

Borrowings / repayment of long-term debt 192 18 768 5 210 13 604 52 919

Purchase of treasury shares - -116 -2 714 -3 378 -3 378


Purchase of treasury shares - -116 -2 714 -3 378 -3 378

Dividends paid -30 147 -27 004 -30 147 -27 004 -27 004

Cash flow from financing activities -7 786 21 534 -13 983 31 817 53 121

Net change in cash and cash equivalents -535 1 117 -342 676 1 079

Cash and cash equivalents at the beginning of the period 2 625 911 2 431 1 352 1 352

Translation difference on cash and cash equivalents - - - - -

Net change in cash and cash equivalents -535 1 117 -342 676 1 079

Cash and cash equivalents at the end of the period 2 089 2 029 2 089 2 029 2 431

Segment information

Net sales, MEUR 4-6/12 4-6/11 Change 1−6/12 1−6/11 Change 1-12/11

Finland, net sales (external)

41.0 35.6 15% 78.9 64.8 22% 151.4

-Inter-segment sales 0.5 0.9 -50% 0.9 2.0 -55% 3.3

Sweden, net sales (external)

49.8 42.1 18% 97.9 83.1 18% 182.0

-Inter-segment sales 1.2 - N/A 1.2 0.3 269% 0.6

Norway, net sales (external)

38.1 30.4 25% 81.8 62.9 30% 144.3

-Inter-segment sales - 0.1 N/A 0.1 0.2 -56% 0.5

Denmark, net sales


Denmark, net sales (external)

11.2 9.7 16% 21.0 17.9 18% 43.5

-Inter-segment sales - 0.2 N/A - 0.4 N/A 0.6

Europe East, net sales (external)

15.0 13.0 15% 27.0 22.3 21% 55.8

-Inter-segment sales - - N/A 0.2 0.1 80% 0.2

Europe Central, net sales (external)

14.8 18.7 -21% 27.6 33.0 -17% 72.8

-Inter-segment sales 0.5 0.3 103% 1.0 0.3 192% 1.0

Elimination of sales between segments

-2.2 -1.5 -50% -3.4 -3.4 - -6.3

Net sales, total 169.7 149.5 14% 334.1 283.9 18% 649.9

59

EBIT by segment

EBIT (EUR million) 4-6/12 4-6/11 Change 1−6/12 1−6/11 Change 1-12/11

Finland 7.0 4.7 49% 12.0 6.1 98% 22.8

% of net sales 17.0% 12.9% 15.0% 9.1% 14.7%

Sweden 8.6 7.0 24% 15.1 13.1 15% 33.2

% of net sales 16.9% 16.5% 15.3% 15.7% 18.2%

Norway 5.4 2.4 126% 9.3 2.8 236% 11.2

% of net sales 14.2% 7.9% 11.4% 4.4% 7.7%


Denmark 0.2 -0.3 N/A - -1.5 N/A 0.1

% of net sales 2.0% -2.9% 0.1% -8.4% 0.2%

Europe East 1.6 1.0 65% 1.5 -0.7 327% 5.9

% of net sales 10.8% 7.5% 5.7% -3.0% 10.5%

Europe Central 0.1 1.1 -88% -2.1 -0.1 N/A 5.5

% of net sales 0.9% 5.7% -7.3% -0.3% 7.4%

Net items not allocated to operating segments

-0.3 -0.4 20% -0.8 -1.5 44% -4.5

Group EBIT 22.7 15.4 47% 35.1 18.1 94% 74.1

% of net sales 13.4% 10.3% 10.5% 6.4% 11.4%

60

Largest shareholders

Largets shareholderson 30 June 2012

Number of shares

% of sharecapital

1 Nordstjernan AB 31 882 078 29.33

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 4 977 059 4.58

5 Odin Funds 4 604 595 4.24

6 Tapiola Mutual Pension Insurance Company 2 407 668 2.22

1 515 000 1.39

34%

17%40%

9%

Foreign owners

Market Cap EUR 693.4 million


7 Veritas Pension Insurance Company Ltd 1 515 000 1.39

8 Investment Fund Aktia Capital 1 247 540 1.15

9 Investment Fund Nordea Fennia 1 100 000 1.01

10 Föreningen Konstsamfundet rf 825 000 0.76

Ramirent Plc’s treasury shares 1 030 192 0.95

Nominee registered shares 17 982 933 16.54

Other shareholders 21 331 735 19.62

Total number of shares 108 697 328 100.00

61

Foreign owners

Nominee registered

Finnish companies and organisations

Finnish households

Trading informationListing: NASDAX OMX HelsinkiDate of listing: April 30, 1998

Segment: Mid CapSector: Industrials

Trading code: RMR1V

150

200

250

300

80

100

120

140

160

180

Share price developmentEUR MEUR

12.42

14.90

17.39

19.87

9.94

22.36


50

100

0

20

40

60

80

Turnover Ramirent Indexed OMX Helsinki

62

9.94

7.45

4.97

2.48

For more information:

www.ramirent.com

rr results q2_2012_final

Technology

r12 q2

net sales q2 yoy

q2 roitarget

ebit meur

norway interim report

cash flow aftercash

ebitda meur

year net sales meur