rr results q2_2015_en_final

© 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


© 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


© 2015 Ramirent 6


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


http://www.google.fi/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRw&url=http://www.statoil.com/en/About/History/Pages/GuidingStarAcrossNewFrontiers.aspx&ei=xMp2VbHKLYa3sQHi84PQAg&bvm=bv.95039771,d.bGg&psig=AFQjCNHpp6zXxBGoiqT8Uni8VInQPnNGBQ&ust=1433934915807327

© 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


© 2015 Ramirent 9

Our efficiency programme and work on the improvement agenda NextRamirent proceeded


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


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


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




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


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


Profitability

0%

5%

10%

15%

20%

25%

30%

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2



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


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


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




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


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


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


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


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


Profitability

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2



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


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


© 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


+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


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


© 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


© 2015 Ramirent 25


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


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)


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


© 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)


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


© 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%


© 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


© 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


© 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


© 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


© 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)


© 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%


*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


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


© 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


© 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


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


© 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


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


© 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


© 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


© 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


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


© 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)


© 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


© 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


© 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%


© 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


http://www.google.fi/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&docid=kSNwFtO7yJD7HM&tbnid=p4v9PTc6ZGYI6M:&ved=0CAcQjRw&url=http://www.fhschakt.se/&ei=e5IqVOL4C6fOygPopIAg&bvm=bv.76477589,d.bGQ&psig=AFQjCNEuEqUEGYdaexD4iVAr3INJS0vItA&ust=1412162513103660

http://www.jonsereds.com/

http://www.google.fi/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&docid=x5FJk5jLG0YMjM&tbnid=82aIW8Dq8IJKVM:&ved=0CAUQjRw&url=http://www.luettelomedia.com/kurko-koponen-oy-varkaus-246402/&ei=sawyU_CgA-WAywOQg4CgBw&bvm=bv.63738703,d.bGQ&psig=AFQjCNGd0ABvDpzYnxkK6lsUZNnLQDzMmw&ust=1395916330233798

http://www.google.fi/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&docid=wIJE1tNO-8ut0M&tbnid=2-0aezAYOKXIKM:&ved=0CAUQjRw&url=http://www.empower.eu/images-and-logos&ei=WX2VU9rmHYLNygPC14DwCA&bvm=bv.68445247,d.bGQ&psig=AFQjCNEItK24OaX35qWuds3C7Yg8n7jU2A&ust=1402392279914921

© 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


© 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


© 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


60

Group performance

Segment review

Market outlook

Key figures

Financial position

Company overview

Appendix

© 2015 Ramirent 61


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


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


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


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


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


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


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



NORWAY


- Inter–segment sales 0.1 −0.1 0.2 0.5 0.6

DENMARK


- Inter–segment sales 0.0 − 0.0 − −

EUROPE EAST



EUROPE CENTRAL



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


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


costs were booked in the fourth

quarter of 2014


costs were booked in the second half

of the 2014


costs were booked in the fourth

quarter of 2014


costs and asset write-downs were

booked in the fourth quarter of 2014


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

rr results q2_2015_en_final

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