rr results q3_2012_final

INTERIM REPORT JANUARY- SEPTEMBER 2012 2 November 2012 CEO Magnus Rosén CFO Jonas Söderkvist

Interim Report January-September 2012 l 2 November 2012

Agenda

Q3 Highlights Segment review Financial Review Events after the review period: Ramirent and Cramo forms a joint venture for their Russian and Ukrainian businesses

2

Interim Report January-September 2012 l 2 November 2012 3

July - September 2012 highlights

*Excluding acquisition in Sweden

Net sales MEUR 185.9 (179.2) up 3.7% or 0.0% at comparable exchange rates; Like-for-like* growth 1.3% EBITDA MEUR 60.3 (58.6) EBITDA-margin 32.5% (32.7%) EBIT MEUR 29.7 (30.5) EBIT-margin 16.0% (17.0%) Gross capex MEUR 27.6 (119.9) Cash flow after investments MEUR 23.7 (-36.8)


January- September 2012: Net sales growth slows, profitability stable

Net sales MEUR 519.9 (463.1) up 12.3% or 10.6% at comparable exchange rates; Like-for-like* growth 5.7% EBITDA MEUR 153.8 (126.8) EBITDA-margin 29.6% (27.4%) EBIT MEUR 64.8 (48.6) EBIT-margin 12.5% (10.5%) Gross capex MEUR 87.2 (196.3) Cash flow after investments MEUR 37.3 (-67.9) Net debt MEUR 256.0 (279.8) Gearing 73.2% (91.7%)

Customer centres 375 (412)

*Excluding acquisitions in Sweden and Norway


5

4 %

-1 %

17 %

4 % 1 %

9 %

-17 % -20 %

-15 %

-10 %

-5 %

0 %

5 %

10 %

15 %

20 %

YoY Change in net sales , Q3, %

Net sales grew in Q3 in all segments except Europe Central and Finland

12 % 11 %

18 % 20 %

10 %

16 %

-15 % -20 %

-15 %

-10 %

-5 %

0 %

5 %

10 %

15 %

20 %

25 %

YoY Change in net sales, 1-9/12, %


6

16 %

24 %

16 % 16 %

7 %

23 %

2 %

0 %

5 %

10 %

15 %

20 %

25 %

30 %

Q3 2011 Q3 2012

EBIT margin Q3/12 vs. Q3/11

EBIT margin improved in Q3 in Finland and Norway

EBIT margin 1-9/12 vs. 1-9/11

12 %

18 % 16 %

13 %

2 %

13 %

-4 % -5 %

0 %

5 %

10 %

15 %

20 %

1-9 2011 1-9 20121-9 2011 1-9 2012 Q3 2012 Q3 2011


7

-36.8

23.7

-40

-30

-20

-10

0

10

20

30

Cash flow after investments

Cash flow Q3/12 vs. Q3/11

Positive cash flow both in Q3 and 1-9/2012

Cash flow 1-9/12 vs. 1-9/11

-67.9

37.3

-80

-60

-40

-20

0

20

40

60


1-9/11 1-9/12 Q3/12 Q3/11


Market outlook – Construction output forecasts

8

Country 2012F 2013F Source*

Nordic Finland -3% - -1% Finnish Construction Industries, RT**

Sweden 1% - 1% Swedish Construction Federation**

Norway 4.0% 4.3% Euroconstruct

Denmark 3.2% 2.3% Euroconstruct

Europe Central Poland 6.0% -2.1% Euroconstruct

Czech Republic -7.2% -1.9% Euroconstruct

Slovakia -3.0% 4.8% Euroconstruct

Hungary -3.6% 0.6% Euroconstruct

Europe East Russia 0-5% 0-5% Euroconstruct

Estonia 15.0% 0.0% Euroconstruct

Latvia 9.0% 4.0% Euroconstruct

Lithuania 12.0% 3.0% Euroconstruct

Ukraine n.a. - n.a. Euroconstruct

*Source: Euroconstruct June 2011, **October 2012


Ramirent outlook 2012 unchanged

In 2012, net sales are expected to increase and the result before taxes is expected to improve compared to 2011.

9


Priorities 2012 • We continue to carefully

observe the market activity

• Adjust operations to signs of activity slowing down

• Operating on cautious capital expenditure

• Maintaining focus on cost and risk control

• Improving competitiveness by developing our common Ramirent Platform and providing our customers with enhanced efficiency through integrated solutions.



SEGMENT REVIEW

11

Kalasatama, Helsinki, Finland


29 34

41

31 28

36 38 35 30

37

45 42 38

41 45

-5 %

0 %

5 %

10 %

15 %

20 %

25 %

30 %

0

10

20

30

40

50

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3

Net sales EBIT-%

Finland

Good demand from shipyards and industrial sector Also in construction sector, demand for equipment rental remained at fairly stable EBIT improved due to good price discipline and enhanced utilisation rates in many product groups

12

MEUR

Highlights Sales and EBIT by quarter

Finland Q3 2012

Q3 2011

Change (EUR)

Change (Local)

1-9/ 2012

1-9/ 2011

Change (EUR)

Change (Local)

2011

Net sales, MEUR

45.0 45.5 -1 % -1 % 124.8 112.3 11 % 11 % 154.7

EBIT, MEUR 10.9 10.5 3 % 22.9 16.6 38 % 22.8 EBIT-margin 24.2 % 23.2% 18.4 % 14.8 % 14.7 % Employees 577 611 -6 % 596 Outlets 77 86 -10 % 83


Sweden

13

Despite the expectations, activity in construction sector proved to be resilient, with main growth drivers being large industrial projects in Northern Sweden and strong demand in the capital city area and Western Sweden Low activity continued in the southern parts of the country EBIT development stable

32 33 31 32 29 35 36

45 41 42 45

54 48 51 53

0 %

5 %

10 %

15 %

20 %

25 %

0

10

20

30

40

50

60

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3

Net sales EBIT-%

MEUR


Sweden Q3 2012

Q3 2011

Change (EUR)

Change (Local)

1-9/ 2012

1-9/ 2011

Change (EUR)

Change (Local)

2011

Net sales, MEUR 53.0 45.4 17 % 8 % 152.1 128.8 18 % 14 % 182.7

EBIT, MEUR 8.7 8.2 7 % 23.8 21.3 12 % 33.2

EBIT-margin 16.4 % 18.0 % 15.7 % 16.5 % 18.2%

Employees 680 622 9 % 630 Outlets 84 80 5 % 79


Norway

14

In the quarter, Ramirent continued to experience good demand from construction as well as other industrial sectors. EBIT improved on the back of improved operational efficiency, higher utilisation rates and increased price levels in most product groups.

29 25 27 29 28 27 28

31 33 30

40 42 44 38

41

-5 %

0 %

5 %

10 %

15 %

20 %

0

10

20

30

40

50

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3

Net sales EBIT-%

MEUR


Norway Q3 2012

Q3 2011

Change (EUR)

Change (Local)

1-9/ 2012

1-9/ 2011

Change (EUR)

Change (Local)

2011

Net sales, MEUR 41.1 39.7 4 % -2 % 123.0 102.8 20 % 15 % 144.8

EBIT, MEUR 6.4 3.9 62 % 15.7 6.7 134 % 11.2 EBIT-margin 15.6 % 9.9 % 12.8 % 6.5 % 7.7% Employees 465 523 -11 % 486 Outlets 43 44 -2 % 42


Denmark

15

Although demand from the construction sector is slowing down, it remained on a fairly good level supporting demand for equipment rental EBIT decreased on the back of lower fleet utilisation, although price levels remained stable

11 12

11 10

8 9 9 10

8 10

11

15

10 11 11

-50 %

-40 %

-30 %

-20 %

-10 %

0 %

10 %

20 %

02468

10121416

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3

Net sales EBIT-%

MEUR


Denmark Q3 2012

Q3 2011

Change (EUR)

Change (Local)

1-9/ 2012

1-9/ 2011

Change (EUR)

Change (Local)

2011

Net sales, MEUR

11.4 11.3 1 % 1 % 32.4 29.6 10 % 10 % 44.1

EBIT, MEUR 0.8 0.9 -9 % 0.8 -0.7 n/a 0.1 EBIT-margin 6.8 % 7.5 % 2.4 % -2.3 % 0.2% Employees 181 163 11 % 186 Outlets 21 21 - 22


Europe East

16

In Russia and Ukraine, infrastructure construction was the main growth driver In the Baltic countries, especially in Estonia, growth was driven by large energy sector projects EBIT improved on the back of good fleet utilisation in most product groups

9 12

19

11

8 10

12 13

9

13

17 16

12

15

19

-40 %

-30 %

-20 %

-10 %

0 %

10 %

20 %

30 %

0

5

10

15

20

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3

Net sales EBIT-%

MEUR


Europe East Q3 2012

Q3 2011

Change (EUR)

Change (Local)

1-9/ 2012

1-9/ 2011

Change (EUR)

Change (Local)

2011

Net sales, MEUR 18.8 17.2 9 % 7 % 45.9 39.6 16 % 14 % 56.1

EBIT, MEUR 4.4 4.2 4 % 5.9 3.5 68 % 5.9 EBIT-margin 23.4 % 24.6 % 12.9 % 8.9 % 10.5% Employees 441 440 0 % 439 Outlets 62 56 11 % 58


Europe Central

17

Net sales decreased in all segment countries vs. previous year The trend of decreased demand for rental equipment due to lower construction and industrial activity continued in all segment countries Fleet allocation and restructuring of operations to drive cost efficiencies continued and actions to diversify the customer base were intensified EBIT was burdened by low utilisation rates

14 16

18 16

12

16

20 19

14

19 22

19

13 15

18

-25 %-20 %-15 %-10 %-5 %0 %5 %10 %15 %20 %

0

5

10

15

20

25

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3

Net sales EBIT-%

MEUR


Europe Central Q3 2012

Q3 2011

Change (EUR)

Change (Local)

1-9/ 2012

1-9/ 2011

Change (EUR)

Change (Local)

2011

Net sales, MEUR 17.9 21.6 -17 % -16 % 46.4 54.9 -15 % -12 % 73.9

EBIT, MEUR 0.4 3.5 -90 % -1.7 3.4 n/a 5.5 EBIT-margin 2.0 % 16.3 % -3.7 % 6.2 % 7.4% Employees 657 868 -24 % 825 Outlets 88 125 -30 % 122


FINANCIAL REVIEW

18

Kymijoki bridge, Finland


Net sales growth slows, profitability stable

19

Net Sales (MEUR) EBITDA (MEUR)

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

EBIT (MEUR)

3 5 3 8 13 22

10 18

32 45

120

46 36

24 28

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

0

20

40

60

80

100

120

140

Q12009

Q2Q3Q4Q12010

Q2Q3Q4Q12011

Q2Q3Q4Q12012

Q2Q3

Gross Capex Share of net sales-%281

255 230

207 212 209 197 177 191

238

280 263 258

281 256

0 %

20 %

40 %

60 %

80 %

100 %

120 %

0

50

100

150

200

250

300

Q12009

Q2 Q3Q4Q12010

Q2Q3Q4Q12011

Q2Q3Q4Q12012

Q2Q3

Net debt Gearing-%

7

14 12

-4 -6

7

17 11

3

15

31 25

12

23

30

-10 %

-5 %

0 %

5 %

10 %

15 %

20 %

-10-505

101520253035

Q12009

Q2Q3Q4Q12010

Q2Q3Q4Q12011

Q2Q3Q4Q12012

Q2Q3

EBIT EBIT-%

30 36 37

26 18

31

42 37

28

41

59 55

42

52 60

0 %

5 %

10 %

15 %

20 %

25 %

30 %

35 %

0

10

20

30

40

50

60

70

Q12009

Q2Q3Q4Q12010

Q2Q3Q4Q12011

Q2Q3Q4Q12012

Q2Q3

EBITDA EBITDA-%

122 125 130 126 112

129 141 150

134 150

179 187 164 170

186

-40 %-30 %-20 %-10 %0 %10 %20 %30 %40 %

020406080

100120140160180200

Q12009

Q2Q3Q4Q12010

Q2Q3Q4Q12011

Q2Q3Q4Q12012

Q2Q3

Net sales Y-o-y change-%

18 28

22 20

-4

13 14 24

-11 -20

-37

16 6 7

24

-50-40-30-20-10

010203040

Q12009

Q2 Q3Q4Q12010

Q2Q3Q4Q12011

Q2Q3Q4Q12012

Q2Q3



Net sales grew 3.7% in Q3/2012, like-for-like growth* 1.3%

Net sales grew 12.3% in 1-9/2012, like-for-like growth 5.7%

20

Change in net sales YoY, %

* Excluding acquisitions in Sweden and Norway

19 % 19 % 13 %

-4 %

-25 % -31 % -31 %

-27 %

-9 %

3 % 9 %

19 % 20 % 16 %

27 % 24 % 22 %

14 %

4 %

Q12008

Q2 Q3 Q4 Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3


4 %

-1 %

17 %

4 % 1 %

9 %

-17 %

0 %

-1 %

8 %

-2 %

1 %

7 %

-16 %

EUR Comparable exchange rates

Change in Q3 net sales YoY, %

Net sales grew in Sweden, Denmark and Europe East both in EUR and comparable exchange rates

EUR Comparable exchange rates

Carlsberg, Copenhagen,

Denmark


Share of ancillary income continued to grow

Q3/2012 compared to Q3/2011: • Rental income increased 3.5 % • Ancillary income increased 5.2 % • Income from sold equipment decreased 5.0 %

22

68 % 68 %

29 % 29 %

3 % 3 %

0%

20%

40%

60%

80%

100%

Q3/2011 Q3/2012

Income from sold equipment

Ancillary income

Rental income

Breakdown of net sales

121.3 125.5

51.9 54.6 6.0 5.7

0

50

100

150

200

Q3/2011 Q3/2012

Income from sold equipment

Ancillary income

Rental income

MEUR

-5.0 %

+5.2 %

+3.5 %


Gross margin decreased slightly in Q3/2012 compared to previous year

23

Gross margin by quarter

71 %

70 %

68 %

65 %

69 %

65 %

67 %

68 %

66 %

67 % 67 % 68 %

69 %

66 %

68 %

66 %

68 % 69 %

Q1 Q2 Q3 Q4 FY

2009 2010 2011 2012


Number of employees decreased in Europe Central due to reorganisation

At the end of September 2012, the Group’s number of employees was 3,027 (3,249)

24

Number of employees by segment

611 622 523

163

440

868

596 630

486

186

439

825

577

680

465

181

441

657

Finland Sweden Norway Denmark Europe East EuropeCentral

Personnel 30/9/11 Personnel 31/12/11 Personnel 30/9/12

Interim Report January-June 2012 l 9 August 2012

Optimisation of outlet network continues – 375 outlets at the end of September 2012

96 77

57 84

37 43 18

21 52

62

99 88

359 375

Q12008

Q2 Q3 Q4 Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3

Finland Sweden Norway Denmark Europe East Europe Central

25

Number of outlets per segment


Stable fixed cost development

The fixed cost level increased year-on-year due to • Acquisitions • Expenses related to development work on Ramirent’s common platform

26

Fixed costs by quarter (MEUR)

35 30 33 33 33 33 32 38 37 37 41 42 42 40 42

23 22 19 23 22 23 22

24 27 25 25 28 25 25 26

57 52 52

57 56 56 54

62 63 62 66

70 68 65 68

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3

Employee benefit expenses Other operating expenses


EBIT-margin January-September 2012: 12.5% (10.5%)

Q3 EBIT margin at 16.0%

27

EBIT margin by quarter

18.2% 19.6%

18.4%

-11.4%

5.9%

10.8% 9.0%

-2.9% -5.0%

5.8%

11.8%

7.5%

2.0%

10.3%

17.0%

13.6%

7.5%

13.4% 16.0%

Q12008

Q2 Q3 Q4 Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3


Q3 EBIT margin improved in Finland and Norway

28

17.0%

23.2%

18.0%

9.9%

7.5%

24.6%

16.3% 16.0%

24.2%

16.4% 15.6%

6.8%

23.4%

2.0%

Group Finland Sweden Norway Denmark East Central

Q3/11 Q3/12

EBIT-margin by segments

Q3/11 Q3/12


30

38

67

34

20 22 25

4 5 6 12

8 6 6

Q12011

Q2 Q3 Q4 Q12012

Q2 Q3

Purchased equipment Sold equipment

Q3/2012 rental fleet investments were 25.3 MEUR

In Q3/2012, gross capital expenditure was EUR 27.6 (119.9) million of which EUR 25.3 (66.8) million in rental fleet The value of sold rental equipment was EUR 5.7 (6.0) million Committed investments at the end of quarter were EUR 8.4 (10.6) million

29

Purchased and sold equipment by quarter (MEUR)


Capital expenditure below last year

Due to acquisitions capital expenditure was high in 2011 in Sweden and Norway, Sweden has also acquired TLM (Tannefors Lift och Maskinuthyrning) in early 2012

30

196

29

61 83

5 10 12

87

15 39

20 1 7 5

1-9/2011 1-9/2012

Capital Expenditure by segments (MEUR)

1-9/2011 1-9/2012

Meilahti Hospital, Helsinki, Finland


Working capital at 6% of net sales

Q3/2012 credit losses and net change in the allowance for bad debt totalled EUR −2.4 (−0.9) million

31

16 15 15 15 15 14 14 16 16 17 17 17 18 18 20

86

88

90

80

83

90

99

97

95

10

9

12

4

12

0

11

4

13

1

14

1

-66

-68

-70

-67

-69

-86

-86

-89

-82

-84

-10

7

-10

9

-13

9

-11

2

-12

2

-6 %

-4 %

-2 %

0 %

2 %

4 %

6 %

8 %

-120

-80

-40

0

40

80

120

160

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3

Trade payables and other liabilitiesTrade and other receivablesInventoriesWorking capital/Net sales Rolling 12 month basis

Working capital by quarter (MEUR)


Invested capital increased slightly to 608 MEUR, ROI at 19%

Capital turnover amounted to 118% (112%) for the last 12 months at the end of September 2012

32

508 536

588 591 568 605 608

9 % 10 % 13 %

16 % 19 % 19 % 19 %

0 %

5 %

10 %

15 %

20 %

25 %

30 %

0

100

200

300

400

500

600

700

Q12011

Q2 Q3 Q4 Q12012

Q2 Q3

Invested capital ROI (R12) ROI target

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


Total equity increased to 350 MEUR, ROE at 19%

33

316 296 305

326 308 322

350

6 % 8 %

11 % 14 %

17 % 19 % 19 %

0 %

5 %

10 %

15 %

20 %

25 %

30 %

0

50

100

150

200

250

300

350

400

Q12011

Q2 Q3 Q4 Q12012

Q2 Q3

Total equity ROE (R12)

Total equity (MEUR) and ROE (%) by quarter


-54.8

-29.9

25.2

66.5

17.9 27.8 22.4 19.5

-4.0

13.4 14.4 24.2

-10.7 -20.4

-36.8

15.9 6.4 7.3

23.7

Q12008

Q2 Q3 Q4 Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3

Cash flow after investments Rolling 12 months

Q3/2012 cash flow after investments 23.7 MEUR

34

Cash flow after investments (MEUR)


96 %

84 %

70 %

69 %

81 %

113 % 106 % 108 %

99 %

86 %

74 % 68 % 68 %

71 % 64 %

56 % 60 %

80 %

92 % 81 % 84 %

87 %

73 %

0 %

20 %

40 %

60 %

80 %

100 %

120 %

0

50

100

150

200

250

300

350

400

FY04

FY05

FY06

FY07

Q12008

Q2 Q3 Q4 Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3

Net debt Gearing (%)

Net debt decreased by 24.7 MEUR in Q3 2012; gearing was at 73.2%

Equity ratio was 41.9% (38.2%) Net debt amounted to EUR 256.0 (279.8) million

35

Net debt and gearing

MEUR


At end of Q3/12, Ramirent had unused committed back-up facilities of 134.2 MEUR

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

36

150

240

2012 2013 2014 2015 2016 2017

Repayment schedule of interest-bearing liabilities (MEUR)

390 MEUR in committed credit facilities

256.0 MEUR in net debt

Ramirent and Cramo Joint Venture - Taking the Lead in Russian and Ukrainian Equipment Rental Markets

Investor presentation based on press release published on 31 October 2012

Key Transaction Facts Transaction agreements signed on 30 October 2012

The parties contribute all their respective subsidiaries in Russia (excl. Kaliningrad)

and Ukraine as contributions-in-kind to a 50/50 owned newly-established

Finnish limited liability company (“joint venture company”)

Aspiration is to create a financially and operationally strong player to

capture the growth opportunities in target markets

Mr. Anton Artemiev elected as Chairman of the Board: Extensive Russian and

international experience including SVP at Carlsberg Group, President of Baltika

Breweries and Executive VP at Baltic Beverage Holdings. Other professional board

members with strong expertise will complement the board

Expected closing in January 2013 subject to anti-trust clearance

1.11.2012 38 Investor presentation/ Ramirent and Cramo form a joint venture for their Russian and Ukrainian businesses

Creating the Leading Rental Company in Russia and Ukraine

Key Facts

A stand-alone entity with new corporate identity 50/50 ownership between Cramo and Ramirent 2012E net sales and EBITDA margin of €52 million and ~35%, respectively 400 employees Depot locations: St. Petersburg region 7, Moscow region 6, other regions Russia 3, Ukraine 6 (+ 6 shop-in-shop outlets)

Cramo Group Ramirent Group

UKRAINE

RUSSIA

Combining Forces in Growing Markets… …Creates a Strong Stand-Alone Company

“50/50 JV”

Total Sales 2012E: €52m

50% 50%

Rationale is to create strong player with increased financial resources and excellent organisational capabilities to capture the growth opportunities in target markets

1.11.2012 Investor presentation/ Ramirent and Cramo form a joint venture for their Russian and Ukrainian businesses

Complementary Strengths and Strong Business Foundation

Cramo’s unique strengths

• Fleet and capabilities to

offer modular space to serve construction and industrial customers

• Good presence with international

construction and industrial customers • Existing platform location in Ural region

(Yekaterinburg)

Common strengths

• General rental concept • Broad equipment fleet

• Established presence in St. Petersburg and

Moscow • Strong local management

• Modern way-of-working due to the Western

background

Ramirent’s unique strengths

• Fleet and capabilities in heavy equipment to serve infrastructure construction • Large customer base • Presence in Ukraine

• Existing platform location in South region (Sochi)

• Expanded presence by utilizing sales agents

Combined company: Leading rental company in Russia and Ukraine

+ +

= 1.11.2012 Investor presentation/ Ramirent and Cramo form a joint venture for

their Russian and Ukrainian businesses

Strong Customer Value Proposition

Higher volumes

Complementary fleet and service offering

Stronger depot network

Complementary customer base

Resources to take part in

Larger projects and serve large

construction companies

Full general rental offering

Customers

served on a one-stop-shop basis

Closer proximity to customers

Ability to serve

customers on a wider

geographical scope

Limited overlap in customer base

Opportunities to

leverage best practices and for

cross-selling


Attractive Market Outlook in Russia and Ukraine

Combined platform provides immediate expansion opportunities in the large St. Petersburg and Moscow regions

Improving rental penetration further supports the growth in the rental market

The underlying addressable construction market estimated well over €100bn with forecasted growth of 8% growth p.a.

Russian and Ukrainian rental markets are very fragmented with many players focusing on a single product group

St.P Mow

Strong Growth

Large Market

Clear Focus Opportunity

Leading Rental

Company

Improving Dynamics

Rental Penetration

Increase

Note: Addressable construction market comprises six federal districts in Russia (i.e. the European part) and Ukraine. Estimates regarding market size and growth based on management assessment.


Financial Impact of Transaction and Changes in Reporting

Cash Contribution

Cramo will (due to its smaller operations in the said markets) make a payment of €9.2 million to Ramirent in order to reach equal ownership at the time of closing

Earnings impact

The transaction will not affect the revenue or result of Ramirent for 2012. The transaction will result in a non-recurring tax-free capital gain of

approximately EUR 12.3 million The final capital gain will be recorded at closing of the transaction, which

is estimated to take place in January 2013

The ownership in the joint venture will be accounted for in Ramirent’s consolidated financial statements using the equity method

The share of the profit of the joint venture will be booked in the consolidated Group profit and loss statement above EBITDA with one line method

The profit will be reported in the Europe East segment

Reporting

JV 2012E Net sales €52 million EBITDA margin of ~35% 400 employees



WELCOME TO RAMIRENT’S CAPITAL MARKET DAY! 27 NOVEMBER 2012 IN VANTAA, FINLAND

For more information: www.ramirent.com Magnus Rosén, CEO +358 20 750 2845 [email protected] Jonas Söderkvist, CFO +358 20 750 3248 [email protected] Franciska Janzon, IR +358 20 750 2859 [email protected]

COMPANY OVERVIEW 2 November 2012

46 Interim Report January-September 2012 l 2 November 2012


Ramirent in brief

47

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

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

Listed on NASDAQ OMX Helsinki since 1998

3 027 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

48

Steel Nail shop Rakennusmies founded

The rental business is established

Acquired by Partek and renamed A-rakennusmies

First move outside Finland through JV in Moscow, Russia

Estonia became the third operating country with expansion to Tallinn

MBO by key personnel and capital investors

Enter Latvia

Enter Lithuania

Listed on the Helsinki Stock Exchange

Enter Poland

Renamed Ramirent Plc

Greenfield entry to Hungary

Enter Ukraine

Greenfield entry to Czech Republic

Enter Slovakia

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

Acquires Bautas in Norway

Acquires Altima in Sweden


Mission We simplify business by Delivering Dynamic Rental Solutions™

Vision To be the leading and most progressive equipment rental solutions company in Europe, setting the benchmark for industry performance and customer service

49

Our strategic choices

49

Values Open, Progressive, Engaged

Brand promise Let’s solve it


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

0 200 400 600 800 1000

Loxam

Cramo

Ramirent

AlgecoScotsman

Speedy Hire

Sarens

Kiloutou

HKLBaumaschinen

Mediaco Levage

Zeppelin Rental

Source: IRN June 2012

50

Turnover 2011 (MEUR) Turnover 2011 (MEUR)

Largest rental companies in Europe Largest rental companies globally

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

Ashtead Group

RSC Equipment Rental

Aggreko

United Rentals


Leading market position in five of our six geographical segments

51

Finland 77 customer

centres (25 franchises)

Market #1

Europe East 62 customer

centres 10 re-renting

agents Market #1

Norway 43 customer


Market #1

Denmark 21 customer

centres Market #1

Europe Central 88 customer


Market #1

Sweden 84 customer


Market #2

Total 3,027

Finland 577

Sweden 680

Norway 465

Denmark 181

Europe East 441

Europe Central

657

Employees Q3/12


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

52

Finland 24 %

Sweden 29 %

Norway 23 %

Denmark 6 %

Europe East 9 %

Europe Central

9 %

Sales per segment 1-9/2012

Construction 76%

Industry 14%

Public sector 5%

Households 5%

Sales per customer sector 2011


Broadest range of equipment and Dynamic Rental SolutionsTM

53

RA

MIR

ENT

OFF

ERIN

G

CUSTOMER NEEDS

PRODUCTS

• Lifts • Heavy machinery • Tower cranes and hoists • Scaffolding

• Modules • Safety and formworks • Light machinery • Power and heating

SERVICES

• Planning & design • Ramirent know-how • Transportation • Installation • Maintenance • Inspections • Insurance • Operators

• Fuel/gas refilling • Site logistics coordinator • Facility management • Paperwork for authorities • Technical support

SOLUTIONS

• Total Management • Eco solutions • Safety • Event

• Power • Access • Climate • Space

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: Easy to buy, reduced number of subcontractors, increased focus on the core business

OUTSOURCING Benefits: By outsourcing your machine fleet to Ramirent, companies can increase efficiency and simplify their business by focusing on core competences INDUSTRIES

• 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

54

MODULES

HEAVY MACHINERY

LIGHT MACHINERY

LIFTS TOWER CRANES AND HOISTS SCAFFOLDING

POWER & HEATING SAFE

20% 7% 5% 11%

18% 4% 25% 10%

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


The Group’s key strategic objectives

55

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 Maintain strong focus on cost efficiency

Balanced risk level Diversified portfolios of customers, products and markets Continuous employee competence development A strong financial position


RamirentLoxamCramoAlgeco ScotsmanSpeedy HireLiebherr-MietpartnerGAMMediaco LiftingSarensKiloutouHKL BaumschinenOthers

Strong long-term growth drivers

Long-term growth industry

European consolidation opportunities

56

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

Inhabitants (million)

Construction output (BEUR)

Increasing rental penetration

High potential CEE construction markets

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 %

St. Petersburg + Moscow only Source: ERA, Euroconstruct


The Group’s financial targets

• ROI >18% p.a. over a business cycle

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

• Gearing ≤ 120% at end of each fiscal year

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


Largest shareholders

Largets shareholders on 30 September 2012

Number of shares

% of share

capital

1 Nordstjernan AB 31 882 078 29.33

2 Oy Julius Tallberg Ab 11 962 229 11.01

3 Varma Mutual Pension Insurance Company 7 368 799 6.78

4 Ilmarinen Mutual Pension Insurance Company 4 977 059 4.58

5 Odin Funds 4 651 693 4.22

6 Tapiola Mutual Pension Insurance Company 2 407 668 2.22

7 Veritas Pension Insurance Company Ltd 1 410 063 1.30

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 18 737 457 17.24

Other shareholders 21 097 550 19.45

Total number of shares 108 697 328 100.00

58

34%

17% 40%

9%

Foreign owners

Nominee registered

Finnish companies and organisations Finnish households

Market Cap EUR 672.9 million (exclud. treasury shares)

Trading information Listing: NASDAX OMX Helsinki Date of listing: April 30, 1998

Segment: Mid Cap Sector: Industrials

Trading code: RMR1V

APPENDIX

59


Consolidated income statement

60

CONSOLIDATED INCOME STATEMENT 7-9/12 7-9/11 1-9/12 1-9/11 1-12/11 (EUR 1,000) Rental income 125 526 121 259 340 292 309 053 430 848 Ancillary income 54 627 51 932 160 160 139 159 192 355 Sales of equipmemt 5 720 6 020 19 490 14 878 26 658 NET SALES 185 873 179 211 519 942 463 089 649 861 Other operating income 850 317 1 834 986 1 526 Materials and services -58 294 -55 093 -167 097 -146 537 -209 357 Employee benefit expenses -42 042 -41 028 -124 741 -114 257 -156 101 Depreciation and amortisation -30 596 -28 078 -88 967 -78 165 -107 659 Other operating expenses -26 061 -24 816 -76 154 -76 477 -104 140 EBIT 29 731 30 511 64 817 48 639 74 131 Financial income 8 789 4 869 18 355 8 975 11 405 Financial expenses -10 595 -9 728 -24 601 -19 603 -24 776 EBT 27 925 25 653 58 571 38 011 60 760 Income taxes -6 940 -6 951 -14 732 -10 339 -16 030 NET RESULT FOR THE PERIOD 20 986 18 702 43 840 27 672 44 730

Net result for the period attributable to: Owners of the parent company 20 986 18 702 43 840 27 672 44 730 Non-controlling interest - - - - - TOTAL 20 986 18 702 43 840 27 672 44 730

EPS on parent company shareholders' share of profit, basic and diluted, EUR 0.19 0.17 0.41 0.26 0.41


Balance sheet – Assets

61

CONSOLIDATED BALANCE SHEET 30.9.2012 30.9.2011 31.12.2011

ASSETS

(EUR 1,000) NON-CURRENT ASSETS

Property, plant and equipment 481 502 477 071 487 310

Goodwill 137 426 122 058 124 452

Other intangible assets 39 988 33 931 35 719

Available-for-sale investments 1 502 1 309 1 368

Deferred tax assets 12 349 18 285 12 183

NON-CURRENT ASSETS, TOTAL 672 768 652 653 661 032

CURRENT ASSETS

Inventories 19 820 17 233 17 309

Trade and other receivables 140 615 124 188 120 000

Income tax receivables - 1 706 344

Cash and cash equivalents 2 195 3 184 2 431

CURRENT ASSETS, TOTAL 162 630 146 310 140 084

TOTAL ASSETS 835 398 798 963 801 117

Balance sheet – Equity and liabilities

62

EQUITY AND LIABILITIES 30.9.2012 30.9.2011 31.12.2011 (EUR 1,000) EQUITY Share capital 25 000 25 000 25 000 Revaluation fund -5 272 -3 877 -4 192 Invested unrestricted equity fund 113 329 113 329 113 329 Retained earnings 216 726 170 807 191 862 PARENT COMPANY SHAREHOLDERS’ EQUITY 349 783 305 259 326 000 Non-controlling interests - - - EQUITY, TOTAL 349 783 305 259 326 000 NON-CURRENT LIABILITIES Deferred tax liabilities 80 337 71 436 73 690 Pension obligations 6 950 8 546 7 226 Provisions 1 530 1 783 1 553 Interest-bearing liabilities 175 729 211 597 219 773 Other long-term liabilities 9 117 14 181 11 748 NON-CURRENT LIABILITIES, TOTAL 273 662 307 544 313 990 CURRENT LIABILITIES Trade payables and other liabilities 121 612 106 795 109 020 Provisions 1 202 808 1 163 Income tax liabilities 6 687 7 136 5 496 Interest-bearing liabilities 82 451 71 422 45 448 CURRENT LIABILITIES, TOTAL 211 952 186 161 161 127 LIABILITIES, TOTAL 485 615 493 704 475 117 TOTAL EQUITY AND LIABILITIES 835 398 798 963 801 117

Interim Report January-June 2012 l 9 August 2012


Key figures

63

(MEUR) 7-9/12 7-9/11 Change 1-9/12 1-9/11 Change 1-12/11 Net sales 185.9 179.2 3.7 % 519.9 463.1 12.3 % 649.9 EBITDA 60.3 58.6 3.0 % 153.8 126.8 21.3 % 181.8 % of net sales 32.5 % 32.7 % 29.6 % 27.4 % 28.0 % EBIT 29.7 30.5 -2.6 % 64.8 48.6 33.3 % 74.1 % of net sales 16.0 % 17.0 % 12.5 % 10.5 % 11.4 % EBT 27.9 25.7 8.9 % 58.6 38.0 54.1 % 60.8 % of net sales 15.0 % 14.3 % 11.3 % 8.2 % 9.3 % Earnings per share (EPS), (basic and diluted), EUR 0.19 0.17 12.6 % 0.41 0.26 58.9 % 0.41

Gross capital expenditure on non-current assets 27.6 119.9 -77.0 % 87.2 196.3 -55.6 % 242.2

Gross capital expenditure,% of net sales 14.8 % 66.9 % 16.8 % 42.4 % 37.3 %

Cash flow after investments 23.7 -36.8 n/a 37.3 -67.9 n/a -52.0 Invested capital at the end of period 608.0 588.3 3.3 % 591.2 Return on invested capital (ROI), % 1) 18.6 % 13.2 % 15.7 %

Return on equity (ROE), % 1) 18.6 % 11.4 % 13.9 % Net debt 256.0 279.8 -8.5 % 262.8 Gearing, % 73.2 % 91.7 % 80.6 % Equity ratio, % 41.9 % 38.2 % 40.7 % Personnel at end of period 3 027 3 249 -6.8 % 3 184 1) The figures are calculated on a rolling twelve month basis.


Condensed cash flow statement

64

CONSOLIDATED CONDENSED CASH FLOW STATEMENT 7-9/12 7-9/11 1-9/12 1-9/11 1-12/11

(EUR 1,000) Cash flow from operating activities 44 539 82 353 119 956 133 358 177 433 Cash flow from investing activities -20 832 -119 126 -82 608 -201 272 -229 475 Cash flow from financing activities Borrowings / repayment of short-term debt 17 832 -10 468 31 500 38 128 30 584 Borrowings / repayment of long-term debt -41 433 48 396 -36 223 61 999 52 919 Purchase of treasury shares - - -2 714 -3 378 -3 378 Dividends paid - - -30 147 -27 004 -27 004 Cash flow from financing activities -23 601 37 928 -37 584 69 745 53 121 Net change in cash and cash equivalents 106 1 155 -236 1 831 1 079 Cash and cash equivalents at the beginning of the period 2 089 2 029 2 431 1 352 1 352 Translation difference on cash and cash equivalents - - - - - Net change in cash and cash equivalents 106 1 155 -236 1 831 1 079 Cash and cash equivalents at the end of the period 2 195 3 184 2 195 3 184 2 431


Segment information Net sales, MEUR 7-9/12 7-9/11 Change 1−9/12 1−9/11 Change 1-12/11

Finland, net sales (external) 44.7 44.6 0 % 123.6 109.4 13 % 151.4

-Inter-segment sales 0.3 0.9 -66 % 1.2 2.9 -58 % 3.3

Sweden, net sales (external) 53.0 45.3 17 % 150.9 128.4 18 % 182.0

-Inter-segment sales - 0.1 N/A 1.2 0.4 192 % 0.6 Norway, net sales (external) 41.1 39.5 4 % 122.9 102.3 20 % 144.3

-Inter-segment sales - 0.2 N/A 0.1 0.4 -79 % 0.5

Denmark, net sales (external) 11.4 11.3 1 % 32.4 29.2 11 % 43.5

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

Europe East, net sales (external) 18.7 17.1 10 % 45.7 39.4 16 % 55.8

-Inter-segment sales - 0.1 N/A 0.3 0.2 49 % 0.2

Europe Central, net sales (external) 16.9 21.4 -21 % 44.5 54.4 -18 % 72.8

-Inter-segment sales 1.0 0.1 649 % 2.0 0.5 321 % 1.0

Elimination of sales between segments -1.4 -1.4 -2 % -4.7 -4.8 1 % -6.3

Net sales, total 185.9 179.2 4 % 519.9 463.1 12 % 649.9

65


EBIT by segment EBIT (EUR million) 7-9/12 7-9/11 Change 1−9/12 1−9/11 Change 1-12/11

Finland 10.9 10.5 3.4 % 22.9 16.6 38.0 % 22.8

% of net sales 24.2 % 23.2 % 4.5 % 18.4 % 14.8 % 24.1 % 14.7%

Sweden 8.7 8.2 6.7 % 23.8 21.3 12.1 % 33.2

% of net sales 16.4 % 18.0 % -8.7 % 15.7 % 16.5 % -5.1 % 18.2%

Norway 6.4 3.9 62.3 % 15.7 6.7 133.9 % 11.2

% of net sales 15.6 % 9.9 % 56.7 % 12.8 % 6.5 % 95.5 % 7.7%

Denmark 0.8 0.9 -9.1 % 0.8 -0.7 215.5 % 0.1

% of net sales 6.8 % 7.5 % -10.0 % 2.4 % -2.3 % 205.2 % 0.2%

Europe East 4.4 4.2 4.2 % 5.9 3.5 67.9 % 5.9

% of net sales 23.4 % 24.6 % -4.7 % 12.9 % 8.9 % 44.6 % 10.5%

Europe Central 0.4 3.5 -89.7 % -1.7 3.4 -150.6 % 5.5

% of net sales 2.0 % 16.3 % -87.6 % -3.7 % 6.2 % -159.8 % 7.4%

Net items not allocated to operating segments -1.8 -0.7 -144.8 % -2.7 -2.2 -19.3 % -4.5

Group EBIT 29.7 30.5 -2.6 % 64.8 48.6 33.3 % 74.1

% of net sales 16.0 % 17.0 % -6.1 % 12.5 % 10.5 % 18.7 % 11.4%

66

For more information: www.ramirent.com

rr results q3_2012_final

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