rr results q4_2012_en_final

FINANCIAL STATEMENTS 2012 February 12, 2013 CEO Magnus Rosén CFO Jonas Söderkvist

Financial Statements 2012

Agenda

Highlights: Q4 and FY2012

Market outlook and guidance Segment review Financial Review Company overview

Appendix

2 Agenda

Financial Statements 2012 3

Highlights: Q4/2012

Net sales MEUR 194.1 (186.8) up 3.9% or 0.5% at comparable exchange rates EBITDA MEUR 56.5 (55.0) EBITDA–margin 29.1% (29.4%) EBITA MEUR 29.4 (27.3) EBITA–margin 15.2% (14.6%) EBIT MEUR 27.5 (25.5) EBIT–margin 14.2% (13.6%) Gross capex MEUR 36.8 (45.9) Cash flow after investments MEUR 16.8 (15.9) Decision on formation of a joint venture with Cramo in Russia and Ukraine

Highlights: FY2012 and Q4


January–December 2012: Profitability improved and all–time high sales

Net sales MEUR 714.1 (649.9) up 9.9% or 7.7% at comparable exchange rates EBITDA MEUR 210.2 (181.8) EBITDA–margin 29.4% (28.0%) EBITA MEUR 100.3 (79.4) EBITA–margin 14.1% (12.2%) EBIT MEUR 92.3 (74.1) EBIT–margin 12.9% (11.4%) Gross capex MEUR 124.0 (242.2) Cash flow after investments MEUR 54.2 (−52.0) Net debt MEUR 239.4 (262.8) Net debt to EBITDA 1.1x (1.4x)

Customer centres 358 (406)



Net Sales (MEUR) and EBIT (%)

389

498

634 703

503 531

650 714

0%

5%

10%

15%

20%

25%

30%

0

100

200

300

400

500

600

700

800

2005 2006 2007 2008 2009 2010 2011 2012

Net sales EBIT,%

Profitability is improving steadily



6

4%

-2%

7%

22%

-16%

5%

-14% -20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

YoY Change in net sales,% Q4/12

Full–year net sales grew in all segments except Europe Central

10% 8%

15%

20%

1%

13%

-15% -20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

YoY Change in net sales,% 1–12/12



7

14% 18% 16%

13%

7%

29%

1% 0%

5%

10%

15%

20%

25%

30%

35%

Q4 2011 Q4 2012

EBIT margin Q4/12 vs. Q4/11

EBIT margin improved in Q4 in all segments expect Sweden and Central Europe

EBIT margin 1–12/12 vs. 1–12/11

13%

18% 16%

13%

4%

17%

-3% -5%

0%

5%

10%

15%

20%

1–12 2011 1–12 2012 1–12 2011 1–12 2012 Q4 2012 Q4 2011



8

15.9 16.8

0

10

20

30

40

50

Cash flow after investments

Cash flow Q4/12 vs. Q4/11

Cash flow improved clearly in 2012

Cash flow 1–12/12 vs. 1–12/11

–52.0

54.2

-60

-40

-20

0

20

40

60


Q4/12 Q4/11 1–12/12 1–12/11



Long-term financial targets were met in 2012

9

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 1–12/2012

18.3%

1.1x

57.6%* of 2012 net profit


*Board’s proposal


10

Earnings Per Share and Dividend Per Share

Dividend proposal EUR 0.34 per share

The Board proposes a dividend of EUR 0.34 (0.28) per share for the year 2012 Payout ratio 57.6%* (67.6%)

0.33

0.73

1.02

0.31

0.04 0.13

0.41

0.59

0.15

.0.30

.0.50

0.00

0.15 0.25 0.28

0.34*

0,00

0,20

0,40

0,60

0,80

1,00

1,20

2005 2006 2007 2008 2009 2010 2011 2012

EPS DPS

*Board’s proposal


MARKET OUTLOOK

11


Market outlook –Construction output forecasts

12

Country 2013F 2014F Source

Nordic Finland −2.3% 0.8% Euroconstruct

Sweden 0.2% 2.6% Euroconstruct

Norway 5.6% 2.5% Euroconstruct

Denmark 2.2% 4.4% Euroconstruct

Europe Central Poland −3.4% −1.0% Euroconstruct

Czech Republic −1.9% 0.8% Euroconstruct

Slovakia −1.0% 2.2% Euroconstruct

Hungary 0.9% 3.4% Euroconstruct

Europe East

Russia 0–5%

0–5% Euroconstruct

Estonia 2.0% −3.0% Euroconstruct

Latvia 4.0% −2.0% Euroconstruct

Lithuania 3.0% −1.0% Euroconstruct

Ukraine N/A. N/A. N/A.

Source: Euroconstruct, December 2012

Market outlook


Residential construction expected to increase in Norway

13

Source: Euroconstruct December 2012

Residential construction (output) 2008A – 2014F

Index 2008 = 100 (volume)

109

94

120

91 88

70

75

80

85

90

95

100

105

110

115

120

2008 2009 2010 2011 2012E 2013F 2014F

Finland Sweden Norway Denmark Europe Central

Forecasts for Europe East countries not available

Market outlook


Non–residential construction forecasted to remain stable

14

Non–residential construction (output) 2008A – 2014F

Index 2008 = 100 (volume)

80

94

104

71

96

60

70

80

90

100

110

120

2008 2009 2010 2011 2012E 2013F 2014F

Finland Sweden Norway Denmark Europe Central

Source: Euroconstruct December 2012 Forecasts for Europe East countries not available

Market outlook


Nordic construction order books continued to decrease in Q4/2012

15

*Order books for Swe, Fin, Nor, Den excluding Veidekke, Peab and SRV that had not reported by February 12, 2013

-40%

-20%

0%

20%

40%

60%

0

2

4

6

8

10

12

14

Q12007

Q2 Q3 Q4 Q12008

Q2 Q3 Q4 Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q42

Order books: Nordic construction companies (BEUR, real exchange rates)*

Skanska NCC

YIT Lemminkäinen

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

8.2% decrease in Q4/2012 compared to Q4/2011

Market outlook


Ramirent outlook for 2013

16

In 2013, EBITA is expected to remain at the level of 2012

Market outlook


Strategic priorities 2013

Customer first

Sustainable profitable growth

Common Ramirent platform

Balanced business portfolio

• Strong customer-centric approach with increased focus on sustainability, safety and quality

• Being the leading and most profitable general rental company where present

• Developing a one-company

structure with operational consistency

• Maintain a balanced portfolio

of customers, products and markets to balance risk

SEGMENT REVIEW

18


29 34

41

31 28

36 38 35 30

37

45 42 38 41

45 42

-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 Q4

Net sales EBIT-%

Finland

Good demand from industrial sector In construction sector, demand for equipment rental remained stable Good demand in Southern and Northern Finland EBIT improved thanks to good price discipline and enhanced utilisation rates

19

Highlights Q4/2012 Sales and EBIT by quarter

Finland Q4 2012

Q4 2011

Change (EUR)

Change (Local)

1–12/ 2012

1–12/ 2011

Change (EUR)

Change (Local)

Net sales, MEUR 41.7 42.5 −2% −2% 166.5 154.7 8% 8%

EBIT, MEUR 7.3 6.2 19% 30.2 22.8 33%

EBIT–margin 17.6% 14.6% 18.2% 14.7%

Employees 572 596 −4% Outlets 76 83 −8%

Segment review


Sweden

20

Good demand in the capital city area and Western Sweden in construction Good activity in industrial projects in Northern Sweden EBIT was burdened by an increase in external work related to module projects Erik Alteryd was appointed as head of Sweden segment (to start latest in July 2013)

32 33 31 32 29 35 36

45 41 42 45

54 48 51 53

58

0%

5%

10%

15%

20%

25%

0

10

20

30

40

50

60

70

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4

Net sales EBIT-%

Sales and EBIT by quarter

Sweden Q4 2012

Q4 2011

Change (EUR)

Change (Local)

1–12/ 2012

1–12/ 2011

Change (EUR)

Change (Local)

Net sales, MEUR 57.9 53.9 7% 2% 209.9 182.7 15% 11%

EBIT, MEUR 9.2 11.9 –23% 33.1 33.2 -

EBIT–margin 15.9% 22.2% 15.7% 18.2%

Employees 677 630 7% Customer centres

79 79 -

Segment review

Highlights Q4/2012


Norway

21

Ramirent continued to experience good demand from construction as well as other industrial sectors EBIT strengthened clearly thanks to growth in net sales, higher utilisation rates as well as good cost control Price level remained stable

29 25 27 29 28 27 28

31 33 30

40 42 44 38 41

51

-5%

0%

5%

10%

15%

20%

0

10

20

30

40

50

60

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4

Net sales EBIT-%

Norway Q4 2012

Q4 2011

Change (EUR)

Change (Local)

1–12/ 2012

1–12/ 2011

Change (EUR)

Change (Local)

Net sales, MEUR 51.0 42.0 22% 16% 174.0 144.8 20% 15%

EBIT, MEUR 6.5 4.5 44% 22.2 11.2 98%

EBIT–margin 12.7% 10.7% 12.8% 7.7%

Employees 467 486 −4% Outlets 42 42 -


Segment review

Highlights Q4/2012


Denmark

22

Demand of the equipment rental weakened due to slowing activity in construction market Early winter affected on utilisation rates Price level stable Full-year EBIT improved thanks to good cost control and remained stable in Q4

11 12

11 10

8 9 9 10

8 10

11

15

10 11 11 12

-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 Q4

Net sales EBIT-%

Denmark Q4 2012

Q4 2011

Change (EUR)

Change (Local)

1–12/ 2012

1–12/ 2011

Change (EUR)

Change (Local)

Net sales, MEUR 12.2 14.6 −16% −16% 44.7 44.1 1% 1%

EBIT, MEUR 0.8 0.8 4% 1.6 0.1 N/A

EBIT–margin 6.7% 5.4% 3.6% 0.2%

Employees 192 186 3% Outlets 19 22 −14%


Segment review

Highlights Q4/2012


Europe East

23

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 based on good growth in net sales and improved price levels Decision on formation of joint venture with Cramo in Russia and Ukraine

9 12

19

11

8 10

12 13

9

13

17 16

12

15

19 17

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

0

5

10

15

20

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4

Net sales EBIT-%

Europe East Q4 2012

Q4 2011

Change (EUR)

Change (Local)

1–12/ 2012

1–12/ 2011

Change (EUR)

Change (Local)

Net sales, MEUR 17.4 16.5 5% 3% 63.3 56.1 13% 11%

EBIT, MEUR 5.0 2.3 113% 10.9 5.9 86%

EBIT–margin 28.7% 14.2% 17.3% 10.5%

Employees 443 439 1% Outlets 62 58 7%


Segment review

Highlights Q4/2012


Europe Central

24

Demand weakened for rental equipment in all Europe Central countries Fleet allocation and downsizing of operations continued EBIT was burdened by low volumes, high price pressure and lower utilisation rates

14 16

18 16

12

16

20 19

14

19 22

19

13 15

18 16

-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 Q4

Net sales EBIT-%

Europe Central Q4 2012

Q4 2011

Change (EUR)

Change (Local)

1–12/ 2012

1–12/ 2011

Change (EUR)

Change (Local)

Net sales, MEUR 16.2 18.9 −14% −19% 62.7 73.9 −15% −14%

EBIT, MEUR 0.2 2.0 −91% −1.6 5.5 −128%

EBIT–margin 1.1% 10.8% −2.5% 7.4%

Employees 626 825 −24% Outlets 80 122 −34%


Segment review

Highlights Q4/2012

FINANCIAL REVIEW

25


Good profitability and strong cash flow in 2012

26

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 37

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

0

20

40

60

80

100

120

140

Q12009

Q2Q3Q4Q12010

Q2Q3Q4Q12011

Q2Q3Q4Q12012

Q2Q3Q4

Gross Capex Share of net sales-%281

255 230

207 212 209 197 177 191

238

280 263 258

281 256

239

0%

20%

40%

60%

80%

100%

120%

0

50

100

150

200

250

300

Q12009

Q2Q3Q4Q12010

Q2Q3Q4Q12011

Q2Q3Q4Q12012

Q2Q3Q4

Net debt Gearing-%

7

14 12

-4 -6

7

17 11

3

15

31 25

12

23

30 28

-10%

-5%

0%

5%

10%

15%

20%

-10-505

101520253035

Q12009

Q2Q3Q4Q12010

Q2Q3Q4Q12011

Q2Q3Q4Q12012

Q2Q3Q4

EBIT EBIT-%

30 36 37

26 18

31

42 37

28

41

59 55

42

52 60 57

0%

5%

10%

15%

20%

25%

30%

35%

0

10

20

30

40

50

60

70

Q12009

Q2Q3Q4Q12010

Q2Q3Q4Q12011

Q2Q3Q4Q12012

Q2Q3Q4

EBITDA EBITDA-%

122 125 130 126 112

129 141 150 134

150 179 187

164 170 186 194

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

0

50

100

150

200

250

Q12009

Q2Q3Q4Q12010

Q2Q3Q4Q12011

Q2Q3Q4Q12012

Q2Q3Q4

Net sales Y-o-y change-%

18 28

22 20

-4

13 14 24

-11 -20

-37

16 6 7

24 17

-50-40-30-20-10

010203040

Q12009

Q2Q3Q4Q12010

Q2Q3Q4Q12011

Q2Q3Q4Q12012

Q2Q3Q4


Financial review


Net sales grew 3.9% in Q4/2012, full–year net sales growth was 9.9%

Net sales grew 9.9% in 1-12/2012 (7.7% at comparable exchange

27

Change in net sales YoY, %

19% 19% 13%

−4%

−25% −31% −31%

−27%

−9%

3% 9%

19% 20% 16%

27% 24% 22%

14%

4% 4%

Q12008

Q2 Q3 Q4 Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 2 Q4

Financial review

At comparable exchange rates, net sales grew 0.5% in Q4/2012 and 7.7% for the full-year 2012


Share of ancillary income increased clearly

Q4/2012 compared to Q4/2011: • Rental income increased 0.8% • Ancillary income increased 19.8% • Income from sold equipment declined 35.3%

28

65% 63%

29% 33%

6% 4%

0 %

20 %

40 %

60 %

80 %

100 %

Q4/2011 Q4/2012

Income from sold equipment

Ancillary income

Rental income

Breakdown of net sales (%) and MEUR

121.8 122.8

53.2 63.7 11.8 7.6

0

50

100

150

200

250

Q4/2011 Q4/2012

Income from sold equipment

Ancillary income

Rental income

Financial review


Gross margin affected by sales mix

29

Gross margin (%) by quarter

71%

70%

68%

65%

69%

65%

67%

68%

66%

67% 67% 68%

69%

66%

68%

66%

68% 69%

64%

67%

Q1 Q2 Q3 Q4 FY

2009 2010 2011 2012

Financial review


Number of employees decreased in Europe Central due to reorganisation

At the end of December 2012, the Group’s number of employees was 3,005 (3,184)

30

Number of employees by segment

596 630

486

186

439

825

572

677

467

192

443

626

Finland Sweden Norway Denmark Europe East EuropeCentral

Personnel 31/12/11 Personnel 31/12/12

Financial review


Optimisation of customer centres continues, 358 customer centres at the end of 2012

96 76

57 79

37 42 18 19 52

62

99 80

359 358

Q12008

Q2 Q3 Q4 Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4

Finland Sweden Norway Denmark Europe East Europe Central

Number of customer centres per segment

31 Financial review


Stable fixed cost development

Group fixed costs 270 (260) MEUR in 1-12/2012

32

Fixed costs by quarter (MEUR)

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

23 22 19 23 22 23 22

24 27 25 25 28 25 25 26 27

57 52 52

57 56 56 54

62 63 62 66

70 68 65 68 69

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q42

Employee benefit expenses Other operating expenses

Financial review


EBIT–margin January–December 2012: 12.9% (11.4%)

EBIT-margin improved in the fourth quarter compared to the previous year

33

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%

14.2%

Q12008

Q2 Q3 Q4 Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q32 Q43

Financial review


Profitability improved in Q4 in all segments expect Sweden and Central Europe

34

13.6% 14.6%

22.2%

10.7%

5.4%

14.2%

10.8%

14.2%

17.6% 15.9%

12.7%

6.7%

28.7%

1.1%

Group Finland Sweden Norway Denmark East Central

Q4/11 Q4/12

EBIT–margin (%) by segments

Q4/11 Q4/12

Financial review


30

38

67

34

20 22 25

34

4 5 6 12

8 6 6 8

Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4

Purchased equipment Sold equipment

Ramirent purchased less equipment in 2012 compared to previous year

The total value of purchased equipment was 101.3 (169.2) million in 1-12/2012 The value of sold rental equipment was EUR 28.0 (27.0) million in 1-12/2012 Non-cancellable operational leases for rental equipment amounted to EUR 3.7 (12.3) million at end of 2012

35

Purchased and sold equipment by quarter (MEUR)

Financial review


Capital expenditure lower level than in the previous year

Lower level of acquitions as well as investments into machinery

36

242

34

81 95

9 12 14

124

26 46 34

2 10 8

1–12/2011 1–12/2012

Capital Expenditure by segments (MEUR)

1–12/2011 1–12/2012

Financial review


Working capital at 5% of net sales

Q4/2012 credit losses and net change in the allowance for bad debt totalled EUR −1.3 (−1.3) million

37

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

86

88

90

80

83

90

99

97

95

10

9

12

4

12

0

11

4

13

1

14

1

13

6

-66

-68

-70

-67

-69

-86

-86

-89

-82

-84

-10

7

-10

9

-13

9

-11

2

-12

2

-11

3

-6%

-4%

-2%

0%

2%

4%

6%

8%

-120

-80

-40

0

40

80

120

160

Q12009

Q2 Q3 Q4 Q12010

Q2 Q33Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q32 Q42

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

Working capital by quarter (MEUR)

Financial review


Return on equity improved during 2012

38

316 296 305

326 308 322

350 368

0%

5%

10%

15%

20%

25%

30%

0

50

100

150

200

250

300

350

400

Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4

Total equity ROE (R12)

Total equity (MEUR) and ROE (%) rolling 12

Return on equity, ROE 18.3% 1-12/2012

Financial review


Invested capital and Return on investment remained stable in 2012

39

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

508 536

588 591 568 605 608 608

0%

5%

10%

15%

20%

25%

30%

0

100

200

300

400

500

600

700

Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4

Invested capital ROI (R12)

Return on invested capital, ROI 18.8% 1-12/2012

Financial review


Cash flow after investments increased to 54.2 MEUR in 1-12/2012

40

Cash flow after investments (MEUR)

−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 16.8

Q12008

Q2 Q3 Q4 Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4

Cash flow after investments Rolling 12 months

Financial review


0,0

0,5

1,0

1,5

2,0

2,5

0

50

100

150

200

250

300

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4

Net debt Net debt to EBITDA ratio

Net debt decreased during the second half of the 2012

Net debt to EBITDA 1.1x (1.4x) at the end of 2012

41

Net debt (MEUR) and Net debt to EBITDA ratio

Financial review


At end of Q4/12, Ramirent had unused committed back–up facilities of 150.9 MEUR

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

42

150

240

2012 2013 2014 2015 2016 2017

Repayment schedule of interest–bearing liabilities (MEUR)

390 MEUR in committed credit facilities

239.4 MEUR in net debt

Financial review

RAMIRENT AND CRAMO JOINT VENTURE

43


Group

New strategy for our presence in Russia and Ukraine through joint venture with Cramo

Group

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

“50/50 JV”

50% 50%

44 Ramirent and Cramo JV

A stand-alone entity with new corporate identity 50/50 ownership for 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)

Key Facts

RUSSIA

UKRAINE

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

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

46


Ramirent in brief

47

Leading equipment rental company in Northern, Central and Eastern Europe with net sales of EUR 714 million (2012)

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

Listed on NASDAQ OMX Helsinki since 1998

3,005 employees serving 100,000 customers

Founded in 1955 and headquartered in Finland

Company overview


Ramirent operates in Europe with Baltic Sea region being the core market

48

Sales per segment 1-12/2012 Wide network of customer centres and leading market position

Finland 23%

Sweden 29%

Norway 24%

Denmark 6%

Europe Eas t 9%

Europe C entral

9%

Sales per customer 1-12/2012

C onstruc- tion 68%

Services &Retail 10%

Indus trial 15%

P rivate 3%

Public 4%

Company overview

Target is to increase sales to non-construction customers to 40% of the Group's net sales

Finland 76 cus tomer

centres # 1

Europe

East 62 cus tomer

centres # 1

Norway

42 cus tomer centres

# 1

Denmark 19 cus tomer

centres # 1

Europe Central


# 1

Sweden


# 2


End of 2009

We accelerate our growth through acquisitions and outsourcing cases

49

Outsourcing deal in Denmark

Outsourcing deal in Finland Acquisition of

Finnish weather protection rental

company

Outsourcing deal with two subsidiaries in Finland

Outsourcing deal in Finland

Some 50 companies on our watch list

Acquisition of Swedish rental company

Outsourcing deal in Norway

Acquisition of Czech rental

business

Aquisition of Czech rental

business

Acquisition of Czech rental

business

Acquisition of Swedish rental

company

Acquisition of Danish rental

business

Acquisition of specialist module rental company in

Norway

Danish scaffolding

division


company


company

2010

2011 2012

Outsourcing deal in Norway

JV with Cramo in Russia

and Ukraine announced

Company overview

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

50

Our strategic choices

Values Open, Progressive, Engaged

Brand promise Let’s solve it

Company overview


RA

MIR

EN

T O

FF

ER

ING

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 ref illing • 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

How we simplify our customer's business

51

Company overview


Our offering

52 Company overview


Our strategic and operational themes through the business cycles

Weak Stable Strong

Strategic themes

• Safe-guard profitability and cash flow

• Consolidate market – Outsourcing cases

• Realise synergies through operational excellence

• Consolidate market – Bolt-on acquisitions

• Profitable growth

Operational themes

• Pricing discipline • Execute contingency plans • Reduce costs and transform

fixed costs to variable • Reduce financial risk, focus

on A/R and credits • Amortise debt • Limited capex, transfer fleet

to where demand is

• Develop product, customer and market portfolio

• Expand value offering • Maintenance capex

• Drive penetration and capture growth opportunities

• Keep control of fixed cost base

• Prepare contingency plans

• Growth capex for expansion

Weak market conditions in 2009-2010

Increased demand and investments

2011-2012

Business cycle

Counter cyclical cash flow

Market conditions

53 Company overview


Organic growth drivers 7

0%

6

0%

4

5%

4

0%

4

0%

30

%

30

%

25

%

20

%

20

%

15

%

15

%

15

%

10

%

10

%

10

%

5%

0%

20%

40%

60%

80%

100%

Increasing rental penetration

Expansion to Eastern and Cental Europe

Inhabitants (million)

Construction output (BEUR)

RamirentLoxamCramoAlgeco ScotsmanSpeedy HireLiebherr-MietpartnerGAMMediaco LiftingSarensKiloutouHKL BaumschinenOthers

Consolidation opportunities in Europe

External growth drivers Increasing rental penetration

Outsourcing deals

Bolt-on and selected strategic acquisitions

Joint Ventures

Good organic and strategic growth opportunities

Company overview


Summary of company’s strengths

Leading equipment rental company in Northern, Central and Eastern Europe More than 50 years industry experience Diversified portfolios of customers, products and markets Stable profitability and steady cash flow Flexibility to maneuver: capex and cost flexibility, strong balance sheet Strong financial position and funding

Senat's square, Helsinki, Finland

Company overview


Largest shareholders

Largest shareholders on December 31, 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. Odin funds 4,638,955 4.27%

5. Ilmarinen Mutual Pension Insurance Company 3,295,154 3.03%

6. Nordea funds 2,664,173 2.45% 7. LocalTapiola Mutual Pension Insurance Company 2,407,668 2.22%

8. Aktia funds 2,072,640 1.91%

9. Veritas Pension Insurance Company Ltd 1,508,768 1.39%

10. Föreningen Konstsamfundet Rf 825,000 0.76%

Ramirent Oyj treasury shares 1,030,192 0.95%

Nominee registered 17,200,818 15.82%

Other shareholders 21,840,854 20.09%

Total 108,697,328 100.00%

56

Market Cap EUR 673 million

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

Segment: Mid Cap Sector: Industrials

Trading code: RMR1V

16%

24%

14% 9% 2%

35%

Private companies

Financial and insurance institutions

Public sector organizations

Households

Non-profit organizations

Foreigners

Shareholders December 31, 2012

Company overview


Share price development

57 Company overview

EUR

0

2

4

6

8

10

12

14

EUR 7.43*

Ramirent Plc (RMR1V)

*February 8, 2013


APPENDIX

58


Consolidated income statement

59

CONSOLIDATED INCOME STATEMENT 10–12/12 10–12/11 1–12/12 1–12/11

(EUR 1,000)

Rental income 122,777 121,795 463,070 430,848

Ancillary income 63,738 53,196 223,899 192,355

Sales of equipment 7,625 11,780 27,115 26,658

NET SALES 194,141 186,772 714,083 649,861

Other operating income 1,192 541 3,026 1,526

Materials and services −70,086 −62,820 −237,184 −209,357

Employee benefit expenses −41,809 −41,844 −166,550 −156,101

Other operating expenses −27,096 −27,736 −103,249 −104,214

Share of result in associates and joint ventures 116 74 116 74

Depreciation and amortisation −28,976 −29,494 −117,943 −107,659

EBIT 27,481 25,492 92,298 74,131

Financial income 1,965 2,430 20,320 11,405

Financial expenses −5,132 −5,174 −29,733 −24,776

EBT 24,314 22,749 82,885 60,760

Income taxes −4,525 −5,691 −19,257 −16,030

NET RESULT FOR THE PERIOD 19,788 17,058 63,628 44,730

Net result for the period attributable to:

Owners of the parent company 19,788 17,058 63,628 44,730

Non-controlling interest - - - -

TOTAL 19,788 17,058 63,628 44,730

Earnings per share (EPS)

EPS on parent company shareholders' share of profit, basic, EUR 0.18 0.16 0.59 0.41

EPS on parent company shareholders' share of profit, diluted,

EUR 0.18 0.16 0.59 0.41

Appendix


Balance sheet – Assets

60

CONSOLIDATED BALANCE SHEET 31/12/2012 31/12/2011 (EUR 1,000) NON-CURRENT ASSETS Property, plant and equipment 451,511 487,310 Goodwill 133,515 124,452 Other intangible assets 40,381 35,719 Investments in associates and Joint Ventures 1,125 953 Available-for-sale investments 412 415 Deferred tax assets 9,189 12,183 NON-CURRENT ASSETS, TOTAL 636,133 661,032 CURRENT ASSETS Inventories 15,250 17,309 Trade and other receivables 135,600 120,000 Current income tax assets 145 344 Cash and cash equivalents 1,338 2,431 CURRENT ASSETS, TOTAL 152,333 140,084 Assets to be transferred to the Joint Venture 42,250 - TOTAL ASSETS 830,716 801,117

Appendix


Balance sheet – Equity and liabilities

61

CONSOLIDATED BALANCE SHEET 31/12/2012 31/12/2011 (EUR 1,000) EQUITY Share capital 25,000 25,000 Revaluation fund −4,924 −4,192 Invested unrestricted equity fund 113,329 113,329 Retained earnings 234,267 191,862 PARENT COMPANY SHAREHOLDERS’ EQUITY 367,672 326,000 Non-controlling interests - - EQUITY, TOTAL 367,672 326,000 NON-CURRENT LIABILITIES Deferred tax liabilities 73,333 73,690 Pension obligations 8,693 7,226 Provisions 972 1,553 Interest-bearing liabilities 191,199 219,773 Other long-term liabilities 8,071 11,748 NON-CURRENT LIABILITIES, TOTAL 282,268 313,990 CURRENT LIABILITIES Trade payables and other liabilities 112,956 109,020 Provisions 826 1,163 Current income tax liabilities 10,936 5,496 Interest-bearing liabilities 49,513 45,448 CURRENT LIABILITIES, TOTAL 174,231 161,127 Liabilities to be transferred to the Joint Venture 6,545 - LIABILITIES, TOTAL 463,044 475,117 TOTAL EQUITY AND LIABILITIES 830,716 801,117

Appendix


Key figures

62

KEY FINANCIAL FIGURES 2012 2011 (MEUR) Net sales 714.1 649.9 Increase in net sales, % 9.9% 22.3% Operating result before depreciation and amortisation (EBITDA) 210.2 181.8 Operating result before depreciation and amortisation (EBITDA), % of net sales 29.4% 28.0% Operating result before amortisation of intangible assets (EBITA) 100.3 79.4 Operating result before amortisation of intangible assets (EBITA), % net sales 14.1% 12.2% Operating result (EBIT), 92.3 74.1 Operating result (EBIT), % of net sales 12.9% 11.4% Result before taxes (EBT) 82.9 60.8 Result before taxes (EBT), % of net sales 11.6% 9.3% Net result for the financial year 63.6 44.7 Net result for the financial year, % of net sales 8.9% 6.9% Return on invested capital (ROI), % 18.8% 15.7% Return on equity (ROE), % 18.3% 13.9% Interest-bearing debt 240.7 265.2 Net debt 239.4 262.8 Net debt to EBITDA ratio 1.1x 1.4x Gearing, % 65.1% 80.6% Equity ratio, % 44.3% 40.7% Personnel, average during financial year 3,077 3,150 Personnel, at end of financial year 3,005 3,184 Gross capital expenditure 124.0 242.2 Gross capital expenditure, % of net sales 17.4% 37.3%

Appendix


Condensed cash flow statement

63

CONSOLIDATED CONDENSED CASH FLOW STATEMENT 10–12/12 10–12/11 1–12/12 1–12/11

(EUR 1,000)

Cash flow from operating activities 54,029 44,075 173,985 177,433

Cash flow from investing activities −37,210 −28,204 −119,818 −229,475

Cash flow from financing activities

Borrowings / repayment of short-term debt −26,000 −7,544 5,500 30,584

Borrowings / repayment of long-term debt 8,323 −9,080 −27,900 52,919

Purchase of treasury shares - - −2,714 −3,378

Dividends paid - - −30,147 −27,004

Cash flow from financing activities −17,677 −16,624 −55,261 53,121

Net change in cash and cash equivalents −858 −752 −1,094 1,079

Cash and cash equivalents at the beginning of the period 2,195 3,184 2,431 1,352

Translation difference on cash and cash equivalents - - - -

Net change in cash and cash equivalents −858 −752 −1,094 1,079

Cash and cash equivalents at the end of the period 1,338 2,431 1,338 2,431

Appendix


Segment information: Net sales

64

NET SALES 10–12/12 10–12/11 1–12/12 1–12/11 (MEUR) FINLAND - Net sales (external) 41.4 42.1 165.0 151.4 - Inter-segment sales 0.3 0.4 1.5 3.3 SWEDEN - Net sales (external) 56.7 53.6 207.5 182.0 - Inter-segment sales 1.2 0.2 2.4 0.6 NORWAY - Net sales (external) 50.7 41.9 173.6 144.3 - Inter-segment sales 0.4 0.1 0.5 0.5 DENMARK - Net sales (external) 12.2 14.4 44.6 43.5 - Inter-segment sales 0.1 0.2 0.1 0.6 EUROPE EAST - Net sales (external) 17.3 16.4 63.0 55.8 - Inter-segment sales - 0.1 0.3 0.2 EUROPE CENTRAL - Net sales (external) 15.9 18.4 60.4 72.8 - Inter-segment sales 0.3 0.6 2.3 1.0 Elimination of sales between segments −2.3 −1.6 −7.1 −6.3 NET SALES, TOTAL 194.1 186.8 714.1 649.9 Other operating income 1.2 0.5 3.0 1.5

Appendix


Segment information: EBIT

65

EBIT 10–12/12 10–12/11 1–12/12 1–12/11

(MEUR)

FINLAND 7.3 6.2 30.2 22.8

% of net sales 17.6% 14.6% 18.2% 14.7%

SWEDEN 9.2 11.9 33.1 33.2

% of net sales 15.9% 22.2% 15.7% 18.2%

NORWAY 6.5 4.5 22.2 11.2

% of net sales 12.7% 10.7% 12.8% 7.7%

DENMARK 0.8 0.8 1.6 0.1

% of net sales 6.7% 5.4% 3.6% 0.2%

EUROPE EAST 5.0 2.3 10.9 5.9

% of net sales 28.7% 14.2% 17.3% 10.5%

EUROPE CENTRAL 0.2 2.0 −1.6 5.5

% of net sales 1.1% 10.8% −2.5% 7.4%

Net items not allocated to operating segments −1.5 −2.3 −4.2 −4.5

GROUP EBIT 27.5 25.5 92.3 74.1

% of net sales 14.2% 13.6% 12.9% 11.4%

Appendix

For more information: www.ramirent.com

rr results q4_2012_en_final

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