rr results q4_2014_en_final

© 2015 Ramirent

ADVANCING OPERATIONAL IMPROVEMENT AGENDA IN MIXED MARKET ENVIRONMENT 12 February 2015 Magnus Rosén, President and CEO Jonas Söderkvist, CFO and EVP Corporate Functions

Q4 Financial Statements Bulletin 2014

© 2014 Ramirent © 2014 Ramirent

Agenda

2

Group performance

Segment review

Market outlook

Key figures

Financial position

Company overview

Appendix

© 2014 Ramirent 3

Strong cash flow in the fourth quarter

Key figures Q4/2014

Business performance

Market situation

Increased geopolitical uncertainty and slow economic growth in our main markets combined with the rapid decline in oil price impacted negatively on net sales

Net sales down by 4.1% or by 1.6% at comparable exchange rates

EBITA 14.5 (20.9) MEUR or 9.0% (12.5%) of net sales

EBITA excl. non-recurring items 18.2 (20.9) MEUR or 11.4% (12.5%) of net sales

The non-recurring items include restructuring costs and asset write-downs of -3.7 (0.0) MEUR

Restructuring and asset write-downs burdened profitability especially in Finland, Sweden and Europe Central

Cost reduction measures continued and we held back on investments in the rental fleet and delivered a strong free cash flow

Financial Statements Bulletin 2014 l 12 February 2015

© 2014 Ramirent 4

Advancing operational improvement agenda in mixed market environment

Key figures 1-12/2014

Business performance

Market situation

Weaker than expected recovery in the Nordic construction sector impacted negatively on the demand for equipment rental

We saw growth in Sweden, while the demand picture remained weak in Finland reflecting increased geopolitical uncertainty

Net sales down by 5.2%; adjusted for transferred or divested operations, net sales

were down by 0.6% at comparable exchange rates

EBITA 65.8 (92.1) MEUR or 10.7% (14.2%) of net sales

EBITA excl. non-recurring items1) and adjusted for transferred or divested

operations 71.5 (83.6) MEUR or 11.7% (13.1%) of net sales

Non-recurring items1) incl. restructuring costs and asset write-downs of -5.7 (8.5)

MEUR

Cost reductions and efficiency improvements were carried out in all segments

Profitability strengthened in the Baltics and Europe Central


1) Non-recurring items include restructuring costs of EUR 1.9 million in the third quarter 2014 and EUR 3.7 million of restructuring costs and asset write-downs in the fourth quarter 2014. The comparison period included a non-taxable capital gain of EUR 10.1 million from the formation of Fortrent in the first quarter 2013, a EUR 1.9 million loss from disposal of Hungary as well as EUR 1.5 million of restructuring costs in Denmark in the third quarter of 2013.

© 2014 Ramirent 5

The Board proposes an ordinary dividend of EUR 0.40 per

share and authorisation to decide on payment of an additional

dividend of up to 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

The Board proposes to the AGM that a dividend of EUR 0.40 (0.37) per share be paid for the financial year 2014 , representing a 132% (74%) payout ratio for 2014

The Board decided not to utilise its authorisation to pay an additional dividend based on the financial statements 2013, but proposes to the AGM 2015 to be authorised to decide at its discretion on the payment of an additional dividend up to the amount of EUR 0.60 per share

1.00

0.40*

0.60

Financial Statements Bulletin 2014 l 12 February 2015 *Board's proposal

© 2014 Ramirent 6

Fourth-quarter net sales impacted by geopolitical uncertainty and slow economic growth in main markets

Change in net sales Q4/2014

-4.1%

-1.6%

-6%

-4%

-2%

0%

2%

4%

6%

Q4/2014 reported Q4/2014 at

comparable exchange

rates

Net sales (MEUR) 1-12/2014

Fourth-quarter net sales down by 4.1% or by 1.6% at comparable exchange rates

Increased geopolitical uncertainty and slow economic growth in our main markets, combined with the rapid decline in oil price, impacted negatively on net sales

647.3 613.5

0

100

200

300

400

500

600

700

1-12/2013 reported 1-12/2014 reported

Full-year 2014 net sales down by 5.2%; adjusted for transferred or divested operations, net sales decreased by 0.6% at comparable exchange rates

Net sales 613.5 (647.3) MEUR in 1-12/2014


© 2014 Ramirent 7

Fourth-quarter EBITA affected by restructuring costs and asset write-downs

12.5%

9.0% 11.4%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

Q4/2013 reported Q4/2014 reported Q4/2014 excl. non-recurring items

The non-recurring items booked in the fourth

quarter consisted of 2.4 MEUR arising from

restructuring costs and 1.3 MEUR from asset

write-downs

EBITA margin Q4/2014 EBITA margin 1-12/2014

Full-year 2014 non-recurring items 1) 5.7 MEUR

arising from restructuring costs, asset write-

downs


14.2%2)

10.7% 13.1%

11.7%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

1-12/2013reported

1-12/2014reported

1-12/2013excl. non-recurring

items

1-12/2014excl. non-recurring

items

1) Non-recurring items include restructuring costs of EUR 1.9 million in the third quarter 2014 and EUR 3.7 million of restructuring costs and asset write-downs in the fourth quarter 2014. 2) The comparison period included a non-taxable capital gain of EUR 10.1 million from the formation of Fortrent in the first quarter 2013, a EUR 1.9 million loss from disposal of Hungary as well as EUR 1.5 million of restructuring costs in Denmark in the third quarter of 2013.

© 2014 Ramirent 8

Acquisitions and new co-operation agreements in the fourth quarter

Veidekke renewed its co-operation agreement with Ramirent in Norway for a new three-year period

Hartela Oy outsourced its fleet of tower cranes and signed a five-year co-operation agreement with Ramirent in Finland

After the end of the review period


Skanska's internal machinery department, Skanska Maskin AB, signed a three-year equipment rental agreement with Ramirent in Sweden

The agreement covers the whole assortment of both companies, from light and heavy machinery to modules and cranes

Ramirent strengthened its position in the Eastern parts of Finland by acquiring the business operations of Savonlinnan Rakennuskonevuokraamo Oy, the leading machine rental company in Eastern Finland

Ramirent and Zeppelin Rental announced successful closing of their Joint venture formation, Fehmarnbelt Solutions Service A/S

© 2014 Ramirent 9

SOURCING AND FLEET MANAGEMENT

EVP Dino Leistenschneider

Human Resources, Health and Safety SVP Peggy Hansson

Marketing, Communications, IR SVP Franciska Janzon

CORPORATE FUNCTIONS CFO and EVP

Jonas Söderkvist

IT SVP and CIO

Mats Munkhammar

President and CEO

Magnus Rosén

Sweden and Denmark SVP Erik Alteryd

Norway SVP Øyvind Emblem (from 1 April 2015)

SCANDINAVIA Magnus Rosén

NORTH CENTRAL EUROPE

EVP Anna Hyvönen

Europe Central SVP Mikael Kämpe

Baltic SVP Heiki Onton

Finland Anna Hyvönen

*Ramirent renewed its management structure on 23 January 2015. **Ramirent will continue to report financial results according to the segments Finland, Sweden, Norway, Denmark, Europe East and Europe Central.

New integrated management structure to increase synergies and strengthen capability to execute the company's strategy


© 2014 Ramirent 10


Through a diversified business portfolio

One company

Sustainable profitable

growth

Agility in managing business

Our long-term strategic objectives are still valid

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

© 2014 Ramirent 11

Activities related to our efficiency programme will continue in 2015

Sales and pricing

Other

Sourcing

Fleet management

• Developing logistics and maintenance & repair processes

• Optimisation of fleet life-cycle

• Developing support processes and systems

• Optimisation of sourcing terms and supplier portfolio

• Common system platform and performance management model

• Developing efficient back-office functions

The identified efficiency actions are planned to deliver a Group EBITA margin of 17%

Improvement actions to continue in these areas

• Developing the network and customer care model

• Revenue management • Promoting services and integrated

solutions

• New organisational model for Customer Centre Sales and Solutions Sales introduced in Sweden, Denmark and Norway

Actions completed in 2014

• Concentration of repair & maintenance operations to few locations in the Nordic countries

• Outsourced yard & storage operations in Finland

• Compliance increased in usage of approved suppliers in all countries

• Increase in number of Groupwide supplier agreements

• New management structure • New rental system live in Sweden,

Denmark and Norway • Integration of back-office functions

between Denmark and Sweden • Personnel reductions due to

restructuring


© 2014 Ramirent © 2014 Ramirent 12

Group performance

Segment review

Market outlook

Key figures

Financial position

Company overview

Appendix

© 2014 Ramirent 13

Finland Q4/2014: Profitability was impaired by restructuring of operations and pricing pressure

18.3% 15.7%

9.2%1)

0%

5%

10%

15%

20%

25%

30%

Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4

Net sales (MEUR) Highlights Q4/2014

42.0 38.6 38.7

05

101520253035404550

Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4

EBITA margin Key figures

Regions South and Central contributed to net sales compared to the previous year, while other regions were negatively impacted by continued low activity in the construction sector

Restructuring costs and asset write-downs of EUR 1.5 million were booked in the fourth quarter

Net sales up by 0.1%


1) EBITA excluding non–recurring items was EUR 5.1 million or 13.2% of net sales in October–December 2014 and EUR 22.3 million or 14.6% of net sales in January–December 2014. The non–recurring items included EUR 1.5 million of restructuring costs and asset write-downs booked in the fourth quarter of 2014.

KEY FIGURES

(MEUR) Q4/14 Q4/13 Change FY2014 FY2013 Change

Net sales 38.7 38.6 0.1% 152.8 151.9 0.6%

EBITA 3.61) 6.1 −41.2% 20.81) 25.7 −19.3%

% of net sales 9.2%1) 15.7% 13.6%1) 16.9%

Capex 4.4 6.9 −35.6% 35.8 28.8 24.4%

Personnel 497 547 −9.1% 497 547 −9.1%

Customer

centres 66 74 −10.8% 66 74 −10.8%

EBITA margin excl. non-

recurring items 13.2%

© 2014 Ramirent 14

Sweden Q4/2014: Favourable demand for equipment rental

17.6%

21.0%

17.3%1)

0%

5%

10%

15%

20%

25%

Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4


57.9 52.8 55.0

0

10

20

30

40

50

60

70

Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4


Sales growth driven by favourable demand in large construction projects and strong demand in the capital city region

Restructuring costs of EUR 0.7 million were booked in the fourth quarter

Net sales up by 4.1% or by 9.0% at

comparable exchange rates


1) EBITA excluding non–recurring items was EUR 10.2 million or 18.5% of net sales in October–December 2014 and EUR 30.1 million or 14.9% of net sales in January–December 2014. The non–recurring items included EUR 0.7 million of restructuring costs booked in the fourth quarter of 2014.

KEY FIGURES


Net sales 55.0 52.8 4.1% 201.0 207.3 −3.0%

EBITA 9.51) 11.1 −14.2% 29.41) 36.6 −19.8%

% of net sales 17.3%1) 21.0% 14.6%1) 17.6%

Capex 7.8 9.1 −14.0% 67.3 35.8 87.8%

Personnel 759 656 15.7% 759 656 15.7%

Customer

centres 77 74 4.1% 77 74 4.1%



© 2014 Ramirent 15

Norway Q4/2014: Cost reductions bearing fruit

13.9%

6.9%

9.4%1)

0%

5%

10%

15%

20%

25%

Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4


51.0

40.8

33.9

0

10

20

30

40

50

60

Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4


The rapid decline in oil prices led to cautiousness regarding new investments in the Norwegian oil and gas sector and wider economy

Cost reductions implemented during the year lowered the fixed cost base in the fourth quarter

Net sales down by 16.9% or by 13.5% at comparable exchange

rates


1) EUR 0.2 million of restructuring costs were booked in the fourth quarter of 2014. 2) EBITA excluding non–recurring items was EUR 16.2 million or 11.9% of net sales in January–December 2014. The non–recurring items included EUR 2.2 million of restructuring costs booked in the second half of the 2014.

KEY FIGURES


Net sales 33.9 40.8 −16.9% 135.7 153.6 −11.6%

EBITA 3.21) 2.8 13.8% 14.02) 22.0 −36.3%

% of net sales 9.4% 6.9% 10.3%2) 14.3%

Capex 0.8 9.1 −91.4% 14.2 34.5 −58.8%

Personnel 388 460 −15.6% 388 460 −15.6%

Customer

centres 43 43 − 43 43 −



© 2014 Ramirent 16

Denmark Q4/2014: Further integration of operations with Sweden continued

7.0%

-6.2% -8.9%1)

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4


12.2 11.8 10.6

0

2

4

6

8

10

12

14

Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4


Despite improving underlying demand, net sales development was unsatisfactory due to organisational changes and integration of operations with the Swedish business

The tough competitive environment has led to further pressure on the price level


rates


1) EUR 0.1 million of restructuring costs were booked in the fourth quarter of 2014. 2) EBITA excluding non–recurring items was EUR –2.8 million or –6.3% of net sales in January–December 2013. The

non-recurring items included EUR 1.5 million of restructuring costs in the third quarter of 2013.

KEY FIGURES


Net sales 10.6 11.8 −10.2% 39.4 44.0 −10.5%

EBITA −0.91) −0.7 −28.8% −3.9 −4.32) 8.3%

% of net sales −8.9% −6.2% −10.0% −9.7%2)

Capex 0.4 1.9 −79.5% 3.6 6.6 −44.6%

Personnel 147 175 −16.1% 147 175 −16.1%

Customer

centres 16 16 − 16 16 −


recurring items -7.7%

© 2014 Ramirent 17

Europe East Q4/2014: Strong performance in the Baltics


17.4

8.4 9.2

02468

101214161820

Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4


Net sales up by 9.4%

113.5%2)

The Baltics

Demand was most favourable in Latvia and Lithuania in the fourth quarter

Profitability strengthened mainly as a result of increased net sales and strict cost control in the Baltics

Fortrent recognised an impairment loss of EUR 0.5 million on all goodwill related to its Ukrainian operations3)


28.9%

32.6%

22.7% 20.1%

27.0%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4

KEY FIGURES


Net sales 9.2 8.4 9.4% 33.9 35.5 −4.5%1)

EBITA 2.1 2.7 −23.9% 6.7 17.32) −61.6%

% of net sales 22.7% 32.6% 19.6% 48.8%2)

Capex 1.9 2.7 −31.1% 10.6 9.6 10.3%

Personnel 240 235 2.1% 240 235 2.1%

Customer

centres 42 41 2.4% 42 41 2.4%

1) Adjusted for the transfer of the Russian and Ukrainian operations to Fortrent as of 1 March 2013 the increase in net sales in January–December 2014 was 9.5%. 2) EBITA excluding non–recurring items and EBITA from Russia and Ukraine was EUR 6.0 million or 19.3% of net sales in January–December 2013. The non–recurring items included the non–taxable capital gain of EUR 10.1 million from the formation of Fortrent recorded in the first quarter of 2013. 3) Fortrent recognised an impairment loss on all goodwill related to its Ukrainian operations in the fourth quarter. The impairment had a negative effect of EUR 0.3 million on Ramirent Group.

© 2014 Ramirent 18

Europe Central Q4/2014: Profitability improving in the Czech and Slovakian operations

2.2% 0.4%

3.9%1)

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4


16.2 15.3

13.8

02468

101214161820

Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4



rates

Lack of new projects especially in Central Poland burdened net sales, while demand developed favourably in North and South

Net sales grew in the Czech Republic and Slovakia as a result of successful sales efforts and recovering demand

Restructuring costs and asset write-downs of EUR 1.1 million were booked


KEY FIGURES


Net sales 13.8 15.3 −10.0% 53.2 57.3 −7.2%1)

EBITA 0.52) 0.1 707.0% 1.72) −0.73) 340.6%

% of net sales 3.9%2) 0.4% 3.2%2) −1.2%3)

Capex 1.1 2.3 −51.7% 7.8 7.1 10.0%

Personnel 477 479 −0.3% 477 479 −0.3%

Customer

centres 58 56 3.6% 58 56 3.6%

1) Adjusted for the divestment of the Hungarian business the increase in net sales in January–December 2014 was 1.2%. 2) EBITA excluding non–recurring items was EUR 1.6 million or 11.9% of net sales in October–December 2014 and EUR 2.8 million or 5.3% of net sales in January–December 2014. The non–recurring items included EUR 1.1 million of restructuring costs and asset write-downs booked in the fourth quarter of 2014. 3) EBITA excluding non–recurring items and EBITA from Hungary was EUR 0.7 million or 1.2% of net sales in January–December 2013. The non-recurring items included the EUR 1.9 million loss from disposal of Hungarian operations, recorded in the third quarter 2013.




Group performance

Segment review

Market outlook

Key figures

Financial position

Company overview

Appendix

19

© 2014 Ramirent 20

Euroconstruct forecasts total Nordic construction market to grow by 2.6% in 2015

Construction output growth estimates for 2015

Nordic countries

Baltic countries and Europe Central

2015E

Finland 1.5%

Sweden 1.3%

Norway 3.9%

Denmark 2.9%

Total Nordic 2.6%

2015E

Estonia -4.0%

Latvia -4.0%

Lithuania 1.0%

Poland 7.1%

The Czech Republic 2.5%

Slovakia 1.8%

Source: Euroconstruct 11/2014


© 2014 Ramirent 21

Infrastructure and non-residential construction expected to be primary drivers of growth in 2015

Construction output by sector 2009-2015E (index)


80

85

90

95

100

105

110

115

120

125

130

2009 2010 2011 2012 2013 2014 2015ENew residential construction New non-residential construction

Renovation* Infrastructure construction

Total Nordic construction output

Index

+3.9%

+3.0%

+2.3%

Total Nordic construction output

2015E: +2.6%

New residential construction

Infrastructure construction

Renovation*

New non-residential construction

+0.5%

*Renovation includes residential and non-residential renovation Source: Euroconstruct 11/2014

© 2014 Ramirent 22

ERA forecasts equipment rental markets to recover in 2015

Equipment rental market growth estimates for 2015E (%)

2.1%

1.8%

1.1%

3.5%

5.3%

2.6%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

Finland Sweden Norway Denmark Poland Total Europe

Source: ERA (European Rental Association) 11/2014


© 2014 Ramirent 23

Nordic construction order books including NCC, YIT, Lemminkäinen and SRV increased by 7.4% at comparable exchange rates

Nordic construction companies order books (at comparable exchange rates)

billion

Fourth-quarter nordic construction order books incl. NCC, YIT, Lemminkäinen and SRV increased by 7.4% at comparable exchange rates compared to the previous year

Ramirent's net sales were down by 5.2% in 2014

Adjusted for transferred or divested operations, Ramirent's net sales were down by 0.6% at comparable exchange rates in 2014

*YIT's order book not fully comparable as it includes also order book from the Baltic States, Slovakia and the Czech Republic (change in reporting structure as of Q1/2014).

-40%

-20%

0%

20%

40%

60%

0

1

2

3

4

5

6

7

8

9

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

NCC YIT*

Lemminkäinen SRV

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

in especially 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


Group performance

Segment review

Market outlook

Key figures

Financial position

Company overview

Appendix

26

Finland Sweden Norway Denmark Baltics Central

Net

Sale

s

(M

EU

R)

EB

IT

A m

arg

in e

xcl.

n

on

-recu

rrin

g i

tem

s

(%

)

1-12/2013 1-12/2014

Profitability improved in Baltics and Europe Central in 2014

16.9% 17.6%

14.3%

-6.3%

17.4%

1.2%

14.6% 14.9%

11.9%

-9.6%

21.2%

5.3%

-10%

-5%

0%

5%

10%

15%

20%

25%

Finland Sweden Norway Denmark The Baltics Europe Central

151.9

207.3

153.6

44.0 31.0

57.3

152.8

201.0

135.7

39.4 33.9 53.2

0.0

50.0

100.0

150.0

200.0

Finland Sweden Norway Denmark The Baltics Europe Central

© 2014 Ramirent

1)


© 2014 Ramirent 27

Fourth-quarter sales were impacted by unfavourable changes in foreign exchange rates and lower sales of used equipment

Net sales (MEUR) Breakdown of net sales (MEUR)

104.8 102.8

51.9 50.3

10.8 7.6

0

20

40

60

80

100

120

140

160

180

Q4/2013 Q4/2014

Income from sold equipment

Ancillary income

Rental income

−1.9%

−3.1%

−29.9%

167.5

-4.1 -2.7

160.7

0

20

40

60

80

100

120

140

160

180

Q4/2013reported

Exchange rates Underlyingchange

Q4/2014reported

Weakening of the Swedish krona and Norwegian krone impacted negatively on the net sales in euros

The rapid decline in oil prices led to cautiousness in new investments in the Norwegian oil and gas sector Sales of used equipment were clearly below last year's level in the fourth quarter


© 2014 Ramirent 28

Ramirent carried out several actions to reduce its fixed cost base in 2014

Customer centres Personnel (FTE)

334 325 306 304 302 301 302 302

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4

Finland Sweden Norway Denmark Europe East -Baltics Europe Central

Improving efficiency of repair & maintenance

operations on-going

Full-year employee benefit expenses

decreased to 150.3 (156.8) MEUR

Acquisitions have added 155 FTEs to the

Group


Finland

497

Sweden

759

Norway

388

Denmark

147

Europe East -

Baltic 240

Europe

Central 477

Group: 2,576 (2,589)

© 2014 Ramirent 29

Full-year 2014 fixed costs decreased by EUR 14.1 million compared to the previous year

Fixed costs (MEUR) and % of Group net sales

68.1

61.4 60.6

35.1% 36.6%

37.7%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

10

20

30

40

50

60

70

80

Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4

Full-year 2014 fixed costs 238.3 (252.5) MEUR

• Employee benefit expenses 150.3 (156.8) MEUR

• Other operating expenses 88.0 (95.7) MEUR

Full-year fixed costs of net sales 38.8% (39.0%)

Fourth-quarter fixed costs 60.6 (61.4) MEUR or 37.7% (36.6%) of net sales

• Whereof 2.4 MEUR non-recurring


Excl. non-recurring items 58.2 MEUR or 36.2% of net

sales

© 2014 Ramirent 30

Fourth-quarter EBITA margin excluding non-recurring items at 11.4%

8.5%

14.6% 15.3%

12.5%

9.0%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

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

12.5%

9.0% 11.4%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

Q4/2013 reported Q4/2014 reported Q4/2014 excl. non-recurring items

The non-recurring items booked in the fourth

quarter consisted of 2.4 MEUR arising from

restructuring costs and 1.3 MEUR from asset

write-downs

Full-year EBITA 65.8 (92.1) MEUR or 10.7%

(14.2%) of net sales

Full-year EBITA excl. non-recurring items1) and

adjusted for transferred or divested operations

was MEUR 71.5 (83.6 2)) or 11.7% (13.1% 2))

EBITA margin EBITA margin quarterly


1) Non-recurring items include restructuring costs and asset write-downs of EUR 5.7 million in January-December 2014 2) Non-recurring items in the comparison period included the non-taxable capital gain of EUR 10.1 million from the formation of Fortrent in the first quarter 2013, the EUR 1.9 million loss from disposal of Hungary as well as EUR 1.5 million of restructuring costs in Denmark in the third quarter of 2013. Transferred and divested operations included Russia, Ukraine and Hungary.

© 2014 Ramirent 31

Full-year 2014 restructuring costs and asset write-downs amounted to EUR 5.7 million

92.1 83.6

65.8

6.81)

85.3

1.72)

71.5

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

100.0

1-12/2013 reported 1-12/2013 excl.

non-recurring items

1-12/2013 adjusted 1-12/2014 reported 1-12/2014 excl.

non-recurring items

EBITA (MEUR) 1-12/13 vs 1-12/14

1) Non-recurring items in 2013: -the loss from disposal Hungary 1.9 MEUR -the non-taxable capital gain from Fortrent transation 10.1 MEUR -Restructuring costs of 1.5 MEUR in Denmark

2) EBITA result from Russia, Ukraine and Hungary in 2013

3) Ramirent booked 5.7 MEUR of restructuring costs and asset write-downs in January-December 2014

3) 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

14.2% 13.1% 10.7% EBITA margin 13.2% 11.7%


5.73)

© 2014 Ramirent 32

Full-year 2014 EBITA margin excl. non-recurring items was 11.7%

1-12/2014 EBITA margin excl. non-recurring items by segment (%)

14.6 14.9

11.9

-9.6

21.2

5.3

11.7

-5

0

5

10

15

20

Finland Sweden Norway Denmark Baltics Europe Central Group

Group EBITA targeted to reach 17% … …by delivering at least 18% EBITA

margin on segment level

18%

10%


Target = 17%

© 2014 Ramirent 33

Investments in the rental fleet were held back in the fourth quarter

Gross capital expenditure (MEUR) and % of net sales

36.8 33.8

19.0 19.0% 20.2%

11.8%

0%

10%

20%

30%

40%

50%

60%

0

10

20

30

40

50

60

70

80

Q1

2012

Q2 Q3 Q4 Q1

2013

Q2 Q3 Q4 Q1

2014

Q2 Q3 Q4

Gross Capex Share of net sales-%

Fourth-quarter gross capex 19.0 (33.8) MEUR of which 2.0 (2.7) MEUR related to acquisitions

Full-year 2014 gross capex 144.6 (125.8) MEUR of which 48.2 (2.7) MEUR related to acquisitions


© 2014 Ramirent 34

Fourth-quarter capital expenditure was significantly reduced in Norway

Capital expenditure by segment (MEUR)

Investments in the fleet

6.9

9.1

9.1

1.9

2.7

2.3

4.4

7.8

0.8

0.4

1.9

1.1

0 2 4 6 8 10 12

Finland

Sweden

Norway

Denmark

East

CentralQ4/14

Q4/13

Fourth-quarter investments in machinery and equipment 13.9 (30.0) MEUR

Full-year 2014 investments in machinery and equipment 106.4 (115.3) MEUR

Committed investments on rental machinery at the end of the year amounted to 7.4 (4.8) MEUR


© 2014 Ramirent 35

Strong cash flow generation in the fourth quarter

-60%

-40%

-20%

0%

20%

40%

60%

80%

100%

-60

-40

-20

20

40

60

80

EBITDA (MEUR)

Cashflow after investments (MEUR)

Cash Conversion

Cash flow after investments (MEUR) Cash conversion (MEUR and %)

19

-5

34

25

-5

-22

14

33

-30

-20

-10

0

10

20

30

40

Q1

2013

Q2 Q3 Q4 Q1

2014

Q2 Q3 Q4

The Group’s cash flow from operating activities

was 53.7 (55.5) MEUR in the fourth quarter

Cash flow from investing activities was −21.1

(−30.3) MEUR

Full-year 2014 cash flow after investments 21.8

(73.4) MEUR


© 2014 Ramirent 36

Return on investment at 12.2% at the end of 2014

Return on investment % ROI % and Invested capital MEUR

16.5%

12.2%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

Q4/2013 Q4/2014

496

591 604

580

555

8.6%

15.7%

18.9%

16.5%

12.2%

0%

5%

10%

15%

20%

25%

0

100

200

300

400

500

600

700

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

Rolling 12 months ROI at the end of 2014 was

12.2% (16.5%)

Return on investment decreased compared year-

on-year mainly due to lower profit generation

The Group's invested capital decreased to 555.2

(579.8) MEUR in the fourth quarter


© 2014 Ramirent 37

Return on equity at 9.4% at the end of 2014

Return on equity % ROE % and Total equity (MEUR)

14.7%

9.4%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

Q4/2013 Q4/2014

318 326

364 371

325

4.7%

13.9%

18.6%

14.7%

9.4%

-5%

0%

5%

10%

15%

20%

25%

0

50

100

150

200

250

300

350

400

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

Rolling 12 months ROE at the end of 2014 was

9.4% (14.7%)

Long-term financial target: ROE of 18% over a

business cycle

The Group's total equity amounted to MEUR 325.0

(371.0) at the end of December

Equity per share was 3.01 (3.44) at the of

December

Target 18%



Group performance

Segment review

Market outlook

Key figures

Financial position

Company overview

Appendix

© 2014 Ramirent 39

Net debt to EBITDA ratio below the long-term financial target

Net debt (MEUR) Net debt to EBITDA ratio

206.9

227.1

0

50

100

150

200

250

300

Q1

2013

Q2 Q3 Q4 Q1

2014

Q2 Q3 Q4

1.4x 1.4x

1.1x 1.1x

1.4x

0.0

0.5

1.0

1.5

2.0

2.5

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

Net debt 227.1 (206.9) MEUR at the end of 2014

Net debt increased by 9.7% (y-o-y)

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

December, which was below Ramirent's long-

term financial target of maximum 1.6x at the end

of each fiscal year


Target max. 1.6x

© 2014 Ramirent 40

Equity ratio at 43.7% and gearing at 69.9%

Equity ratio (%) Gearing (%)

48.9%

43.7%

0%

10%

20%

30%

40%

50%

60%

Q1

2013

Q2 Q3 Q4 Q1

2014

Q2 Q3 Q4

55.8%

69.9%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Q1

2013

Q2 Q3 Q4 Q1

2014

Q2 Q3 Q4

Fourth-quarter equity ratio decreased to 43.7%

(48.9%)

Total equity amounted to 325.0 (371.0) MEUR at the

end of 2014

Fourth-quarter gearing increased to 69.9%

(55.8%)

Net debt MEUR 227.1 (206.9) at the end of 2014


© 2014 Ramirent 41

Working capital was above previous years' level at the end of 2014

Working capital (MEUR) Working capital / Rolling 12 months net sales

4.5 % 4.4 %

5.3 %

2.5 %

4.7 %

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Q1

2010

Q2 Q3 Q4 Q1

2011

Q2 Q3 Q4 Q1

2012

Q2 Q3 Q4 Q1

2013

Q2 Q3 Q4 Q1

2014

Q2 Q3 Q3

11.5 12.4

109.2 109.4

-104.4 -92.8

-200

-150

-100

-50

0

50

100

150

200

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4

Trade payables and other liabilities

Trade and other receivables

Inventories

Credit losses and change in the allowance for bad

debt:

Q4/2014: -0.9 (-1.5) MEUR

1-12/2014: -3.4 (-4.7) MEUR

Working capital of rolling 12 months net sales

4.7% (2.5%) at the end of December 2014

Dividend of 39.9 (36.6) MEUR paid in April 2014


© 2014 Ramirent 42

At the end of 2014, Ramirent had unused committed back–up loan facilities of EUR 188.7 million

Repayment schedule of interest-bearing liabilities (MEUR) Ramirent had unused committed back-up loan facilities of MEUR 188.7 available at the end of the 2014

The average interest rate of the loan portfolio including interest rate hedges was 3.1% (3.9%) at the end of the 2014

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

Net debt EUR 227.1 million

EUR 415.0 million in committed credit facilities

Senior unsecured bond


75

95

100

145

2015 2016 2017 2018 2019 2020

© 2014 Ramirent 43

Two of our long-term financial targets were met in 2014

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 1-12/2014

9.4%

1.4x

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


Group performance

Segment review

Market outlook

Key figures

Financial position

Company overview

Appendix

© 2014 Ramirent

Ramirent is a generalist equipment rental and service company

46

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

302 customer centres in 10

countries

2,576 employees serving 200,000 customers with

200,000 rental items

MEUR 614 of sales (2014)

Definition of Ramirent's business and strategic choices


© 2014 Ramirent 47

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


© 2014 Ramirent 48

Strong market position in core Baltic Rim markets

Europe Central

(PL+CZ+SL)

# 1 58 customer

centres

Finland # 1

66 customer centres

Sweden # 2

77 customer centres

Norway # 1

43 customer centres

Denmark # 1

16 customer centres

Europe East –Baltics

# 2 42 customer

centres

Finland 25%

Sweden 33%

Norway 22%

Denmark 6%

Europe East -Baltics

6%

Europe Central 9%

Sales per customers 1-12/2014

Construction 63% Industrial

17%

Services & Retail 13 %

Public 4%

Private 2%

Current state close to target of 40% non-construction dependent sales

Russia and Ukraine presence through JV Fortrent

Sales per segment 1-12/2014


Fehmarnbelt Solutions Services A/S, JV with Zeppelin Rental

© 2014 Ramirent Event / Name of presentor 49

614

0 200 400 600 800 1000

Loxam*

Cramo

Ramirent

Algeco

Scotsman*

Kiloutou*

Sarens*

Speedy Hire*

Liebherr-

Mietpartner*

MediacoLevage*

Zeppelin

Rental*

Net sales 2014 (MEUR) Net sales 2014 (MEUR)

Largest rental companies in Europe Largest rental companies globally

One of the leading equipment rental companies both in Europe (#3) and globally (#10)

614

0 1000 2000 3000 4000 5000 6000

United Rentals

Aggreko*

Ashtead Group*

Algeco

Scotsman*

Herz Equipment

Rental*

Aktio Corp*

Loxam*

Coates Hire*

Cramo

Ramirent


*Net sales in 2013

*Net sales in 2013

© 2014 Ramirent 50

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

• Merchandise sale

• 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

10%

35%

22%

32%

Share of Group equipment rental income (1-12/2014)


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


© 2014 Ramirent 52

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


© 2014 Ramirent 53

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%


© 2014 Ramirent 54

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

© 2014 Ramirent 55

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 of at least 40% of

net profit


© 2014 Ramirent 56

Customer

service level

Total costs

Non- available

fleet

Capital efficiency

Optimising fleet maintenance strategy

Resourcing and repair & maintenance locations

Optimising workshop processes

Balanced fleet age structure

Fleet management activities

Efficiency utilisation* (%) R3 months

Total Fleet Yield** (%) R3 months

∗) 𝐸𝑓𝑓𝑖𝑐𝑖𝑒𝑛𝑐𝑦 𝑢𝑡𝑖𝑙𝑖𝑠𝑎𝑡𝑖𝑜𝑛 =𝐴𝑐𝑞𝑢𝑖𝑠𝑖𝑡𝑖𝑜𝑛 𝑣𝑎𝑙𝑢𝑒 𝑜𝑓 𝑟𝑒𝑛𝑡𝑒𝑑 𝑓𝑙𝑒𝑒𝑡

𝐴𝑐𝑞𝑢𝑖𝑠𝑖𝑡𝑖𝑜𝑛 𝑣𝑎𝑙𝑢𝑒 𝑜𝑓 𝑡𝑜𝑡𝑎𝑙 𝑓𝑙𝑒𝑒𝑡∗ 100 %

∗∗) 𝑇𝑜𝑡𝑎𝑙 𝐹𝑙𝑒𝑒𝑡 𝑌𝑖𝑒𝑙𝑑 =𝑅𝑒𝑛𝑡𝑎𝑙 𝑖𝑛𝑐𝑜𝑚𝑒 ∗ 100 %

𝐴𝑐𝑞𝑢𝑖𝑠𝑖𝑡𝑖𝑜𝑛 𝑣𝑎𝑙𝑢𝑒 𝑜𝑓 𝑡𝑜𝑡𝑎𝑙 𝑓𝑙𝑒𝑒𝑡

Goals KPIs

Efficient logistics

Fleet management potential realised at different levels


© 2014 Ramirent 57

Market Cap EUR 694.8 million

Trading information Listing: NASDAX Helsinki

Date of listing: April 30, 1998 Segment: Mid Cap Sector: Industrials

Trading code: RMR1V

16%

31%

8% 11%

2%

32%

Private companies

Financial and insurance institutions

Public sector organizations

Households

Non-profit organizations

Foreigners

Shareholders December 31, 2014

Largest shareholders December 31, 2014

Number of shares

% of share

capital

1. Nordstjernan AB 31,303,716 28.80%

2. Oy Julius Tallberg Ab 12,207,229 11.23%

3. Nordea funds 5,206,687 4.79%

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 2,215,562 2.04%

7. Odin funds 1,151,142 1.06%

8. Fondita funds 977,000 0.92%

9. Ramirent Plc 973,957 0.90%

10. Pensionsförsäkringsaktiebolaget Veritas 807,136 0.74%

Other shareholders 46,248,880 42.55%

Total 108,697,328 100.00%

Largest shareholders at the end of December 2014


© 2014 Ramirent 58

Share price development

Ramirent Plc (RMR1V)

Index


0

20

40

60

80

100

120

140

Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15

RMR1V

Nasdaq Helsinki

Nasdaq HelsinkiMid-Cap

© 2014 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



Group performance

Segment review

Market outlook

Key figures

Financial position

Company overview

Appendix

© 2014 Ramirent 61

Consolidated statement of income


CONSOLIDATED STATEMENT OF INCOME

10–12/14

10–12/13

1–12/14

1–12/13

(EUR 1,000)

Rental income 102,800 104,762 395,341 420,895

Ancillary income 50,262 51,854 193,481 198,040

Sales of equipment 7,599 10,845 24,714 28,317

NET SALES 160,660 167,461 613,536 647,252

Other operating income 180 209 2,290 12,732

Materials and services −59,787 −61,105 −209,162 −213,169

Employee benefit expenses −38,018 −35,978 −150,305 −156,791

Other operating expenses −22,625 −25,383 −88,003 −95,660

Share of result in associates and joint ventures −380 1,040 −486 688

Depreciation, amortisation and impairment charges −27,511 −27,266 −109,728 −112,768

EBIT 12,519 18,977 58,143 82,284

Financial income 3,926 2,608 11,292 15,639

Financial expenses −10,029 −8,753 −26,974 −34,055

Total financial income and expenses −6,103 −6,145 −15,683 −18,415

EBT 6,416 12,832 42,460 63,869

Income taxes −2,164 1,068 −10,370 −9,839

PROFIT FOR THE PERIOD 4,252 13,900 32,090 54,030

Profit for the period attributable to:

Owners of the parent company 4,490 13,900 32,632 54,030

Non-controlling interest −238 − −542 −

4,252 13,900 32,090 54,030

Earnings per share (EPS) on parent company shareholders’ share of profit

Basic, EUR 0.04 0.13 0.30 0.50

Diluted, EUR 0.04 0.13 0.30 0.50

© 2014 Ramirent 62

Consolidated statement of financial position


CURRENT ASSETS

Inventories 12,431 11,494

Trade and other receivables 109,370 109,207

Current tax assets 2,775 1,495

Cash and cash equivalents 3,129 1,849

TOTAL CURRENT ASSETS 127,705 124,045

TOTAL ASSETS 743,894 759,477

CONSOLIDATED STATEMENT OF FINANCIAL POSITION 31/12/2014

31/12/2013

(EUR 1,000)

ASSETS

NON–CURRENT ASSETS

Goodwill 139,780 124,825

Other intangible assets 46,720 38,427

Property, plant and equipment 406,001 432,232

Investments in associates and joint ventures 5,278 18,524

Non–current loan receivables 17,666 20,261

Available–for–sale investments 139 517

Deferred tax assets 605 647

TOTAL NON–CURRENT ASSETS 616,189 635,432

© 2014 Ramirent 63

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

31/12/2014

31/12/2013

Consolidated statement of financial position (continued)


(EUR 1,000)

EQUITY AND LIABILITIES

EQUITY

Share capital 25,000 25,000

Revaluation fund −976 −1,502

Invested unrestricted equity fund 113,767 113,568

Retained earnings from previous years 153,876 179,882

Profit for the period 32,632 54,030

Equity attributable to the parent company shareholders 324,299 370,978

Non-controlling interest 693 −

TOTAL EQUITY 324,992 370,978

NON–CURRENT LIABILITIES

Deferred tax liabilities 50,798 54,286

Pension obligations 17,491 13,923

Non–current provisions 2,371 1,198

Non–current interest–bearing liabilities 206,685 174,981

Other non–current liabilities 19,890 −

TOTAL NON–CURRENT LIABILITIES 297,236 244,388

CURRENT LIABILITIES

Trade payables and other liabilities 92,798 104,369

Current provisions 1,455 664

Current tax liabilities 3,899 5,278

Current interest–bearing liabilities 23,514 33,800

TOTAL CURRENT LIABILITIES 121,666 144,111

TOTAL LIABILITIES 418,902 388,499

TOTAL EQUITY AND LIABILITIES 743,894 759,477

© 2014 Ramirent 64

Key financial figures

1) The figures are calculated on a rolling twelve month basis 2) As of first quarter 2014, reporting of number of personnel was changed to FTE (full-time equivalent) which indicates the number of employees calculated as full time workload for each person employed and actually present in the company. Comparative information has been changed accordingly.


KEY FINANCIAL FIGURES 10–12/14

10–12/13

1–12/14

1–12/13

(MEUR)

Net sales, EUR million 160.7 167.5 613.5 647.3

Change in net sales, % −4.1% −13.7% −5.2% −9.4%

EBITDA, EUR million 40.0 46.2 167.9 195.1

% of net sales 24.9% 27.6% 27.4% 30.1%

EBITA, EUR million 14.5 20.9 65.8 92.1

% net sales 9.0% 12.5% 10.7% 14.2%

EBIT, EUR million 12.5 19.0 58.1 82.3

% of net sales 7.8% 11.3% 9.5% 12.7%

EBT, EUR million 6.4 12.8 42.5 63.9

% of net sales 4.0% 7.7% 6.9% 9.9%

Profit for the period attributable to the owners of the

parent company, EUR million 4.5 13.9 32.6 54.0

% of net sales 2.8% 8.3% 5.3% 8.3%

Gross capital expenditure, EUR million 19.0 33.8 144.6 125.8

% of net sales 11.8% 20.2% 23.6% 19.4%

Invested capital, EUR million, end of period 555.2 579.8

Return on invested capital (ROI), %1) 12.2% 16.5%

Return on equity (ROE), %1) 9.4% 14.7%

Interest–bearing debt, EUR million 230.2 208.8

Net debt, EUR million 227.1 206.9

Net debt to EBITDA ratio1) 1.4x 1.1x

Gearing, % 69.9% 55.8%

Equity ratio, % 43.7% 48.9%

Personnel, average during reporting period2) 2,566 2,725

Personnel, at end of reporting period2) 2,576 2,589

© 2014 Ramirent 65

Consolidated cash flow statement


CONSOLIDATED CASH FLOW STATEMENT 10–12/14

10–12/13

1–12/14

1–12/13

(EUR 1,000)

CASH FLOW FROM OPERATING ACTIVITIES

EBT 6,416 12,832 42,460 63,869

Adjustments

Depreciation, amortisation and impairment charges 27,511 27,266 109,728 112,768

Adjustment for proceeds from sale of used rental equipment 3,035 1,272 17,136 8,975

Financial income and expenses 6,103 6,145 15,683 18,415

Adjustment for proceeds from disposals of subsidiaries − − − −15,609

Other adjustments −2,620 −13,459 −6,140 4,735

Cash flow from operating activities before change in working capital 40,445 34,055 178,867 193,153

Change in working capital

Change in trade and other receivables 9,107 9,996 −2,150 18,994

Change in inventories −991 2,298 −1,472 3,114

Change in non–interest–bearing liabilities 8,775 16,693 −12,302 −5,724

Cash flow from operating activities before interest and taxes 57,336 63,041 162,942 209,537

Interest paid −598 −1,796 −10,418 −5,270

Interest received −339 142 620 1,047

Income tax paid −2,693 −5,915 −12,646 −23,068

NET CASH FLOW FROM OPERATING ACTIVITIES 53,707 55,472 140,499 182,245

© 2014 Ramirent 66

Consolidated cash flow statement (continued)

Presentation of the figures in the consolidated cash flow statement for January–June 2014 has been adjusted and consolidated cash flow statement for January–December

2014 has been adjusted accordingly. After adjustment the cash flows reflect better the impact of acquired businesses.


CONSOLIDATED CASH FLOW STATEMENT 10–12/14

10–12/13

1–12/14

1–12/13

CASH FLOW FROM INVESTING ACTIVITIES

Acquisition of businesses and subsidiaries, net of cash −2,600 −2,832 −29,872 −2,832

Investment in tangible non–current asset (rental equipment) −16,326 −24,776 −88,902 −110,115

Investment in other tangible non–current assets 314 −360 −504 −2,825

Investment in intangible non–current assets −3,324 −2,383 −9,680 −6,503

Proceeds from sale of tangible and intangible non–current assets

(excluding used rental equipment) 231 98 7,713 360

Proceeds from sales of other investments − − − 14,681

Loan receivables, increase, decrease and other changes 588 − 2,594 −1,577

NET CASH FLOW FROM INVESTING ACTIVITIES −21,118 −30,252 −118,651 −108,812

CASH FLOW FROM FINANCING ACTIVITIES

Dividends paid − − −39,858 −36,618

Borrowings and repayments of current debt (net) −34,756 −52 22,686 −49,771

Borrowings of non–current debt 2,651 −83 2,651 99,031

Repayments of non–current debt −793 −36,354 −6,047 −85,565

NET CASH FLOW FROM FINANCING ACTIVITIES −32,897 −36,489 −20,567 −72,923

NET CHANGE IN CASH AND CASH EQUIVALENTS

DURING THE FINANCIAL YEAR −307 −11,270 1,281 511

Cash at the beginning of the period 3,436 13,118 1,849 1,338

Translation differences − − − −

Change in cash −307 −11,270 1,281 511

Cash at the end of the period 3,129 1,849 3,129 1,849

© 2014 Ramirent 67

Net sales


NET SALES

10–12/14

10–12/13

1–12/14

1–12/13

(MEUR)

FINLAND

- Net sales (external) 38.4 38.4 151.9 150.9

- Inter–segment sales 0.3 0.3 0.9 1.0

SWEDEN



NORWAY



DENMARK


- Inter–segment sales − 0.0 − 0.2

EUROPE EAST



EUROPE CENTRAL



Elimination of sales between segments −0.5 −0.4 −2.4 −2.3

GROUP NET SALES 160.7 167.5 613.5 647.3

© 2014 Ramirent 68

EBITA


EBITA 10–12/14

10–12/13

1–12/14

1–12/13

(MEUR and % of net sales)

FINLAND 3.6 6.1 20.8 25.7

% of net sales 9.2% 15.7% 13.6% 16.9%

SWEDEN 9.5 11.1 29.4 36.6

% of net sales 17.3% 21.0% 14.6% 17.6%

NORWAY 3.2 2.8 14.0 22.0

% of net sales 9.4% 6.9% 10.3% 14.3%

DENMARK −0.9 −0.7 −3.9 −4.3

% of net sales −8.9% −6.2% −10.0% −9.7%

EUROPE EAST 2.1 2.7 6.7 17.3

% of net sales 22.7% 32.6% 19.6% 48.8%

EUROPE CENTRAL 0.5 0.1 1.7 −0.7

% of net sales 3.9% 0.4% 3.2% −1.2%

Net items not allocated to segments −3.4 −1.1 −2.8 −4.6

GROUP EBITA 14.5 20.9 65.8 92.1

% of net sales 9.0% 12.5% 10.7% 14.2%

© 2014 Ramirent 69

January-December 2013 included business in Russia, Ukraine and Hungary

Net sales: Group, Russia & Ukraine, Hungary

EBITA: Group, Russia & Ukraine, Hungary

Net sales, MEUR Q1/2013 Q2/2013 Q3/2013 Q4/2013 Q1/2014 Q2/2014 Q3/2014 Q4/2014

Group as reported 152.8 160.8 166.2 167.5 137.5 151.8 163.6 160.7

Russia & Ukraine 4.6

Hungary 1.5 1.7 1.6

Group (excl. Russia, Ukraine & Hungary) 146.7 159.1 164.6 167.5 137.5 151.8 163.6 160.7

EBITA, MEUR Q1/2013 Q2/2013 Q3/2013 Q4/2013 Q1/2014 Q2/2014 Q3/2014 Q4/2014

Group as reported 22.6 22.7 25.9 20.9 7.1 16.2 28.0 14.5

Russia & Ukraine (incl. capital gain) 11.4

Hungary (incl. capital loss) -0.2 0.1 -1.3

Group (excl. Russia, Ukraine & Hungary) 11.4 22.6 27.3 20.9 7.1 16.2 28.0 14.5


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 q4_2014_en_final

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