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4 AUGUST 2016
MAGNUS ROSÉN, PRESIDENT AND CEO PIERRE BRORSSON, CFO
Strong sales growth, comparable EBITA increased slightly
Half Year Financial Report 2016
• Group performance
• Segment review
• Market outlook
• Key figures
• Financial position
• Appendices
Agenda
4/8/2016 Half Year Financial Report 2016 2
3
• Net sales 169.4 (159.4) MEUR up by 6.3% or 8.2% at comparable exchange rates
• EBITA 16.61) (21.02)) MEUR or 9.8%1) (13.2%2)) of net sales
• Comparable EBITA 17.5 (17.2) MEUR or 10.3% (10.8%) of net sales
• Gross capex 60.1 (46.8) MEUR
• Cash flow after investments -23.7 (-22.3) MEUR
• EPS 0.08 (0.12) EUR
Highlights Q2 2016 – At comparable exchange rates, net sales increased in all segments, except for Europe East
4/8/2016 Half Year Financial Report 2016
1) Items affecting comparability included the derecognition of a contingent consideration liability, EUR 0.3 million, and costs of EUR 1.2 million relating to the change of President and CEO. 2) The comparison period included derecognition of a contingent consideration liability, EUR 3.8 million, connected to the acquisition of weather shelter and scaffolding company DCC in 2014
4
• Net sales 315.4 (300.0) MEUR up by 5.1% or 7.0% at comparable exchange rates
• EBITA 23.8 (25.2) MEUR or 7.6% (8.4%) of net sales
• Comparable EBITA 24.8 (21.3) MEUR or 7.9% (7.1%) of net sales
• Return on equity 12.6% (11.5%)
• Return on capital employed 9.0% (9.8%)
• Gross capex 100.5 (65.0) MEUR
• Cash flow after investments -30.5 (-21.4) MEUR
• EPS 0.11 (0.12) EUR
• Net debt to EBITDA 2.1x (1.8x)
Highlights H1 2016: Sales higher and reported EBITA slightly lower compared to previous year
4/8/2016 Half Year Financial Report 2016
• Deepened cooperation with Skanska Maskin through a five-year rental cooperation agreement
• First cooperation agreement in Sweden was signed in 2014
• The expanded agreement improves availability of machines for both companies’ customers in Sweden. In conjunction with the agreement, Ramirent also sold its stock of larger tower cranes in Sweden to Skanska Maskin
5
• Ramirent’s first frame agreement ever with JM in Sweden
• The three-year agreement covers most of Ramirent’s product groups and includes an option for prolongation
• JM is one of the leading developers of housing and residential areas in the Nordic region
Important new rental agreements with large Nordic construction companies
4/8/2016 Half Year Financial Report 2016
• A multi-year partnership agreement for YIT’s Tripla project, which is currently one of the largest construction sites in Finland
• Offering includes equipment rental, control systems, logistics, transport planning and control, scaffolding and weather covers, planning and managing tidy operations and dust control, chemicals management and providing training services
Sales growth continued in the second quarter
SECOND-QUARTER NET SALES (MEUR)
6 4/8/2016 Half Year Financial Report 2016
159.4 169.4
0
20
40
60
80
100
120
140
160
180
200
Q22015
Q22016
300.0 315.4
0
40
80
120
160
200
240
280
320
360
1-62015
1-62016
FIRST-HALF NET SALES (MEUR)
Up by 6.3% or 8.2% at comparable exchange rates
Up by 5.1% or 7.0% at comparable exchange rates
REPORTED EBITA Q2 16 (MEUR AND % NET SALES)
21.01)
16.62)
13.2%
9.8%
0%
2%
4%
6%
8%
10%
12%
14%
0
2
4
6
8
10
12
14
16
18
20
22
24
Q22015
Q22016
Comparable EBITA increased slightly in the second quarter
7 4/8/2016 Half Year Financial Report 2016
COMPARABLE EBITA Q2 16 (MEUR AND % NET SALES)
17.2 17.5
10.8% 10.3%
0%
2%
4%
6%
8%
10%
12%
14%
0
2
4
6
8
10
12
14
16
18
20
22
24
Q22015
Q22016
1) Includes positive impact from derecognition of a contingent consideration liability of EUR 3.8 million from an acquisition in 2014 2) Includes positive impact from derecognition of a contingent consideration liability of EUR 0.3 million and costs of EUR 1.2 million relating to the change of the President and CEO
8 4/8/2016 Half Year Financial Report 2016
REPORTED EBITA H1 16 (MEUR AND % NET SALES)
25.21) 23.82)
8.4%
7.6%
0%
2%
4%
6%
8%
10%
12%
0
2
4
6
8
10
12
14
16
18
20
22
24
26
28
H12015
H12016
EBITA margin declined slightly in the first half of the year
COMPARABLE EBITA H1 16 (MEUR AND % NET SALES)
21.3
24.8
7.1%
7.9%
0%
2%
4%
6%
8%
10%
12%
0
2
4
6
8
10
12
14
16
18
20
22
24
26
28
H12015
H12016
1) Includes positive impact from derecognition of a contingent consideration liability of EUR 3.8 million from an acquisition made in 2014 2) Includes positive impact from derecognition of a contingent consideration liability of EUR 0.3 million and costs of EUR 1.2 million relating to the change of the President and CEO
All long-term financial targets were met at the end of the second quarter
9 4/8/2016 Half Year Financial Report 2016
*Rolling 12 months net sales growth at comparable exchange rates was above FY2016 growth target of 4.3% (2.0%-points + 2.3% estimated GDP growth for 2016)
Source: Average of GDP estimates from SEB 6/2016, SHB 6/2016, OP 5/2016 and EC 6/2016
4/8/2016 Half Year Financial Report 2016 10
Segment review
HIGHLIGHTS Q2 16
Finland: Double-digit sales growth and improved profitability
NET SALES
KEY FIGURES PROFITABILITY
• In General Rental, demand for equipment rental was driven by recovery in residential construction and ongoing large non-residential construction projects
• In Solutions, strong demand in the industrial sector fuelled sales growth
• EBITA improved based on strong sales growth
0
10
20
30
40
50
Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2 Q3 Q4 Q12016
Q2
Net sales up by 15.0%
11
0%
5%
10%
15%
20%
25%
30%
Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2 Q3 Q4 Q12016
Q2
EBITA-margin (%) ROCE (%) R12
4/8/2016 Half Year Financial Report 2016
Finland 4–6/16 4–6/15 Change 1–6/16 1–6/15 Change
Net sales 45.3 39.4 15.0% 83.4 71.5 16.8%
EBITA 6.41) 4.5 42.6% 9.31) 5.3 76.4%
% of net sales 14.0%1) 11.3% 11.1%1) 7.4%
Capital employed 128.0 117.2 9.2%
ROCE (%) 2) 19.4% 12.9%
Personnel (FTE) 508 482 5.4%
Customer centres
55 59 −6.8%
1) EBITA included the derecognition of a contingent consideration liability. The amount, EUR 0.3 million was recognised in other operating income. Comparable EBITA for the second quarter 2016 was EUR 6.1 million or 13.4% of net sales and for January-June 2016 EUR 9.0 million or 10.8% of net sales. 2) Rolling 12 months
HIGHLIGHTS Q2 16
Sweden: Sales grew in all Business Areas, EBITA improved towards the end of the quarter
NET SALES
KEY FIGURES PROFITABILITY
• Sales developed favourably in all business areas supported by high construction activity
• Important new agreements signed with JM AB and Skanska Maskin AB in Sweden
• Comparable EBITA was unsatisfactory and impaired by relocation of a major Hub in Stockholm, increased provisions for credit losses and slower than expected realisation of price increases
0%
5%
10%
15%
20%
25%
Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2 Q3 Q4 Q12016
Q2
EBITA-margin (%) ROCE (%) R12
0
10
20
30
40
50
60
70
Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2 Q3 Q4 Q12016
Q2
12
1) The comparison period included derecognition of a contingent consideration liability amounting EUR 3.8 million. Second-quarter 2015 comparable EBITA was EUR 8.3 million or 14.6% of net sales. Comparable EBITA in January-June 2015 was EUR 13.4 million or 12.4% of net sales. 2) Rolling 12 months 4/8/2016 Half Year Financial Report 2016
Net sales up by 9.3% or by 9.0% at
comparable exchange rates
Sweden 4–6/16 4–6/15 Change 1–6/16 1–6/15 Change
Net sales 62.1 56.8 9.3% 115.8 107.8 7.4%
EBITA 8.8 12.11) −27.7% 13.2 17.21) −23.6%
% of net sales 14.1% 21.4%1) 11.4% 16.0%1)
Capital employed 199.7 187.7 6.4%
ROCE (%) 2) 12.5% 17.9%
Personnel (FTE) 792 776 2.0%
Customer centres
78 80 −2.5%
HIGHLIGHTS Q2 16 NET SALES
KEY FIGURES PROFITABILITY
• In General Rental, sales were supported by small and medium sized construction projects around the country
• In Temporary Space, activity improved in the public sector but due to continued low demand in the oil and gas sector some excess fleet was re-allocated to Sweden
• EBITA decreased mainly due to lower sales and profitability in Temporary Space
0%
5%
10%
15%
20%
25%
Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2 Q3 Q4 Q12016
Q2
EBITA-margin (%) ROCE (%) R12
05
1015202530354045
Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2 Q3 Q4 Q12016
Q2
Net sales down by 3.5% but up by
5.1% at comparable exchange rates
13
1) Rolling 12 months
4/8/2016 Half Year Financial Report 2016
Norway: Activity improved in General Rental despite weak overall market conditions
Norway 4–6/16 4–6/15 Change 1–6/16 1–6/15 Change
Net sales 29.9 31.0 −3.5% 57.8 62.0 −6.9%
EBITA 1.9 2.9 −34.9% 3.2 3.9 −17.4%
% of net sales 6.3% 9.4% 5.6% 6.3%
Capital employed 128.6 134.1 −4.1%
ROCE (%) 1) 3.0% 6.7%
Personnel (FTE) 398 413 −3.5%
Customer centres
41 43 −4.7%
HIGHLIGHTS Q2 16
Denmark: Continued improvement in sales and profit
NET SALES
KEY FIGURES PROFITABILITY
• In General Rental, demand continued to improve supported by high activity in residential construction and renovation especially in the large cities
• The continued EBITA improvement was driven by sales growth and a continued focus on cost control
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2 Q3 Q4 Q12016
Q2
EBITA-margin (%) ROCE (%) R12
Net sales increased by 1.4% or by 1.1%
at comparable exchange rates
14
1) Rolling 12 months
4/8/2016 Half Year Financial Report 2016
0
2
4
6
8
10
12
14
Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2 Q3 Q4 Q12016
Q2
Denmark 4–6/16 4–6/15 Change 1–6/16 1–6/15 Change
Net sales 10.8 10.6 1.4% 21.1 20.0 5.7%
EBITA 0.5 0.3 56.3% 0.9 −1.1 n/a
% of net sales 4.3% 2.8% 4.2% −5.4%
Capital employed 30.9 26.6 16.2%
ROCE (%) 1) 6.3% −9.0%
Personnel (FTE) 142 151 −6.0%
Customer centres
13 15 −13.3%
HIGHLIGHTS Q2 16
Europe East: Stable development in Estonia, price pressure continued in Latvia
NET SALES (THE BALTICS)
KEY FIGURES PROFITABILITY (THE BALTICS)
• The development was stable in Estonia while sales were affected by a lack of new large projects in the Latvian market and increased competition in the Lithuanian market
• EBITA decreased primarily due to lower sales and price pressure in the Latvian market
• Fortrent Group: Despite challenging market conditions, profitability improved as a result of cost reduction measures and price increases in the Russian market
0
2
4
6
8
10
12
Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2 Q3 Q4 Q12016
Q2
Net sales decreased by
2.1%
-5%
0%
5%
10%
15%
20%
25%
30%
35%
Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2 Q3 Q4 Q12016
Q2
Baltics EBITA-margin (%) Baltics ROCE (%) R12
15 4/8/2016 Half Year Financial Report 2016
1) Rolling 12 months
Europe East 4–6/16 4–6/15 Change 1–6/16 1–6/15 Change
Net sales 8.4 8.5 −2.1% 15.0 15.1 −0.5%
EBITA 1.4 1.7 −17.8% 1.3 1.9 −31.3%
% of net sales 17.2% 20.4% 8.5% 12.4%
Capital employed 57.0 52.2 9.1%
ROCE (%) 1) 12.1% 13.4%
Personnel (FTE) 262 257 1.8%
Customer centres
44 43 2.3%
Fortrent Group’s second–quarter EBITA amounted to EUR 0.6 (0.3) million. The second–quarter EBITA margin improved to 8.0% (3.1%) of net sales. The net result was EUR 0.3 (0.2) million of which Ramirent's share was 50%.
HIGHLIGHTS Q2 16
Europe Central: Stable demand in Poland but lower market activity in Czech Republic and Slovakia
NET SALES
KEY FIGURES PROFITABILITY
• In General Rental, demand picked up in Poland
• In Solutions, demand was supported by projects in the Polish industry sector
• Lower volumes in the Czech Republic and Slovakia impacted negatively on EBITA
-25%-20%-15%-10%
-5%0%5%
10%15%20%
Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2 Q3 Q4 Q12016
Q2
EBITA-margin (%) ROCE (%) R12
16
02468
1012141618
Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2 Q3 Q4 Q12016
Q2
4/8/2016 Half Year Financial Report 2016
Net sales down by 2.0% or up by 2.6% at comparable exchange
rates
1) Rolling 12 months
Europe
Central 4–6/16 4–6/15 Change 1–6/16 1–6/15 Change
Net sales 13.4 13.7 −2.0% 24.7 24.7 0.0%
EBITA 0.7 0.9 −21.7% −0.1 0.3 n/a
% of net sales 5.0% 6.2% −0.4% 1.2%
Capital employed 59.4 51.3 15.8%
ROCE (%) 1) 5.0% 4.2%
Personnel (FTE) 497 489 1.8%
Customer centres
56 55 1.8%
4/8/2016 Half Year Financial Report 2016 17
Market outlook
Ramirent expects demand for equipment rental to grow in its main markets in H2 2016
GDP GROWTH ESTIMATES BY SEGMENT FOR 2016 RAMIRENT'S EXPECTATIONS ON OVERALL DEMAND BY EQUIPMENT RENTAL MARKET
18
Favourable
Stable
Challenging
4/8/2016 Half Year Financial Report 2016
1.0%
3.6%
1.1% 1.2%
2.6% 3.2%
0%
1%
2%
3%
4%
5%
6%
Finland Sweden Norway Denmark TheBaltics
EuropeCentral
5.3%
3.5% 4.1%1)
1.8%
-0.5%
4.3%
-1%
0%
1%
2%
3%
4%
5%
6%
Finland Sweden Norway Denmark TheBaltics
EuropeCentral
CONSTRUCTION VOLUME GROWTH BY SEGMENT FOR 2016
1) Driven largely by infrastructure construction which is expected to grow by 10.8% while building construction is estimated to increase by 1.7% in 2016
Source: Euroconstruct 6/2016 and average of GDP estimates from SEB 6/2016, SHB 6/2016, OP 5/2016 and EC 6/2016
Ramirent outlook for 2016 unchanged
4/8/2016 Half Year Financial Report 2016 19
In 2016, Ramirent’s net sales in local currencies and EBITA margin are expected to increase from the level in 2015.
4/8/2016 Half Year Financial Report 2016 20
Key figures
All segments contributed positively to second-quarter EBITA
21 4/8/2016 Half Year Financial Report 2016
Finland 26.7%
Sweden 36.5%
Norway 17.6%
Denmark 6.3%
Europe East –Baltics 4.9%
Europe Central 7.9%
NET SALES BY SEGMENT Q2 16
Finland 31.4%
Sweden 45.5%
Norway 9.8%
Denmark 2.4%
Europe East –Baltics 7.4%
Europe Central 3.5%
• Growing Nordic market represented 87.2% of Ramirent's net sales in the second quarter
COMPARABLE EBITA BY SEGMENT Q2 16
• All segments made positive contributions to the second-quarter EBITA
11.3%
14.6%
9.4%
2.8%
6.2%
13.4% 14.1%
6.3%
4.3%
15.5%
5.0%
0%2%4%6%8%
10%12%14%16%18%20%
Finland Sweden Norway Denmark The Baltics Europe Central
Second-quarter sales growth above GDP growth in Ramirent's largest segments
Q2 15 Q2 16
NET SALES GROWTH Q2 16 AT COMPARABLE FX. AND GDP GROWTH ESTIMATES
COMPARABLE EBITA MARGIN (%) Q2 16
22 4/8/2016 Half Year Financial Report 2016
9.0%
5.1%
1.1%
2.6%
1.0%
3.6%
1.1% 1.2%
2.6% 3.2%
-2%
2%
6%
10%
Finland Sweden Norway Denmark The Baltics Europe Central-2.1%
Q2 16 sales growth at comparable fx.
GDP growth FY2016E
15.0%
Source: Average of GDP estimates from SEB 6/2016, SHB 6/2016, OP 5/2016 and EC 6/2016
19.5%
GROSS PROFIT (MEUR) Q2 16
68.8%
66.0%
63.4% 63.1%
40%
45%
50%
55%
60%
65%
70%
75%
Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2 Q3 Q4 Q12016
Q2
101.1 106.9
0
20
40
60
80
100
120
Q2 15 Q2 16
GROSS MARGIN (%) Q2 16
• Second–quarter gross margin on par with previous year despite negative change in sales mix
• Second-quarter gross profit increased to 106.9 (101.1) MEUR
23
Gross margin on par with previous year – efforts to improve control of material and services costs continue
4/8/2016 Half Year Financial Report 2016
Reported second-quarter EBITA lower y-o-y mainly due to an earn-out settlement in the comparison period
EBITA BRIDGE (MEUR) Q2 15 – Q2 16
21.0
1.9 -3.4
-1.0 0.2 -0.3 -0.2 -1.6
16.6
0
2
4
6
8
10
12
14
16
18
20
22
24
EBITA Q22015
Finland Sweden Norway Denmark Europe East EuropeCentral
Items notallocated to
segments
EBITA Q22016
11.3% 21.4% 9.4% 2.8% 20.4% 6.2%
14.0% 14.1% 6.3% 4.3% 17.2% 5.0%
EBITA margin Q2/2015
EBITA margin Q2/2016
24 4/8/2016 Half Year Financial Report 2016
Including 3.8 MEUR derecognition of a
contingent consideration liability
Strong sales growth drove result
improvement Lower sales and profitability in
Temporary Space
Costs of 1.2 MEUR relating to the
change of President and CEO
FIXED COSTS (MEUR) AND % OF GROUP NET SALES
Fixed costs impacted by organisational development costs and one-off items
• Second-quarter fixed costs 65.5 (60.0) MEUR or 38.6% (37.6%) of net sales
• Main items that increased fixed costs were relocation of a major hub in Stockholm, increased provisions for credit losses and costs related to change of President & CEO (1.2 MEUR)
61.5 58.6 60.0
65.5
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0
10
20
30
40
50
60
70
80
Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2 Q3 Q4 Q12016
Q2
25 4/8/2016 Half Year Financial Report 2016
CUSTOMER CENTRES Q2 2016 PERSONNEL Q2 2016
Personnel and customer centre network at the end of the quarter
Group total: 2,760 (2,682)
55 (59)
44 (43)
56 (55)
78 (80)
13 (15)
41 (43)
26 4/8/2016 Half Year Financial Report 2016
10.5
6.9
9.2 10.2
0
2
4
6
8
10
12
14
16
Q3 15 Q4 15 Q1 16 Q2 16
WORK SAFETY (ACCIDENTS PER MILLION WORKING HOURS)
Total number of customer centres at
the end of the second quarter was
287 (295)
Finland 508 (+5%)
Sweden 792 (+2%)
Norway 398 (-4%)
Denmark 142 (-6%)
The Baltics 262 (+2%)
E. Central 497 (+2%)
Group administration
158 (+37%)
Ramirent started to disclose accident frequency in interim reports as of Q3 2015
EARNINGS PER SHARE
Second-quarter EPS decreased to 0.08 (0.12)
• Net financial items decreased to -3.0 (-2.1) MEUR in the second quarter
• Second-quarter EBT decreased to 11.1 (16.7) MEUR
• Effective tax rate for the Group was 21.2% (20.5%) in the second quarter
• Second-quarter result for the period amounted to 8.8 (13.2) MEUR, corresponding EPS of 0.08 (0.12)
27
0.11
0.07
0.12
0.08
0.00
0.02
0.04
0.06
0.08
0.10
0.12
0.14
0.16
0.18
0.20
Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2 Q3 Q4 Q12016
Q2
4/8/2016 Half Year Financial Report 2016
(-0.00)
INVESTMENTS IN MACHINERY AND EQUIPMENT (MEUR) AND % OF NET SALES
Capital expenditure increased to support organic growth in all business areas
• Second-quarter gross capex 60.1 (46.8) MEUR or 35.5% (29.4%) of net sales
• Investments in machinery and equipment increased to 54.7 (44.5) MEUR or 32.3% (27.9%) of net sales
• Sales of used equipment amounted to 6.6 (4.8) MEUR
• Committed investments on rental machinery increased to 41.3 (25.2) MEUR at the end of the second quarter
28 4/8/2016 Half Year Financial Report 2016
28.0 29.5
44.5
54.7
0%
5%
10%
15%
20%
25%
30%
35%
40%
0
10
20
30
40
50
60
Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2 Q3 Q4 Q12016
Q2
Investments in machinery and equipment Share of net sales-%
CASH FLOW AFTER INVESTMENTS (MEUR)
Strong operative cash flow in the quarter – cash flow after investments impacted by higher capex
• Second–quarter cash flow from operations increased to 35.9 (29.1) MEUR
• Cash flow from investing activities amounted to -59.6 (-51.4) MEUR in the second quarter
• Second-quarter cash flow after investments was -23.7 (-22.3) MEUR
• Cash flow after investments mainly impacted by higher second-quarter capital expenditure
-5.2
-19.4 -22.3
-23.7
-30
-20
-10
0
10
20
30
40
Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2 Q3 Q4 Q12016
Q2
29 4/8/2016 Half Year Financial Report 2016
Return on capital employed at 9.0% (9.8%)
RETURN ON CAPITAL EMPLOYED %
9.8% 9.0%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
Q2 15 Q2 16
• The Group's second-quarter capital employed increased by 6.5% to 641.5 (602.4) MEUR
RETURN ON CAPITAL EMPLOYED % AND CAPITAL EMPLOYED (MEUR)
30 4/8/2016 Half Year Financial Report 2016
• Second-quarter ROCE decreased to 9.0% (9.8%)
15.8%
10.3% 9.8%
9.0%
0%
5%
10%
15%
20%
25%
0
100
200
300
400
500
600
700
Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2 Q3 Q4 Q12016
Q2
19.4%
12.5%
3.0%
6.3%
12.7%
5.0%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
Finland Sweden Norway Denmark The Baltics Central
Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16
RETURN ON CAPITAL EMPLOYED % (ROLLING 12 MONTHS)
ROCE improved y-o-y in Finland, Denmark and Europe Central
31 4/8/2016 Half Year Financial Report 2016
Return on equity above Ramirent's long-term financial target
RETURN ON EQUITY %
11.5%
12.6%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
Q2 15 Q2 16
• The Group's total equity amounted to 286.5 (303.6) at the end of the second quarter
• Equity per share was 2.66 (2.81) at the of end of the second quarter
• Return on equity was 12.6% (11.5%), which was slightly above Ramirent's long-term financial target of 12% per fiscal year
ROE % AND TOTAL EQUITY (MEUR)
19.3%
12.1%
11.5%
12.6%
0%
5%
10%
15%
20%
25%
0
50
100
150
200
250
300
350
400
Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2 Q3 Q4 Q12016
Q2
32
Financial target: Return on Equity of 12% per fiscal
year
4/8/2016 Half Year Financial Report 2016
4/8/2016 Half Year Financial Report 2016 33
Financial position
Net debt to EBITDA ratio increasing according to plan and remains below long-term financial target
NET DEBT (MEUR)
• Net debt to EBITDA ratio was 2.1x (1.8x) at the end of the second quarter, which was below Ramirent’s long-term financial target of maximum 2.5x at the end of each fiscal year
• Net debt increased by 19.3% and amounted to 354.4 (297.1) MEUR
NET DEBT TO EBITDA RATIO
34 4/8/2016 Half Year Financial Report 2016
1.4x 1.2x
1.6x
1.8x
2.1x
0.0
0.5
1.0
1.5
2.0
2.5
3.0
Q12012
Q2 Q3 Q4 Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2 Q3 Q4 Q12016
Q2
Financial target: Net debt to EBITDA
below 2.5x at the end of each fiscal
year
264.2 273.4
297.1
354.4
0
50
100
150
200
250
300
350
400
Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2 Q3 Q4 Q12016
Q2
REPAYMENT SCHEDULE OF INTEREST-BEARING LIABILITES (MEUR)
Debt maturity structure was prolonged during the second quarter
• Ramirent had unused committed back-up loan facilities of 160.9 (118.1) MEUR available at the end of the second quarter
• Second-quarter average interest rate of the loan portfolio including interest rate hedges was 2.2% (2.4%)
• Committed short-term credit facility of 95 MEUR matures in the second quarter of 2017
• In addition to bank facilities and bond, Ramirent is utilising a domestic commercial paper programme of up to 250 MEUR
35 4/8/2016 Half Year Financial Report 2016
95
100
145
175
2017 2018 2019 2020 2021
EUR 515.0 million in committed credit facilities
Net debt EUR 354.4 million
(Bond)
For further information
4/8/2016 Half Year Financial Report 2016 36
37
Appendix
4/8/2016 Half Year Financial Report 2016
• Ramirent is a leading equipment rental solutions group operating in 10 countries with 2015 net sales of EUR 636 million
• Ramirent’s mission is to combine the best equipment, services and know-how into rental solutions that simplify customer’s business
• Ramirent serves a broad range of customer sectors including construction, industry, services, the public sector and households
• Ramirent had 2,757 employees operating from 287 customer centres at the end of June 2016
• Ramirent was founded in 1955 and is listed on the NASDAQ Helsinki (RMR1V)
Ramirent is a leading equipment rental solutions group serving a large customer base
Russia and Ukraine presence through JV Fortrent
JV Fehmarnbelt Solutions Services A/S, with Zeppelin Rental
NET SALES PER SEGMENT Q2 16
NET SALES BY CUSTOMER SECTOR Q2 16
NET SALES BY BUSINESS AREA Q2 16
Finland 27%
Sweden 37%
Norway 18%
Denmark 6%
Europe East –Baltics 5%
Europe Central 8%
Construction 50%
Industrial 18%
Services & Retail 23%
Public 3%
Private 6%
General Rental 63%
Solutions 32%
Temporary Space 4%
38 4/8/2016 Half Year Financial Report 2016
39
Steel nail shop Rakennusmies founded
Equipment rental business started
JV in Moscow, Russia
Enter Estonia
MBO by key personnel and capital investors
Enter Lithuania
Listed on the Helsinki Stock Exchange
Enter Poland
Enter Slovakia
1983 1955 1988 1994 1995 1996 1997 1998 2000 2001 2002 2003 2004 2006 2013 2008
Acquires Bautas in Norway
Acquires Altima in Sweden
Fortrent JV with Cramo in Russia and Ukraine
Acquired by the Partek group and renamed A-Rakennusmies
Enter Latvia Renamed Ramirent
Greenfield entry to Czech Republic JV in Ukraine
and greenfield entry to Hungary
Exit Hungary
2014-2015
Bolt-on acquisitions
in the Nordics
More than sixty years of knowledge and experience
4/8/2016 Half Year Financial Report 2016
4/8/2016 Half Year Financial Report 2016 40
Ramirent ranks # 4 among the equipment rental companies in Europe
636
0 200 400 600 800 1000
Loxam
Algeco Scotsman(EMEA)
Cramo
Ramirent
Sarens
Speedy Hire
Kiloutou
HSS Hire
Zeppelin Rental
Liebherr Mietpartner
Net sales 2015 (MEUR) Net sales 2015 (MEUR)
Largest rental companies in Europe Largest rental companies globally
636
0 1000 2000 3000 4000 5000 6000
United Rentals
Ashtead Group
Aggreko
Aktio Corp
Algeco Scotsman
Herz Equipment Rental
Kanamoto
Loxam
Nishio Rent
Nikken Corp.
Cramo
Ramirent
Coates Hire
Sarens
Home Depot Rentals
Blue Line Rental
Maxim Crane
Taiyo Kenki Rental
Kiloutou
Mobile Mini
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
Planning
On-site services
Logistics
Merchandise sale
Rental insurance
Training
Benefits Lighter balance sheets, less investments
41
Benefits Understanding client requirements helps to customise product and service 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
Integrated rental Solutions
Benefits Easy to buy, reduced number of subcontractors, increased focus on the core business
Ramirent's offering stretches from single equipment rental to solutions
4/8/2016 Half Year Financial Report 2016
We continue to pursue sustainable profitable growth through five strategic focus themes
Customer facing
Internal
42 4/8/2016 Half Year Financial Report 2016
CHARACTERISTICS
• Local business, where Ramirent provides equipment and services
• Higher gross margin, but must carry fixed costs of the customer centre network
• Higher share of equipment rental
• Focus on service level and efficiency
Half Year Financial Report 2016
CHARACTERISTICS
• Larger projects, where Ramirent is involved early in the process
• Lower gross margin, with more subcontracted services
• More service intense and less employed capital
• Focus on turn-key solutions and know-how
CHARACTERISTICS
• Long rental contracts
• Ramirent provides modules for accommodation, offices, schools & health care
• High margins but capital intense
• Stable cash flow profile
Ramirent targets sustainable profitable growth by developing the business mix
43 4/8/2016
Business areas with different characteristics and risk profiles
Share of Group sales
Ramirent targets a business mix that balances growth opportunities, profitability and risk
GROUP NET SALES SPLIT BY BUSINESS AREA Q2 16
44 Half Year Financial Report 2016 4/8/2016
Temporary Space
4%
General Rental 63%
Solutions 32%
Ramirent can generate growth in multiple ways
Ramirent seeks growth from five different sources
New customer segments
New geographies
Bolt-on acquisitions
Capturing outsourcing opportunities in construction sector
Increasing services, customer project coordination and solutions
Grow with new customers
Increased share-of-wallet with current customers
Strategic transactions
45
Capturing outsourcing opportunities in other sectors
4/8/2016 Half Year Financial Report 2016
4/8/2016 Half Year Financial Report 2016 46
80
90
100
110
120
130
2011 2012 2013 2014 2015 2016E
Equipment rental markets supported by increasing construction activity in most of Ramirent markets
CONSTRUCTION VOLUME GROWTH BY COUNTRY (INDEX 2011 = 100)
Sweden
Slovakia
The Baltics
Norway
Denmark
Poland
Finland The Czech Republic
Source: Euroconstruct 6/2016
Second-quarter Nordic order books increased by 15.0% at comparable exchange rates
NORDIC CONSTRUCTION ORDER BOOKS (MEUR AND CHANGE AT COMPARABLE EXCHANGE RATES)
47
• Second-quarter Nordic construction order books including NCC, Skanska, SRV Lemminkäinen and YIT increased by 15.0% at comparable exchange rates
• At comparable exchange rates, Ramirent's rolling 12 months net sales were up by 6.4% compared to previous year
-40%
-20%
0%
20%
40%
60%
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
NCC Skanska
SRV YIT
Lemminkäinen Change in Net sales (y-o-y), R12 Ramirent
Change in order backlog (y-o-y), Nordic construction
Q2/08 Q2/09 Q2/10 Q2/11 Q2/12 Q2/13 Q2/14 Q2/15 Q2/16
4/8/2016 Half Year Financial Report 2016
Strategy summary
The leading and most progressive equipment rental solutions company
• Annual net sales growth > GDP+2 %-points • Return on Equity (ROE) 12% per fiscal year • Net debt/EBITDA < 2.5x at the end of each fiscal year • Dividend pay-out ratio at least 40% of net profit
More than machines
Open, engaged, and progressive
Sustainable profitable growth
48 4/8/2016 Half Year Financial Report 2016
Key figures 4-6/2016 and 1-6/2016
49 4/8/2016 Half Year Financial Report 2016
KEY FIGURES 4−6/16 4−6/15 Change 1−6/16 1−6/15 Change 1−12/15
(MEUR)
Net sales 169.4 159.4 6.3% 315.4 300.0 5.1% 635.6
EBITDA 42.2 46.0 −8.3% 74.1 74.6 −0.7% 168.1
% of net sales 24.9% 28.9% 23.5% 24.9% 26.4%
Comparable EBITA1) 17.5 17.2 1.8% 24.8 21.3 16.1% 63.4
% of net sales 10.3% 10.8% 7.9% 7.1% 10.0%
EBITA 16.62) 21.03) −21.1% 23.82) 25.23) −5.3% 66.8
% of net sales 9.8%2) 13.2%3) 7.6%2) 8.4%3) 10.5%
EBIT 14.1 18.8 −24.9% 18.9 20.7 −8.7% 57.9
% of net sales 8.3% 11.8% 6.0% 6.9% 9.1%
EBT 11.1 16.7 −33.6% 14.2 16.4 −13.4% 46.9
% of net sales 6.5% 10.4% 4.5% 5.5% 7.4%
Result for the period attributable to the owners of the parent company
8.8 13.2 −33.2% 11.4 13.1 −13.0% 39.0
Earnings per share (EPS), (basic and diluted), EUR
0.08 0.12 −33.2% 0.11 0.12 −13.0% 0.36
Gross capital expenditure on non-current assets
60.1 46.8 28.2% 100.5 65.0 54.7% 139.2
Gross capital expenditure, % of net sales 35.5% 29.4% 31.9% 21.7% 21.9%
Cash flow after investments −23.7 −22.3 −6.3% −30.5 −21.4 −42.5% −6.3
Capital employed at the end of period 641.5 602.4 6.5% 600.5
Return on capital employed (ROCE),%4) 9.0% 9.8% 10.0%
Return on equity (ROE),%4) 12.6% 11.5% 12.1%
Net debt 354.4 297.1 19.3% 280.9
Net debt to EBITDA ratio4) 2.1x 1.8x 20.0% 1.7x
Gearing,% 123.7% 97.9% 88.0%
Equity ratio,% 34.7% 39.0% 41.4%
Personnel at end of period (FTE) 2,757 2,682 2.8% 2,654
1) Ramirent’s performance measure “EBITA excluding non-recurring items” is replaced with “comparable EBITA” as of first quarter of 2016. Comparable EBITA is disclosed to improve comparability between reporting
periods.
2) In the second quarter, items affecting comparability in EBITA included derecognition of a contingent consideration liability, EUR 0.3 million, and costs of EUR 1.2 million relating to the change of President and CEO.
3) The comparison period included derecognition of a contingent consideration liability, EUR 3.8 million, connected to the acquisition of weather shelter and scaffolding company DCC in 2014.
4) Rolling 12 months
Fixed 49%
Floating 51%
• Total loan portfolio (interest-bearing liabilities) 355.1 (298.8) MEUR at the end of the second quarter
• Second-quarter non-current interest-bearing liabilities amounted to 111.9 (187.4) MEUR
• Current interest-bearing liabilities 243.1 (111.4) MEUR at the end of the second quarter
Well-balanced debt portfolio
Bond 28%
Com-mercial papers
45%
INTEREST-BEARING LIABILITIES Q2 16 INTEREST RATES TYPE Q2 16
50 4/8/2016 Half Year Financial Report 2016
Loans from financial institutions 27%
Ramirent‘s largest shareholders at the end of July 2016
51
LARGEST SHAREHOLDERS 31 JULY 2016
Shareholders top-10 Number of
shares % of
shares
1. Nordstjernan AB 27,513,716 25.31%
2. Oy Julius Tallberg Ab 12,207,229 11.23%
3. Nordea funds 5,561,984 5.12%
4. Ilmarinen Mutual Pension Insurance Company 3,445,154 3.35%
5. Varma Mutual Pension Insurance Company 2,340,865 2.15%
6. Aktia funds 2,055,558 1.89%
7. Ramirent Plc 948,014 0.87%
8. Pensionsförsäkringsaktiebolaget Veritas 600,000 0.55%
9. Föreningen Konstsamfundet R.f 593,500 0.55%
10. The State Pension Fund 532,000 0.49%
Subtotal 10 largest shareholders 57,798,020 51.33%
Other shareholders 52,899,308 48.67%
Total number of shares 108,697,328 100.00%
4/8/2016 Half Year Financial Report 2016
Ramirent's share price development in 2016
52
INDEX
4/8/2016 Half Year Financial Report 2016
INDEX (2016=100)
70
80
90
100
110
120
130
04
/01
/16
11
/01
/16
18
/01
/16
25
/01
/16
01
/02
/16
08
/02
/16
15
/02
/16
22
/02
/16
29
/02
/16
07
/03
/16
14
/03
/16
21
/03
/16
28
/03
/16
04
/04
/16
11
/04
/16
18
/04
/16
25
/04
/16
02
/05
/16
09
/05
/16
16
/05
/16
23
/05
/16
30
/05
/16
06
/06
/16
13
/06
/16
20
/06
/16
27
/06
/16
04
/07
/16
11
/07
/16
18
/07
/16
25
/07
/16
01
/08
/16
Ramirent Plc
OMX Helsinki Mid Cap
OMX Helsinki