Ramirent Interim Report Q2 2014

© 2014 Ramirent

Q2 Interim Report January–June 2014

NEW STRATEGIC ACQUISITIONS IN SLOW SECOND QUARTER

29 July 2014 Magnus Rosén, President and CEO Jonas Söderkvist, CFO and EVP Corporate Functions

© 2014 Ramirent © 2014 Ramirent

Agenda

2

Group performance

Segment review

Market outlook

Key figures

Financial position

Company overview

Appendix

© 2014 Ramirent 3

New strategic acquisitions in slow second quarter

Key figures Q2/2014

Business performance

Market situation

Slower than expected sales of equipment rental in many of our markets

Demand picked up in Finland, the Baltic States and in Poland

Net sales down by 5.6% or by 2.1% at comparable exchange rates

EBITA MEUR 16.2 (22.7) or 10.7% (14.1%) of net sales

Gross capex MEUR 78.3 (30.0)

Cash flow after investments MEUR -21.5 (-5.2)

Efficiency improvement measures and strict cost control continued, but were insufficient to mitigate impact on profitability from lower demand

New acquisitions strengthen offering in core areas of safety, weather protection and industrial services

Interim Report January–June 2014 l 29 July 2014

© 2014 Ramirent 4

Second quarter net sales decreased by 2.1% at comparable exchange rates

Change in net sales Q2/2014

-5.6%

-2.1%

-6%

-5%

-4%

-3%

-2%

-1%

0%

Q2/2014 reported Q2/2014 at comparableexchange rates

Net sales (MEUR) Q2/2014

Net sales down by 5.6% or 2.1% at comparable exchange rates

160.8 151.8

0

20

40

60

80

100

120

140

160

180

Q2/2013 reported Q2/2014 reported

In Sweden and Norway, lower than expected sales and slow progress in certain projects impacted on sales

In Finland, sales increased mainly due to acquisitions and recovering market demand in central and south region


© 2014 Ramirent 5

Second–quarter EBITA margin was below the previous year level

14.1%

10.7%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%


Q2/2014 reported EBITA margin 10.7%

(14.1%)

EBITA margin


EBITA (MEUR) Q2/2014

22.7

16.2

0

5

10

15

20

25


Q2/2014 reported EBITA MEUR 16.2 (22.7)

© 2014 Ramirent 6

Earnings per share weakened to 0.07 (0.11)

Earnings Per Share (EPS)

-0.05

0.04

0.08

0.07

0.00

0.08

0.17

0.16

0.07

0.14

0.19

0.18

0.10

0.11

0.16

0.13

0.02

0.07

-0.06

-0.04

-0.02

0.00

0.02

0.04

0.06

0.08

0.10

0.12

0.14

0.16

0.18

0.20

0.22

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q2


© 2014 Ramirent 7

Two complementary acquisitions and one outsourcing deal signed in the second quarter 2014

M&A criteria


Supports growing focus on safety and creates a specialised customer offer through Ramirent's network

Strengthens position in the growing field of weather protection

Strengthens capabilities in developing services to industrial customer base

DCC

Sweden-based Safety Solutions Jonsereds AB specialises in fall protection and safety systems design

18 employees

DCC (Dry Construction Concept) is a provider of weather shelter solutions and scaffolding in Sweden, Finland and Denmark

Annual sales approx. EUR 16 million and 120 employees

Outsourcing of significant parts of Empower's fleet equipment in Finland

Estimated annual sales of approx. EUR 1 million

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=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 8

Events after the reporting period: Ramirent and Zeppelin Rental launch Joint Venture for Fehmarnbelt tunnel construction project

JV rationale

Both parties committed to high standards of quality and job safety as well as sustainability

Shared expertise in handling large-scale projects

Complementary fleet capacity, know how and services


The Joint Venture Fehmarnbelt Solutions Services ― subject to relevant authorities approval ― will serve the cross-border tunnel construction project between Denmark and Germany

JV offers modular space, maintenance and repair, logistic and safety management, energy and climate solutions as well as other site services

Unique customer offer on both the German and Danish side

The project's estimated construction volume is 5.5 billion Euros, of which potential equipment rental volume amounts to 1-3%.

© 2014 Ramirent

Customer First

Common Ramirent Platform

Sustainable profitable

growth

Balanced business portfolio

9

Continued focus on Ramirent's strategic priorities

Strong local customer orientation and tailored offerings

Increased synergies & operational excellence

Further widening the customer base


© 2014 Ramirent

Rental developing into two complementary business models…

10

Primarily small and medium

sized customers

Primarily machines and basic

services

Retail / OTC Proactive Solutions Provider

Primarily large and medium

sized customers

Solutions provider through

equipment, services and

technical know-how

Focus on key account

management and partnerships


© 2014 Ramirent 11

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 client 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

…creating an opportunity for Ramirent to leverage on its know-how


© 2014 Ramirent 12


Sales and pricing

Fleet management

Sourcing

Other

• Development of the network and customer care model • Revenue management • Promoting of services and integrated solutions

• Optimisation of fleet life-cycle • Development of logistics and maintenance & repair

processes

• Developing support processes and systems • Optimisation of sourcing terms and supplier portfolio

• Common system platform and performance management

model • Developing efficient back-office functions

Efficiency actions run across all operations

We drive an agenda to increase EBITA margin to 17% by the end of 2016

© 2014 Ramirent © 2014 Ramirent 13

Group performance

Segment review

Market outlook

Key figures

Financial position

Company overview

Appendix

© 2014 Ramirent 14

Finland Q2/2014: Acquisitions and recovering market demand supported sales growth

• Net debt to EBITDA 1.1x in Q4

• Long-term financial target: below 1.6x

(at the end of FY)

17.7% 16.6%

15.4%

0%

5%

10%

15%

20%

25%

30%

Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q2

Net sales (MEUR) Highlights Q2/2014

41.4 36.4

39.0

05

101520253035404550

Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q2

EBITA margin Key figures

Net sales increased mainly due to acquisitions and recovering market demand in Central and South region

Profitability was supported by cost control and increased demand for solutions

Finland Q2

2014 Q2

2013 Change 2013

Net sales, MEUR 39.0 36.4 7.3% 151.9

EBITA, MEUR 6.0 6.0 −0.7% 25.7

% of net sales 15.4% 16.6% 16.9%

Capital expenditure, MEUR

22.3 6.4 246.5% 28.8

Personnel (FTE) 532 586 −9.2% 547

Customer centres 68 76 −10.5% 74

Net sales up by 7.3%


© 2014 Ramirent 15

Sweden Q2/2014: Sales were negatively impacted by lower than expected demand



(at the end of FY)

18.3% 18.0%

13.8%

0%

5%

10%

15%

20%

25%

Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q2


50.9 53.1 48.7

0

10

20

30

40

50

60

70

Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q2


Sales were negatively impacted by lower than expected demand and slow progress in start-up of new projects

Cost reductions are being implemented

Net sales down by 8.4% or by 3.3% at

comparable exchange rates

Sweden Q2

2014 Q2

2013 Change 2013

Net sales, MEUR 48.7 53.1 −8.4% 207.3

EBITA, MEUR 6.7 9.6 −29.8% 36.6

% of net sales 13.8% 18.0% 17.6%


35.9 8.2 336.1% 35.8

Personnel (FTE)1) 764 694 10.1% 656



1) The increase in number of employees was mainly due to the acquisition of DCC

© 2014 Ramirent 16

Norway Q2/2014: Profitability burdened by weaker demand and pricing pressure



(at the end of FY)

15.8%

20.4%

12.5%

0%

5%

10%

15%

20%

25%

Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q2


38.1 38.8 33.8

0

10

20

30

40

50

60

Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q2


Sales declined as a result of weaker demand from the residential sector

Profitability was impaired by decreased fleet utilisation and continued pricing pressure

Net sales down by 12.8% or by 5.9% at comparable exchange

rates

Norway Q2

2014 Q2

2013 Change 2013

Net sales, MEUR 33.8 38.8 −12.8% 153.6

EBITA, MEUR 4.2 7.9 −46.7% 22.0

% of net sales 12.5% 20.4% 14.3%


4.8 8.3 −42.2% 34.5

Personnel (FTE) 449 465 −3.3% 460

Customer centres 43 43 - 43


© 2014 Ramirent

Denmark Q2

2014 Q2

2013 Change 2013

Net sales, MEUR 9.1 11.2 −18.8% 44.0

EBITA, MEUR −1.7 −0.0 n/a −4.31)

% of net sales −19.1% −0.4% −9.7%1)


1.7 2.2 −23.5% 6.6

Personnel (FTE) 136 184 −26.0% 175

Customer centres 16 16 − 16

17

Denmark Q2/2014: Lower sales level burdened profitability



(at the end of FY)

2.5% -0.4%

-19.1%

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q2


11.2 11.2

9.1

0

2

4

6

8

10

12

14

Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q2


Sales decreased due to weakened demand in especially western parts of Denmark

Activities to streamline operations and realise synergies with Sweden continued

Net sales down by 18.8% or by 18.7% at comparable exchange

rates

1) 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 the EUR 1.5 restructuring provision for the third quarter of 2013.


© 2014 Ramirent 18

Europe East Q2/2014: Sales growth driven by good demand in the Baltic States



(at the end of FY)


15.0

7.6 8.2

02468

101214161820

Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q2


Sales growth driven by residential construction and power plant projects in the Baltic States

Increased rental income and higher fleet utilisation supported profitability

Uncertainty continued in Fortrent markets

Net sales up by 8.4% and also by 8.4% at

comparable exchange rates

1) EBITA excluding non–recurring items was EUR 7.2 million, representing 20.2% of net sales. 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.

113.5%

Q1/2013 EBITA margin excl. non-

recurring items was 9.1%

Europe East Q2

2014 Q2

2013 Change 2013

Net sales, MEUR 8.2 7.6 8.4% 35.5

EBITA, MEUR 1.0 0.1 n/a 17.31)

% of net sales 12.1% 0.8% 48.8%1)


4.7 2.8 66.6% 9.6

Personnel (FTE) 233 237 −1.7% 235

Customer centres 42 41 2.4% 41

The Baltic States


11.2%

0.8%

12.1% 11.4%

14.1%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q2

© 2014 Ramirent 19

Europe Central Q2/2014: Price increases started to strengthen profitability



(at the end of FY)

2.4% 2.7%

5.8%

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q2


15.3 14.1 13.3

02468

101214161820

Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q2


Comparable sales increased thanks to large ongoing projects and increased overall demand in Poland

Subdued demand in the Czech Republic and Slovakia continued

Price increases started to strengthen profitability

Adjusted for divested operations* net sales

were up by 7.7%

1) Adjusted for the divestment of the Hungarian operations in the third quarter 2013* the increase in net sales was 7.7%. 2) EBITA excluding non–recurring items was EUR 1.2 million or 2.0% of net sales in January–December 2013. The non-recurring items included the EUR 1.9 million loss from disposal of operations in Hungary, recorded in the third quarter 2013.

Europe Central Q2

2014 Q2

2013 Change 2013

Net sales, MEUR 13.31) 14.1 −5.5%1) 57.3

EBITA, MEUR 0.8 0.4 107.3% −0.72)

% of net sales 5.8% 2.7% −1.2%2)


4.0 1.1 269.1% 7.1

Personnel (FTE) 482 585 −17.7% 479




Group performance

Segment review

Market outlook

Key figures

Financial position

Company overview

Appendix

20

© 2014 Ramirent 21

Strongest construction output growth expected in Sweden and Poland in 2014

Construction output growth estimates for 2014

Source: Euroconstruct 6/2014

Nordic countries

Baltic countries and Europe Central

2014E

Finland 0.8%

Sweden 4.4%

Norway 0.4%

Denmark 2.5%

2014E

Estonia -7.0%

Latvia -2.0%

Lithuania 3.0%

Poland 4.2%

The Czech Republic -3.8%

Slovakia 1.7%


© 2014 Ramirent 22

Total Nordic construction market expected to recover slightly in 2014

Construction output in the Nordic countries (index)


93

106

113

90

70

80

90

100

110

120

130

2008 2009 2010 2011 2012 2013 2014E 2015F

Finland Sweden Norway Denmark Total


Total Nordic construction output

2014F: +1.9%

© 2014 Ramirent 23

Poland clearly the strongest market in Europe Central

Construction output in the Baltic Countries and Europe Central countries (index)


85

120

72 70

50

60

70

80

90

100

110

120

130

2008 2009 2010 2011 2012 2013 2014E 2015F

The Baltic Countries Poland The Czech Republic Slovakia


© 2014 Ramirent 24

Nordic construction order books including Skanska, NCC and YIT increased by 2.6% compared to the previous year

Nordic construction companies order books (at comparable exchange rates)

billion Nordic construction order books including Skanska, NCC and YIT increased by 2.6% at comparable exchange rates compared to the previous year

Ramirent's rolling 12 months net sales declined by 10.2% (y-o-y)

*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). Interim Report January–June 2014 l 29 July 2014

-40%

-20%

0%

20%

40%

60%

0

2

4

6

8

10

12

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

NCC Skanska

YIT* Change in Net sales (y-o-y), R12 Ramirent

Change in order backlog (y-o-y), Nordic construction

The economic growth in 2014 is

expected to be modest and construction

market demand remains mixed in our

core markets.

Ramirent will maintain strict cost

control and, for 2014, capital

expenditure is expected to be around

the same level as in 2013.

The strong financial position will enable

the Group to continue to address

profitable growth opportunities.

Ramirent outlook for 2014 unchanged


Group performance

Segment review

Market outlook

Key figures

Financial position

Company overview

Appendix

27

Finland Sweden Norway Denmark Baltics Central

Net

Sale

s

(M

EU

R)

EB

IT

A m

arg

in

(%

)

R12 Q1/2013 R12 Q1/2014

Rolling 12 months EBITA margin improved in the Baltic States and Europe Central

17.9% 17.0% 16.0%

0.4%

16.6%

-1.7%

16.7% 15.4%

11.0%

-13.3%

18.8%

1.4%

-20%

-10%

0%

10%

20%

Finland Sweden Norway Denmark The BalticStates

Europe Central

158.2

214.3

169.1

43.9 29.9

59.3

151.1

198.0

144.5

42.3 32.6

57.3

0.0

50.0

100.0

150.0

200.0

Finland Sweden Norway Denmark The BalticStates

Europe Central

1) Rolling 12 months EBITA excluding non–recurring items was EUR −4.1 million or −9.8% of net sales. The non-recurring items included the EUR 1.5 restructuring provision for the third quarter of 2013. 2) Rolling 12 months EBITA excluding non–recurring items was EUR 3.7 million or 6.4% of net sales. The non-recurring items included the EUR 1.9 million loss from disposal of operation in Hungary, recorded in the third quarter 2013.

© 2014 Ramirent


1)

2)

© 2014 Ramirent 28

Net sales affected by exchange rates and lower demand

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

104.5 98.1

48.7 47.9

7.6 5.8

0

20

40

60

80

100

120

140

160

180

Q2/2013 Q2/2014

Income from sold equipment

Ancillary income

Rental income

−24.2%

−1.8%

−6.0%

160.8

5.6 3.4

151.8

0

20

40

60

80

100

120

140

160

180

Q2/2013reported

Exchange rates Underlyingchange

Q2/2014reported

Second-quarter net sales MEUR 151.8 (160.8) down by 5.6% or 2.1% at comparable exchange rates

R12 net sales MEUR 623.0 (693.6) down by 10.2%


© 2014 Ramirent 29

Personnel reductions in Finland, Norway and Denmark during the first half of the year

Customer centres Personnel (FTE)

334 325 306 304 302 301

Q12013

Q2 Q3 Q4 Q12014

Q2

Finland Sweden Norway Denmark Europe East -Baltics Europe Central

Number of customer centres was adjusted to

prevailing market conditions in Finland during

the H1/2014

Decrease of 24 customer centres year-on-year

Second-quarter employee benefit expenses

MEUR 37.5 (39.3)

Decrease of 102 in number of employees from

Q2/13 to Q2/14

The number of employees increased in

Sweden mainly due to acquisition of DCC

Group: 2,651 (2,781)


Finland

532

Sweden

764 Norway

449

Denmark

136

Europe East -

Baltics 233

Europe

Central

482

© 2014 Ramirent 30

Ramirent’s fixed costs 2.9 MEUR lower compared to last year

Fixed costs (MEUR) and % of Group net sales

65.1 61.5 58.6

38.3% 38.3% 38.6%

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

Group fixed costs MEUR 58.6 (61.5) in the second quarter

Second-quarter fixed costs of net sales 38.6% (38.3%)

Q2/14 fixed costs:

• Employee benefit expenses MEUR 37.5

• Other operating expenses MEUR 21.2

Fixed costs rolling 12 months MEUR 244.7 or 39.3% of net sales


© 2014 Ramirent 31

Second-quarter EBITDA margin weakened from the previous year

EBITDA margin

30.3% 27.8%

0%

5%

10%

15%

20%

25%

30%

35%


EBITDA margin quarterly

23.9%

27.2%

30.4% 30.3%

27.8%

0%

5%

10%

15%

20%

25%

30%

35%

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q2

Second-quarter EBITDA MEUR 42.2 (48.8)

Second-quarter EBITDA margin 27.8% (30.3%)

Year-to-date EBITDA MEUR 73.9 (96.8) or 25.5%

(30.9%) of net sales

Year-to-date EBITDA excluding non-recurring

items and adjusted for transferred or divested

operations was MEUR 73.9 (84.8) or 25.5%

(27.7%)


© 2014 Ramirent 32

Second-quarter EBITA was 16.2 MEUR, 10.7% of net sales

6.2%

11.0%

14.6%

14.1%

10.7%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q2

14.1%

10.7%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%


Second-quarter EBITA MEUR 16.2 (22.7)

Second-quarter EBITA margin 10.7% (14.1%)

Year-to-date EBITA MEUR 23.3 (45.3) or 8.0%

(14.4%) of net sales

Year-to-date EBITA excl. non-recurring items and

adjusted for transferred or divested operations

was MEUR 23.3 (34.0) or 8.0% (11.1%)

EBITA margin EBITA margin quarterly


© 2014 Ramirent 33

Adjusted with comparable company structure, H1 EBITA margin was 8.0% (11.1%)

45.3

35.1

10.1

1.2

34.0

23.3

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

50.0

1-6/2013

reported

Capital gain 1-6/2013

excl. capital

gain

Results of

RUS, UKR &

HUN

1-6/2013

adjusted

1-6/2014

reported

EBITA (MEUR) 1-6/13 vs 1-6/14

H1/2013 EBITA includes a capital gain of MEUR 10.1 from the transaction to form Fortrent and the results of transferred or divested operations (RUS, UKR & HUN)

H1/2014 EBITA excl. non-recurring items and adjusted for transferred or divested operations was MEUR 23.3 (34.0) or 8.0% (11.1%) of net sales

14.4% 11.1% 8.0% EBITA margin 11.5%


© 2014 Ramirent 34

Group R12 EBITA margin was 12.5%

Q2/2014 R12 EBITA margin by segment (%)

*EBITA excluding non-recurring items and transferred operations to Fortrent and divestment of operations in Hungary

16.7

15.4

11.0

21.8

1.4

12.5

-5

0

5

10

15

20

Finland Sweden Norway Denmark Europe East Europe Central Group*

Group EBITA targeted to reach 17% by

the end of 2016…

…by delivering at least 18% EBITA

margin on segment level


-13.3

18%

10%

© 2014 Ramirent 35

Three acquisitions and one outsourcing deal closed during the second quarter

Gross capital expenditure (MEUR) and % of net sales

12.5

21.7

9.7

18.1

31.9

44.6

119.9

45.9

35.7

23.9 28.0

36.8 32.4

30.0 29.5 33.8

23.4

78.3

0%

10%

20%

30%

40%

50%

60%

70%

80%

0

20

40

60

80

100

120

140

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q2

Gross Capex Share of net sales-%


Second-quarter gross capex MEUR 78.3 (30.0) of which MEUR 46.0 (0.0) related to acquisitions

Investments in machinery and equipment MEUR 50.1 (28.0) in the second quarter

Gross capex in the first half MEUR 101.8 (62.4)

© 2014 Ramirent 36

Capital expenditure focused on Finland and Sweden, mainly as a result of acquisitions



(at the end of FY)

Capital expenditure by segment (MEUR)

Investments

6.4

8.2

8.3

2.2

2.8

1.1

22.3

35.9

4.8

1.7

4.7

4.0

0.0 20.0 40.0

Finland

Sweden

Norway

Denmark

East

CentralQ2/14

Q2/13


Investments in machinery and equipment MEUR

50.1 (28.0) in the second quarter

In the first half, investments in machinery and

equipment MEUR 72.1 (57.3)

© 2014 Ramirent 37

Cash flow lower than in the previous year due to strategic acquisitions

-60%

-40%

-20%

0%

20%

40%

60%

80%

-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

-30

-20

-10

0

10

20

30

40

Q1

2013

Q2 Q3 Q4 Q1

2014

Q2

Cash flow after investments MEUR -21.5 (-5.2)

in the second quarter

Cash flow after investments MEUR -26.6 (13.8) in

the first half of the year


© 2014 Ramirent 38

Return on investment at 11.9% at the end of the second quarter

Return on investment % ROI % and Invested capital MEUR

19.2%

11.9%

0%

5%

10%

15%

20%

25%

Q2/2013 Q2/2014

508 536

602 611 611

5.1%

10.4%

19.0% 19.2%

11.9%

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

Rolling 12 months Return on investment at the

end of Q2 was 11.9% (19.2%)

Return on investment decreased compared year-

on-year mainly due to lower profit generation

The Group's invested capital amounted to MEUR

610.5 (611.3) at the end of Q2/14


© 2014 Ramirent 39

Return on equity at 12.1% at the end of the second quarter

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

19.3%

12.1%

0%

5%

10%

15%

20%

25%

Q2/2013 Q2/2014

296 296

319

344

325

-1.8%

8.3%

19.0% 19.3%

12.1%

-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

Rolling 12 months Return on equity at the end of

Q2 was 12.1% (19.3%)

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

business cycle

The Group's total equity amounted to MEUR 324.7

(344.0) at the end of Q2/14

Equity per share was 3.00 (3.19) at the of the

quarter



Group performance

Segment review

Market outlook

Key figures

Financial position

Company overview

Appendix

© 2014 Ramirent 41

Ramirent's financial position remained strong in the second quarter

Net debt (MEUR) Net debt to EBITDA ratio

220

264

230

207 212

273

0

50

100

150

200

250

300

Q1

2013

Q2 Q3 Q4 Q1

2014

Q2

1.9x

1.6x

1.4x

1.2x

1.6x

0.0

0.5

1.0

1.5

2.0

2.5

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q2

Net debt MEUR 273.4 (264.2) at the end of

Q2/14

Net debt increased by 3.5% (y-o-y)

Net debt to EBITDA 1.6x at the end of Q2/14

Long-term financial target: below 1.6x

(at the end of FY)


© 2014 Ramirent 42

Equity ratio and gearing weakened slightly year-on-year

Equity ratio (%) Gearing (%)

38.2%

43.1% 45.2%

48.9%

43.8% 40.3%

0%

10%

20%

30%

40%

50%

60%

Q12013

Q2 Q3 Q4 Q12014

Q2

64.5%

76.8%

63.9%

55.8%

64.2%

84.2%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Q1

2013

Q2 Q3 Q4 Q1

2014

Q2

Second-quarter equity ratio decreased to 40.3%

(43.1%)

Total equity amounted to MEUR 324.7 (344.0) at the

end of the quarter

Second-quarter gearing increased to 84.2%

(76.8%)

Net debt MEUR 273.4 (264.2) at the end of the

quarter


© 2014 Ramirent 43

An ordinary dividend of EUR 0.37 per share was paid and the

AGM authorised the Board to decide on a potential additional

dividend of up to EUR 0.63 per share

Earnings Per Share and Dividend Per Share

0.04

0.13

0.41

0.59

0.50

0.15

0.25 0.28

0.34

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

0.80

0.90

1.00

2009 2010 2011 2012 2013

EPS DPS

Ordinary dividend of EUR 0.37 per share paid in April 2014 representing a payout ratio of 73.7% (57.6%) for fiscal year 2013

Potential for an additional dividend of up to EUR 0.63 per share for fiscal year 2013, which would represent a total payout ratio of up to 199% for fiscal year 2013

Long-term financial target: Dividend payout ratio at least 40% of net profit

1.00

0.37

0.63


© 2014 Ramirent 44

Working capital at 4.5% of net sales

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

3.5%

7.2%

5.3%

-2.9%

4.5%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

15.3 15.0 14.4 11.5 12.6 13.2

115.4 128.7 125.3 109.2 108.6 115.6

-143.3

-98.2 -102.0 -104.4 -136.6

-100.0

-200

-150

-100

-50

0

50

100

150

200

Q12013

Q2 Q3 Q4 Q12014

Q2

Trade payables and other liabilities

Trade and other receivables

Inventories

Second-quarter credit losses and change in the

allowance for bad debt amounted to MEUR

0.0 (-0.9)

Working capital of rolling 12 months net sales

4.5% (-2.9%)

Dividend of MEUR 39.8 (36.6) paid in April 2014


© 2014 Ramirent 45

Interim Report January–March 2014 l 8 May 2014

At the end of June 2014, Ramirent had unused committed back–up loan facilities of MEUR 140.6

Repayment schedule of interest-bearing liabilities (MEUR) Ramirent had unused committed back-up loan facilities of MEUR 140.6 available at the end of the second quarter

The average interest rate of the loan portfolio including interest rate hedges was 2.9% (3.7%) at the end of the second quarter

In June, Revolving Credit Facility agreement (MEUR 145.0) under SFA agreement re-signed with extension of three years to 2020

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

Net debt EUR 273.4 million

EUR 415.0 million in committed credit facilities

75

95

100

145

2014 2015 2016 2017 2018 2019 2020

© 2014 Ramirent 46

Two of our long-term financial targets were met in Q2/2014

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 Q2/2014

12.1%

1.6x

73.7% of 2013 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

49

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

301 customer centres in 10

countries

2,651 employees serving 200,000 customers with

200,000 rental items

MEUR 647 of sales (2013)

Definition of Ramirent's business and strategic choices


© 2014 Ramirent 50

We increased geographical focus on core Baltic Rim markets and widened the customer base

Europe Central

(PL+CZ+SL)

# 1 58 customer

centres

Finland # 1

68 customer centres

Sweden # 2

74 customer centres

Norway # 1

43 customer centres

Denmark # 1

16 customer centres

Europe East –Baltics

# 1 42 customer

centres

Finland 24%

Sweden 32%

Norway 23%

Denmark 6%

Europe East -Baltics

5%

Europe Central 9%

Sales per customers Q2/2014

Construction 63% Industrial

17%

Services & Retail 13%

Public 4%

Private 3%

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

Russia and Ukraine presence through JV Fortrent

Sales per segment Q2/2014


© 2014 Ramirent Event / Name of presentor 51

0 200 400 600 800 1000

Loxam

Cramo

Ramirent

Algeco

Scotsman

Kiloutou

Sarens

Speedy Hire

Liebherr-

Mietpartner

Mediaco Levage

Zeppelin Rental

Net sales 2013 (MEUR) Net sales 2013 (MEUR)

Largest rental companies in Europe Largest rental companies globally

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

0 1000 2000 3000 4000

United Rentals

Aggreko

Ashtead Group

Algeco

Scotsman

Herz Equipment

Rental

Aktio Corp

Loxam

Coates Hire

Cramo

Ramirent

Source: IRN June 2014


© 2014 Ramirent 52

We continue to pursue our growth strategy in 2014

The five components of Ramirent's growth strategy:

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


© 2014 Ramirent 53

Room for rental penetration to further increase in the Nordic countries

Equipment rental penetration (%)

3.4%

2.0%

1.5%1) 1.7%

Rental penetration (%)*

Sweden Norway Finland Denmark

Source: European Rental Association 2013; Rental Turnover / Total construction output 1) Source: VTT 2013

HIG

H

MED

IU

M

LO

W

Average penetration in Europe: 1.6%


© 2014 Ramirent 54

Ramirent has seen significant growth through outsourcing and acquisitions

Outsourcing deal in Finland

Acquisition of Finnish weather protection

rental company

Aquisition of Czech rental

business Acquisition of Czech

rental business

Acquisition of Swedish rental

company Acquisition of Danish rental

business

Acquisition of module rental company in Norway

Outsourcing of Mt Hojgaard's Danish scaffolding division

Acquisition of Swedish rental company

Acquisition of Swedish rental

company

Outsourcing deal in Norway

Joint venture in Russia and Ukraine

with Cramo

2011 - 2012 2013


Divestment of operations in

Hungary

Formworks partnership with Doka in Finland

Extending geography to “white spots”

Complimentary product ranges or related services

Strengthening links to new customer segments

Targets mid-size companies mainly

Outsourcing of customer’s in-house fleets

Criteria

Proven track record of accretive acquisitions made at attractive multiples tied to earn-outs

Outsourcing deal in Denmark


2014

Acquisition of safety solutions

specialist company in Sweden

Acquisition of telehandler

business in Finland

DCC (Dry Construction

Concept) business in Sweden,

Denmark and Finland


Joint Venture* with Zeppelin Rental in Fehmarnbelt tunnel construction project

in Germany and Denmark

*Subject to relevant authorities approval

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% by the end of 2016

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 maintenance & repair 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

Share price development Year-to-date

8.22 July 25, 2014


Ramirent Plc (RMR1V)

4

5

6

7

8

9

10

11

2014-01-02 2014-02-02 2014-03-02 2014-04-02 2014-05-02 2014-06-02 2014-07-02

RMR1V

EUR

© 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

58

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% by the end of 2016

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 60

Consolidated statement of income


CONSOLIDATED STATEMENT OF INCOME 4–6/14

4–6/13

1–6/14

1–6/13

1–12/13

(EUR 1,000)

Rental income 98,146 104,463 184,870 203,369 420,895

Ancillary income 47,886 48,748 93,178 98,356 198,040

Sales of equipment 5,755 7,593 11,276 11,897 28,317

NET SALES 151,786 160,803 289,324 313,623 647,252

Other operating income 804 521 1,153 11,696 12,732

Materials and services −51,563 −50,230 −96,420 −100,188 −213,169

Employee benefit expenses −37,468 −39,313 −74,597 −81,188 −156,791

Other operating expenses −21,178 −22,201 −44,971 −46,177 −95,660

Share of profit in associates and joint ventures −152 −817 −582 −925 688

Depreciation, amortisation and impairment charges −28,009 −27,791 −54,312 −57,863 −112,768

EBIT 14,219 20,973 19,595 38,978 82,284

Financial income 2,076 5,582 4,171 9,824 15,639

Financial expenses −7,148 −11,307 −11,399 −18,355 −34,055

Total financial income and expenses −5,072 −5,725 −7,229 −8,531 −18,415

EBT 9,147 15,248 12,367 30,447 63,869

Income taxes −2,145 −2,951 −2,805 −7,131 −9,839

PROFIT FOR THE PERIOD 7,002 12,297 9,562 23,316 54,030

Profit for the period attributable to:

Owners of the parent company 7,147 12,297 9,707 23,316 54,030

Non-controlling interest −145 − −145 − −

7,002 12,297 9,562 23,316 54,030

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

Basic, EUR 0.07 0.11 0.09 0.22 0.50

Diluted, EUR 0.07 0.11 0.09 0.22 0.50

© 2014 Ramirent 61

Consolidated statement of financial position

CONSOLIDATED STATEMENT OF FINANCIAL POSITION 31/3/2014

31/3/2013

31/12/2013

(EUR 1,000)

ASSETS

NON–CURRENT ASSETS

Goodwill 124,690 131,247 124,825

Other intangible assets 38,108 40,311 38,427

Property, plant and equipment 427,841 453,921 432,232

Investments in associates and joint ventures 15,003 22,425 18,524

Non–current loan receivables 20,261 20,250 20,261

Available–for–sale investments 519 412 517

Deferred tax assets 815 1,856 647

TOTAL NON–CURRENT ASSETS 627,236 670,422 635,432



30/6/2013

31/12/2013

(EUR 1,000)

ASSETS

NON–CURRENT ASSETS

Goodwill 140,529 126,719 124,825

Other intangible assets 45,745 39,254 38,427

Property, plant and equipment 438,805 435,457 432,232

Investments in associates and joint ventures 16,314 21,351 18,524

Non–current loan receivables 19,261 20,261 20,261

Available–for–sale investments 147 412 517

Deferred tax assets 677 1,824 647

TOTAL NON–CURRENT ASSETS 661,477 645,278 635,432

CURRENT ASSETS

Inventories 13,247 14,765 11,494

Trade and other receivables 115,576 127,316 109,207

Current tax assets 3,026 1,343 1,495

Cash and cash equivalents 12,356 3,093 1,849

TOTAL CURRENT ASSETS 144,205 146,516 124,045

Assets held for sale − 6,702 −

TOTAL ASSETS 805,682 798,497 759,477

© 2014 Ramirent 62


30/6/2013

31/12/2013

Consolidated statement of financial position (continued)


(EUR 1,000)

EQUITY AND LIABILITIES

EQUITY

Share capital 25,000 25,000 25,000

Revaluation fund −1,559 −3,315 −1,502

Invested unrestricted equity fund 113,767 113,568 113,568

Retained earnings from previous years 176,707 185,429 179,882

Profit for the period 9,707 23,316 54,030

Equity attributable to the parent company shareholders 323,622 343,997 370,978

Non-controlling interest 1,103 − −

TOTAL EQUITY 324,725 343,997 370,978

NON–CURRENT LIABILITIES

Deferred tax liabilities 53,928 59,657 54,286

Pension obligations 14,031 14,094 13,923

Non–current provisions 1,189 909 1,198

Non–current interest–bearing liabilities 203,907 245,948 174,981

Other non–current liabilities 24,355 5,588 −

TOTAL NON–CURRENT LIABILITIES 297,412 326,196 244,388

CURRENT LIABILITIES

Trade payables and other liabilities 99,988 97,400 104,369

Current provisions 447 166 664

Current tax liabilities 1,290 8,399 5,278

Current interest–bearing liabilities 81,820 21,339 33,800

TOTAL CURRENT LIABILITIES 183,546 127,304 144,111

Liabilities classified as held for sale − 999 −

TOTAL LIABILITIES 480,957 454,499 388,499

TOTAL EQUITY AND LIABILITIES 805,682 798,497 759,477

© 2014 Ramirent 63

Key financial figures


KEY FINANCIAL FIGURES 4–6/14

4–6/13

1–6/14

1–6/13

1–12/13

(MEUR)

Net sales, EUR million 151.8 160.8 289.3 313.6 647.3

Change in net sales, % −5.6% −5.3% −7.7% −6.1% −9.4%

EBITDA, EUR million 42.2 48.8 73.9 96.8 195.1

% of net sales 27.8% 30.3% 25.5% 30.9% 30.1%

EBITA, EUR million 16.2 22.7 23.3 45.3 92.1

% net sales 10.7% 14.1% 8.0% 14.4% 14.2%

EBIT, EUR million 14.2 21.0 19.6 39.0 82.3

% of net sales 9.4% 13.0% 6.8% 12.4% 12.7%

EBT, EUR million 9.1 15.2 12.4 30.4 63.9

% of net sales 6.0% 9.5% 4.3% 9.7% 9.9%

Profit for the period attributable to the owners of the

parent company, EUR million 7.1 12.3 9.7 23.3 54.0

% of net sales 4.7% 7.6% 3.4% 7.4% 8.3%

Gross capital expenditure, EUR million 78.3 30.0 101.8 62.4 125.8

% of net sales 51.6 % 18.7% 35.2% 19.9% 19.4%

Invested capital, EUR million, end of period 610.5 611.3 579.8

Return on invested capital (ROI), %1) 11.9% 19.2% 16.5%

Return on equity (ROE), %1) 12.1% 19.3% 14.7%

Interest–bearing debt, EUR million 285.7 267.3 208.8

Net debt, EUR million 273.4 264.2 206.9

Net debt to EBITDA ratio1) 1.6x 1.2x 1.1x

Gearing, % 84.2% 76.8% 55.8%

Equity ratio, % 40.3% 43.1% 48.9%

Personnel, average during reporting period2) 2,553 2,826 2,737

Personnel, at end of reporting period2) 2,651 2,781 2,589

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.

© 2014 Ramirent 64

Consolidated cash flow statement


CONSOLIDATED CASH FLOW STATEMENT 4–6/14

4–6/13

1–6/14

1–6/13

1–12/13

(EUR 1,000)

Cash flow from operating activities

EBT 9,147 15,248 12,367 30,447 63,869

Adjustments

Depreciation, amortisation and impairment charges 28,009 27,791 54,312 57,863 112,768

Adjustment for proceeds from sale of used rental equipment 8,258 4,520 10,870 6,399 8,975

Financial income and expenses 5,072 5,725 7,229 8,531 18,415

Adjustment for proceeds from disposals of subsidiaries − − − −10,128 −15,609

Other adjustments -17,610 2,941 -13,521 −1,840 4,735

Cash flow from operating activities before change in working capital 32,876 56,223 71,257 91,272 193,153

Change in working capital

Change in trade and other receivables −8,498 −18,112 −6,469 1,024 18,994

Change in inventories −893 −232 −1,537 −380 3,114

Change in non–interest–bearing liabilities 37,664 −1,654 13,472 −4,039 −5,724

Cash flow from operating activities before interest and taxes 61,149 36,226 76,722 87,877 209,537

Interest paid −7,688 −2,427 −7,845 −5,050 −5,270

Interest received 703 828 703 1,307 1,047

Income tax paid −2,601 −7,144 −6,660 −14,587 −23,068

Net cash generated from operating activities 51,562 27,483 62,920 69,547 182,245

© 2014 Ramirent 65

Consolidated cash flow statement (continued)


CONSOLIDATED CASH FLOW STATEMENT 4–6/14

4–6/13

1–6/14

1–6/13

1–12/13

Cash flow from investing activities

Acquisition of businesses and subsidiaries, net of cash −25,670 − −25,670 − −2,832

Investment in tangible non–current asset (rental machinery) −47,301 −30,649 −67,959 −58,411 −110,115

Investment in other tangible non–current assets −554 −345 −639 −1,575 −2,825

Investment in intangible non–current assets −2,433 −1,776 −3,753 −3,533 −6,503

Proceeds from sale of tangible and intangible non–current assets

(excluding used rental equipment) 1,850 69 7,482 123 360

Proceeds from sales of other investments − − − 9,200 14,681

Loan receivables, increase, decrease and other changes 1,000 −11 1,000 −1,577 −1,577

Net cash flow from investing activities −73,108 −32,712 −89,540 −55,773 −108,812

Cash flow from financing activities

Paid dividends −39,858 −36,618 −39,858 −36,618 −36,618

Borrowings and repayments of current debt (net) 76,220 −13,610 82,230 −28,173 −49,771

Borrowings of non–current debt − 46 − 99,076 99,031

Repayments of non–current debt −5,245 −33,934 −5,245 −46,304 −85,565

Net cash flow from financing activities 31,117 −84,116 37,127 −12,019 −72,923

Net change in cash and cash equivalents during the financial year 9,572 −89,344 10,507 1,755 511

Cash at the beginning of the period 2,784 92,437 1,849 1,338 1,338

Translation differences − − − − −

Change in cash 9,572 −89,344 10,507 1,755 511

Cash at the end of the period 12,356 3,093 12,356 3,093 1,849

© 2014 Ramirent 66

Net sales


NET SALES 4–6/14

4–6/13

1–6/14

1–6/13

1–12/13

(MEUR)

FINLAND

- Net sales (external) 38.7 36.2 70.2 71.2 150.9

- Inter–segment sales 0.3 0.2 0.5 0.3 1.0

SWEDEN



NORWAY


- Inter–segment sales −0.1 − 0.5 − 0.0

DENMARK


- Inter–segment sales − − − − 0.2

EUROPE EAST



EUROPE CENTRAL



Elimination of sales between segments −0.4 −0.4 −1.5 −0.8 −2.3

NET SALES, TOTAL 151.8 160.8 289.3 313.6 647.3

© 2014 Ramirent 67

EBITA


EBITA 4–6/14

4–6/13

1–6/14

1–6/13

1–12/13

(MEUR)

FINLAND 6.0 6.0 8.9 9.4 25.7

% of net sales 15.4% 16.6% 12.7% 13.2% 16.9%

SWEDEN 6.7 9.6 10.9 16.9 36.6

% of net sales 13.8% 18.0% 11.6% 16.4% 17.6%

NORWAY 4.2 7.9 6.8 12.9 22.0

% of net sales 12.5% 20.4% 10.0% 16.8% 14.3%

DENMARK −1.7 −0.0 −2.9 −1.5 −4.3

% of net sales −19.1% −0.4% −15.3% −7.3% −9.7%

EUROPE EAST 1.0 0.1 0.9 11.1 17.3

% of net sales 12.1% 0.8% 6.1% 64.1% 48.8%

EUROPE CENTRAL 0.8 0.4 −0.4 −2.0 -0.7

% of net sales 5.8% 2.7% −1.7% −7.8% -1.2%

Net items not allocated to segments −0.8 −1.2 −1.0 −1.6 -4.6

GROUP EBITA 16.2 22.7 23.3 45.3 92.1

% of net sales 10.7% 14.1% 8.0% 14.4% 14.2%

© 2014 Ramirent 68

Net sales in H1/2013 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

Group as reported 152.8 160.8 166.2 167.5 137.5 151.8

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

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

Group as reported 22.6 22.7 25.9 20.9 7.1 16.2

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


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

Documents

Ramirent Interim Report Q2 2014