Ramirent Financial Statement Bulletin 2013

FINANCIAL STATEMENTS 2013February 17, 2014

CEO Magnus RosénCFO Jonas Söderkvist

Agenda

Highlights Q4 and 1-12/2013

Market outlook

Segment review

Financial review

Company overview

Appendix

217 February 2014 l Financial Statements Bulletin 2013

3

Highlights Q4/2013

Net sales MEUR 167.5 (194.1) down by 13.7% (down by 10.5% at comparable exchange rates)

Adjusted for divested operations, net sales decreased by 5.9% at comparable exchange rates

EBITA MEUR 20.9 (29.7) or 12.5% (15.3%) of net sales

Net profit MEUR 13.9 (19.9) and EPS EUR 0.13 (0.18)

Gross capex MEUR 33.8 (36.8)

Cash flow after investments MEUR 25.2 (16.8)


4

Highlights 1-12/2013


Adjusted for divested operations,

net sales decreased by 4.2% at comparable exchange rates

EBITA MEUR 92.1 (100.6) or 14.2% (14.1%) of net sales

EBITA excluding non-recurring items1)

was MEUR 85.3 (100.6) or 13.2% (14.1%)

Net profit MEUR 54.0 (63.7) and EPS EUR 0.50 (0.59)

Gross capex MEUR 125.8 (124.0)Cash flow after investments MEUR 73.4 (54.2)

Net debt to EBITDA ratio 1.1x (1.1x)

1) Non-recurring items included a non-taxable capital gain of MEUR 10.1 from the formation of Fortrent, a loss of MEUR 1.9 from disposal of Hungary and a restructuring provision of MEUR 1.5 in Denmark.


The Board proposes an ordinary dividend of EUR 0.37 per share and authorisation to decide on payment of additional dividend up to EUR 0.63 per share

5

Earnings Per Share and Dividend Per Share 2009–2013

The Board proposes an ordinary dividend of EUR 0.371) (0.34) per share for the year 2013

Total dividend EUR 39.8 million1) and payout ratio 73.7%1) (57.6%)

The Board proposes to be authorised to decide at its discretion on the payment of additional dividend up to the amount of EUR 0.63 per share

0.04

0.13

0.41

0.59

0.50

0.15

0.250.28

0.340.371)

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

2009 2010 2011 2012 2013

EPS DPS

1) Board’s proposal

Long-term financial target:Dividend payout ratio at least

40% of net profit


Net sales declined by 4.2% in 2013, adjusted for exchange rates and divested operations

6

Change in net sales (%) Q4/12 vs. Q4/13

-13.7%

-10.5%

-5.9%

-16%

-14%

-12%

-10%

-8%

-6%

-4%

-2%

0%

Q4/2013reported

Q4/2013 atcomparable

exchange rates

Q4/2013adjusted for

the transfer ofoperations in

Russia, Ukraineand Hungary,at comparableexchange rates

Change in net sales (%) 1-12/12 vs. 1-12/13

-9.4%-8.5%

-4.2%

-10%

-9%

-8%

-7%

-6%

-5%

-4%

-3%

-2%

-1%

0%

1-12/2013reported

1-12/2013 atcomparable

exchange rates

1-12/2013adjusted for

the transfer ofoperations in

Russia, Ukraineand Hungary,at comparableexchange rates


Full-year reported EBITA margin on par with the previous year

1) The non-recurring items include the non-taxable capital gain of EUR 10.1 million from the formation of Fortrent, the EUR 1.9 million loss from disposal of Hungary and the EUR 1.5 million restructuring provision in Denmark.

7

EBITA margin (%) Q4/12 vs. Q4/13

15.3%

12.5%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

Q4/2012 reported Q4/2013 reported

EBITA margin (%) 1-12/12 vs. 1-12/13

14.1% 14.2%13.2%

0%

2%

4%

6%

8%

10%

12%

14%

16%

1-12/2012reported

1-12/2013reported

1-12/2013excluding

non-recurringitems1)


Strong cash flow generation throughout the year

8

Cash flow after investments (MEUR)Q4/12 vs. Q4/13

16.8

25.2

0

10

20

30

40

50

60

Q4/2012 reported Q4/2013 reported

Cash flow after investments (MEUR)1-12/12 vs. 1-12/13

54.2

73.4

0

10

20

30

40

50

60

70

80

1-12/2012 reported 1-12/2013 reported


Strengthened balance sheet by the increased cash flows

9

Leverage and risk

Profit generation

Dividend

Element Target level

ROE

Net Debt / EBITDA

ratio

Dividend pay-out

ratio

18% p.a. over a business cycle

Below 1.6x at the end of each fiscal year

At least 40% of Net profit

Measure 1–12/2013

14.7%

1.1x

73.7%1) of 2013 net profit

1) Board's proposal


10

Europe Central (PL+CZ+SL)

56 customer

centres

Finland74 customer

centres

Sweden74 customer

centres

Norway43 customer

centres

Denmark16 customer

centres

Europe East -

Baltics41 customer

centres

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

Finland23%

Sweden32%

Norway24%

Denmark7%

Europe East -Baltics6%

Europe Central9%

Sales per customer 1-12/2013

Construction64%

Industrial18%

Services & Retail12%

Public4%

Private2%

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

Russia and Ukraine presence through JV Fortrent

Sales per segment 1-12/2013


MARKETOUTLOOK


Total Nordic construction output by construction sector 2009–2015F

Nordic construction market is expected to grow moderately in 2014

*Renovation includes residential and non-residential renovationSource: Euroconstruct 12/2013 17 February 2014 l Financial Statements Bulletin 2013

12

80

90

100

110

120

130

140

2009 2010 2011 2012 2013E 2014F 2015F

New residential construction New non-residential constructionRenovation* Infrastructure constructionTotal Nordic construction output

Index

+1.2%

+4.4%

+2.4%

Total Nordic construction output

2014F: +2.1%

New residential construction

Infrastructure construction

Renovation*

New non-residential construction

+0.2%

Equipment rental markets forecasted to grow in 2014

13

Construction output growth (%) and equipment rental market growth (%) 2014E

0.5%

1.6%

3.6%

3.3%3.5%

3.0%*

2.3%

3.6%

1.9%

3.6%

Finland Sweden Norway Denmark Poland

Construction output growth (%) 2014E Equipment rental market growth (%) 2014E

Source: European Rental Association 2013 and VTT 2013* 17 February 2014 l Financial Statements Bulletin 2013

14

Nordic construction order books remained on par (+0.1%) with the previous year in Q4/2013

-40%

-20%

0%

20%

40%

60%

0

2

4

6

8

10

12

14

16

18

20

Q12007

Q2 Q3 Q4 Q12008

Q2 Q3 Q4 Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4

Skanska NCC

Peab Veidekke

YIT Lemminkäinen

SRV Change in Net sales YoY, R12 Ramirent

Change in order backlog YoY, Nordic construction

Nordic construction order books remained on par with the previous year in Q4/2013

Nordic construction companies order books, BEUR (at comparable exchange rates)

EUR billion


15

RAMIRENT OUTLOOK FOR 2014

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.


16

We continue to pursue our strategic objetives

Customer first

Sustainable profitable growth

Common Ramirent platform

Balanced business portfolio

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

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

• Developing a one-company structure with operational consistency

• Maintain a balanced portfolio of customers, products and markets to balance risk

EBITA by segment* (%)

Group EBITA** (%)

17

Target EBITA margin is 18% for all segments...

...which leads to a Group EBITA margin of 17%

The overall target has been broken down to segment-specific efficiency plans

Building the common Ramirent platform plays an integral part in reaching the target

16.917.6

14.3

-6.3

20.2

2.0

-5.0

0.0

5.0

10.0

15.0

20.0

FI SE NO DK EE* EC*

EBITA 2013 min 10% min 18%

13

1.52.5

17

0

5

10

15

20

EBITA 2013 min 10% in allsegments

min 18% in allsegments

Target

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

We will continue implementing actions to reach an EBITA margin of 17% in 2016

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

18

1 2 3 4 5

We are turning focus back to growth through a clear strategy


5 key components of our growth strategy:

SEGMENT REVIEW


28

36 3835

30

37

4542

3841

4542

35 36

4239

-5%

0%

5%

10%

15%

20%

25%

30%

0

5

10

15

20

25

30

35

40

45

50

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4

Net sales EBIT-%

Finland

Net sales decreased due to weaker activity in the construction sector especially in northern and western Finland

EBIT weakened due to price pressure and lower capacity utilisation

Actions to adjust fixed cost levelcontinued

20

Highlights Q4/2013 Sales and EBIT by quarter

Finland Q4 2013

Q4 2012

Change(EUR)

Change(Local)

1–12/ 2013

1–12/ 2012

Change(EUR)

Change(Local)

Net sales, MEUR 38.6 41.7 −7% 151.9 166.5 −9%

EBITA, MEUR 6.1 7.6 −21% 25.7 31.4 −18%

% of net sales 15.7% 18.3% 16.9% 18.9%

EBIT, MEUR 5.8 7.3 −21% 24.6 30.2 −19%

% of net sales 14.9% 17.6% 16.2% 18.2%

Capital expenditure 6.9 10.8 −36% 28.8 25.7 12%

Personnel 550 572 −4% 550 572 −4%

Customer centres 74 76 −3% 74 76 −3%


21

Good construction activity supported the demand in the Stockholm area

Steady demand for equipment rental from the industrial sector in central and northern Sweden

Profitability supported by strict cost control, enhanced operational efficiency and good price discipline

2935 36

4541 42

45

5448

51 5358

5053 51 53

0%

5%

10%

15%

20%

25%

0

10

20

30

40

50

60

70

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4

Net sales EBIT-%

Sales and EBIT by quarterHighlights Q4/2013

Sweden

Sweden Q4 2013

Q4 2012

Change(EUR)

Change(Local)

1–12/ 2013

1–12/ 2012

Change(EUR)

Change(Local)

Net sales, MEUR 52.8 57.9 −9% −6% 207.3 209.9 −1% −2%

EBITA, MEUR 11.1 10.2 9% 36.6 36.3 1%

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

EBIT, MEUR 10.4 9.4 11% 34.0 33.3 2%

% of net sales 19.8% 16.3% 16.4% 15.9%

Capital expenditure 9.1 6.5 41% 35.8 45.5 −21%

Personnel 664 677 −2% 664 677 −2%



Norway

22

Net sales were affected by the weakened Norwegian krone and lower construction activity

Weaker demand in western and southern Norway

Cost reductions did not manage to offset the lower demand

Pricing environment became more challenging

28 27 2831 33 30

4042 44

3841

51

38 3936

41

-5%

0%

5%

10%

15%

20%

0

10

20

30

40

50

60

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4

Net sales EBIT-%


Norway Q4 2013

Q4 2012

Change(EUR)

Change(Local)

1–12/ 2013

1–12/ 2012

Change(EUR)

Change(Local)

Net sales, MEUR 40.8 51.0 −20% −11% 153.6 174.0 −12% −8%

EBITA, MEUR 2.8 7.1 −60% 22.0 24.6 −11%

% of net sales 6.9% 13.9% 14.3% 14.1%

EBIT, MEUR 2.3 6.5 −65% 19.7 22.2 −11%

% of net sales 5.6% 12.7% 12.8% 12.8%

Capital expenditure 9.1 13.8 −34% 35.4 33.6 3%

Personnel 465 467 −0% 465 467 −0%

Customer centres 43 42 2% 43 42 2%


23

Demand for equipment rental improved slightly due to gradually improving construction activity

Good demand in the capital city area

Restructuring continued to improve profitability

Prices remained stable

89 9 10

810

11

15

1011 11

12

9

1112 12

-20%

-15%

-10%

-5%

0%

5%

10%

0

2

4

6

8

10

12

14

16

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4

Net sales EBIT-%


Denmark

Denmark Q4 2013

Q4 2012

Change(EUR)

Change(Local)

1–12/ 2013

1–12/ 2012

Change(EUR)

Change(Local)

Net sales, MEUR 11.8 12.2 −3% −3% 44.0 44.7 −2% −1%

EBITA, MEUR −0.7 0.9 −186% −4.31)

1.8 n/a

% of net sales −6.2% 7.0% −9.7%1)

4.1%

EBIT, MEUR −0.9 0.8 −204% −4.42)

1.6 n/a

% of net sales −7.2% 6.7% −10.1%2)

3.6%

Capital expenditure 1.9 0.7 182% 6.6 2.0 227%

Personnel 177 192 −8% 177 192 −8%



1) EBITA excluding non–recurring items was EUR −2.8 (1.8) million or −6.3% (4.1%) in January–December 2013.

2) EBIT excluding non–recurring items was EUR −2.9 (1.6) million or −6.7% (3.6%) in January–December 2013.

The non-recurring items included the EUR 1.5 restructuring provision for the third quarter of 2013.

24

Adjusted net sales up by 5.5%

Profitability improved mainly due to higher capacity utilisation in the Baltic States

Fortrent Q4/2013:• At comparable exchange rates, net sales decreased by 6.8%

• EBITA was MEUR 2.6 (3.0) or 18.8% (18.5%) of net sales

8

10

1213

9

13

17 16

12

15

19 17

10

8

108

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

0

2

4

6

8

10

12

14

16

18

20

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4

Net sales EBIT-%


Europe East

Europe East Q4 2013

Q4 2012

Change(EUR)

Change(Local)

1–12/ 2013

1–12/ 2012

Change(EUR)

Change(Local)

Net sales, MEUR 8.4 17.4 −52%1)

−52% 35.5 63.3 −44%1)

−44%

EBITA, MEUR 2.7 5.0 −45% 17.32)

11.1 56%

% of net sales 32.6% 28.9% 48.8%2)

17.5%

EBIT, MEUR 2.7 5.0 −46% 17.23)

10.9 57%

% of net sales 32.3% 28.7% 48.4%3)

17.3%

Capital expenditure 6.6 2.6 158% 9.6 9.8 −2%

Personnel 206 443 −54% 206 443 −54%


113%


1) Adjusted for the transfer of the Russian and Ukrainian operations to Fortrent as of March 1, 2013 the increase in net sales in October-December 2013 was 5.5%. In January–December 2013 the increase was 4.0%.2) EBITA excluding non–recurring items was EUR 7.2 (11.1) million, representing 20.2% (17.5%) of net sales.3) EBIT excluding non–recurring items was EUR 7.1 (10.9) million, representing 19.9% (17.3%) 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.

25

Construction and industrial activity continued to recover in Poland

Weak market conditions continued in the Czech Republic and Slovakia

Actions to scale down operations supported profitability

Prices increasing from low levels

12

16

20 19

14

19

22

19

1315

1816

11

14

1715

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

0

5

10

15

20

25

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4

Net sales EBIT-%


Europe Central

Europe Central Q4 2013

Q4 2012

Change(EUR)

Change(Local)

1–12/ 2013

1–12/ 2012

Change(EUR)

Change(Local)

Net sales, MEUR 15.3 16.2 −6%1)

−6% 57.3 62.7 −9%1)

−8%

EBITA, MEUR 0.1 0.4 −82% −0.72)

−0.7 1%

% of net sales 0.4% 2.2% −1.2%2)

−1.1%

EBIT, MEUR −0.0 0.2 −108% −3.73)

−1.6 141%

% of net sales −0.1% 1.1% −6.5%3)

−2.5%

Capital expenditure 2.2 3.0 −26% 7.1 8.0 −11%

Personnel 492 626 −21% 492 626 −21%


1) Adjusted for the divestment of the Hungarian business the increase in net sales in October−December 2013 was 8.6%. In January−December 2013 the decrease in sales was 4.1%.2) EBITA excluding non–recurring items was EUR 1.2 (−0.7) million or 2.0% (−1.1%) in January–December 2013.3) EBIT excluding non–recurring items was EUR 1.0 (−1.6) million or 1.7% (−2.5%) in January–December 2013.The non-recurring items included the goodwill impairment loss of EUR 2.9 million due to weak market conditions in Hungary, recorded in the first quarter 2013 and the EUR 1.9 million loss from

disposal of Hungary, recorded in the third quarter 2013. 17 February 2014 l Financial Statements Bulletin 2013

FINANCIAL REVIEW


Cash flow increased by 50% in the fourth quarter (year-on-year)

27

Net Sales (MEUR) EBITDA (MEUR)

Cash flow after investments (MEUR)

Net debt (MEUR) Gross Capex (MEUR)

EBITA (MEUR)

1322

1018

32

45

120

4636

24 2837

32 30 3034

0%

10%

20%

30%

40%

50%

60%

70%

80%

0

20

40

60

80

100

120

140

Q12010

Q2Q3Q4Q12011

Q2Q3Q4Q12012

Q2Q3Q4Q12013

Q2Q3Q4

Gross Capex Share of net sales-%

212209197

177191

238

280263258

281256

239

220

264

230

207

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

50

100

150

200

250

300

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4

Net debt Gearing-%

-5

8

17

13

4

17

32

27

14

25

3230

23 2326

21

-10%

-5%

0%

5%

10%

15%

20%

-10

-5

0

5

10

15

20

25

30

35

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4

EBITA EBITA-%

18

31

42

37

28

41

5955

42

52

6057

48 4952

46

0%

5%

10%

15%

20%

25%

30%

35%

0

10

20

30

40

50

60

70

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4

EBITDA EBITDA-%

112129

141150

134150

179187

164170186

194

153161166168

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

0

50

100

150

200

250

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4

Net sales Y-o-y change-%

-4

13 14

24

-11

-20

-37

16

6 7

24

17 19

-5

34

25

-50

-40

-30

-20

-10

0

10

20

30

40

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4

First-quarter 2013 EBITA excluding non-recurring items was EUR 12.4 (14.4) million, representing 8.1% (8.7%) of net sales

Third-quarter 2013 EBITA excluding non-recurring items was 29.3 (31.8) million or 17.6% (17.1%) of net sales

Mixed performance by segment in 2013

28

Finland Sweden Norway Denmark Baltics Central

Net

Sale

s

(M

EU

R)

EB

IT

A M

arg

in(%

)

1-12/2012 1-12/2013

166.5

209.9

174.0

44.729.8

62.7

151.9

207.3

153.6

44.031.0

57.3

Finland Sweden Norway Denmark The Baltic States Europe Central

18.9%17.3%

14.1%

4.1%

18.3%

-1.1%

16.9% 17.6%

14.3%

-9.7%1)

17.4%

-1.2%2)Finland Sweden Norway Denmark The Baltic States Europe Central

1) EBITA-margin excluding non-recurring items was −6.3% (4.1%) in January–December 2013

2) EBITA-margin excluding non-recurring items was 2.0% (−1.1%) in January–December 2013

Net sales affected by exchange rates and divested operations


Adjusted for transferred or divested operations, net sales decreased by 5.9% at comparable exchange rates


Adjusted for transferred or divested operations, net sales decreased by 4.2% at comparable exchange rates

29

Net sales (MEUR) Q4/12 vs. Q4/13

194.1

6.3 8.911.5

167.5

0

50

100

150

200

250

Q4/2012reported

Exchangerates

Divestedoperations

Marketchange

Q4/2013reported

Net sales (MEUR) 1-12/12 vs. 1-12/13

714.1

6.1 30.730.0

647.3

0

100

200

300

400

500

600

700

800

1-12/2012reported

Exchangerates

Divestedoperations

Marketchange

1-12/2013reported

- --

---


30

63% 63%

33% 31%

4% 6%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Q4/2012 Q4/2013

Income from sold equipment

Ancillary income

Rental income

122.8104.8

63.7

51.9

7.6

10.8

0

50

100

150

200

250

Q4/2012 Q4/2013

Income from sold equipment

Ancillary income

Rental income

42.2%

−18.6%

−14.7%

Breakdown of net sales (%) and MEUR

Rental income and ancillary income decreased compared to previous year


31

Net sales by segment (MEUR) and Change % (YoY) Q4/12 vs. Q4/13

−7.4% −20.0% −5.6%2)−51.7%1)−3.3%−8.7%

Net sales declined in all segments in the fourth quarter

1) Adjusted for the transfer of the Russian and Ukrainian operations to Fortrent, net sales increased in Q4/2013 by 5.5%

2) Adjusted for the divestment of the Hungarian business the increase in net sales in Q4/2013 was 8.6%

41.7

57.9

51.0

12.2

17.4 16.2

38.6

52.8

40.8

11.8

8.41)

15.32)

0.0

10.0

20.0

30.0

40.0

50.0

60.0

Finland Sweden Norway Denmark Europe East EuropeCentral

Q4/2012 Q4/2013


32

Gross margin (%) by quarter

Full-year gross margin decreased compared with the previous year

65%

67%

68%

66%

67%67%

68%

69%

66%

68%

66%

68% 69%

64%

67%

67%

69%69%

63%

65%

Q1 Q2 Q3 Q4 FY

2010 2011 2012 2013


Number of employees decreased mainly due to restructuring in Denmark and Europe Central

At the end of December 2013, the Group’s number of employees was 2,592 (3,005)

At the end of 2012, the number of employees in Russia and Ukraine amounted to 238

33

572

677

467

192

443

626

550

664

465

177206

492

Finland Sweden Norway Denmark Europe East EuropeCentral

Personnel 31/12/12 Personnel 31/12/13

Number of employees by segment


In 2013 the number of customer centres decreased mainly in Europe Central due to scaling down of operations

Customer centres per segment

34

334 325306 304

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4

Finland Sweden Norway Denmark Europe East Europe Central

353


Ramirent’s fixed costs reduced by 17 MEUR compared to last year

Group fixed costs 252.5 (269.7) MEUR in 1-12/2013, including 3.4 MEUR in non-recurring items �� 249.1 MEUR excluding non-recurring items

35

Fixed costs by quarter (MEUR)

33 33 3238 37 37

41 42 42 40 42 42 42 39 40 36

22 23 22

24 27 2525

28 2525

26 27 2422 24

25

56 56 54

62 63 6266

70 6865

68 6966

6264

61

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4

Employee benefit expenses Other operating expenses


Full-year 2013 reported EBITA-margin 14.2%

36

-5.1

8.0

17.4

12.7

3.6

16.5

32.0

27.3

14.4

24.7

31.8

29.7

22.61) 22.7

25.92)

20.9

-10%

-5%

0%

5%

10%

15%

20%

-10

-5

0

5

10

15

20

25

30

35

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4

EBITA EBITA-%

EBITA (MEUR) and EBITA-margin (%) Q1/2010 – Q4/2013

1-12/2010: 33.0 1-12/2011: 79.4 1-12/2012: 100.6

1) First-quarter 2013 EBITA excluding non-recurring items was EUR 12.4 (14.4) million, representing 8.1% (8.7%) of net sales

2) Third-quarter 2013 EBITA excluding non-recurring items was 29.3 (31.8) million or 17.6% (17.1%) of net sales

1-12/2013: 92.1


EBITA margin 13.2% in 2013, adjusted for non-recurring items

Non-recurring items in 1-12/2013:

Capital gain of EUR 10.1 million booked from the transaction to form Fortrent

Impairment loss of EUR 2.9 million in the Hungarian goodwill

Loss of EUR 1.9 million from disposal of Hungary

Restructuring provision of 1.5 million in Denmark

37

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

100.6 92.1

10.1 1.9 1.5

85.3

0

20

40

60

80

100

120

1-12/2012reported

1-12/2013reported

Capital gain Loss fromdisposal ofHungary

Restructuringprovision in

Denmark

1-12/2013adjusted

EBIT (MEUR) 1-12/12 vs 1-12/13

92.5 82.3

10.1 2.9 1.9 1.5

78.4

0

20

40

60

80

100

1-12/2012reported

1-12/2013reported

Capital gain Goodwillimpairment

Loss fromdisposal ofHungary

Restructuringprovision in

Denmark

1-12/2013adjusted

14.1% 14.2% 13.2%% of Net sales

13.0% 12.7% 12.1%% of Net sales

6.8 MEUR

3.9 MEUR


All segments have the potential to reach 18% EBITA margin

38

16.9 17.6

14.3

-9.7

17.4

-1.2

-6.31)

2.02)

-15

-10

-5

0

5

10

15

20

Finland Sweden Norway Denmark The Baltic States Europe Central

1-12/2013 reported 1-12/2013 adjusted for non-recurring items

Min 10% Target 18%

1) The non-recurring items included the EUR 1.5 million restructuring provision for the third quarter of 2013.

2) The non-recurring items included the EUR 1.9 million loss from disposal of Hungary in the third quarter 2013.

EBITA-margin (%) 1–12/2013 by segments

Strong EBIT margin in Sweden and Europe East in Q4/2013

39

17.6%16.3%

12.7%

6.7%

28.7%1)

1.1%

14.9%

19.8%

5.6%

-7.2%

32.3%1)

-0.1%

Finland Sweden Norway Denmark East Central

Q4/12 Q4/13

EBIT–margin (%) by segments

1) EBIT-margin in the Baltic States was 19.8% (19.0%) in the fourth quarter 2013


Ramirent Group going concern: Net sales 638 MEUR, EBITA 83 MEUR

40

156.0 146.8 160.3 159.1 174.0 164.6 182.6 167.5

6.8 4.67.8 0.0

9.6 9.41.6 1.51.7

1.7

2.31.6

2.1

0

50

100

150

200

Group (exc. Russia, Ukraine and Hungary) Russia and Ukraine Hungary

Group Net sales and Net sales in Russia, Ukraine and Hungary (MEUR)

Group EBITA and EBITA in Russia, Ukraine and Hungary (MEUR)

15.011.4

24.2 23.429.7 28.2 25.6

19.8

11.41)

0.6 0.0

1.7

3.50.1

0.4

0.3

1.1 (Fortrent)

0

10

20

30

Group (exc. Russia, Ukraine and Hungary) Russia and Ukraine (incl. capital gain)Hungary (incl. capital loss) Restructuring provision in DenmarkFortrent

−0.2 (Fortrent) −0.8 (Fortrent) 0.5 (Fortrent)

−0.4

−0.1

−0.2

−0.2

−1.5

1) Includes the non-taxable capital gain of EUR 10.1 million from the formation of Fortrent


−1.3

Capex adjusted to market conditions and was in line with depreciation in 2013

41*Investments in machinery and equipment excluding acquisitions

54

96

165

212

165

15

53

131

108123

99 16

11

6

37

3

9

111

163

0

50

100

150

200

250

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Capital expenditure* Acquisitions Depreciation

Acquisition of Altima for EUR 89 million

During market downturns Ramirent can reduce capex to a minimum

11 bolt-on acquisitions

The total value of purchased equipment was 115.3 (101.3) million in 1-12/2013

The sales value of sold rental equipment was EUR 28.3 (27.1) million in 1-12/2013

Capital expenditure, acquisitions and depreciation (MEUR) 2004–2013


Capital expenditure focused on Norway, Finland, Sweden and East

No acquisitions were made in 2013

42

10.8

6.5

13.8

0.7

2.6 3.0

6.9

9.1 9.1

1.9

6.6

2.2

Finland Sweden Norway Denmark East Central

Q4/12 Q4/13

Capital Expenditure by segments (MEUR)


Working capital decreased to 3% of the net sales in the fourth quarter

January–December 2013 credit losses and net change in the allowance for bad debt totalled EUR −4.7 (−6.4) million

Dividend of EUR 36.6 million paid in April 2013

43

Working capital by quarter (MEUR)

15 14 14 16 16 17 17 17 18 18 20 15 15 15 14 11

83 90 99

97

95 10

9

12

4

12

0

11

4

13

1

14

1

13

6

11

5

12

9

12

5

10

9

-69

-86

-86

-89

-82

-84

-10

7

-10

9

-13

9

-11

2

-12

2

-11

3

-14

3 -98

-10

2

-10

4

-6%

-4%

-2%

0%

2%

4%

6%

8%

-120

-80

-40

0

40

80

120

160

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4

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


Return on investment at 16.5%

Return on invested capital, ROI 16.5% (18.9%) at the end of December 2013

44

Invested capital (MEUR) and ROI (%) rolling 12 months

524 508 509 496 508536

588 591565

602 605 604

654611 604

580

0%

5%

10%

15%

20%

25%

0

100

200

300

400

500

600

700

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4

Invested capital ROI % (R12)


Ramirent’s strong cash flow generation is sufficient for maintenance as well as growth capex

45

18

31

42

37

28

41

59

55

42

52

60

57

48 49 52

46

-4

13 15

24

-11

-20

-6

-15

6 7

24

17 19

-5

34

25

-60%

-40%

-20%

0%

20%

40%

60%

80%

-60

-40

-20

20

40

60

80

Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 Q4/13

EBITDA (MEUR) Cashflow after investments (MEUR) Cash Conversion

Cash flow after investments amounted to EUR 73.4 (54.2) million in 1-12/2013

Cash flow (MEUR) and Cash conversion (%) Q1/2010 – Q4/2013


212 209197

177191

238

280263 258

281

256239

220

264

230

207

1.8x 1.9x1.7x

1.4x 1.4x

1.6x1.7x

1.4x

1.2x1.4x

1.2x1.1x

1.0x

1.2x1.1x 1.1x

0

1

2

3

0

50

100

150

200

250

300

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4

Net debt Net debt to EBITDA ratio

Ramirent's financial position strengthened during the quarter

Dividend for FY2012 of 0.34 EUR/share (EUR 36.6 million) was paid in the second quarter

Net debt to EBITDA 1.1x (1.1x) at the end of December 2013

Proposed ordinary dividend for FY2013 of 0.37 EUR/share (EUR 39.8 million) + additional dividend up to 0.63 EUR/share (EUR 67.9 million)

46

Net debt (MEUR) and Net debt to EBITDA ratio


Return on equity at 14.7%

47

309296

308 318 316296 305

326305

319

347364

342 344361

371

-5%

0%

5%

10%

15%

20%

25%

0

50

100

150

200

250

300

350

400

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4

Total equity ROE % (R12)

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

Return on equity, ROE 14.7% (18.5%) for last 12 months

Long-term financial target is 18.0% p.a over a business cycle


At the end of December 2013, Ramirent had unused committed back–up loan facilities of EUR 232.1 million

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

The average interest rate of the loan portfolio was 3.8% (2.9%) at the end of December 2013

48

Repayment schedule of interest–bearing liabilities (MEUR)

100

240

100

2013 2014 2015 2016 2017 2018 2019

EUR 415.0 million in committed credit facilities

Net debt EUR 206.9 million


Refinanced on 31 January 2014

For more information:www.ramirent.com

Magnus Rosén, CEO+358 20 750 [email protected]

Jonas Söderkvist, CFO+358 20 750 [email protected]

Franciska Janzon, IR+358 20 750 [email protected]

COMPANYOVERVIEW


Definition of Ramirent’s business and strategic choices

51

Where

Geographic presence

Home market Europe with focus on the Baltic Rim

How

ConceptRamirent is a generalist rental company, with an extensive outlet network enabling customer proximity while managing through decentralised operations

What

OfferingRamirent’s business offering stretches from single products to managing the entire fleet capacity at a customer site

Who

CustomersRamirent’s diverse customer base includes construction, industry, services, the public sector and private households

Ramirent is a generalist equipment rental and service company…

304 customer centres in 10 countries

2,592 employees serving 200,000 customers with 200,000 rental items

€647m of sales generating €92m

of EBITA


52

Vision

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

ValuesOpen

Engaged

Progressive

Mission

We simplify business by delivering Dynamic Rental SolutionsTM

Brand promise

Let’s solve it

...with a clear vision and mission


53

Europe Central (PL+CZ+SL)

56 customer

centres

Finland74 customer

centres

Sweden74 customer

centres

Norway43 customer

centres

Denmark16 customer

centres

Europe East41 customer

centres

Ramirent's market position 2013

Finland No.1 Latvia No.1

Sweden No.2 Lithuania No.1

Norway No.1 Poland No.1

Denmark No.1 Czech Republic No.2

Estonia No.2 Slovakia No.1

Russia and Ukraine presence through JV Fortrent

Balanced mix between more mature markets in the Nordics and growth markets such as Central and Eastern Europe

Dense and well placed depot network enables local market leadership

Ramirent has a focus on the Baltic Rim and holds the market leader position in most markets


Ramirent is transitioning from single equipment rental to integrated solutions…

54

Equipment Services

Rental Business and Sector Knowledge

BenefitsLighter balance sheets, less investments

BenefitsMore uptime in core operations due to less downtime in equipment, less maintenance costs, right choice of equipment improves efficiency, less product liability risk

BenefitsUnderstanding client requirements helps to customise product selection and further improve productivity

Heavy Equipment

Access EquipmentLifts, Hoists,

Scaffolding, Tower cranes

Modules and site equipment

Light EquipmentTools, 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

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

Exte

nd

ed

cu

sto

mer

valu

e p

rop

osit

ion


…offered to a wide range of customer industries

in all countries

55

Targeting non-construction dependent sales of 40% of the Group's net sales

Sales per customer 1-12/2013

Construction64%

Industrial18%

Services & Retail12%

Public4%

Private2%


56

Structural growth market1500

950

595

430

Equipment rentalmarket (MEUR)

2.3%

3.4%3.6%

2.0%

3.0%

1.5%

1.9%1.7%

Rental marketgrowth 2014E (%)

Rental Penetration*(%)

Sweden

Norway

Finland

Denmark

Propensity to rent

With solid growth drivers

*Source: European Rental Association 2013; Rental Turnover** / Total construction output **Equipment rental companies turnover, including rental-related revenues, merchandise as well as sales of used equipment. For other companies providing rental services as a secondary business, estimates for their share of turnover generated by rental activities have been applied.*** VTT, November 2013

Ramirent operates in a fundamentally attractive market

Propensity to outsource

Underlying construction demand

Consolidation

Rental-related services


Significant growth through outsourcing and acquisitions

57

Outsourcing deal with two subsidiaries in Finland

Outsourcing deal in Finland

Acquisition of Swedish rental company

Outsourcing deal in Norway

Acquisition of Czech rental business

Outsourcing dealin Denmark

Outsourcing dealin Finland

Acquisition of Finnish weather protection rental company

Aquisition of Czech rental business

Acquisition of Czech rental business

Acquisition ofSwedish rental company

Acquisition ofDanish rental business

Acquisition of module rental company in Norway

Outsourcing of Mt Hojgaard's Danish scaffolding division



Outsourcing dealin Norway

Joint venture in Russia and Ukraine

with Cramo

2009 - 2010 2011 - 2012 2013

Outsourcing dealin Finland

Divestment of operations in Hungary

Formworkspartnershipwith 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


Ramirent's Financial Business Model: Three complimentary drivers of value creation

58

• 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

improvement of 300bps

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


Customer service level

Total costs

Non-available

fleet

Capitalefficiency

Improving utilisation through active fleet management

Optimising fleet maintenance strategy

Resourcing and maintenance & repair locations

Optimising workshop processes

Balanced fleet age structure

Fleet management activities

59

Efficiency utilisation* (%) R3 months

Total Fleet Yield** (%) R3 months

0

20

40

60

80

2010 2011 2012 2013

0

10

20

30

40

50

2010 2011 2012 2013

∗��

�� ∗ 100% ∗∗��

�� ∗ 100%

��

Goals KPIs

Efficient logistics

Fleet management potential realized at different levels

Largest shareholders

Largest shareholders December 31, 2013

Number of shares

% of share capital

1. Nordstjernan AB 31,581,716 29.05%

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

3. Varma Mutual Pension Insurance Company 6,753,799 6.21%

4. Ilmarinen Mutual Pension Insurance Company 4,145,154 3.81%

5. Odin funds 2,967,052 2.73%

6. Nordea funds 2,531,010 2.33%

7. Aktia funds 2,145,562 1.97%

8. Fondita funds 1,219,822 1.12%

9. Veritas Pension Insurance Company Ltd 1,209,866 1.11%

10. SEB funds 1,007,814 0.93%

Ramirent Oyj treasury shares 998,631 0.92%

Other shareholders 41,929,673 38.57%

Total 108,697,328 100.00%

60

Market Cap EUR 985.4 million

Trading informationListing: NASDAX OMX HelsinkiDate of listing: April 30, 1998

Segment: Mid CapSector: Industrials

Trading code: RMR1V

15.8%

28.5%

12.1%8.8%

1.9%

32.9%

Private companies

Financial and insurance institutions

Public sector organizations

Households

Non-profit organizations

Foreigners

Shareholders December 31, 2013


61

IndexRamirent Plc (RMR1V)

Share price development in 2013

60

70

80

90

100

110

120

130

140

150

1600

2/0

1/2

01

3

16

/01

/20

13

30

/01

/20

13

13

/02

/20

13

27

/02

/20

13

13

/03

/20

13

27

/03

/20

13

10

/04

/20

13

24

/04

/20

13

08

/05

/20

13

22

/05

/20

13

05

/06

/20

13

19

/06

/20

13

03

/07

/20

13

17

/07

/20

13

31

/07

/20

13

14

/08

/20

13

28

/08

/20

13

11

/09

/20

13

25

/09

/20

13

09

/10

/20

13

23

/10

/20

13

06

/11

/20

13

20

/11

/20

13

04

/12

/20

13

18

/12

/20

13

Ramirent Plc OMX Helsinki PI (price index) OMX Helsinki Mid-Cap PI (price index)

9.15 December 30, 2013


Attractive market - structural growth drivers and cyclical recovery potential

Number 1 position - market leader in 7/10 countries

Strong platform - above average profitability, capital efficiency, balanced risk level and 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

62

Company highlights Stated Objectives

How will we deliver on our financial targets and create shareholder value?

� Non-Construction-dependent share of revenues to 40%

� EBITA margin improvement of 300 bps

� Increased strategic focus on growth

� Return on equity of 18% over the business cycle

� YE net debt to EBITDA of below 1.6x

� Dividend pay-out ratio of at least 40% of net profit


APPENDIX


Consolidated statement of income

64

CONSOLIDATED STATEMENT OF INCOME 10–12/13 10–12/12 1–12/13

Restated*

1–12/12

(EUR 1,000)

Rental income 104,762 122,777 420,895 463,070

Ancillary income 51,854 63,738 198,040 223,899

Sales of equipment 10,845 7,625 28,317 27,115

NET SALES 167,461 194,141 647,252 714,083

Other operating income 209 1,192 12,732 3,026

Materials and services −61,105 −70,086 −213,169 −237,184

Employee benefit expenses −35,978 −41,583 −156,791 −166,324

Other operating expenses −25,383 −27,011 −95,660 −103,249

Share of profit in associates and joint ventures 1,040 31 688 116

Depreciation, amortisation and impairment charges −27,266 −28,976 −112,768 −117,943

EBIT 18,977 27,707 82,284 92,524

Financial income 2,608 −426 15,639 17,928

Financial expenses −8,753 −2,811 −34,055 −27,412

Total financial income and expenses −6,145 −3,237 −18,415 −9,484

EBT 12,832 24,469 63,869 83,041

Income taxes 1,068 −4,560 −9,839 −19,291

PROFIT FOR THE PERIOD 13,900 19,910 54,030 63,749

Profit for the period attributable to:

Owners of the parent company 13,900 19,910 54,030 63,749

TOTAL 13,900 19,910 54,030 63,749

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

Basic, EUR 0.13 0.18 0.50 0.59

Diluted, EUR 0.13 0.18 0.50 0.59

*Retrospective application of amendment to IAS 19 affecting Sweden and Norway segments

The Group has changed the presentation of income and expenses on derivative instruments in the income statement. The income and expenses are offset in the

income statement from 2013. The comparative information for 2012 has been adjusted accordingly.


65

Consolidated statement of financial position


CONSOLIDATED STATEMENT OF FINANCIAL POSITION 31/12/2013

Restated*

31/12/2012

Restated*

1/1/2012

(EUR 1,000)

ASSETS

NON–CURRENT ASSETS

Goodwill 124,825 133,515 124,452

Other intangible assets 38,427 40,381 35,719

Property, plant and equipment 432,232 451,511 487,310

Investments in associates and joint ventures 18,524 1,125 953

Non–current loan receivables 20,261 − −

Available–for–sale investments 517 412 415

Deferred tax assets 647 1,835 1,876

TOTAL NON–CURRENT ASSETS 635,432 628,779 650,725

CURRENT ASSETS

Inventories 11,494 15,250 17,309

Trade and other receivables 109,207 135,600 120,000

Current tax assets 1,495 145 344

Cash and cash equivalents 1,849 1,338 2,431

TOTAL CURRENT ASSETS 124,045 152,333 140,084

Assets held for sale − 42,250 −

TOTAL ASSETS 759,477 823,632 790,810


66

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(1,000) 31/12/2013

Restated*

31/12/2012

Restated*

1/1/2012

EQUITY AND LIABILITIES

EQUITY

Share capital 25,000 25,000 25,000

Revaluation fund −1,502 −4,924 −4,192

Invested unrestricted equity fund 113,568 113,329 113,329

Retained earnings from previous years 179,882 166,418 144,378

Profit for the period 54,030 63,749 44,730

TOTAL EQUITY 370,978 363,573 323,245

NON–CURRENT LIABILITIES

Deferred tax liabilities 54,286 64,824 62,400

Pension obligations 13,923 13,948 10,965

Non–current provisions 1,198 972 1,553

Non–current interest–bearing liabilities 174,981 191,199 210,735

Other non–current liabilities − 8,071 11,748

TOTAL NON–CURRENT LIABILITIES 244,388 279,013 297,400

CURRENT LIABILITIES

Trade payables and other liabilities 104,369 112,956 109,020

Current provisions 664 826 1,163

Current tax liabilities 5,278 10,936 5,496

Current interest–bearing liabilities 33,800 49,513 54,486

TOTAL CURRENT LIABILITIES 144,111 174,231 170,165

Liabilities held for sale − 6,545 −

TOTAL LIABILITIES 388,499 459,790 467,565

TOTAL EQUITY AND LIABILITIES 759,477 823,362 790,810


The Group has changed the presentation deferred tax assets and liabilities in the balance sheet. Deferred tax assets and liabilities are offset in the balance

sheet, in case there is a legally enforceable right to set off current tax assets against current tax liabilities and when the deferred taxes relate to the same

taxation authority. The comparative information for 2012 has been adjusted accordingly.

Consolidated statement of financial position


Key figures

67

*Retrospective application of amendment to IAS 19 affecting Sweden and Norway segments**The figures are calculated on a rolling twelve month basis.

KEY FINANCIAL FIGURES 10–12/13 10–12/12 1–12/13

Restated*

1–12/12

(MEUR)

Net sales, EUR million 167.5 194.1 647.3 714.1

Change in net sales, % −13.7% 3.9% −9.4% 9.9%

EBITDA, EUR million 46.2 56.7 195.1 210.5

% of net sales 27.6% 29.2% 30.1% 29.5%

EBITA, EUR million 20.9 29.7 92.1 100.6

% net sales 12.5% 15.3% 14.2% 14.1%

EBIT, EUR million 19.0 27.7 82.3 92.5

% of net sales 11.3% 14.3% 12.7% 13.0%

EBT, EUR million 12.8 24.5 63.9 83.0

% of net sales 7.7% 12.6% 9.9% 11.6%

Profit for the reporting period, EUR million 13.9 19.9 54.0 63.7

% of net sales 8.3% 10.3% 8.3% 8.9%

Gross capital expenditure, EUR million 33.8 36.8 125.8 124.0

% of net sales 20.2% 19.0% 19.4% 17.4%

Invested capital, EUR million, end of period 579.8 604.3

Return on invested capital (ROI), %** 16.5% 18.9%

Return on equity (ROE), %** 14.7% 18.5%

Interest–bearing debt, EUR million 208.8 240.7

Net debt, EUR million 206.9 239.4

Net debt to EBITDA ratio 1.1x 1.1x

Gearing, % 55.8% 65.8%

Equity ratio, % 48.9% 44.2%

Personnel, average during reporting period 2,740 3,077

Personnel, at end of reporting period 2,592 3,005


*Retrospective application of amendment to IAS 19 affecting Sweden and Norway segments**The figures are calculated on a rolling twelve month basis.

Consolidated cash flow statement

68

CONSOLIDATED CASH FLOW STATEMENT 10–12/13 10–12/12 1–12/13

Restated*

1–12/12

(EUR 1,000)

Cash flow from operating activities

Profit before taxes 12,832 24,469 63,869 83,041

Adjustments

Depreciation, amortisation and impairment charges 27,266 28,976 112,768 117,943

Adjustment for proceeds from sale of used rental equipment 1,272 2,819 8,975 12,542

Financial income and expenses 6,145 3,167 18,415 9,413

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

Other adjustments −13,459 805 4,735 −1,438

Cash flow from operating activities before change in working capital 34,055 60,237 193,153 221,501

Change in working capital

Change in trade and other receivables 10,948 −2,180 18,994 −15,367

Change in inventories 2,298 3,056 3,114 1,576

Change in non–interest–bearing liabilities 12,144 −2,022 −5,724 −11,577

Cash flow from operating activities before interest and taxes 59,446 59,090 209,537 196,134

Interest paid 2,752 −3,065 −5,270 −12,293

Interest received −810 422 1,047 3,470

Income tax paid −5,915 −2,418 −23,068 −13,325

Net cash generated from operating activities 55,472 54,029 182,245 173,985



69

…….

Cash flow from investing activities

Acquisition of businesses and subsidiaries, net of cash −2,832 − −2,832 −13,940

Investment in tangible non–current asset −25,136 −34,750 −112,941 −99,177

Investment in intangible non–current assets −2,383 −2,504 −6,503 −7,598

Proceeds from sale of tangible and intangible non–current assets

(excluding used rental equipment) 98 44 360 897

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

Change in loan receivables − − −1,577 −

Net cash flow from investing activities −30,252 −37,210 −108,812 −119,818

Cash flow from financing activities

Paid dividends − − −36,618 −30,147

Purchase of treasury shares − − − −2,714

Borrowings and repayments of current debt (net) −52 −26,000 −49,771 5,500

Borrowings of non–current debt −83 8,299 99,031 9,311

Repayments of non–current debt −36,354 24 −85,565 −37,211

Net cash flow from financing activities −36,489 −17,677 −72,923 −55,261

Net change in cash and cash equivalents during the financial year −11,269 −858 511 −1,094

Cash at the beginning of the period 13,118 2,195 1,338 2,431

Translation differences 0 0 0 0

Cash at the end of the period 1,849 1,338 1,849 1,338

CONSOLIDATED CASH FLOW STATEMENT 10–12/13 10–12/12 1–12/13

Restated*

1–12/12

Consolidated cash flow statement (continued)

Segment information: Net sales

70

NET SALES 10–12/13 10–12/12 1–12/13 1–12/12

(MEUR)

FINLAND

- Net sales (external) 38.4 41.4 150.9 165.0

- Inter–segment sales 0.3 0.3 1.0 1.5

SWEDEN



NORWAY



DENMARK



EUROPE EAST



EUROPE CENTRAL



Elimination of sales between segments −0.4 −2.3 −2.3 −7.1

NET SALES, TOTAL 167.5 194.1 647.2 714.1

Other operating income 0.2 1.2 12.7 3.0


Segment information: EBITA and EBITA-margin

71


EBITA 10–12/13 10–12/12 1–12/13

Restated*

1–12/12

(MEUR)

FINLAND 6.1 7.6 25.7 31.4

% of net sales 15.7% 18.3% 16.9% 18.9%

SWEDEN 11.1 10.2 36.6 36.3

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

NORWAY 2.8 7.1 22.0 24.6

% of net sales 6.9% 13.9% 14.3% 14.1%

DENMARK −0.7 0.9 −4.3 1.8

% of net sales −6.2% 7.0% −9.7% 4.1%

EUROPE EAST 2.7 5.0 17.3 11.1

% of net sales 32.6% 28.9% 48.8% 17.5%

EUROPE CENTRAL 0.1 0.4 −0.7 −0.7

% of net sales 0.4% 2.2% −1.2% −1.1%

Net items not allocated to segments −1.1 −1.5 −4.6 −4.0

GROUP EBIT 20.9 29.7 92.1 100.6

% of net sales 12.5% 15.3% 14.2% 14.1%


EBIT and EBIT-margin by Segment

72


EBIT 10–12/13 10–12/12 1–12/13

Restated*

1–12/12

(MEUR)

FINLAND 5.8 7.3 24.6 30.2

% of net sales 14.9% 17.6% 16.2% 18.2%

SWEDEN 10.4 9.4 34.0 33.3

% of net sales 19.8% 16.3% 16.4% 15.9%

NORWAY 2.3 6.5 19.7 22.2

% of net sales 5.6% 12.7% 12.8% 12.8%

DENMARK −0.9 0.8 −4.4 1.6

% of net sales −7.2% 6.7% −10.1% 3.6%

EUROPE EAST 2.7 5.0 17.2 10.9

% of net sales 32.3% 28.7% 48.4% 17.3%

EUROPE CENTRAL 0.0 0.2 −3.7 −1.6

% of net sales −0.1% 1.1% −6.5% −2.5%

Net items not allocated to segments −1.3 −1.5 −5.0 −4.2

GROUP EBIT 19.0 27.7 82.3 92.5

% of net sales 11.3% 14.3% 12.7% 13.0%


For more information:www.ramirent.com

Magnus Rosén, CEO+358 20 750 [email protected]

Jonas Söderkvist, CFO and EVP Corporate Functions+358 20 750 [email protected]

Franciska Janzon, IR+358 20 750 [email protected]

Investor Relations

Ramirent Financial Statement Bulletin 2013