Rr results q1_2015_en_final

© 2015 Ramirent

SALES GROWTH FROM INCREASING SERVICE BUSINESS 7 May 2015 Magnus Rosén, President and CEO Jonas Söderkvist, CFO and EVP Corporate Functions

Q1 Interim report January–March 2015

© 2014 Ramirent © 2015 Ramirent

Agenda

2

Group performance

Segment review

Market outlook

Key figures

Financial position

Company overview

Appendix

© 2015 Ramirent 3

Q1/2015: Sales growth from increasing service business

Key figures Q1/2015

Business performance

Market situation

In Sweden, strong demand from residential and infrastructure construction Challenging market conditions and price pressure continued in Finland and Norway In Denmark and Baltics market activity was balanced Improving activity in Europe Central equipment rental markets

Net sales increased by 2.2% or by 5.4% at comparable exchange rates

EBITA 4.1 (7.1) MEUR or 2.9% (5.2%) of net sales

ROI % on a rolling 12 months basis was 12.9% (13.9%)

Cash flow after investments improved to 0.9 (-5.1) MEUR

Net debt to EBITDA ratio 1.4x (1.2x)

In the first quarter net sales grew in Sweden, Finland and Baltics EBITA margin decreased due to • A higher share of service sales • Start-up costs in Solutions projects, • Reorganisation of repair & maintenance operations • Price pressure

Interim report January–March 2015 l 7 May 2015

© 2015 Ramirent 4

Despite a tough market in two of our key countries, Group net sales increased in the first quarter

Change in net sales Q1/2015

2.2%

5.4%

0%

1%

2%

3%

4%

5%

6%

7%

Q1/2015 reported Q1/2015 at comparableexchange rates

Net sales (MEUR) Q1/2015

First-quarter net sales grew by 5.4% at comparable exchange rates

Reported sales were up by 2.2% compared to the previous year

137.5 140.6

0

20

40

60

80

100

120

140

160

Q1/2014 reported Q1/2015 reported

First-quarter net sales 140.6 (137.5) MEUR

Sales growth was strongest in Sweden supported by demand from the residential and infrastructure construction


© 2015 Ramirent 5

First-quarter EBITA below last year's level

5.2%

2.9%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

Q1/2014 Q1/2015

First–quarter EBITA amounted to 4.1 (7.1)

MEUR or 2.9% (5.2%) of net sales

EBITA margin Q1/2015 EBITA (MEUR) Q1/2015


7.1

4.1

0

1

2

3

4

5

6

7

8

9

10

Q1/2014 Q1/2015

EBITA decreased due to

• start-up costs in large Solutions projects • reorganisation of maintenance and repair

operations • price pressure in Finland and Norway

© 2014 Ramirent 6

First-quarter rolling 12 months ROI % weakened compared to the previous year

Return on invested capital % (rolling 12 months) Return on equity % (rolling 12 months)

13.9% 12.9%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

Q1/2014 Q1/2015

On a rolling 12 months basis, Return on invested

capital (ROI) was 12.9% (13.9%) in the first

quarter

On a rolling 12 months basis, Return on equity

(ROE) was 9.7% (13.6%) in the first quarter


13.6%

9.7%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

Q1/2014 Q1/2015

© 2015 Ramirent 7

Ramirent received large order for a total rental solution to the Urban Escape project in Stockholm

Complex construction project comprising offices, hotels, commercial and other premises Project will be carried out with ongoing commerce in the middle of Stockholm Large number of suppliers on the site

Easy access to equipment & services through customer centre on-site Equipment including lifts, hoists, scaffolding and fall protection equipment as well as power & heating from single point of contact Ramirent project team working with safety and logistics planning

CHALLENGE

SOLUTION & BENEFITS


URBAN ESCAPE construction project in Stockholm

Order value: EUR 40 million

(2015-2018)

© 2015 Ramirent

FLEET MANAGEMENT AND SOURCING

SALES AND PRICING

COMMON PLATFORM AND OTHER

8

Update on efficiency improvement actions Area

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

Steps implemented in 2014

• Centralising repair and maintenance to a few locations in the Nordic countries

• Compliance in usage of approved suppliers increased

• The number of Group-wide supplier agreements increased

Actions in Q1/2015

• Organisational changes related to Solutions and Customer Centre organisation continued

• Centralising of repair and maintenance continued

• Reduction of non-profitable fleet

• Supply Chain Management development continued

• New management structure

• Shared Service Centre established in Estonia


• New rental system live in Sweden, Denmark and Norway

• Integration of back-office functions between Denmark and Sweden

• Personnel reductions due to restructuring

© 2014 Ramirent

Shared Service Centre established in Estonia

9

1. Efficient production of financial services combining activities to be performed by a condensed Finance organisation

2. Realise synergies of harmonised processes in accordance with Ramirent’s strategy of operating a common business platform

3. Increase focus on business controlling and customers on country level

4. Sequenced roll-out schedule: Denmark as the first user; to be followed by other Nordic countries during 2015

Shared Service Centre (SSC) objectives

© 2014 Ramirent © 2015 Ramirent 10

Group performance

Segment review

Market outlook

Key figures

Financial position

Company overview

Appendix

© 2015 Ramirent 11

Finland Q1/2015: Price pressure due to slow underlying demand in construction and industry sectors

Net sales (MEUR) Highlights Q1/2015

35.1 31.6 32.0

05

101520253035404550

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Profitability Key figures

Strong performance in Southern Finland, supported by favourable demand in small and medium sized projects

Profitability burdened by price pressure and handling costs related to an increased number of small and medium sized projects

Net sales up by 1.3%

1) EBITA excluding non–recurring items was EUR 22.3 million or 14.6% in January–December 2014. The non–recurring items included EUR 1.5 million of restructuring costs and asset write-downs booked in the fourth quarter of 2014. Interim report January–March 2015 l 7 May 2015

KEY FIGURES 1–3/15

1–3/14

Change 1–12/14 Net sales 32.0 31.6 1.3% 152.8 EBITA 0.8 2.9 −72.4% 20.81) % of net sales 2.5% 9.3% 13.6%1) Capex 4.1 4.2 −2.6% 35.8 Capital employed 113.0 122.4 −7.7% 124.4 ROCE (%) 14.7% 20.7% 15.6% Personnel (FTE) 487 519 −6.2% 497 Customer centres 62 70 −11.4% 66

0%

5%

10%

15%

20%

25%

30%

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

EBITA-margin (%) ROCE (%) R12

© 2015 Ramirent 12

Sweden Q1/2015: Sales growth supported by large Solutions projects


50.3 45.4

51.0

0

10

20

30

40

50

60

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Key figures

In Stockholm and Gothenburg areas, residential and infrastructure construction fuelled demand Profitability strengthened mainly as a result of strong sales growth and increased fleet utilisation

Net sales up by 12.4% or by 19.1%

at comparable exchange rates

1) EBITA excluding non–recurring items was EUR 30.1 million or 14.9% of net sales in January–December 2014. The non–recurring items included EUR 0.7 million restructuring costs booked in the fourth quarter of 2014. Interim report January–March 2015 l 7 May 2015


1–3/14 Change 1–12/14 Net sales 51.0 45.4 12.4% 201.0 EBITA 5.1 4.2 21.3% 29.41) % of net sales 10.0% 9.3% 14.6%1) Capex 3.9 9.9 −60.1% 67.3 Capital employed 157.4 160.6 −2.0% 155.0 ROCE (%) 16.9% 18.6% 16.9% Personnel (FTE) 760 666 14.1% 759 Customer centres 80 74 8.1% 77

Profitability

0%

5%

10%

15%

20%

25%

30%

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015


© 2015 Ramirent 13

Norway Q1/2015: Price pressure and costs from reorganising operations burdened profitability


38.1 34.0

31.0

05

1015202530354045

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Key figures

Net sales impacted negatively by slow start to the year especially in the building construction sector Price pressure burdened profitability Reorganisation of maintenance and repair operations increased services and transportation costs

Net sales down by 8.7% or by 4.5% at

comparable exchange rates

1) EBITA excluding non–recurring items was EUR 16.2 million or 11.9% of net sales in January–December 2014. The non–recurring items included EUR 2.2 million of restructuring costs booked in the second half of the 2014. Interim report January–March 2015 l 7 May 2015


1–3/14 Change 1–12/14 Net sales 31.0 34.0 −8.7% 135.7 EBITA 1.0 2.6 -60.8% 14.01) % of net sales 3.3% 7.6% 10.3%1) Capex 2.6 4.9 −47.7% 14.2 Capital employed 126.1 143.8 −12.3% 125.5 ROCE (%) 7.8% 11.7% 9.2% Personnel (FTE) 405 432 −6.3% 388 Customer centres 43 43 − 43

Profitability

0%

5%

10%

15%

20%

25%

30%

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015


© 2015 Ramirent 14

Denmark Q1/2015: Good progress in solutions projects


9.1 9.6 9.4

02468

101214

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Key figures

Good progress of several Solutions projects supported sales in the first quarter Continued price pressure and weak performance in western Denmark had a negative impact on the profit level

Net sales down by 2.3%

1) EBITA excluding non–recurring items was EUR −3.8 million or −9.6% of net sales in January–December 2014. The non–recurring items included EUR 0.1 million restructuring costs that were booked in the fourth quarter of 2014.



1–3/14 Change 1–12/14 Net sales 9.4 9.6 −2.3% 39.4 EBITA −1.4 −1.1 −23.7% −3.91) % of net sales −14.8% −11.7% −10.0%1) Capital expenditure 0.9 0.1 n/a 3.6 Capital employed 25.0 26.5 −5.8% 25.4 ROCE (%) −16.7% −14.6% −14.9% Personnel (FTE) 142 162 −12.2% 147 Customer centres 15 16 −6.3% 16

Profitability

-30%

-25%

-20%

-15%

-10%

-5%

0%

5%

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015


© 2015 Ramirent 15

Europe East Q1/2015: Strong performance in the Baltics continued


5.2 6.2 6.6

0

2

4

6

8

10

12

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Key figures

Net sales up by 5.9%

In the Baltics, sales increased supported by favourable demand from small and medium sized customers. Good activity in the building construction sector continued in all Baltic countries Fortrent's EBITA improved as a result of successful cost savings, improved pricing and the good result in the new markets



1–3/14

Change 1–12/14

Net sales 6.6 6.2 5.9% 33.9 EBITA 0.1 −0.1 n/a 6.7 % of net sales 1.9% −1.8% 19.6% Capex 3.8 2.7 40.4% 10.6 Capital employed 46.0 60.0 −23.2% 46.6 ROCE (%) 13.2% 8.9% 11.3% Personnel (FTE) 242 239 1.5% 240 Customer centres 43 42 2.4% 42

1) The first-quarter EBITA margin in Europe East excluding the non-taxable capital gain of EUR 10.1 million from the formation of Fortrent was 9.1 %

Profitability

-5%

0%

5%

10%

15%

20%

25%

30%

35%

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Baltia EBITA-margin (%) Baltia ROCE (%) R12Baltics EBITA margin (%)

Baltics ROCE (%) R12

© 2015 Ramirent 16

Europe Central Q1/2015: Profitability improved based on higher fleet utilisation rates and strict cost control


11.0 11.8 11.0

02468

1012141618

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Key figures

Net sales down by 6.9% or by 6.6% at

comparable exchange rates

1) EBITA excluding non–recurring items was EUR 2.8 million or 5.3% of net sales in January–December 2014. The non–recurring items included EUR 1.1 million of restructuring costs and asset write-downs booked in the fourth quarter of 2014.


In Poland sales decreased, despite new projects especially in the energy sector, as the comparative period includes a large industrial project that ended 2014 Strong demand for equipment rental in the Czech Republic and Slovakia

Fleet utilisation rates improved due to new projects, reduction of unprofitable fleet and improved supply chain management


1–3/14

Change 1–12/14 Net sales 11.0 11.8 −6.9% 53.2 EBITA −0.6 −1.2 53.7% 1.71) % of net sales −5.1% −10.2% 3.2%1) Capex 2.3 1.6 45.9% 7.8 Capital employed 59.0 64.3 −8.3% 58.5 ROCE (%) 3.7% 0.4% 2.6% Personnel (FTE) 481 474 1.4% 477 Customer centres 58 57 1.8% 58

Profitability

-25%-20%-15%-10%-5%0%5%

10%15%20%25%30%

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015



Group performance

Segment review

Market outlook

Key figures

Financial position

Company overview

Appendix

17

© 2015 Ramirent 18

Strongest construction output growth expected in Sweden in 2015

Construction association’s estimates on construction output 2015

Nordic countries

Baltics and Europe Central

2015E

Finland -0.5%

Sweden 8.0%

Norway 3.7%

Denmark -1.9%

2015E

Estonia -4.0% Latvia -4.0% Lithuania 1.0% Poland 7.1% The Czech Republic 2.5% Slovakia 1.8%

Sources: Confederation of Finnish Construction Industries (RT) 3/2015, Swedish Construction Federation(BI) 3/2015, Prognosesenteret 3/2015, Danish Construction Industry (DB) 2/2015 and Euroconstruct 12/2014


Ramirent’s expectation on overall demand by equipment rental market 2015

© 2015 Ramirent 19

Nordic construction order books increased by 4.2% at comparable exchange rates in the first quarter

Nordic construction companies order books (at comparable exchange rates) billion

First-quarter Nordic construction order books including Skanska, NCC, YIT, Veidekke and Lemminkäinen increased by 4.2% at comparable exchange rates

Ramirent's rolling 12 months net sales were down by 2.4% in the first quarter

-40%

-20%

0%

20%

40%

60%

0

2

4

6

8

10

12

14

16

Q1 2007

Q2 Q3 Q4 Q1 2008

Q2 Q3 Q4 Q1 2009

Q2 Q3 Q4 Q1 2010

Q2 Q3 Q4 Q1 2011

Q2 Q3 Q4 Q1 2012

Q2 Q3 Q4 Q1 2013

Q2 Q3 Q4 Q1 2014

Q2 Q3 Q4 Q1 2015

NCC Skanska

Veidekke YIT*

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

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


Ramirent expects the market picture for 2015 to remain mixed, with challenging market conditions in especially Finland and Norway. We expect full-year 2015 net sales and EBITA margin to be similar to the level of 2014 when measured in local currencies.

Ramirent outlook for full year 2015 unchanged


Group performance

Segment review

Market outlook

Key figures

Financial position

Company overview

Appendix

22

Finland Sweden Norway Denmark Baltics Central

Rol

ling

12

m

onth

s n

et S

ales

(M

EUR

)

Rol

ling

12

mon

ths

EBIT

A m

arg

in e

xcl.

n

on-r

ecu

rrin

g

item

s (%

)

Q1/2014 Q1/2015

Profitability remained at unsatisfactory level in our main operating segments

17.0% 16.5% 13.1%

-5.5%

18.3%

3.9%

13.2% 15.0%

11.0%

20.8%

6.6%

-10%

-5%

0%

5%

10%

15%

20%

25%

Finland Sweden Norway Denmark The Baltics Europe Central

148.5

202.4

149.5

44.4 32.0

58.1

153.2

206.6

132.7

39.1 34.3 52.4

0.0

50.0

100.0

150.0

200.0

Finland Sweden Norway Denmark The Baltics Europe Central

© 2014 Ramirent Interim report January–March 2015 l 7 May 2015

-10.4%

Non-recurring items in 2014: Finland: EUR 1.5 million of restructuring costs and asset write-downs were booked in the fourth quarter of 2014 Sweden: EUR 0.7 million of restructuring costs were booked in the fourth quarter of 2014 Norway: EUR 2.2 million of restructuring costs were booked in the second half of the 2014 Denmark: EUR 0.1 million of restructuring costs were booked in the fourth quarter of 2014 Europe Central:EUR 1.1 million of restructuring costs and asset write-downs were booked in the fourth quarter of 2014

© 2015 Ramirent 23

Service business is increasing

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

86.7 87.6

45.3 47.8

5.5 5.2

0

20

40

60

80

100

120

140

160

Q1/2014 Q1/2015

Income from sold equipment

Ancillary income

Rental income

1.0%

5.4%

−5.6%

137.5

-4.5 7.5

140.6

0

20

40

60

80

100

120

140

160

Q1/2014reported

Exchange rates Underlyingchange

Q1/2015reported

Weak Swedish and Norwegian krona impacted negatively on the net sales in euros Increasing service business will be a key to generate sustainable profitable growth


© 2015 Ramirent 24

First-quarter gross margin was negatively impacted by sales mix and higher materials and services costs

67.4% 62.3%

0%

20%

40%

60%

80%

100%

Q1/2014 Q1/2015

First–quarter gross margin was 87.6 (92.7)

MEUR or 62.3% (67.4%) of net sales

Gross margin Q1/2015 Gross profit (MEUR) Q1/2015


92.7 87.6

0

20

40

60

80

100

120

140

Q1/2014 Q1/2015

First-quarter gross margin was negatively impacted by a higher share of service sales, start-up costs in Solutions projects, reorganisation of maintenance and repair operations and price pressure

© 2015 Ramirent 25

Personnel reduction in Finland, Norway and Denmark

Customer centres Personnel (FTE)

334 302 301

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q1

Finland Sweden Norway Denmark Europe East -Baltics Europe Central

8 customer centres were closed in Finland and

6 new ones were opened in Sweden First-quarter employee benefit expenses

amounted to 37.8 (37.1) MEUR

Finland 487

Sweden 760

Norway 405

Denmark 142

Europe East -Baltic 242

Europe Central

481

Group: 2,608 (2,529)


© 2015 Ramirent 26

Rolling 12 months fixed costs decreased by EUR 10.5 compared to the previous year as a result of costs savings Fixed costs (MEUR) and % of Group net sales

65.9 60.9 59.6

43.1 % 44.3 %

42.4 %

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

10

20

30

40

50

60

70

80

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

First-quarter fixed costs 59.6 (60.9) MEUR • Employee benefit

expenses 37.8 (37.1) MEUR

• Other operating expenses 21.9 (23.8) MEUR

Rolling 12 months fixed costs 237.0 (247.5) MEUR or 38.4% (39.2%) of net sales Rolling 12 months fixed costs excl. non-recurring costs 232.7 MEUR or 37.7% of net sales


© 2015 Ramirent 27

Group's rolling 12 months EBITA margin at 10.2%

12.1% 10.2%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

Q1/2014 (R12) Q1/2015 (R12)

Rolling 12 months EBITA 62.8 (76.6) MEUR or 10.2% (12.1%) of net sales

First-quarter EBITA margin was negatively impacted by a higher share of service sales, start-up costs in Solutions projects, reorganisation of maintenance and repair operations and price pressure

EBITA margin EBITA margin quarterly


7.6 %

13.3 %

15.4 %

12.1 %

10.2 %

2.7 %

8.7 %

14.8 %

5.2 %

2.9 %

-6%-4%-2%0%2%4%6%8%

10%12%14%16%18%20%

Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

R12 EBITA-% EBITA-%

© 2015 Ramirent 28

Rolling 12 months EBITA excluding non-recurring items was 68.5 MEUR or 11.1 % of net sales

EBITA (MEUR) Q1/2015 rolling 12 months basis 1) Non-recurring items: -the loss from disposal Hungary 1.9 MEUR -1.5 MEUR restructuring costs in Denmark

2) Non-recurring items 5.7 MEUR including restructuring and asset write-downs 2) Restructuring and asset write-downs by segment:

Norway 2.2 MEUR Finland 1.5 MEUR Central 1.1 MEUR Sweden 0.7 MEUR Denmark 0.1 MEUR

Q1/2015 EBITA (R12) excl. non-recurring items was 68.5 (80.0) MEUR or 11.1% (12.7%) of net sales

12.1% 12.7% 10.2% EBITA margin 11.1%


76.6

62.8

3.41) 80.0

5.72)

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

Q1/2014 (R12)reported

non-recurringitems

Q1/2014 (R12)excl. non-

recurring items

Q1/2015 (R12)reported

non-recurringitems

Q1/2015 (R12)excl. non-

recurring items

68.5

© 2015 Ramirent 29

Internal development work to improve margins in all segments continues

Rolling 12 months EBITA margin excl. non-recurring items by segment (%)

13.2 15.0

11.0

-10.4

20.8

6.6

11.1

-5

0

5

10

15

20

Finland Sweden Norway Denmark Baltics Europe Central Group

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

margin on segment level

18%

10%

Target = 17%


© 2015 Ramirent 30

We held back investments due to market uncertainty in two of our key countries

Gross capital expenditure (MEUR) and % of net sales

32.4

23.4

18.1

21.2% 17.0%

12.9%

0%

10%

20%

30%

40%

50%

60%

0

10

20

30

40

50

60

70

80

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Gross Capex Share of net sales-%

First-quarter gross capex 18.1 (23.4) MEUR of which 0.0 (0.0) MEUR related to acquisitions

Gross capex 12.9% (17.0%) of net sales in the first quarter Second-quarter 2014 gross capex included 46.0 MEUR of acquisitions


© 2015 Ramirent 31

Selective fleet investments and reduction of unprofitable fleet

Capital expenditure by segment (MEUR)

Investments in the fleet

4.2

9.9

4.9

0.1

2.7

1.6

4.1

3.9

2.6

0.9

3.8

2.3

0 2 4 6 8 10 12

Finland

Sweden

Norway

Denmark

East

CentralQ1/15

Q1/14

First-quarter investments in machinery and equipment 15.9 (22.0) MEUR Committed investments on rental machinery amounted to 42.7 (23.3) MEUR at the end of the first quarter Sales value of sold rental machinery and equipment was 5.2 (5.5) MEUR in the first quarter


© 2015 Ramirent 32

Cash conversion improved due to strong operative cash flow in the first quarter

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

19

-5 -5

1

-30

-20

-10

0

10

20

30

40

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q1

The Group’s cash flow from operating activities

increased to 18.3 (11.4) MEUR in the first quarter

First-quarter cash flow from investing activities was

−17.4 (−16.4) MEUR

Group's first-quarter cash conversion improved to

3.2% (-16.0%)


-100%

-80%

-60%

-40%

-20%

0%

20%

40%

60%

80%

100%

-80

-60

-40

-20

20

40

60

80

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

© 2015 Ramirent 33

Return on investment at 12.9% at the end of the first quarter

Return on investment % (rolling 12 months) ROI % and Invested capital MEUR

13.9% 12.9%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

Q1/2014 Q1/2015

508

565

654

545 520

9.3%

19.6% 18.9%

13.9% 12.9%

0%

5%

10%

15%

20%

25%

0

100

200

300

400

500

600

700

Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Rolling 12 months ROI at the end of March 2015

was 12.9% (13.9%)

Return on investment decreased compared year-

on-year mainly due to lower profit generation

The Group's invested capital decreased to 520.3

(545.1) MEUR in the first quarter


© 2015 Ramirent 34

Highest ROCE % in Sweden supported by margin improvement in Q1/2015

20.7% 18.6%

11.7%

-14.6%

8.9%

0.4%

14.7% 16.9%

7.8%

-16.7%

13.2%

3.7%

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

Finland Sweden Norway Denmark East Central

Q1/14 Q2/14 Q3/14Q4/14 Q1/15

Ramirent publishes ROCE % by

operating segment as of Q1/2015

How we are improving ROCE %? Pricing Growing service business Strict cost control Focus on fleet utilisation Working capital management


Return on capital employed % (rolling 12 months)

© 2015 Ramirent 35

Return on equity at 9.7%

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

13.6%

9.7%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

Q1/2014 Q1/2015

316 305

342 330

291

6.3%

16.9%

20.7%

13.6%

9.7%

-5%

0%

5%

10%

15%

20%

25%

0

50

100

150

200

250

300

350

400

Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q1

Financial target: ROE of 18% over a

business cycle

The Group's total equity amounted to MEUR 291.1

(330.3) at the end of March

Equity per share was 2.70 (3.07) at the of end of

March

Target 18%



Group performance

Segment review

Market outlook

Key figures

Financial position

Company overview

Appendix

© 2015 Ramirent 37

Net debt to EBITDA ratio below the long-term financial target now for 14 consecutive quarters

Net debt (MEUR) Net debt to EBITDA ratio

220.3 212.0 226.2

0

50

100

150

200

250

300

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

1.4x

1.2x

1.0x

1.2x

1.4x

0.0

0.5

1.0

1.5

2.0

2.5

Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Net debt increased compared to the previous

year amounting to 226.2 (212.0) MEUR

Net debt to EBITDA 1.4x (1.2x) at the end of

March, which was below Ramirent's long-term

financial target of maximum 1.6x at the end of

each fiscal year

Target max. 1.6x


© 2015 Ramirent 38

Equity ratio at 38.6% and gearing at 77.7%

Equity ratio (%) Gearing (%)

38.2%

43.8% 38.6%

0%

10%

20%

30%

40%

50%

60%

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

64.5% 64.2%

77.7%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

First-quarter equity ratio decreased to 38.6%

(43.8%)

Total equity amounted to 291.1 (330.3) MEUR at the

end the first quarter

Gearing increased to 77.7% (64.2%)

Net debt 226.2 (212.0) MEUR at the end of March

2015


© 2015 Ramirent 39

Negative working capital mainly due to recognition of the 2014 dividend as a liability

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

5.9%

5.2%

-1.1%

-1.8% -2.4%

-2.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

First-quarter credit losses and change in the

allowance for bad debt amounted to -0.8 (-1.5) MEUR

First-quarter inventories increased to 19.8 (12.6)

MEUR due to purchased equipment not yet taken into

rental use

Working capital of rolling 12 months net sales was

-2.0% (-2.4%) at the end of March 2015

Dividend of 43.1 (39.9) MEUR was paid in April

2015


15.3 12.6 19.8

115.4 108.6 108.7

-143.3 -136.6 -141.0

-200

-150

-100

-50

0

50

100

150

200

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Trade payables and other liabilities

Trade and other receivables

Inventories

© 2015 Ramirent 40

At the end of March 2015, Ramirent had unused committed back–up loan facilities of EUR 189.0 million

Repayment schedule of interest-bearing liabilities (MEUR) Ramirent had unused committed back-up loan facilities of MEUR 189.0 (202.1) available at the end of the first quarter

The average interest rate of the loan portfolio including interest rate hedges was 3.0% (3.8%) at the end of the March

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

Net debt EUR 226.2 million

EUR 415.0 million in committed credit facilities

Senior unsecured bond


75

95

100

145

2015 2016 2017 2018 2019 2020

© 2015 Ramirent 41

The AGM authorised the Board to decide at its discretion to distribute an additional dividend of max. EUR 0.60 per share

Earnings Per Share and Dividend Per Share

0.13

0.41

0.59

0.50

0.30 0.25

0.28 0.34

0.37

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

0.80

0.90

1.00

2010 2011 2012 2013 2014

EPS DPS

An ordinary dividend of EUR 0.40 (0.37) per share was paid on 10 April 2015

The AGM 2015 authorised the Board to decide at its discretion on the payment of an additional dividend up to the amount of EUR 0.60 per share The authorisation is valid until the Annual General Meeting 2016 At times when cash generation is above the level likely to be required to support growth, the Board will consider paying higher than ordinary dividends

1.00

0.40

0.60


© 2015 Ramirent 42

Two of our long-term financial targets were met in the first quarter of 2015

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 1-3/2015

9.7%

1.4x

132% of 2014 net profit

STATED OBJECTIVES


For further information: Magnus Rosén, President and CEO, tel. +358 20 750 2845

Jonas Söderkvist, CFO, tel. +358 20 750 3248 Franciska Janzon, IR, tel. +358 20 750 2859

www.ramirent.com


Group performance

Segment review

Market outlook

Key figures

Financial position

Company overview

Appendix

© 2015 Ramirent Interim report January–March 2015 l 7 May 2015

Ramirent is a generalist equipment rental and service company

45

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

2,608 employees serving 200,000 customers with

200,000 rental items

MEUR 614 of sales (2014)

Definition of Ramirent's business and strategic choices

© 2015 Ramirent 46

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

Values Open Engaged Progressive

Mission We simplify business by delivering Dynamic Rental SolutionsTM

Brand promise More than Machines

Our strategic choices


© 2015 Ramirent 47

Strong market position in core Baltic Rim markets

Europe Central

(PL+CZ+SL) # 1

58 customer centres

Finland # 1

62 customer centres

Sweden # 2

80 customer centres

Norway # 1

43 customer centres

Denmark # 1

15 customer centres

Europe East –Baltics

# 2 43 customer

centres

Finland 23%

Sweden 36%

Norway 22%

Denmark 7%

Europe East -Baltics

5%

Europe Central 8%

Sales per customers 1-3/2015

Construction 66%

Industrial 17%

Services & Retail 13 %

Public 4%

Private 2%

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

Russia and Ukraine presence through JV Fortrent

Sales per segment 1-3/2015

Fehmarnbelt Solutions Services A/S, JV with Zeppelin Rental


© 2015 Ramirent Event / Name of presentor 48

614

0 200 400 600 800 1000

Loxam*

Cramo

Ramirent

AlgecoScotsman*

Kiloutou*

Sarens*

Speedy Hire*

Liebherr-Mietpartner*

MediacoLevage*ZeppelinRental*

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

Largest rental companies in Europe Largest rental companies globally

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

614

0 1000 2000 3000 4000 5000 6000

United Rentals

Aggreko*

Ashtead Group*

AlgecoScotsman*

Herz EquipmentRental*

Aktio Corp*

Loxam*

Coates Hire*

Cramo

Ramirent

*Net sales in 2013

*Net sales in 2013


49

Our offering

MODULE AND SITE EQUIPMENT

HEAVY MACHINERY ACCESS EQUIPMENT

PLANNING

LIGHT EQUIPMENT

LOGISTICS

ON-SITE SERVICES

RENTAL INSURANCE

TRAINING ACCESSORIES

Ramirent SpaceSolveTM

Ramirent SafeSolveTM

Ramirent EcoSolveTM

Ramirent PowerSolveTM

Ramirent ClimateSolveTM

Ramirent AccessSolveTM

Ramirent TotalSolveTM

MACHINERY AND EQUIPMENT SERVICES

SOLUTION AREAS


© 2015 Ramirent 50

Equipment Services Rental Business and Sector Knowledge

Benefits Lighter balance sheets, less investments

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

Benefits Understanding customer requirements helps to customise product selection and further improve productivity

Heavy Equipment

Access Equipment Lifts, Hoists,

Scaffolding, Tower cranes

Modules and site equipment

Light Equipment Tools, power and heating

equipment

• Planning

• On-site services

• Logistics

• Merchandise sale

• Rental insurance

• Training

• Construction

• Mining

• Paper

• Power generation

• Oil & Gas

• Shipyards

• Retail & Service

• Public sector

• Households

Integrated Solutions

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

Ramirent combines the best equipment, services and knowhow into integrated rental solutions

8%

32%

21%

39%

Share of Group rental income (1-3/2015)


© 2014 Ramirent 51

Through a diversified business portfolio

One company

Sustainable profitable

growth

Agility in managing business

We are committed to our long-term strategic objectives to achieve sustainable profitable growth

Customer first through NextRamirent

Realised synergies of scale and scope while maintaining local accountability

More Proactive More Competent More Conscious More Safe & Green More Efficient

Leading and most profitable general rental company in markets where present, growing in selected growth pockets

Geographies

Customers Competences

Products

improvement agenda


© 2015 Ramirent 52

Increased market share

Growth within current business

Extended customer value

proposition

Increasing services and integrated solutions

Increased penetration

Outsourcing opportunities

Increased footprint

New customer segments

New geographies

M&A

Acquisitions, joint ventures

and other transactions

1 2 3 4 5

The five components of Ramirent's growth strategy


© 2015 Ramirent 53

Room for rental penetration to further increase in the Nordic countries

Equipment rental penetration 2014E (%)

3.5%

2.0%

1.5% 1.7%

Rental penetration (%)*

Sweden Norway Finland Denmark

Source: European Rental Association 11/2014; Rental Turnover / Total construction output

HIG

H

MED

IUM

LO

W

Average penetration in Europe: 1.5%


© 2015 Ramirent 54

Ramirent has a proven track record in outsourcing deals and M&A transactions

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

M&A critera

Complimentary product ranges or related services

Extending geography to "white spots"

Strengthening links to new customer segments"

Outsourcing of customer's in-house fleets

Targets mid-size companies mainly

Bautas AS

(outsourcing)

Altima AB

(outsourcing)

Basis for Norwegian business

Basis for Swedish and Danish business

Acquisitions in Sweden, Poland

and Hungary

Expansion to the Czech Republic,

bolt-on acquisitions in Finland and

Sweden

Acquisitions in the Nordic countries

Entry into Slovakia

Acquisitions and outsourcings mainly in the

Nordic countries

Nine acquisitions and three

outsourcings

Entry into oil & gas industry in

Norway (Rogaland Planbygg)

Divestments of formwork

business in Finland and the

Hungarian operations

DCC

(outsourcing)

(tower cranes)

Fortrent JV with Cramo in Russia

& Ukraine


http://www.google.fi/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&docid=kSNwFtO7yJD7HM&tbnid=p4v9PTc6ZGYI6M:&ved=0CAcQjRw&url=http://www.fhschakt.se/&ei=e5IqVOL4C6fOygPopIAg&bvm=bv.76477589,d.bGQ&psig=AFQjCNEuEqUEGYdaexD4iVAr3INJS0vItA&ust=1412162513103660

http://www.jonsereds.com/

http://www.google.fi/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&docid=x5FJk5jLG0YMjM&tbnid=82aIW8Dq8IJKVM:&ved=0CAUQjRw&url=http://www.luettelomedia.com/kurko-koponen-oy-varkaus-246402/&ei=sawyU_CgA-WAywOQg4CgBw&bvm=bv.63738703,d.bGQ&psig=AFQjCNGd0ABvDpzYnxkK6lsUZNnLQDzMmw&ust=1395916330233798

http://www.google.fi/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&docid=wIJE1tNO-8ut0M&tbnid=2-0aezAYOKXIKM:&ved=0CAUQjRw&url=http://www.empower.eu/images-and-logos&ei=WX2VU9rmHYLNygPC14DwCA&bvm=bv.68445247,d.bGQ&psig=AFQjCNEItK24OaX35qWuds3C7Yg8n7jU2A&ust=1402392279914921

© 2015 Ramirent 55

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

• Volumes • Upselling

• Pricing • Fleet management • Sourcing • Cost structure • Quality of earnings

• Cash conversion • Capex • Working capital • Dividend • Capital Structure

Organic Growth Operating Leverage Financial Leverage

Cash Flow

Target EBITA margin of 17%

Net debt/ EBITDA target of below 1.6x (at y/e)

Capital

Expenditure

ROE target of 18% over the cycle

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


© 2015 Ramirent 56

Customer

service level

Total costs

Non- available

fleet

Capital efficiency

Optimising fleet maintenance strategy

Resourcing and repair & maintenance locations

Optimising workshop processes

Balanced fleet age structure

Fleet management activities

Efficiency utilisation* (%) R3 months

Total Fleet Yield** (%) R3 months

∗) 𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸 𝑢𝑢𝑢𝑢𝐸𝐸𝑢𝑢𝐸𝐸𝑢𝑢𝑢𝑢𝑢𝑢𝐸𝐸𝑢𝑢𝐸𝐸 =𝐴𝐴𝐸𝐸𝐴𝐴𝑢𝑢𝐸𝐸𝑢𝑢𝐸𝐸𝑢𝑢𝐸𝐸𝑢𝑢𝐸𝐸 𝑣𝑣𝑢𝑢𝑢𝑢𝑢𝑢𝐸𝐸 𝑢𝑢𝐸𝐸 𝑟𝑟𝐸𝐸𝐸𝐸𝑢𝑢𝐸𝐸𝑟𝑟 𝐸𝐸𝑢𝑢𝐸𝐸𝐸𝐸𝑢𝑢𝐴𝐴𝐸𝐸𝐴𝐴𝑢𝑢𝐸𝐸𝑢𝑢𝐸𝐸𝑢𝑢𝐸𝐸𝑢𝑢𝐸𝐸 𝑣𝑣𝑢𝑢𝑢𝑢𝑢𝑢𝐸𝐸 𝑢𝑢𝐸𝐸 𝑢𝑢𝑢𝑢𝑢𝑢𝑢𝑢𝑢𝑢 𝐸𝐸𝑢𝑢𝐸𝐸𝐸𝐸𝑢𝑢

∗ 100 %

∗∗) 𝑇𝑇𝑢𝑢𝑢𝑢𝑢𝑢𝑢𝑢 𝐹𝐹𝑢𝑢𝐸𝐸𝐸𝐸𝑢𝑢 𝑌𝑌𝐸𝐸𝐸𝐸𝑢𝑢𝑟𝑟 =𝑅𝑅𝐸𝐸𝐸𝐸𝑢𝑢𝑢𝑢𝑢𝑢 𝐸𝐸𝐸𝐸𝐸𝐸𝑢𝑢𝑖𝑖𝐸𝐸 ∗ 100 %

𝐴𝐴𝐸𝐸𝐴𝐴𝑢𝑢𝐸𝐸𝑢𝑢𝐸𝐸𝑢𝑢𝐸𝐸𝑢𝑢𝐸𝐸 𝑣𝑣𝑢𝑢𝑢𝑢𝑢𝑢𝐸𝐸 𝑢𝑢𝐸𝐸 𝑢𝑢𝑢𝑢𝑢𝑢𝑢𝑢𝑢𝑢 𝐸𝐸𝑢𝑢𝐸𝐸𝐸𝐸𝑢𝑢

Goals KPIs

Efficient logistics

Fleet management potential realised at different levels


© 2015 Ramirent 57

Market Cap EUR 712.1 million

Trading information Listing: NASDAX Helsinki

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

Trading code: RMR1V

16%

8%

13%

2% 31%

30%

Private companies

Public sector organizations

Households

Non-profit organizations

Foreigners

Finance and insurance companies

Shareholders March 31, 2015

Largest shareholders March 31, 2015

Number of shares

% of share

capital

1. Nordstjernan AB 30,393,716 27.96%

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

3. Nordea funds 5,288,187 4.87%

4. Ilmarinen Mutual Pension Insurance Company 3,945,154 3.63%

5. Varma Mutual Pension Insurance Company 3,640,865 3.35%

6. Aktia funds 2,092,733 1.93%

7. Veritas 975,182 0.90%

8. Ramirent Plc 960,649 0.88%

9. Oslo Pensjonsforsikring As 800,000 0.74%

10. Skandinaviska Enskilda Banken 777,605 0.71%

Other shareholders 47,623,008 43.81%

Total 108,697,328 100.00%

Largest shareholders at the end of March 2015


© 2015 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%

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 1–3/15

1–3/14

1–12/14 (EUR 1,000) Rental income 87,605 86,724 395,341 Ancillary income 47,757 45,293 193,481 Sales of equipment 5,214 5,521 24,714 NET SALES 140,575 137,538 613,536 Other operating income 668 349 2,290 Materials and services −52,938 −44,857 −209,162 Employee benefit expenses −37,772 −37,129 −150,305 Other operating expenses −21,881 −23,792 −88,003 Share of result in associates and joint ventures −49 −429 −486 Depreciation, amortisation and impairment charges −26,640 −26,303 −109,728 EBIT 1,963 5,376 58,143 Financial income 5,021 2,095 11,292 Financial expenses −7,199 −4,252 −26,974 Total financial income and expenses −2,178 −2,157 −15,683 EBT −215 3,220 42,460 Income taxes 49 −660 −10,370 RESULT FOR THE PERIOD −166 2,559 32,090 Result for the period attributable to: Shareholders of the parent company −27 2,559 32,632 Non-controlling interest −139 − −542 TOTAL −166 2,559 32,090 Earnings per share (EPS) on parent company shareholders’ share of result

Basic, EUR −0.00 0.02 0.30 Diluted, EUR −0.00 0.02 0.30

© 2014 Ramirent 61

Consolidated statement of financial position


CONSOLIDATED STATEMENT OF FINANCIAL POSITION 31/3/2015

31/3/2014

31/12/2014 (EUR 1,000) ASSETS NON–CURRENT ASSETS Goodwill 141,767 124,690 139,780 Other intangible assets 46,076 38,108 46,720 Property, plant and equipment 402,443 427,841 406,001 Investments in associates and joint ventures 8,717 15,003 5,278 Non–current loan receivables 17,171 20,261 17,666 Available–for–sale investments 143 519 139 Deferred tax assets 483 815 605 TOTAL NON–CURRENT ASSETS 616,801 627,236 616,189

CURRENT ASSETS Inventories 19,838 12,561 12,431 Trade and other receivables 108,686 108,577 109,370 Current tax assets 6,264 3,252 2,775 Cash and cash equivalents 3,066 2,784 3,129 TOTAL CURRENT ASSETS 137,854 127,173 127,705 TOTAL ASSETS 754,655 754,409 743,894

© 2014 Ramirent 62

Consolidated statement of financial position (cont.)


(EUR 1,000) EQUITY AND LIABILITIES

EQUITY

Share capital 25,000 25,000 25,000

Revaluation fund −897 −1,291 −976

Invested unrestricted equity fund 113,862 113,767 113,767

Retained earnings from previous years 152,607 190,263 153,876

Result for the period −27 2,559 32,632

Equity attributable to the parent company shareholders 290,545 330,298 324,299

Non-controlling interest 543 − 693

TOTAL EQUITY 291,088 330,298 324,992

NON–CURRENT LIABILITIES

Deferred tax liabilities 51,497 53,833 50,798

Pension obligations 18,041 14,087 17,491

Non–current provisions 2,188 1,186 2,371

Non–current interest–bearing liabilities 188,013 206,721 206,685

Other non–current liabilities 19,582 − 19,890

TOTAL NON–CURRENT LIABILITIES 279,321 275,827 297,236

CURRENT LIABILITIES

Trade payables and other liabilities 140,954 136,582 92,798

Current provisions 995 525 1,455

Current tax liabilities 1,060 3,136 3,899

Current interest–bearing liabilities 41,237 8,042 23,514

TOTAL CURRENT LIABILITIES 184,246 148,285 121,666

TOTAL LIABILITIES 463,567 424,112 418,902

TOTAL EQUITY AND LIABILITIES 754,655 754,409 743,894

CONSOLIDATED STATEMENT OF FINANCIAL POSITION 31/3/2015

31/3/2014

31/12/2014

© 2014 Ramirent 63

Key financial figures


KEY FINANCIAL FIGURES 1–3/15

1–3/14

1–12/14

(MEUR) Net sales, EUR million 140.6 137.5 613.5

Change in net sales, % 2.2% −10.0% −5.2%

EBITDA, EUR million 28.6 31.7 167.9

% of net sales 20.3% 23.0% 27.4%

EBITA, EUR million 4.1 7.1 65.8

% net sales 2.9% 5.2% 10.7%

EBIT, EUR million 2.0 5.4 58.1

% of net sales 1.4% 3.9% 9.5%

EBT, EUR million −0.2 3.2 42.5

% of net sales −0.2% 2.3% 6.9%

Result for the period attributable to the owners of the

parent company, EUR million −0.0 2.6 32.6

% of net sales −0.0% 1.9% 5.3%

Gross capital expenditure, EUR million 18.1 23.4 144.6

% of net sales 12.9% 17.0% 23.6%

Invested capital, EUR million, end of period 520.3 545.1 555.2

Return on invested capital (ROI), %1) 12.9% 13.9% 12.2%

Return on equity (ROE), %1) 9.7% 13.6% 9.4%

Interest–bearing debt, EUR million 229.2 214.8 230.2

Net debt, EUR million 226.2 212.0 227.1

Net debt to EBITDA ratio1) 1.4x 1.2x 1.4x

Gearing, % 77.7% 64.2% 69.9%

Equity ratio, % 38.6% 43.8% 43.7%

Personnel, average during reporting period 2,593 2,536 2,566

Personnel, at end of reporting period 2,608 2,529 2,576

1) The figures are calculated on a rolling twelve month basis

© 2014 Ramirent 64

Consolidated cash flow statement


CONSOLIDATED CASH FLOW STATEMENT 1–3/15

1–3/14

1–12/14 (EUR 1,000) CASH FLOW FROM OPERATING ACTIVITIES EBT −215 3,220 42,460 Adjustments Depreciation, amortisation and impairment charges 26,640 26,303 109,728 Adjustment for proceeds from sale of used rental equipment 2,117 2,612 17,136 Financial income and expenses 2,178 2,157 15,683 Other adjustments 108 4,090 −6,140 Cash flow from operating activities before change in working capital 30,828 38,380 178,867 Change in working capital Change in trade and other receivables −949 2,029 −2,150 Change in inventories −7,150 −644 −1,472 Change in non–interest–bearing liabilities 4,591 −24,191 −12,302 Cash flow from operating activities before interest and taxes 27,320 15,574 162,942 Interest paid −3,742 −157 −10,418 Interest received 63 − 620 Income tax paid −5,340 −4,059 −12,646 NET CASH FLOW FROM OPERATING ACTIVITIES 18,303 11,358 140,499

© 2014 Ramirent

CASH FLOW FROM INVESTING ACTIVITIES Acquisition of businesses and subsidiaries, net of cash − − −29,872 Investments in associates and joint ventures −736 − − Investment in tangible non–current asset (rental equipment) −15,791 −20,658 −88,902 Investment in other tangible non–current assets −429 −86 −504 Investment in intangible non–current assets −1,039 −1,320 −9,680 Proceeds from sale of tangible and intangible non–current assets

(excluding used rental equipment) 109 5,632 7,713 Loan receivables, increase, decrease and other changes 495 − 2,594 NET CASH FLOW FROM INVESTING ACTIVITIES −17,391 −16,432 −118,651 CASH FLOW FROM FINANCING ACTIVITIES Dividends paid − − −39,858 Borrowings and repayments of current debt (net) 17,704 6,009 22,686 Borrowings of non–current debt − − 2,651 Repayments of non–current debt −18,679 − −6,047 NET CASH FLOW FROM FINANCING ACTIVITIES −975 6,009 −20,567 NET CHANGE IN CASH AND CASH EQUIVALENTS

DURING THE FINANCIAL YEAR −63 935 1,281 Cash at the beginning of the period 3,129 1,849 1,849 Translation differences − − − Change in cash −63 935 1,281 Cash at the end of the period 3,066 2,784 3,129

65

Consolidated cash flow statement (cont.)


CONSOLIDATED CASH FLOW STATEMENT 1–3/15

1–3/14

1–12/14

© 2014 Ramirent 66

Net sales


NET SALES 1–3/15

1–3/14

1–12/14 (MEUR) FINLAND - Net sales (external) 32.0 31.5 151.9 - Inter–segment sales 0.0 0.2 0.9 SWEDEN - Net sales (external) 50.8 45.3 200.4 - Inter–segment sales 0.2 0.1 0.7 NORWAY - Net sales (external) 30.9 33.4 135.1 - Inter–segment sales 0.1 0.6 0.6 DENMARK - Net sales (external) 9.3 9.6 39.4 - Inter–segment sales 0.0 − − EUROPE EAST - Net sales (external) 6.6 6.2 33.8 - Inter–segment sales 0.0 0.0 0.1 EUROPE CENTRAL - Net sales (external) 11.0 11.6 52.9 - Inter–segment sales 0.0 0.2 0.3 Elimination of sales between segments −0.4 −1.1 −2.4 GROUP NET SALES 140.6 137.5 613.5

© 2014 Ramirent 67

EBITA


EBITA 1–3/15

1–3/14

1–12/14 (MEUR and % of net sales) FINLAND 0.8 2.9 20.8 % of net sales 2.5% 9.3% 13.6% SWEDEN 5.1 4.2 29.4 % of net sales 10.0% 9.3% 14.6% NORWAY 1.0 2.6 14.0 % of net sales 3.3% 7.6% 10.3% DENMARK −1.4 −1.1 −3.9 % of net sales −14.8% −11.7% −10.0% EUROPE EAST 0.1 −0.1 6.7 % of net sales 1.9% −1.8% 19.6% EUROPE CENTRAL −0.6 −1.2 1.7 % of net sales −5.1% −10.2% 3.2% Net items not allocated to segments −1.0 −0.2 −2.8 GROUP EBITA 4.1 7.1 65.8 % of net sales 2.9% 5.2% 10.7%

© 2014 Ramirent

Non-recurring items impacting EBITA by segment

68

Non-recurring items impacting EBITA 1–3/15 1–3/14 1–12/14 (MEUR)

FINLAND − − −1.51)

SWEDEN − − −0.72)

NORWAY − − −2.23)

DENMARK − − −0.14)

EUROPE EAST − − −

EUROPE CENTRAL − − −1.15)

Unallocated items and eliminations − − −

TOTAL − − −5.7

1) EUR 1.5 million of restructuring costs and asset write-downs were booked in the fourth quarter of 2014 2) EUR 0.7 million of restructuring costs were booked in the fourth quarter of 2014 3) EUR 2.2 million of restructuring costs were booked in the second half of the 2014 4) EUR 0.1 million of restructuring costs were booked in the fourth quarter of 2014 5) EUR 1.1 million of restructuring costs and asset write-downs were booked in the fourth quarter of 2014


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

Investor Relations

Rr results q1_2015_en_final