RAMIRENT PLC COMPANY ANNOUNCEMENT 2 NOVEMBER 2012
Vantaa, Finland, 2012-11-02 08:00 CET (GLOBE NEWSWIRE) —
Note! Figures in brackets, unless otherwise indicated, refer to the corresponding period a year earlier.
JULY–SEPTEMBER 2012 HIGHLIGHTS
- Ramirent net sales EUR 185.9 (179.2) million, up 3.7% (0.0% at comparable exchange rates). Like-for-like growth* 1.3%.
- EBITDA EUR 60.3 (58.6) million or 32.5% (32.7%) of net sales
- EBIT EUR 29.7 (30.5) million or 16.0% (17.0%) of net sales
- Gross capital expenditure EUR 27.6 (119.9) million
- Cash flow after investments EUR 23.7 (−36.8) million
- After the review period: Ramirent and Cramo announced formation of a joint venture for their Russian and Ukrainian businesses
JANUARY–SEPTEMBER 2012 HIGHLIGHTS
- Ramirent net sales EUR 519.9 (463.1) million, up 12.3% (10.6% at comparable exchange rates). Like-for-like growth* 5.7%.
- EBITDA EUR 153.8 (126.8) million or 29.6% (27.4%) of net sales
- EBIT EUR 64.8 (48.6) million or 12.5% (10.5%) of net sales
- Net result EUR 43.8 (27.7) million and EPS EUR 0.41 (0.26)
- Gross capital expenditure EUR 87.2 (196.3) million
- Cash flow after investments EUR 37.3 (−67.9) million
- Net debt EUR 256.0 (279.8) million and gearing 73.2% (91.7%)
* excluding acquisitions in Sweden and Norway
RAMIRENT 2012 OUTLOOK UNCHANGED
Ramirent outlook for 2012 remains unchanged. In 2012, net sales are expected to increase and the result before taxes is expected to improve compared to 2011.
| KEY FIGURES | 7–9/12 | 7–9/11 | CHANGE | 1–9/12 | 1–9/11 | CHANGE | 1–12/11 |
| (MEUR) | |||||||
| Net sales | 185.9 | 179.2 | 3.7% | 519.9 | 463.1 | 12.3% | 649.9 |
| EBITDA | 60.3 | 58.6 | 3.0% | 153.8 | 126.8 | 21.3% | 181.8 |
| % of net sales | 32.5% | 32.7% | 29.6% | 27.4% | 28.0% | ||
| EBIT | 29.7 | 30.5 | −2.6% | 64.8 | 48.6 | 33.3% | 74.1 |
| % of net sales | 16.0% | 17.0% | 12.5% | 10.5% | 11.4% | ||
| EBT | 27.9 | 25.7 | 8.9% | 58.6 | 38.0 | 54.1% | 60.8 |
| % of net sales | 15.0% | 14.3% | 11.3% | 8.2% | 9.3% | ||
| Earnings per share (EPS), (basic and diluted), EUR | 0.19 | 0.17 | 12.6% | 0.41 | 0.26 | 58.9% | 0.41 |
| Gross capital expenditure on non-current assets | 27.6 | 119.9 | −77.0% | 87.2 | 196.3 | −55.6% | 242.2 |
| Gross capital expenditure, % of net sales | 14.8% | 66.9% | 16.8% | 42.4% | 37.3% | ||
| Cash flow after investments | 23.7 | −36.8 | n/a | 37.3 | −67.9 | n/a | −52.0 |
| Invested capital at the end of period | 608.0 | 588.3 | 3.3% | 591.2 | |||
| Return on invested capital (ROI), % 1) | 18.6% | 13.2% | 15.7% | ||||
| Return on equity (ROE), % 1) | 18.6% | 11.4% | 13.9% | ||||
| Net debt | 256.0 | 279.8 | −8.5% | 262.8 | |||
| Gearing, % | 73.2% | 91.7% | 80.6% | ||||
| Equity ratio, % | 41.9% | 38.2% | 40.7% | ||||
| Personnel at end of period | 3,027 | 3,249 | −6.8% | 3,184 | |||
| 1) The figures are calculated on a rolling twelve month basis. | |||||||
MAGNUS ROSÉN, RAMIRENT CEO:
“Overall activity levels held up fairly well in our Nordic countries as well as in our Europe East segment. But as expected, Q3 was difficult for our Europe Central business. Growth in the Group’s consolidated net sales slowed further as anticipated in the third quarter (3.7%) compared to the second quarter (13.5%). Like-for-like, growth in net sales amounted to 1.3% in the third quarter compared to 4.9% in the second quarter. Group EBIT decreased slightly compared to previous year to EUR 29.7 (30.5) million.
Profitability remained stable in most of our segments due to good utilisation levels and price discipline, except for Europe Central, where we continued to scale the operations to reflect to the weak market conditions prevailing in the segment’s four countries Czech Republic, Hungary, Poland and Slovakia.
Our cash flow after investments continued to be positive, amounting to EUR 23.7 (-36.8) million in the third quarter, due to good cash flow generation from operations as well as cautious capital expenditure.
Looking ahead, we continue to carefully observe the market activity and adjust our operations to signs of activity slowing down. Our priority remains on cautious capital expenditure, cost and risk control. We continue to improve our competitiveness by developing our common Ramirent Platform and providing our customers with enhanced efficiency through integrated solutions.”
MARKET OUTLOOK 2012
Construction output forecasts
According to the forecast published by the Confederation of Finnish Construction Industries RT in October 2012, construction output is expected to decrease by 3.0% in Finland in 2012 and according to the forecast published by Euroconstruct in June 2012 by 2.6%.
According to forecast published by the Swedish Construction Federation in October 2012, construction output will increase by 1% in Sweden in 2012 and according to the forecast published by Euroconstruct in June 2012 by 2.5%.
According to the forecast published by Euroconstruct in June 2012, construction output is expected to grow by 4.0% in Norway in 2012 and in Denmark by 3.2%.
In Europe East, Euroconstruct forecasts construction activity to increase by 15.0% in Estonia in 2012, by 0-5% in Russia, by 9.0% in Latvia and by 12.0% in Lithuania. In Europe Central countries Euroconstruct forecasts construction to grow by 6.0% in Poland in 2012 but decrease by 3.0% in Slovakia, by 3.6% in Hungary and by 7.2% in Czech Republic.
ANALYST AND PRESS BRIEFING
A briefing for investment analysts and the press will be arranged on Friday 2 November 2012 at 11.00 a.m. Finnish time at Palace Gourmet, cabinet Merisali (visiting address: Eteläranta 10, 10th fl., Helsinki).
WEBCAST AND CONFERENCE CALL
You can participate in the analyst briefing on Friday 2 November 2012 at 11.00 a.m. Finnish time through a live webcast at www.ramirent.com and conference call. Dial-in number: +44 (0) 20 3003 2666 and conference password Ramirent Interim Report Q3 2012. A recording of the webcast will be available at www.ramirent.com later the same day.
FINANCIAL CALENDAR UNTIL END OF 2013
Ramirent observes a silent period during 21 days prior to the publication of annual and interim financial results.
Capital Markets Day 27.11.2012
Financial statements 12.2.2013 at 9:00 a.m.
Annual General Meeting 26.3.2013
Interim Reports
January-March 8.5.2013 at 9:00 a.m.
January-June 8.8.2013 at 9:00 a.m.
January-September 8.11.2013 at 9:00 a.m.
The financial information in this stock exchange release has not been audited.
Vantaa, 2 November 2012
RAMIRENT PLC
Board of Directors
FURTHER INFORMATION
CEO Magnus Rosén
tel.+358 20 750 2845, magnus.rosen@ramirent.com
CFO Jonas Söderkvist
tel.+358 20 750 3248, jonas.soderkvist@ramirent.com
Director, Communications & IR Franciska Janzon
tel.+358 20 750 2859, franciska.janzon@ramirent.com
DISTRIBUTION
NASDAQ OMX Helsinki
Main news media
www.ramirent.com
Ramirent is a leading equipment rental group delivering Dynamic Rental Solutions™ that simplify business. We serve a broad range of customers, including construction and process industries, shipyards, the public sector and households. In 2011, the Group’s net sales totalled EUR 650 million. The Group has 3,100 employees at 375 rental outlets in 13 countries in the Nordic countries and in Central and Eastern Europe. Ramirent is listed on the NASDAQ OMX Helsinki Ltd.