RAMIRENT PLC INTERIM REPORT 6.5.2010 AT 9:00 a.m.
RAMIRENT JANUARY - MARCH 2010: SLOW MARKET AND HARSH WEATHER CONDITIONS WEIGH ON
PROFIT
Note! Figures in brackets, unless otherwise indicated, refer to the
corresponding period a year earlier.
JANUARY - MARCH 2010 HIGHLIGHTS
- Net sales decreased by 8.7% to EUR 111.5 (122.2) million; at comparable
exchange rates, the decline was 14.2%
- EBITDA of EUR 17.5 (30.3) million or 15.7% (24.8%) of net sales
- EBIT of EUR -5.6 (7.2) million or -5.0% (5.9%) of net sales
- Net profit of EUR -5.3 (0.5) million and EPS of EUR -0.05 (0.00)
- Gross capital expenditure was EUR 12.5 (2.5) million
- Cash flow after investments decreased to EUR -4.0 (17.9) million
- Net debt was EUR 211.7 (281.2) million and gearing was 68.4% (99.4%)
- One acquisition completed in Sweden and one outsourcing deal signed in
Norway
2010 OUTLOOK
Ramirent's outlook for 2010 is unchanged. Due to restructuring actions and
adjustment of fixed costs, profit before taxes is expected to improve in 2010,
and cash flow is expected to be positive.
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| (EUR million) | 1-3/2010 | 1-3/2009 | Change | 1-12/2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 111.5 | 122.2 | -8.7% | 502.5 |
--------------------------------------------------------------------------------
| EBITDA | 17.5 | 30.3 | -42.2% | 129.9 |
--------------------------------------------------------------------------------
| EBIT | -5.6 | 7.2 | | 28.8 |
--------------------------------------------------------------------------------
| % of net sales | -5.0% | 5.9% | | 5.7% |
--------------------------------------------------------------------------------
| EBT | -6.0 | 0.9 | | 12.7 |
--------------------------------------------------------------------------------
| Net profit for the period | -5.3 | 0.5 | | 4.7 |
--------------------------------------------------------------------------------
| Earnings per share (EPS), | -0.05 | 0.00 | | 0.04 |
| (diluted), EUR | | | | |
--------------------------------------------------------------------------------
| Return on invested capital | 5.8% | 14.0% | | 8.5% |
| (ROI), % 1) | | | | |
--------------------------------------------------------------------------------
| Net debt | 211.7 | 281.2 | -24.7% | 207.2 |
--------------------------------------------------------------------------------
| Gearing, % | 68.4% | 99.4% | | 67.8% |
--------------------------------------------------------------------------------
| Equity ratio, % | 46.4% | 39.8% | | 46.6% |
--------------------------------------------------------------------------------
| Gross capital expenditure | 12.5 | 2.5 | 400.0% | 17.5 |
--------------------------------------------------------------------------------
| Cash flow after | -4.0 | 17.9 | | 87.6 |
| investments | | | | |
--------------------------------------------------------------------------------
| Personnel at end of period | 3,047 | 3,502 | -13.0% | 3,021 |
--------------------------------------------------------------------------------
The figures are calculated on a rolling twelve-month basis.
MAGNUS ROSÉN, RAMIRENT CEO:
The first quarter is generally the weakest quarter of the year due to the
seasonal nature of our activities. This year the first quarter was further
burdened by exceptionally cold winter conditions coupled with an overall slow
market affecting our operations negatively in all Ramirent countries. The
Group's net debt also increased due to capital expenditures and a weak start for
the year, but it remains at a healthy level, and cash flow for the year is
expected to be positive.
Towards the end of the quarter, signs of improving demand in certain product
groups were visible in the Nordic region and in Russia.
Still, we expect 2010 to remain challenging as harsh winter conditions have
delayed the start of the high season. Near-term priorities, therefore, continue
to be safeguarding profitability, right-sizing the fleet and cash flow.
We are well positioned to take advantage of improving market conditions and for
profitable growth. Due to restructuring measures, fixed costs have been adjusted
to reflect lower sales, while our geographical network has been reinforced. We
are shifting priority to top-line development by capturing opportunities in the
market, both outsourcing cases and acquisitions, as well as through organic
growth. In addition, we maintain high priority on price discipline, and we
expect pricing conditions to improve as demand returns.
The work on developing a refined Ramirent platform continues. As part of this
work, we unveiled a renewed Group brand strategy during the first quarter,
aiming for a more unified Ramirent so that all our local business can benefit
from the resources and power we have as a Group.
RAMIRENT JANUARY - MARCH 2010
MARKET REVIEW
The market situation in the first quarter of 2010 remained demanding and was
further weakened by the exceptionally cold winter conditions which delayed
construction work in all Ramirent operating countries. In Central Europe also,
infrastructure construction, which so far has shown stable activity, weakened in
the quarter. Towards the end of the quarter, construction activity started to
return in residential construction, especially in the Nordic countries and in
Russia.
NET SALES
Ramirent Group January - March 2010 net sales decreased 8.7% to EUR 111.5
(122.2) million due to low construction activity which was further reduced due
to the exceptionally cold winter conditions. At comparable exchange rates, the
Group's net sales decreased 14.2%. Net sales decreased in all segments,
especially in Denmark, Europe East and Europe Central compared to the
corresponding period the previous year. Net sales by segment were as follows:
--------------------------------------------------------------------------------
| (EUR million) | 1-3/10 | 1-3/09 | Change | 1-12/09 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finland | 28.1 | 28.7 | -2.1% | 134.3 |
--------------------------------------------------------------------------------
| Sweden | 29.4 | 32.0 | -8.2% | 127.9 |
--------------------------------------------------------------------------------
| Norway | 28.4 | 28.9 | -1.9% | 109.2 |
--------------------------------------------------------------------------------
| Denmark | 8.1 | 11.3 | -28.1% | 42.9 |
--------------------------------------------------------------------------------
| Europe East | 7.5 | 9.3 | -19.7% | 51.3 |
--------------------------------------------------------------------------------
| Europe Central | 12.1 | 14.1 | -14.2% | 65.0 |
--------------------------------------------------------------------------------
| Elimination of sales | -2.0 | -2.1 | | -28.1 |
| between segments | | | | |
--------------------------------------------------------------------------------
| Net sales, total | 111.5 | 122.2 | -8.7% | 502.5 |
--------------------------------------------------------------------------------
FINANCIAL RESULTS
Operating profit before depreciation (EBITDA) was EUR 17.5 (30.3) million with a
margin of 15.7% (24.8%). Profits were burdened by the continued decrease in
sales and higher variable costs in relation to sales, due to more repairs and
transportation in front of the rental season. Fixed costs were 2.7% lower
year-on-year. Actual credit losses and net change in the allowance for bad debt
totalled EUR -1.0 (-0.4) million. Depreciations amounted to EUR 23.1 (23.1)
million.
The Group's operating profit (EBIT) was EUR -5.6 (7.2) million, representing
-5.0% (5.9%) of net sales. EBIT and EBIT-margin by segment were as follows:
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (EUR million) | 1-3/10 | 1-3/09 | 1-12/09 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finland | -0.2 | 0.9 | 12.1 |
--------------------------------------------------------------------------------
| % of net sales | -0.8% | 3.1% | 9.0% |
--------------------------------------------------------------------------------
| Sweden | 2.6 | 5.3 | 20.9 |
--------------------------------------------------------------------------------
| % of net sales | 8.8% | 16.6% | 16.4% |
--------------------------------------------------------------------------------
| Norway | -0.4 | 2.5 | 9.1 |
--------------------------------------------------------------------------------
| % of net sales | -1.6% | 8.7% | 8.4% |
--------------------------------------------------------------------------------
| Denmark | -0.6 | -0.1 | -4.3 |
--------------------------------------------------------------------------------
| % of net sales | -7.8% | -0.6% | -10.1% |
--------------------------------------------------------------------------------
| Europe East | -2.4 | -3.3 | -10.6 |
--------------------------------------------------------------------------------
| % of net sales | -32.2% | -35.8% | -20.7% |
--------------------------------------------------------------------------------
| Europe Central | -2.6 | 0.7 | 2.8 |
--------------------------------------------------------------------------------
| % of net sales | -21.8% | 5.1% | 4.3% |
--------------------------------------------------------------------------------
| Costs not allocated to segments | -1.8 | 1.2 | -1.3 |
--------------------------------------------------------------------------------
| Group EBIT | -5.6 | 7.2 | 28.8 |
--------------------------------------------------------------------------------
| % of net sales | -5.0% | 5.9% | 5.7% |
--------------------------------------------------------------------------------
The net financial items were EUR -0.4 (-6.2) million, and the Group's profit
before taxes was EUR -6.0 (0.9) million. Income taxes amounted to EUR 0.7 (-0.4)
million.
The net profit for the review period was EUR -5.3 (0.5) million. Earnings per
share were EUR -0.05 (0.00). The rolling twelve-month return on invested capital
was 5.8% (14.0%), and the corresponding return on equity was -0.4% (4.6%). The
equity per share was EUR 2.9 (2.6).
CAPITAL EXPENDITURE, CASH FLOW AND FINANCIAL POSITION
The Group's gross capital expenditure on non-current assets totalled EUR 12.5
(2.5) million, of which EUR 7.5 (2.0) million was attributable to investments in
machinery and equipment.
Disposals of tangible non-current assets at sales value were EUR 5.0 (5.0)
million, of which EUR 5.0 (3.7) million was attributable to machinery and
equipment.
The Group's three-month cash flow from operating activities amounted to EUR 9.8
(19.9) million. Cash flow from investing activities amounted to EUR -13.9 (-2.0)
million. Cash flow from operating and investment activities totalled EUR -4.0
(17.9) million.
Presentation of the cash-flow statement has been changed in 2009 to meet the new
requirement in IAS 7. Therefore, cash flows from sales of machinery and
equipment in rental use are presented in cash flow from operating activities.
The earlier practice in Ramirent Group was to present these cash flows in cash
flow from investment activities. All presented periods have been changed to meet
the new requirement.
Cash flow from operating activities included cash flow from sales of machinery
and equipment in rental use that totalled EUR 5.0 (3.7) million.
Interest-bearing liabilities at the end of the first quarter amounted to EUR
214.4 (282.5) million and gearing was at 68.4% (99.4%).
On 31 March 2010, Ramirent had unused committed back-up loan facilities
available of EUR 175.2 million.
Total assets amounted to EUR 667.2 (710.9) million at the end of the review
period. Group equity totalled EUR 309.3 (282.9) million. The Group's equity
ratio was 46.4% (39.8%).
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| PERSONNEL AND OUTLET NETWORK | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Employees | Employees | Outlets | Outlets |
--------------------------------------------------------------------------------
| | 31 March | 31 March | 31 March | 31 March |
| | 2010 | 2009 | 2010 | 2009 |
--------------------------------------------------------------------------------
| Finland | 646 | 655 | 82 | 87 |
--------------------------------------------------------------------------------
| Sweden | 540 | 615 | 67 | 57 |
--------------------------------------------------------------------------------
| Norway | 537 | 588 | 39 | 40 |
--------------------------------------------------------------------------------
| Denmark | 145 | 196 | 21 | 20 |
--------------------------------------------------------------------------------
| Europe East | 367 | 489 | 45 | 46 |
--------------------------------------------------------------------------------
| Europe Central | 797 | 941 | 99 | 101 |
--------------------------------------------------------------------------------
| Group administration | 15 | 18 | - | - |
--------------------------------------------------------------------------------
| Total | 3,047 | 3,502 | 353 | 351 |
--------------------------------------------------------------------------------
BUSINESS EXPANSION AND ACQUISITIONS
On 12 March 2010 Ramirent AB, the Swedish wholly-owned subsidiary of Ramirent
Plc, acquired the rental equipment company Hyrmaskiner i Gävle AB, including
Hyrmaskiner i Mora AB and Hyrmaskiner i Falun AB, operating in Gävleborg and
Dalarna under the brand Tidermans Hyrmaskiner. The company's sales amounted to
about EUR 7 million annually. The acquisition strengthens Ramirent's presence in
the central part of Sweden. The acquisition was consolidated into Ramirent as of
1 March 2010.
On 16 March 2010 residential builder Selvaagbygg outsourced its machinery
operations and signed a three-year rental agreement with Ramirent's Norwegian
wholly-owned subsidiary Bautas. In November 2009, Selvaagbygg had already
outsourced its electrification and power equipment to Bautas.
DEVELOPMENT BY OPERATING SEGMENT
Finland
Finland January - March 2010 net sales decreased 2.1% to EUR 28.1 (28.7)
million. EBIT was EUR -0.2 (0.9) million, representing a margin of -0.8% (3.1%).
Net sales decreased due to the continued decline in construction activity. The
cold winter conditions further delayed many projects, but demand improved for
some product groups at the end of the quarter. The activity in shipyards was
relatively low in the first quarter but stable in industrial plants. EBIT
weakened primarily due to the decline in sales and due to the harmonisation of
depreciation rules in effect from the last quarter 2009.
Sweden
Sweden January - March 2010 net sales decreased 8.2% to EUR 29.4 (32.0) million
or 16.5% at comparable exchange rates. EBIT was EUR 2.6 (5.3) million,
representing a margin of 8.8% (16.6%). Net sales decreased due to low
construction activity accentuated by the harsh winter conditions. Activity in
the capital city area was high, but weaker in the south. EBIT was burdened by
higher repair costs and tightened price competition in certain product groups.
Norway
Norway January - March 2010 net sales decreased 1.9% to EUR 28.4 (28.9) million
or 11.2% at comparable exchange rates. EBIT was EUR -0.4 (2.5) million,
representing a margin of -1.6% (8.7%). Net sales declined due to the slowdown in
construction activity and the long winter season that delayed projects. EBIT was
burdened by low utilisation and higher price competition in certain product
areas. In the quarter, Veidekke renewed its rental agreement with Ramirent for
one year.
Denmark
Denmark January - March 2010 net sales decreased 28.1% to EUR 8.1 (11.3) million
due to continued weak market conditions. EBIT was EUR -0.6 (-0.1) million,
representing a margin of -7.8% (-0.6%). The tough competition continued to push
price levels down. Net sales were at a low level due to low construction
activity and difficult winter conditions. EBIT was burdened by low utilisation
levels and intense price competition.
Europe East (Russia, Estonia, Latvia, Lithuania and Ukraine)
Europe East January - March 2010 net sales decreased 19.7% to EUR 7.5 (9.3)
million or 20.8% at comparable exchange rates. EBIT improved from last year's
level but was still negative at EUR -2.4 (-3.3) million, representing a margin
of -32.2% (-35.8%). Net sales decreased in the Baltic countries due to the
continued decline in construction activity but increased in Russia and Ukraine
based on improving market conditions. EBIT was burdened due to lower sales
levels and prices. Measures to right-size the fleet in the Baltic countries
continued.
Europe Central (Poland, Hungary, the Czech Republic and Slovakia)
Europe Central January - March 2010 net sales decreased 14.2% to EUR 12.1 (14.1)
million or 21.0% at comparable exchange rates. EBIT was EUR -2.6 (0.7) million,
representing a margin of -21.8% (5.1%). Net sales decreased throughout all
Europe Central countries based on to declining residential as well as
infrastructure construction due to severe winter conditions. EBIT was burdened
by the decline in sales and intensified price competition in most product
groups.
SHARES
Trading in the share
Ramirent Plc's market capitalization at the end of March 2010 was EUR 851 (261)
million. Trading closed at EUR 7.83 (2.40). The highest quote for the period was
EUR 8.07 (3.95), and the lowest was EUR 6.17 (2.40). The average trading price
was EUR 7.11 (3.10).
The value of share turnover during the review period was EUR 101.0 (52.0)
million, equivalent to 14,142,407 (16,929,515) traded Ramirent shares, i.e.,
13.0% (15.6%) of Ramirent's total number of shares.
Share capital and number of shares
At the end of the review period, Ramirent Plc's share capital was EUR 25.0
million, and the total number of Ramirent shares was 108,697,328.
Own shares
Ramirent Plc did not hold any of its own shares during the period under review.
DECISIONS AT THE ANNUAL GENERAL MEETING 2010
Ramirent Plc's Annual General Meeting, which was held on 29 March 2010, adopted
the 2009 financial statements and discharged the members of the Board of
Directors and the President and CEO from liability. The Annual General Meeting
adopted the Board's proposal that a dividend of EUR 0.15 per share be paid based
on the adopted balance sheet for the financial year ended on 31 December 2009.
The Annual General Meeting further decided to grant the Board the authority to
decide no later than 31 December 2010, on the payment of an additional dividend
to the dividend decided at the Annual General Meeting of no more than EUR 0.10
per share. It was decided that the dividend paid on the basis of the decision of
the Board of Directors will be paid to the shareholders registered in the
Company's shareholders' register maintained by Euroclear Finland Ltd on the
record date decided by the Board of Directors, and the date of payment of the
dividend can at the earliest be the fifth banking day from the record date.
The Annual General Meeting resolved that the number of members of the Board of
Directors be confirmed to be six (6) and re-elected Board members Kaj-Gustaf
Bergh, Torgny Eriksson, Peter Hofvenstam, Erkki Norvio and Susanna Renlund for
the term that will continue until the end of the next Annual General Meeting.
Johan Ek was elected as a new Board member for the same period.
The Annual General Meeting adopted the proposal that the remunerations of the
members of the Board of Directors remain unchanged. The Annual General Meeting
elected auditor KPMG Oy Ab as the Company's auditor, with APA Pauli Salminen as
principally responsible auditor for the term that will continue until the end of
the next Annual General Meeting. The auditor's compensation is paid against an
invoice as approved by the Company.
The Annual General Meeting adopted the Board's proposal that Section 10 of the
Articles of Association be amended so that a notice of a General Meeting be
delivered to shareholders no later than three weeks prior to the meeting but at
least nine days before the record date of the meeting by publishing the notice
on the Company's web site and, if the Board of Directors so decides, in one or
more national newspapers.
The Annual General Meeting authorised the Board of Directors to decide on the
repurchase of a maximum of 10,869,732 Company's own shares as proposed by the
Board of Directors. The authorisation shall also contain an entitlement for the
Company to accept its own shares as pledge. The share-repurchase authorisation
is valid until the next Annual General Meeting. The Annual General Meeting
authorised the Board of Directors to decide to issue a maximum of 21,739,465 new
shares and to convey a maximum of 10,869,732 Company's own shares against
payment as proposed by the Board of Directors. The share issue authorisation is
valid until 29 March 2013.
STRATEGY AND FINANCIAL TARGETS
The aim of the Ramirent Group's strategy is to generate a healthy return to
shareholders under financial stability. Ramirent's strategy 2010 and beyond is
focused on three major objectives: Sustainable top-line growth through
strengthening the offering, widening the customer portfolio as well as growing
through outsourcing cases and selected acquisitions; Operational excellence
through developing a one-company structure a.k.a. the Rami platform; and
Reducing the risk level through a more balanced business portfolio.
The Group's long-term financial targets over a business cycle are: earnings per
share growth of at least 15 percent p.a., a return on invested capital of at
least 18 percent p.a. and a gearing target of less than 120 percent at the end
of each financial year. Ramirent's policy with respect to the ordinary dividend
is to distribute at least 40 percent of annual earnings per share to
shareholders.
BUSINESS RISKS AND RISK MANAGEMENT
ESSENTIAL RISKS AFFECTING RAMIRENT'S OPERATIONS
Ramirent is subject to various business risks. Certain risk factors are deemed
to be of material importance to the future development of Ramirent. Risks are
evaluated in relation to achievement of the Company's financial and strategic
targets. Overall Ramirent expects that its risk exposure has increased due to
the turmoil in the financial markets and the economic cycle of the construction
markets.
The main risks affecting Ramirent's business operations, its profitability and
financial position are those connected with the economic cycles of the
construction industry and the increased competition in the rental sector in its
operating countries. The main risks are described in the annual report 2009.
MARKET OUTLOOK 2010
New residential construction is expected to expand in the second half of 2010,
in particular in the Nordic countries. In Central and Eastern Europe, the rental
market is expected to stabilise towards the end of the year. The infrastructure
and renovation construction market is expected to develop favourably or to be at
about 2009 year's level in all countries. In certain product groups, we also see
a better balance between supply and demand, which indicates a healthier price
level going forward.
RAMIRENT OUTLOOK 2010
Ramirent's outlook for 2010 remains unchanged. Due to the restructuring actions
and the adjustment of fixed costs, the profit before taxes is expected to
improve in 2010, and cash flow is expected to be positive.
FORWARD-LOOKING STATEMENTS
Certain statements in this report, which are not historical facts, including,
without limitation, those regarding expectations for general economic
development and market situation; regarding customer industry profitability and
investment willingness; regarding Company growth, development and profitability;
regarding cost savings; regarding fluctuations in exchange rates and interest
levels; regarding the success of pending and future acquisitions and
restructurings; and statements preceded by "believes," "expects," "anticipates,"
"foresees" or similar expressions, are forward-looking statements.
These statements are based on current expectations and currently known facts.
Therefore, they involve risks and uncertainties that may cause actual results to
differ materially from results currently expected by the Company.
TABLES
This interim report has been prepared in accordance with IAS 34 Interim
Financial reporting, as adopted by the EU and in conformity with the accounting
policies published in the 2009 financial statements.
As of 1 January 2010 Ramirent applies the following new or revised standards:
- Revised IFRS 3 Business Combinations
- Amended IAS 27 Consolidated and Separate Financial Statements
Consolidated financial statements have been presented in thousands of euros
unless otherwise stated. Due to rounding, individual figures may differ from the
total.
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| CONSOLIDATED STATEMENT OF | | | |
| COMPREHENSIVE INCOME | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (EUR 1,000) | 1-3/10 | 1-3/09 | 1-12/09 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Net sales | 111,525 | 122,214 | 502,500 |
--------------------------------------------------------------------------------
| Other operating income | 299 | 625 | 2,060 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Materials and services | -38,690 | -35,374 | -157,153 |
--------------------------------------------------------------------------------
| Employee benefit expenses | -33,493 | -34,685 | -130,934 |
--------------------------------------------------------------------------------
| Depreciation and amortisation | -23,115 | -23,130 | -101,113 |
--------------------------------------------------------------------------------
| Other operating expenses | -22,117 | -22,462 | -86,594 |
--------------------------------------------------------------------------------
| EBIT | -5,591 | 7,189 | 28,766 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income | 6,101 | 8,524 | 17,936 |
--------------------------------------------------------------------------------
| Financial expenses | -6,528 | -14,764 | -34,027 |
--------------------------------------------------------------------------------
| EBT | -6,019 | 949 | 12,675 |
--------------------------------------------------------------------------------
| Income taxes | 707 | -415 | -7,992 |
--------------------------------------------------------------------------------
| RESULT FOR THE PERIOD | -5,312 | 534 | 4,683 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other comprehensive income: | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Translation differences | 10,419 | 2,279 | 19,105 |
--------------------------------------------------------------------------------
| Cash flow hedges | -2,099 | -1,382 | 1,148 |
--------------------------------------------------------------------------------
| Net change in fair value of cash | 898 | - | -218 |
| flow hedges transferred to | | | |
| profit or loss | | | |
--------------------------------------------------------------------------------
| Entries on non-current assets | - | - | -99 |
| held for sale | | | |
--------------------------------------------------------------------------------
| Income tax relating to | 312 | 359 | -216 |
| components of other | | | |
| comprehensive income | | | |
--------------------------------------------------------------------------------
| OTHER COMPREHENSIVE INCOME FOR | 9,531 | 1,256 | 19,720 |
| THE PERIOD, NET OF TAX | | | |
--------------------------------------------------------------------------------
| TOTAL COMPREHENSIVE | 4,218 | 1,791 | 24,403 |
| INCOME/EXPENSE FOR THE PERIOD | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Result for the period | | | |
| attributable to: | | | |
--------------------------------------------------------------------------------
| Owners of the parent | -5,312 | 534 | 4,683 |
--------------------------------------------------------------------------------
| Non-controlling interest | - | - | - |
--------------------------------------------------------------------------------
| Total | -5,312 | 534 | 4,683 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total comprehensive income for the period attributable to: |
--------------------------------------------------------------------------------
| Owners of the parent | 4,218 | 1,791 | 24,403 |
--------------------------------------------------------------------------------
| Non-controlling interest | - | - | - |
--------------------------------------------------------------------------------
| Total | 4,218 | 1,791 | 24,403 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share (EPS), basic | -0.05 | 0.00 | 0.04 |
| and diluted, EUR | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED BALANCE SHEET | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ASSETS | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (EUR 1,000) | 31.3.2010 | 31.3.2009 | 31.12.2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NON-CURRENT ASSETS | | | |
--------------------------------------------------------------------------------
| Property, plant and equipment | 453,074 | 506,684 | 456,076 |
--------------------------------------------------------------------------------
| Goodwill | 93,398 | 82,913 | 87,194 |
--------------------------------------------------------------------------------
| Other intangible assets | 7,047 | 6,532 | 5,851 |
--------------------------------------------------------------------------------
| Available-for-sale investments | 53 | 77 | 53 |
--------------------------------------------------------------------------------
| Deferred tax assets | 9,593 | 7,190 | 7,660 |
--------------------------------------------------------------------------------
| NON-CURRENT ASSETS, TOTAL | 563,164 | 603,396 | 556,833 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CURRENT ASSETS | | | |
--------------------------------------------------------------------------------
| Inventories | 14,714 | 16,008 | 14,574 |
--------------------------------------------------------------------------------
| Trade and other receivables | 82,801 | 86,272 | 80,146 |
--------------------------------------------------------------------------------
| Income tax receivables on the | 3,427 | 3,288 | 2,260 |
| taxable income for the financial | | | |
| period | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 2,758 | 1,333 | 1,800 |
--------------------------------------------------------------------------------
| CURRENT ASSETS, TOTAL | 103,701 | 106,901 | 98,780 |
--------------------------------------------------------------------------------
| Non-current assets held for sale | 370 | 559 | 370 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL ASSETS | 667,234 | 710,855 | 655,982 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (EUR 1,000) | 31.3.2010 | 31.3.2009 | 31.12.2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY | | | |
--------------------------------------------------------------------------------
| Share capital | 25,000 | 25,000 | 25,000 |
--------------------------------------------------------------------------------
| Revaluation fund | -3,207 | -4,029 | -2,319 |
--------------------------------------------------------------------------------
| Free equity fund | 113,329 | 113,329 | 113,329 |
--------------------------------------------------------------------------------
| Translation differences | -3,984 | -31,229 | -14,403 |
--------------------------------------------------------------------------------
| Retained earnings | 178,127 | 179,679 | 183,963 |
--------------------------------------------------------------------------------
| Items recognised directly | 62 | 136 | 62 |
| to equity on non-current | | | |
| assets held for sale | | | |
--------------------------------------------------------------------------------
| PARENT COMPANY | 309,327 | 282,886 | 305,632 |
| SHAREHOLDERS' EQUITY | | | |
--------------------------------------------------------------------------------
| Non-controlling interests | - | - | - |
--------------------------------------------------------------------------------
| EQUITY, TOTAL | 309,327 | 282,886 | 305,632 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NON-CURRENT LIABILITIES | | | |
--------------------------------------------------------------------------------
| Deferred tax liabilities | 53,178 | 44,889 | 50,798 |
--------------------------------------------------------------------------------
| Pension obligations | 10,380 | 7,466 | 9,750 |
--------------------------------------------------------------------------------
| Provisions | 3,557 | 7,048 | 3,856 |
--------------------------------------------------------------------------------
| Interest-bearing | 197,728 | 264,170 | 198,061 |
| liabilities | | | |
--------------------------------------------------------------------------------
| NON-CURRENT LIABILITIES, | 264,844 | 323,573 | 262,466 |
| TOTAL | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CURRENT LIABILITIES | | | |
--------------------------------------------------------------------------------
| Trade payables and other | 68,587 | 66,003 | 67,013 |
| liabilities | | | |
--------------------------------------------------------------------------------
| Provisions | 6,956 | 15,398 | 8,477 |
--------------------------------------------------------------------------------
| Income tax liabilities on | 828 | 4,654 | 1,501 |
| the taxable income for the | | | |
| financial period | | | |
--------------------------------------------------------------------------------
| Interest-bearing | 16,692 | 18,342 | 10,894 |
| liabilities | | | |
--------------------------------------------------------------------------------
| CURRENT LIABILITIES, TOTAL | 93,063 | 104,397 | 87,885 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES, TOTAL | 357,907 | 427,970 | 350,351 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL EQUITY AND | 667,234 | 710,855 | 655,982 |
| LIABILITIES | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (EUR 1,000) | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| A = Share capital | 1) Equity 1.1.2009 |
--------------------------------------------------------------------------------
| B = Revaluation fund | 2) Total comprehensive income for |
| C = Free equity fund | the period |
--------------------------------------------------------------------------------
| D = Translation differences | 3) Equity 31.3.2009 |
--------------------------------------------------------------------------------
| E = Retained earnings | 4) Share-based payments |
| | |
--------------------------------------------------------------------------------
| F = Entries on non-current assets | 5) Total comprehensive income for |
| held for sale | the period |
--------------------------------------------------------------------------------
| G = Total equity | 6) Equity 31.12.2009 |
| | 7) Share-based payments |
--------------------------------------------------------------------------------
| | 8) Total comprehensive income for |
| | the period |
--------------------------------------------------------------------------------
| | 9) Equity 31.3.2010 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | A | B | C | D | E | F | G |
--------------------------------------------------------------------------------
| 1 | 25,000 | -3,007 | 113,329 | -33,508 | 179,145 | 136 | 281,095 |
--------------------------------------------------------------------------------
| 2 | - | -1,022 | - | 2,279 | 534 | - | 1,791 |
--------------------------------------------------------------------------------
| 3 | 25,000 | -4,029 | 113,329 | -31,229 | 179,679 | 136 | 282,886 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 4 | - | - | - | - | 134 | - | 134 |
--------------------------------------------------------------------------------
| 5 | - | 1,710 | - | 16,826 | 4,149 | -74 | 22,612 |
--------------------------------------------------------------------------------
| 6 | 25,000 | -2,319 | 113,329 | -14,403 | 183,963 | 62 | 305,632 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 7 | - | - | - | - | -523 | - | -523 |
--------------------------------------------------------------------------------
| 8 | - | -888 | - | 10,419 | -5,312 | - | 4,218 |
--------------------------------------------------------------------------------
| 9 | 25,000 | -3,207 | 113,329 | -3,984 | 178,127 | 62 | 309,327 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED CONDENSED CASH FLOW STATEMENT | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (EUR million) | 1-3/10 | 1-3/09 | 1-12/09 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from operating activities | 9.8 | 19.9 | 107.7 |
--------------------------------------------------------------------------------
| Cash flow from investing activities | -13.9 | -2.0 | -20.0 |
--------------------------------------------------------------------------------
| Cash flow from financing activities | | | |
--------------------------------------------------------------------------------
| Borrowings / repayment of short-term debt | -7.4 | -8.0 | -19.1 |
--------------------------------------------------------------------------------
| Borrowings / repayment of long-term debt | 12.4 | -10.6 | -68.8 |
--------------------------------------------------------------------------------
| Cash flow from financing activities | 5.0 | -18.6 | -87.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net change in cash and cash equivalents | 1.0 | -0.7 | -0.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and cash equivalents at the beginning | 1.8 | 2.1 | 2.1 |
| of the period | | | |
--------------------------------------------------------------------------------
| Translation difference on cash and cash | - | 0.1 | - |
| equivalents | | | |
--------------------------------------------------------------------------------
| Net change in cash and cash equivalents | 1.0 | -0.8 | -0.3 |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the end of the | 2.8 | 1.3 | 1.8 |
| period | | | |
--------------------------------------------------------------------------------
During 2009, presentation of the cash flow statement has been changed to meet
the new requirement in IAS 7 that requires the presentation of the cash flows
from sale of machinery and equipment in rental use in cash flow from operating
activities. Earlier practice in Ramirent Group was to present these cash flows
in cash flow from investing activities. All presented periods have been changed
to meet the new requirement.
During the period 1-3/10 cash flow from operating activities included cash flow
from sale of machinery and equipment in rental use EUR 5.0 million. During the
period 1-3/09 cash flow from operating activities included cash flow from sale
of machinery and equipment in rental use EUR 3.7 million and EUR 20.1 million
during 1-12/09.
--------------------------------------------------------------------------------
| KEY FINANCIAL FIGURES | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 1-3/10 | 1-3/09 | 1-12/09 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest-bearing debt, (EUR | 214.4 | 282.5 | 209.0 |
| million) | | | |
--------------------------------------------------------------------------------
| Net debt, (EUR million) | 211.7 | 281.2 | 207.2 |
--------------------------------------------------------------------------------
| Invested capital (EUR | 523.7 | 565.4 | 514.6 |
| million), end of period | | | |
--------------------------------------------------------------------------------
| Return on invested capital | 5.8% | 14.0% | 8.5% |
| (ROI), % 1) | | | |
--------------------------------------------------------------------------------
| Gearing, % | 68.4% | 99.4% | 67.8% |
--------------------------------------------------------------------------------
| Equity ratio, % | 46.4% | 39.8% | 46.6% |
--------------------------------------------------------------------------------
| Personnel, average | 3,014 | 3,605 | 3,313 |
--------------------------------------------------------------------------------
| Personnel, end of period | 3,047 | 3,502 | 3,021 |
--------------------------------------------------------------------------------
| Gross investments in | 12.5 | 2.5 | 17.5 |
| non-current assets (EUR | | | |
| million) | | | |
--------------------------------------------------------------------------------
| Gross investments, % of net | 11.2% | 2.0% | 3.5% |
| sales | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| The figures are calculated on a rolling twelve-month basis. |
--------------------------------------------------------------------------------
SHARE RELATED KEY FIGURES
--------------------------------------------------------------------------------
| | 1-3/10 | 1-3/09 | 1-12/09 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share (EPS) | -0.05 | 0.00 | 0.04 |
| weighted average, diluted, | | | |
| EUR | | | |
--------------------------------------------------------------------------------
| Earnings per share (EPS) | -0.05 | 0.00 | 0.04 |
| weighted average, | | | |
| non-diluted, EUR | | | |
--------------------------------------------------------------------------------
| Equity per share, end of | 2.85 | 2.60 | 2.81 |
| period, diluted, EUR | | | |
--------------------------------------------------------------------------------
| Equity per share, end of | 2.85 | 2.60 | 2.81 |
| period, non-diluted, EUR | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Number of shares (weighted | 108,697,328 | 108,697,328 | 108,697,328 |
| average), diluted | | | |
--------------------------------------------------------------------------------
| Number of shares (weighted | 108,697,328 | 108,697,328 | 108,697,328 |
| average), non-diluted | | | |
--------------------------------------------------------------------------------
| Number of shares (end of | 108,697,328 | 108,697,328 | 108,697,328 |
| period), diluted | | | |
--------------------------------------------------------------------------------
| Number of shares (end of | 108,697,328 | 108,697,328 | 108,697,328 |
| period), non-diluted | | | |
--------------------------------------------------------------------------------
SEGMENT INFORMATION
--------------------------------------------------------------------------------
| Net sales | | | |
--------------------------------------------------------------------------------
| (EUR million) | 1-3/10 | 1-3/09 | 1-12/09 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finland | | | |
--------------------------------------------------------------------------------
| - Net sales (external) | 27.9 | 28.7 | 125.9 |
--------------------------------------------------------------------------------
| - Inter-segment sales | 0.2 | 0.0 | 8.4 |
--------------------------------------------------------------------------------
| Sweden | | | |
--------------------------------------------------------------------------------
| - Net sales (external) | 29.3 | 32.0 | 127.2 |
--------------------------------------------------------------------------------
| - Inter-segment sales | 0.1 | 0.0 | 0.6 |
--------------------------------------------------------------------------------
| Norway | | | |
--------------------------------------------------------------------------------
| - Net sales (external) | 28.3 | 28.9 | 109.1 |
--------------------------------------------------------------------------------
| - Inter-segment sales | 0.1 | 0.0 | 0.0 |
--------------------------------------------------------------------------------
| Denmark | | | |
--------------------------------------------------------------------------------
| - Net sales (external) | 7.7 | 10.3 | 40.0 |
--------------------------------------------------------------------------------
| - Inter-segment sales | 0.5 | 1.0 | 2.8 |
--------------------------------------------------------------------------------
| Europe East | | | |
--------------------------------------------------------------------------------
| - Net sales (external) | 6.6 | 8.3 | 36.1 |
--------------------------------------------------------------------------------
| - Inter-segment sales | 0.9 | 1.0 | 15.2 |
--------------------------------------------------------------------------------
| Europe Central | | | |
--------------------------------------------------------------------------------
| - Net sales (external) | 11.8 | 13.9 | 64.1 |
--------------------------------------------------------------------------------
| - Inter-segment sales | 0.3 | 0.2 | 1.0 |
--------------------------------------------------------------------------------
| Elimination of sales between segments | -2.0 | -2.1 | -28.1 |
--------------------------------------------------------------------------------
| Net sales, total | 111.5 | 122.2 | 502.5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other operating income | 0.3 | 0.6 | 2.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EBIT | | | |
--------------------------------------------------------------------------------
| (EUR million) | 1-3/10 | 1-3/09 | 1-12/09 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finland | -0.2 | 0.9 | 12.1 |
--------------------------------------------------------------------------------
| % of net sales | -0.8% | 3.1% | 9.0% |
--------------------------------------------------------------------------------
| Sweden | 2,6 | 5.3 | 20.9 |
--------------------------------------------------------------------------------
| % of net sales | 8.8% | 16.6% | 16.4% |
--------------------------------------------------------------------------------
| Norway | -0,4 | 2.5 | 9.1 |
--------------------------------------------------------------------------------
| % of net sales | -1.6% | 8.7% | 8.4% |
--------------------------------------------------------------------------------
| Denmark | -0.6 | -0.1 | -4.3 |
--------------------------------------------------------------------------------
| % of net sales | -7.8% | -0.6% | -10.1% |
--------------------------------------------------------------------------------
| Europe East | -2.4 | -3.3 | -10.6 |
--------------------------------------------------------------------------------
| % of net sales | -32.2% | -35.8% | -20.7% |
--------------------------------------------------------------------------------
| Europe Central | -2.6 | 0.7 | 2.8 |
--------------------------------------------------------------------------------
| % of net sales | -21.8% | 5.1% | 4.3% |
--------------------------------------------------------------------------------
| Net items not allocated to operating | -1.8 | 1.2 | -1.3 |
| segments | | | |
--------------------------------------------------------------------------------
| Group operating profit | -5.6 | 7.2 | 28.8 |
--------------------------------------------------------------------------------
| % of net sales | -5.0% | 5.9% | 5.7% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Depreciation, amortisation and | 1-3/10 | 1-3/09 | 1-12/09 |
| impairment charges | | | |
--------------------------------------------------------------------------------
| (EUR million) | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finland | 4.9 | 3.8 | 18.4 |
--------------------------------------------------------------------------------
| Sweden | 4.6 | 5.0 | 19.8 |
--------------------------------------------------------------------------------
| Norway | 4.5 | 4.2 | 19.5 |
--------------------------------------------------------------------------------
| Denmark | 1.7 | 2.3 | 11.1 |
--------------------------------------------------------------------------------
| Europe East | 3.4 | 4.5 | 17.1 |
--------------------------------------------------------------------------------
| Europe Central | 4.0 | 3.3 | 15.3 |
--------------------------------------------------------------------------------
| Unallocated items and eliminations | -0.1 | -0.1 | -0.2 |
--------------------------------------------------------------------------------
| Total | 23.1 | 23.1 | 101.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Reconciliation of Group operating result | | | |
| to result before taxes: | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Group operating result | -5.6 | 7.2 | 28.8 |
--------------------------------------------------------------------------------
| Unallocated items: | | | |
--------------------------------------------------------------------------------
| Financial income | 6.1 | 8.5 | 17.9 |
--------------------------------------------------------------------------------
| Financial expenses | -6.5 | -14.8 | -34.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Result before taxes | -6.0 | 0.9 | 12.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Capital expenditure | | |
--------------------------------------------------------------------------------
| (EUR million) | 1-3/10 | 1-3/09 | 1-12/09 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finland | 1.2 | 0.6 | 12.7 |
--------------------------------------------------------------------------------
| Sweden | 7.6 | 0.2 | 3.6 |
--------------------------------------------------------------------------------
| Norway | 3.7 | 0.3 | 6.1 |
--------------------------------------------------------------------------------
| Denmark | 0.1 | 0.1 | 1.0 |
--------------------------------------------------------------------------------
| Europe East | 0.5 | 0.1 | 0.9 |
--------------------------------------------------------------------------------
| Europe Central | 0.9 | 1.0 | 13.5 |
--------------------------------------------------------------------------------
| Unallocated items and eliminations | -1.6 | 0.1 | -20.2 |
--------------------------------------------------------------------------------
| Total | 12.5 | 2.5 | 17.5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Assets allocated to segments |
--------------------------------------------------------------------------------
| (EUR million) | 1-3/10 | 1-3/09 | 1-12/09 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finland | 120.2 | 145.4 | 123.1 |
--------------------------------------------------------------------------------
| Sweden | 125.6 | 130.1 | 121.3 |
--------------------------------------------------------------------------------
| Norway | 141.5 | 141.0 | 136.4 |
--------------------------------------------------------------------------------
| Denmark | 44.3 | 62.5 | 47.8 |
--------------------------------------------------------------------------------
| Europe East | 97.1 | 131.6 | 96.6 |
--------------------------------------------------------------------------------
| Europe Central | 120.5 | 112.3 | 122.4 |
--------------------------------------------------------------------------------
| Unallocated items and eliminations | 17.9 | -12.0 | 8.4 |
--------------------------------------------------------------------------------
| Total | 667.2 | 710.9 | 656.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Changes in non-current assets | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (EUR 1,000) | | | |
--------------------------------------------------------------------------------
| | | 31.3.201 | 31.3.2009 | 31.12.2009 |
| | | 0 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| OPENING BALANCE | 549,173 | 623,242 | 623,242 |
--------------------------------------------------------------------------------
| Depreciation | -23,115 | -23,130 | -101,113 |
--------------------------------------------------------------------------------
| Additions: | | | |
--------------------------------------------------------------------------------
| | Machinery and equipment | 6,119 | 2,026 | 15,010 |
--------------------------------------------------------------------------------
| | Other additions | 278 | 426 | 2,503 |
--------------------------------------------------------------------------------
| | Acquired group companies | 6,076 | - | - |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Disposals (sales) | -3,051 | -2,310 | -12,024 |
--------------------------------------------------------------------------------
| Translation differences | 18,090 | -4,048 | 21,554 |
--------------------------------------------------------------------------------
| CLOSING BALANCE | 553,571 | 596,206 | 549,173 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current assets held for sale | 370 | 558 | 370 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Contingent liabilities | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (EUR million) | | | |
--------------------------------------------------------------------------------
| | 31.3.2010 | 31.3.2009 | 31.12.2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Real estate mortgages | - | 0.2 | - |
--------------------------------------------------------------------------------
| Interest-bearing debt for which | - | 0.1 | - |
| the above collateral is given | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Floating charges | 1.0 | - | - |
--------------------------------------------------------------------------------
| Other pledged assets | 1.0 | 4.2 | - |
--------------------------------------------------------------------------------
| Interest-bearing debt for which | - | 4.2 | - |
--------------------------------------------------------------------------------
| the above collateral is given | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Suretyships | 2.8 | 3.2 | 2.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Committed investments | 3.9 | 0.9 | 0.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-cancellable minimum future | 160.3 | 163.9 | 169.4 |
| operating lease payments | | | |
--------------------------------------------------------------------------------
| Non-cancellable minimum future | 0.6 | 0.8 | 0.3 |
| finance lease payments | | | |
--------------------------------------------------------------------------------
| Finance lease debt in the balance | -0.6 | -0.7 | -0.3 |
| sheet | | | |
--------------------------------------------------------------------------------
| Non-cancellable minimum future lease | 160.3 | 164.0 | 169.4 |
--------------------------------------------------------------------------------
| payments off-balance sheet | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Obligations arising from derivative | | | |
| instruments | | | |
--------------------------------------------------------------------------------
| Nominal value of underlying object | 195.1 | 119.0 | 196.1 |
--------------------------------------------------------------------------------
| Fair value of the derivative | -2.2 | -5.5 | -0.1 |
| instruments | | | |
--------------------------------------------------------------------------------
| Some comparative figures have been | | | |
| restated based on more accurate | | | |
| information. | | | |
| | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| QUARTERLY SEGMENT INFORMATION | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NET SALES | | | | | | |
--------------------------------------------------------------------------------
| | | Full | | | | |
--------------------------------------------------------------------------------
| | Q1 | year | Q4 | Q3 | Q2 | Q1 |
--------------------------------------------------------------------------------
| | 2010 | 2009 | 2009 | 2009 | 2009 | 2009 |
--------------------------------------------------------------------------------
| (EUR million) | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finland | 28.1 | 134.3 | 30.6 | 41.2 | 33.8 | 28.7 |
--------------------------------------------------------------------------------
| Sweden | 29.4 | 127.9 | 32.4 | 30.8 | 32.6 | 32.0 |
--------------------------------------------------------------------------------
| Norway | 28.4 | 109.2 | 28.6 | 26.5 | 25.2 | 28.9 |
--------------------------------------------------------------------------------
| Denmark | 8.1 | 42.9 | 9.5 | 10.5 | 11.6 | 11.3 |
--------------------------------------------------------------------------------
| Europe East | 7.5 | 51.3 | 11.2 | 18.9 | 12.0 | 9.3 |
--------------------------------------------------------------------------------
| Europe Central | 12.1 | 65.0 | 16.4 | 18.2 | 16.3 | 14.1 |
--------------------------------------------------------------------------------
| Elimination of | -2.0 | -28.1 | -2.5 | -16.6 | -6.9 | -2.1 |
| sales between | | | | | | |
| segments | | | | | | |
--------------------------------------------------------------------------------
| Net sales, total | 111.5 | 502.5 | 126.2 | 129.5 | 124.6 | 122.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EBIT | | | | | | |
--------------------------------------------------------------------------------
| | | Full | | | | |
--------------------------------------------------------------------------------
| | Q1 | year | Q4 | Q3 | Q2 | Q1 |
--------------------------------------------------------------------------------
| | 2010 | 2009 | 2009 | 2009 | 2009 | 2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (EUR million and % of net | | | | | |
| sales) | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finland | -0.2 | 12.1 | 0.1 | 6.3 | 4.9 | 0.9 |
--------------------------------------------------------------------------------
| % of net sales | -0.8% | 9,0% | 0.2% | 15.3% | 14.4% | 3.1% |
--------------------------------------------------------------------------------
| Sweden | 2.6 | 20.9 | 4.4 | 4.4 | 6.9 | 5.3 |
--------------------------------------------------------------------------------
| % of net sales | 8.8% | 16.4% | 13.4% | 14.3% | 21.1% | 16.6% |
--------------------------------------------------------------------------------
| Norway | -0.4 | 9.1 | 1.0 | 2.3 | 3.4 | 2.5 |
--------------------------------------------------------------------------------
| % of net sales | -1.6% | 8.4% | 3.4% | 8.6% | 13.4% | 8.7% |
--------------------------------------------------------------------------------
| Denmark | -0.6 | -4.3 | -4.4 | -0.3 | 0.4 | -0.1 |
--------------------------------------------------------------------------------
| % of net sales | -7.8% | -10.1% | -46.2% | -2.8% | 3.6% | -0.6% |
--------------------------------------------------------------------------------
| Europe East | -2.4 | -10.6 | -2.1 | -2.0 | -3.3 | -3.3 |
--------------------------------------------------------------------------------
| % of net sales | -32.2% | -20.7% | -18.5% | -10.4% | -27.4% | -35.8% |
--------------------------------------------------------------------------------
| Europe Central | -2.6 | 2.8 | -1.0 | 1.6 | 1.6 | 0.7 |
--------------------------------------------------------------------------------
| % of net sales | -21.8% | 4.3% | -6.2% | 8.6% | 9.5% | 5.1% |
--------------------------------------------------------------------------------
| Costs not allocated | -1.8 | -1.3 | -1.6 | -0.6 | -0.4 | 1.2 |
| to segments | | | | | | |
--------------------------------------------------------------------------------
| Group EBIT | -5.6 | 28.8 | -3.6 | 11.7 | 13.5 | 7.2 |
--------------------------------------------------------------------------------
| % of net sales | -5.0% | 5.7% | -2.9% | 9.0% | 10.8% | 5.9% |
--------------------------------------------------------------------------------
ANALYST AND PRESS BRIEFING
A briefing for investment analysts and the press will be arranged on Thursday 6
May 2010 at 11.00 a.m. Finnish time at Palace Gourmet, cabinet Konferenssisali
(visiting address: Eteläranta 10, 10th fl., Helsinki).
WEBCAST AND CONFERENCE CALL
You can participate in the analyst briefing on Thursday 6 May 2010 at 11.00 a.m.
Finnish time through a live webcast at www.ramirent.com and conference call.
Dial-in number: +44 (0)20 7162 0025 and conference ID code 862902. A recording
of the webcast will be available at www.ramirent.com later the same day.
FINANCIAL CALENDAR 2010
Ramirent observes a silent period during the three-week period prior to the
publication of annual and interim financial results.
Interim report January-June 11 August 2010 at 9:00 a.m.
Interim report January-September 4 November 2010 at 9:00 a.m.
The financial information in this stock exchange release has not been audited.
Vantaa, 6 May 2010
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
IR Franciska Janzon tel. +358 20 750 2859, franciska.janzon@ramirent.com
DISTRIBUTION:
NASDAQ OMX Helsinki
Main news media
www.ramirent.com
Ramirent is the leading machinery rental company in the Nordic countries and in
Central and Eastern Europe. The Group has about 3,000 employees at some 350
permanent outlets in thirteen countries. In 2009, Group net sales totalled EUR
503 million. Ramirent is listed on the NASDAQ OMX Helsinki.
