RAMIRENT PLC STOCK EXCHANGE RELEASE 15.8.2007 RAMIRENT GROUP'S INTERIM REPORT JANUARY - JUNE, 2007 PROFITABLE GROWTH CONTINUED IN Q2 2007 - Net sales for the first six months 2007 increased by 30.1% compared to the corresponding period of 2006 and totalled EUR 288.6 (221.8) million. - Operating profit before depreciation (EBITDA), excluding non-recurring property gains, grew by 48.8% to EUR 99.6 (66.9) million; including the property gains by 41.2% to EUR 102.2(72.3) million. - Operating profit (EBIT), excluding non-recurring property gains, increased by 63.6% to EUR 62.9 (38.5) million; including the property gains by 49.4% to EUR 65.5 (43.9) million. EBIT-margin improved to 21.8% (17.3%) excluding property gains. - Profit before taxes (EBT) grew by 54.8% to EUR 62.0 (40.1) million. - Earnings per share (diluted) increased by 40% to EUR 0.42 (0.30). - Capital expenditure was EUR 147.2 (93.3) million. - Net debt amounted to EUR 279.6 (190.0) million, whilst gearing was 99.4% (88.5%). - Return on invested capital (ROI) was 28.4% (22.3%). COMMENTS BY CEO KARI KALLIO “The business environment remained favourable in all markets. All business segments grew well and net sales in the second quarter were at the highest level ever. To meet the strong customer demand, Ramirent has continued to invest heavily in additional capacity in advance of the summer peak season.” “The rapid growth in Ramirent Europe continues. In the Czech Republic, which Ramirent entered only a year ago, development has been especially satisfying. In May, Ramirent further strengthened its market position and widened the customer base by the acquisition of a telehandler rental company with operations covering the whole Czech Republic.” “High utilization rate and increased efficiency improved operating profit in all segments. Especially Sweden and Denmark displayed strong improvement in profitability as a result of improved efficiency backed by well-timed investments.” “Ramirent will continue to search for bolt-on acquisitions and to further improve internal efficiency to support profitable growth. Ramirent expects to clearly exceed its financial targets.” KEY FIGURES -------------------------------------------------------------------------------- | (EUR million) | 4-6/2007 | 4-6/2006 | 1-6/2007 | 1-6/2006 | 1-12/2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 152.0 | 116.7 | 288.6 | 221.8 | 497.9 | -------------------------------------------------------------------------------- | Operating | 55.7 | 37.7 | 102.2 | 72.3 | 171.6 | | profit before | | | | | | | depreciation | | | | | | | (EBITDA) | | | | | | -------------------------------------------------------------------------------- | Operating | 36.5 | 23.1 | 65.5 | 43.9 | 110.3 | | profit (EBIT) | | | | | | -------------------------------------------------------------------------------- | % of net sales | 24.0% | 19.8% | 22.7% | 19.8% | 22.2% | -------------------------------------------------------------------------------- | Profit before | 34.9 | 20.7 | 62.0 | 40.1 | 102.9 | | taxes (EBT) | | | | | | -------------------------------------------------------------------------------- | Net profit for | 26.2 | 16.2 | 46.3 | 32.0 | 79.2 | | the period | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per | 0.24 | 0.15 | 0.42 | 0.30 | 0.73 | | share (EPS), | | | | | | | (diluted), EUR | | | | | | -------------------------------------------------------------------------------- | Equity per | | | 2.59 | 1.98 | 2.44 | | share | | | | | | | (diluted), EUR | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on | | | 28.4% | 22.3% | 28.1% | | invested | | | | | | | capital (ROI), | | | | | | | % 1) | | | | | | -------------------------------------------------------------------------------- | Net debt | | | 279.6 | 190.0 | 186.3 | -------------------------------------------------------------------------------- | Gearing, % | | | 99.4% | 88.5% | 70.3% | -------------------------------------------------------------------------------- | Equity ratio, | | | 39.3% | 41.0% | 45.4% | | % | | | | | | -------------------------------------------------------------------------------- | Gross | | | 147.2 | 93.3 | 176.5 | | investments in | | | | | | | non-current | | | | | | | assets (EUR | | | | | | | million) | | | | | | -------------------------------------------------------------------------------- | Gross | | | 51.0% | 42.1% | 35.4% | | investments, % | | | | | | | of net sales | | | | | | -------------------------------------------------------------------------------- | Personnel, | | | 3,261 | 2,723 | 2,846 | | average | | | | | | -------------------------------------------------------------------------------- | Personnel at | | | 3,484 | 2,829 | 3,016 | | end of period | | | | | | -------------------------------------------------------------------------------- 1) The figures are calculated on a rolling twelve month basis. OPERATING ENVIRONMENT Ramirent is a company focused on construction machinery and equipment rentals, operating in the Nordic, Central and Eastern European markets. The Group is headquartered in Vantaa and has 296 (284) permanent outlets in twelve countries. The level of construction activities in the Nordics remained high during the review period. In the Central and Eastern European countries (Russia, the Baltic States, Poland, Hungary, Ukraine, and the Czech Republic), the construction market continued to be strong. GROUP NET SALES AND PROFIT Good market conditions and heavy investments in new capacity increased net sales by 30.1%. The growth was strongest in Ramirent Europe (+67.0%) and Finland (+36.8%) where the increase in net sales was partly attributable to the year 2006 acquisitions. The profitability improved in all the segments. The operating profit (EBIT) improved by 63.6% to EUR 62.9 (38.5) million in the first half of the year adjusted for the non-recurring gain from divestments of properties. It is part of Ramirent's strategy to release capital for rental equipment investments. Ramirent sold its properties in Finland with a non-recurring gain of EUR 2.4 million in the second quarter of 2007. In the first quarter of 2006, the properties in Sweden were sold with a non-recurring gain of EUR 5.4 million. The Group's net sales for the review period increased to EUR 288.6 (221.8) million, of which Finland accounted for EUR 61.7 (45.1) million, Sweden for EUR 72.5 (61.1) million, Norway for EUR 68.1 (58.1) million, Denmark for EUR 26.5 (21.8) million, and Ramirent Europe for EUR 60.7 (36.3) million. The growth was mostly organic. The Group's operating profit (EBIT) for the review period excluding property gains was EUR 62.9 (38.5) million, of which Finland accounted for EUR 14.7 (excluding property gains) (9.0) million, Sweden for EUR 15.0 (8.2, excluding property gains) million, Norway for EUR 16.1 (12.7) million, Denmark for EUR 3.8 (2.0) million, and Ramirent Europe for EUR 15.6 (7.0) million. The improvement in profitability was strongest in Sweden, Denmark and Ramirent Europe. Starting from 2007 Ramirent has established a share-based incentive programme to its key managers in all operating countries. The programme as described in the Company's corporate governance corresponds to the counter value of maximum 249,532 shares. The Group's operating margin improved to 21.8% (17.3%). Including property gains the Group's operating profit (EBIT) was EUR 65.5 (43.9) million and the operating margin was 22.7% (19.8%). The Group's profit before taxes for the review period was EUR 62.0 (40.1) million. The net profit for the review period was EUR 46.3 (32.0) million. The increase in profits compared to the previous year was mainly due to the growth in net sales and high capacity utilization. The return on invested capital was 28.4% (22.3%) and the return on equity was 37.7% (29.6%). CAPITAL EXPENDITURE AND DEPRECIATION The Group companies' gross capital expenditure on non-current assets totalled EUR 147.2 (93.3) million, of which EUR 145.7 (91.7) million was attributable to investments in machinery and equipment. The significant increase in capital expenditures reflects the Group's efforts to expand the rental fleet capacity to meet customer demands and to develop the product range and outlet network to serve customers better. The investments have been made earlier this year to meet the demand at the peak season. The total depreciation of non-current assets during the review period amounted to EUR 36.7 (28.5) million, of which EUR 34.9 (27.3) million consisted of depreciation of machinery and equipment. Other disposals of tangible non-current assets were EUR 9.5 (15.0) million, of which EUR 4.3 (3.2) million were attributable to machinery and equipment. Goodwill totalled EUR 76.5 (73.1) million at the end of the review period. FINANCIAL POSITION AND BALANCE SHEET The Group's first-half year cash flow from operating activities was positive, amounting to EUR 71.5 (62.0) million. Cash flow from investing activities amounted to EUR -132.2 (-71.8) million. Cash flow from financing activities totalled EUR 61.1 (9.9) million. At the end of the review period, liquid assets stood at EUR 1.6 (1.4) million, resulting in a net change in cash of EUR 0.5 (0.1) million compared to the year-end. As a result of increased capital expenditure earlier in the year, Ramirent's interest-bearing liabilities increased by EUR 93.8 million from the year-end 2006 and totalled EUR 281.1 (191.5) million. Net debt amounted to EUR 279.4 (190.0) million at the end of the review period. Gearing increased to 99.4% (88.5%). On 16 March 2007, Ramirent Plc set up a Domestic Commercial Paper Program of EUR 100 million to cover its seasonal funding needs within a year and as an additional flexible and cost-efficient source for short-term funding. The nominal value of the interest rate swaps at the end of the review period was EUR 166.6 (62.8) million. Total assets amounted to EUR 716.4 (524.8) million and the Group's equity ratio was 39.3% (41.0%). BUSINESS EXPANSION AND DIVESTMENT DURING THE REVIEW PERIOD On 25 May 2007, Ramirent Plc's Finnish subsidiary Ramirent Finland Oy entered into an agreement on selling eight properties and three leaseholds as well as one property owned by its subsidiary to Varma Mutual Pension Insurance Company. Ramirent Finland Oy has a gain of EUR 2.4 million from the divestment of properties. Ramirent continues as leaseholder on operating lease basis for its outlet properties. On 31 May 2007, Ramirent s.r.o., the Czech wholly-owned subsidiary of Ramirent Plc, entered into an agreement with KMB Stavební Servis s.r.o. on the acquisition of the rental business of KMB Stavební Servis. KMB Stavební Servis is specialized in renting of telehandlers and its business covers the whole Czech Republic. Ramirent established its operations in the Czech Republic in 2006. By this acquisition Ramirent widens its customer base and strengthens its position in rental markets in the Czech Republic. BUSINESS SEGMENTS During the review period, the Ramirent Group's business operations developed strongly in all business segments compared to the corresponding period of the previous year. In particular, the operations in Finland, Sweden and Ramirent Europe developed well during the period. During the second quarter the growth continued strong especially in Finland and Ramirent Europe. Profitability was improved especially in Sweden, Denmark and Ramirent Europe. From January 2007 the segments have been charged a management fee consisting of certain group administration costs. The comparative figures for 2006 have been adjusted accordingly. Finland In Finland, business operations were very active compared to the corresponding period of the previous year. Net sales increased by 36.8% and totalled EUR 61.7 (45.1) million. The acquisitions in late 2006 increased the sales by 7%. Compared to the corresponding period of the previous year, the profit of the Finnish operations improved significantly as a result of increased net sales and high capacity utilization. The operating profit (EBIT), excluding the non-recurring gain from the divestment of Finnish properties, was EUR 14.7 (9.0) million and the operating profit margin (EBIT-%) increased to 23.9% (20.0%). Sweden In Sweden, business operations during the review period continued the strong development from 2006. Net sales grew by 18.7% compared to the corresponding period of the previous year and were EUR 72.5 (61.1) million. Investments in new capacity and a broadening of the product offering continued in an effort to reach new customer groups, whilst improving the service level for current customers. Profit improved mainly due to increased net sales, high capacity utilization and cost efficiency. The operating profit (EBIT) was EUR 15.0 (8.2, excluding a non-recurring gain from divestment of properties in 2006) million, whereas the operating profit margin (EBIT-%) improved to 20.7% (13.4%). Norway In Norway, business operations continued at the good level. During the review period net sales increased by 17.2% compared to the corresponding period of the previous year and totalled EUR 68.1 (58.1) million. The profit of the Norwegian operations improved in comparison with the previous year primarily due to further improvement in capacity utilization and increase in sales, especially in lifts and hoists. The operating profit (EBIT) was EUR 16.1 (12.7) million and the operating profit margin (EBIT-%) was 23.6% (21.9%). Denmark In Denmark, business operations grew during the review period. Net sales grew by 21.3% totalling EUR 26.5 (21.8) million. The share of re-renting of machinery and equipment decreased but remained high due to fast growth in sales. The profitability was partly improved due to closing a non-profitable product line in 2006. The operating profit (EBIT) was EUR 3.8 (2.0) million, whereas the operating profit margin (EBIT-%) was 14.2% (9.3%). Ramirent Europe Ramirent's business operations in Central and Eastern Europe (Russia, Estonia, Latvia, Lithuania, Poland, Hungary, Ukraine, and the Czech Republic) continued to develop very positively. Heavy investments in new capacity, high utilization and expansion of the outlet network further improved the market position of Ramirent. In Hungary, the outlet network has been optimized. Ramirent has strengthened its position in the Czech Republic where it started only a year ago. Compared to the corresponding period of the previous year, net sales increased by 67.0% to EUR 60.7 (36.3) million. The operating profit (EBIT) improved by 122.3% to EUR 15.6 (7.0) million, the operating profit margin (EBIT-%) being 25.6% (19.3%). PERSONNEL AND ORGANISATION In the review period, the Group employed an average of 3,261 (2,723) people. In Finland the number of employees increased to 674 (562) mainly due to temporary workers in scaffolding projects. 587 (567) worked in the Swedish operations, 619 (554) in the Norwegian operations, 220 (189) in the Danish operations, 1,149 (841) in the European operations, and 12 (10) in the Group administration. At the end of the review period, the Group had 296 (284) outlets, of which 95 (90) were in Finland, in Sweden 48 (46), in Norway 37 (36), in Denmark 16 (16) and in Ramirent Europe 100 (96, gross increase 10). BUSINESS RISKS The main risks affecting Ramirent's business operations are connected to economic cycles in construction industry and increased competition. Retaining and attracting personnel is one of the main short-term risks. Ramirent is subject to certain financial risks of which the foreign currency and interest rate risks are regarded to be of greater importance than other financial risks. During the second quarter Ramirent's finance policy was updated so that average interest rate fixing term was prolonged from 9-15 months to 12-24 months. Ramirent is operating in twelve countries, which means that the Company is exposed country-specific risks. The risk is, however, spread and the effect of downturn in a single market is limited at the Group level. Ramirent's business risks and their management have been described in the Annual Report 2006. The risks have not changed significantly compared to year-end 2006. SHARES AND SHARE CAPITAL The free issue, in which one old share entitled to receive three new shares without any payment, approved at the Annual General Meeting on 19 April 2007, was entered into the Trade Register on 24 April 2007, after which the Company's number of shares was 108,200,300. The Company's share capital was not increased in context with the free issue. During the review period, a total of 334,336 new free issue adjusted shares were subscribed with Ramirent Plc's 2002B options, due to which the Company's share capital was increased by EUR 35,941.12. The increases were entered in the Finnish Trade Register on 22 February 2007 and 22 May 2007. On 30 June 2007, Ramirent's share capital was EUR 11,660,451.47 divided into 108,469,316 shares. SHARE TURNOVER AND PERFORMANCE During the review period, 43,861,616 (40,357,644) shares were traded on the OMX Nordic Exchange Helsinki at a total value of EUR 749,453,046 (273,612,241), i.e. 40.5% (37.7%) of Ramirent's total stock was traded. The highest price quoted in the review period was EUR 21.50 (9.00) and the lowest EUR 11.02 (5.38). The average price of the period under review was EUR 16.12 (6.78) and the last quotation on the period's last trading day was EUR 20.14 (7.75). The Company's market value at the end of the period under review was EUR 2,184,572,024 (832,474,279). SHAREHOLDERS AND DISCLOSURES The ten principal shareholders on 30 June 2007 were: -------------------------------------------------------------------------------- | | Shares | % of shares and | | | | votes | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Nordstjernan AB | 24,849,080 | 22.91% | -------------------------------------------------------------------------------- | Oy Julius Tallberg Ab | 11,258,008 | 10.38% | -------------------------------------------------------------------------------- | Varma Mutual Pension Insurance | 2,850,016 | 2.63% | | Company | | | -------------------------------------------------------------------------------- | Ilmarinen Mutual Pension Insurance | 2,322,828 | 2.14% | | Company | | | -------------------------------------------------------------------------------- | Odin Norden | 2,085,460 | 1.92% | -------------------------------------------------------------------------------- | Odin Forvaltnings AS | 1,319,932 | 1.22% | -------------------------------------------------------------------------------- | Odin Europa SMB | 887,180 | 0.82% | -------------------------------------------------------------------------------- | Fondita Nordic Small Cap Placfond | 700,000 | 0.65% | -------------------------------------------------------------------------------- | Mutual Pension Insurance Company | 686,400 | 0.63% | | Eläke-Fennia | | | -------------------------------------------------------------------------------- | Veritas Pension Insurance Company | 666,800 | 0.61% | | Ltd. | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Nominee-registered shareholders | 45,152,348 | 41.63% | -------------------------------------------------------------------------------- | Other shareholders | 15,691,264 | 14.47% | -------------------------------------------------------------------------------- | Total | 108,469,316 | 100.0% | -------------------------------------------------------------------------------- Disclosures On 9 May 2007, Ramirent received a disclosure under chapter 2, section 9 of the Securities Markets Act from Julius Baer Holding Ltd. On 26 April 2007, the current aggregate holding in Ramirent Plc of entities belonging to Julius Baer Ltd.'s group of companies (the Julius Baer Group) as well as of funds with an entity of the Julius Baer Group as investment advisor increased to 5,571,972 shares representing 5.149% of Ramirent Plc´s shares and voting rights. Detailed information on the holdings within the Julius Baer Group has been disclosed in the stock exchange release on 10 May 2007. On 16 May 2007, Ramirent received a disclosure under chapter 2, section 9 of the Securities Markets Act from Nordstjernan AB. On 15 May 2007, the holdings of Nordstjernan AB in Ramirent Plc decreased to 24,647,191 shares representing 22.8% of Ramirent Plc´s shares and voting rights. 2002 OPTIONS At the end of the review period, there were 28,340 Ramirent 2002B options left. After the end of the review period, 68,728 new shares were subscribed for during the subscription window that ended on 31 July 2007. After these subscriptions there are 20,049 Ramirent 2002B option rights outstanding based on which 160,392 Ramirent shares can be subscribed for. The share subscription price when exercising the 2002B options is the trade-weighted average price of the Ramirent Plc share on the Helsinki Stock Exchange, 1 October - 30 November 2002. The share subscription price is reduced prior to a share subscription by the amount of decided dividends on the record date of each dividend distribution. After the share split 2005, the free issue in April 2007, and payments of dividends in 2005, 2006 and 2007, each option currently entitles its holder to subscribe for eight shares with aggregate subscription price of EUR 9.56. The subscription price of one share is EUR 1.195. The share subscription period of the 2002B options is 1 October 2005 - 31 October 2007. DECISIONS MADE BY THE ANNUAL GENERAL MEETING OF 19 APRIL 2007 The decisions made by the Annual General Meeting can be read on the previous interim report and on the Company's homepage www.ramirent.com. Distribution of dividends The Annual General Meeting in 2007 decided on a dividend of EUR 1.20 (0.60) per share (equalling to EUR 0.30 (0.15) after the free share issue). The dividend was paid on 8 May 2007. Free issue The Annual General Meeting in 2007 decided to increase the number of shares by way of issuing new shares to the shareholders without any payment (“free issue”) so that one share entitles to three new shares. After the issue the new number of the Company's shares is 108,200,300. Trading with the new shares commenced on 25 April 2007. EVENTS AFTER THE REVIEW PERIOD Share subscription based on 2002B option rights Based on the 2002B option, 68,728 new Ramirent shares were subscribed for during the subscription window that ended on 31 July 2007. The corresponding EUR 7,388.26 increase in the share capital is expected to be entered in the Trade Register on 21 August 2007. After the increase the share capital will be EUR 11,667,839.73 and the number of shares 108,538,044. After these subscriptions there are 20,049 Ramirent 2002B option rights outstanding based on which 160,392 Ramirent shares can be subscribed for. FINANCIAL TARGETS Ramirent's Board of Directors adopted new financial targets for the Group in 2006. Ramirent is focusing on profitable growth and strong financial position that provides financial stability for long-term business decisions. The financial targets are as follows: - Earnings per share growth of at least 15% per annum - Return on invested capital annually of at least 18% - Dividend payout ratio of at least 40% of the annual net profit. OUTLOOK The good market conditions are expected to continue in the second half of 2007. The Company estimates that total construction activities will grow in average at the rate of 3-4% in the Nordic countries this year. The backlog of the largest Nordic construction companies indicate that the construction volume continues to grow. However, the scarce supply of labour and building material may limit the opportunities for further growth. In the Central and Eastern European markets, the Company estimates a further solid growth. Rental penetration rate is expected to further rise in the Group's markets for machinery and equipment rental services as construction companies increasingly opt to rent equipment instead of investing in their own fleet. Consequently, Ramirent estimates that the machinery rental markets will grow faster than the construction markets in 2007. Ramirent has invested heavily in new capacity in the first half of 2007 and expects a positive cash flow and improved gearing in the second half of 2007. Ramirent is well positioned to take advantage of the opportunities available in the markets. The Company will also continue to search for bolt-on acquisitions and to further improve internal efficiency to support profitable growth. Ramirent expects to clearly exceed its financial targets. SEGMENT INFORMATION, INCOME STATEMENT, BALANCE SHEET, CONDENSED CASH FLOW STATEMENT, STATEMENT OF CHANGES IN EQUITY, KEY FIGURES, AND CONTINGENT LIABILITIES Ramirent Plc adopted the International Financial Reporting Standards (IFRS) on 1 January, 2005. The Group applies the following amendments to the standards and IFRIC's as from the financial year 2007: Change in IAS 1 Presentation of Financial Statements; IFRS 7 Financial Instruments: Disclosures; IFRIC 8, 9, 10, 11 and 12. The changes do not have any significant effect on Ramirent's financial figures. The interim report has been prepared in line with IAS 34: Interim Financial Reporting. The same accounting policies and definitions of key financial figures have been applied as in Ramirent Plc's annual financial statements for 2006. Segment information is presented for Ramirent's primary segment, which is determined by geographical split. Ramirent Plc has started charging a management fee to the segments as from 1 January 2007. The segment information has been amended accordingly. QUARTERLY SEGMENT INFORMATION -------------------------------------------------------------------------------- | (EUR million) | 4-6/0 | 1-3/0 | 10-1 | 7-9/06 | 4-6/06 | 1-3/0 | 1-12/0 | | | 7 | 7 | 2/06 | | | 6 | 6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | | | | | | | | -------------------------------------------------------------------------------- | Finland | 34.6 | 27.1 | 29.4 | 28.2 | 24.4 | 20.7 | 102.7 | -------------------------------------------------------------------------------- | Sweden | 36.7 | 35.8 | 38.1 | 31.6 | 31.2 | 29.9 | 130.9 | -------------------------------------------------------------------------------- | Norway | 33.3 | 34.8 | 33.0 | 29.2 | 28.9 | 29.2 | 120.3 | -------------------------------------------------------------------------------- | Denmark | 14.0 | 12.5 | 14.1 | 14.0 | 11.6 | 10.2 | 50.0 | -------------------------------------------------------------------------------- | Other European | 33.9 | 26.8 | 31.8 | 28.4 | 20.8 | 15.5 | 96.4 | | countries | | | | | | | | | (Ramirent Europe) | | | | | | | | -------------------------------------------------------------------------------- | Sales between | -0.5 | -0.4 | -0.2 | -1.6 | -0.1 | -0.5 | -2.4 | | segments | | | | | | | | -------------------------------------------------------------------------------- | Net sales, total | 152.0 | 136.6 | 146. | 129.8 | 116.7 | 105.1 | 497.9 | | | | | 2 | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit | | | | | | | | -------------------------------------------------------------------------------- | Finland | 8.3 | 6.4 | 6.8 | 9.4 | 5.5 | 3.5 | 25.1 | -------------------------------------------------------------------------------- | % of net sales | 23.9% | 23.6% | 23.0 | 33.2% | 22.8% | 16.8% | 24.5% | | | | | % | | | | | -------------------------------------------------------------------------------- | Sweden | 7.6 | 7.4 | 7.5 | 6.1 | 4.5 | 3.7 | 21.8 | -------------------------------------------------------------------------------- | % of net sales | 20.7% | 20.7% | 19.6 | 19.2% | 14.4% | 12.5% | 16.7% | | | | | % | | | | | -------------------------------------------------------------------------------- | Norway | 8.3 | 7.8 | 7.2 | 6.7 | 7.2 | 5.5 | 26.6 | -------------------------------------------------------------------------------- | % of net sales | 24.9% | 22.4% | 21.8 | 22.9% | 25.0% | 18.7% | 22.1% | | | | | % | | | | | -------------------------------------------------------------------------------- | Denmark | 2.5 | 1.3 | 2.5 | 2.6 | 1.3 | 0.7 | 7.0 | -------------------------------------------------------------------------------- | % of net sales | 17.8% | 10.4% | 17.4 | 18.3% | 11.4% | 6.8% | 14.1% | | | | | % | | | | | -------------------------------------------------------------------------------- | Other European | 8.7 | 6.9 | 9.2 | 9.5 | 4.7 | 2.3 | 25.7 | | countries | | | | | | | | | (Ramirent Europe) | | | | | | | | -------------------------------------------------------------------------------- | % of net sales | 25.6% | 25.7% | 28.9 | 33.5% | 22.7% | 14.8% | 26.6% | | | | | % | | | | | -------------------------------------------------------------------------------- | Costs not | -1.4 | -0.8 | -0.6 | -0.2 | -0.2 | -0.3 | -1.3 | | allocated to | | | | | | | | | segments | | | | | | | | -------------------------------------------------------------------------------- | Group operating | 33.9 | 29.0 | 32.5 | 34.0 | 23.1 | 15.4 | 104.9 | | profit excluding | | | | | | | | | the profit of | | | | | | | | | divestment of | | | | | | | | | properties | | | | | | | | -------------------------------------------------------------------------------- | % of net sales | 22.3% | 21.2% | 22.2 | 26.2% | 19.8% | 14.7% | 21.1% | | | | | % | | | | | -------------------------------------------------------------------------------- INCOME STATEMENT -------------------------------------------------------------------------------- | (EUR 1,000) | 4-6/07 | 4-6/06 | 1-6/07 | 1-6/06 | 1-12/06 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Net sales | 152,046 | 116,718 | 288,632 | 221,823 | 497,858 | -------------------------------------------------------------------------------- | Other operating | 2,887 | 256 | 3,144 | 5,985 | 6,907 | | income | | | | | | -------------------------------------------------------------------------------- | TOTAL | 154,933 | 116,974 | 291,776 | 227,808 | 504,765 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Materials and | -41,177 | -34,953 | -80,311 | -67,508 | -149,457 | | services | | | | | | -------------------------------------------------------------------------------- | Employee benefit | -39,207 | -30,382 | -74,506 | -60,120 | -125,742 | | expenses | | | | | | -------------------------------------------------------------------------------- | Depreciation | -19,251 | -14,612 | -36,690 | -28,490 | -61,243 | -------------------------------------------------------------------------------- | Other operating | -18,814 | -13,952 | -34,756 | -27,839 | -58,003 | | expenses | | | | | | -------------------------------------------------------------------------------- | OPERATING PROFIT | 36,484 | 23,075 | 65,513 | 43,851 | 110,320 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income | 1,849 | 1,191 | 3,740 | 2,656 | 4,404 | -------------------------------------------------------------------------------- | Financial | -3,442 | -3,593 | -7,256 | -6,447 | -11,781 | | expenses | | | | | | -------------------------------------------------------------------------------- | PROFIT BEFORE | 34,891 | 20,673 | 61,997 | 40,060 | 102,943 | | TAXES | | | | | | -------------------------------------------------------------------------------- | Income taxes | -8,701 | -4,468 | -15,743 | -8,085 | -23,787 | -------------------------------------------------------------------------------- | NET PROFIT FOR | 26,190 | 16,205 | 46,254 | 31,975 | 79,156 | | THE PERIOD | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Sharing of | | | | | | | profit: | | | | | | -------------------------------------------------------------------------------- | To the parent | 26,192 | 16,202 | 42,246 | 31,971 | 79,129 | | company's | | | | | | | shareholders | | | | | | -------------------------------------------------------------------------------- | To the Group's | -2 | 3 | 8 | 4 | 27 | | minority | | | | | | -------------------------------------------------------------------------------- | Sharing of | 26,190 | 16,205 | 42,254 | 31,975 | 79,156 | | profit, total | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per | | | 0.42 | 0.30 | 0.73 | | share (EPS), | | | | | | | diluted, EUR | | | | | | -------------------------------------------------------------------------------- | Earnings per | | | 0.42 | 0.30 | 0.74 | | share (EPS), | | | | | | | non-diluted, EUR | | | | | | -------------------------------------------------------------------------------- BALANCE SHEET ASSETS -------------------------------------------------------------------------------- | (EUR 1,000) | 30.6.2007 | 30.6.2006 | 31.12.2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | Tangible assets | 489,934 | 348,464 | 384,486 | -------------------------------------------------------------------------------- | Investments in process | 3,044 | - | - | -------------------------------------------------------------------------------- | Goodwill | 76,457 | 73,122 | 76,112 | -------------------------------------------------------------------------------- | Other intangible assets | 1,385 | 1,251 | 1,527 | -------------------------------------------------------------------------------- | Available-for-sale | 95 | 412 | 125 | | investments | | | | -------------------------------------------------------------------------------- | Deferred tax assets | 1,352 | 1,710 | 1,200 | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS, TOTAL | 572,267 | 424,959 | 463,450 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | Inventories | 20,126 | 15,728 | 17,767 | -------------------------------------------------------------------------------- | Trade and other receivables | 120,788 | 82,702 | 97,304 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 1,565 | 1,460 | 1,112 | -------------------------------------------------------------------------------- | Non-current assets held for | 1,668 | | 4,632 | | sale | | | | -------------------------------------------------------------------------------- | CURRENT ASSETS, TOTAL | 144,147 | 99,890 | 120,815 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL ASSETS | 716,414 | 524,849 | 584,265 | -------------------------------------------------------------------------------- EQUITY AND LIABILITIES -------------------------------------------------------------------------------- | (EUR 1,000) | 30.6.2007 | 30.6.2006 | 31.12.2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY | | | | -------------------------------------------------------------------------------- | Share capital | 11,660 | 11,547 | 11,625 | -------------------------------------------------------------------------------- | Share premium account | 126,395 | 124,284 | 126,011 | -------------------------------------------------------------------------------- | Retained earnings | 143,064 | 78,934 | 127,205 | -------------------------------------------------------------------------------- | PARENT COMPANY SHAREHOLDERS' | 281,119 | 214,765 | 264,841 | | EQUITY | | | | -------------------------------------------------------------------------------- | Minority interests | 89 | 63 | 83 | -------------------------------------------------------------------------------- | EQUITY, TOTAL | 281,208 | 214,828 | 264,924 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | | | | -------------------------------------------------------------------------------- | Deferred tax liabilities | 33,365 | 22,552 | 33,135 | -------------------------------------------------------------------------------- | Pension obligations | 8,471 | 7,892 | 8,090 | -------------------------------------------------------------------------------- | Provisions | 1,159 | | 1,186 | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 163,415 | 171,774 | 169,769 | -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES, | 206,410 | 202,218 | 212,180 | | TOTAL | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT LIABILITIES | | | | -------------------------------------------------------------------------------- | Trade payables and other | 110,529 | 88,075 | 88,962 | | liabilities | | | | -------------------------------------------------------------------------------- | Provisions | 541 | - | 581 | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 117,726 | 19,728 | 16,936 | -------------------------------------------------------------------------------- | Liabilities connected to | - | - | 682 | | non-current assets held for | | | | | sale | | | | -------------------------------------------------------------------------------- | CURRENT LIABILITIES, TOTAL | 228,796 | 107,803 | 107,161 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES, TOTAL | 435,206 | 310,021 | 319,341 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL EQUITY AND LIABILITIES | 716,414 | 524,849 | 584,265 | -------------------------------------------------------------------------------- CONDENSED CASH FLOW STATEMENT -------------------------------------------------------------------------------- | (EUR million) | 1-6/07 | 1-6/06 | 1-12/06 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from operating | 71.5 | 62.0 | 133.9 | | activities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from investing | -132.2 | -71.8 | -140.7 | | activities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from financing | | | | | activities | | | | -------------------------------------------------------------------------------- | Proceeds from share | 0.4 | 1.6 | 2.5 | | subscriptions | | | | -------------------------------------------------------------------------------- | Borrowings/repayments of | -26.0 | | | | short-term debt | | | | -------------------------------------------------------------------------------- | Borrowings of long-term debt | 119.2 | 24.4 | 20.2 | -------------------------------------------------------------------------------- | Dividends paid | -32.5 | -16.1 | -16.1 | -------------------------------------------------------------------------------- | Cash flow from financing | 61.1 | 9.9 | 6.6 | | activities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net change in cash and cash | 0.5 | 0.1 | -0.2 | | equivalents | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash and cash equivalents at | 1.1 | 1.3 | 1.3 | | the beginning of the period | | | | -------------------------------------------------------------------------------- | Translation difference on | 0.0 | 0.0 | 0.0 | | cash and cash equivalents | | | | -------------------------------------------------------------------------------- | Net change in cash and cash | 0.5 | 0.1 | -0.2 | | equivalents | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at | 1.6 | 1.4 | 1.1 | | the end of the period | | | | -------------------------------------------------------------------------------- CHANGES IN EQUITY -------------------------------------------------------------------------------- | (EUR | | | | | | Entrie | | | | 1,000) | | | | | | s on | | | | | | | | | | non- | | | -------------------------------------------------------------------------------- | | Share | Share | Trans | Reval | Retain. | curren | Min. | Total | | | | | l. | . | | t | | | | | | | | | | assets | | | -------------------------------------------------------------------------------- | | capit | premi | diffe | fund | earning | held | inter | equity | | | al | um | r. | | s | for | . | | | | | fund | | | | sale | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity | 11,44 | 122,7 | 4,236 | -580 | 59,027 | - | 82 | 196,99 | | 31.12.20 | 1 | 88 | | | | | | 4 | | 05 | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Translat | - | - | -149 | - | - | - | -3 | -152 | | ion | | | | | | | | | | differen | | | | | | | | | | ces | | | | | | | | | | 1-6/2006 | | | | | | | | | -------------------------------------------------------------------------------- | Decrease | - | - | - | - | - | - | -19 | -19 | | of | | | | | | | | | | minority | | | | | | | | | | 1-6/2006 | | | | | | | | | -------------------------------------------------------------------------------- | Fair | - | - | - | 705 | - | - | - | 705 | | value | | | | | | | | | | adjustme | | | | | | | | | | nt of | | | | | | | | | | interest | | | | | | | | | | rate | | | | | | | | | | SWAPs | | | | | | | | | | 1-6/2006 | | | | | | | | | -------------------------------------------------------------------------------- | Income | - | - | - | -183 | - | - | - | -183 | | tax on | | | | | | | | | | directly | | | | | | | | | | to | | | | | | | | | | equity | | | | | | | | | | entries | | | | | | | | | | 1-6/2006 | | | | | | | | | -------------------------------------------------------------------------------- | Exercise | 106 | 1,496 | - | - | - | - | - | 1,602 | | d share | | | | | | | | | | options | | | | | | | | | | 1-6/2006 | | | | | | | | | -------------------------------------------------------------------------------- | Dividend | - | - | - | - | -16,094 | - | - | -16,09 | | distribu | | | | | | | | 4 | | tion | | | | | | | | | | 1-6/2006 | | | | | | | | | -------------------------------------------------------------------------------- | Net | - | - | - | - | 31,971 | - | 4 | 31,975 | | result | | | | | | | | | | for the | | | | | | | | | | period | | | | | | | | | | 1-6/2006 | | | | | | | | | -------------------------------------------------------------------------------- | Equity | 11,54 | 124,2 | 4,087 | -58 | 74,904 | - | 64 | 214,82 | | 30.6.200 | 7 | 84 | | | | | | 8 | | 6 | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Translat | - | - | 811 | - | - | - | -4 | 807 | | ion | | | | | | | | | | differen | | | | | | | | | | ces | | | | | | | | | | 7-12/200 | | | | | | | | | | 6 | | | | | | | | | -------------------------------------------------------------------------------- | Fair | - | - | - | 220 | - | - | - | 220 | | value | | | | | | | | | | adjustme | | | | | | | | | | nt of | | | | | | | | | | interest | | | | | | | | | | rate | | | | | | | | | | SWAPs | | | | | | | | | | 7-12/200 | | | | | | | | | | 6 | | | | | | | | | -------------------------------------------------------------------------------- | Fair | - | - | - | 6 | - | 184 | - | 190 | | value | | | | | | | | | | adjustme | | | | | | | | | | nt of | | | | | | | | | | availabl | | | | | | | | | | e-for-sa | | | | | | | | | | le | | | | | | | | | | investme | | | | | | | | | | nts | | | | | | | | | | 7-12/200 | | | | | | | | | | 6 | | | | | | | | | -------------------------------------------------------------------------------- | Income | - | - | - | -59 | - | -48 | - | -107 | | tax on | | | | | | | | | | directly | | | | | | | | | | to | | | | | | | | | | equity | | | | | | | | | | entries | | | | | | | | | | 7-12/200 | | | | | | | | | | 6 | | | | | | | | | -------------------------------------------------------------------------------- | Directed | 13 | 896 | - | - | - | - | - | 909 | | share | | | | | | | | | | issue | | | | | | | | | | 7-12/200 | | | | | | | | | | 6 | | | | | | | | | -------------------------------------------------------------------------------- | Exercise | 65 | 831 | - | - | - | - | - | 896 | | d share | | | | | | | | | | options | | | | | | | | | | 7-12/200 | | | | | | | | | | 6 | | | | | | | | | -------------------------------------------------------------------------------- | Net | - | - | - | - | 47,158 | - | 23 | 47,181 | | result | | | | | | | | | | for the | | | | | | | | | | period | | | | | | | | | | 7-12/200 | | | | | | | | | | 6 | | | | | | | | | -------------------------------------------------------------------------------- | Equity | 11,62 | 126,0 | 4,898 | 109 | 122,062 | 136 | 83 | 264,92 | | 31.12.20 | 5 | 11 | | | | | | 4 | | 06 | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Translat | - | - | 1,628 | - | - | - | -2 | 1,626 | | ion | | | | | | | | | | differen | | | | | | | | | | ces | | | | | | | | | | 1-6/2007 | | | | | | | | | -------------------------------------------------------------------------------- | Fair | - | - | - | 605 | - | - | - | 605 | | value | | | | | | | | | | adjustme | | | | | | | | | | nt of | | | | | | | | | | interest | | | | | | | | | | rate | | | | | | | | | | SWAPs | | | | | | | | | | 1-6/2007 | | | | | | | | | -------------------------------------------------------------------------------- | Income | - | - | - | -157 | - | - | - | -157 | | tax on | | | | | | | | | | directly | | | | | | | | | | to | | | | | | | | | | equity | | | | | | | | | | entries | | | | | | | | | | 1-6/2007 | | | | | | | | | -------------------------------------------------------------------------------- | Exercise | 35 | 384 | - | - | - | - | - | 419 | | d share | | | | | | | | | | options | | | | | | | | | | 1-6/2007 | | | | | | | | | -------------------------------------------------------------------------------- | Dividend | - | - | - | - | -32,463 | - | - | -32,46 | | distribu | | | | | | | | 3 | | tion | | | | | | | | | | 1-6/2007 | | | | | | | | | -------------------------------------------------------------------------------- | Net | - | - | - | - | 46,246 | - | 8 | 46,254 | | result | | | | | | | | | | for the | | | | | | | | | | period | | | | | | | | | | 1-6/2007 | | | | | | | | | -------------------------------------------------------------------------------- | Equity | 11,66 | 126,3 | 6,526 | 557 | 135,845 | 136 | 89 | 281,20 | | 30.6.200 | 0 | 95 | | | | | | 8 | | 7 | | | | | | | | | -------------------------------------------------------------------------------- KEY FIGURES -------------------------------------------------------------------------------- | | 1-6/07 | 1-6/06 | 1-12/06 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Interest-bearing debt, (EUR | 281.1 | 191.5 | 187.4 | | million) | | | | -------------------------------------------------------------------------------- | Net debt, (EUR million) | 279.6 | 190.0 | 186.3 | -------------------------------------------------------------------------------- | Invested capital (EUR | 562.3 | 406.3 | 452.3 | | million), end of period | | | | -------------------------------------------------------------------------------- | Return on invested capital | 28.4% | 22.3% | 28.1% | | (ROI), % 1) | | | | -------------------------------------------------------------------------------- | Gearing, % | 99.4% | 88.5% | 70.3% | -------------------------------------------------------------------------------- | Equity ratio, % | 39.3% | 41.0% | 45.4% | -------------------------------------------------------------------------------- | Personnel, average | 3,261 | 2,723 | 2,846 | -------------------------------------------------------------------------------- | Personnel, end of period | 3,484 | 2,829 | 3,016 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gross investments in | 147.2 | 93.3 | 176.5 | | non-current assets (EUR | | | | | million) | | | | -------------------------------------------------------------------------------- | Gross investments, % of net | 51.0% | 42.1% | 35.4% | | sales | | | | -------------------------------------------------------------------------------- The definitions of the key figures are in Annual Report 2006. 1) The figures are calculated on a rolling twelve month basis. KEY FIGURES PER SHARE -------------------------------------------------------------------------------- | | 1-6/07 | 1-6/06 | 1-12/06 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share (EPS) | 0.42 | 0.30 | 0.73 | | weighted average, diluted, | | | | | EUR | | | | -------------------------------------------------------------------------------- | Earnings per share (EPS) | 0.42 | 0.30 | 0.74 | | weighted average, | | | | | non-diluted, EUR | | | | -------------------------------------------------------------------------------- | Equity per share, end of | 2.59 | 1.98 | 2.44 | | period, diluted, EUR | | | | -------------------------------------------------------------------------------- | Equity per share, end of | 2.59 | 2.00 | 2.45 | | period, non-diluted, EUR | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Number of shares (weighted | 109,009,310 | 107,983,137 | 108,017,625 | | average), diluted | | | | -------------------------------------------------------------------------------- | Number of shares (weighted | 108,901,547 | 107,044,969 | 107,428,285 | | average), non-diluted | | | | -------------------------------------------------------------------------------- | Number of shares (end of | 108,577,079 | 108,354,204 | 108,724,320 | | period), diluted | | | | -------------------------------------------------------------------------------- | Number of shares (end of | 108,469,316 | 107,416,036 | 108,134,980 | | period), non-diluted | | | | -------------------------------------------------------------------------------- The free issue on 24 April 2007 has been taken into account in the key figures per share. CONTINGENT LIABILITIES -------------------------------------------------------------------------------- | (EUR million) | 30.6.2007 | 30.6.2006 | 31.12.2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Real estate mortgages | - | 0.8 | 0.9 | -------------------------------------------------------------------------------- | Interest-bearing debt for which | - | 0.3 | 0.3 | | the above collateral is given | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Floating charges | - | 2.7 | - | -------------------------------------------------------------------------------- | Interest-bearing debt for which | - | 1.6 | - | | the above collateral is given | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Floating charges | 75.8 | 76.4 | 76.6 | -------------------------------------------------------------------------------- | Other pledged assets | 3.1 | 3.1 | 3.1 | -------------------------------------------------------------------------------- | Interest-bearing debt for which | 192.0 | 184.8 | 183.8 | | the above collateral is given | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Suretyships | 2.0 | 2.5 | 2.8 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Committed investments | 60.7 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-cancellable minimum future | 106.0 | 45.9 | 89.3 | | operating lease payments | | | | -------------------------------------------------------------------------------- | Non-cancellable minimum future | 4.1 | 10.3 | 6.1 | | finance lease payments | | | | -------------------------------------------------------------------------------- | Finance lease debt in the balance | -4.0 | -10.0 | -5.8 | | sheet | | | | -------------------------------------------------------------------------------- | Non-cancellable minimum future | 106.1 | 46.2 | 89.6 | | lease payments off-balance sheet | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Obligations arising from | | | | | derivative instruments | | | | -------------------------------------------------------------------------------- | Nominal value of underlying object | 166.6 | 62.8 | 49.9 | -------------------------------------------------------------------------------- | Fair value of the derivative | 0.7 | -0.1 | 0.1 | | instruments | | | | -------------------------------------------------------------------------------- Ramirent has borrowing facilities which have equity ratio, leverage ratio and other financial covenants. Ramirent's financial ratios are on 30 June 2007 significantly better than these covenants. Ramirent has made no transactions with its related parties during the review period. There are no outstanding balances between the Company and its related parties at the end of the review period. There are no pending legal cases, the impact of which could have a material effect on the figures reported in this interim report. CONFERENCE FOR ANALYSTS AND THE PRESS A conference for investment analysts and the press will be arranged on Wednesday 15 August 2007 at 10.00 a.m. in the Dining Room of Restaurant Pörssi in Helsinki, Fabianinkatu 14. RAMIRENT'S FINANCIAL REPORTING 2007 In 2007, the interim report will be published as follows: - 1 January - 30 September 2007: Wednesday, 7 November 2007 This interim report is non-audited. Vantaa, 15 August 2007 RAMIRENT PLC Board of Directors FURTHER INFORMATION: CEO Kari Kallio, phone +358 40 716 1832, or email kari.kallio@ramirent.com CFO Heli Iisakka, phone +358 40 544 6833, or email heli.iisakka@ramirent.com DISTRIBUTION: OMX Nordic Exchange 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 296 permanent outlets in twelve countries and is registered in Helsinki. Ramirent employs over 3,200 people and in 2006 the consolidated net sales were 498 million. Ramirent is listed on the OMX Nordic Exchange Helsinki. For further information, please visit www.ramirent.com.
ramiren interim report q2 2007 – profitable growth continued in q2 2007.pdf