RAMIRENT PLC INTERIM REPORT 4 NOVEMBER 2010 AT 9:00 a.m.
RAMIRENT INTERIM REPORT JANUARY - SEPTEMBER 2010: PROFIT IMPROVING AS MARKET
ACTIVITY IS PICKING UP
Note! Figures in brackets, unless otherwise indicated, refer to the
corresponding period a year earlier.
JULY - SEPTEMBER 2010 HIGHLIGHTS
- Ramirent net sales EUR 140.9 (129.5) million, up 8.8% (up 3.3% at comparable
exchange rates)
- EBITDA EUR 42.3 (37.3) million or 30.0% (28.8%) of net sales
- EBIT EUR 16.6 (11.7) million or 11.8% (9.0%) of net sales
- Cash flow after investments EUR 14.4 (22.4) million
- The Board has decided not to use the authorisation to pay an additional
dividend of a maximum of EUR 0.10 per share that was granted by the AGM 2010
JANUARY - SEPTEMBER 2010 HIGHLIGHTS
- Ramirent net sales EUR 381.2 (376.3) million, up 1.3% (down 4.6% at comparable
exchange rates)
- EBITDA EUR 90.6 (103.7) million or 23.8% (27.6%) of net sales
- EBIT EUR 18.5 (32.4) million or 4.8% (8.6%) of net sales
- Net profit EUR 7.5 (14.0) million and EPS EUR 0.07 (0.13)
- Gross capital expenditure EUR 43.9 (10.0) million
- Cash flow after investments EUR 23.8 (68.1) million
- Net debt EUR 197.2 (230.0) million and gearing 64.1% (73.8%)
RAMIRENT 2010 OUTLOOK
The Ramirent 2010 outlook is 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 to be positive.
--------------------------------------------------------------------------------
| (EUR million) | 7-9/1 | 7-9/0 | 1-9/10 | 1-9/09 | Change | 1-12/09 |
| | 0 | 9 | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 140.9 | 129.5 | 381.2 | 376.3 | 1.3% | 502.5 |
--------------------------------------------------------------------------------
| EBITDA | 42.3 | 37.3 | 90.6 | 103.7 | -12.7% | 129.9 |
--------------------------------------------------------------------------------
| % of net sales | 30.0% | 28.8% | 23.8% | 27.6% | | 25.8% |
--------------------------------------------------------------------------------
| EBIT | 16.6 | 11.7 | 18.5 | 32.4 | -43.0% | 28.8 |
--------------------------------------------------------------------------------
| % of net sales | 11.8% | 9.0% | 4.8% | 8.6% | | 5.7% |
--------------------------------------------------------------------------------
| EBT | 12.0 | 7.6 | 12.1 | 19.9 | -39.3% | 12.7 |
--------------------------------------------------------------------------------
| Net profit for | 8.5 | 5.0 | 7.5 | 14.0 | -46.3% | 4.7 |
| the period | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per | 0.08 | 0.05 | 0.07 | 0.13 | -46.8% | 0.04 |
| share (EPS), | | | | | | |
| (diluted), EUR | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Return on | - | - | 5.4% | 6.4% | | 8.5% |
| invested capital | | | | | | |
| (ROI), % 1) | | | | | | |
--------------------------------------------------------------------------------
| Net debt | - | - | 197.2 | 230.0 | -14.3% | 207.2 |
--------------------------------------------------------------------------------
| Gearing, % | - | - | 64.1% | 73.8% | - | 67.8% |
--------------------------------------------------------------------------------
| Equity ratio, % | - | - | 46.1% | 45.2% | - | 46.6% |
--------------------------------------------------------------------------------
| Gross capital | 9.7 | 2.7 | 43.9 | 10.0 | 339.1% | 17.5 |
| expenditure | | | | | | |
--------------------------------------------------------------------------------
| Cash flow after | 14.4 | 22.4 | 23.8 | 68.1 | -65.1% | 87.6 |
| investments | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Personnel at end | - | - | 3,025 | 3,177 | -4.8% | 3,021 |
| of period | | | | | | |
--------------------------------------------------------------------------------
1) The figures are calculated on a rolling twelve month basis.
MAGNUS ROSÉN, RAMIRENT CEO:
“In the third quarter the rental industry continued on the recovery path that
started in spring time. Both our sales and profitability improved in the third
quarter reflecting the increase in market activity, improving utilisation rates
for our equipment as well as gradually improving pricing levels.
We are encouraged by the development in the third quarter, and while there are
still uncertainties in the overall economy in the short term, we expect rental
services markets to continue to recover. To meet the anticipated demand, we are
continuously growing our outlet network, which now consists of 375 outlets.
We see a continuously increasing interest from our customers to outsource their
equipment fleets. In addition, there are an increasing number of acquisition
opportunities in the market. With our strong financial position, we are well
positioned to take part in the market consolidation through select acquisitions
and outsourcing cases.”
RAMIRENT JANUARY - SEPTEMBER 2010
MARKET REVIEW
Market activity continued to improve within construction and in various
industrial sectors, although the overall activity in non-residential
construction remains at a lower level than residential construction.
Geographically, demand for rental equipment increased throughout all Ramirent
countries because of increased market activity. Positive signs of returning
demand continued also in the Baltic countries, although at a very low level.
NET SALES
Ramirent Group January - September 2010 net sales increased 1.3% to EUR 381.2
(376.3) million due to the pick up in market activity. At comparable exchange
rates, the Group's net sales decreased 4.6%. Net sales increased in Sweden and
Norway but decreased in the other segments compared to the corresponding period
in the previous year.
Third-quarter net sales increased 8.8% to EUR 140.9 (129.5) million compared to
the corresponding period in the previous year. Net sales development by segment
was as follows:
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| Net sales | | | | | | |
--------------------------------------------------------------------------------
| (EUR | 7-9/ | 7-9/09 | Change | 1-9/10 | 1-9/09 | Change | 1-12/ |
| million) | 10 | | | | | | 09 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finland | 37.5 | 41.2 | -9.0% | 101.7 | 103.8 | -2.0% | 134.3 |
--------------------------------------------------------------------------------
| Sweden | 36.1 | 30.8 | 17.2% | 100.3 | 95.4 | 5.1% | 127.9 |
--------------------------------------------------------------------------------
| Norway | 27.6 | 26.5 | 4.1% | 83.3 | 80.6 | 3.4% | 109.2 |
--------------------------------------------------------------------------------
| Denmark | 9.0 | 10.5 | -14.8% | 26.1 | 33.4 | -21.9% | 42.9 |
--------------------------------------------------------------------------------
| Europe | 12.3 | 18.9 | -34.8% | 29.3 | 40.1 | -27.0% | 51.3 |
| East | | | | | | | |
--------------------------------------------------------------------------------
| Europe | 19.7 | 18.2 | 8.3% | 47.7 | 48.6 | -2.0% | 65.0 |
| Central | | | | | | | |
--------------------------------------------------------------------------------
| Eliminatio | -1.2 | -16.6 | | -7.2 | -25.6 | | -28.1 |
| n of sales | | | | | | | |
| between | | | | | | | |
| segments | | | | | | | |
--------------------------------------------------------------------------------
| Net sales, | 140. | 129.5 | 8.8% | 381.2 | 376.3 | 1.3% | 502.5 |
| total | 9 | | | | | | |
--------------------------------------------------------------------------------
FINANCIAL RESULTS
Operating profit before depreciation (EBITDA) was EUR 90.6 (103.7) million with
a margin of 23.8% (27.6%). Profits were burdened by price pressure and low
utilisation levels. Credit losses and net change in the allowance for bad debt
totalled EUR -2.9 (-2.5) million. Reversal of provisions and one-off items of
EUR 2.0 million were booked in the third-quarter, affecting EBITDA positively.
Depreciations amounted to EUR 72.1 (71.3) million.
The Group's operating profit (EBIT) was EUR 18.5 (32.4) million, representing
4.8% (8.6%) of net sales. Write-downs of aged equipment amounted to EUR 1.3
million in the third quarter.
Third-quarter EBITDA-margin improved to 30.0% (28.8%) and EBIT-margin improved
to 11.8% (9.0%). EBIT and EBIT-margin by segment were as follows:
--------------------------------------------------------------------------------
| EBIT | | | | |
--------------------------------------------------------------------------------
| (EUR million) | 7-9/10 | 7-9/09 | 1-9/10 | 1-9/09 | 1-12/09 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finland | 7.1 | 6.3 | 10.9 | 12.1 | 12.1 |
--------------------------------------------------------------------------------
| % of net sales | 18.8% | 15.3% | 10.7% | 11.6% | 9.0% |
--------------------------------------------------------------------------------
| Sweden | 7.4 | 4.4 | 15.0 | 16.6 | 20.9 |
--------------------------------------------------------------------------------
| % of net sales | 20.6% | 14.3% | 15.0% | 17.4% | 16.4% |
--------------------------------------------------------------------------------
| Norway | 1.7 | 2.3 | 2.2 | 8.2 | 9.1 |
--------------------------------------------------------------------------------
| % of net sales | 6.1% | 8.6% | 2.7% | 10.1% | 8.4% |
--------------------------------------------------------------------------------
| Denmark | -0.2 | -0.3 | -1.5 | 0.1 | -4.3 |
--------------------------------------------------------------------------------
| % of net sales | -1.9% | -2.8% | -5.6% | 0.2% | -10.1% |
--------------------------------------------------------------------------------
| Europe East | -0.7 | -2.0 | -4.7 | -8.6 | -10.6 |
--------------------------------------------------------------------------------
| % of net sales | -5.7% | -10.4% | -15.9% | -21.4% | -20.7% |
--------------------------------------------------------------------------------
| Europe Central | 2.2 | 1.6 | -0.1 | 3.8 | 2.8 |
--------------------------------------------------------------------------------
| % of net sales | 11.2% | 8.6% | -0.3% | 7.9% | 4.3% |
--------------------------------------------------------------------------------
| Costs not allocated | -0.9 | -0.6 | -3.4 | 0.3 | -1.3 |
| to segments | | | | | |
--------------------------------------------------------------------------------
| Group EBIT | 16.6 | 11.7 | 18.5 | 32.4 | 28.8 |
--------------------------------------------------------------------------------
| % of net sales | 11.8% | 9.0% | 4.8% | 8.6% | 5.7% |
--------------------------------------------------------------------------------
Net financial items were EUR -6.4 (-12.5) million, including EUR 3.1 million
positive net effect of exchange rate changes. The Group's profit before taxes
was EUR 12.1 (19.9) million. Income taxes amounted to EUR -4.6 (-5.9) million.
Net profit for the review period was EUR 7.5 (14.0) million. Earnings per share
were EUR 0.07 (0.13). The rolling twelve-month return on invested capital was
5.4% (6.4%), and the corresponding return on equity was -0.6% (-4.2%). The
equity per share was EUR 2.83 (2.87).
CAPITAL EXPENDITURE, CASH FLOW AND FINANCIAL POSITION
The Group's gross capital expenditure on non-current assets totalled EUR 43.9
(10.0) million, of which EUR 35.3 (8.5) million was attributable to investments
in rental machinery and equipment and the rest was related mainly to goodwill
and other intangible assets from acquisitions.
Disposals of tangible non-current assets at sales value were EUR 12.1 (16.1)
million, of which EUR 12.0 (15.4) million was attributable to rental machinery
and equipment.
The Group's nine-month cash flow from operating activities amounted to EUR 64.4
(79.5) million. Cash flow from investing activities amounted to EUR -40.6
(-11.4) million. Cash flow from operating and investing activities totalled EUR
23.8 (68.1) million.
Interest-bearing liabilities at the end of the third quarter amounted to EUR
201.6 (231.8) million. Net debt amounted to EUR 197.2 (230.0) million and
gearing was at 64.1% (73.8%).
On 30 September 2010, Ramirent had unused committed back-up loan facilities
available of EUR 177.1 million.
Total assets amounted to EUR 667.6 (689.6) million at the end of the review
period. Group equity totalled EUR 307.5 (311.8) million. The Group's equity
ratio was 46.1% (45.2%).
PERSONNEL AND OUTLET NETWORK
--------------------------------------------------------------------------------
| | Employees | Employees | Outlets | Outlets |
--------------------------------------------------------------------------------
| | 30 September | 30 September | 30 September | 30 September |
| | 2010 | 2009 | 2010 | 2009 |
--------------------------------------------------------------------------------
| Finland | 612 | 612 | 83 | 79 |
--------------------------------------------------------------------------------
| Sweden | 540 | 530 | 74 | 58 |
--------------------------------------------------------------------------------
| Norway | 500 | 552 | 42 | 40 |
--------------------------------------------------------------------------------
| Denmark | 148 | 184 | 20 | 21 |
--------------------------------------------------------------------------------
| Europe East | 381 | 399 | 45 | 45 |
--------------------------------------------------------------------------------
| Europe | 825 | 885 | 111 | 101 |
| Central | | | | |
--------------------------------------------------------------------------------
| Group | 19 | 15 | | |
| administratio | | | | |
| n | | | | |
--------------------------------------------------------------------------------
| Total | 3,025 | 3,177 | 375 | 344 |
--------------------------------------------------------------------------------
DEVELOPMENT BY OPERATING SEGMENT
Finland
Finland January - September 2010 net sales decreased 2.0% to EUR 101.7 (103.8)
million. EBIT was EUR 10.9 (12.1) million, representing a margin of 10.7%
(11.6%). Third-quarter net sales decreased 9.0% to EUR 37.5 (41.2) million with
an EBIT-margin of 18.8% (15.3%). Adjusted for inter-segment sales third-quarter
net sales increased 6.0%. Demand increased in most product groups because of
higher construction activity and an increase in new start-ups. The significantly
lower activity in shipyards compared to the previous years has for the major
part been compensated with activity in the industrial maintenance and
construction sectors. EBIT weakened mainly due to the harmonisation of
depreciation rules in effect from last quarter of 2009, but was affected
positively in the third quarter by improving price levels and higher utilisation
rates in certain product groups.
Sweden
Sweden January - September 2010 net sales increased 5.1% to EUR 100.3 (95.4)
million but decreased 5.2% at comparable exchange rates. EBIT was EUR 15.0
(16.6) million, representing a margin of 15.0% (17.4%). Third-quarter net sales
increased 17.2% to EUR 36.1 (30.8) million or 6.1% at comparable exchange rates.
The third-quarter EBIT-margin improved to 20.6% (14.3%). Net sales increased
because of higher market activity. The upward trend in pricing continued due to
increased demand in certain product groups. EBIT improved supported by the
higher activity levels and included a net reversal of provisions and one-off
items amounting to EUR 2.0 million in the third-quarter. The number of outlets
in Sweden increased from 69 to 74 outlets since the second quarter of 2010, due
to the opening of both new owned and franchised outlets.
Norway
Norway January - September 2010 net sales increased 3.4% to EUR 83.3 (80.6)
million but decreased 6.6% at comparable exchange rates. EBIT was EUR 2.2 (8.2)
million, representing a margin of 2.7% (10.1%). Third-quarter net sales
increased 4.1% to EUR 27.6 (26.5) million or decreased 5.2% at comparable
exchange rates. The third-quarter EBIT-margin was 6.1% (8.6%). Net sales and
EBIT were burdened by stiff price competition in certain product groups. The
rebranding of Bautas to Ramirent in Norway continued according to plan.
Denmark
Denmark January - September 2010 net sales decreased 21.9% to EUR 26.1 (33.4)
million. EBIT was EUR -1.5 (0.1) million, representing a margin of -5.6% (0.2%).
Third-quarter net sales decreased 14.8% to EUR 9.0 (10.5) million. Net sales
decreased due to continued weak market conditions. Persistent and intense price
competition affected both sales and EBIT negatively.
Europe East (Russia, the Baltic States and Ukraine)
Europe East January - September 2010 net sales decreased 27.0% to EUR 29.3
(40.1) million or 29.3% at comparable exchange rates. EBIT was EUR -4.7 (-8.6)
million, representing a margin of -15.9% (-21.4%). Third-quarter net sales
decreased 34.8% to EUR 12.3 (18.9) million or 36.9% at comparable exchange
rates. Adjusted for inter-segment sales third-quarter net sales increased 27.2%.
The third-quarter EBIT-margin was -5.7% (-10.4%). Positive signs of returning
activity continued to be seen in the Baltic countries. Market activity was good
in both Russia and Ukraine due to higher construction activity. EBIT was
burdened by the overall lower sales and price levels. Write-downs of aged
equipment amounted to EUR 1.3 million in the third-quarter.
Europe Central (Poland, Hungary, the Czech Republic and Slovakia)
Europe Central January - September 2010 net sales decreased 2.0% to EUR 47.7
(48.6) million or 6.0% at comparable exchange rates. EBIT was EUR -0.1 (3.8)
million, representing a margin of -0.3% (7.9%). Third-quarter net sales
increased 8.3% to EUR 19.7 (18.2) million or 7.5% at comparable exchange rates.
The third-quarter EBIT-margin improved to 11.2% (8.6%). Net sales picked up
during the third quarter throughout all Europe Central countries because of
higher market activity. EBIT was burdened by the continued intense price
competition in most product groups. The number of outlets in Europe Central
increased from 98 to 111 outlets since the second-quarter of 2010, mainly due to
the opening of a number of both new owned and franchised outlets in Czech
Republic.
INCENTIVE PROGRAMME FOR RAMIRENT MANAGERS
On 10 August 2010, the Board of Directors of Ramirent Plc approved a share-based
incentive programme for managers in the Group. The programme is a Performance
Share Programme targeted at approximately 50 managers, including the Group
Management team, for the earnings period 2010-2012.
The potential reward from the programme for the earning period 2010-2012 will be
based on the Group's Total Shareholder Return (TSR), on the Group's average
Return on Invested Capital (ROI) and on the Group's cumulative Earnings per
Share (EPS).
The potential reward from the earning period 2010-2012 will be paid partly in
Company shares and partly in cash during 2013. The cash payment is intended to
cover the personal taxes and tax-related costs arising from the reward. The
maximum reward to be paid on the basis of the earning period 2010-2012 will
correspond to the value of up to 390,000 Ramirent Plc shares (including also the
portion to be paid in cash).
The participants must hold the shares received on the basis of the new incentive
programme as long as the value of the shares held by the participant in total is
below his or her six-month gross salary.
SHARES
Trading in the share
Ramirent Plc's market capitalization at the end of September 2010 was EUR 816.3
(829.4) million. Trading closed at EUR 7.51 (7.63). The highest quote for the
period was EUR 8.75 (8.23), and the lowest was EUR 6.17 (2.35). The average
trading price was EUR 7.47 (4.47).
The value of share turnover during the review period was EUR 260.8 (225.2)
million, equivalent to 35,048,571 (50,616,878) traded Ramirent shares, i.e.
32.2% (46.6%) 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
At the end of the review period, Ramirent Plc held 279,000 of its own shares.
The repurchase commenced one week after the Board of Directors of Ramirent Plc
announced its decision, on 11 August 2010, to repurchase up to 390,000 shares of
the Company, based on the authorisation granted by the AGM 2010.
The shares have been repurchased in deviation from the proportion to the
holdings of the shareholders with funds in the Company's non-restricted equity
through public trading on NASDAQ OMX Helsinki Ltd at the market price of the
time of the repurchase. The shares are acquired to be used as part of the
company's incentive programme, consideration in possible acquisitions or in
other arrangements that are part of the company´s business, to finance
investments or to be retained, otherwise conveyed or cancelled by the Company.
BOARD MEMBER TORGNY ERIKSSON PASSED AWAY
On 11 October, 2010 Ramirent Plc deeply regretted to report the passing away of
Ramirent board member Torgny Eriksson, 63. Torgny Eriksson had been member of
the Ramirent board since 2005. He was the co-founder and CEO of Carta Corporate
Advisors AB, a leading consulting firm in Scandinavia, and his prior working
experience included also leading line management positions in e.g. Unilever.
The Ramirent Board of Directors currently consists of the following five
members: Mr. Peter Hofvenstam (chairman), Mrs. Susanna Renlund (vice-chairman),
Mr. Kaj-Gustaf Bergh, Mr. Johan Ek and Mr. Erkki Norvio.
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 customer offering, widening the customer portfolio, as well as
growing through outsourcing cases and selected acquisitions; operational
excellence through developing a one-company structure, “the Rami-platform”; and
reducing the risk level through a balanced business portfolio and improved risk
management practices.
The Group's long-term financial targets over a business cycle are: earnings per
share growth of at least 15% p.a., a return on invested capital of at least 18%
p.a. and a gearing target of less than 120% at the end of each financial year.
Ramirent's policy with respect to the ordinary dividend is to distribute at
least 40% of annual earnings per share to shareholders.
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 is high 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 increased competition in the rental sector in its
operating countries. The main risks are described in the annual report 2009.
EVENTS AFTER THE END OF THE QUARTER
The share repurchase has been finalised on 15 October 2010. As per that date,
the company had acquired 390,000 shares of the Company. The average purchase
price for the purchased shares is EUR 7.53 per share.
The Board decided, at its meeting on 4 November 2010, not to use the
authorisation to pay an additional dividend of no more than EUR 0.10 per share
that was granted by the AGM 2010.
MARKET OUTLOOK 2010-2011
Overall new residential construction, infrastructure and renovation construction
market is expected to develop favourably while demand for commercial
construction remains weak especially in the Nordic countries. The improved
balance between supply and demand in certain product groups indicates a
healthier price level going forward.
According to the forecast published by the Confederation of Finnish Construction
Industries RT in October, construction is expected to grow by 2% in 2010 and 3%
in 2011 in Finland.
According to the forecast published by the Swedish Construction Federation in
October, construction is expected to grow by 3% in 2010 and 5% in 2011 in
Sweden.
According to the forecast published by Euroconstruct in June, construction is
expected to decrease by 4% in 2010 and will grow 2% in 2011 in Norway.
According to the forecast published by Euroconstruct in June, construction is
expected to decrease by 3% in 2010 and to grow by 4% in 2011 in Denmark.
According to the forecast published by Euroconstruct in June, construction will
develop in Europe East countries according to the following: Construction is
expected to decrease by 13% in 2010 in Estonia, by 17% in Latvia and by 18% in
Lithuania in 2010. Construction activity is expected to show growth in Russia
and Ukraine during 2010. In 2011, construction is expected to grow by 7% in
Estonia, stay at same level as 2010 in Latvia and Lithuania while in Russia
growth is expected to continue in 2011.
In Europe Central countries Euroconstruct forecasts construction to grow by 10%
in 2010 in Poland, by 5% in Slovakia, by 3% in Hungary but decrease by 7% in
Czech Republic. In 2011, construction is expected to grow by 15% in Poland, by
11% in Slovakia, by 5% in Hungary and by 2% in Czech Republic.
RAMIRENT OUTLOOK 2010
The Ramirent 2010 outlook is 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 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 thousand euros unless
otherwise stated. Due to roundings individual figures may differ from the
totals.
--------------------------------------------------------------------------------
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (EUR 1,000) | 7-9/10 | 7-9/09 | 1-9/10 | 1-9/09 | 1-12/09 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Net sales | 140,898 | 129,503 | 381,172 | 376,318 | 502,500 |
--------------------------------------------------------------------------------
| Other operating | 248 | 528 | 1,160 | 1,690 | 2,060 |
| income | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Materials and | -44,756 | -40,958 | -126,074 | -113,492 | -157,153 |
| services | | | | | |
--------------------------------------------------------------------------------
| Employee benefit | -31,956 | -32,838 | -98,044 | -97,633 | -130,934 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Depreciation and | -25,682 | -25,556 | -72,091 | -71,307 | -101,113 |
| amortisation | | | | | |
--------------------------------------------------------------------------------
| Other operating | -22,129 | -18,975 | -67,644 | -63,177 | -86,594 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| EBIT | 16,623 | 11,703 | 18,479 | 32,398 | 28,766 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income | 247 | 3,711 | 9,965 | 14,098 | 17,936 |
--------------------------------------------------------------------------------
| Financial expenses | -4,856 | -7,772 | -16,352 | -26,566 | -34,027 |
--------------------------------------------------------------------------------
| EBT | 12,015 | 7,642 | 12,093 | 19,930 | 12,675 |
--------------------------------------------------------------------------------
| Income taxes | -3,480 | -2,648 | -4,577 | -5,929 | -7,992 |
--------------------------------------------------------------------------------
| NET RESULT FOR THE | 8,535 | 4,994 | 7,515 | 14,000 | 4,683 |
| PERIOD | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other comprehensive | |
| income: | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Translation | 4,594 | 10,810 | 13,981 | 16,946 | 19,105 |
| differences | | | | | |
--------------------------------------------------------------------------------
| Cash flow hedges | 104 | 142 | -3,013 | -290 | 1,148 |
--------------------------------------------------------------------------------
| Net change in fair | 155 | - | 1,965 | - | -218 |
| value of cash flow | | | | | |
| hedges transferred to | | | | | |
| profit or loss | | | | | |
--------------------------------------------------------------------------------
| Entries on | - | - | - | - | -99 |
| non-current assets | | | | | |
| held for sale | | | | | |
--------------------------------------------------------------------------------
| Income tax relating | -344 | -37 | -4 | 75 | -216 |
| to components of | | | | | |
| other comprehensive | | | | | |
| income | | | | | |
--------------------------------------------------------------------------------
| OTHER COMPREHENSIVE | 4,510 | 10,915 | 12,930 | 16,731 | 19,720 |
| INCOME FOR THE YEAR, | | | | | |
| NET OF TAX | | | | | |
--------------------------------------------------------------------------------
| TOTAL COMPREHENSIVE | 13,044 | 15,909 | 20,445 | 30,732 | 24,403 |
| INCOME/EXPENSE FOR | | | | | |
| THE PERIOD | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net result for the | |
| period attributable | |
| to: | |
--------------------------------------------------------------------------------
| Owners of the parent | 8,535 | 4,994 | 7,515 | 14,000 | 4,683 |
| company | | | | | |
--------------------------------------------------------------------------------
| Non-controlling | - | - | - | - | - |
| interest | | | | | |
--------------------------------------------------------------------------------
| TOTAL | 8,535 | 4,994 | 7,515 | 14,000 | 4,683 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total comprehensive | |
| income for the period | |
| attributable to: | |
--------------------------------------------------------------------------------
| Owners of the parent | 13,044 | 15,909 | 20,445 | 30,732 | 24,403 |
| company | | | | | |
--------------------------------------------------------------------------------
| Non controlling | - | - | - | - | - |
| interest | | | | | |
--------------------------------------------------------------------------------
| Total | 13,044 | 15,909 | 20,445 | 30,732 | 24,403 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share | 0.08 | 0.05 | 0.07 | 0.13 | 0.04 |
| (EPS), basic and | | | | | |
| diluted, EUR | | | | | |
--------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET
--------------------------------------------------------------------------------
| ASSETS | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (EUR 1,000) | 30.9.2010 | 30.9.2009 | 31.12.2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NON-CURRENT ASSETS | |
--------------------------------------------------------------------------------
| Property, plant and equipment | 432,749 | 477,396 | 456,076 |
--------------------------------------------------------------------------------
| Goodwill | 93,154 | 86,025 | 87,194 |
--------------------------------------------------------------------------------
| Other intangible assets | 10,345 | 6,045 | 5,851 |
--------------------------------------------------------------------------------
| Available-for-sale investments | 603 | 140 | 53 |
--------------------------------------------------------------------------------
| Deferred tax assets | 10,473 | 10,095 | 7,660 |
--------------------------------------------------------------------------------
| NON-CURRENT ASSETS, TOTAL | 547,323 | 579,700 | 556,833 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CURRENT ASSETS | |
--------------------------------------------------------------------------------
| Inventories | 14,259 | 15,277 | 14,574 |
--------------------------------------------------------------------------------
| Trade and other receivables | 98,667 | 90,295 | 80,146 |
--------------------------------------------------------------------------------
| Income tax receivables on the | 2,920 | 2,076 | 2,260 |
| taxable income for the financial | | | |
| period | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 4,449 | 1,809 | 1,800 |
--------------------------------------------------------------------------------
| CURRENT ASSETS, TOTAL | 120,296 | 109,457 | 98,780 |
--------------------------------------------------------------------------------
| Non-current assets held for sale | - | 476 | 370 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL ASSETS | 667,619 | 689,633 | 655,982 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (EUR 1,000) | 30.9.2010 | 30.9.2009 | 31.12.2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY | | |
--------------------------------------------------------------------------------
| Share capital | 25,000 | 25,000 | 25,000 |
--------------------------------------------------------------------------------
| Revaluation fund | -3,309 | -3,222 | -2,319 |
--------------------------------------------------------------------------------
| Free equity fund | 113,329 | 113,329 | 113,329 |
--------------------------------------------------------------------------------
| Translation differences | -422 | -16,562 | -14,403 |
--------------------------------------------------------------------------------
| Retained earnings | 172,951 | 193,145 | 183,963 |
--------------------------------------------------------------------------------
| Items recognised directly to | - | 136 | 62 |
| equity on non-current assets | | | |
| held for sale | | | |
--------------------------------------------------------------------------------
| PARENT COMPANY SHAREHOLDERS' | 307,549 | 311,827 | 305,632 |
| EQUITY | | | |
--------------------------------------------------------------------------------
| Non-controlling interests | - | - | - |
--------------------------------------------------------------------------------
| EQUITY, TOTAL | 307,549 | 311,827 | 305,632 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NON-CURRENT LIABILITIES | |
--------------------------------------------------------------------------------
| Deferred tax liabilities | 56,508 | 46,639 | 50,798 |
--------------------------------------------------------------------------------
| Pension obligations | 6,456 | 8,074 | 9,750 |
--------------------------------------------------------------------------------
| Provisions | 2,510 | 4,795 | 3,856 |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 160,296 | 213,462 | 198,061 |
--------------------------------------------------------------------------------
| Other long-term liabilities | 2,200 | - | - |
--------------------------------------------------------------------------------
| NON-CURRENT LIABILITIES, | 227,970 | 272,971 | 262,466 |
| TOTAL | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CURRENT LIABILITIES | |
--------------------------------------------------------------------------------
| Trade payables and other | 86,205 | 70,391 | 67,013 |
| liabilities | | | |
--------------------------------------------------------------------------------
| Provisions | 1,890 | 10,030 | 8,477 |
--------------------------------------------------------------------------------
| Income tax liabilities on | 2,690 | 6,095 | 1,501 |
| the taxable income for the | | | |
| financial period | | | |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 41,314 | 18,319 | 10,894 |
--------------------------------------------------------------------------------
| CURRENT LIABILITIES, TOTAL | 132,100 | 104,835 | 87,885 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES, TOTAL | 360,070 | 377,806 | 350,351 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL EQUITY AND LIABILITIES | 667,619 | 689,633 | 655,982 |
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES OF EQUITY
A=Share capital
B=Revaluation fund
C=Free equity fund
D=Translation differences
E=Retained earnings
F=Entries on non-current assets held for sale
G=Total equity
1) Equity 1.1.2009
2) Total comprehensive income for the period
3) Equity 30.9.2009
4) Share based payments
5) Equity 31.12.2009
6) Acquisition of own shares
7) Dividend distribution
8) Equity 30.9.2010
--------------------------------------------------------------------------------
| | A | B | C | D | E | F | G |
--------------------------------------------------------------------------------
| 1) | 25,000 | -3,007 | 113,329 | -33,508 | 179,145 | 136 | 281,095 |
--------------------------------------------------------------------------------
| 2) | - | -215 | - | 16,946 | 14,000 | - | 30,732 |
--------------------------------------------------------------------------------
| 3) | 25,000 | -3,222 | 113,329 | -16,562 | 193,145 | 136 | 311,827 |
--------------------------------------------------------------------------------
| 4) | - | - | - | - | 134 | - | 134 |
--------------------------------------------------------------------------------
| 2) | - | 903 | - | 2,159 | -9,316 | -74 | -6,329 |
--------------------------------------------------------------------------------
| 5) | 25,000 | -2,319 | 113,329 | -14,403 | 183,963 | 62 | 305,632 |
--------------------------------------------------------------------------------
| 4) | - | - | - | - | -210 | - | -210 |
--------------------------------------------------------------------------------
| 6) | - | - | - | - | -2,013 | - | -2,013 |
--------------------------------------------------------------------------------
| 7) | - | - | - | - | -16,305 | - | -16,305 |
--------------------------------------------------------------------------------
| 2) | | -989 | - | 13,981 | 7,515 | -62 | 20,445 |
| | | | | | | | |
--------------------------------------------------------------------------------
| 8) | 25,000 | -3,309 | 113,329 | -422 | 172,951 | - | 307,549 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED CONDENSED CASH | |
| FLOW STATEMENT | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (EUR million) | 1-9/10 | 1-9/09 | 1-12/09 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from operating | 64.4 | 79.5 | 107.7 |
| activities | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from investing | -40.6 | -11.4 | -20.0 |
| activities | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from financing | |
| activities | |
--------------------------------------------------------------------------------
| Borrowings / repayment of | 4.8 | -10.6 | -19.1 |
| short-term debt | | | |
--------------------------------------------------------------------------------
| Borrowings / repayment of | -7.6 | -57.8 | -68.8 |
| long-term debt | | | |
--------------------------------------------------------------------------------
| Acquisition of own shares | -2.0 | - | - |
--------------------------------------------------------------------------------
| Dividends paid | -16.3 | - | - |
--------------------------------------------------------------------------------
| Cash flow from financing | -21.1 | -68.4 | -87.9 |
| activities | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net change in cash and cash | 2.6 | -0.3 | -0.3 |
| equivalents | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and cash equivalents at | 1.8 | 2.1 | 2.1 |
| the beginning of the period | | | |
--------------------------------------------------------------------------------
| Translation difference on cash | - | - | - |
| and cash equivalents | | | |
--------------------------------------------------------------------------------
| Net change in cash and cash | 2.6 | -0.3 | -0.3 |
| equivalents | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at | 4.4 | 1.8 | 1.8 |
| the end of the period | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| KEY FINANCIAL FIGURES | | | |
--------------------------------------------------------------------------------
| | 1-9/10 | 1-9/09 | 1-12/09 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest-bearing debt, (EUR | 201.6 | 231.8 | 209.0 |
| million) | | | |
--------------------------------------------------------------------------------
| Net debt, (EUR million) | 197.2 | 230.0 | 207.2 |
--------------------------------------------------------------------------------
| Invested capital (EUR million), | 509.2 | 543.6 | 514.6 |
| end of period | | | |
--------------------------------------------------------------------------------
| Return on invested capital | 5.4% | 6.4% | 8.5% |
| (ROI), % 1) | | | |
--------------------------------------------------------------------------------
| Gearing, % | 64.1% | 73.8% | 67.8% |
--------------------------------------------------------------------------------
| Equity ratio, % | 46.1% | 45.2% | 46.6% |
--------------------------------------------------------------------------------
| Personnel, average | 3,043 | 3,391 | 3,313 |
--------------------------------------------------------------------------------
| Personnel, end of period | 3,025 | 3,177 | 3,021 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Gross investments in non-current | 43.9 | 10.0 | 17.5 |
| assets (EUR million) | | | |
--------------------------------------------------------------------------------
| Gross investments, % of net | 11.5% | 2.7% | 3.5% |
| sales | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1) The figures are calculated on | |
| a rolling twelve month basis. | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| SHARE RELATED KEY FIGURES | | | |
--------------------------------------------------------------------------------
| | 1-9/10 | 1-9/09 | 1-12/09 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share (EPS) | 0.07 | 0.13 | 0.04 |
| weighted average, diluted, EUR | | | |
--------------------------------------------------------------------------------
| Earnings per share (EPS) | 0.07 | 0.13 | 0.04 |
| weighted average, non-diluted, | | | |
| EUR | | | |
--------------------------------------------------------------------------------
| Equity per share, end of period, | 2.83 | 2.87 | 2.81 |
| diluted, EUR | | | |
--------------------------------------------------------------------------------
| Equity per share, end of period, | 2.83 | 2.87 | 2.81 |
| 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 | | | |
--------------------------------------------------------------------------------
NOTES TO THE INTERIM FINANCIAL STATEMENTS
SEGMENT INFORMATION
Segment information is presented according to the IFRS standards.
Items below EBIT - financial items and taxes - are not allocated to the
segments.
--------------------------------------------------------------------------------
| Net sales | |
--------------------------------------------------------------------------------
| (EUR million) | 1-9/10 | 1-9/09 | 1-12/09 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finland | | |
--------------------------------------------------------------------------------
| - Net sales (external) | 100.4 | 95.5 | 125.9 |
--------------------------------------------------------------------------------
| - Inter-segment sales | 1.3 | 8.2 | 8.4 |
--------------------------------------------------------------------------------
| Sweden | | |
--------------------------------------------------------------------------------
| - Net sales (external) | 99.8 | 95.0 | 127.2 |
--------------------------------------------------------------------------------
| - Inter-segment sales | 0.5 | 0.4 | 0.6 |
--------------------------------------------------------------------------------
| Norway | | |
--------------------------------------------------------------------------------
| - Net sales (external) | 82.9 | 80.6 | 109.1 |
--------------------------------------------------------------------------------
| - Inter-segment sales | 0.4 | 0.0 | 0.0 |
--------------------------------------------------------------------------------
| Denmark | | |
--------------------------------------------------------------------------------
| - Net sales (external) | 24.2 | 31.1 | 40.0 |
--------------------------------------------------------------------------------
| - Inter-segment sales | 1.9 | 2.3 | 2.8 |
--------------------------------------------------------------------------------
| Europe East | |
--------------------------------------------------------------------------------
| - Net sales (external) | 27.2 | 26.2 | 36.1 |
--------------------------------------------------------------------------------
| - Inter-segment sales | 2.2 | 14.0 | 15.2 |
--------------------------------------------------------------------------------
| Europe Central | |
--------------------------------------------------------------------------------
| - Net sales (external) | 46.7 | 47.9 | 64.1 |
--------------------------------------------------------------------------------
| - Inter-segment sales | 1.0 | 0.7 | 1.0 |
--------------------------------------------------------------------------------
| Elimination of sales between segments | -7.2 | -25.6 | -28.1 |
--------------------------------------------------------------------------------
| Net sales, total | 381.2 | 376.3 | 502.5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other operating income | 1.2 | 1.7 | 2.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EBIT | |
--------------------------------------------------------------------------------
| (EUR million) | 1-9/10 | 1-9/09 | 1-12/09 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finland | 10.9 | 12.1 | 12.1 |
--------------------------------------------------------------------------------
| % of net sales | 10.7% | 11.6% | 9.0% |
--------------------------------------------------------------------------------
| Sweden | 15.0 | 16.6 | 20.9 |
--------------------------------------------------------------------------------
| % of net sales | 15.0% | 17.4% | 16.4% |
--------------------------------------------------------------------------------
| Norway | 2.2 | 8.2 | 9.1 |
--------------------------------------------------------------------------------
| % of net sales | 2.7% | 10.1% | 8.4% |
--------------------------------------------------------------------------------
| Denmark | -1.5 | 0.1 | -4.3 |
--------------------------------------------------------------------------------
| % of net sales | -5.6% | 0.2% | -10.1% |
--------------------------------------------------------------------------------
| Europe East | -4.7 | -8.6 | -10.6 |
--------------------------------------------------------------------------------
| % of net sales | -15.9% | -21.4% | -20.7% |
--------------------------------------------------------------------------------
| Europe Central | -0.1 | 3.8 | 2.8 |
--------------------------------------------------------------------------------
| % of net sales | -0.3% | 7.9% | 4.3% |
--------------------------------------------------------------------------------
| Net items not allocated | -3.4 | 0.3 | -1.3 |
| to operating segments | | | |
--------------------------------------------------------------------------------
| Group operating profit | 18.5 | 32.4 | 28.8 |
--------------------------------------------------------------------------------
| % of net sales | 4.8% | 8.6% | 5.7% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Depreciation, amortisation and | | | |
| impairment charges | | | |
--------------------------------------------------------------------------------
| | 1-9/10 | 1-9/09 | 1-12/09 |
--------------------------------------------------------------------------------
| (EUR million) | | |
--------------------------------------------------------------------------------
| Finland | 14.9 | 11.8 | 18.4 |
--------------------------------------------------------------------------------
| Sweden | 14.4 | 15.0 | 19.8 |
--------------------------------------------------------------------------------
| Norway | 13.7 | 14.8 | 19.5 |
--------------------------------------------------------------------------------
| Denmark | 5.1 | 6.5 | 11.1 |
--------------------------------------------------------------------------------
| Europe East | 11.9 | 12.8 | 17.1 |
--------------------------------------------------------------------------------
| Europe Central | 12.3 | 10.6 | 15.3 |
--------------------------------------------------------------------------------
| Unallocated items and | -0.3 | -0.1 | -0.2 |
| eliminations | | | |
--------------------------------------------------------------------------------
| Total | 72.1 | 71.3 | 101.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Reconciliation of Group operating | |
| profit to profit before taxes: | |
--------------------------------------------------------------------------------
| | 1-9/10 | 1-9/09 | 1-12/09 |
--------------------------------------------------------------------------------
| Group operating profit | 18.5 | 32.4 | 28.8 |
--------------------------------------------------------------------------------
| Unallocated items: | |
--------------------------------------------------------------------------------
| Financial income | 10.0 | 14.1 | 17.9 |
--------------------------------------------------------------------------------
| Financial expenses | -16.4 | -26.6 | -34.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit before taxes | 12.1 | 19.9 | 12.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Capital expenditure | |
--------------------------------------------------------------------------------
| (EUR million) | 1-9/10 | 1-9/09 | 1-12/09 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finland | 12.6 | 8.1 | 12.7 |
--------------------------------------------------------------------------------
| Sweden | 21.1 | 2.1 | 3.6 |
--------------------------------------------------------------------------------
| Norway | 8.3 | 3.4 | 6.1 |
--------------------------------------------------------------------------------
| Denmark | 0.8 | 1.0 | 1.0 |
--------------------------------------------------------------------------------
| Europe East | 3.1 | 0.6 | 0.9 |
--------------------------------------------------------------------------------
| Europe Central | 5.4 | 11.6 | 13.5 |
--------------------------------------------------------------------------------
| Group internal investments and | -7.3 | -16.9 | -20.2 |
| unallocated items | | | |
--------------------------------------------------------------------------------
| Total | 43.9 | 10.0 | 17.5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Assets allocated to segments | |
--------------------------------------------------------------------------------
| (EUR million) | 1-9/10 | 1-9/09 | 1-12/09 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finland | 122.9 | 131.9 | 123.1 |
--------------------------------------------------------------------------------
| Sweden | 146.7 | 129.1 | 121.3 |
--------------------------------------------------------------------------------
| Norway | 135.8 | 137.3 | 136.4 |
--------------------------------------------------------------------------------
| Denmark | 42.4 | 54.4 | 47.8 |
--------------------------------------------------------------------------------
| Europe East | 87.7 | 104.1 | 96.6 |
--------------------------------------------------------------------------------
| Europe Central | 115.6 | 123.5 | 122.4 |
--------------------------------------------------------------------------------
| Unallocated items and eliminations | 16.5 | 9.3 | 8.4 |
--------------------------------------------------------------------------------
| Total | 667.6 | 689.6 | 656.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CHANGES IN NON-CURRENT ASSETS |
--------------------------------------------------------------------------------
| (EUR 1,000) | | | | |
--------------------------------------------------------------------------------
| | | 30.9.2010 | 30.9.2009 | 31.12.2009 |
--------------------------------------------------------------------------------
| OPENING BALANCE | 549,173 | 623,242 | 623,242 |
--------------------------------------------------------------------------------
| Depreciation | | -70,297 | -71,307 | -101,113 |
--------------------------------------------------------------------------------
| Additions: | | | | |
--------------------------------------------------------------------------------
| | Machinery & Equipment | 35,263 | 8,463 | 15,010 |
--------------------------------------------------------------------------------
| | Other Additions | 8,643 | 1,548 | 2,503 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Disposals (sales) | -5,676 | -8,280 | -12,024 |
--------------------------------------------------------------------------------
| Other * | | 19,746 | 15,939 | 21,554 |
--------------------------------------------------------------------------------
| CLOSING BALANCE | 536,851 | 569,605 | 549,173 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current assets held for sale | - | 476 | 370 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| * Other includes translation differences, reclassifications and changes in |
| estimated consideration for acquisitions |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONTINGENT LIABILITIES | |
--------------------------------------------------------------------------------
| (EUR million) | 30.9.2010 | 30.9.2009 | 31.12.2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other pledged assets | - | 4.7 | - |
--------------------------------------------------------------------------------
| Interest-bearing debt for which the | - | 4.7 | - |
| above collateral is given | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Suretyships | 3.1 | 2.7 | 2.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Committed investments | 4.0 | 0.1 | 0.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-cancellable minimum future | 141.8 | 168.4 | 169.4 |
| operating lease payments | | | |
--------------------------------------------------------------------------------
| Non-cancellable minimum future finance | 0.4 | 0.3 | 0.3 |
| lease payments | | | |
--------------------------------------------------------------------------------
| Finance lease debt in the balance | -0.4 | -0.3 | -0.3 |
| sheet | | | |
--------------------------------------------------------------------------------
| Non-cancellable minimum future lease | 141.8 | 168.4 | 169.4 |
| payments off-balance sheet | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Obligations arising from derivative | |
| instruments: | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest rate derivatives | |
--------------------------------------------------------------------------------
| Nominal value of underlying object | 142.9 | 165.6 | 196.1 |
--------------------------------------------------------------------------------
| Fair value of the derivative | -3.0 | -4.4 | -0.1 |
| instruments | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Foreign currency derivates | | | |
--------------------------------------------------------------------------------
| Nominal value of underlying object | 48.6 | - | - |
--------------------------------------------------------------------------------
| Fair value of the derivative | 0.3 | - | - |
| instruments | | | |
--------------------------------------------------------------------------------
Some comparative figures have been restated based on more accurate information.
--------------------------------------------------------------------------------
| QUARTERLY SEGMENT INFORMATION | | | | | |
--------------------------------------------------------------------------------
| Net sales, EUR million | | Full | | | | |
--------------------------------------------------------------------------------
| | Q3 | Q2 | Q1 | year | Q4 | Q3 | Q2 | Q1 |
--------------------------------------------------------------------------------
| | 2010 | 2010 | 2010 | 2009 | 2009 | 2009 | 2009 | 2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finland | 37.5 | 36.1 | 28.1 | 134. | 30.6 | 41.2 | 33.8 | 28.7 |
| | | | | 3 | | | | |
--------------------------------------------------------------------------------
| Sweden | 36.1 | 34.9 | 29.4 | 127. | 32.4 | 30.8 | 32.6 | 32.0 |
| | | | | 9 | | | | |
--------------------------------------------------------------------------------
| Norway | 27.6 | 27.4 | 28.4 | 109. | 28.6 | 26.5 | 25.2 | 28.9 |
| | | | | 2 | | | | |
--------------------------------------------------------------------------------
| Denmark | 9.0 | 9.0 | 8.1 | 42.9 | 9.5 | 10.5 | 11.6 | 11.3 |
--------------------------------------------------------------------------------
| Europe East | 12.3 | 9.5 | 7.5 | 51.3 | 11.2 | 18.9 | 12.0 | 9.3 |
--------------------------------------------------------------------------------
| Europe | 19.7 | 15.9 | 12.1 | 65.0 | 16.4 | 18.2 | 16.3 | 14.1 |
| Central | | | | | | | | |
--------------------------------------------------------------------------------
| Elimination | -1.2 | -4.0 | -2.0 | -28. | -2.5 | -16.6 | -6.9 | -2.1 |
| of sales | | | | 1 | | | | |
| between | | | | | | | | |
| segments | | | | | | | | |
--------------------------------------------------------------------------------
| Net sales, | 140.9 | 128.7 | 111.5 | 502. | 126.2 | 129.5 | 124.6 | 122.2 |
| total | | | | 5 | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EBIT, EUR million and % of net sales |
--------------------------------------------------------------------------------
| | | | | Full | | | | |
--------------------------------------------------------------------------------
| | Q3 | Q2 | Q1 | year | Q4 | Q3 | Q2 | Q1 |
--------------------------------------------------------------------------------
| | 2010 | 2010 | 2010 | 2009 | 2009 | 2009 | 2009 | 2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finland | 7.1 | 4.0 | -0.2 | 12.1 | 0.1 | 6.3 | 4.9 | 0.9 |
--------------------------------------------------------------------------------
| % of net | 18.8% | 11.1% | -0.8% | 9.0% | 0.2% | 15.3% | 14.4% | 3.1% |
| sales | | | | | | | | |
--------------------------------------------------------------------------------
| Sweden | 7.4 | 5.0 | 2.6 | 20.9 | 4.4 | 4.4 | 6.9 | 5.3 |
--------------------------------------------------------------------------------
| % of net | 20.6% | 14.4% | 8.8% | 16.4% | 13.4% | 14.3% | 21.1% | 16.6% |
| sales | | | | | | | | |
--------------------------------------------------------------------------------
| Norway | 1.7 | 1.0 | -0.4 | 9.1 | 1.0 | 2.3 | 3.4 | 2.5 |
--------------------------------------------------------------------------------
| % of net | 6.1% | 3.7% | -1.6% | 8.4% | 3.4% | 8.6% | 13.4% | 8.7% |
| sales | | | | | | | | |
--------------------------------------------------------------------------------
| Denmark | -0.2 | -0.7 | -0.6 | -4.3 | -4.4 | -0.3 | 0.4 | -0.1 |
--------------------------------------------------------------------------------
| % of net | -1.9% | -7.4% | -7.8% | -10.1 | -46.2 | -2.8% | 3.6% | -0.6% |
| sales | | | | % | % | | | |
--------------------------------------------------------------------------------
| Europe | -0.7 | -1.6 | -2.4 | -10.6 | -2.1 | -2.0 | -3.3 | -3.3 |
| East | | | | | | | | |
--------------------------------------------------------------------------------
| % of net | -5.7% | -16.5 | -32.2 | -20.7 | -18.5 | -10.4 | -27.4% | -35.8% |
| sales | | % | % | % | % | % | | |
--------------------------------------------------------------------------------
| Europe | 2.2 | 0.3 | -2.6 | 2.8 | -1.0 | 1.6 | 1.6 | 0.7 |
| Central | | | | | | | | |
--------------------------------------------------------------------------------
| % of net | 11.2% | 1.9% | -21.8 | 4.3% | -6.2% | 8.6% | 9.5% | 5.1% |
| sales | | | % | | | | | |
--------------------------------------------------------------------------------
| Costs not | -0.9 | -0.7 | -1.8 | -1.3 | -1.6 | -0.6 | -0.4 | 1.2 |
| allocated | | | | | | | | |
| to | | | | | | | | |
| segments | | | | | | | | |
--------------------------------------------------------------------------------
| Group EBIT | 16.6 | 7.4 | -5.6 | 28.8 | -3.6 | 11.7 | 13.5 | 7.2 |
--------------------------------------------------------------------------------
| % of net | 11.8% | 5.8% | -5.0% | 5.7% | -2.9% | 9.0% | 10.8% | 5.9% |
| sales | | | | | | | | |
--------------------------------------------------------------------------------
ANALYST AND PRESS BRIEFING
A briefing for investment analysts and the press will be arranged on Thursday 4
November 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 4 November 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 877428. A
recording of the webcast will be available at www.ramirent.com later the same
day.
FINANCIAL CALENDAR 2011
Ramirent observes a silent period during the three-week period prior to the
publication of annual and interim financial results.
2010 Full Year Results 16 February 2011 at 9:00 a.m.
Annual Report 2010 week 9
Annual General Meeting 2011 7 April 2011
Interim Report January-March 2011 10 May 2011 at 9:00 a.m.
Interim Report January-June 2011 12 August 2011 at 9:00 a.m.
Interim Report January-September 2011 9 November 2011 at 9:00 a.m.
The financial information in this stock exchange release has not been audited.
Vantaa, 4 November 2010
RAMIRENT PLC
Board of Directors
FURTHER INFORMATION:
CEO Magnus Rosén tel.+358 20750 2845, magnus.rosen(a)ramirent.com
CFO Jonas Söderkvist tel.+358 20750 3248, jonas.soderkvist(a)ramirent.com
IR Franciska Janzon tel.+358 20750 2859, franciska.janzon(a)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 some 3,000 employees at some 375
permanent outlets in thirteen countries. In 2009, Group net sales totalled EUR
503 million. Ramirent is listed on the NASDAQ OMX Helsinki.
