RAMIRENT PLC COMPANY ANNOUNCEMENT 9 AUGUST 2012

Vantaa, Finland, 2012-08-09 08:00 CEST (GLOBE NEWSWIRE) —
 

 

RAMIRENT’S INTERIM REPORT JANUARY–JUNE 2012: GOOD FIRST HALF OF THE YEAR

APRIL–JUNE 2012 HIGHLIGHTS

  • Ramirent net sales EUR 169.7 (149.5) million, up 13.5% (12.8% at comparable exchange rates). Like-for-like growth* 4.9%. 
  • EBITDA EUR 51.6 (40.6) million or 30.4% (27.2%) of net sales
  • EBIT EUR 22.7 (15.4) million or 13.4% (10.3%) of net sales
  • Gross capital expenditure EUR 23.9 (44.6) million
  • Cash flow after investments EUR 7.3 (–20.4) million

* excluding acquisitions in Sweden and Norway

 

JANUARY–JUNE 2012 HIGHLIGHTS

  • Ramirent net sales EUR 334.1 (283.9) million, up 17.7% (17.1% at comparable exchange rates). Like-for-like growth 8.4%. 
  • EBITDA EUR 93.5 (68.2) million or 28.0% (24.0%) of net sales
  • EBIT EUR 35.1 (18.1) million or 10.5% (6.4%) of net sales
  • Net result EUR 22.9 (9.0) million and EPS EUR 0.21 (0.08)
  • Gross capital expenditure EUR 59.6 (76.5) million
  • Cash flow after investments EUR 13.6 (–31.1) million
  • Net debt EUR 280.6 (238.2) million and gearing 87.2% (80.4%)

 

RAMIRENT 2012 OUTLOOK UNCHANGED

Ramirent outlook for 2012 remains unchanged. In 2012, net sales are expected to increase and the result before taxes is expected to improve compared to 2011.

   

KEY FIGURES 4–6/12 4–6/11 CHANGE 1–6/12 1–6/11 CHANGE 1–12/11
(MEUR)              
Net sales 169.7 149.5 13.5 % 334.1 283.9 17.7 % 649.9
EBITDA 51.6 40.6 27.1 % 93.5 68.2 37.0 % 181.8
% of net sales 30.4 % 27.2 %   28.0 % 24.0 %   28.0 %
EBIT 22.7 15.4 47.3 % 35.1 18.1 93.6 % 74.1
% of net sales 13.4 % 10.3 %   10.5 % 6.4 %   11.4 %
EBT 20.0 12.5 59.6% 30.6 12.4 148.0 % 60.8
% of net sales 11.8 % 8.4 %   9.2 % 4.4 %   9.3 %
Earnings per share (EPS), (basic and diluted), EUR 0.14 0.08 65.4 % 0.21 0.08 155.6 % 0.41
Gross capital expenditure on non-current assets 23.9 44.6 −46.4 % 59.6 76.5 −22.0 % 242.2
Gross capital expenditure, % of net sales 14.1 % 29.8 %   17.8 % 26.9 %   37.3 %
Cash flow after investments 7.3 −20.4 135.5 % 13.6 −31.1 143.8 % −52.0
Invested capital at the end of period       604.7 536.4 12.7 % 591.2
Return on invested capital (ROI), % 1)       18.9 % 10.4 %   15.7 %
Return on equity (ROE), % 1)       19.0 % 8.3 %   13.9 %
Net debt       280.6 238.2 17.8 % 262.8
Gearing, %       87.2 % 80.4 %   80.6 %
Equity ratio, %       39.4 % 42.5 %   40.7 %
Personnel at end of period       3 129 3 185 −1.8 % 3 184
               
1) The figures are calculated on a rolling twelve month basis.

   

MAGNUS ROSÉN, RAMIRENT CEO:

“Our first half of 2012 has progressed well. Margins have developed positively over the period and in the second quarter we delivered EBIT of 13.4% (10.3%) on net sales of 169.7 (149.5). Growth in net sales slowed during the second quarter (13.5%) compared to the first (22.3%), due to a smaller positive effect from previous year’s acquisitions and slower underlying organic growth. Like-for-like, growth in net sales amounted to 4.9% in the second quarter compared to 12.4% in the first.

Both net sales and profits improved in the Nordic countries and in Europe East segment where market conditions continued to be favourable. In Europe Central, where the market activity weakened further, we saw a decrease in net sales and profit to unsatisfactory levels. Actions have been and will be taken to restructure operations to improve cost efficiencies and synergies across the four countries Poland, Czech Republic, Slovakia and Hungary.

We reached all our financial targets during the second quarter and our cash flow after investments was positive.

As we enter the second half of the year, we continue to carefully monitor the development of our market environment due to the uncertainty in the general economy. Visibility remains low, so we maintain a high preparedness to manage changes in market conditions. Our priority is operating on cautious capital expenditure, strict cost control and on maintaining a strong balance sheet. We will also continue to strengthen our competitiveness by developing our common Ramirent platform and providing customers enhanced efficiency through integrated solutions.”

 

MARKET OUTLOOK 2012
Construction output forecasts

According to the forecast published by the Confederation of Finnish Construction Industries RT in April 2012, construction output is expected to decrease by 2.0% in Finland in 2012 and according to the forecast published by Euroconstruct in June 2012 by 2.6%.

According to forecast published by the Swedish Construction Federation in May 2012, construction output will decrease by 1% in Sweden in 2012 and according to the forecast published by Euroconstruct in June 2012 by 2.5%.

According to the forecast published by Euroconstruct in June 2012, construction output is expected to grow by 4.0% in Norway in 2012 and in Denmark by 3.2%.

In Europe East, Euroconstruct forecasts construction to increase by 15.0% in Estonia in 2012, by 0-5% in Russia, by 9.0% in Latvia and by 12.0% in Lithuania. In Europe Central countries Euroconstruct forecasts construction to grow by 6.0% in Poland in 2012 but decrease by 3.0% in Slovakia, by 3.6% in Hungary and by 7.2% in Czech Republic.

 

ANALYST AND PRESS BRIEFING

A briefing for investment analysts and the press will be arranged on Thursday 9 August 2012 at 11.00 a.m. Finnish time at Palace Gourmet, cabinet Merisali (visiting address: Eteläranta 10, 10th fl., Helsinki).

 

WEBCAST AND CONFERENCE CALL

You can participate in the analyst briefing on Thursday 9 August 2012 at 11.00 a.m. Finnish time through a live webcast at www.ramirent.com and conference call. Dial-in number: +44 (0) 20 3003 2666 and conference password Ramirent. A recording of the webcast will be available at www.ramirent.com later the same day.

 

FINANCIAL CALENDAR 2012

Ramirent observes a silent period during 21 days prior to the publication of annual and interim financial results.

 

Interim Report January–September 2012

2 November 2012 at 9:00 a.m.

 

The financial information in this stock exchange release has not been audited.

 

Vantaa, 9 August 2012

 

RAMIRENT PLC

Board of Directors

 

FURTHER INFORMATION

CEO Magnus Rosén
tel.+358 20750 2845, magnus.rosen@ramirent.com

CFO Jonas Söderkvist
tel.+358 20750 3248, jonas.soderkvist@ramirent.com

Director, Communications & IR Franciska Janzon
tel.+358 20750 2859, franciska.janzon@ramirent.com          

 

DISTRIBUTION
NASDAQ OMX Helsinki
Main news media
www.ramirent.com

 

Ramirent is a leading equipment rental group delivering Dynamic Rental Solutions™ that simplify business. We serve a broad range of customers, including construction and process industries, shipyards, the public sector and households. In 2011, the Group’s net sales totalled EUR 650 million. The Group has 3,100 employees at 394 rental outlets in 13 countries in the Nordic countries and in Central and Eastern Europe. Ramirent is listed on the NASDAQ OMX Helsinki Ltd.