Vantaa, Finland, 2016-05-04 07:00 CEST (GLOBE NEWSWIRE) —
RAMIRENT PLC INTERIM REPORT 4 MAY 2016 at 8:00
PERFORMANCE JANUARY–MARCH 2016
• Net sales EUR 146.0 (140.6) million, up by 3.9% or 5.5% at comparable exchange rates
• EBITDA EUR 31.9 (28.6) million or 21.8% (20.3%) of net sales
• EBITA EUR 7.2 (4.1) million or 5.0% (2.9%) of net sales
• Return on equity (ROE)1) 14.6% (9.7%)
• Return on capital employed (ROCE)1) 10.7% (10.3%)
• Gross capital expenditure EUR 40.4 (18.1) million
• Cash flow after investments EUR −6.8 (0.9) million
• Result for the period EUR 2.6 (−0.0) million and EPS EUR 0.02 (−0.00)
• Net debt EUR 287.9 (226.2) million and net debt to EBITDA 1) 1.7x (1.4x)
1) On a rolling 12 months basis
Note! Figures in brackets, unless otherwise indicated, refer to the corresponding period a year earlier.
| KEY FIGURES | 1−3/16 | 1−3/15 | Change | 1−12/15 |
| (MEUR) | ||||
| Net sales | 146.0 | 140.6 | 3.9% | 635.6 |
| EBITDA | 31.9 | 28.6 | 11.5% | 168.1 |
| % of net sales | 21.8% | 20.3% | 26.4% | |
| Comparable EBITA1) | 7.2 | 4.1 | 75.5% | 63.4 |
| % of net sales | 5.0% | 2.9% | 10.0% | |
| EBITA | 7.2 | 4.1 | 75.5% | 66.8 |
| % of net sales | 5.0% | 2.9% | 10.5% | |
| EBIT | 4.8 | 2.0 | 146.5% | 57.9 |
| % of net sales | 3.3% | 1.4% | 9.1% | |
| EBT | 3.2 | −0.2 | n/a | 46.9 |
| % of net sales | 2.2% | −0.2% | 7.4% | |
| Result for the period attributable to the owners of the parent company | 2.6 | −0.0 | n/a | 39.0 |
| Earnings per share (EPS), (basic and diluted), EUR | 0.02 | −0.00 | n/a | 0.36 |
| Gross capital expenditure on non-current assets | 40.4 | 18.1 | 123.2% | 139.2 |
| Gross capital expenditure, % of net sales | 27.7% | 12.9% | 21.9% | |
| Cash flow after investments | −6.8 | 0.9 | n/a | −6.3 |
| Capital employed at the end of period | 613.6 | 520.3 | 17.9% | 600.5 |
| Return on capital employed (ROCE),%2) | 10.7% | 10.3% | 10.0% | |
| Return on equity (ROE),%2) | 14.6% | 9.7% | 12.1% | |
| Net debt | 287.9 | 226.2 | 27.3% | 280.9 |
| Net debt to EBITDA ratio2) | 1.7x | 1.4x | 22.4% | 1.7x |
| Gearing,% | 102.7% | 77.7% | 88.0% | |
| Equity ratio,% | 33.9% | 38.6% | 41.4% | |
| Personnel at end of period (FTE) | 2,685 | 2,608 | 3.0% | 2,654 |
1) European Securities and Markets Authority (ESMA) has issued new guidelines regarding alternative performance measures to be implemented at the latest in the second quarter of 2016. Due to the new guidelines, Ramirent’s performance measure “EBITA excluding non-recurring items” is replaced with “comparable EBITA” as of first quarter of 2016. The content of adjustments equals items previously disclosed as non-recurring items including incomes and expenses arising activities that amend Ramirent’s business operations or are incurred outside its normal course of business. Comparable EBITA is disclosed to improve comparability between reporting periods.
2) Rolling 12 months.
COMMENTS FROM CEO MAGNUS ROSÉN:
“Ramirent’s first-quarter net sales grew by 5.5% at comparable exchange rates and EBITA improved to EUR 7.2 (4.1) million, with a margin of 5.0% (2.9%). This performance is an improvement over last year also considering that Easter took place already in the first quarter this year. First-quarter sales grew in all markets except in Norway. The EBITA improved based on higher sales and good control of material and services costs. Return on equity improved to 14.6% (9.7%) and capital expenditure increased to EUR 40.4 (18.1) million to support growth in all business areas.
In General Rental, net sales grew based on improved activity in the Nordic construction and industrial sectors, while demand was weaker in Europe Central and the Baltics due to a slow start to the year in construction of new buildings. In Solutions, several Total Solutions projects and continued high rental related service sales supported growth in most markets. In Temporary Space, demand was strong especially in the public sector, while demand continued to be weak in Norway due to weak business climate in the oil & gas sector.
Based on our continued solid financial position, we continue to pursue sustainable profitable growth by developing our customer offering, operational efficiency, pricing management and the flexibility of our supply chain.”
MARKET OUTLOOK FOR 2016
The Nordic equipment rental market is expected to grow driven by increasing construction activity especially in Sweden and Denmark. In Finland, demand for equipment rental and related services is expected to recover supported by projects in the building construction and in the industry sectors. The Norwegian equipment rental market will remain challenging due to weak business climate in the oil & gas industry and continued softness in building construction activity. In Baltics, the equipment rental market is estimated to be balanced in 2016. In Fortrent’s markets, Russia and Ukraine, the weakened situation in the construction market is expected to dampen demand for equipment rental. In Europe Central, the market outlook is positive supported by EU funded infrastructure projects as well as construction and renovation of industrial buildings. Ramirent’s market outlook is based on the available forecasts disclosed by local construction and industry associations in its operating countries.
RAMIRENT OUTLOOK FOR FULL YEAR 2016 UNCHANGED
In 2016, Ramirent’s net sales in local currencies and EBITA margin are expected to increase from the level in 2015.
Analyst and press briefing
A briefing for investment analysts and the press will be arranged 4 May, 2016 at 10:00 a.m. Finnish time at Ramirent Group headquarters, (visiting address: Äyritie 16, 01510 Vantaa).
Webcast and conference call
You can participate in the analyst briefing on Wednesday 4 May 2016 at 10:00 a.m. Finnish time (EET) through a live webcast at www.ramirent.com and conference call. Dial-in number for conference call: +358 9 8171 0495 (FI), +46 8 5664 2702 (SE), +44 2031940552 (UK) and +1 8557161597 (US). A recording of the webcast will be available at www.ramirent.com later the same day.
Financial calendar 2016
Ramirent observes a silent period during 21 days prior to the publication of annual and interim financial results.
Interim report January–June 2016, 4 August 2016 at EET 9:00 a.m.
Interim report January–September 2016, 4 November 2016 at EET 9:00 a.m
For further information:
Magnus Rosén, Group President and CEO
tel. +358 20750 2845,
Pierre Brosson, Chief Financial Officer
tel. +46 8 624 9541,
Franciska Janzon, SVP, Marketing, Communications and IR
tel. +358 20 750 2859,
Distribution:
NASDAQ OMX Helsinki
Main news media
Ramirent is a leading equipment rental group combining the best equipment, services and know-how into rental solutions that simplify customer’s business. Ramirent serves a broad range of customer sectors including construction, industry, services, the public sector and households. Ramirent has operations in the Nordic countries and in Central and Eastern Europe. In 2015, Ramirent Group sales totalled EUR 636 million. The Group has 2,654 employees in 288 customer centres in 10 countries. Ramirent is listed on the NASDAQ Helsinki (RMR1V). Ramirent – More than machines®.