RAMIRENT PLC INTERIM REPORT 12 AUGUST 2011 AT 9:00 a.m.
Vantaa, Finland, 2011-08-12 08:00 CEST (GLOBE NEWSWIRE) —
RAMIRENT PLC INTERIM REPORT 12 AUGUST 2011 AT 9:00 a.m.
RAMIRENT’S JANUARY-JUNE 2011 INTERIM REPORT: PROFITABILITY IMPROVING
Note! Figures in brackets, unless otherwise indicated, refer to the corresponding period a year earlier.
APRIL-JUNE 2011
– Net sales increased by 16.1% to MEUR 149.5 (128.7). At comparable
exchange rates the growth was 13.7%
– EBITDA MEUR 40.6 (30.7) or 27.2% (23.9%) of sales
– EBIT MEUR 15.4 (7.4) or 10.3% (5.8%) of sales
– Gross capital expenditure MEUR 44.6 (21.7)
– Cash flow after investments MEUR -20.4 (13.4)
– Number of outlets 399 (353)
– Acquisitions in Norway, Sweden, Finland and in the Czech Republic
JANUARY-JUNE 2011
– Net sales increased by 18.1% MEUR 283.9 (240.3). At comparable exchange rates the growth was 14.4%.
– EBITDA MEUR 68.2 (48.3) or 24.0% (20.1%) of sales
– EBIT MEUR 18.1 (1.9) or 6.4% (0.8%) of sales
– Gross capital expenditure MEUR 76.5 (34.2)
– Cash flow after investments MEUR -31.1 (9.4)
– Net debt MEUR 238.2 (209.3)
– Gearing 80.4% (70.6%)
MARKET OUTLOOK 2011
Overall, the new residential construction, infrastructure and renovation construction markets are expected to develop favourably, especially in the Nordic countries, while demand for commercial construction remains weak. Taking this into account, Ramirent expects the recovery in its markets to continue. Also, the improved balance between supply and demand indicates a healthier price level.
However, due to the current financial turmoil the market risks have increased. Ramirent maintains a cautious stance since uncertainties in the macroeconomic development persist.
RAMIRENT OUTLOOK 2011
Ramirent reiterates its outlook for 2011. As a result of increased construction activity and improving price levels, net sales are expected to increase in 2011, and the result before taxes is expected to improve compared to 2010.
KEY FIGURES
| (MEUR) | 4-6/11 | 4-6/10 | Change | 1-6/11 | 1-6/10 | Change | 1-12/10 | |
| Net sales | 149.5 | 128.7 | 16.1% | 283.9 | 240.3 | 18.1% | 531.3 | |
| EBITDA | 40.6 | 30.7 | 32.1% | 68.2 | 48.3 | 41.2% | 127.4 | |
| % of net sales | 27.2% | 23.9% | 24.0% | 20.1% | 24.0% | |||
| EBIT | 15.4 | 7.4 | 107.4% | 18.1 | 1.9 | 854.1% | 29.7 | |
| % of net sales | 10.3% | 5.8% | 6.4% | 0.8% | 5.6% | |||
| Earnings per share (EPS), (basic and diluted), EUR | 0.08 | 0.04 | 112.6% | 0.08 | -0.01 | N/A | 0.13 | |
| Gross capital expenditure | 44.6 | 21.7 | 105.6% | 76.5 | 34.2 | 123.6% | 62.0 | |
| Gross capital expenditure,% of net sales | 29.8% | 16.8% | 26.9% | 14.2% | 11.7% | |||
| Cash flow after investments | -20.4 | 13.4 | N/A | -31.1 | 9.4 | N/A | 48.0 | |
| Invested capital at the end of the period | 536.4 | 508.0 | 5.6% | 495.6 | ||||
| Return on invested capital (ROI), % 1) | 10.4% | 5.1% | 8.6% | |||||
| Return on equity (ROE), % 1) | 8.3% | -1.8% | 4.7% | |||||
| Net debt | 238.2 | 209.3 | 13.8% | 176.6 | ||||
| Gearing, % | 80.4% | 70.6% | 55.6% | |||||
| Equity ratio, % | 42.5% | 44.3% | 48.0% | |||||
| Personnel at end of period | 3 185 | 3 071 | 3.7% | 3 048 | ||||
| 1) The figures are calculated on a rolling twelve month basis. | ||||||||
MAGNUS ROSÉN, RAMIRENT CEO:
“Activity levels continued to improve in the second quarter contributing to net sales growth in all our segments. The growth was fastest in Sweden, Europe East and Europe Central. Profitability improved also due to the higher business volumes and efficiency improvements from relocation of fleet capacity and expansion of the outlet network. However, profitability is still burdened by unsatisfactory price levels. Our priority therefore remains on raising price levels as the demand is returning to our various product groups.
During the quarter, we succeeded in finalising several important acquisitions that strengthen our product offering as well as our presence in important customer sectors. In Norway, we signed an agreement to acquire Rogaland Planbygg AS, the leading provider of high-class rental accommodation and office modules to the oil and gas industry in Norway. In Sweden, we signed an agreement to acquire Hyrman i Lund AB, which strengthened our presence in the high-activity region of southern Sweden. In Finland, we acquired Suomen Sääsuoja Oy. This acquisition reinforced our position in the growing weather protection market in Finland. In the Czech Republic, we continued to build our network by acquiring the equipment rental business of two construction equipment companies.
While the activity levels in our markets have improved, we maintain a cautious stance on the market recovery due to the current macroeconomic uncertainty. Our focus remains on continued operational development, maintaining a strong financial position and we have contingency plans in place to manage changes in the market situation.”
JANUARY–JUNE 2011 REVIEW
BUSINESS ENVIRONMENT
The positive development in the market at the beginning of the year continued in the second quarter of 2011. Market activity continued to improve in the construction and various industrial sectors. Utilisation rates in most of Ramirent product groups improved due to positive market development.
Geographically, demand for rental equipment increased in all Ramirent countries due to increased market activity. Of the Nordic countries, Sweden in particular showed strong activity. In Finland, the recovery of industrial production was still slower than in many other countries in Eastern and Central Europe. Demand for rental equipment in Russia, the Baltic States and Ukraine continued to pick up, whereas in Slovakia, the Czech Republic and Hungary activity was slower.
NET SALES
Ramirent Group’s January–June 2011 net sales increased by 18.1% to EUR 283.9 (240.3) million due to recovery in the construction market activity. At comparable exchange rates, the Group’s net sales increased 14.4%. In the second quarter, net sales increased by 16.1% to EUR 149.5 (128.7) million or by 13.7% at comparable exchange rates. Net sales grew in all segments both in euros and at comparable exchange rates. The growth in net sales was especially strong in Sweden, Europe East and Europe Central. Finland contributed 23.3% (26.1%) to Group sales, Sweden 29.0% (26.1%), Norway 22.0% (22.6%), Denmark 6.3% (6.9%), Europe East 7.8% (6.9%) and Europe Central 11.6% (11.4%).
Net sales development by segment was as follows:
| Net sales | |||||||||
| (MEUR) | 4-6/11 | 4-6/10 | Change | 1-6/11 | 1-6/10 | Change | 1-12/10 | ||
| Finland | 36.5 | 36.1 | 1.2% | 66.8 | 64.2 | 4.0% | 136.9 | ||
| Sweden | 42.1 | 34.9 | 20.9% | 83.4 | 64.2 | 29.9% | 145.2 | ||
| Norway | 30.5 | 27.4 | 11.2% | 63.1 | 55.7 | 13.1% | 114.4 | ||
| Denmark | 9.9 | 9.0 | 9.7% | 18.2 | 17.1 | 6.6% | 35.6 | ||
| Europe East | 13.0 | 9.5 | 36.9% | 22.4 | 17.0 | 31.8% | 42.7 | ||
| Europe Central | 19.0 | 15.9 | 19.6% | 33.4 | 28.0 | 19.3% | 66.6 | ||
| Elimination of sales between segments | -1.5 | -4.0 | -3.4 | -5.9 | -10.2 | ||||
| Net sales, total | 149.5 | 128.7 | 16.1% | 283.9 | 240.3 | 18.1% | 531.3 | ||
FINANCIAL RESULTS
Ramirent Group January–June 2011 operating result before depreciation (EBITDA) was EUR 68.2 (48.3) million with a margin of 24.0% (20.1%). Profits improved based on higher capacity utilisation and improving prices, but are still burdened by lower price levels. The fixed cost level increased year-on-year due to a higher number of employees, intensified sales activities and expenses related to development of Ramirent’s common platform and outlet network. Credit losses and net change in the allowance for bad debt totalled EUR -1.8 (-1.1) million. Depreciations amounted to EUR 50.1 (46.4) million.
The Group’s operating result (EBIT) increased to EUR 18.1 (1.9) million, representing 6.4% (0.8%) of net sales. The second quarter EBIT increased to EUR 15.4 (7.4) million, representing a margin of 10.3% (5.8%). EBIT and EBIT -margin by segment were as follows:
| EBIT | |||||
| (MEUR) | 4-6/11 | 4-6/10 | 1-6/11 | 1-6/10 | 1-12/10 |
| Finland | 4.7 | 4.0 | 6.1 | 3.8 | 13.7 |
| % of net sales | 12.9% | 11.1% | 9.1% | 5.9% | 10.0% |
| Sweden | 7.0 | 5.0 | 13.1 | 7.6 | 23.3 |
| % of net sales | 16.5% | 14.4% | 15.7% | 11.8% | 16.1% |
| Norway | 2.4 | 1.0 | 2.8 | 0.6 | 2.3 |
| % of net sales | 7.9% | 3.7% | 4.4% | 1.0% | 2.0% |
| Denmark | -0.3 | -0.7 | -1.5 | -1.3 | -2.2 |
| % of net sales | -2.9% | -7.4% | -8.4% | -7.6% | -6.2% |
| Europe East | 1.0 | -1.6 | -0.7 | -4.0 | -3.5 |
| % of net sales | 7.5% | -16.5% | -3.0% | -23.4% | -8.3% |
| Europe Central | 1.1 | 0.3 | -0.1 | -2.3 | 0.8 |
| % of net sales | 5.7% | 1.9% | -0.3% | -8.4% | 1.2% |
| Costs not allocated to segments | -0.4 | -0.7 | -1.5 | -2.5 | -4.7 |
| Group EBIT | 15.4 | 7.4 | 18.1 | 1.9 | 29.7 |
| % of net sales | 10.3% | 5.8% | 6.4% | 0.8% | 5.6% |
Net financial items were EUR -5.8 (-1.8) million, including EUR -0.6 (4.9) million net effect of exchange rate changes. The Group’s result before taxes was EUR 12.4 (0.1) million. Income taxes amounted to EUR -3.4 (-1.1) million.
Net result for the review period was EUR 9.0 (-1.0) million. Earnings per share were EUR 0.08 (-0.01). Return on invested capital was 10.4% (5.1%), and the corresponding return on equity was 8.3% (-1.8%). The equity per share was EUR 2.74 (2.73).
CAPITAL EXPENDITURE, CASH FLOW AND FINANCIAL POSITION
Ramirent Group’s January–June 2011 gross capital expenditure on non-current assets totalled EUR 76.5 (34.2) million, of which EUR 68.0 (26.4) million was attributable to investments in machinery and equipment, and the rest was related mainly to goodwill and other intangible assets from acquisitions. The acquisitions completed during the reporting period do not individually or as a whole have a material impact on the result or financial position of the Group.
Disposal of tangible non-current assets at sales value totalled EUR 9.0 (8.7) million, of which EUR 8.9 (8.7) million was attributable to rental machinery and equipment.
The Group’s six-month cash flow from operating activities amounted to EUR 51.0 (39.6) million, whereof change in net working capital amounted to EUR -12.9 (5.8) million. Cash flow from investing activities amounted to EUR -82.1 (-30.3) million due to increased investments in rental machinery and equipment, as well as acquisitions. Cash flow from operating and investing activities totalled EUR -31.1 (9.4) million. In the period January-June 2011, dividends were paid in the amount of EUR 27.0 million and own shares were repurchased in the amount of EUR 3.4 million.
At the end of June, interest-bearing liabilities amounted to EUR 240.2 (211.7) million. Net debt amounted to EUR 238.2 (209.3) million, and gearing was 80.4% (70.6%).
On 1 June 2011, Ramirent Plc’s revolving credit facility agreement with Skandinaviska Enskilda Banken AB (publ) Helsinki Branch was amended from EUR 50 million to EUR 100 million and set to expire in 2014. The multicurrency credit facility is used for general business needs and as a back-up for Ramirent’s domestic commercial paper programme.
On 30 June 2011, Ramirent’s unused committed back-up loan facilities totalled EUR 126.0 million.
Total assets amounted to EUR 697.6 (668.0) million at the end of the review period, whereof property, plant and equipment amounted to EUR 444.0 (446.9) million. The Group equity totalled EUR 296.2 (296.3) million and the Group’s equity ratio was 42.5% (44.3%).
Non-cancellable minimum future lease payments off-balance sheet totalled EUR 139.3 (155.3) million at the end of the period, whereof EUR 26.6 (44.6) million arising from leased rental equipment and machinery.
PERSONNEL AND OUTLET NETWORK
| Employees | Employees | Outlets | Outlets | |
| 30 June 2011 | 30 June 2010 | 30 June 2011 | 30 June 2010 | |
| Finland | 633 | 641 | 85 | 83 |
| Sweden | 563 | 540 | 73 | 69 |
| Norway | 518 | 519 | 43 | 38 |
| Denmark | 160 | 148 | 21 | 20 |
| Europe East | 411 | 394 | 51 | 45 |
| Europe Central | 879 | 812 | 126 | 98 |
| Group administration | 21 | 17 | – | – |
| Total | 3 185 | 3 071 | 399 | 353 |
BUSINESS EXPANSIONS AND ACQUISITIONS
On 1 April 2011, Ramirent acquired the assets of the machinery and equipment rental business of the Czech company Stavební Doprava a Mechanizace (SDM). The acquisition strengthened Ramirent’s presence with three new outlets in the Czech Republic. The SDM operations have been consolidated as of 1 April 2011.
On 4 May 2011, Ramirent acquired the machinery and equipment rental business of the Czech construction machinery company RENT MB s.r.o. The acquisition strengthens Ramirent’s existing network in the Czech Republic with two new outlets in the central and northern parts of the country.
On 10 May 2011, Ramirent Finland Oy acquired the shares of the Finnish weather protection company Suomen Sääsuoja Oy. The acquisition strengthens Ramirent’s position in the growing weather protection market and enables the company to offer a more comprehensive range of services. Furthermore, the know-how and expertise of Suomen Sääsuoja Oy contribute to the development of Ramirent’s services and solidify the company’s position within core customer sectors.
On 16 May 2011, Ramirent celebrated the opening of a rental outlet in Sochi, Russia, the city hosting the 2014 Winter Olympics. In preparation for the Winter Olympics, Sochi has turned into a huge construction site. For Ramirent, the outlet in Sochi opens new opportunities in the growing market in southern Russia.
On 27 June 2011, Ramirent signed an agreement to acquire Rogaland Planbygg AS, the leading provider of rental accommodation and office modules to the oil and gas industry in Norway. The acquisition, which will increase the annual net sales of Ramirent Norway by approximately EUR 22 million, supports Ramirent’s strategy of diversifying its customer base and strengthening its product offering – in this case with high-class modules. The acquisition will be in effect from 1 July 2011.
On 30 June 2011, Ramirent signed an agreement to acquire Hyrman i Lund AB, one of the leading machinery rental companies in Southern Sweden. With operations in seven locations, the company has annual net sales of about EUR 15 million. The acquisition represents one of the largest acquisitions Ramirent has made in Sweden and brings new competencies and strengthens our service level and local presence. The acquisition will be in effect from 1 August 2011.
DEVELOPMENT BY OPERATING SEGMENT
Finland
Ramirent’s January-June net sales in Finland increased by 4.0% to EUR 66.8 (64.2) million. EBIT increased to EUR 6.1 (3.8) million, representing a margin of 9.1% (5.9%). Ramirent’s second quarter net sales in Finland increased by 1.2% to EUR 36.5 (36.1) million. The second quarter EBIT increased to EUR 4.7 (4.0) million, representing a margin of 12.9% (11.1%). The main growth driver was residential construction, while growth was slowed down year-on-year by lower activity in shipyards and industrial maintenance. Activity was also lower in the private households sector. Profitability improved based on higher utilisation levels and improving pricing environment. During the quarter, Ramirent Finland Oy acquired the shares of Finnish weather protection company Suomen Sääsuoja Oy, strengthening Ramirent’s position in the growing weather protection market and enabling the company to offer a more comprehensive range of services to its core customer sectors.
Sweden
Ramirent’s January-June net sales in Sweden increased by 29.9% to EUR 83.4 (64.2) million or by 18.5% at comparable exchange rates. EBIT increased to EUR 13.1 (7.6) million, representing a margin of 15.7% (11.8%). Ramirent’s second quarter net sales in Sweden increased by 20.9% to EUR 42.1 (34.9) million or by 12.8% at comparable exchange rates. The second quarter EBIT increased to EUR 7.0 (5.0) million, representing a margin of 16.5% (14.4%). Growth was driven by continued strong demand in the civil engineering, public and housing sectors. Geographically, the growth during the quarter was driven by Stockholm and the surrounding areas, as well as the southern regions of the country. Profitability improved based on higher capacity utilisation, but is still burdened by low price levels. During the quarter, Ramirent signed an agreement to acquire Hyrman i Lund AB operating seven locations in southern Sweden and contributing to annual net sales by about EUR 15 million.
Norway
Ramirent’s January-June net sales in Norway increased by 13.1% to EUR 63.1 (55.7) million or by 10.5% at comparable exchange rates. EBIT increased to EUR 2.8 (0.6) million, representing a margin of 4.4% (1.0%). Ramirent’s second quarter net sales in Norway increased by 11.2% to EUR 30.5 (27.4) million or by 10.1% at comparable exchange rates. The second quarter EBIT increased to EUR 2.4 (1.0) million, representing a margin of 7.9% (3.7%). The growth driver was the recovery in construction activity especially in the western and northern parts of Norway. Profitability was still low, but measures have been taken to improve efficiency in the outlet network and to raise price levels by improving utilisation levels. During the quarter, Veidekke and Ramirent entered into a new nationwide cooperation agreement, which runs until September 2013. Additionally, Ramirent signed an agreement to acquire Rogaland Planbygg AS, the leading provider of rental accommodation and office modules to the oil and gas industry in Norway, contributing to annual net sales by approximately EUR 22 million.
Denmark
Ramirent’s January-June net sales in Denmark increased by 6.6% to EUR 18.2 (17.1) million. EBIT amounted to -1.5 (-1.3) million representing a margin of -8.4% (-7.6%). Ramirent’s second quarter net sales in Denmark increased by 9.7% to EUR 9.9 (9.0) million. The second quarter EBIT increased to EUR -0.3 (-0.7) million, representing a margin of -2.9% (-7.4%). Market conditions improved further during the second quarter, but profitability is still burdened by low price levels. Focus remained on cost control and measures to restore healthier pricing levels as utilisation levels are improving.
Europe East (Russia, the Baltic States and Ukraine)
Ramirent’s January-June net sales in Europe East increased by 31.8% to EUR 22.4 (17.0) million or by 33.2% at comparable exchange rates. EBIT increased to -0.7(-4.0) million, representing a margin of -3.0% (-23.4%). Ramirent’s second quarter net sales in Europe East increased by 36.9% to EUR 13.0 (9.5) million or by 40.0% at comparable exchange rates. The second quarter EBIT increased to EUR 1.0 (-1.6) million, representing a margin of 7.5% (-16.5%). Growth drivers were mainly infrastructural construction in Russia and energy-related investments particularly in the Baltics and Ukraine. The positive development in business volumes continued in the Baltic States, especially in Lithuania, and also in Ukraine. Profitability started to recover based on increasing business volumes and higher price levels. During the quarter, Ramirent strengthened its market coverage by opening new outlets in the Baltics, mainly in Lithuania and Estonia, as well as in Russia in the city of Sochi, which has turned into a huge construction site preparing for the 2014 Winter Olympics.
Europe Central (Poland, Hungary, Czech Republic and Slovakia)
Ramirent’s January-June net sales in Europe Central increased by 19.3% to EUR 33.4 (28.0) million or by 17.9% at comparable exchange rates. EBIT amounted to -0.1 (-2.3) million, representing a margin of -0.3% (-8.4%). Ramirent’s second quarter net sales in Europe Central increased by 19.6% to EUR 19.0 (15.9) million or by 17.5% at comparable exchange rates. The second quarter EBIT increased to EUR 1.1 (0.3) million, representing a margin of 5.7% (1.9%). The growth drivers were mainly the strong construction and industrial activity in Poland, while the other Europe Central countries experienced weaker market development during the quarter. Profitability was burdened by low price levels and business volumes especially in the Czech Republic and Hungary. During the quarter, Ramirent strengthened its presence in the Polish DIY market by launching a new shop-in-shop concept with Leroy Merlin, a worldwide home-improvement and gardening retailer, in three stores located in Warsaw, Poznań and Szczecin. Ramirent continued to improve its market coverage in the Czech Republic by acquiring the machinery and equipment rental business of the Czech construction machinery company RENT MB s.r.o. and of the Czech company Stavební Doprava a Mechanizace (SDM).
SHARE CAPITAL AND TRADING IN THE 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.
Ramirent Plc’s market capitalization at the end of June 2011 was EUR 967.4 (754.4) million. Trading closed at EUR 8.90 (6.94). The highest quote for the period was EUR 12.37 (8.75), and the lowest was EUR 8.10 (6.17). The average trading price was EUR 10.85 (7.40).
The value of share turnover during the review period was EUR 198.9 (203.4) million, equivalent to 18,332,421 (27,422,968) traded Ramirent shares, i.e., 16.9% (25.2%) of Ramirent’s total number of shares.
According to the nominee registers, approximately 17.73% of the listed shares were owned by foreigners as per 30 June 2011. Other foreign ownership at the end of the period totalled approximately 35.03%. Thus a total of 52.76% of Ramirent’s listed shares were owned by international investors.
RAMIRENT’S OWN SHARES
At the end of June 2011, the Group had 680,192 of the company’s own shares in its possession, representing 0.6% of the total number of Ramirent’s shares.
STRATEGY AND FINANCIAL TARGETS
The aim of the Ramirent Group’s strategy is to generate a healthy return to shareholders while maintaining financial stability. Ramirent’s strategy is focused on three major objectives: 1) sustainable top-line growth through strengthening the customer offering, widening the customer portfolio and, growing through outsourcing deals and selected acquisitions; 2) operational excellence through developing a one-company structure, “the Ramirent platform”; and 3) reducing the risk level through a balanced business portfolio and 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 related to 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 2010.
CONSTRUCTION VOLUME FORECASTS
According to the forecast published by VTT Expert Service Oy in May 2011, construction is expected to grow by 4% and rental of construction machinery and equipment by 10% in 2011 in Finland.
According to the forecast published by the Swedish Construction Federation in June 2011, construction is expected to grow by 8% in 2011 in Sweden.
According to the forecast published by Euroconstruct in June 2011, construction is expected to grow by 6% in 2011 in Norway and by 3% in 2011 in Denmark. In Europe East countries, construction is expected to increase in 2011 by 10% in Estonia, by 4% in Latvia, by 5% in Lithuania and by 3-7% in Russia. In Europe Central countries, Euroconstruct forecasts construction to grow by 13% in 2011 in Poland, but to decrease by 3% in Hungary, by 2% in Slovakia and by 1% in the Czech Republic.
MARKET OUTLOOK 2011
Overall, the new residential construction, infrastructure and renovation construction markets are expected to develop favourably, especially in the Nordic countries, while demand for commercial construction remains weak. Taking this into account, Ramirent expects the recovery in its markets to continue. Also, the improved balance between supply and demand indicates a healthier price level.
However, due to the current financial turmoil the market risks have increased. Ramirent maintains a cautious stance since uncertainties in the macroeconomic development persist.
RAMIRENT OUTLOOK 2011
Ramirent reiterates its outlook for 2011. As a result of increased construction activity and improving price levels, net sales are expected to increase in 2011, and the result before taxes is expected to improve compared to 2010.
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 principles published in the 2010 financial statements.
Ramirent has adopted the following new or amended IFRS standards and IFRIC interpretations as of 1 January 2011:
– IAS 32 (Amendment) – Financial instruments: Classification of rights issues
– IAS 24 (Revised) – Related party disclosures
– IFRIC 19 – Extinguishing financial liabilities with equity instruments
– IFRIC 14 (Amendment) – Prepayments of a minimum funding requirement
– Annual improvements to IFRS
The abovementioned changes do not have any material impact on Ramirent’s financial reporting.
Consolidated financial statements have been presented in thousands of euros unless otherwise stated. Due to rounding, individual figures may differ from the totals.
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | |||||
| (EUR 1 000) | 4-6/11 | 4-6/10 | 1-6/11 | 1-6/10 | 1-12/10 |
| Net sales | 149 527 | 128 749 | 283 878 | 240 275 | 531 284 |
| Other operating income | 327 | 613 | 669 | 912 | 1 616 |
| Materials and services | -47 628 | -42 628 | -91 443 | -81 318 | -177 118 |
| Employee benefit expenses | -36 599 | -32 595 | -73 229 | -66 089 | -136 214 |
| Depreciation and amortisation | -25 154 | -23 294 | -50 087 | -46 409 | -97 716 |
| Other operating expenses | -25 026 | -23 398 | -51 661 | -45 515 | -92 122 |
| EBIT | 15 446 | 7 447 | 18 127 | 1 856 | 29 731 |
| Financial income | 1 990 | 3 617 | 4 106 | 9 718 | 13 780 |
| Financial expenses | -4 921 | -4 968 | -9 875 | -11 496 | -22 658 |
| EBT | 12 515 | 6 097 | 12 358 | 78 | 20 853 |
| Income taxes | -3 438 | -1 804 | -3 388 | -1 097 | -6 212 |
| NET RESULT FOR THE PERIOD | 9 078 | 4 293 | 8 970 | -1 019 | 14 640 |
| Other comprehensive income: | |||||
| Translation differences | -2 011 | -1 032 | -1 241 | 9 387 | 16 913 |
| Cash flow hedges | -697 | -1 018 | 700 | -3 117 | -2 097 |
| Portion of cash flow hedges transferred to profit or loss | 147 | 912 | 315 | 1 810 | 2 121 |
| Income tax on other comprehensive income | 176 | 28 | -175 | 340 | -239 |
| OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF TAX | -2 385 | -1 111 | -400 | 8 419 | 16 698 |
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 6 693 | 3 183 | 8 570 | 7 400 | 31 339 |
| Net result for the period attributable to: | |||||
| Owners of the parent company | 9 078 | 4 293 | 8 970 | -1 019 | 14 640 |
| Non-controlling interest | – | – | – | – | – |
| TOTAL | 9 078 | 4 293 | 8 970 | -1 019 | 14 640 |
| Total comprehensive income for the period attributable to: | |||||
| Owners of the parent company | 6 693 | 3 183 | 8 570 | 7 400 | 31 339 |
| Non controlling interest | – | – | – | – | – |
| TOTAL | 6 693 | 3 183 | 8 570 | 7 400 | 31 339 |
| Earnings per share (EPS), basic and diluted, EUR | 0.08 | 0.04 | 0.08 | -0.01 | 0.13 |
| CONSOLIDATED BALANCE SHEET | |||
| ASSETS | |||
| (EUR 1 000) | 30.6.2011 | 30.6.2010 | 31.12.2010 |
| NON-CURRENT ASSETS | |||
| Property, plant and equipment | 443 969 | 446 885 | 427 248 |
| Goodwill | 96 379 | 94 559 | 93 211 |
| Other intangible assets | 12 079 | 6 780 | 10 348 |
| Available-for-sale investments | 422 | 53 | 422 |
| Deferred tax assets | 14 811 | 11 019 | 13 325 |
| NON-CURRENT ASSETS, TOTAL | 567 660 | 559 296 | 544 555 |
| CURRENT ASSETS | |||
| Inventories | 16 987 | 13 988 | 15 856 |
| Trade and other receivables | 108 574 | 89 709 | 96 616 |
| Current tax assets | 2 333 | 2 222 | 2 902 |
| Cash and cash equivalents | 2 029 | 2 425 | 1 352 |
| CURRENT ASSETS, TOTAL | 129 923 | 108 345 | 116 727 |
| Non-current assets held for sale | – | 370 | – |
| TOTAL ASSETS | 697 583 | 668 011 | 661 282 |
| EQUITY AND LIABILITIES | |||
| (EUR 1 000) | 30.6.2011 | 30.6.2010 | 31.12.2010 |
| EQUITY | |||
| Share capital | 25 000 | 25 000 | 25 000 |
| Revaluation fund | -1 632 | -3 287 | -2 472 |
| Invested unrestricted equity fund | 113 329 | 113 329 | 113 329 |
| Retained earnings | 159 487 | 161 153 | 181 783 |
| Items recognised directly to equity on non-current assets held for sale | – | 62 | – |
| PARENT COMPANY SHAREHOLDERS’ EQUITY | 296 184 | 296 258 | 317 640 |
| Non-controlling interests | – | – | – |
| EQUITY, TOTAL | 296 184 | 296 258 | 317 640 |
| NON-CURRENT LIABILITIES | |||
| Deferred tax liabilities | 60 625 | 54 414 | 60 413 |
| Pension obligations | 7 158 | 9 501 | 6 866 |
| Provisions | 1 945 | 3 432 | 2 347 |
| Interest-bearing liabilities | 149 974 | 181 025 | 137 384 |
| Other long-term liabilities | 2 452 | – | 2 200 |
| NON-CURRENT LIABILITIES, TOTAL | 222 154 | 248 372 | 209 209 |
| CURRENT LIABILITIES | |||
| Trade payables and other liabilities | 84 125 | 86 495 | 89 480 |
| Provisions | 1 041 | 5 184 | 1 762 |
| Current tax liabilities | 3 832 | 1 003 | 2 658 |
| Interest-bearing liabilities | 90 247 | 30 698 | 40 533 |
| CURRENT LIABILITIES, TOTAL | 179 245 | 123 380 | 134 433 |
| LIABILITIES, TOTAL | 401 398 | 371 753 | 343 642 |
| TOTAL EQUITY AND LIABILITIES | 697 583 | 668 011 | 661 282 |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | |||||
| A = Share capital | 1) Equity 1.1.2010 | ||||
| B = Revaluation fund | 2) Share based payments | ||||
| C = Invested unrestricted equity fund | 3) Total comprehensive income for the period | ||||
| D = Translation differences | 4) Equity 30.6.2010 | ||||
| E = Retained earnings | 5) Purchase of treasury shares | ||||
| F = Entries on non-current assets held for sale | 6) Dividend distribution | ||||
| G = Total equity | 7) Equity 31.12.2010 | ||||
| 8) Equity 30.6.2011 | |||||
| (EUR 1,000) | A | B | C | D | E | F | G |
| 1) | 25 000 | -2 319 | 113 329 | -17 504 | 187 064 | 62 | 305 632 |
| 2) | – | – | – | – | -469 | – | -469 |
| 6) | – | – | – | – | -16 305 | – | -16 305 |
| 3) | – | -968 | – | 9 387 | -1 019 | – | 7 400 |
| 4) | 25 000 | -3 287 | 113 329 | -8 117 | 169 271 | 62 | 296 258 |
| 2) | – | – | – | – | 381 | – | 381 |
| 5) | – | – | – | – | -2 939 | – | -2 939 |
| 3) | – | 815 | – | 7 526 | 15 660 | -62 | 23 939 |
| 7) | 25 000 | -2 472 | 113 329 | -591 | 182 374 | – | 317 640 |
| 2) | – | – | – | – | 357 | – | 357 |
| 5) | – | – | – | – | -3 378 | – | -3 378 |
| 6) | – | – | – | – | -27 004 | – | -27 004 |
| 3) | – | 840 | – | -1 241 | 8 970 | – | 8 570 |
| 8) | 25 000 | -1 632 | 113 329 | -1 832 | 161 318 | – | 296 184 |
| CONSOLIDATED CONDENSED CASH FLOW STATEMENT | |||
| (MEUR) | 1-6/11 | 1-6/10 | 1-12/10 |
| Cash flow from operating activities | 51.0 | 39.6 | 104.2 |
| Cash flow from investing activities | -82.1 | -30.3 | -56.2 |
| Cash flow from financing activities | |||
| Borrowings / repayment of short-term debt | 48.6 | 12.8 | 0.6 |
| Borrowings / repayment of long-term debt | 13.6 | -5.2 | -29.8 |
| Purchase of treasury shares | -3.4 | – | -2.9 |
| Dividends paid | -27.0 | -16.3 | -16.3 |
| Cash flow from financing activities | 31.8 | -8.7 | -48.5 |
| Net change in cash and cash equivalents | 0.7 | 0.6 | -0.5 |
| Cash and cash equivalents at the beginning of the period | 1.4 | 1.8 | 1.8 |
| Translation difference on cash and cash equivalents | – | – | 0.1 |
| Net change in cash and cash equivalents | 0.7 | 0.6 | -0.5 |
| Cash and cash equivalents at the end of the period | 2.0 | 2.4 | 1.4 |
| KEY FINANCIAL FIGURES | |||
| 1-6/11 | 1-6/10 | 1-12/10 | |
| Interest-bearing debt, (MEUR) | 240.2 | 211.7 | 177.9 |
| Net debt, (MEUR) | 238.2 | 209.3 | 176.6 |
| Invested capital (MEUR), end of period | 536.4 | 508.0 | 495.6 |
| Return on invested capital (ROI), % 1) | 10.4% | 5.1% | 8.6% |
| Gearing, % | 80.4% | 70.6% | 55.6% |
| Equity ratio, % | 42.5% | 44.3% | 48.0% |
| Personnel, average | 3 076 | 3 036 | 3 043 |
| Personnel, end of period | 3 185 | 3 071 | 3 048 |
| Gross capital expenditure (MEUR) | 76.5 | 34.2 | 62.0 |
| Gross capital expenditure, % of net sales | 26.9% | 14.2% | 11.7% |
| 1) The figures are calculated on a rolling twelve month basis. | |||
| SHARE RELATED KEY FIGURES | |||
| 1-6/11 | 1-6/10 | 1-12/10 | |
| Earnings per share (EPS) weighted average, basic and diluted, EUR | 0.08 | -0.01 | 0.13 |
| Equity per share, end of period, basic and diluted, EUR | 2.74 | 2.73 | 2.93 |
| Number of outstanding shares (weighted average), basic and diluted | 108 112 401 | 108 697 328 | 108 575 291 |
| Number of outstanding shares (end of period), basic and diluted | 108 017 136 | 108 697 328 | 108 304 136 |
| 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 | |||||
| (MEUR) | 4-6/11 | 4-6/10 | 1-6/11 | 1-6/10 | 1-12/10 |
| Finland | |||||
| – Net sales (external) | 35.6 | 35.2 | 64.8 | 63.1 | 135.2 |
| – Inter-segment sales | 0.9 | 0.9 | 2.0 | 1.0 | 1.8 |
| Sweden | |||||
| – Net sales (external) | 42.1 | 34.5 | 83.1 | 63.8 | 144.5 |
| – Inter-segment sales | – | 0.4 | 0.3 | 0.5 | 0.7 |
| Norway | |||||
| – Net sales (external) | 30.4 | 27.1 | 62.9 | 55.4 | 113.7 |
| – Inter-segment sales | 0.1 | 0.3 | 0.2 | 0.3 | 0.7 |
| Denmark | |||||
| – Net sales (external) | 9.7 | 7.8 | 17.9 | 15.5 | 32.9 |
| – Inter-segment sales | 0.2 | 1.2 | 0.4 | 1.7 | 2.7 |
| Europe East | |||||
| – Net sales (external) | 13.0 | 8.6 | 22.3 | 15.2 | 39.5 |
| – Inter-segment sales | – | 0.9 | 0.1 | 1.8 | 3.2 |
| Europe Central | |||||
| – Net sales (external) | 18.7 | 15.5 | 33.0 | 27.2 | 65.4 |
| – Inter-segment sales | 0.3 | 0.4 | 0.3 | 0.7 | 1.2 |
| Elimination of sales between segments | -1.5 | -4.0 | -3.4 | -5.9 | -10.2 |
| Net sales, total | 149.5 | 128.7 | 283.9 | 240.3 | 531.3 |
| Other operating income | 0.4 | 0.6 | 0.7 | 0.9 | 1.6 |
| EBIT | |||||
| (MEUR) | 4-6/11 | 4-6/10 | 1-6/11 | 1-6/10 | 1-12/10 |
| Finland | 4.7 | 4.0 | 6.1 | 3.8 | 13.7 |
| % of net sales | 12.9% | 11.1% | 9.1% | 5.9% | 10.0% |
| Sweden | 7.0 | 5.0 | 13.1 | 7.6 | 23.3 |
| % of net sales | 16.5% | 14.4% | 15.7% | 11.8% | 16.1% |
| Norway | 2.4 | 1.0 | 2.8 | 0.6 | 2.3 |
| % of net sales | 7.9% | 3.7% | 4.4% | 1.0% | 2.0% |
| Denmark | -0.3 | -0.7 | -1.5 | -1.3 | -2.2 |
| % of net sales | -2.9% | -7.4% | -8.4% | -7.6% | -6.2% |
| Europe East | 1.0 | -1.6 | -0.7 | -4.0 | -3.5 |
| % of net sales | 7.5% | -16.5% | -3.0% | -23.4% | -8.3% |
| Europe Central | 1.1 | 0.3 | -0.1 | -2.3 | 0.8 |
| % of net sales | 5.7% | 1.9% | -0.3% | -8.4% | 1.2% |
| Net items not allocated to operating segments | -0.4 | -0.7 | -1.5 | -2.5 | -4.7 |
| Group EBIT | 15.4 | 7.4 | 18.1 | 1.9 | 29.7 |
| % of net sales | 10.3% | 5.8% | 6.4% | 0.8% | 5.6% |
| Depreciation and amortisation | |||||
| (MEUR) | 4-6/11 | 4-6/10 | 1-6/11 | 1-6/10 | 1-12/10 |
| Finland | 5.4 | 4.9 | 10.8 | 9.9 | 20.0 |
| Sweden | 5.4 | 4.6 | 11.1 | 9.2 | 20.7 |
| Norway | 4.8 | 4.6 | 9.5 | 9.1 | 18.3 |
| Denmark | 1.8 | 1.7 | 3.6 | 3.4 | 6.9 |
| Europe East | 3.3 | 3.6 | 6.7 | 7.0 | 15.2 |
| Europe Central | 4.4 | 4.0 | 8.6 | 8.0 | 17.0 |
| Unallocated items and eliminations | – | -0.1 | -0.2 | -0.2 | -0.3 |
| Total | 25.2 | 23.3 | 50.1 | 46.4 | 97.7 |
| Reconciliation of group EBIT to result before taxes (EBT) | |||||
| (MEUR) | 4-6/11 | 4-6/10 | 1-6/11 | 1-6/10 | 1-12/10 |
| Group operating profit | 15.4 | 7.4 | 18.1 | 1.9 | 29.7 |
| Unallocated items: | |||||
| Financial income | 2.0 | 3.6 | 4.1 | 9.7 | 13.8 |
| Financial expenses | -4.9 | -5.0 | -9.9 | -11.5 | -22.7 |
| Result before taxes (EBT) | 12.5 | 6.1 | 12.4 | 0.1 | 20.9 |
| Capital expenditure | |||||
| (MEUR) | 4-6/11 | 4-6/10 | 1-6/11 | 1-6/10 | 1-12/10 |
| Finland | 13.6 | 10.4 | 18.0 | 11.6 | 17.2 |
| Sweden | 12.2 | 7.7 | 25.4 | 15.3 | 30.3 |
| Norway | 7.4 | 3.1 | 12.1 | 6.8 | 11.5 |
| Denmark | 1.1 | 0.3 | 5.2 | 0.5 | 1.4 |
| Europe East | 3.9 | 1.6 | 7.0 | 2.1 | 4.3 |
| Europe Central | 6.5 | 2.4 | 10.3 | 3.3 | 7.4 |
| Unallocated items and eliminations | -0.1 | -3.9 | -1.4 | -5.5 | -10.2 |
| Total | 44.6 | 21.7 | 76.5 | 34.2 | 62.0 |
| Assets allocated to segments | |||||
| (MEUR) | 30.6.2011 | 30.6.2010 | 31.12.2010 | ||
| Finland | 138.5 | 132.7 | 124.6 | ||
| Sweden | 165.7 | 148.1 | 155.4 | ||
| Norway | 145.5 | 143.5 | 141.8 | ||
| Denmark | 45.1 | 45.8 | 42.4 | ||
| Europe East | 96.4 | 100.8 | 91.5 | ||
| Europe Central | 117.5 | 114.1 | 114.2 | ||
| Unallocated items and eliminations | -11.1 | -17.1 | -8.6 | ||
| Total | 697.6 | 668.0 | 661.3 | ||
|
|
|||||
| Changes in non-current assets | ||||
| (EUR 1 000) | 30.6.2011 | 30.6.2010 | 31.12.2010 | |
| OPENING BALANCE | 531 229 | 549 173 | 549 173 | |
| Depreciation and amortisation | -50 087 | -46 409 | -97 716 | |
| Additions: | ||||
| Machinery & Equipment | 67 988 | 26 396 | 52 668 | |
| Other additions | 8 484 | 7 792 | 10 633 | |
| Disposals (sales) | -4 066 | -4 418 | -8 224 | |
| Other* | -700 | 15 743 | 24 695 | |
| CLOSING BALANCE | 552 849 | 548 276 | 531 229 | |
| Non-current assets held for sale | – | 370 | – | |
| * Other includes translation differences, reclassifications and changes in estimated consideration for acquisitions | ||||
| CONTINGENT LIABILITIES | |||
| (MEUR) | 30.6.2011 | 30.6.2010 | 31.12.2010 |
| Suretyships | 3.2 | 3.1 | 3.2 |
| Committed investments | 21.7 | 3.3 | 0.5 |
| In addition Ramirent has committed to two share deals, one in Sweden and one in Norway. | |||
| Non-cancellable minimum future operating lease payments | 139.3 | 155.3 | 143.4 |
| Non-cancellable minimum future finance lease payments | 0.2 | 0.5 | 0.3 |
| Finance lease debt in the balance sheet | -0.2 | -0.5 | -0.3 |
| Non-cancellable minimum future lease payments off-balance sheet | 139.3 | 155.3 | 143.4 |
| Obligations arising from derivative instruments | |||
| Interest rate derivatives | |||
| Nominal value of underlying object | 160.8 | 169.7 | 143.2 |
| Fair value of the derivative instruments | -1.6 | -3.1 | -2.4 |
| Foreign currency derivatives | |||
| Nominal value of underlying object | 57.2 | – | 40.4 |
| Fair value of the derivative instruments | – | – | 0.1 |
DEFINITION OF KEY FIGURES
| Return on equity (ROE), %: | Net result x 100 | |||||||
| Total equity (average over the financial period) | ||||||||
| Return on invested capital (ROI), %: | (Result before taxes + interest and other financial expenses) x 100 | |||||||
| Total assets – non-interest bearing debt (average over the financial period) | ||||||||
| Equity ratio, %: | (Total equity + non-controlling interest) x 100 | |||||||
| Total assets – advances received | ||||||||
| Earnings per share (EPS), EUR: | Net result +/- non-controlling interest’s share of net result | |||||||
| Average number of shares, adjusted for share issues, during the financial period | ||||||||
| Shareholders’ equity per share, EUR: | Equity belonging to the parent company’s shareholders | |||||||
| Number of shares, adjusted for share issues, on reporting date | ||||||||
| Payout ratio, %: | Dividend per share x 100 | |||||||
| Earnings per share | ||||||||
| Net debt: | Interest-bearing debt – cash and bank receivables, and financial securities | |||||||
| Gearing: | Net debt x 100 | |||||||
| Total equity | ||||||||
| Dividend per share: | Dividend paid | |||||||
| Number of shares on the registration date for dividend distribution | ||||||||
| EXCHANGE RATES APPLIED | |||||||
| Average | Average | Average | Closing | Closing | Closing | ||
| rates | rates | rates | rates | rates | rates | ||
| Currency | 1-6/2011 | 1-6/2010 | 1-12/2010 | 30.6.2011 | 30.6.2010 | 31.12.2010 | |
| DKK | 7.4561 | 7.4422 | 7.4472 | 7.4587 | 7.4488 | 7.4535 | |
| EUR/EEK | 1.0000 | 15.6466 | 15.6466 | 1.0000 | 15.6466 | 15.6466 | |
| HUF | 269.4151 | 271.6400 | 275.3567 | 266.1100 | 286.0000 | 277.9500 | |
| LTL | 3.4528 | 3.4528 | 3.4528 | 3.4528 | 3.4528 | 3.4528 | |
| LVL | 0.7070 | 0.7082 | 0.7087 | 0.7093 | 0.7093 | 0.7094 | |
| NOK | 7.8236 | 8.0075 | 8.0060 | 7.7875 | 7.9725 | 7.8000 | |
| PLN | 3.9518 | 4.0026 | 3.9950 | 3.9903 | 4.1470 | 3.9750 | |
| RUB | 40.1449 | 39.9227 | 40.2780 | 40.4000 | 38.2820 | 40.8200 | |
| SEK | 8.9378 | 9.7950 | 9.5469 | 9.1739 | 9.5259 | 8.9655 | |
| UAH | 11.1846 | 10.5862 | 10.6024 | 11.5335 | 9.6588 | 10.5775 | |
| CZK | 24.3478 | 25.7340 | 25.2939 | 24.3450 | 25.6910 | 25.0610 | |
| QUARTERLY SEGMENT INFORMATION | |||||||
| NET SALES | |||||||
| Q2 | Q1 | Full year | Q4 | Q3 | Q2 | Q1 | |
| (MEUR) | 2011 | 2011 | 2010 | 2010 | 2010 | 2010 | 2010 |
| Finland | 36.5 | 30.2 | 136.9 | 35.2 | 37.5 | 36.1 | 28.1 |
| Sweden | 42.1 | 41.3 | 145.2 | 44.9 | 36.1 | 34.9 | 29.4 |
| Norway | 30.5 | 32.6 | 114.4 | 31.1 | 27.6 | 27.4 | 28.4 |
| Denmark | 9.9 | 8.4 | 35.6 | 9.5 | 9.0 | 9.0 | 8.1 |
| Europe East | 13.0 | 9.4 | 42.7 | 13.4 | 12.3 | 9.5 | 7.5 |
| Europe Central | 19.0 | 14.4 | 66.6 | 18.9 | 19.7 | 15.9 | 12.1 |
| Elimination of sales between segments | -1.5 | -1.9 | -10.2 | -3.0 | -1.2 | -4.0 | -2.0 |
| Net sales, total | 149.5 | 134.4 | 531.3 | 150.1 | 140.9 | 128.7 | 111.5 |
| EBIT | |||||||
| Q2 | Q1 | Full year | Q4 | Q3 | Q2 | Q1 | |
| (MEUR and % of net sales) | 2011 | 2011 | 2010 | 2010 | 2010 | 2010 | 2010 |
| Finland | 4.7 | 1.3 | 13.7 | 2.9 | 7.1 | 4.0 | -0.2 |
| % of net sales | 12.9% | 4.4% | 10.0% | 8.1% | 18.8% | 11.1% | -0.8% |
| Sweden | 7.0 | 6.1 | 23.3 | 8.3 | 7.4 | 5.0 | 2.6 |
| % of net sales | 16.5% | 14.9% | 16.1% | 18.5% | 20.6% | 14.4% | 8.8% |
| Norway | 2.4 | 0.4 | 2.3 | 0.1 | 1.7 | 1.0 | -0.4 |
| % of net sales | 7.9% | 1.2% | 2.0% | 0.3% | 6.1% | 3.7% | -1.6% |
| Denmark | -0.3 | -1.3 | -2.2 | -0.7 | -0.2 | -0.7 | -0.6 |
| % of net sales | -2.9% | -15.0% | -6.2% | -7.8% | -1.9% | -7.4% | -7.8% |
| Europe East | 1.0 | -1.7 | -3.5 | 1.1 | -0.7 | -1.6 | -2.4 |
| % of net sales | 7.5% | -17.7% | -8.3% | 8.5% | -5.7% | -16.5% | -32.2% |
| Europe Central | 1.1 | -1.2 | 0.8 | 1.0 | 2.2 | 0.3 | -2.6 |
| % of net sales | 5.7% | -8.2% | 1.2% | 5.1% | 11.2% | 1.9% | -21.8% |
| Costs not allocated to segments | -0.4 | -1.1 | -4.7 | -1.4 | -0.9 | -0.7 | -1.8 |
| Group EBIT | 15.4 | 2.7 | 29.7 | 11.3 | 16.6 | 7.4 | -5.6 |
| % of net sales | 10.3% | 2.0% | 5.6% | 7.5% | 11.8% | 5.8% | -5.0% |
ANALYST AND PRESS BRIEFING
A briefing for investment analysts and the press will be arranged on Friday 12 August 2011 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 Friday 12 August 2011 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 898271. 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. Times are given in Finnish time (EET).
Capital Market Day 1 September 2011 at 9:00 a.m. – 4:00 p.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, 12 August 2011
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 Ltd.
Main news media
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 2010, Group sales totalled EUR 531 million. The Group has 3,200 employees at some 399 locations in 13 countries in Northern, Central and Eastern Europe. Ramirent is listed on the NASDAQ OMX Helsinki Ltd.