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© 2014 Ramirent
Q1 Interim Report January–March 2014
DEMAND PICTURE REMAINED MIXED IN CORE MARKETS 8 May 2014 Magnus Rosén, President and CEO Jonas Söderkvist, CFO and EVP Corporate Functions
© 2014 Ramirent © 2014 Ramirent
Agenda
2
Group performance
Segment review
Market outlook
Key figures
Financial position
Company overview
Appendix
© 2014 Ramirent 3
Demand picture remained mixed in core markets
Key figures Q1/2014
Business performance
Market situation
*Adjusted for transferred or divested operations, at comparable exchange rates
The markets developed largely in line with our expectations. Overall construction activity was on a lower level compared to last year.
Net sales down by 10.0%; adjusted for transferred or divested operations sales down by 2.0%* EBITA excl. non-recurring items and adjusted for transferred or divested operations MEUR 7.1 (11.4) or 5.2% (7.8%) of net sales
Gross capex MEUR 23.4 (32.4)
Cash flow after investments MEUR -5.1 (19.0)
The EBITA margin is not at a satisfactory level and we prioritise measures to strengthen profitability. Efficiency improvement measures were intensified in the first quarter.
Interim Report January–March 2014 l 8 May 2014
© 2014 Ramirent 4
Adjusted with comparable company structure, first quarter net sales decreased by 2.0%
Change in net sales Q1/2014
-10.0%
-5.9%
-2.0%
-12%
-10%
-8%
-6%
-4%
-2%
0%
Q1/2014reported
Q1/2014 atcomparable
exchange rates
Q1/2014adjusted* atcomparable
exchange rates
Net sales (MEUR) Q1/2014
*Adjusted for the transfer of operations in Russia, Ukraine and Hungary, at comparable exchange rates
Net sales down by 10.0% or down by 5.9% at comparable exchange rates Adjusted for transferred or divested operations, net sales decreased by 2.0% at comparable exchange rates
152.8 137.5
0
20
40
60
80
100
120
140
160
180
Q1/2013 reported Q1/2014 reported In Sweden, sales decreased mainly due to some larger projects ending Slower construction activity in Finland and Norway Demand improved in Denmark, Poland and the Baltic States
Interim Report January–March 2014 l 8 May 2014
© 2014 Ramirent 5
Adjusted with comparable company structure, first quarter EBITA margin was 5.2% (7.8%)
-4.7%
2.7%
8.7%
14.8%
5.2%
-6%-4%-2%0%2%4%6%8%
10%12%14%16%18%
Q12010
Q2 Q3 Q4 Q12011
Q2 Q3 Q4 Q12012
Q2 Q3 Q4 Q12013
Q2 Q3 Q4 Q12014
14.8%
7.8% 5.2%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
Q1/2013 reported Q1/2013adjusted* and
excl. non-recurringitems
Q1/2014 reported
Q1/2013 non-recurring items included a non-taxable capital gain of MEUR 10.1 from the formation of Fortrent
Q1/2014 reported EBITA MEUR 7.1 (22.6)
Q1/2014 reported EBITA margin 5.2% (14.8%)
EBITA margin EBITA margin quarterly
*Adjusted for transferred or divested operations Interim Report January–March 2014 l 8 May 2014
© 2014 Ramirent
Customer First
Common Ramirent Platform
Sustainable profitable
growth
Balanced business portfolio
6
Continued focus on Ramirent's strategic priorities
Strong local customer orientation and tailored offerings
Increased synergies & operational excellence
Further widening the customer base
Interim Report January–March 2014 l 8 May 2014
7
Actions to reach the 17% EBITA margin target by the end of 2016 continued Efficiency actions run across all operations
• Optimising customer centre network • Developing value-based pricing and reduce pricing leakages • Developing segment-specific customer management model • Promoting of integrated solutions
Cost structure
Sourcing
Fleet management
Sales
• Optimising equipment life-cycles, maintenance and repair processes • Developing logistics processes • Standardising fleet
• Centrally coordinated sourcing operations • Developing support processes and systems • Optimising sourcing terms and supplier portfolio
• Developing common system platform • Creating uniform performance management model • Developing efficient back-office functions
Interim Report January–March 2014 l 8 May 2014
8
We deliver customer value
through dynamic rental solutions that combine high-quality
equipment, services and know-how.
New brand promise to clarify Ramirent's value proposition
© 2014 Ramirent Interim Report January–March 2014 l 8 May 2014
© 2014 Ramirent 9
Ramirent strengthened its telehandler business and starts to offer telehandler operator services in Finland
On 10 March 2014 acquisition of Kurko-Koponen's telehandler business
Kurko-Koponen known as a leading telehandler equipment rental provider in Finland
Ramirent will have the widest telehandler offering on the Finnish market
Co-operation agreement signed with Kurko-Koponen for offering telehandler operator services
M&A criteria
Strengthening market leading position
Complimentary products and services in line with More Than MachinesTM
Improving links to new customer segments
Annual rental volume app. EUR 6.0 million and 7 employees
Interim Report January–March 2014 l 8 May 2014
© 2014 Ramirent 10
Event after the review period: Ramirent acquired majority stake in Safety Solutions Jonsereds
On 24 April 2014 acquisition of majority stake in Sweden-based Safety Solutions Jonsereds
Ramirent holds an option to acquire the remaining ownership stake over the next seven years
Safety Solutions Jonsereds is specialised in developing and planning fall protection and safety systems
Ramirent holds a 50.1% stake with the remaining 49.9% stake held by Accent Equity and management
M&A criteria
Strengthens safety competence base
Creates unique customer offering with Ramirent's extensive network
Potential to reach wider range of customers
Complimentary products and services in line with More Than MachinesTM
16 employees
Interim Report January–March 2014 l 8 May 2014
© 2014 Ramirent © 2014 Ramirent 11
Group performance
Segment review
Market outlook
Key figures
Financial position
Company overview
Appendix
© 2014 Ramirent 12
Finland Q1/2014: Actions taken to adjust fixed cost base to prevailing market conditions
• Net debt to EBITDA 1.1x in Q4 • Long-term financial target: below 1.6x
(at the end of FY)
13.7%
9.7% 9.3%
0%
5%
10%
15%
20%
25%
30%
Q12012
Q2 Q3 Q4 Q12013
Q2 Q3 Q4 Q12014
Net sales (MEUR) Highlights Q1/2014
38.4 35.1
31.6
05
101520253035404550
Q12012
Q2 Q3 Q4 Q12013
Q2 Q3 Q4 Q12014
EBITA margin Key figures
Demand decreased due to lower construction activity Weak demand in construction in the northern and western parts of Finland Measures were taken to adjust fixed cost base to prevailing market conditions Measures to further strengthen operational efficiency continue
Finland Q1
2014 Q1
2013 Change 2013
Net sales, MEUR 31.6 35.1 −9.9% 151.9
EBITA, MEUR 2.9 3.4 −13.3% 25.7
% of net sales 9.3% 9.7% 16.9%
Capital expenditure, MEUR 4.2 8.1 −48.1% 28.8
Personnel (FTE) 519 554 −6.4% 547
Customer centres 70 76 −7.9% 74
Net sales down by 9.9%
Interim Report January–March 2014 l 8 May 2014
© 2014 Ramirent 13
Sweden Q1/2014: Sales decreased mainly due to some larger projects ending
• Net debt to EBITDA 1.1x in Q4 • Long-term financial target: below 1.6x
(at the end of FY)
15.0% 14.6%
9.3%
0%
5%
10%
15%
20%
25%
Q12012
Q2 Q3 Q4 Q12013
Q2 Q3 Q4 Q12014
Net sales (MEUR) Highlights Q1/2014
48.1 50.3 45.4
010203040506070
Q12012
Q2 Q3 Q4 Q12013
Q2 Q3 Q4 Q12014
EBITA margin Key figures
Sales decreased mainly due to some larger projects ending in the quarter Strong residential and infrastructure construction supported demand in Stockholm area Prices remained stable Strict cost control continues
Net sales down by 9.7% or by 5.8% at
comparable exchange rates
Sweden Q1
2014 Q1
2013 Change 2013
Net sales, MEUR 45.4 50.3 −9.7% 207.3
EBITA, MEUR 4.2 7.4 −42.9% 36.6
% of net sales 9.3% 14.6% 17.6%
Capital expenditure, MEUR 9.9 10.9 −9.2% 35.8
Personnel (FTE) 666 670 −0.6% 656
Customer centres 74 78 −5.1% 74
Interim Report January–March 2014 l 8 May 2014
© 2014 Ramirent 14
Norway Q1/2014: Efficiency improvement measures were intensified
• Net debt to EBITDA 1.1x in Q4 • Long-term financial target: below 1.6x
(at the end of FY)
10.3% 13.0%
7.6%
0%
5%
10%
15%
20%
25%
Q12012
Q2 Q3 Q4 Q12013
Q2 Q3 Q4 Q12014
Net sales (MEUR) Highlights Q1/2014
43.7 38.1
34.0
0
10
20
30
40
50
60
Q12012
Q2 Q3 Q4 Q12013
Q2 Q3 Q4 Q12014
EBITA margin Key figures
Market conditions more challenging in the south eastern parts of Norway Demand at healthy levels in the northern and western parts of Norway Stable demand from activity in oil and gas sector EBITA was hampered by increased pricing pressure
Net sales down by 10.8% or up by 0.2%
at comparable exchange rates
Norway Q1 2014
Q1 2013
Change 2013
Net sales, MEUR 34.0 38.1 −10.8% 153.6
EBITA, MEUR 2.6 5.0 −48.1% 22.0
% of net sales 7.6% 13.0% 14.3%
Capital expenditure, MEUR 4.9 8.7 −43.8% 34.5
Personnel (FTE) 432 464 −6.8% 460
Customer centres 43 43 43
Interim Report January–March 2014 l 8 May 2014
© 2014 Ramirent
Denmark Q1 2014
Q1 2013
Change 2013
Net sales, MEUR 9.6 9.1 5.4% 44.0
EBITA, MEUR −1.1 −1.4 22.6% −4.31)
% of net sales −11.7% −15.9% −9.7%1)
Capital expenditure, MEUR 0.1 1.2 −95.8% 6.6
Personnel (FTE) 162 190 −14.8% 175
Customer centres 16 19 −15.8% 16
15
Denmark Q1/2014: Demand for equipment rental improved slightly
• Net debt to EBITDA 1.1x in Q4 • Long-term financial target: below 1.6x
(at the end of FY)
-1.5%
-15.9%
-11.7%
-20%
-15%
-10%
-5%
0%
5%
10%
Q12012
Q2 Q3 Q4 Q12013
Q2 Q3 Q4 Q12014
Net sales (MEUR) Highlights Q1/2014
9.8 9.1 9.6
02468
101214
Q12012
Q2 Q3 Q4 Q12013
Q2 Q3 Q4 Q12014
EBITA margin Key figures
Increased demand was supported by improving activity in the infrastructure construction and public sector Demand in the industrial sector was stable Ramirent's restructuring measures and strict cost control had a positive effect on the profitability
Net sales up by 5.4% or by 5.4% at
comparable exchange rates
1) EBITA excluding non–recurring items was EUR −2.8 million or −6.3% of net sales in January–December 2013. The non-recurring items included the EUR 1.5 restructuring provision for the third quarter of 2013.
Interim Report January–March 2014 l 8 May 2014
© 2014 Ramirent 16
Europe East Q1/2014: Positive development continued in the Baltic States
• Net debt to EBITDA 1.1x in Q4 • Long-term financial target: below 1.6x
(at the end of FY)
Net sales (MEUR) Highlights Q1/2014
12.2 9.7
6.2
02468
101214161820
Q12012
Q2 Q3 Q4 Q12013
Q2 Q3 Q4 Q12014
EBITA margin Key figures
In the Baltic States, demand was fuelled by higher activity within construction and industrial sectors First-quarter EBITA margin in the Baltic States 4.9% (-3.0%) Fortrent Group's operations were affected by weaker market situation caused by the Ukrainian crisis
Adjusted for divested operations* net sales
were up by 20.2%
1) Adjusted for the transfer of the Russian and Ukrainian operations to Fortrent as of March 1, 2013* the increase of net sales was 20.2% 2) EBITA excluding non–recurring items was EUR 0.9 million, representing 9.1% of net sales. 3) EBITA excluding non–recurring items was EUR 7.2 million, representing 20.2% of net sales. The non–recurring items included the non–taxable capital gain of EUR 10.1 million from the formation of Fortrent, recorded in the first quarter of 2013.
113.5%
First-quarter EBITA margin excl. non-
recurring items was 9.1%
Europe East Q1 2014
Q1 2013
Change 2013
Net sales, MEUR 6.21) 9.7 −36.2%1) 35.5
EBITA, MEUR −0.1 11.02) N/A 17.33)
% of net sales −1.8% 113.5%2) 48.8%3)
Capital expenditure, MEUR 2.7 1.5 75.5% 9.6
Personnel (FTE) 239 207 15.2% 207
Customer centres 42 42 0.0% 41
Interim Report January–March 2014 l 8 May 2014
-0.3%
4.9%
-5%0%5%
10%15%20%25%30%35%40%
Q12012
Q2 Q3 Q4 Q12013
Q2 Q3 Q4 Q12014
-1.8%
The Baltic States
-3.0%
© 2014 Ramirent 17
Europe Central Q1/2014: Volumes grew supported by market recovery in Poland
• Net debt to EBITDA 1.1x in Q4 • Long-term financial target: below 1.6x
(at the end of FY)
-15.1%
-21.2%
-10.2%
-25%-20%-15%-10%-5%0%5%
10%15%20%
Q12012
Q2 Q3 Q4 Q12013
Q2 Q3 Q4 Q12014
Net sales (MEUR) Highlights Q1/2014
13.3 11.0 11.8
02468
101214161820
Q12012
Q2 Q3 Q4 Q12013
Q2 Q3 Q4 Q12014
EBITA margin Key figures
In Poland, volumes continued to recover in the construction sector Good activity in power plant projects Profitability improved mainly due to higher rental income in Poland and improved capacity utilisation rates Price levels have started to increase from low levels
Adjusted for divested operations* net sales
were up by 23.7%
1) Adjusted for the divestment of the Hungarian business* the increase in net sales was 23.7%. 2) EBITA excluding non–recurring items was EUR 1.2 million or 2.0% of net sales in January–December 2013. The non-recurring items included the EUR 1.9 million loss from disposal of Hungary, recorded in the third quarter 2013.
Europe Central Q1 2014
Q1 2013
Change 2013
Net sales, MEUR 11.81) 11.0 7.3%1) 57.3
EBITA, MEUR −1.2 −2.3 48.2% −0.72)
% of net sales −10.2% −21.2% −1.2%2)
Capital expenditure, MEUR 1.6 1.3 21.3% 7.1
Personnel (FTE) 474 607 −21.9% 479
Customer centres 57 76 −25.0% 56
Interim Report January–March 2014 l 8 May 2014
© 2014 Ramirent © 2014 Ramirent
Group performance
Segment review
Market outlook
Key figures
Financial position
Company overview
Appendix
18
© 2014 Ramirent 19
Fastest construction output growth expected in Sweden in 2014
Construction output growth estimates for 2014
Source: Confederation of Finnish Construction Industries (RT) 4/2014, Swedish Construction Federation 3/2014, Prognosesenteret 3/2014, Danish Construction Industry (DB) 2/2014 and Euroconstruct 12/2013
Nordic countries
Baltic countries and Europe Central
2014E
Finland -1.0%
Sweden 5.0%
Norway 0.2%
Denmark 3.2%
2014E Estonia -2.0% Latvia -6.0% Lithuania 4.0% Poland 3.5% The Czech Republic -4.2% Slovakia -0.8%
Interim Report January–March 2014 l 8 May 2014
© 2014 Ramirent 20
Nordic construction order books increased by 6.3% compared to the previous year
Nordic construction companies order books (at comparable exchange rates)
-40%
-20%
0%
20%
40%
60%
0
1
2
3
4
5
6
7
8
Q1 2007
Q2 Q3 Q4 Q1 2008
Q2 Q3 Q4 Q1 2009
Q2 Q3 Q4 Q1 2010
Q2 Q3 Q4 Q1 2011
Q2 Q3 Q4 Q1 2012
Q2 Q3 Q4 Q1 2013
Q2 Q3 Q4 Q1 2014
NCC YIT*
Lemminkäinen SRV
Change in Net sales (y-o-y), R12 Ramirent Change in order backlog (y-o-y), Nordic construction
billion Nordic construction order books excluding Skanska, Veidekke and Peab increased by 6.3% compared to the previous year
Ramirent's rolling 12 months net sales decreased by 10.0% (y-o-y)
*YIT's order book not fully comparable as it includes also order book from the Baltic States, Slovakia and the Czech Republic (change in reporting structure as of Q1/2014). Interim Report January–March 2014 l 8 May 2014
The economic growth in 2014 is expected to be modest and construction market demand remains mixed in our core markets. Ramirent will maintain strict cost control and, for 2014, capital expenditure is expected to be around the same level as in 2013. The strong financial position will enable the Group to continue to address profitable growth opportunities.
Ramirent outlook for 2014 unchanged
Interim Report January–March 2014 l 8 May 2014
© 2014 Ramirent © 2014 Ramirent
Group performance
Segment review
Market outlook
Key figures
Financial position
Company overview
Appendix
23
Finland Sweden Norway Denmark Baltics Central
Net
Sal
es
(MEU
R)
EBIT
A m
arg
in
(%)
R12 Q1/2013 R12 Q1/2014
Mixed performance in our countries
18.1% 17.0% 14.7%
1.2%
17.6%
-1.7%
17.0% 16.5%
13.1%
-5.5%1)
18.3%
3.9%2)
-10%
0%
10%
20%
Finland Sweden Norway Denmark The BalticStates
Europe Central
163.2
212.8
170.5
43.9 29.5
60.5
148.5
202.1
149.9
44.4 32.0
58.2
0
50
100
150
200
Finland Sweden Norway Denmark The BalticStates
Europe Central
1) Rolling 12 months EBITA excluding non–recurring items was EUR −2.4 million or −5.5% of net sales. The non-recurring items included the EUR 1.5 restructuring provision for the third quarter of 2013. 2) Rolling 12 months EBITA excluding non–recurring items was EUR 2.3 million or 3.9% of net sales. The non-recurring items included the EUR 1.9 million loss from disposal of Hungary, recorded in the third quarter 2013.
© 2014 Ramirent Interim Report January–March 2014 l 8 May 2014
© 2014 Ramirent 24
Net sales affected by exchange rates and divested operations, as well as lower demand
Net sales (MEUR) Breakdown of net sales (MEUR)
98.9 86.7
49.6
45.3
4.3
5.5
0
20
40
60
80
100
120
140
160
180
Q1/2013 Q1/2014
Income from sold equipment
Ancillary income
Rental income
28.2%
−8.7%
−12.3%
152.8
6.2 6.1 2.9
137.5
0
20
40
60
80
100
120
140
160
180
Q1/2013reported
Exchangerates
Divestedoperations
Underlyingchange
Q1/2014reported
First-quarter net sales MEUR 137.5 (152.8) down by 10.0% Adjusted for transferred or divested operations, net sales decreased by 2.0% at comparable exchange rates R12 net sales MEUR 632.0 (702.6) down by 10.0% Adjusted for transferred or divested operations, R12 net sales decreased by 2.5% at comparable exchange rates
Interim Report January–March 2014 l 8 May 2014
© 2014 Ramirent 25
Number of employees has decreased mainly due to restructuring in Denmark and Europe Central
Customer centres Personnel (FTE)
334 325 306 304 302
Q12013
Q2 Q3 Q4 Q12014
Finland Sweden Norway Denmark Europe East -Baltics Europe Central
Number of customer centres were adjusted to
prevailing market conditions
Decrease of 32 customer centres year-on-year
First-quarter employee benefit expenses
MEUR 37.1 (41.9)
Decrease of 196 in number of employees from
Q1/13 to Q1/14
Group: 2,529 (2,725)
Finland 519
Sweden 666
Norway 432
Denmark 162
Europe East -Baltics 239
Europe Central
474
Interim Report January–March 2014 l 8 May 2014
© 2014 Ramirent 26
Ramirent’s fixed costs 4.9 MEUR lower compared to last year
Fixed costs (MEUR) and % of Group net sales
67.9
65.9 60.9 41.3%
43.1% 44.3%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0
10
20
30
40
50
60
70
80
Q12012
Q2 Q3 Q4 Q12013
Q2 Q3 Q4 Q12014
Group fixed costs MEUR 60.9 (65.9) in the first quarter First-quarter fixed costs of net sales 44.3% (43.1%) Q1/14 fixed costs: • Employee benefit
expenses MEUR 37.1
• Other operating expenses MEUR 23.8
Fixed costs rolling 12 months MEUR 247.5 (267.6)
Interim Report January–March 2014 l 8 May 2014
© 2014 Ramirent 27
EBITDA-margin excluding non-recurring items slightly below last year's level
EBITDA margin
31.5%
24.8% 23.0%
0%
5%
10%
15%
20%
25%
30%
35%
Q1/2013reported
Q1/2013excluding non-recurring items
Q1/2014excluding non-recurring items
EBITDA margin quarterly
15.7%
20.6%
25.5%
31.5%
23.0%
0%
5%
10%
15%
20%
25%
30%
35%
Q12010
Q2 Q3 Q4 Q12011
Q2 Q3 Q4 Q12012
Q2 Q3 Q4 Q12013
Q2 Q3 Q4 Q12014
Q1/2013 non-recurring items included a non-
taxable capital gain of MEUR 10.1 from the
formation of Fortrent
First-quarter reported EBITDA MEUR 31.7 (48.1)
First-quarter reported EBITDA margin 23.0%
(31.5%)
Interim Report January–March 2014 l 8 May 2014
© 2014 Ramirent 28
Net sales in the comparative period included business in Russia, Ukraine and Hungary
Net sales: Group, Russia & Ukraine, Hungary
EBITA: Group, Russia & Ukraine, Hungary
Net sales, MEUR Q1/2013 Q2/2013 Q3/2013 Q4/2013 Q1/2014
Group as reported 152.8 160.8 166.2 167.5 137.5
Russia & Ukraine 4.7
Hungary 1.5 1.7 1.6
Group (excl. Russia, Ukraine & Hungary) 146.7 159.1 164.6 167.5 137.5
EBITA, MEUR Q1/2013 Q2/2013 Q3/2013 Q4/2013 Q1/2014
Group as reported 22.6 22.7 25.9 20.9 7.1
Russia & Ukraine (incl. capital gain) 11.4
Hungary (incl. capital loss) -0.2 0.1 -1.3
Group (excl. Russia, Ukraine & Hungary) 11.4 22.6 27.3 20.9 7.1
Interim Report January–March 2014 l 8 May 2014
© 2014 Ramirent 29
Adjusted with comparable company structure, first quarter EBITA margin was 5.2% (7.8%)
22.6
12.4
10.1
1.0
11.4
7.1
0.0
5.0
10.0
15.0
20.0
25.0
1-3/2013reported
Capital gain 1-3/2013excl. capital
gain
Results ofRUS, UKR &
HUN
1-3/2013adjusted
1-3/2014reported
EBITA (MEUR) Q1/13 vs Q1/14 Q1/2013 EBITA includes a capital gain of MEUR 10.1 from the transaction to form Fortrent and the results of transferred or divested operations (RUS, UKR & HUN) Q1/2014 EBITA excl. non-recurring items and adjusted for divested operations was MEUR 7.1 (11.4) or 5.2% (7.8%) of net sales
14.8% 7.8% 5.2% EBITA margin 8.1%
Interim Report January–March 2014 l 8 May 2014
© 2014 Ramirent 30
Cash flow weakened due to less cash flow from operating activities
-60%
-40%
-20%
0%
20%
40%
60%
80%
-60
-40
-20
20
40
60
80
EBITDA (MEUR)Cashflow after investments (MEUR)Cash Conversion
Cash flow after investments (MEUR) Cash conversion (MEUR and %)
19
-5
34
25
-5 -10
-5
0
5
10
15
20
25
30
35
40
Q12013
Q2 Q3 Q4 Q12014
Cash flow after investments MEUR -5.1 (19.0*)
in the first quarter
Cash flow weakened mainly due to lower cash
flow from operating activities
First-quarter cash conversion typically the
weakest of the year due to the seasonal nature of
rental business
Interim Report January–March 2014 l 8 May 2014 *The comparative period included a cash contribution of MEUR 9.2 from the transaction to form Fortrent.
© 2014 Ramirent 31
Capital expenditure focused on Sweden, Norway and Finland
• Net debt to EBITDA 1.1x in Q4 • Long-term financial target: below 1.6x
(at the end of FY)
Capital expenditure by segment (MEUR)
Share of capital expenditure by segment (%)
8.1
10.9
8.7
1.2
1.5
1.3
4.2
9.9
4.9
0.1
2.7
1.6
0 5 10 15
Finland
Sweden
Norway
Denmark
East
CentralQ1/14
Q1/13
Investments in machinery and equipment MEUR
22.0 (29.3) in the first quarter
The sales value of sold rental equipment MEUR
5.5 (4.3) in the first quarter
Finland 18.1%
Sweden 42.3%
Norway 21.0%
Denmark 0.2%
Europe East 11.5%
Europe Central 6.9%
Interim Report January–March 2014 l 8 May 2014
© 2014 Ramirent 32
In 2014, capital expenditure is expected to be around the same level as in 2013
Gross capital expenditure (MEUR) and % of net sales
12.5
21.7
9.7
18.1
31.9
44.6
119.9
45.9
35.7
23.9 28.0
36.8 32.4 30.0 29.5
33.8
23.4
0%
10%
20%
30%
40%
50%
60%
70%
80%
0
20
40
60
80
100
120
140
Q12010
Q2 Q3 Q4 Q12011
Q2 Q3 Q4 Q12012
Q2 Q3 Q4 Q12013
Q2 Q3 Q4 Q12014
Gross Capex Share of net sales-%
First quarter gross capex MEUR 23.4 (32.4) No acquisitions during the first quarter
Investments in machinery and equipment MEUR 22.0 (29.3) in the first quarter Capex focused on Finland, Sweden and Norway
Interim Report January–March 2014 l 8 May 2014
© 2014 Ramirent 33
Return on investment at 13.9%
Return on investment % ROI % and Invested capital MEUR
18.9%
13.9%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
Q1/2013 Q1/2014
524 508
565
654
545
5.8%
9.3%
19.6%
18.9%
13.9%
0%
5%
10%
15%
20%
25%
0
100
200
300
400
500
600
700
Q12010
Q2 Q3 Q4 Q12011
Q2 Q3 Q4 Q12012
Q2 Q3 Q4 Q12013
Q2 Q3 Q4 Q12014
Rolling 12 months Return on investment was
13.9% (18.9%)
Return on investment decreased compared year-
on-year as a result of lower profitability
The Group's invested capital amounted to MEUR
545.1 (654.4) at the end of Q1/14
Interim Report January–March 2014 l 8 May 2014
© 2014 Ramirent 34
Return on equity at 13.6%
Return on equity % ROE % and Total equity (MEUR)
20.7%
13.6%
0%
5%
10%
15%
20%
25%
Q1/2013 Q1/2014
309 316 305
342 330
-0.4%
6.3%
16.9%
20.7%
13.6%
-5%
0%
5%
10%
15%
20%
25%
0
50
100
150
200
250
300
350
400
Q12010
Q2 Q3 Q4 Q12011
Q2 Q3 Q4 Q12012
Q2 Q3 Q4 Q12013
Q2 Q3 Q4 Q12014
Rolling 12 months Return on equity was 13.6%
(20.7%)
Long-term financial target: ROE of 18% over a
business cycle
The Group's total equity amounted to MEUR 330.3
(341.6) at the end of Q1/14
Equity per share was 3.07 (3.17) at the of the
quarter
Interim Report January–March 2014 l 8 May 2014
© 2014 Ramirent © 2014 Ramirent 35
Group performance
Segment review
Market outlook
Key figures
Financial position
Company overview
Appendix
© 2014 Ramirent 36
Ramirent's financial position remained strong in the first quarter
Net debt (MEUR) Net debt to EBITDA ratio
220
264
230 207 212
0
50
100
150
200
250
300
Q12013
Q2 Q3 Q4 Q12014
1.8x
1.4x
1.2x
1.0x 1.2x
0.0
0.5
1.0
1.5
2.0
2.5
Q12010
Q2 Q3 Q4 Q12011
Q2 Q3 Q4 Q12012
Q2 Q3 Q4 Q12013
Q2 Q3 Q4 Q12014
Net debt MEUR 212.0 (220.3) at the end of
Q1/14
Net debt decreased by 3.8% (y-o-y)
Net debt to EBITDA 1.2x at the end of Q1/14
Long-term financial target: below 1.6x
(at the end of FY)
Interim Report January–March 2014 l 8 May 2014
© 2014 Ramirent 37
Equity ratio and gearing improved year-on-year
Equity ratio (%) Gearing (%)
38.2% 43.1% 45.2%
48.9% 43.8%
0%
10%
20%
30%
40%
50%
60%
Q12013
Q2 Q3 Q4 Q12014
64.5%
76.8%
63.9% 55.8%
64.2%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Q12013
Q2 Q3 Q4 Q12014
First-quarter equity ratio was 43.8% (38.2%)
Total equity amounted to MEUR 330.3 (341.6) at the
end of the quarter
First-quarter gearing was 64.2% (64.5%)
Net debt MEUR 212.0 (220.3) at the end of the
quarter
Interim Report January–March 2014 l 8 May 2014
© 2014 Ramirent 38
An ordinary dividend of EUR 0.37 per share was paid and the AGM adopted the Board's proposal to decide on a potential additional dividend of up to EUR 0.63 per share
Earnings Per Share and Dividend Per Share
0.04
0.13
0.41
0.59
0.50
0.15
0.25 0.28
0.34
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
0.90
1.00
2009 2010 2011 2012 2013
EPS DPS
Ordinary dividend of EUR 0.37 per share paid in April 2014 representing a payout ratio of 73.7% (57.6%) for fiscal year 2013 Potential for an additional dividend of up to EUR 0.63 per share for fiscal year 2013, which would represent a total payout ratio of up to 199% for fiscal year 2013 Long-term financial target: Dividend payout ratio at least 40% of net profit
1.00
0.37
0.63
Interim Report January–March 2014 l 8 May 2014
© 2014 Ramirent 39
First-quarter working capital negative mainly due to dividend
Working capital (MEUR) Working capital / Rolling 12 months net sales
5.9% 5.2%
-1.1% -1.8%
-2.4%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
Q12010
Q2 Q3 Q4 Q12011
Q2 Q3 Q4 Q12012
Q2 Q3 Q4 Q12013
Q2 Q3 Q4 Q12014
15.3 15.0 14.4 11.5 12.6
115.4 128.7 125.3 109.2 108.6
-143.3 -98.2 -102.0 -104.4
-136.6
-200
-150
-100
-50
0
50
100
150
200
Q12013
Q2 Q3 Q4 Q12014
Trade payables and other liabilities
Trade and other receivables
Inventories
First-quarter credit losses and change in the
allowance for bad debt amounted to MEUR
-1.5 (-1.9)
Working capital of rolling 12 months net sales
-2.4% (-1.8%)
Dividend of MEUR 39.8 (36.6) paid in April 2014
Interim Report January–March 2014 l 8 May 2014
© 2014 Ramirent 40
At the end of March 2014, Ramirent had unused committed back–up loan facilities of MEUR 202.1
Repayment schedule of interest-bearing liabilities (MEUR) Ramirent had unused committed back-up loan facilities of MEUR 202.1 available at the end of the first quarter
The average interest rate of the loan portfolio was 3.8% (3.5%) at the end of the first quarter
In January, revolving credit facility agreement (MEUR 75.0) with SEB was refinanced and set to mature in 2016
In addition to bank facilities, Ramirent is utilising a domestic commercial paper program of up to EUR 150 million 75
240
100
2013 2014 2015 2016 2017 2018 2019
Net debt EUR 212.0 million
EUR 415.0 million in committed credit facilities
Interim Report January–March 2014 l 8 May 2014
© 2014 Ramirent 41
Two of our long-term financial targets were met in Q1/2014
Leverage and risk
Profit generation
Dividend
Element Target level
ROE
Net Debt / EBITDA
ratio
Dividend pay-out
ratio
18% p.a. over a business cycle
Below 1.6x at the end of each fiscal year
At least 40% of Net profit
Measure Q1/2014
13.6%
1.2x
73.7% of 2013 net profit
STATED OBJECTIVES
Interim Report January–March 2014 l 8 May 2014
© 2014 Ramirent © 2014 Ramirent 43
Group performance
Segment review
Market outlook
Key figures
Financial position
Company overview
Appendix
© 2014 Ramirent
Ramirent is a generalist equipment rental and service company
44
Where Geographic presence
Home market Europe with focus on the Baltic Rim
How Concept
Ramirent is a generalist rental company, with an extensive outlet network enabling customer proximity while managing through decentralised operations
What Offering
Ramirent’s business offering stretches from single products to managing the entire fleet capacity at a customer site
Who
Customers Ramirent’s diverse customer base includes construction, industry, services, the public sector and private households
302 customer centres in 10
countries
2,529 employees serving 200,000 customers with
200,000 rental items
MEUR 647 of sales (2013)
Definition of Ramirent's business and strategic choices
Interim Report January–March 2014 l 8 May 2014
© 2014 Ramirent 45
We increased geographical focus on core Baltic Rim markets and widened the customer base
Europe Central
(PL+CZ+SL) # 1
57 customer centres
Finland # 1
70 customer centres
Sweden # 2
74 customer centres
Norway # 1
43 customer centres
Denmark # 1
16 customer centres
Europe East –Baltics
# 1 42 customer
centres
Finland 23%
Sweden 33%
Norway 25%
Denmark 7%
Europe East -Baltics
4%
Europe Central 9%
Sales per customers Q1/2014
Construction 63% Industrial
19%
Services & Retail 14%
Public 4%
Private 1%
Current state close to target of 40% non-construction dependent sales
Russia and Ukraine presence through JV Fortrent
Sales per segment Q1/2014
Interim Report January–March 2014 l 8 May 2014
© 2014 Ramirent 46
We continue to pursue our growth strategy in 2014
The five components of Ramirent's growth strategy:
Increased market share
Growth within current business
Extended customer value
proposition
Increasing services and integrated solutions
Increased penetration
Outsourcing opportunities
Increased footprint
New customer segments
New geographies
M&A
Acquisitions, joint ventures
and other transactions
1 2 3 4 5
Interim Report January–March 2014 l 8 May 2014
© 2014 Ramirent 47
Ramirent is transitioning from single equipment rental to integrated rental solutions…
Equipment Services Rental Business and Sector Knowledge
Benefits Lighter balance sheets, less investments
Benefits More uptime in core operations due to less downtime in equipment, less maintenance costs, right choice of equipment improves efficiency, less product liability risk
Benefits Understanding client requirements helps to customise product selection and further improve productivity
Heavy Equipment
Access Equipment Lifts, Hoists,
Scaffolding, Tower cranes
Modules and site equipment
Light Equipment Tools, power and heating
equipment
• Planning
• On-site services
• Logistics
• Merchandise sale
• Rental insurance
• Training
• Construction
• Mining
• Paper
• Power generation
• Oil & Gas
• Shipyards
• Retail & Service
• Public sector
• Households
Integrated Solutions
Benefits Easy to buy, reduced number of subcontractors, increased focus on the core business
Interim Report January–March 2014 l 8 May 2014
© 2014 Ramirent © 2014 Ramirent 48
Targeting non-construction dependent sales of 40% of the Group's net sales
Sales per customers Q1/2014
…offered to a wide range of customer industries in all countries
Construction 63% Industrial
19%
Services & Retail 14%
Public 4%
Private 1%
Interim Report January–March 2014 l 8 May 2014
© 2014 Ramirent 49
Ramirent aims to grow its footprint in strategic growth pockets
OIL & GAS
PUBLIC SECTOR
INDUSTRY
Interim Report January–March 2014 l 8 May 2014
© 2014 Ramirent 50
Ramirent has seen significant growth through outsourcing and acquisitions
Outsourcing deal with two subsidiaries in Finland
Outsourcing deal in Finland
Acquisition of Swedish rental company
Outsourcing deal in Norway
Acquisition of Czech rental
business
Outsourcing deal in Finland
Acquisition of Finnish weather protection
rental company
Aquisition of Czech rental
business Acquisition of Czech
rental business
Acquisition of Swedish rental
company Acquisition of Danish rental
business
Acquisition of module rental company in Norway
Outsourcing of Mt Hojgaard's Danish scaffolding division
Acquisition of Swedish rental company
Acquisition of Swedish rental
company
Outsourcing deal in Norway
Joint venture in Russia and Ukraine
with Cramo
2009 - 2010 2011 - 2012 2013-2014
Outsourcing deal in Finland
Divestment of operations in
Hungary
Formworks partnership with Doka in Finland
Extending geography to “white spots”
Complimentary product ranges or related services
Strengthening links to new customer segments
Targets mid-size companies mainly
Outsourcing of customer’s in-house fleets
Criteria
Proven track record of accretive acquisitions made at attractive multiples tied to earn-outs
Kurko-Koponen acquisition in
Finland
Outsourcing deal in Denmark
Safety Solutions Jonsereds acquisition
in Sweden
Interim Report January–March 2014 l 8 May 2014
© 2014 Ramirent 51
Capex adjusted to market conditions and was in line with depreciation in 2013
Gross capital expenditure, acquisitions and depreciation
54
96
165
212
165
15
53
131 108
123
99 16
11
6
37
3
9
111
16 3
0
50
100
150
200
250
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Capital expenditure* Acquisitions Depreciation
Acquisition of Altima for EUR 89 million
During market downturns Ramirent can reduce capex to a minimum
11 bolt-on acquisitions
*Investments in machinery and equipment excluding acquisitions
The total value of purchased equipment was MEUR 115.3 (101.3) 1-12/2013
The sales value of sold rental equipment was MEUR 28.3 (27.1) in 1-12/2013 In 2014, capital expenditure is expected to be around the same level as in 2013
Interim Report January–March 2014 l 8 May 2014
© 2014 Ramirent 52
Ramirent's Financial Business Model: Three complimentary drivers of value creation
• Volumes • Upselling
• Pricing • Fleet management • Sourcing • Cost structure • Quality of earnings
• Cash conversion • Capex • Working capital • Dividend • Capital Structure
Organic Growth Operating Leverage Financial Leverage
Cash Flow
Target EBITA margin of 17% by the end of 2016
Net debt/ EBITDA target of below 1.6x (at y/e)
Capital
Expenditure
ROE target of 18% over the cycle
Dividend pay-out ratio of at least 40% of
net profit
Interim Report January–March 2014 l 8 May 2014
© 2014 Ramirent 53
Customer
service level
Total costs
Non- available
fleet
Capital efficiency
Optimising fleet maintenance strategy
Resourcing and maintenance & repair locations
Optimising workshop processes
Balanced fleet age structure
Fleet management activities
Efficiency utilisation* (%) R3 months
Total Fleet Yield** (%) R3 months
∗) 𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸𝐸 𝑢𝑢𝐸𝑢𝐸𝑢𝑢𝑢𝐸𝑢𝐸 =𝐴𝐸𝐴𝑢𝐸𝑢𝐸𝑢𝐸𝑢𝐸 𝑣𝑢𝑢𝑢𝐸 𝑢𝐸 𝑟𝐸𝐸𝑢𝐸𝑟 𝐸𝑢𝐸𝐸𝑢𝐴𝐸𝐴𝑢𝐸𝑢𝐸𝑢𝐸𝑢𝐸 𝑣𝑢𝑢𝑢𝐸 𝑢𝐸 𝑢𝑢𝑢𝑢𝑢 𝐸𝑢𝐸𝐸𝑢
∗ 100 %
∗∗) 𝑇𝑢𝑢𝑢𝑢 𝐹𝑢𝐸𝐸𝑢 𝑌𝐸𝐸𝑢𝑟 =𝑅𝐸𝐸𝑢𝑢𝑢 𝐸𝐸𝐸𝑢𝑖𝐸 ∗ 100 %
𝐴𝐸𝐴𝑢𝐸𝑢𝐸𝑢𝐸𝑢𝐸 𝑣𝑢𝑢𝑢𝐸 𝑢𝐸 𝑢𝑢𝑢𝑢𝑢 𝐸𝑢𝐸𝐸𝑢
Goals KPIs
Efficient logistics
Fleet management potential realised at different levels
Interim Report January–March 2014 l 8 May 2014
© 2014 Ramirent 54
Group EBITA margin target of 17% by the end of 2016
Q1/2014 R12 EBITA margin by segment (%) Group EBITA margin** (%)
*EBITA excluding non-recurring items **Excluding transferred operations to Fortrent and divestment of Hungary
13
1.5
2.5
17
0
2
4
6
8
10
12
14
16
18
20
EBITA 2013* min 10% in allsegments
min 18% in allsegments
Target
17.0 16.5
13.1
-5.5
19.3
3.9
-5
0
5
10
15
20
FI SE NO DK* EE EC*
Target EBITA-margin is 18% for all
geographical segments…
…which leads to a Group EBITA
margin of 17%
Interim Report January–March 2014 l 8 May 2014
© 2014 Ramirent 55
Share price development in 2013-2014
60
70
80
90
100
110
120
130
140
150
160
Index Ramirent Plc (RMR1V)
RMR1V OMXHPI OMXHMCPI
8.12 May 5, 2014
Interim Report January–March 2014 l 8 May 2014
© 2014 Ramirent
Attractive market - structural growth drivers and cyclical recovery potential
Number 1 position - market leader in 7/10 countries
Strong platform - above industry average profitability, balanced risk level and increasing operational excellence
Growth potential - 5 point growth strategy to capitalise on strong position
Financial strength – industry leading cash generation and leverage potential to finance growth, drive ROE and increase dividends
Proven management track record – experienced management has reshaped the company since 2008
56
Return on equity of 18% over a business cycle
YE net debt to EBITDA of below 1.6x
Dividend pay-out ratio of at least 40% of net profit
EBITA margin of 17% by the end of 2016
How will we deliver on our financial targets and create shareholder value?
Company highlights Stated objectives
Interim Report January–March 2014 l 8 May 2014
© 2014 Ramirent © 2014 Ramirent 57
Group performance
Segment review
Market outlook
Key figures
Financial position
Company overview
Appendix
© 2014 Ramirent 58
CONSOLIDATED STATEMENT OF INCOME 1–3/14
1–3/13
1–12/13
(EUR 1,000)
Rental income 86,724 98,906 420,895
Ancillary income 45,293 49,608 198,040
Sales of equipment 5,521 4,305 28,317
NET SALES 137,538 152,819 647,252
Other operating income 349 11,175 12,732
Materials and services −44,857 −49,958 −213,169
Employee benefit expenses −37,129 −41,875 −156,791
Other operating expenses −23,792 −23,976 −95,660
Share of profit in associates and joint ventures −429 −108 688
Depreciation, amortisation and impairment charges −26,303 −30,073 −112,768
EBIT 5,376 18,005 82,284
Financial income 2,095 4,242 15,639
Financial expenses −4,252 −7,048 −34,055
Total financial income and expenses −2,157 −2,806 −18,415
EBT 3,220 15,199 63,869
Income taxes −660 −4,180 −9,839
PROFIT FOR THE PERIOD 2,559 11,019 54,030
Profit for the period attributable to:
Owners of the parent company 2,559 11,019 54,030
TOTAL 2,559 11,019 54,030
Earnings per share (EPS) on parent company shareholder’s share of profit
Basic, EUR 0.02 0.10 0.50
Diluted, EUR 0.02 0.10 0.50
Consolidated statement of income
Interim Report January–March 2014 l 8 May 2014
© 2014 Ramirent 59
Consolidated statement of financial position
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 31/3/2014
31/3/2013
31/12/2013 (EUR 1,000) ASSETS NON–CURRENT ASSETS Goodwill 124,690 131,247 124,825 Other intangible assets 38,108 40,311 38,427 Property, plant and equipment 427,841 453,921 432,232 Investments in associates and joint ventures 15,003 22,425 18,524 Non–current loan receivables 20,261 20,250 20,261 Available–for–sale investments 519 412 517 Deferred tax assets 815 1,856 647 TOTAL NON–CURRENT ASSETS 627,236 670,422 635,432
CURRENT ASSETS Inventories 12,561 15,281 11,494 Trade and other receivables 108,577 115,351 109,207 Current tax assets 3,252 1,923 1,495 Cash and cash equivalents 2,784 92,437 1,849 TOTAL CURRENT ASSETS 127,173 224,992 124,045 TOTAL ASSETS 754,409 895,414 759,477
Interim Report January–March 2014 l 8 May 2014
© 2014 Ramirent 60
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 31/3/2014
31/3/2013
31/12/2013 (EUR 1,000) EQUITY AND LIABILITIES EQUITY Share capital 25,000 25,000 25,000 Revaluation fund −1,291 −4,273 −1,502 Invested unrestricted equity fund 113,767 113,568 113,568 Retained earnings from previous years 190,263 196,271 179,882 Profit for the period 2,559 11,019 54,030 TOTAL EQUITY 330,298 341,585 370,978 NON–CURRENT LIABILITIES Deferred tax liabilities 53,833 65,286 54,286 Pension obligations 14,087 14,784 13,923 Non–current provisions 1,186 964 1,198 Non–current interest–bearing liabilities 206,721 277,820 174,981 Other non–current liabilities − 5,669 − TOTAL NON–CURRENT LIABILITIES 275,827 364,523 244,388 CURRENT LIABILITIES Trade payables and other liabilities 136,582 143,323 104,369 Current provisions 525 499 664 Current tax liabilities 3,136 10,533 5,278 Current interest–bearing liabilities 8,042 34,951 33,800 TOTAL CURRENT LIABILITIES 148,285 189,306 144,111 TOTAL LIABILITIES 424,112 553,829 388,499 TOTAL EQUITY AND LIABILITIES 754,409 895,414 759,477
Interim Report January–March 2014 l 8 May 2014
Consolidated statement of financial position (continued)
© 2014 Ramirent 61
Key financial figures
KEY FINANCIAL FIGURES 1–3/14
1–3/13
1–12/13
(MEUR) Net sales, EUR million 137.5 152.8 647.3
Change in net sales, % −10.0% −7.0% −9.4%
EBITDA, EUR million 31.7 48.1 195.1
% of net sales 23.0% 31.5% 30.1%
EBITA, EUR million 7.1 22.6 92.1
% net sales 5.2% 14.8% 14.2%
EBIT, EUR million 5.4 18.0 82.3
% of net sales 3.9% 11.8% 12.7%
EBT, EUR million 3.2 15.2 63.9
% of net sales 2.3% 9.9% 9.9%
Profit for the period, EUR million 2.6 11.0 54.0
% of net sales 1.9 % 7.2 % 8.3%
Gross capital expenditure, EUR million 23.4 32.4 125.8
% of net sales 17.0% 21.2% 19.4%
Invested capital, EUR million, end of period 545.1 654.4 579.8
Return on invested capital (ROI), %* 13.9% 18.9% 16.5%
Return on equity (ROE), %* 13.6% 20.7% 14.7%
Interest–bearing debt, EUR million 214.8 312.8 208.8
Net debt, EUR million 212.0 220.3 206.9
Net debt to EBITDA ratio 1.2x 1.0x 1.1x
Gearing, % 64.2% 64.5% 55.8%
Equity ratio, % 43.8% 38.2% 48.9%
Personnel, average during reporting period 2,536 2,867 2,709
Personnel, at end of reporting period 2,529 2,725 2,561
Interim Report January–March 2014 l 8 May 2014 *Rolling 12 months
© 2014 Ramirent 62
Consolidated cash flow statement
CONSOLIDATED CASH FLOW STATEMENT 1–3/14
1–3/13
1–12/13
(EUR 1,000)
Cash flow from operating activities
Profit before taxes 3,220 15,199 63,869
Adjustments
Depreciation, amortisation and impairment charges 26,303 30,073 112,768
Adjustment for proceeds from sale of used rental equipment 2,612 1,879 8,975
Financial income and expenses 2,157 2,806 18,415
Adjustment for proceeds from disposals of subsidiaries − −10,128 −15,609
Other adjustments 4,090 −4,780 4,735
Cash flow from operating activities before change in working capital 38,380 35,048 193,153
Change in working capital
Change in trade and other receivables 2,029 19,135 18,994
Change in inventories −644 −147 3,114
Change in non–interest–bearing liabilities −24,191 −2,385 −5,724
Cash flow from operating activities before interest and taxes 15,574 51,651 209,537
Interest paid −157 −2,624 −5,270
Interest received − 480 1,047
Income tax paid −4,059 −7,443 −23,068
Net cash generated from operating activities 11,358 42,064 182,245
Interim Report January–March 2014 l 8 May 2014
© 2014 Ramirent 63
CONSOLIDATED CASH FLOW STATEMENT 1–3/14
1–3/13
1–12/13 Cash flow from investing activities Acquisition of businesses and subsidiaries, net of cash − − −2,832 Investment in tangible non–current asset (rental machinery) −20,658 −27,762 −110,115 Investment in other tangible non–current assets −86 −1,230 −2,825 Investment in intangible non–current assets −1,320 −1,757 −6,503 Proceeds from sale of tangible and intangible non–current assets (excluding used rental equipment) 151 54 360 Proceeds from sales of other investments 5,481 9,200 14,681 Loan receivables, increase, decrease and other changes − −1,567 −1,577 Net cash flow from investing activities −16,432 −23,062 −108,812 Cash flow from financing activities Paid dividends − − −36,618 Borrowings and repayments of current debt (net) 6,009 −14,563 −49,771 Borrowings of non–current debt − 99,030 99,031 Repayments of non–current debt − −12,370 −85,565 Net cash flow from financing activities 6,009 72,096 −72,923 Net change in cash and cash equivalents during the financial year 935 91,099 511 Cash at the beginning of the period 1,849 1,338 1,338 Change in cash 935 91,099 511 Cash at the end of the period 2,784 92,437 1,849
Interim Report January–March 2014 l 8 May 2014
Consolidated cash flow statement (continued)
© 2014 Ramirent 64
Net sales
NET SALES 1–3/14
1–3/13
1–12/13 (MEUR) FINLAND - Net sales (external) 31.5 35.0 150.9 - Inter–segment sales 0.2 0.1 1.0 SWEDEN - Net sales (external) 45.3 50.0 206.7 - Inter–segment sales 0.1 0.3 0.6 NORWAY - Net sales (external) 33.4 38.1 153.6 - Inter–segment sales 0.6 − 0.0 DENMARK - Net sales (external) 9.6 9.1 43.7 - Inter–segment sales − − 0.2 EUROPE EAST - Net sales (external) 6.2 9.7 35.4 - Inter–segment sales 0.0 0.0 0.1 EUROPE CENTRAL - Net sales (external) 11.6 11.0 56.9 - Inter–segment sales 0.2 0.0 0.4 Elimination of sales between segments −1.1 −0.4 −2.3 NET SALES, TOTAL 137.5 152.8 647.2
Interim Report January–March 2014 l 8 May 2014
© 2014 Ramirent 65
EBITA
EBITA 1–3/14
1–3/13
1–12/13
(MEUR)
FINLAND 2.9 3.4 25.7
% of net sales 9.3% 9.7% 16.9%
SWEDEN 4.2 7.4 36.6
% of net sales 9.3% 14.6% 17.6%
NORWAY 2.6 5.0 22.0
% of net sales 7.6% 13.0% 14.3%
DENMARK −1.1 −1.4 −4.3
% of net sales −11.7% −15.9% −9.7%
EUROPE EAST −0.1 11.0 17.3
% of net sales −1.8% 113.5% 48.8%
EUROPE CENTRAL −1.2 −2.3 −0.7
% of net sales −10.2% −21.2% −1.2%
Net items not allocated to segments −0.2 −0.4 −4.6
GROUP EBITA 7.1 22.6 92.1
% of net sales 5.2% 14.8% 14.2%
Interim Report January–March 2014 l 8 May 2014