Presentation

Q3

Interim Report January–September 2014

RESTRUCTURING MEASURES BEARING FRUIT, MIXED MARKET PICTURE REMAINS 6 November 2014 Magnus Rosén, President and CEO Jonas Söderkvist, CFO and EVP Corporate Functions

© 2014 Ramirent

Agenda Group performance Segment review Market outlook Key figures Financial position

Company overview Appendix

© 2014 Ramirent

2

Restructuring measures bearing fruit, mixed market picture remains Key figures Q3/2014 Net sales down by 1.6%; adjusted for divested operations, net sales were up by 1.9% at comparable exchange rates EBITA MEUR 28.0 (25.9) or 17.1% (15.6%) of net sales EBITA excl. non-recurring items and divested operations1) MEUR 29.9 (28.7) or 18.3% (17.5%) of net sales Gross capex MEUR 23.8 (29.5)

Business performance Third-quarter net sales were supported by improving demand in the Swedish market as several projects started A number of actions were carried out to adjust the cost base in lowperforming segments

Market situation The market picture remained mixed and we saw no major changes in the market environment during the third quarter

1) Restructuring provision of EUR 1.9 million in Norway was booked in the third quarter of 2014. In the comparison period, non-recurring items included a EUR 1.5 million restructuring provision in © 2014 Ramirent 3 Denmark, a EUR 1.9 million loss from disposal of Hungary and EUR 0.6 million EBITA result from Interim Report January–September 2014 l 6 November 2014 Hungary.

Adjusted third-quarter net sales increased by 1.9% at comparable exchange rates Change in net sales Q3/2014 2%

Net sales (MEUR) Q3/2014 180 160

1%

1.9% 1.0%

120

0%

-1%

140

100 80

-1.6%

166.2

163.6

Q3/2013 reported

Q3/2014 reported

60 -2%

40 Q3/2014 reported

Q3/2014 at comparable exchange rates

Q3/2014 adjusted at comparable exchange rates

20 0

Third-quarter net sales down by 1.6% or up by 1.0% at comparable exchange rates

Improving demand in the Swedish market as several projects started

Adjusted for the divestment of Hungarian operations in Q3/2013, net sales increased by 1.9% at comparable exchange rates

Demand improved also in the Baltic States, Poland and the Czech Republic compared to the previous year

© 2014 Ramirent 4 Interim Report January–September 2014 l 6 November 2014

Reported and adjusted EBITA margin improved compared to the previous year EBITA (MEUR) Q3/2014

EBITA margin Q3/2014 20%

35

18%

30

16%

25

14% 12%

20

10% 8%

15.6%

17.5%

17.1%

18.3%

15 25.9

6%

28.7

28.0

Q3/2013 excl. non-recurring items

Q3/2014 reported

29.9

10

4% 5

2% 0%

Q3/2013 reported


Q3/2014 reported


Restructuring provision of EUR 1.9 million in Norway was booked Q3/2014 EBITA margin excl. non-recurring items and divested operations 18.3% (17.5%1))

0

Q3/2013 reported


Q3/2014 reported EBITA MEUR 28.0 (25.9) Q3/2014 EBITA excl. non-recurring items and divested operations MEUR 29.9 (28.71))

1) Non-recurring items in the third quarter of 2013 included the EUR 1.5 million restructuring © 2014 Ramirent 5 provision in Denmark, the EUR 1.9 million loss from disposal of Hungary and the EUR 0.6 million Interim Report January–September 2014 l 6 November 2014 EBITA result from Hungary.

Third-quarter EPS increased slightly from the comparison period Earnings Per Share (EPS) 0.22 0.20

0.19 0.18

0.18

0.17 0.16

0.16

0.17 0.16 0.14

0.14

0.13

0.12

0.11 0.10

0.10 0.08

0.08 0.07

0.08 0.07

0.07

0.06 0.04

0.04 0.02

0.02 0.00

0.00

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 -0.02 2010 2011 2012 2013 2014

-0.04 -0.06

-0.05

0.10

0.41

0.59

0.50

0.26 (0.37) © 2014 Ramirent 6 Interim Report January–September 2014 l 6 November 2014

Ramirent has signed three cooperation agreements with large construction companies 

Skanska's internal machinery department, Skanska Maskin AB, signed a three-year equipment rental agreement with Ramirent in Sweden



The agreement covers the whole assortment of both companies, from light and heavy machinery to modules and cranes

After the end of the review period



Veidekke renewed its cooperating agreement and signed a nationwide three-year equipment rental agreement with Ramirent in Norway



The agreement covers the whole assortment of machines and services from Ramirent



Hartela Oy outsourced its fleet of tower cranes to Ramirent in Finland and signed a five-year cooperation agreement covering the whole assortment of machines and services from Ramirent



According to the agreement, three employees will move to Ramirent


Our efficiency programme is progressing according to plan Main areas of improvement • Sales and pricing

• •

• Fleet management

•

• Sourcing

•

• Other

•

Actions implemented in 1-9/2014

Developing the network and customer care model Revenue management Promoting services and integrated solutions

•

Developing logistics and maintenance & repair processes Optimisation of fleet lifecycle

•

Developing support processes and systems Optimisation of sourcing terms and supplier portfolio

•

Common system platform and performance management model Developing efficient back-office functions

•

•

•

• •

New organisational model for Customer Centre Sales and Solutions Sales introduced in Sweden, Denmark, and Norway

Concentration of repair & maintenance operations to few locations in the Nordic countries Outsourced yard & storage operations in Finland Compliance increased in usage of approved suppliers in all countries Increase in number of Groupwide supplier agreements

Target at the end of 2016:

The identified efficiency actions are planned to deliver a Group EBITA margin of 17%

New rental system live in Sweden, Denmark and, Norway Integration of back-office functions in Sweden and Denmark Personnel reductions due to restructuring


Group performance Segment review Market outlook Key figures Financial position Company overview Appendix

© 2014 Ramirent

9

Finland Q3/2014: Net sales increased due to acquisitions and active sales management Highlights Q3/2014

Net sales (MEUR) 50 45 40 35 30 25 20 15 10 5 0

Demand remained at a good level in region South and Central EBITA was burdened by the challenging pricing environment

45.0

Q1 Q2 2012

Key figures Finland

Net sales, MEUR

Q3

43.5

41.8

Q4

Q1 Q2 2013

Q3

Q4

Q1 Q2 2014

Q3

EBITA margin Q3 2014

Q3 2013

Change

2013

30% 25%

43.5

41.8

4.0%

151.9

8.3

10.2

−19.3%

25.7

19.0%

24.5%

Capital expenditure, MEUR

4.9

7.4

−33.5%

28.8

Personnel (FTE)

538

531

1.4%

547

67

74

−9.5%

74

EBITA, MEUR

Net sales up by 4.0%

24.9%

24.5% 19.0%

20% 15%

% of net sales

16.9%

10% 5% 0%

Customer centres

Q1 Q2 2012

Q3

Q4

Q1 Q2 2013

Q3

Q4

Q1 Q2 2014

Q3

• Net debt to EBITDA 1.1x in Q4 • Long-term financial target: below 1.6x © 2014 Ramirent 10 (at the end of FY) Interim Report January–September 2014 l 6 November 2014

Sweden Q3/2014: Improving demand in the Swedish market as several projects started Highlights Q3/2014

Net sales up by 1.7% or by 7.7% at comparable exchange rates

Net sales (MEUR) 70

The demand for equipment rental in large construction projects started to improve and increased ancillary income

60

53.0

52.0

51.1

50 40 30 20

Ramirent carried out actions to reduce its fixed cost base during the quarter

10 0 Q1 Q2 2012

Key figures Sweden

Net sales, MEUR EBITA, MEUR % of net sales

Capital expenditure, MEUR Personnel (FTE)

Q3

Q4

Q1 Q2 2013

Q3

Q4

Q1 Q2 2014

Q3

EBITA margin Q3 2014

Q3 2013

Change

2013

25% 20%

52.0

51.1

1.7%

207.3

8.9

8.6

4.1%

36.6

15%

17.2%

16.8%

17.6%

10%

10.3

7.6

34.1%

35.8

771

644

19.8%

656

75

75

−

74

18.0% 17.2%

16.8%

5% 0%

Customer centres

Q1 Q2 2012

Q3

Q4

Q1 Q2 2013

Q3

Q4

Q1 Q2 2014

Q3

• Net debt to EBITDA 1.1x in Q4 • Long-term financial target: below 1.6x © 2014 Ramirent 11 (at the end of FY) Interim Report January–September 2014 l 6 November 2014

Norway Q3/2014: Focus on cost reductions to adjust to prevailing market conditions Highlights Q3/2014

Net sales (MEUR)

Net sales down by 5.3% or by 1.6% at comparable exchange rates

60

Net sales were affected by lower demand from residential construction especially in the capial city area

50

Actions to adjust the cost base continued and a restructuring provision of EUR 1.9 million was booked in the quarter

20

Net sales, MEUR EBITA, MEUR

34.0

30

0 Q1 Q2 2012

Q3

Q4

Q1 Q2 2013

Q3

Q4

Q1 Q2 2014

Q3

EBITA margin Q3 2014 34.0

Q3 2013 35.9

Change −5.3% −36.2%

2013 153.6

25% 20%

22.0 14.3%

10%

6.3

11.8%1)

17.6%


3.8

8.4

−55.3%

34.5

Personnel (FTE)

410

470

−12.8%

460

43

43

-

43

17.6%

17.0%

15%

4.01)

% of net sales

35.9

10

Key figures Norway

41.1

40

11.8%

5% 0%

Customer centres

Q1 Q2 2012

Q3

Q4

Q1 Q2 2013

Q3

Q4

Q1 Q2 2014

Q3

• Net debt to EBITDA 1.1x in Q4 • representing Long-term financial target: below 1.6x 1) EBITA excluding non–recurring items was EUR 5.9 million, 17.3% of © 2014 Ramirent 12 net sales. Non–recurring items included the EUR 1.9 million restructuring provision (at the end of FY) Interim Report January–September 2014 l 6 November 2014 booked in the third quarter of 2014.

Denmark Q3/2014: Performance is improving Highlights Q3/2014

Net sales down by 15.0% or by 15.1% at comparable exchange rates

Net sales (MEUR) 14

Net sales were disrupted due to restructuring measures being implemented to restore profitability

11.9

11.4

12

10.1

10 8

Performance is improving but was still burdened by low rental income

6 4 2

Integration of back-office functions to realise synergies with Sweden continued

0 Q1 Q2 2012

Key figures Denmark

Q3 2014

Q3 2013

Change

2013

Q1 Q2 2013

Q3

Q4

Q1 Q2 2014

Q1 Q2 2013

Q3

Q4

Q1 Q2 2014

Q3

10%

7.3%

5%

10.1

11.9

−15.0%

44.0

EBITA, MEUR

−0.1

−2.01)

94.0%

−4.31)

−1.2%

−17.3%1)


1.5

1.3

17.6%

6.6

Personnel (FTE)

151

192

−21.3%

175

16

16

−

16

Customer centres

Q4

EBITA margin

Net sales, MEUR

% of net sales

Q3

−9.7%1)

0%

-5%

Q1 Q2 2012

Q3

Q4

Q3

-1.2%

-10% -15% -17.3% -20% -25%

• Net debt to EBITDA 1.1x in Q4 1) EBITA excluding non–recurring items was EUR –0.6 million or –4.7% of net sales in July– • Long-term September 2013 and EUR –2.8 million or –6.3% of net sales in January–December 2013. financial target: below 1.6x © 2014 Ramirent 13 Non–recurring items included the EUR 1.5 million restructuring provision (at in thethe third quarter of FY) end of Interim Report January–September 2014 l 6 November 2014 2013.

Europe East Q3/2014: Growth driven by demand from construction and energy sectors Highlights Q3/2014

Net sales (MEUR) 20 18 16 14 12 10 8 6 4 2 0

Net sales increased in all Baltic countries compared to the last year Profitability strengthened as a result of increased rental income and higher fleet utilisation High uncertainty continued in Fortrent's markets

Europe East

Net sales, MEUR EBITA, MEUR % of net sales

Q3

Q4

Q1 Q2 2013

Q3

Q4

Q1 Q2 2014

Q3

EBITA margin Q3 2014 10.3

Q3 2013 9.8

3.7

3.5

35.8%

35.6%

Change 4.9% 5.4%

2013

30%

17.31)

25%

30.4%

The Baltic States

15% 2.5

−47.9%

9.6

10%

Personnel (FTE)

241

240

0.4%

235

5%

42

41

2.4%

41

0% -5%

31.3%

23.5%

20%

1.3

35.8%

35.6%

35%

35.5

48.8%1)

113.5%2)

40%


Customer centres

10.3

9.8

Q1 Q2 2012

Key figures

Net sales up by 4.9%

18.8

Q1 Q2 2012

Q3

Q4

Q1 Q2 2013

Q3

Q4

Q1 Q2 2014

Q3

Netwasdebt tomillion, EBITDA 1.1x in Q4 1) EBITA excluding non–recurring items and EBITA from Russia and • Ukraine EUR 6.0 representing 19.3% of net sales. • million Long-term financial target: below 1.6x Non–recurring items included the non–taxable capital gain of EUR 10.1 from the formation of © 2014 Ramirent 14 Fortrent Group, recorded in the first quarter of 2013 and EBITA from Russia and Ukraine. (at the end of FY) Interim Report January–September 2014 l 6 November 2014 2) EBITA margin excluding Fortrent transaction was 9.1% in the first quarter of 2013.

Europe Central Q3/2014: Stable demand in Poland, the Czech Republic recovering Highlights Q3/2014

Net sales (MEUR)

In Poland, net sales were affected by some large projects ending but overall there was stable demand both in the construction and industrial sectors Demand for rental equipment started to recover in the Czech Republic

20 18 16 14 12 10 8 6 4 2 0

17.9

Key figures

Net sales, MEUR EBITA, MEUR

Q3 2014 14.2

Q3 2013

Change

2013

Q4

Q1 Q2 2013

Q3

Q4

Q1 Q2 2014

Q3

20%

15%

16.9 −15.6%1) 36.4%

57.3

10%

−0.72)

5%

1.22)

11.3%

7.0%2)


1.1

2.5

−55.9%

7.1

-10%

Personnel (FTE)

473

489

−3.3%

479

-15%

59

57

3.5%

56

Customer centres

Q3

EBITA margin

1.6

% of net sales

16.9 14.2

Q1 Q2 2012

Europe Central

Net sales decreased by 15.6% at comparable exchange rates; adjusted for divested operations net sales decreased by 7.0%

−1.2%2)

11.3%

7.0% 3.2%

0% -5%

Q1 Q2 2012

Q3

Q4

Q1 Q2 2013

Q3

Q4

Q1 Q2 2014

Q3

-20% -25%

1) Adjusted for the divestment of the Hungarian operations in the third quarter 2013 the • Net debt to EBITDA 1.1x in Q4 decrease in net sales was 7.0%. 2) EBITA excluding non–recurring items was EUR 2.5 million or 16.2% of net sales July– • Long-term financial target: below 1.6x September 2013 and EUR 0.7 million or 1.2% of net sales in January–December 2013. The non© 2014 Ramirent 15 recurring items included the EUR 1.9 million loss from disposal of operations in Hungary, (at the end of FY) Interim Report January–September 2014 l 6 November 2014 recorded in the third quarter 2013 and EBITA from Hungary.

Group performance Segment review Market outlook Key figures Financial position Company overview

Appendix

© 2014 Ramirent

16

Strongest construction output growth expected in Sweden and Poland in 2014 Construction output growth estimates for 2014 Nordic countries 2014E Finland

-2.0%

Sweden

11.0%

Norway

1.0%

Denmark

2.5%

Baltic countries and Europe Central 2014E Estonia

-7.0%

Latvia

-2.0%

Lithuania

3.0%

Poland

4.2%

The Czech Republic Slovakia

-3.8% 1.7%

Sources: Confederation of Finnish Construction Industries (RT) 10/2014, Swedish Construction Federation 10/2014, Prognosesenteret 10/2014, Danish Construction Industry (DB) 10/2014 and Euroconstruct 6/2014


Stable development in Ramirent's main equipment rental markets Equipment rental market 2008-2015E (index) 140 130

125

120

113

110 101

100

90 85

80 70

69

60 50

40 2008

2009

Finland

2010

Sweden

2011

2012

Norway

2013

2014E 2015F

Denmark

Source: ERA (European Rental Association) report 10/2014

Poland


Equipment rental markets estimated to recover in 2015 Equipment rental market growth 2014-2015E (%) 6.0% 5.3%

5.0% 4.0%

3.5%

3.0%

2.8% 2.1%

2.0%

1.8%

2.6%

2.0% 1.5%

1.0%

1.0%

1.1% 0.7%

0.0% Finland

Sweden

Norway

Denmark

Poland

Total Europe

-1.0% -2.0%

-1.6%

2014E

Source: ERA (European Rental Association) report 10/2014

2015E


Nordic construction order books increased by 5.2% compared to the previous year Nordic construction companies order books (at comparable exchange rates) billion 9

60%

8

40%

7 6

20%

5 4

0%

3 2

-20%

1 0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2007 2008 2009 2010 2011 2012 2013

Q4 Q1 Q2 2014

Q3

-40%

NCC

YIT*

Lemminkäinen

SRV

Change in Net sales (y-o-y), R12 Ramirent

Change in order backlog (y-o-y), Nordic construction

Nordic construction order books including NCC, YIT*, Lemminkäinen and SRV increased by 5.2% at comparable exchange rates compared to the previous year Ramirent's rolling 12 months net sales declined by 8.0% (y-o-y)

*YIT's order book not fully comparable as it includes also order book from the Baltic States, © 2014 Ramirent 20 Slovakia and the Czech Republic (change in reporting structure as of Q1/2014). Interim Report January–September 2014 l 6 November 2014

Ramirent outlook for 2014 unchanged 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.

Group performance Segment review Market outlook

Key figures Financial position Company overview Appendix

© 2014 Ramirent

Rolling 12 months EBITA margin improved in the Baltic States and Europe Central Finland

Sweden

212.3

Net Sales (MEUR)

200.0 150.0

Norway

Denmark

Baltics

Central

198.9 163.8 142.6

155.0 152.8

100.0 44.4 40.6

50.0

58.2 30.5 33.1

54.7

0.0 Finland

EBITA margin (%)

20%

17.6%

15.2%

Sweden

16.7% 15.6%

Norway

Denmark

The Baltic States

Europe Central

17.2% 19.3%

16.0% 1)

9.5%

10%

2.3%

0% Finland -10% -20%

Sweden

Norway

Denmark -6.1%2) -9.1%

R12 Q3/2013

The Baltic States

Europe Central -0.7%3)

R12 Q3/2014

1) Rolling 12 months EBITA excluding non–recurring items was EUR 15.5 million or 10.9% of net sales. Non-recurring items included restructuring provision of EUR 1.9 million in Norway, booked in the third quarter of 2014. 2) Rolling 12 months EBITA excluding non–recurring items was EUR −1.2 million or −2.7% of net sales. The non-recurring items included the EUR 1.5 restructuring provision for the third quarter of 2013. 3) Rolling 12 months EBITA excluding non–recurring items was EUR 1.5 million or 2.5% of net sales. © 2014 Ramirent 23 The non-recurring items included the EUR 1.9 million loss from disposal of operation in Hungary, recorded in the third Interim Report January–September 2014 l 6 November 2014 quarter 2013.

Ancillary income grew by 4.6% in the third quarter Net sales (MEUR)

Breakdown of net sales (MEUR)

180

180 -4.0

160

-1.6

2.9

140 120

5.6

140

47.8

5.8

4.8%

50.0

4.6%

120

100 80

160

166.2

163.6

60

100 80

−4.5%

40 60

20 0

Q3/2013 reported

Exchange rates

Divested operations in Hungary

Underlying change

Q3/2014 reported

Third-quarter net sales MEUR 163.6 (166.2) down by 1.6% or up by 1.0% at comparable exchange rates Adjusted for the divestment of Hungarian operations in Q3/2013, net sales increased by 1.9% at comparable exchange rates in the third quarter

112.8

107.7

Q3/2013

Q3/2014

40 20 0 Income from sold equipment

Ancillary income Rental income


Ramirent carried out actions to reduce its fixed cost base during the third quarter Customer centres 334

325

306

Personnel (FTE) 304

302

301

302 Europe Central 473

Europe East Baltics 241

Group: 2,621 (2,597)

Denmark 151

Norway 410

Q1 2013 Finland

Q2 Sweden

Q3 Norway

Q4 Denmark

Q1 2014

Q2

Europe East -Baltics

Finland 538

Sweden 771

Q3 Europe Central

Number of customer centres has been adjusted

Third-quarter employee benefit expenses

to prevailing market conditions during 2014

decreased to MEUR 37.7 (39.6)

Improving efficiency of repair & maintenance

Ramirent carried out actions to reduce its

operations on-going

fixed cost base in the third quarter


Ramirent’s third-quarter fixed costs 5.6 MEUR lower compared to last year Fixed costs (MEUR) and % of Group net sales 80

50%

70

68.0

60

36.6%

45% 63.7

40%

38.3% 58.1 35.5%

50

35% 30%

40

25% 20%

30

15%

20 10%

10

5%

0

0% Q1 Q2 2012

Q3

Group fixed costs MEUR 58.1 (63.7) in the third quarter

Q4

Q1 Q2 2013

Q3

Q4

Q1 Q2 2014

Third-quarter fixed costs of net sales 35.5% (38.3%) Q3/14 fixed costs: • Employee benefit expenses MEUR 37.7 (39.6) • Other operating expenses MEUR 20.4 (24.1)

Fixed costs rolling 12 months MEUR 239.0 or 38.5% of net sales

Q3


Third-quarter reported and adjusted EBITDA margin improved from the previous year EBITDA margin

EBITDA margin quarterly 35%

40%

33.0% 32.7%

35%

30%

30%

30.0%

32.5%

31.3%

25%

25%

20%

20% 15%

31.3%

33.3%

33.0%

34.1%

15%

10%

10%

5%

5%

0%

Q3/2013 reported


Q3/2014 reported


0%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2010 2011 2012 2013 2014

Restructuring provision of EUR 1.9 million in

Year-to-date EBITDA MEUR 127.8 (148.8) or

Norway was booked

28.2% (31.0%) of net sales

Q3/2014 EBITDA margin excl. non-recurring items and divested operations 34.1%

(33.3%1))

Year-to-date EBITDA excluding non-recurring items and adjusted for transferred or divested operations was MEUR 129.7 (139.6) or 28.6% (29.7%)

1) Non-recurring items in the third quarter of 2013 included the EUR 1.5 million restructuring © 2014 Ramirent 27 provision in Denmark, the EUR 1.9 million loss from disposal of Hungary and the EUR 0.6 million Interim Report January–September 2014 l 6 November 2014 EBITDA result from Hungary.

Third-quarter reported EBITA was 28.0 MEUR, 17.1% of net sales EBITA margin

EBITA margin quarterly

20%

20%

18%

18% 16%

16%

12%

12%

10%

15.6% 12.4%

8%

10% 15.6%

17.5%

17.1%

18.3%

6% 4% 2%

6%

0%

4%

-2%

2% 0%

17.1%

17.1%

14%

14%

8%

17.9%

-4% Q3/2013 reported


Q3/2014 reported


Restructuring provision of EUR 1.9 million in Norway was booked Q3/2014 EBITA margin excl. non-recurring

items and divested operations 18.3% (17.5%1))

-6%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2010 2011 2012 2013 2014

Year-to-date EBITA MEUR 51.3 (71.2) or 11.3% (14.8%) of net sales Year-to-date EBITA excl. non-recurring items and adjusted for transferred or divested operations was MEUR 53.2 (62.7) or 11.7% (13.3%)

1) Non-recurring items in the third quarter of 2013 included the EUR 1.5 million restructuring © 2014 Ramirent 28 provision in Denmark, the EUR 1.9 million loss from disposal of Hungary and the EUR 0.6 million Interim Report January–September 2014 l 6 November 2014 EBITA result from Hungary.

EBITA excl. non-recurring items was 11.7% in JanuarySeptember 2014 EBITA (MEUR) 1-9/13 vs 1-9/14 1) Non-recurring items in 2013: -the loss from disposal Hungary MEUR 1.9 -the non-taxable capital gain from Fortrent transation MEUR 10.1 -the restructuring provision in Denmark MEUR 1.5

80.0 6.81)

70.0

1.72)

60.0 1.93)

50.0

2) EBITA result from Russia, Ukraine and Hungary

40.0 71.2 30.0

64.4

62.7 51.3

53.2

1-9/2014 reported

1-9/2014 excl. nonrecurring items

20.0

3) Restructuring provision of EUR 1.9 million in Norway

10.0 0.0

1-9/2013 reported

14.8%

1-9/2013 excl. nonrecurring items

13.4%

1-9/2013 adjusted

13.3%

11.3%

11.7%

EBITA margin


Group R12 EBITA margin was 11.6% Q3/2014 R12 EBITA margin by segment (%) 20 19.3

18% 15

15.2

15.6

10 10%

9.5 11.6

5 2.3

0

-5

-9.1 Finland

Sweden

Norway

Denmark

Baltics

Europe Central

Group

Group EBITA targeted to reach 17% by

…by delivering at least 18% EBITA

the end of 2016…

margin on segment level


Investments in machinery and equipment adjusted to prevailing market conditions Gross capital expenditure (MEUR) and % of net sales 140

80% 119.9

120

70% 60%

100

50% 80 40% 60 30% 40 28.0

20

29.5

23.8

20%

Third-quarter gross capex MEUR 23.8 (29.5) of which 0.1 (0.0) related to acquisitions Investments in machinery and equipment MEUR 20.4 (28.0) in the third quarter Gross capex in 1-9/2014 was MEUR 125.6 (91.9)

10%

9.7

0

0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2010 2011 2012 2013 2014

Gross Capex

Share of net sales-%


Capital expenditure focused on Finland and Sweden Investments

Capital expenditure by segment (MEUR) 1-9/14

6.7

Central

In January-September 2014, investments in

1-9/13

4.9

machinery and equipment MEUR 92.5 (85.3)

8.7

East

6.9 3.3

Denmark

4.7 13.5

Norway

25.4 56.0

Sweden

26.8 31.4

Finland

21.9

0.0

20.0

40.0

60.0 • Net debt to EBITDA 1.1x in Q4 • Long-term financial target: below 1.6x © 2014 Ramirent 32 (at the end of FY) Interim Report January–September 2014 l 6 November 2014

Cash flow after investments and cash conversion positive Cash flow after investments (MEUR) 40

34

30 20

25 19 14

10

Cash conversion (MEUR and %) 80

80%

60

60%

40

40%

20

20%

0

-10

0% Q1 2013

Q2

Q3

-5

Q4

Q1 2014

Q2

Q3

-20

-5

-20

-40 -22

-30

-20%

EBITDA (MEUR)

-40%

Cashflow after investments (MEUR)

-60

Cash Conversion

-60%

Cash flow after investments MEUR 13.7 (34.4) in

Cash flow after investments MEUR -10.7 (48.2) in

the third quarter

January-September 2014


Return on investment at 12.3% at the end of the third quarter Return on investment %

ROI % and Invested capital MEUR

20%

700

18%

600

25%

16%

20%

500

12%

605.2

604.1

18.6%

509.2

14%

17.5%

15%

400 13.2%

10% 8%

605.0

588.3

300

17.5% 12.3%

6%

12.3%

10%

200 5%

5.4%

4%

100

2%

0

0% Q3/2013

Q3/2014

Rolling 12 months ROI at the end of Q3 was 12.3% (17.5%) Return on investment decreased compared yearon-year mainly due to lower profit generation

Q1 2010

Q2

Q3

Q4

Q1 2011

Q2

Q3

Q4

Q1 2012

Q2

Q3

Q4

Q1 2013

Q2

Q3

Q4

Q1 Q2 2014

Q3

0%

The Group's invested capital was close to last year's level and amounted to 605.2 (604.1) at the end of Q3/14


Return on equity at 12.0% at the end of the third quarter Return on equity %

ROE % and Total equity (MEUR)

20%

400

18%

350

346.8

342.1

20%

18.7%

307.5

16%

305.3

300

14%

15% 12.0% 11.4%

200

10% 16.9%

6%

Target 18%

16.9%

250

12%

8%

25% 360.7

10%

150

12.0%

5%

100

4% 2%

0

0% Q3/2013

Q3/2014

0%

-0.6%

50 Q1 2010

Q2

Q3

Q4

Q1 2011

Q2

Q3

Q4

Q1 2012

Q2

Q3

Q4

Q1 2013

Q2

Q3

Q4

Q1 Q2 2014

Q3

-5%

Rolling 12 months ROE at the end of Q3 was

The Group's total equity amounted to MEUR 342.1

12.0% (16.9%)

(360.7) at the end of Q3/14

Long-term financial target: ROE of 18% over a

Equity per share was 3.17 (3.35) at the of the

business cycle

quarter


Group performance Segment review

Market outlook Key figures Financial position Company overview

Appendix

© 2014 Ramirent

36

Net debt to EBITDA ratio below long-term financial target Net debt (MEUR)

Net debt to EBITDA ratio

300

2.5 260

250

230

2.0

200

1.7x

1.7x

1.5x

1.5 150

1.2x

1.0

1.1x

100 0.5

50

0 Q1 2013

Q2

Q3

Q4

Q1 2014

Q2

Net debt MEUR 259.7 (230.3) at the end of Q3/14 Net debt increased by 12.7% (y-o-y)

Q3

0.0

Q1 Q2 2010

Q3

Q4

Q1 Q2 2011

Q3

Q4

Q1 Q2 2012

Q3

Q4

Q1 Q2 2013

Q3

Q4

Q1 Q2 2014

Q3

Net debt to EBITDA 1.5x (1.1x) at the end of September, which was below Ramirent's longterm financial target of maximum 1.6x at the end of each fiscal year


Equity ratio and gearing weakened slightly year-on-year Equity ratio (%)

Gearing (%)

60%

90% 75.9%

80%

50%

45.2%

42.8%

40%

70%

63.9%

60% 50%

30%

40% 20%

30% 20%

10%

10% 0% Q1 2013

Q2

Q3

Q4

Q1 2014

Q2

Q3

Third-quarter equity ratio decreased to 42.8% (45.2%) Total equity amounted to MEUR 342.1 (360.7) at the end of the quarter

0% Q1 2013

Q2

Q3

Q4

Q1 2014

Q2

Q3

Third-quarter gearing increased to 75.9% (63.9%) Net debt MEUR 259.7 (230.3) at the end of the quarter


An ordinary dividend of EUR 0.37 per share was paid and the AGM authorised the Board to decide on a potential additional dividend of up to EUR 0.63 per share Earnings Per Share and Dividend Per Share 1.00

1.00

0.63

0.90

0.80 0.70 0.59

0.60

0.50

0.50 0.41

0.40

0.34

0.30 0.20 0.10

0.28

0.25 0.15

0.37

0.13

0.04

0.00 2009

2010

2011 EPS

2012 DPS

2013

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


Working capital at 6.4% of net sales Working capital (MEUR)

Working capital / Rolling 12 months net sales

200

12.0%

150

10.0%

100 125.3

121.1

50

6.4%

6.0% 14.4

0 -50

8.0%

Q1 2013

Q2

Q3

12.0

Q4

-102.0

Q1 2014

Q2

Q3

-93.3

2.0%

Trade payables and other liabilities

-200

Trade and other receivables

-4.0%

Inventories

-6.0%

debt: 7-9/2014: MEUR -1.0 (-0.3) 1-9/2014: MEUR -2.5 (-3.2)

Q1 2010

Q2

Q3

Q4

Q1 2011

Q2

Q3

Q4

Q1 2012

Q2

Q3

Q4

Q1 2013

Q2

Q3

Q4

Q1 2014

Q2

Q3

-2.0%

-150

Credit losses and change in the allowance for bad

5.6%

5.5%

4.0%

0.0%

-100

5.6%

5.3%

Working capital of rolling 12 months net sales 6.4% (5.6%) at the end of September Dividend of MEUR 39.8 (36.6) paid in April 2014


At the end of September 2014, Ramirent had unused committed back–up loan facilities of MEUR 156.4 Repayment schedule of interest-bearing liabilities (MEUR) Ramirent had unused committed back-up loan facilities of MEUR 156.4 available at the end of the third quarter

EUR 415.0 million in committed credit facilities

145

Net debt EUR 259.7 million

100 Senior unsecured bond

95

The average interest rate of the loan portfolio including interest rate hedges was 2.8% (3.9%) at the end of the third quarter In addition to bank facilities, Ramirent is utilising a domestic commercial paper program of up to EUR 150 million

75 2014

2015

2016

2017

2018

2019

2020


Two of our long-term financial targets were met in Q3/2014 STATED OBJECTIVES Element

Measure

Target level

Q3/2014

18% p.a. over a business cycle

12.0%

Profit generation

ROE

Leverage and risk

Net Debt / EBITDA ratio

Below 1.6x at the end of each fiscal year

1.5x

Dividend

Dividend pay-out ratio

At least 40% of Net profit

73.7% of 2013 net profit


For further information: Magnus Rosén, President and CEO, tel. +358 20 750 2845 Jonas Söderkvist, CFO, tel. +358 20 750 3248 Franciska Janzon, IR, tel. +358 20 750 2859 www.ramirent.com

Group performance Segment review Market outlook Key figures Financial position Company overview Appendix

© 2014 Ramirent

44

Ramirent is a generalist equipment rental and service company Definition of Ramirent's business and strategic choices How

Ramirent is a generalist rental company, with an extensive customer centre network enabling customer proximity while managing through decentralised operations

What

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

Where

Home market Europe with focus on the Baltic Rim

Concept

Offering

Geographic presence

302 customer centres in 10 countries

2,621 employees serving 200,000 customers with 200,000 rental items

MEUR 647 of sales (2013)


Our strategic choices

Vision To be the leading and most progressive equipment rental solutions company in Europe, setting the benchmark for industry performance and customer service Mission We simplify business by delivering Dynamic Rental SolutionsTM Values Open Engaged Progressive Brand promise More than Machines


We increased geographical focus on core Baltic Rim markets and widened the customer base Sales per segment 1-9/2014 Europe Central 9%

Europe East Baltics 5%

Finland 25%

Denmark 6%

Norway #1

Finland #1

43 customer centres

Norway 22%

67 customer centres

Sweden 32%

Sweden #2

75 customer centres

Sales per customers 1-9/2014

Europe East –Baltics #1 42 customer centres

Services & Retail 13%

Denmark #1

16 customer centres

Public Private 2% 4%

Europe Central

(PL+CZ+SL)

#1

Industrial 18%

59 customer centres

Russia and Ukraine presence through JV Fortrent

Construction 63%

Current state close to target of 40% non-construction dependent sales © 2014 Ramirent 47 Interim Report January–September 2014 l 6 November 2014

One of the leading equipment rental companies both in Europe (#3) and globally (#10)

Largest rental companies in Europe

Largest rental companies globally

Net sales 2013 (MEUR)

Net sales 2013 (MEUR)

Loxam

United Rentals

Cramo

Aggreko

Ramirent

Ashtead Group

Algeco Scotsman

Algeco Scotsman Herz Equipment Rental

Kiloutou Sarens

Aktio Corp

Speedy Hire

Loxam

LiebherrMietpartner

Coates Hire

Mediaco Levage

Cramo

Zeppelin Rental

Ramirent

0

200

400

600

800 1000

0

Event Source: IRN June 2014

/

1000

2000

3000

4000


Name of presentor

Our offering SERVICES

MACHINERY AND EQUIPMENT

ACCESS EQUIPMENT

MODULE AND SITE EQUIPMENT

PLANNING

ON-SITE SERVICES

LOGISTICS

RENTAL INSURANCE

TRAINING

ACCESSORIES

HEAVY MACHINERY

LIGHT EQUIPMENT

SOLUTION AREAS

Ramirent SpaceSolveTM

Ramirent SafeSolveTM

Ramirent EcoSolveTM

Ramirent PowerSolveTM

Ramirent ClimateSolveTM

Ramirent AccessSolveTM

Ramirent TotalSolveTM

49

Ramirent combines the best equipment, services and knowhow into integrated rental solutions Equipment 6%

Heavy Equipment Access Equipment

34%

23%

38%

Lifts, Hoists, Scaffolding, Tower cranes

Modules and site equipment Light Equipment

Services

• Construction • Planning • On-site services • Logistics • Merchandise sale • Rental insurance • Training

Tools, power and heating equipment

Share of Group equipment rental income (1-9/2014)

Benefits Lighter balance sheets, less investments

Rental Business and Sector Knowledge • Mining • Paper • Power generation

Integrated Solutions

• Oil & Gas • Shipyards • Retail & Service • Public sector • Households

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 customer requirements helps to customise product selection and further improve productivity

Benefits Easy to buy, reduced number of subcontractors, increased focus on the core business


Ramirent's strategic priorities

Strong local customer orientation and tailored offerings

Customer First

Increased synergies & operational excellence

Sustainable profitable growth

Common Ramirent Platform

Further widening the customer base

Balanced business portfolio

© 2014 Ramirent 51 Interim Report January–June 2014 l 29 July 2014

The five components of Ramirent's growth strategy

1

2 Increased market share

3

Extended customer value proposition

4 Increased penetration

5 M&A

Increased footprint

New customer segments Growth within current business

Increasing services and integrated solutions

Outsourcing opportunities

Acquisitions, joint ventures and other transactions New geographies


Room for rental penetration to further increase in the Nordic countries

3.5%

2.0%

Average penetration in Europe: 1.5%

1.7%

LOW

1.5%

MEDIUM

HIGH

Equipment rental penetration 2014E (%)

Rental penetration (%)* Sweden

Norway

Finland

Denmark

Source: European Rental Association 10/2014; Rental Turnover / Total construction output


Ramirent has seen significant growth through outsourcing and acquisitions 2011 - 2012

Outsourcing deal in Finland

2013

Outsourcing deal in Denmark

Acquisition of Finnish weather protection rental company

Outsourcing deal in Norway

Acquisition of Swedish rental company

Joint venture in Russia and Ukraine with Cramo

Acquisition of Czech rental business

Acquisition of module rental company in Norway


Acquisition of Danish rental business

Formworks partnership with Doka in Finland

Acquisition of Swedish rental company

Outsourcing of Mt Hojgaard's Danish scaffolding division

Criteria

Acquisition of safety solutions specialist company in Sweden

Acquisition of telehandler business in Finland

Acquisition of Swedish rental company Aquisition of Czech rental business

2014

Divestment of operations in Hungary

DCC (Dry Construction Concept) business in Sweden, Denmark and Finland


Joint Venture* with Zeppelin Rental in Fehmarnbelt tunnel construction project in Germany and Denmark

 Complimentary product ranges or related services  Extending geography to “white spots”  Strengthening links to new customer segments  Outsourcing of customer’s in-house fleets  Targets mid-size companies mainly

Proven track record of accretive acquisitions made at attractive multiples tied to earn-outs

*Subject to relevant authorities approval


Ramirent's Financial Business Model: Three complimentary drivers of value creation Cash Flow

Organic Growth • •

Volumes Upselling

Operating Leverage • • • • •

Pricing Fleet management Sourcing Cost structure Quality of earnings

Financial Leverage

Capital Expenditure

• • • • •

Cash conversion Capex Working capital Dividend Capital Structure

Dividend payout ratio of at least 40% of net profit

Net debt/ EBITDA target of below 1.6x (at y/e) Target EBITA margin of 17% by the end of 2016

ROE target of 18% over the cycle


Fleet management potential realised at different levels Fleet management activities

Goals

KPIs Efficiency utilisation* (%) R3 months 65% 60%

55% 50% 45% 40% 35% Jun 14

Sep 14

Mar 14

Dec 13

Jun 13

Sep 13

Mar 13

Dec 12

Jun 12

Sep 12

Mar 12

Dec 11

Jun 11

Sep 11

Mar 11

Dec 10

Jun 10

30% Sep 10

Total costs

Mar 10

Resourcing and repair & maintenance locations

Customer service level

Dec 09

Optimising fleet maintenance strategy

Efficient logistics

∗) 𝐸𝑓𝑓𝑖𝑐𝑖𝑒𝑛𝑐𝑦 𝑢𝑡𝑖𝑙𝑖𝑠𝑎𝑡𝑖𝑜𝑛 =

50% 45% 40% 35%

𝐴𝑐𝑞𝑢𝑖𝑠𝑖𝑡𝑖𝑜𝑛 𝑣𝑎𝑙𝑢𝑒 𝑜𝑓 𝑟𝑒𝑛𝑡𝑒𝑑 𝑓𝑙𝑒𝑒𝑡 ∗ 100 % 𝐴𝑐𝑞𝑢𝑖𝑠𝑖𝑡𝑖𝑜𝑛 𝑣𝑎𝑙𝑢𝑒 𝑜𝑓 𝑡𝑜𝑡𝑎𝑙 𝑓𝑙𝑒𝑒𝑡

30% 25%

∗∗) 𝑇𝑜𝑡𝑎𝑙 𝐹𝑙𝑒𝑒𝑡 𝑌𝑖𝑒𝑙𝑑 =

Sep 14

Jun 14

Mar 14

Dec 13

Sep 13

Jun 13

Mar 13

Dec 12

Sep 12

Jun 12

Mar 12

Dec 11

Sep 11

Jun 11

Mar 11

Dec 10

Sep 10

Jun 10

20% Mar 10

Capital efficiency

Balanced fleet age structure

Total Fleet Yield** (%) R3 months

Dec 09

Optimising workshop processes

Nonavailable fleet

𝑅𝑒𝑛𝑡𝑎𝑙 𝑖𝑛𝑐𝑜𝑚𝑒 ∗ 100 % 𝐴𝑐𝑞𝑢𝑖𝑠𝑖𝑡𝑖𝑜𝑛 𝑣𝑎𝑙𝑢𝑒 𝑜𝑓 𝑡𝑜𝑡𝑎𝑙 𝑓𝑙𝑒𝑒𝑡


Largest shareholders at the end of September 2014 Number of shares

% of share capital

1. Nordstjernan AB

31,303,716

28.80%

2. Oy Julius Tallberg Ab

12,207,229

11.23%

3. Nordea funds

5,043,904

4.64%

4. Varma Mutual Pension Insurance Company

4,113,799

3.78%

5. Ilmarinen Mutual Pension Insurance Company

3,945,154

3.63%

6. Odin funds

2,758,691

2.54%

Largest shareholders September 30, 2014

Market Cap EUR 677.2 million Shareholders September 30, 2014 16% 34%

28% 2% 11%

9%

Private companies Financial and insurance institutions Public sector organizations Households Non-profit organizations

8. Aktia funds

2,275,562

2.09%

9. Fondita funds

1,055,000

0.97%

10. Oslo Pensjonsforsikring As

800,000

0.74%

Ramirent Plc

973,957

0.90%

44,220,316

40.68%

108,697,328

100.00%

Other shareholders Total

Foreigners

Trading information Listing: NASDAX OMX Helsinki Date of listing: April 30, 1998 Segment: Mid Cap Sector: Industrials Trading code: RMR1V © 2014 Ramirent 57 Interim Report January–September 2014 l 6 November 2014

Share price development year-to-date Ramirent Plc (RMR1V) Index

120

100

RMR1V Nasdaq Helsinki

80

Nasdaq Helsinki Mid-Cap (6.35 Nov. 4, 2014)

60

40

20

0 Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14


How will we deliver on our financial targets and create shareholder value? Company highlights

Stated objectives

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

 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


Group performance

Segment review Market outlook Key figures Financial position

Company overview Appendix

© 2014 Ramirent

60

Consolidated statement of income 7–9/14

7–9/13

1–9/14

1–9/13

1–12/13

107,672

112,764

292,541

316,133

420,895

50,041

47,830

143,219

146,186

198,040

5,839

5,574

17,115

17,471

28,317

163,551

166,168

452,875

479,791

647,252

958

827

2,111

12,524

12,732

Materials and services

−52,955

−51,876

−149,375

−152,064

−213,169

Employee benefit expenses

−37,690

−39,625

−112,287

−120,813

−156,791

Other operating expenses

−20,407

−24,099

−65,378

−70,277

−95,660

CONSOLIDATED STATEMENT OF INCOME (EUR 1,000) Rental income Ancillary income Sales of equipment NET SALES Other operating income

Share of result in associates and joint ventures

Depreciation, amortisation and impairment charges EBIT

476

572

−106

−353

688

−27,905

−27,638

−82,217

−85,501

−112,768

26,028

24,330

45,623

63,307

82,284

3,195

3,207

7,365

13,031

15,639

Financial expenses

−5,546

−6,946

−16,945

−25,302

−34,055

Total financial income and expenses

−2,351

−3,739

−9,580

−12,270

−18,415

EBT

23,677

20,590

36,044

51,037

63,869

Income taxes

−5,402

−3,776

−8,207

−10,907

−9,839

PROFIT FOR THE PERIOD

18,276

16,814

27,837

40,130

54,030

18,435

16,814

28,142

40,130

54,030

−160

−

−304

−

−

18,276

16,814

27,837

40,130

54,030

Basic, EUR

0.17

0.16

0.26

0.37

0.50

Diluted, EUR

0.17

0.16

0.26

0.37

0.50

Financial income

Profit for the period attributable to: Owners of the parent company Non-controlling interest

Earnings per share (EPS) on parent company shareholders’ share of profit


Consolidated statement of financial position CONSOLIDATED STATEMENT OF FINANCIAL POSITION

30/9/2014

30/9/2013

31/12/2013

142,460

126,590

124,825

46,613

37,894

38,427

(EUR 1,000) ASSETS NON–CURRENT ASSETS Goodwill Other intangible assets Property, plant and equipment

434,694

436,012

432,232

Investments in associates and joint ventures

14,747

19,026

18,524

Non–current loan receivables

18,254

20,261

20,261

150

412

517

Available–for–sale investments Deferred tax assets TOTAL NON–CURRENT ASSETS

1,582

1,291

647

658,500

641,486

635,432

12,015

14,434

11,494

121,148

125,300

109,207

CURRENT ASSETS Inventories Trade and other receivables Current tax assets

4,042

3,351

1,495

Cash and cash equivalents

3,436

13,118

1,849

TOTAL CURRENT ASSETS

140,642

156,202

124,045

TOTAL ASSETS

799,143

797,687

759,477


Consolidated statement of financial position (continued) CONSOLIDATED STATEMENT OF FINANCIAL POSITION

30/9/2014

30/9/2013

31/12/2013

(EUR 1,000) EQUITY AND LIABILITIES EQUITY Share capital

25,000

25,000

25,000

−724

−3,376

−1,502

Invested unrestricted equity fund

113,767

113,568

113,568

Retained earnings from previous years

174,980

185,368

179,882

28,142

40,130

54,030

341,165

360,690

370,978

Revaluation fund

Profit for the period Equity attributable to the parent company shareholders

950

−

−

342,114

360,690

370,978

Deferred tax liabilities

54,731

57,417

54,286

Pension obligations

17,600

14,806

13,923

Non-controlling interest TOTAL EQUITY

NON–CURRENT LIABILITIES

Non–current provisions Non–current interest–bearing liabilities Other non–current liabilities TOTAL NON–CURRENT LIABILITIES

2,399

1,379

1,198

207,256

243,405

174,981

19,963

5,546

−

301,949

322,553

244,388

93,271

101,973

104,369

CURRENT LIABILITIES Trade payables and other liabilities Current provisions

1,219

1,128

664

Current tax liabilities

4,727

11,303

5,278

Current interest–bearing liabilities

55,863

40

33,800

TOTAL CURRENT LIABILITIES

155,079

114,444

144,111

TOTAL LIABILITIES

457,028

436,997

388,499

TOTAL EQUITY AND LIABILITIES

799,143

797,687

759,477


Key financial figures KEY FINANCIAL FIGURES

7–9/14

7–9/13

1–9/14

1–9/13

1–12/13

(MEUR) Net sales, EUR million

163.6

166.2

452.9

479.8

647.3

Change in net sales, %

−1.6%

−10.6%

−5.6%

−7.7%

−9.4%

EBITDA, EUR million % of net sales EBITA, EUR million % net sales EBIT, EUR million % of net sales EBT, EUR million % of net sales

53.9

52.0

127.8

148.8

195.1

33.0%

31.3%

28.2%

31.0%

30.1%

28.0

25.9

51.3

71.2

92.1

17.1%

15.6%

11.3%

14.8%

14.2%

26.0

24.3

45.6

63.3

82.3

15.9%

14.6%

10.1%

13.2%

12.7%

23.7

20.6

36.0

51.0

63.9

14.5%

12.4%

8.0%

10.6%

9.9%

18.4

16.8

28.1

40.1

54.0

11.3%

10.1%

6.2%

8.4%

8.3%

Profit for the period attributable to the owners of the parent company, EUR million % of net sales

Gross capital expenditure, EUR million % of net sales

Invested capital, EUR million, end of period

23.8

29.5

125.6

91.9

125.8

14.6%

17.8%

27.7%

19.2%

19.4%

605.2

604.1

579.8

Return on invested capital (ROI), %1)

12.3%

17.5%

16.5%

Return on equity (ROE), %1)

12.0%

16.9%

14.7%

Interest–bearing debt, EUR million

263.1

243.4

208.8

Net debt, EUR million

259.7

230.3

206.9

Net debt to EBITDA ratio

1.5x

1.1x

1.1x

Gearing, %

75.9%

63.9%

55.8%

Equity ratio, %

42.8%

45.2%

48.9%

Personnel, average during reporting period2)

2,564

2,767

2,725

Personnel, at end of reporting period2)

2,621

2,597

2,589

1)

1) The figures are calculated on a rolling twelve month basis 2) As of first quarter 2014, reporting of number of personnel was changed to FTE (full-time equivalent) which indicates the number of employees calculated as full time workload for each person employed and actually present in the company. Comparative information has been changed accordingly.


Consolidated cash flow statement 7–9/14

7–9/13

1–9/14

1–9/13

1–12/13

23,677

20,590

36,044

51,037

63,869

27,905

27,638

82,217

85,501

112,768

Adjustment for proceeds from sale of used rental equipment

3,231

1,304

14,101

7,703

8,975

Financial income and expenses

2,351

3,739

9,580

12,270

18,415

−

−5,481

−

−15,609

−15,609

−4,538

20,035

−3,520

18,195

4,735

52,626

67,826

138,422

159,098

193,153

−9,242

7,022

−11,257

8,046

18,994

1,057

1,196

−481

816

3,114

−3,778

−13,829

−21,077

−17,868

−5,724

Cash flow from operating activities before interest and taxes

40,663

62,214

105,606

150,091

209,537

Interest paid

−1,975

−2,972

−9,820

−8,022

−5,270

256

549

959

1,857

1,047

Income tax paid

−3,293

−2,566

−9,953

−17,153

−23,068

NET CASH FLOW FROM OPERATING ACTIVITIES

35,650

57,226

86,791

126,773

182,245

CONSOLIDATED CASH FLOW STATEMENT (EUR 1,000)

CASH FLOW FROM OPERATING ACTIVITIES EBT Adjustments Depreciation, amortisation and impairment charges

Adjustment for proceeds from disposals of subsidiaries Other adjustments Cash flow from operating activities before change in working capital

Change in working capital

Change in trade and other receivables Change in inventories Change in non–interest–bearing liabilities

Interest received


Consolidated cash flow statement (continued) CONSOLIDATED CASH FLOW STATEMENT

7–9/14

7–9/13

1–9/14

1–9/13

1–12/13

CASH FLOW FROM INVESTING ACTIVITIES Acquisition of businesses and subsidiaries, net of cash Investment in tangible non–current asset (rental machinery) Investment in other tangible non–current assets Investment in intangible non–current assets

−

−

−27,272

−

−2,832

−19,809

−26,928

−72,576

−85,339

−110,115

−239

−890

−817

−2,465

−2,825

−2,897

−588

−6,356

−4,121

−6,503

−

138

7,482

262

360

Proceeds from sale of tangible and intangible non–current assets (excluding used rental equipment) Proceeds from sales of other investments Loan receivables, increase, decrease and other changes NET CASH FLOW FROM INVESTING ACTIVITIES

−

5,481

−

14,681

14,681

1,006

−

2,006

−1,577

−1,577

−21,939

−22,786

−97,534

−78,560

−108,812

−

−

−39,858

−36,618

−36,618

−22,621

−21,545

57,442

−49,719

−49,771

−

37

−

99,113

99,031

CASH FLOW FROM FINANCING ACTIVITIES Paid dividends Borrowings and repayments of current debt (net) Borrowings of non–current debt

−9

−2,906

−5,255

−49,210

−85,565

−22,630

−24,414

12,330

−36,433

−72,923

DURING THE FINANCIAL YEAR

−8,919

10,026

1,588

11,780

511

Cash at the beginning of the period

12,356

3,093

1,849

1,338

1,338

Repayments of non–current debt NET CASH FLOW FROM FINANCING ACTIVITIES

NET CHANGE IN CASH AND CASH EQUIVALENTS

Translation differences Change in cash Cash at the end of the period

−

−

−

−

−

−8,919

10,026

1,588

11,780

511

3,436

13,118

3,436

13,118

1,849

Presentation of the figures in the consolidated cash flow statement for January–June 2014 has been adjusted and consolidated cash flow statement for January–September 2014 has been adjusted accordingly. After adjustment the cash flows reflect better the impact of acquired businesses.


Net sales

7–9/14

7–9/13

1–9/14

1–9/13

1–12/13

- Net sales (external)

43.3

41.3

113.5

112.5

150.9

- Inter–segment sales

0.1

0.5

0.6

0.7

1.0


51.7

50.8

145.6

153.9

206.7


0.2

0.3

0.5

0.6

0.6


34.0

35.9

101.3

112.8

153.6


0.0

−

0.5

−

0.0

10.1

11.6

28.7

31.9

43.7

−

0.2

−

0.2

0.2


10.3

9.8

24.7

27.0

35.4


0.0

0.0

0.0

0.1

0.1


14.2

16.8

39.1

41.7

56.9


0.0

0.1

0.3

0.3

0.4

−0.5

−1.2

−1.9

−2.0

−2.3

163.6

166.2

452.9

479.8

647.3

NET SALES (MEUR) FINLAND

SWEDEN

NORWAY

DENMARK - Net sales (external) - Inter–segment sales EUROPE EAST

EUROPE CENTRAL

Elimination of sales between segments GROUP NET SALES


EBITA

7–9/14

7–9/13

1–9/14

1–9/13

1–12/13

8.3

10.2

17.2

19.7

25.7

19.0%

24.5%

15.1%

17.4%

16.9%

8.9

8.6

19.9

25.5

36.6

17.2%

16.8%

13.6%

16.5%

17.6%

4.0

6.3

10.8

19.2

22.0

11.8%

17.6%

10.6%

17.0%

14.3%

−0.1

−2.0

−3.0

−3.5

−4.3

−1.2%

−17.3%

−10.4%

−11.0%

−9.7%

3.7

3.5

4.6

14.6

17.3

35.8%

35.6%

18.5%

53.8%

48.8%

1.6

1.2

1.2

−0.8

−0.7

11.3%

7.0%

3.0%

−1.9%

−1.2%

Net items not allocated to segments

1.61)

−1.8

0.7

−3.4

−4.6

GROUP EBITA

28.0

25.9

51.3

71.2

92.1

17.1%

15.6%

11.3%

14.8%

14.2%

EBITA (MEUR) FINLAND % of net sales SWEDEN % of net sales NORWAY % of net sales DENMARK % of net sales EUROPE EAST % of net sales EUROPE CENTRAL % of net sales

% of net sales

1) Third-quarter net items not allocated to segments amounted to EUR 1.6 (-1.8) million due to reallocation of certain costs incurred in previous periods from Ramirent Plc to the segments. The reallocated costs have been accrued as expenses in the respective segment for Q3 2014.


Net sales in 1-9/2013 included business in Russia, Ukraine and Hungary Net sales: Group, Russia & Ukraine, Hungary Net sales, MEUR Group as reported

Q1/2013 Q2/2013 Q3/2013 Q4/2013 Q1/2014 Q2/2014 Q3/2014

152.8

160.8

166.2

Russia & Ukraine

4.6

Hungary

1.5

1.7

1.6

146.7

159.1

164.6

Group (excl. Russia, Ukraine & Hungary)

167.5

137.5

151.8

163.6

167.5

137.5

151.8

163.6

EBITA: Group, Russia & Ukraine, Hungary EBITA, MEUR

Q1/2013 Q2/2013 Q3/2013 Q4/2013 Q1/2014 Q2/2014 Q3/2014

Group as reported

22.6

22.7

25.9

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

16.2

28.0

20.9

7.1

16.2

28.0


For further information: Magnus Rosén, President and CEO, tel. +358 20 750 2845 Jonas Söderkvist, CFO, tel. +358 20 750 3248 Franciska Janzon, IR, tel. +358 20 750 2859 www.ramirent.com

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