SlideShare ist ein Scribd-Unternehmen logo
1 von 67
Downloaden Sie, um offline zu lesen
INTERIM REPORT
Q1/2013
May 8, 2013
CEO Magnus Rosén
CFO Jonas Söderkvist
Agenda
Highlights: Q1/2013
Market outlook
Segment review
Financial Review
Company overview
Appendix
2
Agenda
3
Highlights: Q1/2013
Net sales MEUR 152.8 (164.3)
down by 7.0% or 8.7% at
comparable exchange rates. Sales
decrease excluding operations in
Russia and Ukraine for March 2012
was 5.6%.
EBITA MEUR 22.6 (14.4) or 14.8%
(8.7%) of net sales
EBITA excluding non-recurring items
EUR 12.4 or 8.1% of net sales
EBIT EUR 18.0 (12.3) million or
11.8% (7.5%) of net sales
EBIT excluding non-recurring items
was EUR 10.7 million or 7.0% of net
sales
Highlights: Q1/2013
4
Highlights: Q1/2013
Gross capex MEUR 32.4 (35.7)
down by 9.3%
Cash flow after investments
MEUR 19.0 (6.4), up 197%
Net debt MEUR 220.3 (257.7)
Net debt to EBITDA ratio 1.0x
(1.2x)
Return on equity (ROE) 20.7%
(16.9%)
Equity ratio 38.2% (37.6%)
Highlights: Q1/2013
5
Quarterly net sales Q1/2010 – Q1/2013 (MEUR)
Net sales decreased by 7.0% in Q1/2013
111.5
128.7
140.9
150.1
134.4
149.5
179.2
186.8
164.3
169.7
185.9
194.1
152.8
0
50
100
150
200
250
Q1 Q2 Q3 Q4
2010 2011 2012 2013
Highlights: Q1/2013
Net sales decreased by 8.7% at comparable exchange rates
Comparable net
sales decreased by
5.6% (adjusted for
the operations in
Russia and Ukraine)
6
Quarterly EBIT-margin (%) Q1/2010 – Q1/2013
Profitability excluding non-recurring items
was close to last year's level
-5.0%
5.8%
11.8%
7.5%
2.0%
10.3%
17.0%
13.6%
7.5%
13.3%
16.0%
14.3%
11.8%
-10%
-5%
0%
5%
10%
15%
20%
Q1 Q2 Q3 Q4
2010 2011 2012 2013
Highlights: Q1/2013
EBIT margin
excl. non-
recurring
items 7.0%
7
5.0
6.5
3.9
-0.2 -0.1
-2.2
3.1
6.7
4.3
-1.5
11.0
-5.2
-6
-4
-2
0
2
4
6
8
10
12
EBIT MEUR Q1/2013 vs. Q1/2012
Profitability continued to improve in Norway
and Europe East
12.9% 13.5%
8.9%
-2.1%
-0.6%
-16.8%
8.8%
13.3%
11.4%
-16.0%
113.1%
-30%
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
EBIT margin, % Q1/2013 vs. Q1/2012
Highlights: Q1/2013
Europe East EBIT excluding capital gain from the transaction to form a JV with Cramo in
Russia and Ukraine was EUR 0.9 million, representing 8.8% of net sales
Europe Central EBIT excluding impairment loss at the Hungarian goodwill was EUR −2.3
million, representing −21.2% of net sales
-47.5%
Q1/2012 Q1/2013 Q1/2012 Q1/2013
Long-term financial targets were met in
Q1/2013
8
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 1–3/2013
20.7%
1.0x
57.6%* of
2012
net profit
*Paid for 2012
Highlights: Q1/2013
MARKET
OUTLOOK
9
Market outlook –Construction output forecasts
10
Country 2012 2013F Source
Nordic
Finland −2.3% −3.0% RT*
Sweden −2.4% −1.0% BI**
Norway 5.2% 5.8% Prognoscentret
Denmark −3.4% −1.4% DB***
Europe Central
Poland 1.6% −3.4% Euroconstruct
Czech Republic −5.4% −1.9% Euroconstruct
Slovakia −13.3% −1.0% Euroconstruct
Hungary −9.0% 0.9% Euroconstruct
Europe East
Russia 3.0% 0-5% Euroconstruct
Estonia 23.0% 2.0% Euroconstruct
Latvia 8.0% 4.0% Euroconstruct
Lithuania 1.0% 3.0% Euroconstruct
Ukraine n.a. n.a. Euroconstruct
Euroconstruct forecasts in December 2012
*RT = Confederation of Finnish Construction Industries
**BI = The Swedish Construction Federation
***DB = The Danish Construction Federation
Market outlook
Residential construction expected to increase
in Norway
11
Source: Euroconstruct December 2012
Residential construction (output) 2008A – 2014F
Index 2008 = 100 (volume)
109
94
120
91
88
70
75
80
85
90
95
100
105
110
115
120
2008 2009 2010 2011 2012E 2013F 2014F
Finland Sweden Norway Denmark Europe Central
Forecasts for Europe East countries not available
Market outlook
Non–residential construction forecasted to
remain stable
12
Non–residential construction (output) 2008A – 2014F
Index 2008 = 100 (volume)
80
94
104
71
96
60
70
80
90
100
110
120
2008 2009 2010 2011 2012E 2013F 2014F
Finland Sweden Norway Denmark Europe Central
Source: Euroconstruct December 2012 Forecasts for Europe East countries not available
Market outlook
13
Market outlook
-40%
-20%
0%
20%
40%
60%
0
2
4
6
8
10
12
14
16
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
Order books: Nordic construction companies
(BEUR, fixed exchange rates)
Skanska NCC
Veidekke YIT
SRV Change in Net sales YoY, R12 Ramirent
Change in order backlog YoY, Nordic construction
Nordic construction order books decreased
4.7% in Q1/2013
A decrease of 4.7% in Q1/13 vs. Q1/12 in construction company order
books (excluding Peab and Lemminkäinen) for SE, FI, NO and DK.
Ramirent outlook for 2013
14
In 2013, EBITA is
expected to remain
at the level of 2012
Market outlook
15
Strategic priorities 2013
Customer
first
Sustainable
profitable growth
Common
Ramirent platform
Balanced
business portfolio
• Strong customer-centric
approach with increased
focus on sustainability, safety
and quality
• Being the leading and most
profitable general rental
company where present
• Developing a one-company
structure with operational
consistency
• Maintain a balanced portfolio
of customers, products and
markets to balance risk
SEGMENT
REVIEW
16
28
36 38
35
30
37
45
42
38
41
45
42
35
-5%
0%
5%
10%
15%
20%
25%
30%
0
5
10
15
20
25
30
35
40
45
50
Q1
2010
Q2 Q3 Q4 Q1
2011
Q2 Q3 Q4 Q1
2012
Q2 Q3 Q4 Q1
2013
Net sales EBIT-%
Finland
Net sales in comparison period
included large industrial
projects that are now
completed
Demand on equipment rental
weakened slightly in
construction sector mainly due
to prolonged winter
Pressure on pricing increased
Low activity in Northern Finland
17
Highlights Q1/2013 Sales and EBIT by quarter
Finland Q1
2013
Q1
2012
Change
(EUR)
Change
(Local)
1–12/
2012
Net sales, MEUR 35.1 38.4 −9% 166.5
EBIT, MEUR 3.1 5.0 −37% 30.2
EBIT–margin 8.8% 12.9% 18.2%
Employees 557 579 −4% 572
Customer centres 76 84 −10% 76
Segment review
18
Demand of equipment rental
remained stable
Stable activity in capital region
Lack of big construction projects in
Southern Sweden
Good demand in industrial sector
in Central and Northern Sweden
Profitability remained on last
year’s level thanks to cost control
and good utilisation rates
29
35 36
45
41 42
45
54
48
51 53
58
50
0%
5%
10%
15%
20%
25%
0
10
20
30
40
50
60
70
Q1
2010
Q2 Q3 Q4 Q1
2011
Q2 Q3 Q4 Q1
2012
Q2 Q3 Q4 Q1
2013
Net sales EBIT-%
Sales and EBIT by quarter
Segment review
Highlights Q1/2013
Sweden Q1
2013
Q1
2012
Change
(EUR)
Change
(Local)
1–12/
2012
Net sales, MEUR 50.3 48.1 4% 0% 209.9
EBIT, MEUR 6.7 6.5 3% 33.3
EBIT–margin 13.3% 13.5% 15.9%
Employees 677 675 0% 677
Customer centres 78 84 −7% 79
Sweden
Norway
19
Net sales declined mainly due
to less trading of used
equipment
Good demand in oil & gas
sector
Profitability improved thanks to
better operational efficiency and
cost control
Price level remained stable
28 27 28
31 33 30
40 42 44
38
41
51
38
-4%
-2%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
0
10
20
30
40
50
60
Q1
2010
Q2 Q3 Q4 Q1
2011
Q2 Q3 Q4 Q1
2012
Q2 Q3 Q4 Q1
2013
Net sales EBIT-%
Sales and EBIT by quarter
Segment review
Highlights Q1/2013
Norway Q1
2013
Q1
2012
Change
(EUR)
Change
(Local)
1–12/
2012
Net sales, MEUR 38.1 43.7 −13% −15% 174.0
EBIT, MEUR 4.3 3.9 11% 22.2
EBIT–margin 11.4% 8.9% 12.8%
Employees 472 477 −1% 467
Customer centres 43 43 0% 42
20
Weak activity in the
construction sector affected on
the demand of equipment
rental
Profitability was burdened by
lower utilisation rates
Price level remained stable
8
9 9 10
8
10
11
15
10
11 11
12
9
-20%
-15%
-10%
-5%
0%
5%
10%
0
2
4
6
8
10
12
14
16
Q1
2010
Q2 Q3 Q4 Q1
2011
Q2 Q3 Q4 Q1
2012
Q2 Q3 Q4 Q1
2013
Net sales EBIT-%
Sales and EBIT by quarter
Segment review
Highlights Q1/2013
Denmark Q1
2013
Q1
2012
Change
(EUR)
Change
(Local)
1–12/
2012
Net sales, MEUR 9.1 9.8 −8% −7% 44.7
EBIT, MEUR −1.5 −0.2 n/a 1.6
EBIT–margin −16.0% −2.1% 3.6%
Employees 192 178 8% 192
Customer centres 19 22 −14% 19
Denmark
21
Activity in construction sector
remained relatively stable in
the Baltic States
EBIT* includes a non-taxable
capital gain of EUR 10.1 million
from the formation of Fortrent
EBIT-margin excl. capital gain
improved thanks to good cost
control and higher utilisation
rates
8
10
12
13
9
13
17 16
12
15
19 17
10
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
0
2
4
6
8
10
12
14
16
18
20
Q1
2010
Q2 Q3 Q4 Q1
2011
Q2 Q3 Q4 Q1
2012
Q2 Q3 Q4 Q1
2013
Net sales EBIT-%
Sales and EBIT by quarter
Segment review
Highlights Q1/2013
(113%)
*Europe East EBIT excluding the capital gain was EUR 0.9 million or 8.8% of net
sales
Europe East Q1
2013
Q1
2012
Change
(EUR)
Change
(Local)
1–12/
2012
Net sales, MEUR 9.7 12.2 −20% −20% 66.3
EBIT, MEUR 11.0* −0.1 n/a 10.9
EBIT–margin 113.1% −0.6% 17.3%
Employees 207 428 −52% 443
Customer centres 42 58 −28% 62
Europe East
Group
Successful closing of transaction to form the JV
Fortrent in Russia and Ukraine
Group
Forces combined in Growing Markets… …Created Strong Stand–Alone Company "Fortrent"
“50/50 JV”
50%50%
Key Figures (1 March 2013–31 March 2013)
RUSSIA
UKRAINE
Net sales in March increased by 5.0% to
MEUR 4.2 (4.0)
EBITA was MEUR −0.2 (0.2) or −4.8%
(5.1%) of net sales, and net profit for the
period was MEUR −0.3
400 employees and 22 customer centres
22
Segment review
Fortrent started its operations on 1 March 2013
From beginning of March Fortrent’s net sales is not included in Ramirent Group’s net
sales.
Ramirent’s share (50%) of the net profit will be included in the operating profit of
the Europe East segment in accordance with the equity method of accounting.
Ramirent’s net sales in Russia and Ukraine totalled EUR 33.6 million in 2012. EBIT
amounted to EUR 5.6 million representing a margin of 16.7%
On 7 March, 2013
Ramirent and Cramo
announced that they
received approval from
competition authorities
and successfully closed
the transaction to form a
joint venture operating
under the brand name
“Fortrent” in Russia and
Ukraine.
23
Demand was weak in all
countries
Market situation weakened in the
construction sector especially in
Poland
Profitability was burdened by low
volumes and utilisation rates
High price pressure
Further reduction in number of
employees and customer centres
12
16
20 19
14
19
22
19
13
15
18
16
11
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
0
5
10
15
20
25
Q1
2010
Q2 Q3 Q4 Q1
2011
Q2 Q3 Q4 Q1
2012
Q2 Q3 Q4 Q1
2013
Net sales EBIT-%
Sales and EBIT by quarter
Segment review
Highlights Q1/2013
Europe Central EBIT excluding EUR 2.9 million impairment loss in the Hungarian
goodwill was EUR −2.3 million, representing −21.2% of net sales
Europe Central Q1
2013
Q1
2012
Change
(EUR)
Change
(Local)
1–12/
2012
Net sales, MEUR 11.0 13.3 −17% −18% 62.7
EBIT, MEUR −5.2 −2.2 n/a −1.6
EBIT–margin −47.5% −16.8% −2.5%
Employees 613 726 −16% 626
Customer centres 76 103 −26% 80
Europe Central
FINANCIAL
REVIEW
24
Good cash flow and strong financial position
25
Net Sales (MEUR) EBITDA (MEUR)
Cash flow (MEUR) Net debt (MEUR) Gross Capex (MEUR)
EBITA (MEUR)
13
22
10
18
32
45
120
46
36
24 28
37 32
0%
10%
20%
30%
40%
50%
60%
70%
80%
0
20
40
60
80
100
120
140
Q1
2010
Q2 Q3 Q4 Q1
2011
Q2 Q3 Q4 Q1
2012
Q2 Q3 Q4 Q1
2013
Gross Capex Share of net sales-%
212209
197
177
191
238
280
263258
281
256
239
220
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
50
100
150
200
250
300
Q1
2010
Q2 Q3 Q4 Q1
2011
Q2 Q3 Q4 Q1
2012
Q2 Q3 Q4 Q1
2013
Net debt Gearing-%
-5
8
17
13
4
17
32
27
14
25
32
30
23
-10%
-5%
0%
5%
10%
15%
20%
-10
-5
0
5
10
15
20
25
30
35
Q1
2010
Q2Q3Q4 Q1
2011
Q2Q3Q4 Q1
2012
Q2Q3Q4 Q1
2013
EBITA EBITA-%
18
31
42
37
28
41
59
55
42
52
60
57
48
0%
5%
10%
15%
20%
25%
30%
35%
0
10
20
30
40
50
60
70
Q1
2010
Q2 Q3 Q4 Q1
2011
Q2 Q3 Q4 Q1
2012
Q2 Q3 Q4 Q1
2013
EBITDA EBITDA-%
112
129
141150
134
150
179187
164170
186194
153
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
0
50
100
150
200
250
Q1
2010
Q2Q3Q4Q1
2011
Q2Q3Q4Q1
2012
Q2Q3Q4Q1
2013
Net sales Y-o-y change-%
-4
13 14
24
-11
-20
-37
16
6 7
24
17 19
-40
-30
-20
-10
0
10
20
30
Q1
2010
Q2 Q3 Q4 Q1
2011
Q2 Q3 Q4 Q1
2012
Q2 Q3 Q4 Q1
2013
Financial review
Non-recurring items in Q1/2013: Capital gain of EUR 10.1 million booked from the transaction to form
Fortrent as well as an impairment loss of EUR 2.9 million in the Hungarian goodwill
EBITA excluding non-recurring items was EUR 12.4 million, representing 8.1% of net sales
Net sales decreased by 7.0% in Q1/2013
26
112
129
141
150
134
150
179
187
164
170
186
194
153
0
20
40
60
80
100
120
140
160
180
200
220
Q1
2010
Q2 Q3 Q4 Q1
2011
Q2 Q3 Q4 Q1
2012
Q2 Q3 Q4 Q1
2013
Net sales (MEUR) Q1/2010 – Q1/2013
1-12/2010: 531.3
Financial review
Net sales decreased by 8.7% at comparable exchange rates
Comparable net sales decreased by 5.6% (adjusted for the
formation of JV in Russia and Ukraine)
1-12/2011: 649.9 1-12/2012: 714.0
27
Net sales by segment (MEUR) and Change % (YoY)
−8.6% −12.9% −16.9%−20.2%−7.7%4.4%
38.4
48.1
43.7
9.8
12.2 13.3
35.1
50.3
38.1
9.1 9.7
11.0
0
10
20
30
40
50
60
Finland Sweden Norway Denmark Europe East Europe
Central
Q1/2012 Q1/2013
Net sales decreased in all segments except
Sweden
Financial review
Share of rental income increased in Q1/2013
Q1/2012 compared to Q1/2013:
• Rental income decreased by 4.0%
• Ancillary income decreased by 7.7%
• Income from sold equipment declined by 42.7%
28
63% 65%
33% 32%
4% 3%
0 %
20 %
40 %
60 %
80 %
100 %
Q1/2012 Q1/2013
Income from sold equipment
Ancillary income
Rental income
Breakdown of net sales (%) and MEUR
103.1 98.9
53.8 49.6
7.5 4.3
0
50
100
150
200
Q1/2012 Q1/2013
Income from sold equipment
Ancillary income
Rental income
Financial review
Gross margin improved slightly from the
previous year
29
Gross margin (%) by quarter
65%
67%
68%
66%
67%
67%
68%
69%
66%
68%
66%
68% 69%
64%
67%67%
Q1 Q2 Q3 Q4 FY
2010 2011 2012 2013
Financial review
Number of employees decreased due to
scaling down of operations in Europe Central
At the end of March 2013, the Group’s number of employees was
2,751 (3,086)
At the end of 2012, number of employees in Russia and Ukraine was
238
30
Number of employees by segment
579
675
477
178
428
726
572
677
467
192
443
626
557
677
472
192 207
613
Finland Sweden Norway Denmark Europe East Europe
Central
Personnel 31/3/12 Personnel 31/12/12 Personnel 31/3/13
Financial review
Optimisation of customer centres continues,
334 customer centres at the end of March
Q1
2010
Q2 Q3 Q4 Q1
2011
Q2 Q3 Q4 Q1
2012
Q2 Q3 Q4 Q1
2013
Finland Sweden Norway Denmark Europe East Europe Central
Number of customer centres per segment
31
Financial review
334
353
At the end of 2012, number of customer centres in Russia and
Ukraine was 19
Fixed costs decreased thanks to cost control
throughout the Group
Group fixed costs MEUR 66 (68) in 1-3/2013
32
Fixed costs by quarter (MEUR)
Financial review
33 33 32
38 37 37
41 42 42 40 42 42 42
22 23 22
24 27 25
25
28 25
25
26 27 24
56 56 54
62 63 62
66
70 68
65
68 69
66
Q1
2010
Q2 Q3 Q4 Q1
2011
Q2 Q3 Q4 Q1
2012
Q2 Q3 Q4 Q1
2013
Employee benefit expenses Other operating expenses
EUR 22.6 million EBITA including non-
recurring items in Q1/2013
33
-5.1
8.0
17.4
12.7
3.6
16.5
32.0
27.3
14.4
24.7
31.8
29.7
22.6
-10%
-5%
0%
5%
10%
15%
20%
-10
-5
0
5
10
15
20
25
30
35
Q1
2010
Q2 Q3 Q4 Q1
2011
Q2 Q3 Q4 Q1
2012
Q2 Q3 Q4 Q1
2013
EBITA EBITA-%
EBITA (MEUR) and EBITA-margin (%) Q1/2010 – Q1/2013
1-12/2010: 33.0 1-12/2011: 79.4 1-12/2012: 100.6
Non-recurring items in Q1/2013: Capital gain of EUR 10.1 million booked from the transaction to
form Fortrent
EBITA excluding non-recurring items was EUR 12.4 million, representing 8.1% of net sales
Financial review
EUR 7.2 million non-recurring items in
Q1/2013
Reported EBIT was EUR 18.0 (12.3) million or 11.8% (7.5%) of net
sales
Non-recurring items in Q1/2013: Capital gain of EUR 10.1 million
booked from the transaction to form Fortrent as well as an
impairment loss of EUR 2.9 million in the Hungarian goodwill
EBIT excluding non-recurring items was EUR 10.7 million,
representing 7.0% of net sales
34
EBIT (MEUR) Q1/12 vs Q1/13
12,3
18,0
10,1
2,9
10,7
0
2
4
6
8
10
12
14
16
18
20
Q1/2012
reported
Q1/2013
reported
Capital gain Goodwill
impairment
Q1/2013
adjusted
Financial review
Profitability improved in Norway and Europe
East
35
12.9% 13.5%
8.9%
-2.1% -0.6%
-16.8%
8.8%
13.3%
11.4%
-16.0%
(113.1%)
(-47.5%)
8.8%*
-21.2%*
Finland Sweden Norway Denmark East Central
Q1/12 Q1/13
EBIT–margin (%) by segments
Financial review
*EBIT-margin excluding non-recurring items
Exc. non-recurring items
Ramirent is still cautious with capital
expenditure
The total value of purchased equipment was 29.3 (20.3) million in 1-3/2013
The value of sold rental equipment was EUR 4.3 (7.5) million in 1-3/2013
36
Purchased and sold equipment by quarter (MEUR)
Financial review
8
19
9
17
30
38
67
34
20 22
25
34
29
5 4 3 4 4 5 6
12
8 6 6 8
4
Q1
2010
Q2 Q3 Q4 Q1
2011
Q2 Q3 Q4 Q1
2012
Q2 Q3 Q4 Q1
2013
Purchased equipment Sold equipment
Capital expenditure slightly lower level than
in previous year
No acquisitions were made during the quarter
37
4
25
2
0
2 2
8
11
9
1 2 1
Finland Sweden Norway Denmark East Central
1–3/2012 1–3/2013
Capital Expenditure by segments (MEUR)
Financial review
Positive development in working capital
Q1/2013 credit losses and net change in the allowance for bad debt
totalled EUR −1.9 (−1.9) million
Dividend of EUR 36.6 million paid in April
38
15 14 14 16 16 17 17 17 18 18 20 15 15
83
90
99
97
95
109
124
120
114
131
141
136
115
-69
-86
-86
-89
-82
-84
-107
-109
-139
-112
-122
-113
-143
-6%
-4%
-2%
0%
2%
4%
6%
8%
-120
-80
-40
0
40
80
120
160
Q1
2010
Q2 Q3 Q4 Q1
2011
Q2 Q3 Q4 Q1
2012
Q2 Q3 Q4 Q1
2013
Trade payables and other liabilities
Trade and other receivables
Inventories
Working capital/Net sales Rolling 12 month basis
Working capital by quarter (MEUR)
Financial review
Return on investment remained stable in
Q1/2013
39
Invested capital (MEUR) and ROI (%) rolling 12 months
524 508 509 496 508
536
588 591
565
602 605 604
654
0%
5%
10%
15%
20%
25%
0
100
200
300
400
500
600
700
Q1
2010
Q2 Q3 Q4 Q1
2011
Q2 Q3 Q4 Q1
2012
Q2 Q3 Q4 Q1
2013
Invested capital ROI % (R12)
Return on invested capital, ROI 18.9% (19.6%) 1-3/2013
Financial review
Cash flow after investments increased to 19.0
MEUR in the first quarter
40
Cash flow after investments (MEUR)
Financial review
−4.0
13.4 14.4
24.2
−10.7
−20.4
−36.8
15.9
6.4 7.3
23.7
16.8 19.0
Q1
2010
Q2 Q3 Q4 Q1
2011
Q2 Q3 Q4 Q1
2012
Q2 Q3 Q4 Q1
2013
Cash flow after investments Cash flow after investments, Rolling 12 months
1-12/2010: 48.0 1-12/2011: −52.0 1-12/2012: 54.2
212 209
197
177
191
238
280
263 258
281
256
239
220
1.8x
1.9x
1.7x
1.4x 1.4x
1.6x
1.7x
1.4x
1.2x
1.4x
1.2x
1.1x
1.0x
0
1
2
3
0
50
100
150
200
250
300
Q1
2010
Q2 Q3 Q4 Q1
2011
Q2 Q3 Q4 Q1
2012
Q2 Q3 Q4 Q1
2013
Net debt Net debt to EBITDA ratio
Financial position continued to strengthen in
Q1/2013
Net debt to EBITDA 1.0x (1.2x) at the end of March 2013
41
Net debt (MEUR) and Net debt to EBITDA ratio
Financial review
Ramirent issued a EUR 100 million bond in
March 2013
42
On 14 March 2013, Ramirent issued a
EUR 100 million senior unsecured bond
The six-year bond matures on 21
March 2019 and carries a fixed annual
interest at the rate of 4.375 per cent
The bond offering was oversubscribed
significantly and allocated to
approximately 60 investors
The bond issue extends the maturity
profile of Ramirent’s debt portfolio and
diversifies the financing base
The proceeds from the bond offering
will be used for general corporate
purposes
Financial review
At end of March 2013, Ramirent had unused
committed back–up loan facilities of EUR
266.3 million
In addition to bank facilities, Ramirent is utilising a domestic
commercial paper program of up to EUR 150 million
43
Repayment schedule of interest–bearing liabilities (MEUR)
Financial review
150
240
100
2013 2014 2015 2016 2017 2018 2019
220 MEUR in net debt
490 MEUR in committed credit facilities
Return on equity improved and was 20.7% in
the first quarter
44
309
296 308 318 316
296 305
326
305
319
347
364
342
-5%
0%
5%
10%
15%
20%
25%
0
50
100
150
200
250
300
350
400
Q1
2010
Q2 Q3 Q4 Q1
2011
Q2 Q3 Q4 Q1
2012
Q2 Q3 Q4 Q1
2013
Total equity ROE % (R12)
Total equity (MEUR) and ROE (%) rolling 12 months
Return on equity, ROE 20.7% (16.9%) 1-3/2013
Financial review
For more information:
www.ramirent.com
Magnus Rosén, CEO
+358 20 750 2845
magnus.rosen@ramirent.com
Jonas Söderkvist, CFO
+358 20 750 3248
jonas.soderkvist@ramirent.com
Franciska Janzon, IR
+358 20 750 2859
franciska.janzon@ramirent.com
COMPANY
OVERVIEW
46
Ramirent in brief
47
Leading equipment rental company in Northern, Central
and Eastern Europe with net sales of EUR 714 million
(2012)
Presence in 11 countries through 334 customer centers and
in two countries through joint venture
Listed on NASDAQ OMX Helsinki since 1998
2,751 employees serving 200,000 customers with 200,000
rental items
Founded in 1955 and headquartered in Finland
Company overview
Ramirent operates in Europe with
Baltic Sea region being the core
market
48
Sales per segment 1-12/2012
Wide network of customer centres
and leading market position
Finland
23%
Sweden
29%
Norway
24%
Denmark
6%
Europe
East
9%
Europe
Central
9%
Sales per customer 1-12/2012
Construc-
tion
68%
Services
&Retail
10%
Industrial
15%
Private
3%
Public
4%
Target is to increase sales to non-construction
customers to 40% of the Group's net sales
Finland
76 customer
centres
# 1
Europe
East
43 customer
centres
# 1
Norway
42 customer
centres
# 1
Denmark
19 customer
centres
# 1
Europe
Central
80 customer
centres
# 1
Sweden
79 customer
centres
# 2
Company overview
JV with Cramo
(22 customer
centres)
Targeting a wider range of customer
industries in all countries
Shipyards
Construction
HouseholdsAviationPower
Oil and gas
Public
Windpower
49© 2013 Ramirent
End of 2009
We accelerate our growth through
acquisitions and outsourcing cases
50
Outsourcing deal
in Denmark
Outsourcing deal
in Finland Acquisition of
Finnish weather
protection rental
company
Outsourcing deal with two
subsidiaries in Finland
Outsourcing deal in
Finland
Active
screening of
acquisition
targets
Acquisition of Swedish
rental company
Outsourcing deal
in Norway
Acquisition of
Czech rental
business
Aquisition of
Czech rental
business
Acquisition of
Czech rental
business
Acquisition of
Swedish rental
company
Acquisition of
Danish rental
business
Acquisition of specialist
module rental company in
Norway
Danish
scaffolding
division
Acquisition of
Swedish rental
company
Acquisition of
Swedish rental
company
2010
2011
2012
Outsourcing deal
in Norway
Closing of the JV
with Cramo
in Russia
and Ukraine
New brand name:
Fortrent
2013
Company overview
Mission
We simplify business by Delivering Dynamic
Rental Solutions™
Vision
To be the leading and most progressive equipment
rental solutions company in Europe, setting the
benchmark for industry performance and customer
service
51
Our strategic choices
Values
Open, Progressive, Engaged
Brand promise
Let’s solve it
Broadest range of equipment and
Dynamic Rental SolutionsTM
52
RAMIRENTOFFERING
CUSTOMER NEEDS
PRODUCTS
• Light machinery
• Heavy machinery
• Lifts
• Power and
heating
• Modules
• Tower cranes
and hoists
• Scaffolding
• SAFE
SERVICES
• Planning
• Business Support
• On-Site Support
• Merchandise Sales
• Rental Insurance
• Training
SOLUTIONS
• SpaceSolve
• SafeSolve
• AccessSolve
• EcoSolve
• PowerSolve
• ClimateSolve
• TotalSolve
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:
Easy to buy, reduced number of
subcontractors, increased focus
on the core business
OUTSOURCING
Benefits:
By outsourcing their
machine fleet to Ramirent,
companies can increase
efficiency and simplify their
business by focusing on
core competencesINDUSTRIES
• Construction • Mining • Paper
• Power generation • Oil & gas
• Shipyards • Retail and Service
• Public sector • Households
Company overview
Ramirent developed its solutions concepts further
53
Company overview
Weak Stable Strong
Strategic themes
Customer First
Sustainable profitable growth
Operational Excellence
Balanced portfolio of customers, products and markets
Operational themes
• Safe-guard profitability and
cash flow
• Consolidate market –
Outsourcing cases
• Pricing discipline
• Execute contingency plans
• Reduce costs and transform
fixed costs to variable
• Reduce financial risk, focus
on A/R and credits
• Amortise debt
• Limited capex, transfer fleet
to where demand is
• Realise synergies
through operational
excellence
• Consolidate market –
Bolt-on acquisitions
• Maintenance capex
• Profitable growth
• Drive penetration and
capture growth
opportunities
• Keep control of fixed
cost base
• Prepare contingency
plans
• Growth capex for
expansion
Business
cycle
Counter cyclical
cash flow
Market conditions
54
Weak market
conditions in
2009-2010
Increased demand
and investments
2011-2012
Our strategic and operational themes through
the business cycles
Company overview
55
Organic growth drivers
70%
60%
45%
40%
40%
30%
30%
25%
20%
20%
15%
15%
10%
10%
10%
0%
20%
40%
60%
80%
100%
Increasing rental penetration
Expansion in select customer industries
Ramirent
Loxam
Cramo
Algeco Scotsman
Speedy Hire
Liebherr-Mietpartner
GAM
Mediaco Lifting
Sarens
Kiloutou
HKL Baumschinen
Others
Consolidation opportunities in Europe
External growth drivers
M&A activity
Outsourcing
deals
Bolt-on and selected strategic
acquisitions
Joint
Ventures
Good organic and strategic growth opportunities
Construc-
tion
68%
Services
&Retail
10%
Industrial
15%
Private
3%Public
4%
Targeting 40% of
Group sales to
non-construction
customers
Company overview
56
Summary of company’s strengths
Leading equipment rental
company in Northern, Central
and Eastern Europe
More than 50 years industry
experience
Diversified portfolios of
customers, products and
markets
Stable profitability and steady
cash flow
Flexibility to maneuver: capex
and cost flexibility, strong
balance sheet
Strong financial position and
funding
Senat's square, Helsinki,
Finland
Company overview
Largest shareholders
Largest shareholders
March 31, 2013
Number of
shares
% of
share
capital
1. Nordstjernan AB 31,882,078 29.33%
2. Oy Julius Tallberg Ab 11,962,229 11.01%
3. Varma Mutual Pension Insurance Company 7,368,799 6.78%
4. Odin funds 4,438,955 4.08%
5. Ilmarinen Mutual Pension Insurance Company 4,295,154 3.95%
6. Nordea funds 2,634,207 2.42%
7. Aktia funds 2,082,640 1.92%
8. Veritas Pension Insurance Company Ltd 1,379,139 1.27%
9. Fondita funds 1,102,000 1.01%
10. Föreningen Konstsamfundet Rf 825,000 0.76%
Ramirent Oyj treasury shares 998,631 0.92%
Nominee registered 19,260,396 17.72%
Other shareholders 20,468,100 18.83%
Total 108,697,328 100.00%
57
Market Cap EUR 794.8 million
Trading information
Listing: NASDAX OMX Helsinki
Date of listing: April 30, 1998
Segment: Mid Cap
Sector: Industrials
Trading code: RMR1V
16%
26%
13%9%
2%
34%
Private companies
Financial and insurance institutions
Public sector organizations
Households
Non-profit organizations
Foreigners
Shareholders March 31, 2013
Company overview
Share price development
58
EUR Ramirent Plc (RMR1V)
Company overview
0
2
4
6
8
10
12
14
7.57* EUR
*May 7, 2013
APPENDIX
59
Consolidated income statement
60
Appendix
CONSOLIDATED INCOME STATEMENT 1–3/13
Restated*
1–3/12
Restated*
1–12/12
(EUR 1,000)
Rental income 98,906 103,073 463,070
Ancillary income 49,608 53,745 223,899
Sales of equipment 4,305 7,513 27,115
NET SALES 152,819 164,331 714,083
Other operating income 11,175 427 3,026
Materials and services −49,958 −55,056 −237,184
Employee benefit expenses −41,875 −42,489 −166,324
Other operating expenses −23,976 −25,361 −103,249
Share of result in associates and joint ventures −108 − 116
Depreciation and amortisation and impairment charges −30,073 −29,512 −117,943
EBIT 18,005 12,340 92,524
Financial income 4,242 7,016 20,320
Financial expenses −7,048 −8,687 −29,803
EBT 15,199 10,670 83,041
Income taxes −4,180 −2,773 −19,291
NET RESULT FOR THE PERIOD 11,019 7,896 63,749
Net result for the period attributable to:
Owners of the parent company 11,019 7,896 63,749
Non-controlling interest − − −
TOTAL 11,019 7,896 63,749
Earnings per share (EPS)
EPS on parent company shareholders' share of profit, basic, EUR 0.10 0.07 0.59
EPS on parent company shareholders' share of profit, diluted, EUR 0.10 0.07 0.59
*Retrospective application of amendment to IAS 19 affecting Sweden and Norway segments
61
Appendix
Balance sheet - Assets
CONSOLIDATED BALANCE SHEET 31/3/2013
Restated*
31/3/2012
Restated*
31/12/2012*
(EUR 1,000)
NON-CURRENT ASSETS
Property, plant and equipment 453,921 486,878 451,511
Goodwill 131,247 133,413 133,515
Other intangible assets 40,311 40,443 40,381
Investments in associates and Joint Ventures 22,425 972 1,125
Non-current loan receivables 20,250 − −
Available-for-sale investments 412 412 412
Deferred tax assets 1,856 13,973 10,344
TOTAL NON-CURRENT ASSETS 670,422 676,092 637,288
CURRENT ASSETS
Inventories 15,281 17,836 15,250
Trade and other receivables 115,351 113,702 135,600
Current income tax assets 1,923 1,225 145
Cash and cash equivalents 92,437 2,625 1,338
TOTAL CURRENT ASSETS 224,992 135,387 152,333
Assets to be transferred to the Joint Venture − − 42,250
TOTAL ASSETS 895,414 811,479 831,872
*Retrospective application of amendment to IAS 19 affecting Sweden and Norway segments
Balance sheet – Equity and liabilities
62
Appendix
CONSOLIDATED BALANCE SHEET 31/3/2013
Restated*
31/3/2012
Restated*
31/12/2012
(EUR 1,000)
EQUITY
Share capital 25,000 25,000 25,000
Revaluation fund −4,273 −4,223 −4,924
Invested unrestricted equity fund 113,568 113,329 113,329
Retained earnings 207,290 170,686 230,168
PARENT COMPANY SHAREHOLDERS’ EQUITY 341,585 304,792 363,573
Non-controlling interests − − −
TOTAL EQUITY 341,585 304,792 363,573
NON-CURRENT LIABILITIES
Deferred tax liabilities 65,286 77,643 73,333
Pension obligations 14,784 10,852 13,948
Provisions 964 1,373 972
Interest-bearing liabilities 277,820 225,129 191,199
Other long-term liabilities 5,669 10,127 8,071
TOTAL NON-CURRENT LIABILITIES 364,523 325,123 287,523
CURRENT LIABILITIES
Trade payables and other liabilities 143,323 139,117 112,956
Provisions 499 1,208 826
Current income tax liabilities 10,533 6,017 10,936
Interest-bearing liabilities 34,951 35,222 49,513
TOTAL CURRENT LIABILITIES 189,306 181,564 174,231
Liabilities to be transferred to the Joint Venture − − 6,545
TOTAL LIABILITIES 553,829 506,687 468,299
TOTAL EQUITY AND LIABILITIES 895,414 811,479 831,872
*Retrospective application of amendment to IAS 19 affecting Sweden and Norway segments
Key figures
63
Appendix
KEY FINANCIAL FIGURES 1–3/13
Restated*
1–3/12
Restated*
1–12/12
(MEUR)
Net sales, EUR million 152.8 164.3 714.1
Increase in net sales, % −7,0% 22.3% 9.9%
Operating result before depreciation and amortisation (EBITDA), EUR million 48.1 41.9 210.5
Operating result before depreciation and amortisation (EBITDA), % of net sales 31.5% 25.5% 29.4%
Operating result before amortisation of intangible assets (EBITA), EUR million 22.6 14.4 100.6
Operating result before amortisation of intangible assets (EBITA), % net sales 14.8% 8.7% 14.1%
Operating result (EBIT), EUR million 18.0 12.3 92.5
Operating result (EBIT), % of net sales 11.8% 7.5% 13.0%
Result before taxes (EBT), EUR million 15.2 10.7 83.0
Result before taxes (EBT), % of net sales 9.9% 6.5% 11.6%
Net result for the financial year, EUR million 11.0 7.9 63.7
Net result for the financial year, % of net sales 7.2% 4.8% 8.9%
Return on invested capital (ROI), % 18.9% 19.6% 18.9%
Return on equity (ROE), % 20.7% 16.9% 18.6%
Interest-bearing debt, EUR million 312.8 260.4 240.7
Net debt, EUR million 220.3 257.7 239.4
Net debt to EBITDA ratio 1.0x 1.2x 1.1x
Gearing, % 64.5% 84.6% 65.8%
Equity ratio, % 38.2% 37.6% 43.7%
Personnel, average during financial year 2,913 3,131 3,077
Personnel, at end of financial year 2,751 3,086 3,005
Gross capital expenditure, EUR million 32.4 35.7 124.0
Gross capital expenditure, % of net sales 21.2% 21.7% 17.4%
*Retrospective application of amendment to IAS 19 affecting Sweden and Norway segments
Consolidated Cash flow statement
64
Appendix
Cash flow from operating activities (1 000 EUR) 1–3/13 1–3/12 1–12/12
Result before taxes 15,199 10,670 83,041
Adjustments
Depreciation, amortisation and impairment charges 30,073 29,512 117,943
Adjustment for proceeds from sale of used rental equipment 1,879 4,794 12,542
Financial income and expenses 2,806 1,671 9,413
Other adjustments −14,908 −980 −1,438
Change in working capital
Change in trade and other receivables 19,135 9,096 −15,367
Change in inventories −147 81 1,576
Change in non-interest-bearing current liabilities −2,385 −6,984 −11,577
Interest paid −2,624 −3,262 −12,293
Interest received 480 1,065 3,470
Income tax paid −7,443 −4,443 −13,325
Net cash generated from operating activities 42,064 41,219 173,985
Cash flow of investing activities
Acquisition of subsidiaries, net of cash − −10,038 −13,940
Investment in tangible non-current asset −28,992 −17,191 −99,177
Investment in intangible non-current assets −1,757 −7,706 −7,598
Proceeds from sale of tangible and intangible non-current assets (exc. Used rental equipment 54 105 897
Proceeds from sales of subsidiaries 9,200 − −
Loan receivables, increase, decrease and other changes −1,567 − −
Net cash flow of investing activities −23,062 −34,829 −119,818
Cash flow from financing activities
Dividends paid − − −30,147
Purchase of treasury shares − −2,714 −2,714
Borrowings and repayments of short-term debt (net) −14,563 −8,500 5,500
Proceeds from long-term borrowings 99,030 13,557 9,311
Repayments of long-term debt −12,370 −8,539 −37,211
Net cash flow of financing activities 72,096 −6,197 −55,261
Net change in cash and cash equivalents during the financial period 91,099 193 −1,094
Cash at the beginning of the period 1,338 2,431 2,431
Cash at the end of the period 92,437 2,625 1,338
Segment information: Net sales
65
Appendix
NET SALES 1–3/13
Restated*
1–3/12
Restated*
1–12/12
(MEUR)
FINLAND
- Net sales (external) 35.0 37.9 165.0
- Inter-segment sales 0.1 0.5 1.5
SWEDEN
- Net sales (external) 50.0 48.1 207.5
- Inter-segment sales 0.3 − 2.4
NORWAY
- Net sales (external) 38.1 43.7 173.6
- Inter-segment sales − 0.1 0.5
DENMARK
- Net sales (external) 9.1 9.8 44.6
- Inter-segment sales − − 0.1
EUROPE EAST
- Net sales (external) 9.7 12.0 63.0
- Inter-segment sales − 0.2 0.3
EUROPE CENTRAL
- Net sales (external) 11.0 12.8 60.4
- Inter-segment sales − 0.5 2.3
Elimination of sales between segments −0.4 −1.2 −7.1
NET SALES, TOTAL 152.8 164.3 714.1
Other operating income 11.2 0.4 3.0
*Retrospective application of amendment to IAS 19 affecting Sweden and Norway segments
Segment information: EBIT and EBIT-margin
66
Appendix
EBIT 1–3/12
Restated*
1–3/12
Restated*
1–12/12
(MEUR)
FINLAND 3.1 5.0 30.2
% of net sales 8.8% 12.9% 18.2%
SWEDEN 6.7 6.5 33.3
% of net sales 13.3% 13.5% 15.9%
NORWAY 4.3 3.9 22.2
% of net sales 11.4% 8.9% 12.8%
DENMARK −1.5 −0.2 1.6
% of net sales −16.0% −2.1% 3.6%
EUROPE EAST 11.0 −0.1 10.9
% of net sales 113.1% −0.6% 17.3%
EUROPE CENTRAL −5.2 −2.2 −1.6
% of net sales −47.5% −16.8% −2.5%
Net items not allocated to operating segments −0.4 −0.5 −4.2
GROUP EBIT 18.0 12.3 92.5
% of net sales 11.8% 7.5% 13.0%
*Retrospective application of amendment to IAS 19 affecting Sweden and Norway segments
For more information:
www.ramirent.com
Magnus Rosén, CEO
+358 20 750 2845
magnus.rosen@ramirent.com
Jonas Söderkvist, CFO
+358 20 750 3248
jonas.soderkvist@ramirent.com
Franciska Janzon, IR
+358 20 750 2859
franciska.janzon@ramirent.com

Weitere ähnliche Inhalte

Was ist angesagt?

Klöckner & Co - German Investment Seminar 2013
Klöckner & Co - German Investment Seminar 2013Klöckner & Co - German Investment Seminar 2013
Klöckner & Co - German Investment Seminar 2013Klöckner & Co SE
 
FLSmidth 3rd Quarter Report 2012
FLSmidth 3rd Quarter Report 2012FLSmidth 3rd Quarter Report 2012
FLSmidth 3rd Quarter Report 2012FLSmidth & Co. A/S.
 
Klöckner & Co - Q3 2012 Results
Klöckner & Co - Q3 2012 ResultsKlöckner & Co - Q3 2012 Results
Klöckner & Co - Q3 2012 ResultsKlöckner & Co SE
 
Savills european investment market 2014
Savills european investment market 2014Savills european investment market 2014
Savills european investment market 2014Jorge Larrea
 
Klöckner & Co - German Corporate Conference 2013
Klöckner & Co - German Corporate Conference 2013Klöckner & Co - German Corporate Conference 2013
Klöckner & Co - German Corporate Conference 2013Klöckner & Co SE
 
Financial Year 2013: Media and Analyst's Conference
Financial Year 2013: Media and Analyst's ConferenceFinancial Year 2013: Media and Analyst's Conference
Financial Year 2013: Media and Analyst's ConferenceCompany Spotlight
 
Swedbank's Year-End report 2014
Swedbank's Year-End report 2014Swedbank's Year-End report 2014
Swedbank's Year-End report 2014Swedbank
 
FLSmidth 2nd Quarter Report 2012
FLSmidth 2nd Quarter Report 2012FLSmidth 2nd Quarter Report 2012
FLSmidth 2nd Quarter Report 2012FLSmidth & Co. A/S.
 
GT IBR 2012 - focus on Switzerland
GT IBR 2012 - focus on  SwitzerlandGT IBR 2012 - focus on  Switzerland
GT IBR 2012 - focus on SwitzerlandGrant Thornton
 
CBRE l European Industrial & Logistics market view l 2013
CBRE l European Industrial & Logistics market view l 2013CBRE l European Industrial & Logistics market view l 2013
CBRE l European Industrial & Logistics market view l 2013Amaury GARIEL
 
Klöckner & Co - German, Swiss & Austrian Conference 2012
Klöckner & Co - German, Swiss & Austrian Conference 2012Klöckner & Co - German, Swiss & Austrian Conference 2012
Klöckner & Co - German, Swiss & Austrian Conference 2012Klöckner & Co SE
 
The Swedish Economy No.4 - June 26, 2012
The Swedish Economy No.4 - June 26, 2012 The Swedish Economy No.4 - June 26, 2012
The Swedish Economy No.4 - June 26, 2012 Swedbank
 
Klöckner & Co - Q1 2012 Results
Klöckner & Co - Q1 2012 ResultsKlöckner & Co - Q1 2012 Results
Klöckner & Co - Q1 2012 ResultsKlöckner & Co SE
 
Klöckner & Co - Q1 2011 Results
Klöckner & Co - Q1 2011 ResultsKlöckner & Co - Q1 2011 Results
Klöckner & Co - Q1 2011 ResultsKlöckner & Co SE
 
Klöckner & Co - German, Swiss & Austrian Conference 2013
Klöckner & Co - German, Swiss & Austrian Conference 2013Klöckner & Co - German, Swiss & Austrian Conference 2013
Klöckner & Co - German, Swiss & Austrian Conference 2013Klöckner & Co SE
 
FLSmidth First Quarter Interim Report 2013 Presentation
FLSmidth First Quarter Interim Report 2013 PresentationFLSmidth First Quarter Interim Report 2013 Presentation
FLSmidth First Quarter Interim Report 2013 PresentationFLSmidth & Co. A/S.
 
Klöckner & Co SE - Q2 2017 Results - Analysts' and Investors' Conference
Klöckner & Co SE - Q2 2017 Results - Analysts' and Investors' ConferenceKlöckner & Co SE - Q2 2017 Results - Analysts' and Investors' Conference
Klöckner & Co SE - Q2 2017 Results - Analysts' and Investors' ConferenceKlöckner & Co SE
 
Q2/2014 roadshow presentation
Q2/2014 roadshow presentationQ2/2014 roadshow presentation
Q2/2014 roadshow presentationKesko_Oyj
 
H1 2013 results webcast presentation
H1 2013 results webcast presentationH1 2013 results webcast presentation
H1 2013 results webcast presentationNestlé SA
 
Kesko, Investor presentation, March 2015
Kesko, Investor presentation, March 2015Kesko, Investor presentation, March 2015
Kesko, Investor presentation, March 2015Kesko_Oyj
 

Was ist angesagt? (20)

Klöckner & Co - German Investment Seminar 2013
Klöckner & Co - German Investment Seminar 2013Klöckner & Co - German Investment Seminar 2013
Klöckner & Co - German Investment Seminar 2013
 
FLSmidth 3rd Quarter Report 2012
FLSmidth 3rd Quarter Report 2012FLSmidth 3rd Quarter Report 2012
FLSmidth 3rd Quarter Report 2012
 
Klöckner & Co - Q3 2012 Results
Klöckner & Co - Q3 2012 ResultsKlöckner & Co - Q3 2012 Results
Klöckner & Co - Q3 2012 Results
 
Savills european investment market 2014
Savills european investment market 2014Savills european investment market 2014
Savills european investment market 2014
 
Klöckner & Co - German Corporate Conference 2013
Klöckner & Co - German Corporate Conference 2013Klöckner & Co - German Corporate Conference 2013
Klöckner & Co - German Corporate Conference 2013
 
Financial Year 2013: Media and Analyst's Conference
Financial Year 2013: Media and Analyst's ConferenceFinancial Year 2013: Media and Analyst's Conference
Financial Year 2013: Media and Analyst's Conference
 
Swedbank's Year-End report 2014
Swedbank's Year-End report 2014Swedbank's Year-End report 2014
Swedbank's Year-End report 2014
 
FLSmidth 2nd Quarter Report 2012
FLSmidth 2nd Quarter Report 2012FLSmidth 2nd Quarter Report 2012
FLSmidth 2nd Quarter Report 2012
 
GT IBR 2012 - focus on Switzerland
GT IBR 2012 - focus on  SwitzerlandGT IBR 2012 - focus on  Switzerland
GT IBR 2012 - focus on Switzerland
 
CBRE l European Industrial & Logistics market view l 2013
CBRE l European Industrial & Logistics market view l 2013CBRE l European Industrial & Logistics market view l 2013
CBRE l European Industrial & Logistics market view l 2013
 
Klöckner & Co - German, Swiss & Austrian Conference 2012
Klöckner & Co - German, Swiss & Austrian Conference 2012Klöckner & Co - German, Swiss & Austrian Conference 2012
Klöckner & Co - German, Swiss & Austrian Conference 2012
 
The Swedish Economy No.4 - June 26, 2012
The Swedish Economy No.4 - June 26, 2012 The Swedish Economy No.4 - June 26, 2012
The Swedish Economy No.4 - June 26, 2012
 
Klöckner & Co - Q1 2012 Results
Klöckner & Co - Q1 2012 ResultsKlöckner & Co - Q1 2012 Results
Klöckner & Co - Q1 2012 Results
 
Klöckner & Co - Q1 2011 Results
Klöckner & Co - Q1 2011 ResultsKlöckner & Co - Q1 2011 Results
Klöckner & Co - Q1 2011 Results
 
Klöckner & Co - German, Swiss & Austrian Conference 2013
Klöckner & Co - German, Swiss & Austrian Conference 2013Klöckner & Co - German, Swiss & Austrian Conference 2013
Klöckner & Co - German, Swiss & Austrian Conference 2013
 
FLSmidth First Quarter Interim Report 2013 Presentation
FLSmidth First Quarter Interim Report 2013 PresentationFLSmidth First Quarter Interim Report 2013 Presentation
FLSmidth First Quarter Interim Report 2013 Presentation
 
Klöckner & Co SE - Q2 2017 Results - Analysts' and Investors' Conference
Klöckner & Co SE - Q2 2017 Results - Analysts' and Investors' ConferenceKlöckner & Co SE - Q2 2017 Results - Analysts' and Investors' Conference
Klöckner & Co SE - Q2 2017 Results - Analysts' and Investors' Conference
 
Q2/2014 roadshow presentation
Q2/2014 roadshow presentationQ2/2014 roadshow presentation
Q2/2014 roadshow presentation
 
H1 2013 results webcast presentation
H1 2013 results webcast presentationH1 2013 results webcast presentation
H1 2013 results webcast presentation
 
Kesko, Investor presentation, March 2015
Kesko, Investor presentation, March 2015Kesko, Investor presentation, March 2015
Kesko, Investor presentation, March 2015
 

Andere mochten auch

Andere mochten auch (11)

Uroc19 8klas 1
Uroc19 8klas 1Uroc19 8klas 1
Uroc19 8klas 1
 
Uroc17 8klas
Uroc17 8klasUroc17 8klas
Uroc17 8klas
 
All grown up
All grown upAll grown up
All grown up
 
Lpse
LpseLpse
Lpse
 
Lpse
LpseLpse
Lpse
 
Uroc18 8klas
Uroc18 8klasUroc18 8klas
Uroc18 8klas
 
Brahma vihara
Brahma viharaBrahma vihara
Brahma vihara
 
Bab9 140224112256-phpapp01
Bab9 140224112256-phpapp01Bab9 140224112256-phpapp01
Bab9 140224112256-phpapp01
 
Host-based Security
Host-based SecurityHost-based Security
Host-based Security
 
Plano de aula
Plano de aulaPlano de aula
Plano de aula
 
El uso del internet en la educación
El uso del internet en la educación El uso del internet en la educación
El uso del internet en la educación
 

Ähnlich wie Ramirent Interim Report Q1_2013

Rr results q2_2013_en_final
Rr results q2_2013_en_finalRr results q2_2013_en_final
Rr results q2_2013_en_finalRamirent Group
 
Rr results q3_2013_en_final
Rr results q3_2013_en_finalRr results q3_2013_en_final
Rr results q3_2013_en_finalRamirent Group
 
Ramirent Financial Statement Bulletin 2013
Ramirent Financial Statement Bulletin 2013Ramirent Financial Statement Bulletin 2013
Ramirent Financial Statement Bulletin 2013Ramirent Group
 
Ramirent results q3_2014_en_final
Ramirent results q3_2014_en_finalRamirent results q3_2014_en_final
Ramirent results q3_2014_en_finalAnnika Berg
 
Ramirent results q3_2014_en_final
Ramirent results q3_2014_en_finalRamirent results q3_2014_en_final
Ramirent results q3_2014_en_finalAnnika Berg
 
RECTICEL Analyst Meeting FY2012 Results
RECTICEL Analyst Meeting FY2012 ResultsRECTICEL Analyst Meeting FY2012 Results
RECTICEL Analyst Meeting FY2012 ResultsRecticel NV/SA
 
Q3 2013 ASSA ABLOY investors presentation 28 october
Q3 2013 ASSA ABLOY investors presentation 28 octoberQ3 2013 ASSA ABLOY investors presentation 28 october
Q3 2013 ASSA ABLOY investors presentation 28 octoberASSA ABLOY
 
Rr results q1_2015_en_final
Rr results q1_2015_en_finalRr results q1_2015_en_final
Rr results q1_2015_en_finalAnnika Berg
 
Ramirent January-March 2014 Interim Report
Ramirent January-March 2014 Interim ReportRamirent January-March 2014 Interim Report
Ramirent January-March 2014 Interim ReportAnnika Berg
 
SEB's 2014 interim results presentation
SEB's 2014 interim results presentationSEB's 2014 interim results presentation
SEB's 2014 interim results presentationSEBgroup
 
Balda Q1-Report 2012/2013
Balda Q1-Report 2012/2013Balda Q1-Report 2012/2013
Balda Q1-Report 2012/2013Balda AG
 
AkzoNobel Q2 2013 Investor Presentation
AkzoNobel Q2 2013 Investor PresentationAkzoNobel Q2 2013 Investor Presentation
AkzoNobel Q2 2013 Investor PresentationAkzoNobel
 
SEB's third-quarter 2013 results presentation
SEB's third-quarter 2013 results presentationSEB's third-quarter 2013 results presentation
SEB's third-quarter 2013 results presentationSEBgroup
 
Kemira Q1 2013 Interim Report
Kemira Q1 2013 Interim ReportKemira Q1 2013 Interim Report
Kemira Q1 2013 Interim ReportKemira Oyj
 
Year-end Report 2013
Year-end Report 2013Year-end Report 2013
Year-end Report 2013PostNord
 
AkzoNobel Q1 2013 Investor Presentation
AkzoNobel Q1 2013 Investor PresentationAkzoNobel Q1 2013 Investor Presentation
AkzoNobel Q1 2013 Investor PresentationAkzoNobel
 
Electrolux Consolidated Results 2013 - Presentation
Electrolux Consolidated Results 2013 - PresentationElectrolux Consolidated Results 2013 - Presentation
Electrolux Consolidated Results 2013 - PresentationElectrolux Group
 
Q4 year end-2013 ASSA ABLOY invetors presentation 7 february
Q4 year end-2013 ASSA ABLOY invetors presentation 7 februaryQ4 year end-2013 ASSA ABLOY invetors presentation 7 february
Q4 year end-2013 ASSA ABLOY invetors presentation 7 februaryASSA ABLOY
 
SEB's second-quarter 2013 results presentation
SEB's second-quarter 2013 results presentationSEB's second-quarter 2013 results presentation
SEB's second-quarter 2013 results presentationSEBgroup
 

Ähnlich wie Ramirent Interim Report Q1_2013 (20)

Rr results q2_2013_en_final
Rr results q2_2013_en_finalRr results q2_2013_en_final
Rr results q2_2013_en_final
 
Rr results q3_2013_en_final
Rr results q3_2013_en_finalRr results q3_2013_en_final
Rr results q3_2013_en_final
 
Ramirent Financial Statement Bulletin 2013
Ramirent Financial Statement Bulletin 2013Ramirent Financial Statement Bulletin 2013
Ramirent Financial Statement Bulletin 2013
 
Ramirent results q3_2014_en_final
Ramirent results q3_2014_en_finalRamirent results q3_2014_en_final
Ramirent results q3_2014_en_final
 
Ramirent results q3_2014_en_final
Ramirent results q3_2014_en_finalRamirent results q3_2014_en_final
Ramirent results q3_2014_en_final
 
RECTICEL Analyst Meeting FY2012 Results
RECTICEL Analyst Meeting FY2012 ResultsRECTICEL Analyst Meeting FY2012 Results
RECTICEL Analyst Meeting FY2012 Results
 
Q3 2013 ASSA ABLOY investors presentation 28 october
Q3 2013 ASSA ABLOY investors presentation 28 octoberQ3 2013 ASSA ABLOY investors presentation 28 october
Q3 2013 ASSA ABLOY investors presentation 28 october
 
Rr results q1_2015_en_final
Rr results q1_2015_en_finalRr results q1_2015_en_final
Rr results q1_2015_en_final
 
Ramirent January-March 2014 Interim Report
Ramirent January-March 2014 Interim ReportRamirent January-March 2014 Interim Report
Ramirent January-March 2014 Interim Report
 
Palfinger q1 14
Palfinger q1 14Palfinger q1 14
Palfinger q1 14
 
SEB's 2014 interim results presentation
SEB's 2014 interim results presentationSEB's 2014 interim results presentation
SEB's 2014 interim results presentation
 
Balda Q1-Report 2012/2013
Balda Q1-Report 2012/2013Balda Q1-Report 2012/2013
Balda Q1-Report 2012/2013
 
AkzoNobel Q2 2013 Investor Presentation
AkzoNobel Q2 2013 Investor PresentationAkzoNobel Q2 2013 Investor Presentation
AkzoNobel Q2 2013 Investor Presentation
 
SEB's third-quarter 2013 results presentation
SEB's third-quarter 2013 results presentationSEB's third-quarter 2013 results presentation
SEB's third-quarter 2013 results presentation
 
Kemira Q1 2013 Interim Report
Kemira Q1 2013 Interim ReportKemira Q1 2013 Interim Report
Kemira Q1 2013 Interim Report
 
Year-end Report 2013
Year-end Report 2013Year-end Report 2013
Year-end Report 2013
 
AkzoNobel Q1 2013 Investor Presentation
AkzoNobel Q1 2013 Investor PresentationAkzoNobel Q1 2013 Investor Presentation
AkzoNobel Q1 2013 Investor Presentation
 
Electrolux Consolidated Results 2013 - Presentation
Electrolux Consolidated Results 2013 - PresentationElectrolux Consolidated Results 2013 - Presentation
Electrolux Consolidated Results 2013 - Presentation
 
Q4 year end-2013 ASSA ABLOY invetors presentation 7 february
Q4 year end-2013 ASSA ABLOY invetors presentation 7 februaryQ4 year end-2013 ASSA ABLOY invetors presentation 7 february
Q4 year end-2013 ASSA ABLOY invetors presentation 7 february
 
SEB's second-quarter 2013 results presentation
SEB's second-quarter 2013 results presentationSEB's second-quarter 2013 results presentation
SEB's second-quarter 2013 results presentation
 

Mehr von Ramirent Group

Ramirent H1 17 presentation
Ramirent  H1 17 presentationRamirent  H1 17 presentation
Ramirent H1 17 presentationRamirent Group
 
Rr q1 17_presentation_final
Rr q1 17_presentation_finalRr q1 17_presentation_final
Rr q1 17_presentation_finalRamirent Group
 
Rr q4 2016_presentation_final
Rr q4 2016_presentation_finalRr q4 2016_presentation_final
Rr q4 2016_presentation_finalRamirent Group
 
Rr results q1_2016_en_final2
Rr results q1_2016_en_final2Rr results q1_2016_en_final2
Rr results q1_2016_en_final2Ramirent Group
 
Rr results q4_2015_en_final
Rr results q4_2015_en_finalRr results q4_2015_en_final
Rr results q4_2015_en_finalRamirent Group
 
Rr results q3_2015_en_final
Rr results q3_2015_en_finalRr results q3_2015_en_final
Rr results q3_2015_en_finalRamirent Group
 
Rr results q2_2015_en_final
Rr results q2_2015_en_finalRr results q2_2015_en_final
Rr results q2_2015_en_finalRamirent Group
 
Rr results q4_2012_en_final
Rr results q4_2012_en_finalRr results q4_2012_en_final
Rr results q4_2012_en_finalRamirent Group
 
Rr results q3_2012_final
Rr results q3_2012_finalRr results q3_2012_final
Rr results q3_2012_finalRamirent Group
 
Rr results q2_2012_final
Rr results q2_2012_finalRr results q2_2012_final
Rr results q2_2012_finalRamirent Group
 

Mehr von Ramirent Group (15)

Ramirent H1 17 presentation
Ramirent  H1 17 presentationRamirent  H1 17 presentation
Ramirent H1 17 presentation
 
Rr q1 17_presentation_final
Rr q1 17_presentation_finalRr q1 17_presentation_final
Rr q1 17_presentation_final
 
Rr q4 2016_presentation_final
Rr q4 2016_presentation_finalRr q4 2016_presentation_final
Rr q4 2016_presentation_final
 
Rr results q1_2016_en_final2
Rr results q1_2016_en_final2Rr results q1_2016_en_final2
Rr results q1_2016_en_final2
 
Rr results q4_2015_en_final
Rr results q4_2015_en_finalRr results q4_2015_en_final
Rr results q4_2015_en_final
 
Rr results q3_2015_en_final
Rr results q3_2015_en_finalRr results q3_2015_en_final
Rr results q3_2015_en_final
 
Rr results q2_2015_en_final
Rr results q2_2015_en_finalRr results q2_2015_en_final
Rr results q2_2015_en_final
 
Rr results q4_2012_en_final
Rr results q4_2012_en_finalRr results q4_2012_en_final
Rr results q4_2012_en_final
 
Rr results q3_2012_final
Rr results q3_2012_finalRr results q3_2012_final
Rr results q3_2012_final
 
Rr results q2_2012_final
Rr results q2_2012_finalRr results q2_2012_final
Rr results q2_2012_final
 
Ramirent Q1 2012
Ramirent Q1 2012Ramirent Q1 2012
Ramirent Q1 2012
 
Ramirent Q4 2011
Ramirent Q4 2011Ramirent Q4 2011
Ramirent Q4 2011
 
Ramirent Q3 2011
Ramirent Q3 2011Ramirent Q3 2011
Ramirent Q3 2011
 
Ramirent Q2 2011
Ramirent Q2 2011Ramirent Q2 2011
Ramirent Q2 2011
 
Ramirent Q1 2011
Ramirent Q1 2011Ramirent Q1 2011
Ramirent Q1 2011
 

Kürzlich hochgeladen

Machine Learning Model Validation (Aijun Zhang 2024).pdf
Machine Learning Model Validation (Aijun Zhang 2024).pdfMachine Learning Model Validation (Aijun Zhang 2024).pdf
Machine Learning Model Validation (Aijun Zhang 2024).pdfAijun Zhang
 
Nanopower In Semiconductor Industry.pdf
Nanopower  In Semiconductor Industry.pdfNanopower  In Semiconductor Industry.pdf
Nanopower In Semiconductor Industry.pdfPedro Manuel
 
Videogame localization & technology_ how to enhance the power of translation.pdf
Videogame localization & technology_ how to enhance the power of translation.pdfVideogame localization & technology_ how to enhance the power of translation.pdf
Videogame localization & technology_ how to enhance the power of translation.pdfinfogdgmi
 
Cloud Revolution: Exploring the New Wave of Serverless Spatial Data
Cloud Revolution: Exploring the New Wave of Serverless Spatial DataCloud Revolution: Exploring the New Wave of Serverless Spatial Data
Cloud Revolution: Exploring the New Wave of Serverless Spatial DataSafe Software
 
Designing A Time bound resource download URL
Designing A Time bound resource download URLDesigning A Time bound resource download URL
Designing A Time bound resource download URLRuncy Oommen
 
Do we need a new standard for visualizing the invisible?
Do we need a new standard for visualizing the invisible?Do we need a new standard for visualizing the invisible?
Do we need a new standard for visualizing the invisible?SANGHEE SHIN
 
UiPath Studio Web workshop series - Day 8
UiPath Studio Web workshop series - Day 8UiPath Studio Web workshop series - Day 8
UiPath Studio Web workshop series - Day 8DianaGray10
 
KubeConEU24-Monitoring Kubernetes and Cloud Spend with OpenCost
KubeConEU24-Monitoring Kubernetes and Cloud Spend with OpenCostKubeConEU24-Monitoring Kubernetes and Cloud Spend with OpenCost
KubeConEU24-Monitoring Kubernetes and Cloud Spend with OpenCostMatt Ray
 
Crea il tuo assistente AI con lo Stregatto (open source python framework)
Crea il tuo assistente AI con lo Stregatto (open source python framework)Crea il tuo assistente AI con lo Stregatto (open source python framework)
Crea il tuo assistente AI con lo Stregatto (open source python framework)Commit University
 
Meet the new FSP 3000 M-Flex800™
Meet the new FSP 3000 M-Flex800™Meet the new FSP 3000 M-Flex800™
Meet the new FSP 3000 M-Flex800™Adtran
 
Basic Building Blocks of Internet of Things.
Basic Building Blocks of Internet of Things.Basic Building Blocks of Internet of Things.
Basic Building Blocks of Internet of Things.YounusS2
 
Cybersecurity Workshop #1.pptx
Cybersecurity Workshop #1.pptxCybersecurity Workshop #1.pptx
Cybersecurity Workshop #1.pptxGDSC PJATK
 
UiPath Platform: The Backend Engine Powering Your Automation - Session 1
UiPath Platform: The Backend Engine Powering Your Automation - Session 1UiPath Platform: The Backend Engine Powering Your Automation - Session 1
UiPath Platform: The Backend Engine Powering Your Automation - Session 1DianaGray10
 
Linked Data in Production: Moving Beyond Ontologies
Linked Data in Production: Moving Beyond OntologiesLinked Data in Production: Moving Beyond Ontologies
Linked Data in Production: Moving Beyond OntologiesDavid Newbury
 
9 Steps For Building Winning Founding Team
9 Steps For Building Winning Founding Team9 Steps For Building Winning Founding Team
9 Steps For Building Winning Founding TeamAdam Moalla
 
Empowering Africa's Next Generation: The AI Leadership Blueprint
Empowering Africa's Next Generation: The AI Leadership BlueprintEmpowering Africa's Next Generation: The AI Leadership Blueprint
Empowering Africa's Next Generation: The AI Leadership BlueprintMahmoud Rabie
 
Apres-Cyber - The Data Dilemma: Bridging Offensive Operations and Machine Lea...
Apres-Cyber - The Data Dilemma: Bridging Offensive Operations and Machine Lea...Apres-Cyber - The Data Dilemma: Bridging Offensive Operations and Machine Lea...
Apres-Cyber - The Data Dilemma: Bridging Offensive Operations and Machine Lea...Will Schroeder
 
PicPay - GenAI Finance Assistant - ChatGPT for Customer Service
PicPay - GenAI Finance Assistant - ChatGPT for Customer ServicePicPay - GenAI Finance Assistant - ChatGPT for Customer Service
PicPay - GenAI Finance Assistant - ChatGPT for Customer ServiceRenan Moreira de Oliveira
 
Spring24-Release Overview - Wellingtion User Group-1.pdf
Spring24-Release Overview - Wellingtion User Group-1.pdfSpring24-Release Overview - Wellingtion User Group-1.pdf
Spring24-Release Overview - Wellingtion User Group-1.pdfAnna Loughnan Colquhoun
 
UiPath Solutions Management Preview - Northern CA Chapter - March 22.pdf
UiPath Solutions Management Preview - Northern CA Chapter - March 22.pdfUiPath Solutions Management Preview - Northern CA Chapter - March 22.pdf
UiPath Solutions Management Preview - Northern CA Chapter - March 22.pdfDianaGray10
 

Kürzlich hochgeladen (20)

Machine Learning Model Validation (Aijun Zhang 2024).pdf
Machine Learning Model Validation (Aijun Zhang 2024).pdfMachine Learning Model Validation (Aijun Zhang 2024).pdf
Machine Learning Model Validation (Aijun Zhang 2024).pdf
 
Nanopower In Semiconductor Industry.pdf
Nanopower  In Semiconductor Industry.pdfNanopower  In Semiconductor Industry.pdf
Nanopower In Semiconductor Industry.pdf
 
Videogame localization & technology_ how to enhance the power of translation.pdf
Videogame localization & technology_ how to enhance the power of translation.pdfVideogame localization & technology_ how to enhance the power of translation.pdf
Videogame localization & technology_ how to enhance the power of translation.pdf
 
Cloud Revolution: Exploring the New Wave of Serverless Spatial Data
Cloud Revolution: Exploring the New Wave of Serverless Spatial DataCloud Revolution: Exploring the New Wave of Serverless Spatial Data
Cloud Revolution: Exploring the New Wave of Serverless Spatial Data
 
Designing A Time bound resource download URL
Designing A Time bound resource download URLDesigning A Time bound resource download URL
Designing A Time bound resource download URL
 
Do we need a new standard for visualizing the invisible?
Do we need a new standard for visualizing the invisible?Do we need a new standard for visualizing the invisible?
Do we need a new standard for visualizing the invisible?
 
UiPath Studio Web workshop series - Day 8
UiPath Studio Web workshop series - Day 8UiPath Studio Web workshop series - Day 8
UiPath Studio Web workshop series - Day 8
 
KubeConEU24-Monitoring Kubernetes and Cloud Spend with OpenCost
KubeConEU24-Monitoring Kubernetes and Cloud Spend with OpenCostKubeConEU24-Monitoring Kubernetes and Cloud Spend with OpenCost
KubeConEU24-Monitoring Kubernetes and Cloud Spend with OpenCost
 
Crea il tuo assistente AI con lo Stregatto (open source python framework)
Crea il tuo assistente AI con lo Stregatto (open source python framework)Crea il tuo assistente AI con lo Stregatto (open source python framework)
Crea il tuo assistente AI con lo Stregatto (open source python framework)
 
Meet the new FSP 3000 M-Flex800™
Meet the new FSP 3000 M-Flex800™Meet the new FSP 3000 M-Flex800™
Meet the new FSP 3000 M-Flex800™
 
Basic Building Blocks of Internet of Things.
Basic Building Blocks of Internet of Things.Basic Building Blocks of Internet of Things.
Basic Building Blocks of Internet of Things.
 
Cybersecurity Workshop #1.pptx
Cybersecurity Workshop #1.pptxCybersecurity Workshop #1.pptx
Cybersecurity Workshop #1.pptx
 
UiPath Platform: The Backend Engine Powering Your Automation - Session 1
UiPath Platform: The Backend Engine Powering Your Automation - Session 1UiPath Platform: The Backend Engine Powering Your Automation - Session 1
UiPath Platform: The Backend Engine Powering Your Automation - Session 1
 
Linked Data in Production: Moving Beyond Ontologies
Linked Data in Production: Moving Beyond OntologiesLinked Data in Production: Moving Beyond Ontologies
Linked Data in Production: Moving Beyond Ontologies
 
9 Steps For Building Winning Founding Team
9 Steps For Building Winning Founding Team9 Steps For Building Winning Founding Team
9 Steps For Building Winning Founding Team
 
Empowering Africa's Next Generation: The AI Leadership Blueprint
Empowering Africa's Next Generation: The AI Leadership BlueprintEmpowering Africa's Next Generation: The AI Leadership Blueprint
Empowering Africa's Next Generation: The AI Leadership Blueprint
 
Apres-Cyber - The Data Dilemma: Bridging Offensive Operations and Machine Lea...
Apres-Cyber - The Data Dilemma: Bridging Offensive Operations and Machine Lea...Apres-Cyber - The Data Dilemma: Bridging Offensive Operations and Machine Lea...
Apres-Cyber - The Data Dilemma: Bridging Offensive Operations and Machine Lea...
 
PicPay - GenAI Finance Assistant - ChatGPT for Customer Service
PicPay - GenAI Finance Assistant - ChatGPT for Customer ServicePicPay - GenAI Finance Assistant - ChatGPT for Customer Service
PicPay - GenAI Finance Assistant - ChatGPT for Customer Service
 
Spring24-Release Overview - Wellingtion User Group-1.pdf
Spring24-Release Overview - Wellingtion User Group-1.pdfSpring24-Release Overview - Wellingtion User Group-1.pdf
Spring24-Release Overview - Wellingtion User Group-1.pdf
 
UiPath Solutions Management Preview - Northern CA Chapter - March 22.pdf
UiPath Solutions Management Preview - Northern CA Chapter - March 22.pdfUiPath Solutions Management Preview - Northern CA Chapter - March 22.pdf
UiPath Solutions Management Preview - Northern CA Chapter - March 22.pdf
 

Ramirent Interim Report Q1_2013

  • 1. INTERIM REPORT Q1/2013 May 8, 2013 CEO Magnus Rosén CFO Jonas Söderkvist
  • 2. Agenda Highlights: Q1/2013 Market outlook Segment review Financial Review Company overview Appendix 2 Agenda
  • 3. 3 Highlights: Q1/2013 Net sales MEUR 152.8 (164.3) down by 7.0% or 8.7% at comparable exchange rates. Sales decrease excluding operations in Russia and Ukraine for March 2012 was 5.6%. EBITA MEUR 22.6 (14.4) or 14.8% (8.7%) of net sales EBITA excluding non-recurring items EUR 12.4 or 8.1% of net sales EBIT EUR 18.0 (12.3) million or 11.8% (7.5%) of net sales EBIT excluding non-recurring items was EUR 10.7 million or 7.0% of net sales Highlights: Q1/2013
  • 4. 4 Highlights: Q1/2013 Gross capex MEUR 32.4 (35.7) down by 9.3% Cash flow after investments MEUR 19.0 (6.4), up 197% Net debt MEUR 220.3 (257.7) Net debt to EBITDA ratio 1.0x (1.2x) Return on equity (ROE) 20.7% (16.9%) Equity ratio 38.2% (37.6%) Highlights: Q1/2013
  • 5. 5 Quarterly net sales Q1/2010 – Q1/2013 (MEUR) Net sales decreased by 7.0% in Q1/2013 111.5 128.7 140.9 150.1 134.4 149.5 179.2 186.8 164.3 169.7 185.9 194.1 152.8 0 50 100 150 200 250 Q1 Q2 Q3 Q4 2010 2011 2012 2013 Highlights: Q1/2013 Net sales decreased by 8.7% at comparable exchange rates Comparable net sales decreased by 5.6% (adjusted for the operations in Russia and Ukraine)
  • 6. 6 Quarterly EBIT-margin (%) Q1/2010 – Q1/2013 Profitability excluding non-recurring items was close to last year's level -5.0% 5.8% 11.8% 7.5% 2.0% 10.3% 17.0% 13.6% 7.5% 13.3% 16.0% 14.3% 11.8% -10% -5% 0% 5% 10% 15% 20% Q1 Q2 Q3 Q4 2010 2011 2012 2013 Highlights: Q1/2013 EBIT margin excl. non- recurring items 7.0%
  • 7. 7 5.0 6.5 3.9 -0.2 -0.1 -2.2 3.1 6.7 4.3 -1.5 11.0 -5.2 -6 -4 -2 0 2 4 6 8 10 12 EBIT MEUR Q1/2013 vs. Q1/2012 Profitability continued to improve in Norway and Europe East 12.9% 13.5% 8.9% -2.1% -0.6% -16.8% 8.8% 13.3% 11.4% -16.0% 113.1% -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% EBIT margin, % Q1/2013 vs. Q1/2012 Highlights: Q1/2013 Europe East EBIT excluding capital gain from the transaction to form a JV with Cramo in Russia and Ukraine was EUR 0.9 million, representing 8.8% of net sales Europe Central EBIT excluding impairment loss at the Hungarian goodwill was EUR −2.3 million, representing −21.2% of net sales -47.5% Q1/2012 Q1/2013 Q1/2012 Q1/2013
  • 8. Long-term financial targets were met in Q1/2013 8 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 1–3/2013 20.7% 1.0x 57.6%* of 2012 net profit *Paid for 2012 Highlights: Q1/2013
  • 10. Market outlook –Construction output forecasts 10 Country 2012 2013F Source Nordic Finland −2.3% −3.0% RT* Sweden −2.4% −1.0% BI** Norway 5.2% 5.8% Prognoscentret Denmark −3.4% −1.4% DB*** Europe Central Poland 1.6% −3.4% Euroconstruct Czech Republic −5.4% −1.9% Euroconstruct Slovakia −13.3% −1.0% Euroconstruct Hungary −9.0% 0.9% Euroconstruct Europe East Russia 3.0% 0-5% Euroconstruct Estonia 23.0% 2.0% Euroconstruct Latvia 8.0% 4.0% Euroconstruct Lithuania 1.0% 3.0% Euroconstruct Ukraine n.a. n.a. Euroconstruct Euroconstruct forecasts in December 2012 *RT = Confederation of Finnish Construction Industries **BI = The Swedish Construction Federation ***DB = The Danish Construction Federation Market outlook
  • 11. Residential construction expected to increase in Norway 11 Source: Euroconstruct December 2012 Residential construction (output) 2008A – 2014F Index 2008 = 100 (volume) 109 94 120 91 88 70 75 80 85 90 95 100 105 110 115 120 2008 2009 2010 2011 2012E 2013F 2014F Finland Sweden Norway Denmark Europe Central Forecasts for Europe East countries not available Market outlook
  • 12. Non–residential construction forecasted to remain stable 12 Non–residential construction (output) 2008A – 2014F Index 2008 = 100 (volume) 80 94 104 71 96 60 70 80 90 100 110 120 2008 2009 2010 2011 2012E 2013F 2014F Finland Sweden Norway Denmark Europe Central Source: Euroconstruct December 2012 Forecasts for Europe East countries not available Market outlook
  • 13. 13 Market outlook -40% -20% 0% 20% 40% 60% 0 2 4 6 8 10 12 14 16 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 Order books: Nordic construction companies (BEUR, fixed exchange rates) Skanska NCC Veidekke YIT SRV Change in Net sales YoY, R12 Ramirent Change in order backlog YoY, Nordic construction Nordic construction order books decreased 4.7% in Q1/2013 A decrease of 4.7% in Q1/13 vs. Q1/12 in construction company order books (excluding Peab and Lemminkäinen) for SE, FI, NO and DK.
  • 14. Ramirent outlook for 2013 14 In 2013, EBITA is expected to remain at the level of 2012 Market outlook
  • 15. 15 Strategic priorities 2013 Customer first Sustainable profitable growth Common Ramirent platform Balanced business portfolio • Strong customer-centric approach with increased focus on sustainability, safety and quality • Being the leading and most profitable general rental company where present • Developing a one-company structure with operational consistency • Maintain a balanced portfolio of customers, products and markets to balance risk
  • 17. 28 36 38 35 30 37 45 42 38 41 45 42 35 -5% 0% 5% 10% 15% 20% 25% 30% 0 5 10 15 20 25 30 35 40 45 50 Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 Net sales EBIT-% Finland Net sales in comparison period included large industrial projects that are now completed Demand on equipment rental weakened slightly in construction sector mainly due to prolonged winter Pressure on pricing increased Low activity in Northern Finland 17 Highlights Q1/2013 Sales and EBIT by quarter Finland Q1 2013 Q1 2012 Change (EUR) Change (Local) 1–12/ 2012 Net sales, MEUR 35.1 38.4 −9% 166.5 EBIT, MEUR 3.1 5.0 −37% 30.2 EBIT–margin 8.8% 12.9% 18.2% Employees 557 579 −4% 572 Customer centres 76 84 −10% 76 Segment review
  • 18. 18 Demand of equipment rental remained stable Stable activity in capital region Lack of big construction projects in Southern Sweden Good demand in industrial sector in Central and Northern Sweden Profitability remained on last year’s level thanks to cost control and good utilisation rates 29 35 36 45 41 42 45 54 48 51 53 58 50 0% 5% 10% 15% 20% 25% 0 10 20 30 40 50 60 70 Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 Net sales EBIT-% Sales and EBIT by quarter Segment review Highlights Q1/2013 Sweden Q1 2013 Q1 2012 Change (EUR) Change (Local) 1–12/ 2012 Net sales, MEUR 50.3 48.1 4% 0% 209.9 EBIT, MEUR 6.7 6.5 3% 33.3 EBIT–margin 13.3% 13.5% 15.9% Employees 677 675 0% 677 Customer centres 78 84 −7% 79 Sweden
  • 19. Norway 19 Net sales declined mainly due to less trading of used equipment Good demand in oil & gas sector Profitability improved thanks to better operational efficiency and cost control Price level remained stable 28 27 28 31 33 30 40 42 44 38 41 51 38 -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 0 10 20 30 40 50 60 Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 Net sales EBIT-% Sales and EBIT by quarter Segment review Highlights Q1/2013 Norway Q1 2013 Q1 2012 Change (EUR) Change (Local) 1–12/ 2012 Net sales, MEUR 38.1 43.7 −13% −15% 174.0 EBIT, MEUR 4.3 3.9 11% 22.2 EBIT–margin 11.4% 8.9% 12.8% Employees 472 477 −1% 467 Customer centres 43 43 0% 42
  • 20. 20 Weak activity in the construction sector affected on the demand of equipment rental Profitability was burdened by lower utilisation rates Price level remained stable 8 9 9 10 8 10 11 15 10 11 11 12 9 -20% -15% -10% -5% 0% 5% 10% 0 2 4 6 8 10 12 14 16 Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 Net sales EBIT-% Sales and EBIT by quarter Segment review Highlights Q1/2013 Denmark Q1 2013 Q1 2012 Change (EUR) Change (Local) 1–12/ 2012 Net sales, MEUR 9.1 9.8 −8% −7% 44.7 EBIT, MEUR −1.5 −0.2 n/a 1.6 EBIT–margin −16.0% −2.1% 3.6% Employees 192 178 8% 192 Customer centres 19 22 −14% 19 Denmark
  • 21. 21 Activity in construction sector remained relatively stable in the Baltic States EBIT* includes a non-taxable capital gain of EUR 10.1 million from the formation of Fortrent EBIT-margin excl. capital gain improved thanks to good cost control and higher utilisation rates 8 10 12 13 9 13 17 16 12 15 19 17 10 -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% 60% 0 2 4 6 8 10 12 14 16 18 20 Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 Net sales EBIT-% Sales and EBIT by quarter Segment review Highlights Q1/2013 (113%) *Europe East EBIT excluding the capital gain was EUR 0.9 million or 8.8% of net sales Europe East Q1 2013 Q1 2012 Change (EUR) Change (Local) 1–12/ 2012 Net sales, MEUR 9.7 12.2 −20% −20% 66.3 EBIT, MEUR 11.0* −0.1 n/a 10.9 EBIT–margin 113.1% −0.6% 17.3% Employees 207 428 −52% 443 Customer centres 42 58 −28% 62 Europe East
  • 22. Group Successful closing of transaction to form the JV Fortrent in Russia and Ukraine Group Forces combined in Growing Markets… …Created Strong Stand–Alone Company "Fortrent" “50/50 JV” 50%50% Key Figures (1 March 2013–31 March 2013) RUSSIA UKRAINE Net sales in March increased by 5.0% to MEUR 4.2 (4.0) EBITA was MEUR −0.2 (0.2) or −4.8% (5.1%) of net sales, and net profit for the period was MEUR −0.3 400 employees and 22 customer centres 22 Segment review Fortrent started its operations on 1 March 2013 From beginning of March Fortrent’s net sales is not included in Ramirent Group’s net sales. Ramirent’s share (50%) of the net profit will be included in the operating profit of the Europe East segment in accordance with the equity method of accounting. Ramirent’s net sales in Russia and Ukraine totalled EUR 33.6 million in 2012. EBIT amounted to EUR 5.6 million representing a margin of 16.7% On 7 March, 2013 Ramirent and Cramo announced that they received approval from competition authorities and successfully closed the transaction to form a joint venture operating under the brand name “Fortrent” in Russia and Ukraine.
  • 23. 23 Demand was weak in all countries Market situation weakened in the construction sector especially in Poland Profitability was burdened by low volumes and utilisation rates High price pressure Further reduction in number of employees and customer centres 12 16 20 19 14 19 22 19 13 15 18 16 11 -50% -40% -30% -20% -10% 0% 10% 20% 0 5 10 15 20 25 Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 Net sales EBIT-% Sales and EBIT by quarter Segment review Highlights Q1/2013 Europe Central EBIT excluding EUR 2.9 million impairment loss in the Hungarian goodwill was EUR −2.3 million, representing −21.2% of net sales Europe Central Q1 2013 Q1 2012 Change (EUR) Change (Local) 1–12/ 2012 Net sales, MEUR 11.0 13.3 −17% −18% 62.7 EBIT, MEUR −5.2 −2.2 n/a −1.6 EBIT–margin −47.5% −16.8% −2.5% Employees 613 726 −16% 626 Customer centres 76 103 −26% 80 Europe Central
  • 25. Good cash flow and strong financial position 25 Net Sales (MEUR) EBITDA (MEUR) Cash flow (MEUR) Net debt (MEUR) Gross Capex (MEUR) EBITA (MEUR) 13 22 10 18 32 45 120 46 36 24 28 37 32 0% 10% 20% 30% 40% 50% 60% 70% 80% 0 20 40 60 80 100 120 140 Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 Gross Capex Share of net sales-% 212209 197 177 191 238 280 263258 281 256 239 220 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0 50 100 150 200 250 300 Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 Net debt Gearing-% -5 8 17 13 4 17 32 27 14 25 32 30 23 -10% -5% 0% 5% 10% 15% 20% -10 -5 0 5 10 15 20 25 30 35 Q1 2010 Q2Q3Q4 Q1 2011 Q2Q3Q4 Q1 2012 Q2Q3Q4 Q1 2013 EBITA EBITA-% 18 31 42 37 28 41 59 55 42 52 60 57 48 0% 5% 10% 15% 20% 25% 30% 35% 0 10 20 30 40 50 60 70 Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 EBITDA EBITDA-% 112 129 141150 134 150 179187 164170 186194 153 -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 0 50 100 150 200 250 Q1 2010 Q2Q3Q4Q1 2011 Q2Q3Q4Q1 2012 Q2Q3Q4Q1 2013 Net sales Y-o-y change-% -4 13 14 24 -11 -20 -37 16 6 7 24 17 19 -40 -30 -20 -10 0 10 20 30 Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 Financial review Non-recurring items in Q1/2013: Capital gain of EUR 10.1 million booked from the transaction to form Fortrent as well as an impairment loss of EUR 2.9 million in the Hungarian goodwill EBITA excluding non-recurring items was EUR 12.4 million, representing 8.1% of net sales
  • 26. Net sales decreased by 7.0% in Q1/2013 26 112 129 141 150 134 150 179 187 164 170 186 194 153 0 20 40 60 80 100 120 140 160 180 200 220 Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 Net sales (MEUR) Q1/2010 – Q1/2013 1-12/2010: 531.3 Financial review Net sales decreased by 8.7% at comparable exchange rates Comparable net sales decreased by 5.6% (adjusted for the formation of JV in Russia and Ukraine) 1-12/2011: 649.9 1-12/2012: 714.0
  • 27. 27 Net sales by segment (MEUR) and Change % (YoY) −8.6% −12.9% −16.9%−20.2%−7.7%4.4% 38.4 48.1 43.7 9.8 12.2 13.3 35.1 50.3 38.1 9.1 9.7 11.0 0 10 20 30 40 50 60 Finland Sweden Norway Denmark Europe East Europe Central Q1/2012 Q1/2013 Net sales decreased in all segments except Sweden Financial review
  • 28. Share of rental income increased in Q1/2013 Q1/2012 compared to Q1/2013: • Rental income decreased by 4.0% • Ancillary income decreased by 7.7% • Income from sold equipment declined by 42.7% 28 63% 65% 33% 32% 4% 3% 0 % 20 % 40 % 60 % 80 % 100 % Q1/2012 Q1/2013 Income from sold equipment Ancillary income Rental income Breakdown of net sales (%) and MEUR 103.1 98.9 53.8 49.6 7.5 4.3 0 50 100 150 200 Q1/2012 Q1/2013 Income from sold equipment Ancillary income Rental income Financial review
  • 29. Gross margin improved slightly from the previous year 29 Gross margin (%) by quarter 65% 67% 68% 66% 67% 67% 68% 69% 66% 68% 66% 68% 69% 64% 67%67% Q1 Q2 Q3 Q4 FY 2010 2011 2012 2013 Financial review
  • 30. Number of employees decreased due to scaling down of operations in Europe Central At the end of March 2013, the Group’s number of employees was 2,751 (3,086) At the end of 2012, number of employees in Russia and Ukraine was 238 30 Number of employees by segment 579 675 477 178 428 726 572 677 467 192 443 626 557 677 472 192 207 613 Finland Sweden Norway Denmark Europe East Europe Central Personnel 31/3/12 Personnel 31/12/12 Personnel 31/3/13 Financial review
  • 31. Optimisation of customer centres continues, 334 customer centres at the end of March Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 Finland Sweden Norway Denmark Europe East Europe Central Number of customer centres per segment 31 Financial review 334 353 At the end of 2012, number of customer centres in Russia and Ukraine was 19
  • 32. Fixed costs decreased thanks to cost control throughout the Group Group fixed costs MEUR 66 (68) in 1-3/2013 32 Fixed costs by quarter (MEUR) Financial review 33 33 32 38 37 37 41 42 42 40 42 42 42 22 23 22 24 27 25 25 28 25 25 26 27 24 56 56 54 62 63 62 66 70 68 65 68 69 66 Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 Employee benefit expenses Other operating expenses
  • 33. EUR 22.6 million EBITA including non- recurring items in Q1/2013 33 -5.1 8.0 17.4 12.7 3.6 16.5 32.0 27.3 14.4 24.7 31.8 29.7 22.6 -10% -5% 0% 5% 10% 15% 20% -10 -5 0 5 10 15 20 25 30 35 Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 EBITA EBITA-% EBITA (MEUR) and EBITA-margin (%) Q1/2010 – Q1/2013 1-12/2010: 33.0 1-12/2011: 79.4 1-12/2012: 100.6 Non-recurring items in Q1/2013: Capital gain of EUR 10.1 million booked from the transaction to form Fortrent EBITA excluding non-recurring items was EUR 12.4 million, representing 8.1% of net sales Financial review
  • 34. EUR 7.2 million non-recurring items in Q1/2013 Reported EBIT was EUR 18.0 (12.3) million or 11.8% (7.5%) of net sales Non-recurring items in Q1/2013: Capital gain of EUR 10.1 million booked from the transaction to form Fortrent as well as an impairment loss of EUR 2.9 million in the Hungarian goodwill EBIT excluding non-recurring items was EUR 10.7 million, representing 7.0% of net sales 34 EBIT (MEUR) Q1/12 vs Q1/13 12,3 18,0 10,1 2,9 10,7 0 2 4 6 8 10 12 14 16 18 20 Q1/2012 reported Q1/2013 reported Capital gain Goodwill impairment Q1/2013 adjusted Financial review
  • 35. Profitability improved in Norway and Europe East 35 12.9% 13.5% 8.9% -2.1% -0.6% -16.8% 8.8% 13.3% 11.4% -16.0% (113.1%) (-47.5%) 8.8%* -21.2%* Finland Sweden Norway Denmark East Central Q1/12 Q1/13 EBIT–margin (%) by segments Financial review *EBIT-margin excluding non-recurring items Exc. non-recurring items
  • 36. Ramirent is still cautious with capital expenditure The total value of purchased equipment was 29.3 (20.3) million in 1-3/2013 The value of sold rental equipment was EUR 4.3 (7.5) million in 1-3/2013 36 Purchased and sold equipment by quarter (MEUR) Financial review 8 19 9 17 30 38 67 34 20 22 25 34 29 5 4 3 4 4 5 6 12 8 6 6 8 4 Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 Purchased equipment Sold equipment
  • 37. Capital expenditure slightly lower level than in previous year No acquisitions were made during the quarter 37 4 25 2 0 2 2 8 11 9 1 2 1 Finland Sweden Norway Denmark East Central 1–3/2012 1–3/2013 Capital Expenditure by segments (MEUR) Financial review
  • 38. Positive development in working capital Q1/2013 credit losses and net change in the allowance for bad debt totalled EUR −1.9 (−1.9) million Dividend of EUR 36.6 million paid in April 38 15 14 14 16 16 17 17 17 18 18 20 15 15 83 90 99 97 95 109 124 120 114 131 141 136 115 -69 -86 -86 -89 -82 -84 -107 -109 -139 -112 -122 -113 -143 -6% -4% -2% 0% 2% 4% 6% 8% -120 -80 -40 0 40 80 120 160 Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 Trade payables and other liabilities Trade and other receivables Inventories Working capital/Net sales Rolling 12 month basis Working capital by quarter (MEUR) Financial review
  • 39. Return on investment remained stable in Q1/2013 39 Invested capital (MEUR) and ROI (%) rolling 12 months 524 508 509 496 508 536 588 591 565 602 605 604 654 0% 5% 10% 15% 20% 25% 0 100 200 300 400 500 600 700 Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 Invested capital ROI % (R12) Return on invested capital, ROI 18.9% (19.6%) 1-3/2013 Financial review
  • 40. Cash flow after investments increased to 19.0 MEUR in the first quarter 40 Cash flow after investments (MEUR) Financial review −4.0 13.4 14.4 24.2 −10.7 −20.4 −36.8 15.9 6.4 7.3 23.7 16.8 19.0 Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 Cash flow after investments Cash flow after investments, Rolling 12 months 1-12/2010: 48.0 1-12/2011: −52.0 1-12/2012: 54.2
  • 41. 212 209 197 177 191 238 280 263 258 281 256 239 220 1.8x 1.9x 1.7x 1.4x 1.4x 1.6x 1.7x 1.4x 1.2x 1.4x 1.2x 1.1x 1.0x 0 1 2 3 0 50 100 150 200 250 300 Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 Net debt Net debt to EBITDA ratio Financial position continued to strengthen in Q1/2013 Net debt to EBITDA 1.0x (1.2x) at the end of March 2013 41 Net debt (MEUR) and Net debt to EBITDA ratio Financial review
  • 42. Ramirent issued a EUR 100 million bond in March 2013 42 On 14 March 2013, Ramirent issued a EUR 100 million senior unsecured bond The six-year bond matures on 21 March 2019 and carries a fixed annual interest at the rate of 4.375 per cent The bond offering was oversubscribed significantly and allocated to approximately 60 investors The bond issue extends the maturity profile of Ramirent’s debt portfolio and diversifies the financing base The proceeds from the bond offering will be used for general corporate purposes Financial review
  • 43. At end of March 2013, Ramirent had unused committed back–up loan facilities of EUR 266.3 million In addition to bank facilities, Ramirent is utilising a domestic commercial paper program of up to EUR 150 million 43 Repayment schedule of interest–bearing liabilities (MEUR) Financial review 150 240 100 2013 2014 2015 2016 2017 2018 2019 220 MEUR in net debt 490 MEUR in committed credit facilities
  • 44. Return on equity improved and was 20.7% in the first quarter 44 309 296 308 318 316 296 305 326 305 319 347 364 342 -5% 0% 5% 10% 15% 20% 25% 0 50 100 150 200 250 300 350 400 Q1 2010 Q2 Q3 Q4 Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 Total equity ROE % (R12) Total equity (MEUR) and ROE (%) rolling 12 months Return on equity, ROE 20.7% (16.9%) 1-3/2013 Financial review
  • 45. For more information: www.ramirent.com Magnus Rosén, CEO +358 20 750 2845 magnus.rosen@ramirent.com Jonas Söderkvist, CFO +358 20 750 3248 jonas.soderkvist@ramirent.com Franciska Janzon, IR +358 20 750 2859 franciska.janzon@ramirent.com
  • 47. Ramirent in brief 47 Leading equipment rental company in Northern, Central and Eastern Europe with net sales of EUR 714 million (2012) Presence in 11 countries through 334 customer centers and in two countries through joint venture Listed on NASDAQ OMX Helsinki since 1998 2,751 employees serving 200,000 customers with 200,000 rental items Founded in 1955 and headquartered in Finland Company overview
  • 48. Ramirent operates in Europe with Baltic Sea region being the core market 48 Sales per segment 1-12/2012 Wide network of customer centres and leading market position Finland 23% Sweden 29% Norway 24% Denmark 6% Europe East 9% Europe Central 9% Sales per customer 1-12/2012 Construc- tion 68% Services &Retail 10% Industrial 15% Private 3% Public 4% Target is to increase sales to non-construction customers to 40% of the Group's net sales Finland 76 customer centres # 1 Europe East 43 customer centres # 1 Norway 42 customer centres # 1 Denmark 19 customer centres # 1 Europe Central 80 customer centres # 1 Sweden 79 customer centres # 2 Company overview JV with Cramo (22 customer centres)
  • 49. Targeting a wider range of customer industries in all countries Shipyards Construction HouseholdsAviationPower Oil and gas Public Windpower 49© 2013 Ramirent
  • 50. End of 2009 We accelerate our growth through acquisitions and outsourcing cases 50 Outsourcing deal in Denmark Outsourcing deal in Finland Acquisition of Finnish weather protection rental company Outsourcing deal with two subsidiaries in Finland Outsourcing deal in Finland Active screening of acquisition targets Acquisition of Swedish rental company Outsourcing deal in Norway Acquisition of Czech rental business Aquisition of Czech rental business Acquisition of Czech rental business Acquisition of Swedish rental company Acquisition of Danish rental business Acquisition of specialist module rental company in Norway Danish scaffolding division Acquisition of Swedish rental company Acquisition of Swedish rental company 2010 2011 2012 Outsourcing deal in Norway Closing of the JV with Cramo in Russia and Ukraine New brand name: Fortrent 2013 Company overview
  • 51. Mission We simplify business by Delivering Dynamic Rental Solutions™ Vision To be the leading and most progressive equipment rental solutions company in Europe, setting the benchmark for industry performance and customer service 51 Our strategic choices Values Open, Progressive, Engaged Brand promise Let’s solve it
  • 52. Broadest range of equipment and Dynamic Rental SolutionsTM 52 RAMIRENTOFFERING CUSTOMER NEEDS PRODUCTS • Light machinery • Heavy machinery • Lifts • Power and heating • Modules • Tower cranes and hoists • Scaffolding • SAFE SERVICES • Planning • Business Support • On-Site Support • Merchandise Sales • Rental Insurance • Training SOLUTIONS • SpaceSolve • SafeSolve • AccessSolve • EcoSolve • PowerSolve • ClimateSolve • TotalSolve 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: Easy to buy, reduced number of subcontractors, increased focus on the core business OUTSOURCING Benefits: By outsourcing their machine fleet to Ramirent, companies can increase efficiency and simplify their business by focusing on core competencesINDUSTRIES • Construction • Mining • Paper • Power generation • Oil & gas • Shipyards • Retail and Service • Public sector • Households Company overview
  • 53. Ramirent developed its solutions concepts further 53 Company overview
  • 54. Weak Stable Strong Strategic themes Customer First Sustainable profitable growth Operational Excellence Balanced portfolio of customers, products and markets Operational themes • Safe-guard profitability and cash flow • Consolidate market – Outsourcing cases • Pricing discipline • Execute contingency plans • Reduce costs and transform fixed costs to variable • Reduce financial risk, focus on A/R and credits • Amortise debt • Limited capex, transfer fleet to where demand is • Realise synergies through operational excellence • Consolidate market – Bolt-on acquisitions • Maintenance capex • Profitable growth • Drive penetration and capture growth opportunities • Keep control of fixed cost base • Prepare contingency plans • Growth capex for expansion Business cycle Counter cyclical cash flow Market conditions 54 Weak market conditions in 2009-2010 Increased demand and investments 2011-2012 Our strategic and operational themes through the business cycles Company overview
  • 55. 55 Organic growth drivers 70% 60% 45% 40% 40% 30% 30% 25% 20% 20% 15% 15% 10% 10% 10% 0% 20% 40% 60% 80% 100% Increasing rental penetration Expansion in select customer industries Ramirent Loxam Cramo Algeco Scotsman Speedy Hire Liebherr-Mietpartner GAM Mediaco Lifting Sarens Kiloutou HKL Baumschinen Others Consolidation opportunities in Europe External growth drivers M&A activity Outsourcing deals Bolt-on and selected strategic acquisitions Joint Ventures Good organic and strategic growth opportunities Construc- tion 68% Services &Retail 10% Industrial 15% Private 3%Public 4% Targeting 40% of Group sales to non-construction customers Company overview
  • 56. 56 Summary of company’s strengths Leading equipment rental company in Northern, Central and Eastern Europe More than 50 years industry experience Diversified portfolios of customers, products and markets Stable profitability and steady cash flow Flexibility to maneuver: capex and cost flexibility, strong balance sheet Strong financial position and funding Senat's square, Helsinki, Finland Company overview
  • 57. Largest shareholders Largest shareholders March 31, 2013 Number of shares % of share capital 1. Nordstjernan AB 31,882,078 29.33% 2. Oy Julius Tallberg Ab 11,962,229 11.01% 3. Varma Mutual Pension Insurance Company 7,368,799 6.78% 4. Odin funds 4,438,955 4.08% 5. Ilmarinen Mutual Pension Insurance Company 4,295,154 3.95% 6. Nordea funds 2,634,207 2.42% 7. Aktia funds 2,082,640 1.92% 8. Veritas Pension Insurance Company Ltd 1,379,139 1.27% 9. Fondita funds 1,102,000 1.01% 10. Föreningen Konstsamfundet Rf 825,000 0.76% Ramirent Oyj treasury shares 998,631 0.92% Nominee registered 19,260,396 17.72% Other shareholders 20,468,100 18.83% Total 108,697,328 100.00% 57 Market Cap EUR 794.8 million Trading information Listing: NASDAX OMX Helsinki Date of listing: April 30, 1998 Segment: Mid Cap Sector: Industrials Trading code: RMR1V 16% 26% 13%9% 2% 34% Private companies Financial and insurance institutions Public sector organizations Households Non-profit organizations Foreigners Shareholders March 31, 2013 Company overview
  • 58. Share price development 58 EUR Ramirent Plc (RMR1V) Company overview 0 2 4 6 8 10 12 14 7.57* EUR *May 7, 2013
  • 60. Consolidated income statement 60 Appendix CONSOLIDATED INCOME STATEMENT 1–3/13 Restated* 1–3/12 Restated* 1–12/12 (EUR 1,000) Rental income 98,906 103,073 463,070 Ancillary income 49,608 53,745 223,899 Sales of equipment 4,305 7,513 27,115 NET SALES 152,819 164,331 714,083 Other operating income 11,175 427 3,026 Materials and services −49,958 −55,056 −237,184 Employee benefit expenses −41,875 −42,489 −166,324 Other operating expenses −23,976 −25,361 −103,249 Share of result in associates and joint ventures −108 − 116 Depreciation and amortisation and impairment charges −30,073 −29,512 −117,943 EBIT 18,005 12,340 92,524 Financial income 4,242 7,016 20,320 Financial expenses −7,048 −8,687 −29,803 EBT 15,199 10,670 83,041 Income taxes −4,180 −2,773 −19,291 NET RESULT FOR THE PERIOD 11,019 7,896 63,749 Net result for the period attributable to: Owners of the parent company 11,019 7,896 63,749 Non-controlling interest − − − TOTAL 11,019 7,896 63,749 Earnings per share (EPS) EPS on parent company shareholders' share of profit, basic, EUR 0.10 0.07 0.59 EPS on parent company shareholders' share of profit, diluted, EUR 0.10 0.07 0.59 *Retrospective application of amendment to IAS 19 affecting Sweden and Norway segments
  • 61. 61 Appendix Balance sheet - Assets CONSOLIDATED BALANCE SHEET 31/3/2013 Restated* 31/3/2012 Restated* 31/12/2012* (EUR 1,000) NON-CURRENT ASSETS Property, plant and equipment 453,921 486,878 451,511 Goodwill 131,247 133,413 133,515 Other intangible assets 40,311 40,443 40,381 Investments in associates and Joint Ventures 22,425 972 1,125 Non-current loan receivables 20,250 − − Available-for-sale investments 412 412 412 Deferred tax assets 1,856 13,973 10,344 TOTAL NON-CURRENT ASSETS 670,422 676,092 637,288 CURRENT ASSETS Inventories 15,281 17,836 15,250 Trade and other receivables 115,351 113,702 135,600 Current income tax assets 1,923 1,225 145 Cash and cash equivalents 92,437 2,625 1,338 TOTAL CURRENT ASSETS 224,992 135,387 152,333 Assets to be transferred to the Joint Venture − − 42,250 TOTAL ASSETS 895,414 811,479 831,872 *Retrospective application of amendment to IAS 19 affecting Sweden and Norway segments
  • 62. Balance sheet – Equity and liabilities 62 Appendix CONSOLIDATED BALANCE SHEET 31/3/2013 Restated* 31/3/2012 Restated* 31/12/2012 (EUR 1,000) EQUITY Share capital 25,000 25,000 25,000 Revaluation fund −4,273 −4,223 −4,924 Invested unrestricted equity fund 113,568 113,329 113,329 Retained earnings 207,290 170,686 230,168 PARENT COMPANY SHAREHOLDERS’ EQUITY 341,585 304,792 363,573 Non-controlling interests − − − TOTAL EQUITY 341,585 304,792 363,573 NON-CURRENT LIABILITIES Deferred tax liabilities 65,286 77,643 73,333 Pension obligations 14,784 10,852 13,948 Provisions 964 1,373 972 Interest-bearing liabilities 277,820 225,129 191,199 Other long-term liabilities 5,669 10,127 8,071 TOTAL NON-CURRENT LIABILITIES 364,523 325,123 287,523 CURRENT LIABILITIES Trade payables and other liabilities 143,323 139,117 112,956 Provisions 499 1,208 826 Current income tax liabilities 10,533 6,017 10,936 Interest-bearing liabilities 34,951 35,222 49,513 TOTAL CURRENT LIABILITIES 189,306 181,564 174,231 Liabilities to be transferred to the Joint Venture − − 6,545 TOTAL LIABILITIES 553,829 506,687 468,299 TOTAL EQUITY AND LIABILITIES 895,414 811,479 831,872 *Retrospective application of amendment to IAS 19 affecting Sweden and Norway segments
  • 63. Key figures 63 Appendix KEY FINANCIAL FIGURES 1–3/13 Restated* 1–3/12 Restated* 1–12/12 (MEUR) Net sales, EUR million 152.8 164.3 714.1 Increase in net sales, % −7,0% 22.3% 9.9% Operating result before depreciation and amortisation (EBITDA), EUR million 48.1 41.9 210.5 Operating result before depreciation and amortisation (EBITDA), % of net sales 31.5% 25.5% 29.4% Operating result before amortisation of intangible assets (EBITA), EUR million 22.6 14.4 100.6 Operating result before amortisation of intangible assets (EBITA), % net sales 14.8% 8.7% 14.1% Operating result (EBIT), EUR million 18.0 12.3 92.5 Operating result (EBIT), % of net sales 11.8% 7.5% 13.0% Result before taxes (EBT), EUR million 15.2 10.7 83.0 Result before taxes (EBT), % of net sales 9.9% 6.5% 11.6% Net result for the financial year, EUR million 11.0 7.9 63.7 Net result for the financial year, % of net sales 7.2% 4.8% 8.9% Return on invested capital (ROI), % 18.9% 19.6% 18.9% Return on equity (ROE), % 20.7% 16.9% 18.6% Interest-bearing debt, EUR million 312.8 260.4 240.7 Net debt, EUR million 220.3 257.7 239.4 Net debt to EBITDA ratio 1.0x 1.2x 1.1x Gearing, % 64.5% 84.6% 65.8% Equity ratio, % 38.2% 37.6% 43.7% Personnel, average during financial year 2,913 3,131 3,077 Personnel, at end of financial year 2,751 3,086 3,005 Gross capital expenditure, EUR million 32.4 35.7 124.0 Gross capital expenditure, % of net sales 21.2% 21.7% 17.4% *Retrospective application of amendment to IAS 19 affecting Sweden and Norway segments
  • 64. Consolidated Cash flow statement 64 Appendix Cash flow from operating activities (1 000 EUR) 1–3/13 1–3/12 1–12/12 Result before taxes 15,199 10,670 83,041 Adjustments Depreciation, amortisation and impairment charges 30,073 29,512 117,943 Adjustment for proceeds from sale of used rental equipment 1,879 4,794 12,542 Financial income and expenses 2,806 1,671 9,413 Other adjustments −14,908 −980 −1,438 Change in working capital Change in trade and other receivables 19,135 9,096 −15,367 Change in inventories −147 81 1,576 Change in non-interest-bearing current liabilities −2,385 −6,984 −11,577 Interest paid −2,624 −3,262 −12,293 Interest received 480 1,065 3,470 Income tax paid −7,443 −4,443 −13,325 Net cash generated from operating activities 42,064 41,219 173,985 Cash flow of investing activities Acquisition of subsidiaries, net of cash − −10,038 −13,940 Investment in tangible non-current asset −28,992 −17,191 −99,177 Investment in intangible non-current assets −1,757 −7,706 −7,598 Proceeds from sale of tangible and intangible non-current assets (exc. Used rental equipment 54 105 897 Proceeds from sales of subsidiaries 9,200 − − Loan receivables, increase, decrease and other changes −1,567 − − Net cash flow of investing activities −23,062 −34,829 −119,818 Cash flow from financing activities Dividends paid − − −30,147 Purchase of treasury shares − −2,714 −2,714 Borrowings and repayments of short-term debt (net) −14,563 −8,500 5,500 Proceeds from long-term borrowings 99,030 13,557 9,311 Repayments of long-term debt −12,370 −8,539 −37,211 Net cash flow of financing activities 72,096 −6,197 −55,261 Net change in cash and cash equivalents during the financial period 91,099 193 −1,094 Cash at the beginning of the period 1,338 2,431 2,431 Cash at the end of the period 92,437 2,625 1,338
  • 65. Segment information: Net sales 65 Appendix NET SALES 1–3/13 Restated* 1–3/12 Restated* 1–12/12 (MEUR) FINLAND - Net sales (external) 35.0 37.9 165.0 - Inter-segment sales 0.1 0.5 1.5 SWEDEN - Net sales (external) 50.0 48.1 207.5 - Inter-segment sales 0.3 − 2.4 NORWAY - Net sales (external) 38.1 43.7 173.6 - Inter-segment sales − 0.1 0.5 DENMARK - Net sales (external) 9.1 9.8 44.6 - Inter-segment sales − − 0.1 EUROPE EAST - Net sales (external) 9.7 12.0 63.0 - Inter-segment sales − 0.2 0.3 EUROPE CENTRAL - Net sales (external) 11.0 12.8 60.4 - Inter-segment sales − 0.5 2.3 Elimination of sales between segments −0.4 −1.2 −7.1 NET SALES, TOTAL 152.8 164.3 714.1 Other operating income 11.2 0.4 3.0 *Retrospective application of amendment to IAS 19 affecting Sweden and Norway segments
  • 66. Segment information: EBIT and EBIT-margin 66 Appendix EBIT 1–3/12 Restated* 1–3/12 Restated* 1–12/12 (MEUR) FINLAND 3.1 5.0 30.2 % of net sales 8.8% 12.9% 18.2% SWEDEN 6.7 6.5 33.3 % of net sales 13.3% 13.5% 15.9% NORWAY 4.3 3.9 22.2 % of net sales 11.4% 8.9% 12.8% DENMARK −1.5 −0.2 1.6 % of net sales −16.0% −2.1% 3.6% EUROPE EAST 11.0 −0.1 10.9 % of net sales 113.1% −0.6% 17.3% EUROPE CENTRAL −5.2 −2.2 −1.6 % of net sales −47.5% −16.8% −2.5% Net items not allocated to operating segments −0.4 −0.5 −4.2 GROUP EBIT 18.0 12.3 92.5 % of net sales 11.8% 7.5% 13.0% *Retrospective application of amendment to IAS 19 affecting Sweden and Norway segments
  • 67. For more information: www.ramirent.com Magnus Rosén, CEO +358 20 750 2845 magnus.rosen@ramirent.com Jonas Söderkvist, CFO +358 20 750 3248 jonas.soderkvist@ramirent.com Franciska Janzon, IR +358 20 750 2859 franciska.janzon@ramirent.com