Ramirent Interim Report Q1/2011 Presentation on 10 May 2011

1. Interim report
January-March
2011
10 May 2011
President and CEO Magnus Rosén
CFO Jonas Söderkvist

2. Q1 2011: Demand improved in all segments
Net sales up 20.5% MEUR 134.4 (111.5)
Up 15.1 % at comparable
exchange rates
EBITDA MEUR 27.6 (17.5)
EBITDA-margin 20.6% (15.7%)
EBIT MEUR 2.7 (-5.6)
EBIT-margin 2.0% (-5.0%)
Gross capex MEUR 31.9 (12.5)
Cash flow after investments
MEUR -10.7 (-4.0)
Net debt MEUR 190.6 (211.7)
Gearing 60.2% (68.4%)
2

3. Nordic construction order book increased in
Q1 2011
Order book Nordics (BEUR, real exchange rates)*
BEUR
15
10
5
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2007 2008 2009 2010 2011
Skanska NCC YIT Veidekke Lemminkäinen
The order books grew with 33% y-o-y in Q1 2011, but the order intake of large
construction companies decreased.
3
* Order books for Swe, Fin, Nor, Den

4. Construction market outlook improved in
Sweden and Finland
Construction outlook 2011
Finland*: Construction is expected to BEUR
grow by 4% in 2011 400
350 323
339
Sweden**: Construction is expected to 321
grow by 7% in 2011 300
250
Norway: Construction is expected to grow
by 3% in 2011 200
150
Denmark: Construction is expected to
grow by 3% in 2011 100
50
Europe Central: Construction is expected
to grow by 13% in 2011 in Poland, by 5% 0
in Hungary but decrease by 3% in 2009 2010F 2011F
Slovakia and by 3% in Czech Republic
Finland* Sweden**
Europe East: Construction is expected to Norway Denmark
increase by 10% in 2011 in Estonia, by Europe Central Europe East***
4% in Latvia, by 5% in Lithuania and by
3-7% in Russia.
Source: Euroconstruct as per December 2010
*VTT Expert Service Oy as per May 2011,
**Swedish Construction Federation 2/2011, 4
***Excluding Ukraine

5. Ramirent 2011 outlook
reiterated
As a result of increased
construction activity and
improving price levels,
net sales are expected to
increase in 2011, and the
result before taxes is
expected to improve
compared to 2010.
5

6. Latest outsourcing deals and acquisitions
E. Pihl & Søn A.S. outsourced Destia outsourced Ramirent acquired
light equipment and hoist modules, light machinery the rental business
operations to Ramirent Denmark and related operations to of the Czech
and signed a five-year rental Ramirent Finland and machinery
agreement signed a five-year rental company RENT MB
agreement
January February March April May
2011 2011 2011 2011 2011
Ramirent acquired Ramirent acquired the
the business assets equipment rental business
of Danish machinery of Czech-based Stavební
rental company Jydsk Doprava a Mechanizace
Materiel Udlejning
6

7. Our network grew further
Number of outlets all
time high at 382 (353)
Local head office
Outlet
Re-renting
agents
7

8. Key strategic objectives:
In Q1 2011 new inroads made into new customer sectors and
Dynamic Rental SolutionsTM development continued
Sustainable profitable growth
 Accelerate growth with acquisitions and outsourcing deals
 Evaluate entry into new markets
 Strengthen local offerings and develop solution concepts
Operational excellence
 Develop a common “Ramirent platform”
 Develop group wide IT platform and realize synergies
 Maintain strong focus on cost efficiency
Balanced risk level
 Diversified portfolios of customers, products and markets
 Continuous employee competence development
 A strong financial position
8

9. SEGMENT REVIEW
9

10. Finland
Highlights Historic financial performance
MEUR
Main growth driver was
45 41 20 %
residential construction 38
40 36 35
34 15 %
35 31 30
Renovation activity was lower as 29 28
30
government subsidies decreased 25
10 %
20
5%
Profitability is still burdened by 15
lower activity levels in 10 0%
shipyards, low price levels and 5
low utilisation in certain product 0 -5 %
groups, in particular scaffolding Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2009 2010 2011
Destia outsourced modules, Net sales EBIT-%
some light machinery and
related operations to Ramirent
Q1 Full
and signed a five-year rental
Year
agreement
Finland 2011 2010 Change Change 2010
(EUR) (Local)
Cooperation agreements signed Net sales, MEUR 30.2 28.1 7.7% 7.7% 136.9
within new customer sectors,
the Central Union of Agricultural EBIT, MEUR 1.3 -0.2 705.1% 13.7
Producers and Forest Owners EBIT-margin 4.4% -0.8% 10.0%
and with VR Track, Finland’s
largest rail constructor Employees 566 646 -12.4% 603
Outlets 84 82 2.4% 84
10

11. Sweden
Highlights Historic financial performance
MEUR
Especially civil engineering,
50 45 25 %
public sector demand and 41
housing boosted growth 40 36 20 %
35
32 33 31 32
29
Geographically, growth was 30 15 %
driven by Stockholm and the
20 10 %
surrounding areas
10 5%
Central and southern regions of
the country also developed 0 0%
positively Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2009 2010 2011
Profitability improved based on Net sales EBIT-%
higher capacity utilisation , but
was still burdened by low price Q1 Full
levels Year
Sweden 2011 2010 Change Change 2010
(EUR) (Local)
Net sales, 41.3 29.4 40.5% 25.1% 145.2
MEUR
EBIT, MEUR 6.1 2.6 139.0% 23.3
EBIT-margin 14.9% 8.8% 16.1%
Employees 552 540 2.2% 546
Outlets 74 67 10.4% 73
11

12. Norway
Highlights Historic financial performance
MEUR
35 31 33 16 %
The growth driver was the 29 29 28 14 %
30 27 28
recovery in construction activity 25
27 12 %
especially in the western and 25 10 %
northern parts of Norway 20 8%
6%
15 4%
Profitability was still burdened 2%
10
by low price levels 0%
5
-2 %
New managing director started 0 -4 %
in 1 February 2011 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2009 2010 2011
Net sales EBIT-%
Q1 Full
Year
Norway 2011 2010 Change Change 2010
(EUR) (Local)
Net sales, MEUR 32.6 28.4 15.0% 11.0% 114.4
EBIT, MEUR 0.4 -0.4 184.9% 2.3
EBIT-margin 1.2% -1.6% 2.0%
Employees 514 537 -4.3% 503
Outlets 41 39 5.1% 42
12

13. Denmark
Highlights Historic financial performance
MEUR
Market conditions have improved
14 10 %
slightly and the high level of 12
price competition has decreased 12 11 11 0%
10 9 9 10
10 8
8 -10 %
Profitability was burdened by 8
increased costs for intensified -20 %
6
sales and marketing activities in -30 %
advance of the summer season 4
2 -40 %
Pihl&Søn A.S. outsourced its 0 -50 %
light equipment and hoists Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
operations to Ramirent and 2009 2010 2011
signed a 5-year rental Net sales EBIT-%
agreement. The transfer of the
acquired assets took place on 1
January 2011 Q1 Full
Year
Ramirent acquired the business Denmark 2011 2010 Change Change 2010
(EUR) (Local)
assets of the machinery rental
company Jydsk Materiel Net sales, MEUR 8.4 8.1 3.2% 3.4% 35.6
Udlejning located in West EBIT, MEUR -1.3 -0.6 -97.5% -2.2
Jutland. For Ramirent Denmark,
the acquisition contributes with EBIT-margin -15.0% -7.8% -6.2%
approximately EUR 1.5 million in Employees 150 145 3.4% 160
annual sales.
Outlets 21 21 - 20
13

14. Europe East
Highlights Historic financial performance
MEUR
Growth drivers were mainly the
20 19 20 %
revival of infrastructural
construction in Russia 10 %
15 13
12 12 0%
11
Energy-related investment 9 10 9
projects grew in particular in 10 -10 %
8
the Baltics and Ukraine -20 %
5
-30 %
Business volumes improved
also in the Baltic States, 0 -40 %
especially in Lithuania and also Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
in Ukraine 2009 2010 2011
Net sales EBIT-%
Ukraine network expanded by
one new outlet, totalling 7 Q1 Full
outlets at the end of the quarter Year
Europe East 2011 2010 Change Change 2010
Profitability was still burdened (EUR) (Local)
by low price levels and low Net sales, MEUR 9.4 7.5 25.4% 22.8% 42.7
business volumes due to tough
EBIT, MEUR -1.7 -2.4 31.1% -3.5
winter conditions
EBIT-margin -17.7% -32.2% -8.3%
Employees 407 367 10.9% 392
Outlets 48 45 6.7% 48
14

15. Europe Central
Highlights Historic financial performance
MEUR
The main growth drivers were
25 15 %
the recovery in construction and
20 10 %
industrial activity in Poland and 20 18 19
Hungary 16 16 16 5%
14 14 0%
15 12
Profitability was burdened by -5 %
10
lower price levels and business -10 %
volumes especially in Czech 5
-15 %
Republic and Slovakia -20 %
0 -25 %
The Czech network was Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
expanded with 3 new outlets, 2009 2010 2011
totalling 21 outlets at the end of Net sales EBIT-%
quarter
Q1 Full
Ramirent exercised its option to Year
acquire the remaining 40% Europe Central 2011 2010 Change Change 2010
stake in the Slovak-based (EUR) (Local)
company OTS Bratislava it Net sales, MEUR 14.4 12.1 19.0% 18.5% 66.6
acquired a majority stake in
EBIT, MEUR -1.2 -2.6 55.4% 0.8
2008
EBIT-margin -8.2% -21.8% 1.2%
Employees 835 797 4.8% 824
Outlets 114 99 15.2% 111
15

16. FINANCIAL REVIEW
16

17. Financial performance developed positively in Q1
Net Sales (MEUR) EBITDA (MEUR) EBIT (MEUR)
Net sales Y-o-y change-% EBITDA EBITDA-% EBIT EBIT-%
160 150 30 % 45 42 35 % 20 14 %
141 17
134 36 37 37
140 122 125 130 126 129 20 % 40 30 % 14
12 %
112 15 12 10 %
120 35 30 31 11
10 % 28 25 %
30 26 10 8%
100 7 7
0% 25 20 % 6%
80 18
-10 % 20 15 % 5 3 4%
60 2%
15
40 -20 % 10 % 0
10 0%
20 -30 % 5 5% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 -2 %
-5 2009
-4 2010 2011 -4 %
0 -40 % 0 0% -6
-10 -6 %
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2009 2010 2011 2009 2010 2011
Cash flow (MEUR) Net debt (MEUR) Gross Capex (MEUR)
Cash flow after investments Net debt Gearing-% Gross Capex Share of net sales-%
30 28 300 281 120 % 35 32 25 %
24 255
25 22
20 250 230 100 % 30
18 207 212 209 197 20 %
20 191
13 14 25 22
15 200 177 80 %
20 18 15 %
10 150 60 %
15 13
5 10 10 %
100 40 % 8
0 10
5 5%
-5 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 50 20 % 5 3 3
2009 -4
2010 2011
-10 0 0% 0 0%
-15 -11
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2009 2010 2011 2009 2010 2011
17

18. Recovery of construction market activity
increased net sales by 20.5% in Q1 2011
Change in net sales YoY, %
30 %
19 % 20 %
19 % 19 %
20 %
13 %
9%
10 %
3%
0%
-4 %
-10 %
-9 %
-20 %
-25 %
-30 % -27 %
-31 % -31 %
-40 %
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2008 2009 2010 2011
18

19. Net sales grew in all segments both in euros
and in comparable exchange rates
Change in Q1 net sales YoY, %
45 %
41 % 40 % 41 %
40 %
35 %
30 %
25 % 25 %
23 %
25 % 22 %
20 %
19 % 19 %
20 %
15 % 15 % 15 %
15 %
11 %
10 % 8% 8% 7%
4% 3%
5% 3%
0%
Group Finland Sweden Norway Denmark East Central
EUR Comparable exchange rates Adjusted for inter-segment sales (in EUR)
Group January - March 2011 Net sales increased by 20.5% (15.1% at comparable
exchange rates)
19

20. Capital turnover is continuously increasing
Invested capital by quarter
MEUR
800 160 %
708 707
700 654 140 %
586 565
600 562 581 578 552 544 120 %
494 515 524 508 509 496 508
500 100 %
400 80 %
300 60 %
200 40 %
100 20 %
0 0%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2007 2008 2009 2010 2011
Invested capital Net sales/Invested capital Rolling 12 month basis
Capital turnover amounted to 107% end of March 2011 (90% end of March 2010)
20

21. Gross margin has improved compared to
previous year but is still on unsatisfactory level
Gross margin by quarter
72 %
71 % 71 % 71 % 71 %
71 %
70 % 70 %
70 %
69 %
69 % 68 %
68 % 68 %
68 % 67 %
67 % 67 %
67 %
66 %
66 % 65 %
65 %
65 %
64 %
63 %
62 %
Q1 Q2 Q3 Q4 FY
Gross margin 2008 Gross margin 2009 Gross margin 2010 Gross margin 2011
Gross margin is impacted by
Price pressure
Increased equipment transportation and use of external services
21

22. Recovering demand puts pressure on
personnel, but total workforce unchanged
Number of employees by segment
900 835
797
800
700 646
600 566 552 537
540
514
500
407
400 367
300
200 145 150
100
0
Finland Sweden Norway Denmark Europe East Europe
Central
Personnel 31/3/10 Personnel 31/3/11
At the end of March 2011, the Group’s workforce amounted to 3,045 (3,047) persons
At the end of December 2010, the Group’s workforce amounted to 3,048 (3,021) persons
22

23. Record high number of outlets in the Group
Number of outlets per segment
450
382
400 359
350
114
99
300
250
41 21 48
57 3718 52
200
150
74
100
50
96
84
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2008 2009 2010 2011
Finland Sweden Norway Denmark Europe East Europe Central
23

24. Fixed cost development stable
Fixed costs by quarter
MEUR
80
73
70 63
63
57 57 56
60 29 56 54
52 52
50 24 27
22 23 22 23
22 19 22
40
30
20 44
35 33 33 38 37
30 33 33 32
10
0
Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2008 2009 2010 2011
Employee benefit expenses Other operating expenses
Investments in common platform and high facility cost due to cold winter have kept
the fixed cost on relatively high level.
24

25. Q1 EBIT margin increased to 2.0%, but is still
burdened by low price and utilisation levels
EBIT margin by quarter
25 %
19.6 %
20 % 18.2 % 18.4 %
15 %
11.8 %
10.8 %
9.0 %
10 % 7.5 %
5.9 % 5.8 %
5% 2.0 %
0%
-5 % -2.9 %
-5.0 %
-10 %
-11.4 %
-15 %
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2008 2009 2010 2011
January-March 2011 EBIT-margin was 2.0% (-5.0%)
25

26. Q1 EBIT margin improved in all segments
except in Denmark
EBIT-margin by segments
20 %
14,9 %
8,8 %
10 % 4,4 %
2,0 % 1,2 %
0%
-0,8 % -1,6 %
-5,0 %
-10 % -7,8 %
-8,2 %
-15,0 %
-20 % -17,7 %
-21,8 %
-30 %
-32,2 %
-40 %
Group Finland Sweden Norway Denmark East Central
Q1 2010 Q1 2011
26

27. Q1 fleet investment level rose to EUR 29.6 million
Purchased and sold equipment by quarter
MEUR
35
29,6
30
25
18,9
20 17,4
15
8,9
10 7,5
6,7 6,5
3,7 4,4 5,0 4,7 5,0
3,7 4,4 3,7
5 2,0 2,1
3,3
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2009 2010 2011
Purchased equipment Sold equipment
In January-March 2011, gross capital expenditure was EUR 31.9 (12.5) million of
which EUR 29.6 (7.5) million in rental fleet
The value of sold rental equipment was EUR 3.7 (5.0) million.
27

28. Capital expenditure increased in all segments
to meet the increasing demand
Capital Expenditure by segments
MEUR
35
32
30
25
20
15 13 13
10 8
4 5 4
5 4 3 4
1 1 1
0
0
Group Finland Sweden Norway Denmark East Central
Q1 2010 Q1 2011
28

29. Working capital is at 5% of net sales
Working capital by quarter
MEUR
120 10 %
8%
80 6%
88 90 90 99 97 95
86 80 83
40 4%
2%
16 15 15 15 15 14 14 16 16
0 0%
-2 %
-66 -68 -70 -67 -69
-40 -86 -86 -89 -82
-4 %
-80 -6 %
-8 %
-120 -10 %
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2009 2010 2011
Inventories Trade and other receivables
Trade payables and other liabilities Working capital/Net sales Rolling 12 month basis
29

30. Cash flow after investments EUR -10.7 million
due to increased fleet investments and acquisitions
Cash flow versus change in net debt
MEUR
90
70
50
82
30 56 67
10 25 28 22 24
18 20 5 13 14 14
-11 -11
-10 -30
-23 -2 -21
-22 -26 -25 4--4 -12
-30 -55 -59
-50
-70
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2008 2009 2010 2011
Cash flow after investments Change in net debt
Share repurchase amounted to EUR 3.3 million in Q1 2011
30

31. Strong financial position with gearing at 60%
Net debt and gearing
MEUR
400 113 % 120 %
106 % 108 %
350 96 % 81 % 99 %
100 %
84 % 86 %
300 69 %
74 %
70 % 68 % 68 %
71 % 80 %
250 64 % 60 %
200 56 % 60 %
150
40 %
100
20 %
50
0 0%
2004 2005 2006 2007 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2008 2009 2010 2011
Net debt Gearing (%)
Equity ratio rose to 47.5% (46.4%)
Net debt amounted to EUR 190.6 (211.7) million
On 31 March 2011 unused committed back-up loan facilities were EUR 177.2 million
31

32. Emerging stronger than before
Ramirent is ready to capture
the opportunities in its markets
Broadest range of equipment and
Dynamic Rental SolutionsTM
3,000 dedicated problem solvers
Wide network of outlets close to our customers
Strong financial position
Deriving higher synergies through a uniform
”Ramirent platform” across the organisation
A more unified company and brand
32

34. 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
34

35. COMPANY OVERVIEW
35

36. Ramirent in brief
Leading equipment rental company in Northern, Central
and Eastern Europe with net sales of EUR 531 million
(2010)
382 rental customer centers located in 13 countries and
providing 200 000 rental items
3 048 employees serving 100 000 customers
Founded in 1955 and headquartered in Finland
Listed on NASDAQ OMX Helsinki since 1998
36

37. More than 50 years of experience as a
supplier to the construction industry
Greenfield
Steel Nail shop First move entry to
Rakennusmies outside Finland Enter Acquires Czech Republic
founded through JV in Lithuania Bautas in
Moscow, Russia Norway
The rental Acquires
business is MBO by key Enter Altima in
established personnel and Poland Sweden
capital investors
1955 1983 1988 1994 1995 1996 1997 1998 2000 2001 2002 2003 2004 2005 2006 2008
Acquired by Partek Enter Renamed Enter
and renamed Latvia Ramirent Ukraine
A-rakennusmies Plc
Enter
The third county
Slovakia
becomes Estonia with Listed on the Greenfield
the expansion to Helsinki Stock entry to
Tallinn Exchange Hungary
37

38. OUR VISION AND MISSION
Vision
To be the leading and most
progressive equipment rental
solutions company in Europe,
setting the benchmark for
industry performance and
customer service
Mission
We simplify business through
Dynamic Rental SolutionsTM
38

39. One of the leading equipment rental companies
both in Europe (#3) and globally (#11)
Largest rental companies Largest rental companies globally
in Europe
Turnover 2009 (MEUR) Turnover 2009 (MEUR)
Loxam United Rentals
Cramo* Aggreko
Ashtead Group
Ramirent
RSC Equipment Rental
Algeco…
Algeco Scotsman
Speedy Hire
Hertz Equipment…
Liebherr-…
Loxam
GAM
Coates Hire Ltd
Mediaco… Cramo*
Harsco… Nishio Rent All Co
Kiloutou Ramirent
0 200 400 600 800 1000 0 200 400 600 800 1000
*Cramo + Theisen PF
Source: IRN June 2010
39

40. Nordic countries are our largest markets and
construction is our largest customer sector
Sales per segment Q1 2011 Sales per customer sector 2010
Households
Europe Public sector 5%
Central 5%
11 % Finland Construction
Europe 22 % 76%
East
Industry
7%
14 %
Denmark
6%
Norway Sweden
24 % 30 %
40

41. Leading market positions
in all our markets
Finland
84 depots
Sweden (25 franchises)
74 depots Market #1
(10 franchises)
Employees Norway Market #2
41 depots Russia1
Europe Finland (4 franchises) 4 depots
Central 566 Market #1 10 re-renting
835 agents
Market #1
Baltic
39 depots
Market #2
Total
Denmark
3,045 Poland2
21 depots
Sweden Market #1 40 depots
Europe 552 Market #1
Ukraine
East 5 depots
407 Market #~4
Slovakia
Czech
Denmark 37 depots
Norway 21 depots (17 franchises)
150
514 (7 franchises) Market #1
Market #~3
Hungary2
16 depots
Market #1
1) St Petersburg + Moscow 2) Excl. Fomrworks business
41

42. Operating through six geographical segments
Diversified customer base
Rental Outlet Network
Finland Sweden Norway Denmark E.East1) E.Central2)
Fleet management
Sourcing
Finance
IT
1) Europe East includes Russia, The Baltic States, Ukraine.
2) Europe Central includes Poland, Hungary, Czech Rep., Slovakia.
42

43. Offering is structured into eight core product
groups
TOWER CRANES
LIFTS HEAVY MACHINERY AND HOISTS SCAFFOLDING
SAFE (SAFETY AND
MODULES FORMWORKS EQUIPM.) LIGHT MACHINERY POWER & HEATING
43

44. Impact on
Simplifying
Broadest range of equipment and Customer
Dynamic Rental SolutionsTM Business
Increases
Rental Solution Concepts
Ramirent offers a range of customer needs-driven & value-adding
turnkey rental solution concepts, driving the problem-solving
approach and the promise of Let’s solve it.
Rental services • Insurance
• Planning, design • Operators
• Ramirent know-how • Fuel / gas refilling
• Transportation • Facility management
• Installation • Technical support
• Maintenance • Site logistics coordinator
• Inspections • Paperwork for authorities
Equipment rental • Power & Heating
• Lifts • SAFE
• Modules
• Heavy Machinery
• Light Machinery
• Tower Cranes & Hoists
• Scaffolding
44

45. Dynamic Rental SolutionsTM
is offered to a diverse customer base
Product Outlet Network Customers
groups  Construction
 Lifts and hoists companies
 Tower cranes  Industry
 Heavy machinery  Public sector
 Modules  Households
 SAFE
 Light machinery
 Scaffolding
 Power and
heating
Dynamic Rental
SolutionsTM
45

46. The long-term growth drivers are still in place
Long-term growing industry
Growth drivers are construction, industrial activity and rental penetration
European market 20.2 BEUR (excl. operators)
Top 50 companies comprising 38% of the market
CEE construction markets on a low level compared to Nordics and Western Europe
Increasing rental penetration European consolidation High potential CEE
Note: Finland company estimate opportunities construction markets
Ramirent Cramo
70 % Algeco Scotsman Speedy Hire
Liebherr-Mietpartner GAM
60 %
Mediaco Lifting Harsco Infrastructur
50 % Kiloutou Others
40 %
30 %
20 %
10 %
0%
Europe FI DK SE UK
avg.
Inhabitants (million)
Construction output (BEUR)
46

47. Financial targets
• ROI >18 % p.a. over a business cycle
• EPS growth > 15 % p.a. over a business cycle
• Gearing ≤ 120 % at end of each year
• Dividend pay-out > 40 %
47

48. Long-term EBIT and ROI development
EBIT and ROI development
35 %
30 %
25 %
23%
20 % 18%
15 %
10 %
5%
0%
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
EBIT margin ROI EBIT margin (average) ROI (average)
48

49. APPENDIX
49

50. CONSOLIDATED INCOME STATEMENT
(EUR 1,000) 1-3/11 1-3/10 1-12/10
Net sales 134 351 111 525 531 284
Other operating income 342 299 1 616
Materials and services -43 815 -38 690 -177 118
Employee benefit expenses -36 629 -33 493 -136 214
Depreciation and amortisation -24 933 -23 115 -97 716
Other operating expenses -26 635 -22 117 -92 122
EBIT 2 681 -5 591 29 731
Financial income 2 116 6 101 13 780
Financial expenses -4 954 -6 528 -22 658
EBT -157 -6 019 20 853
Income taxes 50 707 -6 212
NET RESULT FOR THE PERIOD -108 -5 312 14 640
Net result for the period attributable to:
Owners of the parent company -108 -5 312 14 640
Non-controlling interest - - -
TOTAL -108 -5 312 14 640
Earnings per share (EPS), basic and diluted, EUR
0,00 -0,05 0,13
50

51. BALANCE SHEET – ASSETS
(EUR 1,000) 31.3.2011 31.3.2010 31.12.2010
NON-CURRENT ASSETS
Property, plant and equipment 432 136 453 074 427 248
Goodwill 94 030 93 398 93 211
Other intangible assets 10 565 7 047 10 348
Available-for-sale investments 422 53 422
Deferred tax assets 14 347 9 593 13 325
NON-CURRENT ASSETS, TOTAL 551 500 563 164 544 555
CURRENT ASSETS
Inventories 16 493 14 714 15 856
Trade and other receivables 94 804 82 801 96 616
Current tax assets 2 371 3 427 2 902
Cash and cash equivalents 911 2 758 1 352
CURRENT ASSETS, TOTAL 114 580 103 701 116 727
Non-current assets held for sale - 370 -
TOTAL ASSETS 666 080 667 234 661 282
51

52. BALANCE SHEET – EQUITY AND LIABILITIES
(EUR 1,000) 31.3.2011 31.3.2010 31.12.2010
EQUITY
Share capital 25 000 25 000 25 000
Revaluation fund -1 258 -3 207 -2 472
Invested unrestricted equity fund 113 329 113 329 113 329
Retained earnings 179 374 174 143 181 783
Items recognised directly to equity on non-current assets held for sale - 62 -
PARENT COMPANY SHAREHOLDERS’ EQUITY 316 445 309 327 317 640
Non-controlling interests - - -
EQUITY, TOTAL 316 445 309 327 317 640
NON-CURRENT LIABILITIES
Deferred tax liabilities 59 880 53 178 60 413
Pension obligations 7 106 10 380 6 866
Provisions 2 205 3 557 2 347
Interest-bearing liabilities 131 408 197 728 137 384
Other long-term liabilities 2 602 - 2 200
NON-CURRENT LIABILITIES, TOTAL 203 200 264 844 209 209
CURRENT LIABILITIES
Trade payables and other liabilities 82 362 68 587 89 480
Provisions 1 415 6 956 1 762
Current tax liabilities 2 595 828 2 658
Interest-bearing liabilities 60 063 16 692 40 533
CURRENT LIABILITIES, TOTAL 146 435 93 063 134 433
LIABILITIES, TOTAL 349 635 357 907 343 642
TOTAL EQUITY AND LIABILITIES 666 080 667 234 661 282
52

53. KEY FIGURES
MEUR 1-3/11 1-3/10 Change 1-12/10
Net sales
134.4 111.5 20.5 % 531.3
EBITDA
27.6 17.5 57.6 % 127.4
EBITDA,%
20.6 % 15.7 % 24.0 %
EBIT
2.7 -5.6 147.9 % 29.7
EBIT, %
2.0 % -5.0 % 5.6 %
ROI,% 9.3 % 5.8 % 8.6 %
Invested capital, end of period
507.9 523.7 -3.0 % 495.6
Net debt
190.6 211.7 -10.0 % 176.6
Gearing, %
60.2 % 68.4 % 55.6 %
Equity ratio,%
47.5 % 46.4 % 48.0 %
Personnel, end of period
3 045 3 047 -0.1 % 3 048
Gross capital expenditure
31.9 12.5 155.1 % 62.0
Gross capital expenditure, % net sales 23.7 % 11.2 % 11.7 %
Cash flow after investments -10.7 -4.0 -165.3 % 48.0
Earnings per share, (diluted), EUR 0.00 -0.05 98.0 % 0.13
Dividend per share, EUR
0.25
53

54. CONDENSED CASH FLOW STATEMENT
MEUR 1-3/11 1-3/10 Change 1-12/10
Cash flow from operating activities 27.3 9.8 178.2 % 104.2
Cash flow from investing activities -38.1 -13.9 -174.5 % -56.2
Cash flow from financing activities
Borrowings / repayment of short-term debt 18.7 -7.4 352.8 % 0.6
Borrowings / repayment of long-term debt -5.2 12.4 -141.6 % -29.8
Acquisition of treasury shares -3.3 - n/a -2.9
Dividends paid - - n/a -16.3
Cash flow from financing activities 10.3 5.0 105.7 % -48.5
Net change in cash and cash equivalents -0.4 1.0 -145.0 % -0.5
Cash and cash equivalents at the beginning of the
period 1.4 1.8 -24.9 % 1.8
Translation difference on cash and cash equivalents - - 0.1
Net change in cash and cash equivalents -0.4 1.0 -146.0 % -0.5
Cash and cash equivalents at the end of the period 0.9 2.8 -67.0 % 1.4
54

55. SEGMENT INFORMATION
Net sales, MEUR 1-3/11 1-3/10 Change 1-12/10
Finland, net sales (external) 29.2 27.9 4.4 % 135.2
-Inter-segment sales 1.1 0.2 551.1 % 1.8
Sweden, net sales (external) 41.0 29.3 40.0 % 144.5
-Inter-segment sales 0.3 0.1 201.4 % 0.7
Norway, net sales (external) 32.4 28.3 14.7 % 113.7
-Inter-segment sales 0.2 0.1 192.8 % 0.7
Denmark, net sales (external) 8.2 7.7 6.9 % 32.9
-Inter-segment sales 0.2 0.5 -57.1 % 2.7
Europe East, net sales (external) 9.3 6.6 40.6 % 39.5
-Inter-segment sales 0.1 0.9 -89.3 % 3.2
Europe Central, net sales (external) 14.3 11.8 21.5 % 65.4
-Inter-segment sales 0.1 0.3 -75.6 % 1.2
Elimination of sales between segments -1.9 -2.0 3.3 % -10.2
Net sales, total 134.4 111.5 20.5 % 531.3
55

56. EBIT BY SEGMENT
EBIT (EUR million) 1-3/11 1-3/10 Change 1-12/10
Finland 1.3 -0.2 705.1 % 13.7
% of net sales 4.4 % -0.8 % 10.0%
Sweden 6.1 2.6 139.0 % 23.3
% of net sales 14.9 % 8.8 % 16.1%
Norway 0.4 -0.4 184.9 % 2.3
% of net sales 1.2 % -1.6 % 2.0%
Denmark -1.3 -0.6 -97.5 % -2.2
% of net sales -15.0 % -7.8 % -6.2%
Europe East -1.7 -2.4 31.1 % -3.5
% of net sales -17.7 % -32.2 % -8.3%
Europe Central -1.2 -2.6 55.4 % 0.8
% of net sales -8.2 % -21.8 % 1.2%
Net items not allocated to operating
-1.1 -1.8 38.9 % -4.7
segments
Group EBIT 2.7 -5.6 147.9 % 29.7
% of net sales 2.0 % -5.0 % 5.6%
56

57. LARGEST SHAREHOLDERS
% of share
Number of shares
capital
1. Nordstjernan AB 31,882,078 29.33
2. Julius Tallberg Oy Ab 11,962,229 11.01
3. Varma Mutual Pension Insurance Company 7,831,299 7.20
4. Ilmarinen Mutual Pension Insurance Company 5,537,214 5.09
5. Tapiola Mutual Pension Insurance Company 2,320,000 2.13
6. Odin Norden 1,824,328 1.68
7. Odin Finland 1,417,968 1.30
8. Veritas Pension Insurance Company Ltd 1,235,668 1.14
9. Odin Europa Smb 1,082,355 1.00
10. Nordea Nordenfonden 933,105 0.86
*As
57
per 31 March 2011