2011-05-10 08:00:00 CEST
2011-05-10 08:00:16 CEST
REGLERAD INFORMATION
Ramirent - Interim report (Q1 and Q3)
RAMIRENT'S JANUARY-MARCH 2011 INTERIM REPORT: DEMAND IMPROVED IN ALL SEGMENTS
RAMIRENT PLC INTERIM REPORT 10 MAY 2011 AT 9:00 a.m.
Note! Figures in brackets, unless otherwise indicated, refer to the
corresponding period a year earlier.
JANUARY-MARCH 2011
- Net sales increased by 20.5% to EUR 134.4 (111.5) million. At comparable
exchange rates the growth was 15.1%
- EBITDA MEUR 27.6 (17.5) or 20.6% (15.7%) of net sales
- EBIT MEUR 2.7 (-5.6) or 2.0% (-5.0%) of net sales
- Gross capital expenditure MEUR 31.9 (12.5)
- Cash flow after investments MEUR -10.7 (-4.0)
- The number of outlets grew to 382 (353)
- Ramirent reiterates its outlook for 2011
KEY FIGURES
(EUR million) 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
% of net sales 20.6% 15.7% 24.0%
EBIT 2.7 -5.6 147.9% 29.7
% of net sales 2.0% -5.0% 5.6%
Return on invested capital (ROI), % 1) 9.3% 5.8% 8.6%
Invested capital at the end of the 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 at 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,% of net sales 23.7% 11.2% 11.7%
Cash flow after investments -10.7 -4.0 -165.3% 48.0
Earnings per share (EPS), (basic and diluted), 0.00 -0.05 98.0% 0.13
EUR
Dividend per share, EUR 0.25
1) The figures are calculated on a rolling twelve
month basis.
MAGNUS ROSÉN, RAMIRENT CEO:
“The positive development that started in the autumn 2010, continued during the
first quarter of the year. Activity levels continued to grow in all our
operating countries although January-March is typically the quietest quarter of
the year. Equipment utilisation rates increased supported by improved demand in
customer industries.
We continued our work on making new inroads into new customer sectors with new
cooperation agreements established in the agriculture sector and railroad
construction sector. During the quarter, we also succeeded in finalising one
acquisition in Denmark and two outsourcing deals one in Finland and another in
Denmark. We continue to monitor the market for interesting consolidation
opportunities.
Profitability improved, but is still burdened by lower price levels compared to
pre-downturn levels. Our priority during 2011 is to focus on increasing price
levels as the demand is returning to our various product groups. On top of
this, we are continuing to develop our offering and product portfolio to cater
to our customer's needs especially in the areas related to eco-efficiency and
safety.”
RAMIRENT JANUARY - MARCH 2011
BUSINESS ENVIRONMENT
The positive upswing in the market that began in autumn 2010 continued in the
first quarter of 2011. Market activity continued to improve within construction
and in various industrial sectors. Geographically, demand for rental equipment
increased in all Ramirent countries due to higher market activity especially
within residential and renovation construction. Of the Nordic countries, Sweden
in particular showed strong economic growth. The economy in Finland grew
moderately, but industrial production recovery was still slower than in many
other countries in Eastern and Central Europe.
NET SALES
Ramirent Group January - March 2011 net sales increased 20.5% to EUR 134.4
(111.5) million due to recovery in the construction market activity that
started after mid-year 2010. At comparable exchange rates, the Group's net
sales increased 15.1%. Net sales grew in all segments both in euros and at
comparable exchange rates. The growth in net sales was especially strong in
Sweden, Europe East and Europe Central.
Net sales development by segment was as follows:
Net sales
(EUR million) 1-3/11 1-3/10 Change 1-12/10
Finland 30.2 28.1 7.7% 136.9
Sweden 41.3 29.4 40.5% 145.2
Norway 32.6 28.4 15.0% 114.4
Denmark 8.4 8.1 3.2% 35.6
Europe East 9.4 7.5 25.4% 42.7
Europe Central 14.4 12.1 19.0% 66.6
Elimination of sales between segments -1.9 -2.0 -10.2
Net sales, total 134.4 111.5 20.5% 531.3
FINANCIAL RESULTS
Ramirent Group January - March 2011 operating result before depreciation
(EBITDA) was EUR 27.6 (17.5) million with a margin of 20.6% (15.7%). Profits
were burdened by low price and low utilisation levels. Credit losses and net
change in the allowance for bad debt totalled EUR -1.1 (-1.0) million.
Depreciations amounted to EUR 24.9 (23.1) million.
The Group's operating result (EBIT) was EUR 2.7 (-5.6) million, representing
2.0% (-5.0%) of net sales. EBIT and EBIT-margin by segment were as follows:
EBIT
(EUR million) 1-3/11 1-3/10 1-12/10
Finland 1.3 -0.2 13.7
% of net sales 4.4% -0.8% 10.0%
Sweden 6.1 2.6 23.3
% of net sales 14.9% 8.8% 16.1%
Norway 0.4 -0.4 2.3
% of net sales 1.2% -1.6% 2.0%
Denmark -1.3 -0.6 -2.2
% of net sales -15.0% -7.8% -6.2%
Europe East -1.7 -2.4 -3.5
% of net sales -17.7% -32.2% -8.3%
Europe Central -1.2 -2.6 0.8
% of net sales -8.2% -21.8% 1.2%
Costs not allocated to segments -1.1 -1.8 -4.7
Group EBIT 2.7 -5.6 29.7
% of net sales 2.0% -5.0% 5.6%
Net financial items were EUR -2.8 (-0.4) million, including EUR -0.3 (2.9)
million net effect of exchange rate changes. The Group's result before taxes
was EUR -0.2 (-6.0) million. Income taxes amounted to EUR 0.1 (0.7) million.
Net result for the review period was EUR -0.1 (-5.3) million. Earnings per
share were EUR 0.00 (-0.05). The return on invested capital was 9.3% (5.8%),
and the corresponding return on equity was 6.3% (-0.4%). The equity per share
was EUR 2.9 (2.9).
CAPITAL EXPENDITURE, CASH FLOW AND FINANCIAL POSITION
Ramirent Group January - March 2011 gross capital expenditure on non-current
assets totalled EUR 31.9 (12.5) million, of which EUR 29.6 (7.5) million was
attributable to investments in machinery and equipment, and the rest was
related mainly to goodwill and other intangible assets from acquisitions. The
acquisitions completed during the reporting period do not individually or as a
whole have a material impact on the result or financial position of the Group.
Disposals of tangible non-current assets at sales value were EUR 3.8 (5.0)
million, of which EUR 3.7 (5.0) million was attributable to rental machinery
and equipment.
The Group's three-month cash flow from operating activities amounted to EUR
27.3 (9.8) million, whereof change in net working capital amounted to EUR 1.8
(-0.7) million. Cash flow from investing activities amounted to EUR -38.1
(-13.9) million due to increased investments in rental machinery and equipment
as well as acquisitions. Cash flow from operating and investing activities
totalled EUR -10.7 (-4.0) million. In the period January-March 2011, own shares
were repurchased to the amount of EUR 3.3 million.
Interest-bearing liabilities at the end of the first quarter amounted to EUR
191.5 (214.4) million. Net debt amounted to EUR 190.6 (211.7) million, and
gearing was at 60.2% (68.4%).
On 31 March 2011, Ramirent had unused committed back-up loan facilities
available of EUR 177.2 million.
Total assets amounted to EUR 666.1 (667.2) million at the end of the review
period. The Group equity totalled EUR 316.4 (309.3) million. The Group's equity
ratio rose to 47.5% (46.4%).
PERSONNEL AND OUTLET NETWORK
Employees Employees Outlets Outlets
31 March 2011 31 March 2010 31 March 2011 31 March 2010
Finland 566 646 84 82
Sweden 552 540 74 67
Norway 514 537 41 39
Denmark 150 145 21 21
Europe East 407 367 48 45
Europe Central 835 797 114 99
Group administration 21 15 - -
Total 3 045 3 047 382 353
BUSINESS EXPANSIONS AND ACQUISITIONS
On 14 December 2010, Ramirent signed an agreement on the acquisition of the
light equipment and hoists operations of a Danish construction company E.
Pihl&Søn A.S. and E. Pihl&Søn A.S. signed a 5-year rental agreement with
Ramirent.. The transfer of the acquired assets took place on 1 January 2011.
On 1 February 2011, Ramirent signed an agreement to acquire the business assets
of the machinery rental company Jydsk Materiel Udlejning located in West
Jutland. For Ramirent Denmark, the acquisition contributes with approximately
EUR 1.5 million in annual sales.
On 8 March 2011, Ramirent exercised its option to acquire the remaining 40%
stake in the Slovak-based company Ramirent spol. s.r.o (OTS Bratislava
spol.sr.o. (OTS)), of which Ramirent acquired a 60% ownership stake in January
2008.
On 29 March 2011, Destia Oy outsourced its modules and some light machinery as
well as related operations to Ramirent and signed a five-year rental agreement
with Ramirent Finland Oy. A letter of intent on the cooperation agreement was
signed on 10 January 2011. The transfer of the acquired assets took place on 1
April 2011.
DEVELOPMENT BY OPERATING SEGMENT
Finland
Ramirent's January - March net sales in Finland increased by 7.7% to EUR 30.2
(28.1) million. EBIT increased to EUR 1.3 (-0.2) million, representing a margin
of 4.4% (-0.8%). The main growth driver was residential construction.
Renovation activity was lower as government subsidies for renovation
construction decreased. Industrial maintenance activity in general and
especially in shipyards was at very low levels. Profitability was burdened by
lower activity levels in shipyards as well as low price and utilisation levels
in certain product groups, in particular scaffolding. During the quarter,
Destia Oy outsourced to Ramirent its modules, some light machinery and related
operations and signed a five-year equipment rental agreement with Ramirent.
Cooperation agreements were also signed with two new customer sectors in
Finland; the Central Union of Agricultural Producers and Forest Owners (MTK)
and VR Track, Finland's largest rail constructor.
Sweden
Ramirent's January-March net sales in Sweden increased by 40.5% to EUR 41.3
(29.4) million or by 25.1% at comparable exchange rates. EBIT increased to EUR
6.1 (2.6) million, representing a margin of 14.9% (8.8%). Especially civil
engineering, public sector demand and housing boosted Ramirent's growth during
the quarter. The growth was driven by Stockholm and the surrounding areas, but
central and southern regions of the country also developed positively.
Profitability improved based on higher capacity utilisation, but is still
burdened by low price levels.
Norway
Ramirent's January-March net sales in Norway increased by 15.0% to EUR 32.6
(28.4) million or increased by 11.0% at comparable exchange rates. EBIT
increased to EUR 0.4 (-0.4) million, representing a margin of 1.2% (-1.6%). The
growth driver was the recovery in construction activity especially in the
western and northern parts of Norway. Profitability was still burdened by low
price levels. A new managing director for Norway was appointed on 1 February
2011.
Denmark
Ramirent's January-March net sales in Denmark increased by 3.2% to EUR 8.4
(8.1) million or increased by 3.4% at comparable exchange rates. EBIT amounted
to -1.3 (-0.6) million representing a margin of -15.0% (-7.8%). The high level
of price competition eased and market conditions have improved slightly.
Profitability was burdened by increased costs for intensified sales and
marketing activities in advance of the summer season. During the quarter,
Ramirent acquired the business assets of machinery rental company Jydsk
Materiel Udlejning and the Danish construction company E. Pihl&Søn A.S.
outsourced to Ramirent its light equipment and hoists operation and signed a
5-year equipment rental agreement with Ramirent.
Europe East (Russia, the Baltic States and Ukraine)
Ramirent's January-March net sales in Europe East increased by 25.4% to EUR 9.4
(7.5) million or increased by 22.8% at comparable exchange rates. EBIT amounted
to -1.7(-2.4) million, representing a margin of -17.7% (-32.2%). Growth drivers
were mainly infrastructural construction in Russia and energy-related
investments in particular in Baltics and Ukraine. Business volumes improved
also in the Baltic States, especially in Lithuania, and also in Ukraine.
Ramirent strengthened its market coverage in Ukraine by opening one new outlet
during the quarter, totalling 7 outlets at the end of the quarter.
Profitability was still burdened by low price levels and low business volumes
due to tough winter conditions.
Europe Central (Poland, Hungary, Czech Republic and Slovakia)
Ramirent's January-March net sales in Europe Central increased by 19.0% to EUR
14.4 (12.1) million or increased by 18.5% at comparable exchange rates. EBIT
amounted to -1.2(-2.6) million, representing a margin of -8.2% (-21.8%). The
growth drivers were the recovery in construction and industrial activity in
Poland and Hungary. Ramirent continued to improve its market coverage in Czech
Republic and expanded its Czech network with 3 new outlets, totalling 21
outlets at the end of quarter. Profitability was burdened by low price levels
and business volumes especially in Czech Republic and Slovakia.
Decisions of the Annual General Meeting
Ramirent Plc's Annual General Meeting, which was held on 7 April 2011, adopted
the 2010 financial statements and discharged the members of the Board of
Directors and the President and CEO from liability.
The number of members of the Board of Directors was confirmed as six (6). Board
members Kaj-Gustaf Bergh, Johan Ek, Peter Hofvenstam, Erkki Norvio, and Susanna
Renlund were re-elected and Gry Hege Sølsnes was elected as new Board member
for the term that will continue until the end of the next Annual General
Meeting. The remunerations of the members of the Board of Directors remained
unchanged.
The number of auditors was confirmed as one (1) and PricewaterhouseCoopers Oy
(“PwC”) was elected as the Company's auditor with Authorised Public Accountant
Ylva Eriksson as principally responsible auditor for the term that will
continue until the end of the next Annual General Meeting.
The General Meeting approved the authorisation for the Board of Directors to
decide on the repurchase of a maximum of 10,869,732 Company's own shares until
the next Annual General Meeting. The authorisation also contains an entitlement
for the Company to accept its own shares as pledge.
Dividend for 2010
The Annual General Meeting adopted the Board's proposal that a dividend of EUR
0.25 per share be paid based on the adopted balance sheet for the financial
year ended on 31 December 2010. The date of record for dividend payment was 12
April 2011 and the dividend was paid on 26 April 2011.
SHARE CAPITAL AND TRADING IN THE SHARES
At the end of the review period, Ramirent Plc's share capital was EUR 25.0
million, and the total number of Ramirent shares was 108,697,328.
Ramirent Plc's market capitalization at the end of March 2011 was EUR 1,260.9
(851.1) million. Trading closed at EUR 11.60 (7.83). The highest quote for the
period was EUR 12.37 (8.07), and the lowest was EUR 9.50 (6.17). The average
trading price was EUR 11.16 (7.11).
The value of share turnover during the review period was EUR 103.4 (101.0)
million, equivalent to 9,266,708 (14,142,407) traded Ramirent shares, i.e.,
8.5% (13.0%) of Ramirent's total number of shares.
According to the nominee registers, approximately 18.6% of the listed shares
were owned by foreigners as per 31 March 2011. Other foreign ownership at the
end of the period totalled approximately 35.3%. Thus a total of 58.9% of
Ramirent's listed shares were owned by international investors.
REPURCHASE OF RAMIRENT'S OWN SHARES
On the basis of the Annual General Meeting's authorization, the Board of
Directors of Ramirent Plc decided on 16 February 2011 on the repurchase of up
to 287,000 shares of the Company. During January-March 2011, Ramirent used its
previous authorisation to repurchase own shares and bought back in total
277,000 shares. At the end of March, the Group had 670,192 shares in its
possession. The shares in the Group's possession represent 0.6% of the total
number of Ramirent's shares.
Other important events during the review period
Changes in the Ramirent Group Management Team
Bjørn Larsen (51), M.Sc. (Business and Mark.), MBA, was appointed as Senior
Vice President of the Ramirent Norway segment and member of the Group
Management Team as of 1 February 2011. Larsen succeeds Eivind Bøe, who has held
the position since 2005 until 31 January 2011 when he resigned from Ramirent.
Erik Høi (55), B.Sc. (Mechanical Engineer), was appointed as Senior Vice
President of the Ramirent Denmark segment and member of the Group Management
Team as of 19 January 2011.
The aim of the composition of the Group Management Team is to be close to the
operative business and emphasize the business segments' and key functions'
roles. The composition of the Ramirent Group Management Team as of 1 February
2011 is as follows: Magnus Rosén, President and CEO of Ramirent Group; Jonas
Söderkvist, CFO; Kari Aulasmaa, SVP, Finland and Europe East segments; Peter
Dahlsten, SVP, Sweden segment; Tomasz Walawender, SVP, Europe Central segment;
Erik Høi, SVP, Denmark segment; Bjørn Larsen, SVP, Norway segment; Franciska
Janzon, Director, Corporate Communications; Mikael Kämpe, Director, Group
Fleet; and Dino Leistenschneider, Director, Sourcing.
New incentive programme
On 16 February 2011, the Board of Directors of Ramirent Plc approved a new
Performance Share Program targeted at approximately 60 managers for the earning
period 2011-2013. The potential reward from the program for the earning period
2011-2013 will be based on Ramirent's Total Shareholder Return (TSR), on the
Group's average Return on Invested Capital (ROI) and on the Group's cumulative
Earnings per Share (EPS).
The maximum reward to be paid on the basis of the earning period 2011-2013 will
correspond to the value of up to 287,000 Ramirent Plc shares (including also
the proportion to be paid in cash).
STRATEGY AND FINANCIAL TARGETS
The aim of the Ramirent Group's strategy is to generate a healthy return to
shareholders while maintaining financial stability. Ramirent's strategy is
focused on three major objectives: 1) sustainable top-line growth through
strengthening the customer offering, widening the customer portfolio and,
growing through outsourcing deals and selected acquisitions; 2) operational
excellence through developing a one-company structure, “the Ramirent platform”;
and 3) reducing the risk level through a balanced business portfolio and risk
management practices.
The Group's long-term financial targets over a business cycle are: earnings per
share growth of at least 15% p.a., a return on invested capital of at least 18%
p.a. and a gearing target of less than 120% at the end of each financial year.
Ramirent's policy with respect to the ordinary dividend is to distribute at
least 40% of annual earnings per share to shareholders.
ESSENTIAL RISKS AFFECTING RAMIRENT'S OPERATIONS
Ramirent is subject to various business risks. Certain risk factors are deemed
to be of material importance to the future development of Ramirent. Risks are
evaluated in relation to achievement of the Company's financial and strategic
targets. Overall, Ramirent expects that its risk exposure is high due to the
turmoil in the financial markets and the economic cycle of the construction
markets. The main risks affecting Ramirent's business operations, its
profitability and financial position are those connected with the economic
cycles of the construction industry and increased competition in the rental
sector in its operating countries. The main risks are described in the annual
report 2010.
EVENTS AFTER THE REVIEW PERIOD
On 1 April 2011, Ramirent acquired the assets of machinery and equipment rental
business of the Czech company Stavební Doprava a Mechanizace (SDM). The
acquisition strengthened Ramirent's presence with three new outlets in Czech
Republic. The SDM operations have been consolidated as of 1 April 2011.
On 4 May 2011, Ramirent acquired the machinery and equipment rental business of
the Czech construction machinery company RENT MB s.r.o. (“RENT MB”). The
acquisition strengthens Ramirent's existing network in Czech Republic with two
new outlets in the Central and Northern part of the country.
MARKET OUTLOOK 2011
Overall, the new residential construction, infrastructure and renovation
construction markets are expected to develop favourably, while demand for
commercial construction remains weak, especially in the Nordic countries.
According to the forecast published by VTT Expert Service Oy on 2 May 2011,
construction is expected to grow by 4% and rental of construction machinery and
equipment by 10% in 2011 in Finland.
According to the forecast published by the Swedish Construction Federation in
February 2011, construction is expected to grow by 7% in 2011 in Sweden.
According to the forecast published by Euroconstruct in December 2010,
construction is expected to grow by 3% in 2011 in Norway and by 3% in 2011 in
Denmark. In Europe East countries construction is expected to increase by 10%
in 2011 in Estonia, by 4% in Latvia, by 5% in Lithuania and by 3 to 7% in
Russia. In Europe Central countries Euroconstruct forecasts construction to
grow by 13% in 2011 in Poland and, by 5% in Hungary but decrease by 3% in
Slovakia and by 3% in Czech Republic.
Taking this into account, Ramirent expects the recovery in the rental markets
to continue. The improved balance between supply and demand in certain product
groups indicates a healthier price level going forward.
RAMIRENT OUTLOOK 2011
Ramirent reiterates its outlook for 2011. As a result of increased construction
activity and improving price levels, net sales are expected to increase in
2011, and the result before taxes is expected to improve compared to 2010.
FORWARD-LOOKING STATEMENTS
Certain statements in this report, which are not historical facts, including,
without limitation, those regarding expectations for general economic
development and market situation; regarding customer industry profitability and
investment willingness; regarding Company growth, development and
profitability; regarding cost savings; regarding fluctuations in exchange rates
and interest levels; regarding the success of pending and future acquisitions
and restructurings; and statements preceded by "believes,""expects,""anticipates,""foresees" or similar expressions are forward-looking
statements.
These statements are based on current expectations and currently known facts.
Therefore, they involve risks and uncertainties that may cause actual results
to differ materially from results currently expected by the Company.
TABLES
This interim report has been prepared in accordance with IAS 34 Interim
Financial Reporting, as adopted by the EU and in conformity with the accounting
principles published in the 2010 financial statements.
Ramirent has adopted the following new or amended IFRS standards and IFRIC
interpretations as of 1 January 2011:
- IAS 32 (Amendment) - Financial instruments: Classification of rights issues
- IAS 24 (Revised) - Related party disclosures
- IFRIC 19 - Extinguishing financial liabilities with equity instruments
- IFRIC 14 (Amendment) - Prepayments of a minimum funding requirement
- Annual improvements to IFRS.
The abovementioned changes do not have any material impact on Ramirent's
financial reporting.
Consolidated financial statements have been presented in thousand euros unless
otherwise stated. Due to roundings individual figures may differ from the
totals.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(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
Other comprehensive income
Translation differences 771 10 419 16 913
Cash flow hedges 1 397 -2 099 -2 097
Portion of cash flow hedges transferred to profit or 168 898 2 121
loss
Income tax on other comprehensive income -351 312 -239
OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF 1 984 9 531 16 698
TAX
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 1 877 4 218 31 339
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
Total comprehensive income for the period attributable to:
Owners of the parent company 1 877 4 218 31 339
Non controlling interest - - -
TOTAL 1 877 4 218 31 339
Earnings per share (EPS), basic and diluted, EUR 0.00 -0.05 0.13
CONSOLIDATED 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
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 - 62 -
non-current assets held for sale
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
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
A=Share capital
B=Revaluation fund
C=Invested unrestricted equity fund
D=Translation differences
E=Retained earnings
F=Entries on non-current assets held for sale
G=Total equity
1) Equity 1.1.2010
2) Share based payments
3) Total comprehensive income for the period
4) Equity 31.3.2010
5) Purchase of treasury shares
6) Dividend distribution
7) Equity 31.12.2010
8) Equity 31.3.2011
(EUR 1,000)
A B C D E F G
1) 25 000 -2 319 113 329 -17 504 187 064 62 305 632
2) - - - - -523 - -523
3) - -888 - 10 419 -5 312 - 4 218
4) 25 000 -3 207 113 329 -7 085 181 229 62 309 327
2) - - - - 435 - 435
5) - - - - -2 939 - -2 939
6) - - - - -16 305 - -16 305
3) - 735 - 6 495 19 952 -62 27 121
7) 25 000 -2 472 113 329 -591 182 374 - 317 640
2) - - - - 190 - 190
5) - - - - -3 262 - -3 262
3) - 1 214 - 771 -108 - 1 877
8) 25 000 -1 258 113 329 180 179 194 - 316 445
CONSOLIDATED CONDENSED CASH FLOW STATEMENT
(EUR million) 1-3/11 1-3/10 1-12/10
Cash flow from operating activities 27.3 9.8 104.2
Cash flow from investing activities -38.1 -13.9 -56.2
Cash flow from financing activities
Borrowings / repayment of short-term debt 18.7 -7.4 0.6
Borrowings / repayment of long-term debt -5.2 12.4 -29.8
Acquisition of treasury shares -3.3 - -2.9
Dividends paid - - -16.3
Cash flow from financing activities 10.3 5.0 -48.5
Net change in cash and cash equivalents -0.4 1.0 -0.5
Cash and cash equivalents at the beginning of the 1.4 1.8 1.8
period
Translation difference on cash and cash equivalents - - 0.1
Net change in cash and cash equivalents -0.4 1.0 -0.5
Cash and cash equivalents at the end of the period 0.9 2.8 1.4
KEY FINANCIAL FIGURES
1-3/11 1-3/10 1-12/10
Interest-bearing debt, (EUR million) 191.5 214.4 177.9
Net debt, (EUR million) 190.6 211.7 176.6
Invested capital (EUR million), end of period 507.9 523.7 495.6
Return on invested capital (ROI), % 1) 9.3% 5.8% 8.6%
Gearing, % 60.2% 68.4% 55.6%
Equity ratio, % 47.5% 46.4% 48.0%
Personnel, average 3 024 3014 3 043
Personnel, end of period 3 045 3047 3 048
Gross investments in non-current assets (EUR million) 31.9 12.5 62.0
Gross investments, % of net sales 23.7% 11.2% 11.7%
1) The figures are calculated on a rolling twelve month basis.
SHARE RELATED KEY FIGURES
1-3/11 1-3/10 1-12/10
Earnings per share (EPS) weighted 0.00 -0.05 0.13
average, basic and diluted, EUR
Equity per share, end of period, basic 2.92 2.85 2.93
and diluted, EUR
Number of outstanding shares (weighted 108 208 725 108 697 328 108 575 291
average), basic and diluted
Number of outstanding shares (end of 108 027 136 108 697 328 108 304 136
period), basic and diluted
NOTES TO THE INTERIM FINANCIAL STATEMENTS
SEGMENT INFORMATION
Segment information is presented according to the IFRS standards. Items below
EBIT - financial items and taxes - are not allocated to the segments.
Net sales
(EUR million) 1-3/11 1-3/10 1-12/10
Finland
- Net sales (external) 29.2 27.9 135.2
- Inter-segment sales 1.1 0.2 1.8
Sweden
- Net sales (external) 41.0 29.3 144.5
- Inter-segment sales 0.3 0.1 0.7
Norway
- Net sales (external) 32.4 28.3 113.7
- Inter-segment sales 0.2 0.1 0.7
Denmark
- Net sales (external) 8.2 7.7 32.9
- Inter-segment sales 0.2 0.5 2.7
Europe East
- Net sales (external) 9.3 6.6 39.5
- Inter-segment sales 0.1 0.9 3.2
Europe Central
- Net sales (external) 14.3 11.8 65.4
- Inter-segment sales 0.1 0.3 1.2
Elimination of sales between segments -1.9 -2.0 -10.2
Net sales, total 134.4 111.5 531.3
Other operating income 0.3 0.3 1.6
EBIT
(EUR million) 1-3/11 1-3/10 1-12/10
Finland 1.3 -0.2 13.7
% of net sales 4.4% -0.8% 10.0%
Sweden 6.1 2.6 23.3
% of net sales 14.9% 8.8% 16.1%
Norway 0.4 -0.4 2.3
% of net sales 1.2% -1.6% 2.0%
Denmark -1.3 -0.6 -2.2
% of net sales -15.0% -7.8% -6.2%
Europe East -1.7 -2.4 -3.5
% of net sales -17.7% -32.2% -8.3%
Europe Central -1.2 -2.6 0.8
% of net sales -8.2% -21.8% 1.2%
Net items not allocated to operating segments -1.1 -1.8 -4.7
Group EBIT 2.7 -5.6 29.7
% of net sales 2.0% -5.0% 5.6%
Depreciation and amortisation
(EUR million) 1-3/11 1-3/10 1-12/10
Finland 5.3 4.9 20.0
Sweden 5.8 4.6 20.7
Norway 4.7 4.5 18.3
Denmark 1.7 1.7 6.9
Europe East 3.3 3.4 15.2
Europe Central 4.2 4.0 17.0
Unallocated items and eliminations -0.1 -0.1 -0.3
Total 24.9 23.1 97.7
Reconciliation of Group EBIT to result before taxes (EBT)
(EUR million) 1-3/11 1-3/10 1-12/10
Group EBIT 2.7 -5.6 29.7
Unallocated items:
Financial income 2.1 6.1 13.8
Financial expenses -5.0 -6.5 -22.7
Result before taxes (EBT) -0.2 -6.0 20.9
Capital expenditure
(EUR million) 1-3/11 1-3/10 1-12/10
Finland 4.4 1.2 17.2
Sweden 13.2 7.6 30.3
Norway 4.7 3.7 11.5
Denmark 4.2 0.1 1.4
Europe East 3.1 0.5 4.3
Europe Central 3.8 0.9 7.4
Unallocated items and eliminations -1.4 -1.6 -10.2
Total 31.9 12.5 62.0
Assets allocated to segments
(EUR million) 1-3/11 1-3/10 1-12/10
Finland 128.3 127.7 124.6
Sweden 159.9 148.6 155.4
Norway 144.5 143.5 141.8
Denmark 44.3 46.5 42.4
Europe East 90.4 101.1 91.5
Europe Central 112.1 123.1 114.2
Unallocated items and eliminations -13.4 -23.3 -8.6
Total 666.1 667.2 661.3
Changes in non-current assets
(EUR 1 000) 31.3.2011 31.3.2010 31.12.2010
OPENING BALANCE 531 229 549 173 549 173
Depreciation and amortisation -24 933 -23 115 -97 716
Additions:
Machinery&Equipment 29 650 7 517 52 668
Other Additions 2 236 4 957 10 633
Disposals (sales) -1 570 -3 051 -8 224
Other* 540 18 090 24 695
CLOSING BALANCE 537 153 553 571 531 229
Non-current assets held for sale - 370 -
* Other includes translation differences, reclassifications
and changes in estimated consideration for acquisitions
CONTINGENT LIABILITIES
(EUR million) 31.3.2011 31.3.2010 31.12.2010
Suretyships 3.2 2.8 3.2
Committed investments 18.0 3.9 0.5
Non-cancellable minimum future operating lease 143.0 160.3 143.4
payments
Non-cancellable minimum future finance lease 0.2 0.6 0.3
payments
Finance lease debt in the balance sheet -0.2 -0.6 -0.3
Non-cancellable minimum future lease payments 143.0 160.3 143.4
off-balance sheet
Obligations arising from derivative
instruments
Interest rate derivatives
Nominal value of underlying object 143.0 195.1 143.2
Fair value of the derivative instruments -0.9 -2.2 -2.4
Foreign currency derivatives
Nominal value of underlying object 54.4 - 40.4
Fair value of the derivative instruments -0.3 - 0.1
DEFINITION OF KEY FINANCIAL FIGURES
Return on equity (ROE), %: (Net result x 100) / Total equity (average
over the financial period)
Return on invested capital (ROI), %: ((Result before taxes + interest and other
financial expenses) x 100) / (Total
assets - non-interest bearing debt
(average over the financial period))
Equity ratio, %: ((Total equity + non-controlling interest)
x 100) / (Total assets - advances
received)
Earnings per share (EPS), EUR: (Net result +/- non-controlling interest's
share of net result) / (Average number of
shares, adjusted for share issues, during
the financial period)
Shareholders' equity per share, EUR: (Equity belonging to the parent company's
shareholders) / (Number of shares,
adjusted for share issues, on reporting
date)
Payout ratio, %: (Dividend per share x 100)/(Earnings per
share)
Net debt: Interest-bearing debt - cash and bank
receivables, and financial securities
Gearing: (Net debt x 100)/(Total equity)
Dividend per share: Dividend paid /
Number of shares on the registration date for dividend distribution
EXCHANGE RATES APPLIED
Average Average Average Closing Closing Closing
rates rates rates rates rates rates
Currency 1-3/2011 1-3/2010 1-12/2010 31.3.2011 31.3.2010 31.12.2010
DKK 7.4549 7.4427 7.4472 7.4567 7.4447 7.4535
EEK/EUR 1.0000 15.6466 15.6466 1.0000 15.6466 15.6466
HUF 272.4568 268.6800 275.3567 265.7200 265.7500 277.9500
LTL 3.4528 3.4528 3.4528 3.4528 3.4528 3.4528
LVL 0.7048 0.7087 0.7087 0.7095 0.7085 0.7094
NOK 7.8233 8.1052 8.0060 7.8330 8.0135 7.8000
PLN 3.9435 3.9918 3.9950 4.0106 3.8673 3.9750
RUB 40.0029 41.3271 40.2780 40.2850 39.6950 40.8200
SEK 8.8623 9.9574 9.5469 8.9329 9.7135 8.9655
UAH 10.8845 11.0830 10.6024 11.3088 10.6781 10.5775
CZK 24.3730 25.8843 25.2939 24.5430 25.4400 25.0610
QUARTERLY SEGMENT INFORMATION
Net sales Q1 Full Q4 Q3 Q2 Q1
2011 year 2010 2010 2010 2010
2010
(EUR million)
Finland 30.2 136.9 35.2 37.5 36.1 28.1
Sweden 41.3 145.2 44.9 36.1 34.9 29.4
Norway 32.6 114.4 31.1 27.6 27.4 28.4
Denmark 8.4 35.6 9.5 9.0 9.0 8.1
Europe East 9.4 42.7 13.4 12.3 9.5 7.5
Europe Central 14.4 66.6 18.9 19.7 15.9 12.1
Elimination of sales between -1.9 -10.2 -3.0 -1.2 -4.0 -2.0
segments
Net sales, total 134.4 531.3 150.1 140.9 128.7 111.5
EBIT
Q1 Full Q4 Q3 Q2 Q1
2011 year 2010 2010 2010 2010
2010
(EUR million and % of net sales)
Finland 1.3 13.7 2.9 7.1 4.0 -0.2
% of net sales 4.4% 10.0% 8.1% 18.8% 11.1% -0.8%
Sweden 6.1 23.3 8.3 7.4 5.0 2.6
% of net sales 14.9% 16.1% 18.5% 20.6% 14.4% 8.8%
Norway 0.4 2.3 0.1 1.7 1.0 -0.4
% of net sales 1.2% 2.0% 0.3% 6.1% 3.7% -1.6%
Denmark -1.3 -2.2 -0.7 -0.2 -0.7 -0.6
% of net sales -15.0% -6.2% -7.8% -1.9% -7.4% -7.8%
Europe East -1.7 -3.5 1.1 -0.7 -1.6 -2.4
% of net sales -17.7% -8.3% 8.5% -5.7% -16.5% -32.2%
Europe Central -1.2 0.8 1.0 2.2 0.3 -2.6
% of net sales -8.2% 1.2% 5.1% 11.2% 1.9% -21.8%
Costs not allocated to segments -1.1 -4.7 -1.4 -0.9 -0.7 -1.8
Group EBIT 2.7 29.7 11.3 16.6 7.4 -5.6
% of net sales 2.0% 5.6% 7.5% 11.8% 5.8% -5.0%
ANALYST AND PRESS BRIEFING
A briefing for investment analysts and the press will be arranged on Tuesday 10
May 2011 at 11.00 a.m. Finnish time at Palace Gourmet, cabinet Konferenssisali
(visiting address: Eteläranta 10, 10th fl., Helsinki).
WEBCAST AND CONFERENCE CALL
You can participate in the analyst briefing on Tuesday 10 May 2011 at 11.00
a.m. Finnish time through a live webcast at www.ramirent.com and conference
call. Dial-in number: +44 (0)20 7162 0025 and conference ID code 894611. A
recording of the webcast will be available at www.ramirent.com later the same
day.
FINANCIAL CALENDAR 2011
Ramirent observes a silent period during the three-week period prior to the
publication of annual and interim financial results. Times are given in Finnish
time (EET).
Interim Report January-June 2011 12 August 2011 at 9:00 a.m.
Interim Report January-September 2011 9 November 2011 at 9:00 a.m.
The financial information in this stock exchange release has not been audited.
Vantaa, 10 May 2011
RAMIRENT PLC
Board of Directors
FURTHER INFORMATION:
CEO Magnus Rosén tel.+358 20750 2845, magnus.rosen(a)ramirent.com
CFO Jonas Söderkvist tel.+358 20750 3248, jonas.soderkvist(a)ramirent.com
IR Franciska Janzon tel.+358 20750 2859, franciska.janzon(a)ramirent.com
DISTRIBUTION:
NASDAQ OMX Helsinki Ltd.
Main news media
www.ramirent.com
Ramirent is a leading equipment rental group delivering Dynamic Rental
Solutions™ that simplify business. We serve a broad range of customers,
including construction and process industries, shipyards, the public sector and
households. In 2010, Group sales totalled EUR 531 million. The Group has 3,000
employees at some 382 locations in 13 countries in Northern, Central and
Eastern Europe. Ramirent is listed on the NASDAQ OMX Helsinki Ltd.
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