2012-02-16 08:00:01 CET
2012-02-16 08:00:34 CET
REGULATED INFORMATION
Ramirent - Financial Statement Release
RAMIRENT’S FINANCIAL STATEMENTS, JANUARY 1–DECEMBER 31, 2011: BACK TO PROFITABLE GROWTH
Vantaa, Finland, 2012-02-16 08:00 CET (GLOBE NEWSWIRE) --
Note! Figures in brackets, unless otherwise indicated, refer to the
corresponding period a year earlier.
OCTOBER-DECEMBER 2011 HIGHLIGHTS
-- Ramirent net sales EUR 186.8 (150.1) million, up 24.4% (up 23.7% at
comparable exchange rates)
-- EBITDA EUR 55.0 (36.9) million or 29.4% (24.6%) of net sales
-- EBIT EUR 25.5 (11.3) million or 13.6% (7.5%) of net sales
-- Cash flow after investments EUR 15.9 (24.2) million
-- Net debt EUR 262.8 (176.6) million and gearing 80.6% (55.6%)
JANUARY-DECEMBER 2011 HIGHLIGHTS
-- Ramirent net sales EUR 649.9 (531.3) million, up 22.3% (20.1% at comparable
exchange rates)
-- EBITDA EUR 181.8 (127.4) million or 28.0% (24.0%) of net sales
-- EBIT EUR 74.1 (29.7) million or 11.4% (5.6%) of net sales
-- Net result EUR 44.7 (14.6) million and EPS EUR 0.41 (0.13)
-- Gross capital expenditure EUR 242.2 (62.0) million
-- Cash flow after investments EUR −52.0 (48.0) million
-- The Board proposes a dividend of EUR 0.28 (0.25) per share for the year
2011
RAMIRENT 2012 OUTLOOK
In 2012, net sales are expected to increase and the result before taxes is
expected to improve compared to 2011.
Key figures
(MEUR) 10-12/ 10-12/ CHANGE 1-12/1 1-12/1 CHANGE 11 10 1 0
Net sales 186.8 150.1 24.4% 649.9 531.3 22.3%
EBITDA 55.0 36.9 49.1% 181.8 127.4 42.6%
% of net sales 29.4% 24.6% 28.0% 24.0%
EBIT 25.5 11.3 126.6% 74.1 29.7 149.3%
% of net sales 13.6% 7.5% 11.4% 5.6%
Earnings per share (EPS), (basic 0.16 0.07 140.3% 0.41 0.13 206.9%
and diluted), EUR
Gross capital expenditure 45.9 18.1 153.6% 242.2 62.0 290.7%
Gross capital expenditure,% of 24.6% 12.1% 37.3% 11.7%
net sales
Cash flow after investments 15.9 24.2 −34.3% −52.0 48.0 N/A
Invested capital at the end of 591.2 495.6 19.3%
period
Return on invested capital 15.7% 8.6%
(ROI), % 1)
Return on equity (ROE), % 1) 13.9% 4.7%
Net debt 262.8 176.6 48.8%
Gearing, % 80.6% 55.6%
Equity ratio, % 40.7% 48.0%
Personnel at end of period 3,184 3,048 4.5%
1) The figures are calculated on a rolling twelve month basis.
MAGNUS ROSÉN, RAMIRENT CEO:
“In total, Ramirent attained 22.3% growth in sales in 2011 and our operating
profit (EBIT) showed an increase of 149.3% compared to 2010. In 2011, we kept
our focus on our existing markets, growing market share and size both
organically and through acquisitions. We invested significantly in the
acquisitions and the outsourcing deals, but were also simultaneously able to
control the level of capital expenditure spent on new equipment fleet. As main
drivers for organic growth we were more efficient in utilising our fleet, and
our dynamic, solution-based offering yielded more in the markets. The Group's
profit development was supported by higher utilisation and rental rates that
improved during the year based on the recovery in market activity especially in
the second half of the year. Regionally we also continued to optimize our
outlet network, ending the year with 406 depots. We also executed our growth
strategy through nine acquisitions and two outsourcing deals in 2011. Ramirent
continues to hold the number one position in 5 out of its 6 geographical
segments, as the competitive environment continues to witness a trend towards
consolidation.
Activity remained strong in the fourth-quarter in most of Ramirent's markets,
especially in the Nordic countries and in the Europe East segment. In segment
Europe Central, Poland was the clear growth engine while market development was
weaker in Hungary, Czech and Slovakia. Sales continued to increase in the
fourth quarter compared to last year supported by favourable mild winter
weather conditions. The high utilisation rates supported the profit development
and price levels remained stable in the fourth quarter. We also continued to
execute our growth strategy during the fourth quarter through two acquisitions
in Sweden and one outsourcing deal in Denmark.
With our eyes directed at 2012, there are major uncertainties relating to
general growth prospects in the economy, and these uncertainties may affect the
demand for rental products and services. Due to the prevailing state of the
markets, the visibility is low. We continue to carefully monitor the
development of our market environment and maintain a high preparedness to act
upon possible changes in market conditions. We will continue with our current
strategic objectives and the work carried out in 2011 to support organic
expansion in selected product groups and customer segments. Both the
industrial, public and the private sectors offer further potential for
Ramirent. Our priority remains on improving price realization and to further
develop our service offering in support of this.
Our focus remains on empowering people and deploying the synergies of the one
company structure without taking the entrepreneurial spirit out of it. We are
looking for growth primarily in our existing market areas, which offer
additional potential. We will continue to develop our operational excellence
through the common Ramirent platform to strengthen the synergies within our
Group and our capabilities for controlled expansion. We continue to monitor and
assess acquisitions in the market and continue to see interest from customers
to discuss fleet outsourcing arrangements.
Entering 2012, we have prepared actions for different future market scenarios.
We aim to be cautious in capital expenditure spending, to have strict cost
control and to maintain a strong balance sheet. Adding to this our strong
product offering and an extensive outlet network, we believe that we are in a
good position to adapt to possible changes in market conditions during 2012.”
MARKET OUTLOOK 2012
Overall, the new residential construction market is expected to weaken in 2012
while renovation and infrastructure construction markets are expected to
develop more favourably, especially in the Nordic countries. However, Ramirent
maintains a cautious stance since uncertainties in the macroeconomic
development persist.
According to the forecast published by the Confederation of Finnish
Construction Industries RT in October 2011, construction output is expected to
be at the same level and according to VTT construction output will decrease by
2.2% in 2012 in Finland.
According to forecast published by the Swedish Construction Federation in 8
February 2012, construction output will decrease by 1% in 2012 in Sweden.
According to the forecast published by Euroconstruct in November 2011,
construction is expected to grow by 6% in 2012 in Norway and by 4% in 2012 in
Denmark. In Europe East countries construction is expected to increase by 8% in
2012 in Estonia, by 0-5% in Russia and decrease by 4% in Latvia and Lithuania.
In Europe Central countries Euroconstruct forecasts construction to grow by 4%
in 2012 in Poland, by 3% in Slovakia but decrease by 2% in Hungary and by 4% in
Czech Republic.
PROPOSAL OF THE BOARD ON THE USE OF DISTRIBUTABLE FUNDS
The parent company's distributable equity on December 31, 2011 is EUR
418,439,549.35, of which the net profit from the financial year 2011 is EUR
15,364,949.38.
The Board of Directors proposes to the Annual General Meeting 2012 that a
dividend of EUR 0.28 (0.25) per share be paid for the financial year 2011. The
proposed dividend will be paid to shareholders registered in Ramirent's
shareholder register maintained by Euroclear Finland Ltd on the record date 2
April 2012. The Board of Directors proposes that the dividend be paid on 11
April 2012.
ANNUAL GENERAL MEETING 2012
Ramirent Plc's Annual General Meeting will be held on Thursday 28 March 2012,
at 4:30 p.m. at Fennia II in Scandic Marina Congress Centre (address:
Katajanokanlaituri 6), Helsinki, Finland. Ramirent Plc's Annual Report will be
published on the Company's website on 2 March 2012. The stock exchange release
to convene the AGM 2012 will be published on the Company's website on 2 March
2012.
NEW DISCLOSURE PROCEDURE
Ramirent Plc follows the new disclosure procedure enabled by Standard 5.2b
published by the Finnish Financial Supervision Authority and hereby publishes
its Financial Statement Bulletin enclosed to this stock exchange release.
Ramirent Plc's Financial Statement Bulletin is attached to this release in
pdf-format. Financial Statement Bulletin is also available on the company's web
site at www.ramirent.com.
ANALYST AND PRESS BRIEFING
A briefing for investment analysts and the press will be arranged on Thursday
16 February 2012 at 11.00 a.m. Finnish time at Palace Gourmet, cabinet Merisali
(visiting address: Eteläranta 10, 10th fl., Helsinki).
WEBCAST AND CONFERENCE CALL
You can participate in the analyst briefing on Thursday 16 February 2012 at
11.00 a.m. Finnish time through a live webcast at www.ramirent.com and
conference call. Dial-in number: +44 (0)20 3003 2666 and conference password
Ramirent Financial Bulletin 2011. A recording of the webcast will be available
at www.ramirent.com later the same day.
FINANCIAL CALENDAR 2012
Ramirent observes a silent period during 21 days prior to the publication of
annual and interim financial results.
Annual Report 2011
2 March 2012
Annual General Meeting 2012
28 March 2012
Interim Report January-March 2012
10 May 2012 at 9:00 a.m.
Interim Report January-June 2012
9 August 2012 at 9:00 a.m.
Interim Report January-September 2012
2 November 2012 at 9:00 a.m.
The financial information in this stock exchange release has not been audited.
Vantaa, 15 February 2012
RAMIRENT PLC
Board of Directors
FURTHER INFORMATION
CEO Magnus Rosén
tel.+358 20750 2845, magnus.rosen@ramirent.com
CFO Jonas Söderkvist
tel.+358 20750 3248, jonas.soderkvist@ramirent.com
DISTRIBUTION
NASDAQ OMX Helsinki
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 2011, Group net sales totalled EUR 650 million. The Group has
some 3,200 employees at some 406 permanent outlets in thirteen countries.
Ramirent is listed on the NASDAQ OMX Helsinki Ltd.
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