2013-02-12 08:00:01 CET
2013-02-12 08:00:11 CET
REGULATED INFORMATION
Ramirent - Financial Statement Release
RAMIRENT’S FINANCIAL STATEMENTS BULLETIN FOR 2012: PROFITABILITY IMPROVED AND SALES ALL-TIME HIGH
RAMIRENT PLC COMPANY ANNOUNCEMENT 12 FEBRUARY
2013
Vantaa, Finland, 2013-02-12 08:00 CET (GLOBE NEWSWIRE) --
Note! Figures in brackets, unless otherwise indicated, refer to the
corresponding period a year earlier.
OCTOBER-DECEMBER 2012 HIGHLIGHTS
- Ramirent net sales EUR 194.1 (186.8) million, up 3.9% (up 0.5% at comparable
exchange rates)
- EBITDA EUR 56.5 (55.0) million or 29.1% (29.4%) of net sales
- EBITA EUR 29.4 (27.3) million or 15.2% (14.6%) of net sales
- EBIT EUR 27.5 (25.5) million or 14.2% (13.6%) of net sales
- Cash flow after investments EUR 16.8 (15.9) million
- A decision on formation of a joint venture with Cramo in Russia and Ukraine
JANUARY-DECEMBER 2012 HIGHLIGHTS
- Ramirent net sales EUR 714.1 (649.9) million, up 9.9% (7.7% at comparable
exchange rates)
- EBITDA EUR 210.2 (181.8) million or 29.4% (28.0%) of net sales
- EBITA EUR 100.3 (79.4) million or 14.1% (12.2%) of net sales
- EBIT EUR 92.3 (74.1) million or 12.9% (11.4%) of net sales
- Net result EUR 63.6 (44.7) million and EPS EUR 0.59 (0.41)
- Gross capital expenditure EUR 124.0 (242.2) million
- Cash flow after investments EUR 54.2 (−52.0) million
- Net debt EUR 239.4 (262.8)
- Net debt to EBITDA 1.1x (1.4x)
- The Board proposes a dividend of EUR 0.34 (0.28) per share for the year 2012
RAMIRENT 2013 OUTLOOK
For the full year 2013, EBITA is expected to remain at the 2012 level.
KEY FIGURES (MEUR) 10-12/ 10-12/ Change 1-12/1 1-12/1 Change
12 11 2 1
Net sales 194.1 186.8 3.9% 714.1 649.9 9.9%
EBITDA 56.5 55.0 2.7% 210.2 181.8 15.7%
% of net sales 29.1% 29.4% 29.4% 28.0%
EBITA 1) 29.4 27.3 7.8% 100.3 79.4 26.4%
% of net sales 15.2% 14.6% 14.1% 12.2%
EBIT 27.5 25.5 7.8% 92.3 74.1 24.5%
% of net sales 14.2% 13.6% 12.9% 11.4%
EBT 24.3 22.7 6.9% 82.9 60.8 36.4%
% of net sales 12.5% 12.2% 11.6% 9.3%
Earnings per share (EPS), (basic 0.18 0.16 16.4% 0.59 0.41 42.7%
and diluted), EUR
Gross capital expenditure on 36.8 45.9 −19.8% 124.0 242.2 −48.8%
non-current assets
Gross capital expenditure,% of 19.0% 24.6% 17.4% 37.3%
net sales
Cash flow after investments 16.8 15.9 6.0% 54.2 −52.0 204.1%
Invested capital at the end of 608.4 591.2 2.9%
period
Return on invested capital 18.8% 15.7%
(ROI), % 2)
Return on equity (ROE), % 2) 18.3% 13.9%
Net debt 239.4 262.8 −8.9%
Net debt to EBITDA ratio 1.1x 1.4x −21.2%
Gearing, % 65.1% 80.6%
Equity ratio, % 44.3% 40.7%
Personnel at end of period 3,005 3,184 −5.6 %
1) EBITA is operating result before amortisation and impairment of intangible
assets.
2) The figures are calculated on a rolling twelve month basis.
MAGNUS ROSÉN, RAMIRENT CEO:
“The year 2012 was a good year for the Ramirent Group. Sales increased by 10%
to all-time high level of EUR 714 million and EBIT increased by 25% to EUR 92.3
million, corresponding to 12.9% of sales. Our financial position strengthened,
our cash flow increased significantly and all financial targets were met. In
the Nordic countries, activity levels held up well with Norway experiencing the
strongest overall market conditions. In Central Europe, market conditions
continued to weaken and we scaled down our operations both in number of
employees and customer centres as well as relocated fleet capacity mainly to
the Baltic area which saw a good recovery in demand in 2012. Our business
continued to develop well also in Russia and Ukraine. Business volumes held up
fairly well also in the fourth quarter. Sales increased by 4% and EBIT grew by
8% to EUR 27.5 million, or 14.2% of sales.
During the year we continued the work to develop a consistent business model to
realize synergies in all operating countries. We further widened our customer
portfolio finding new inroads to customers in industrial companies and
municipalities. We also increased our emphasis on environment, safety, health
and quality in the customised solutions we provide to our customers. I also
wish to thank our employees for their strong drive in increasing the efficiency
of our operations. We have reached all-time high sales with a workforce of
3,000 professionals compared to 4,000 persons in 2008 when sales peaked at EUR
704 million.
Entering 2013, the economic situation continues to be uncertain. We will
continue to pursue sustainable, profitable growth of net sales. We shall
develop operations of high quality where the customer always comes first and
further lower the risk level in our operation. We added flexibility to our cost
base and business model, and we are well prepared for managing different future
market scenarios. Although we do not expect material changes in key markets in
the first half of 2013, we aim to be cautious with capital expenditure, to have
strict cost control and to maintain a strong balance sheet. We aim to continue
our focus on excellent customer relationship management and flexible
operations. Adding to this our strong product offering and an extensive
customer centre network, we believe that we are in a good position to adapt to
possible changes in market conditions entering into 2013.”
MARKET OUTLOOK 2013
Overall equipment rental market in Europe is expected to grow modestly in 2013,
according to European Rental Association (ERA).
According to a forecast published by the Euroconstruct in December 2012, the
Finnish construction market is expected to decline by 2.3% in 2013. Residential
construction is estimated to be slightly below the level of long-term trend.
Non-residential construction is expected to remain fairly stable in 2013.
In Sweden, construction is forecasted to increase by 0.2% in 2013 according to
Euroconstruct forecast in December 2012. Residential and non-residential
construction is expected to remain stable. Infrastructure construction is
forecasted to remain on the previous year's level.
Norwegian construction market is expected to grow in 2013. Euroconstruct
forecasts that the construction market will grow by 5.6% in 2013. Market
activity is estimated to remain good especially in residential as well as
infrastructure construction. Demand in several industrial sectors is expected
to remain favourable.
Danish construction market is estimated to grow by 2.2% in 2013, according to
the Euroconstruct. Construction of non-residential buildings and infrastructure
construction are forecasted to grow slightly in 2013. Residential construction
is expected to remain stable.
According to the Euroconstruct, market situation in Europe Central (Poland,
Czech Republic, Slovakia and Hungary) is going to remain challenging in 2013.
In Europe East (Russia, Estonia, Latvia, Lithuania and Ukraine) construction
markets are expected to grow modestly in 2013. Especially Russian market is
likely to show positive development.
PROPOSAL OF THE BOARD ON THE USE OF DISTRIBUTABLE FUNDS
The parent company's distributable equity on 31 December 2012 amounted to EUR
404,328,383.59 of which the net profit from the financial year 2012 is EUR
18,750,030.85
The Board of Directors proposes to the Annual General Meeting 2013 that a
dividend of EUR 0.34 (0.28) per share be paid for the financial year 2012. The
proposed dividend will be paid to shareholders registered in Ramirent's
shareholder register maintained by Euroclear Finland Ltd on the record date 29
March 2013. The Board of Directors proposes that the dividend be paid on 11
April 2013.
ANNUAL GENERAL MEETING 2013
Ramirent Plc's Annual General Meeting will be held on Tuesday 26 March 2013, at
4:30 p.m. at Pörssisali, Pörssitalo (address: Fabianinkatu 14, 00100 Helsinki,
Finland). The stock exchange release to convene the AGM 2013 will be published
on the Company's website on 1 March 2013. Ramirent Plc's Annual Report will
be published on the Company's website on 1 March 2013.
ANALYST AND PRESS BRIEFING
A briefing for investment analysts and the press will be arranged on Tuesday 12
February, 2013 at 11.00 a.m. Finnish time at WTC, World Trade Center Sodexo
Helsinki, cabinet Marskin sali (visiting address: Aleksanterinkatu 17,
Helsinki).
WEBCAST AND CONFERENCE CALL
You can participate in the analyst briefing on Tuesday 12 February, 2013 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 password
928456. A recording of the webcast will be available at www.ramirent.com later
the same day.
FINANCIAL CALENDAR UNTIL END OF 2013
Ramirent observes a silent period during 21 days prior to the publication of
annual and interim financial results.
Annual Report 2012
1 March 2013
Annual General Meeting 2013
26 March 2013
Interim Report January-March 2013
8 May 2013 at 9:00 a.m.
Interim Report January-June 2013
8 August 2013 at 9:00 a.m.
Interim Report January-September 2013
8 November 2013 at 9:00 a.m.
The financial information in this stock exchange release has not been audited.
Vantaa, 12 February 2013
RAMIRENT PLC
Board of Directors
FURTHER INFORMATION
CEO Magnus Rosén
tel.+358 20 750 2845, magnus.rosen@ramirent.com
CFO Jonas Söderkvist
tel.+358 20 750 3248, jonas.soderkvist@ramirent.com
Director, Communications & IR Franciska Janzon
tel.+358 20 750 2859, franciska.janzon@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 2012, the Group's net sales totalled EUR 714 million. The Group
has 3,000 employees at 358 customer centres in 13 countries in the Nordic
countries and in Central and Eastern Europe. Ramirent is listed on the NASDAQ
OMX Helsinki Ltd.
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