2011-11-09 08:00:00 CET
2011-11-09 08:00:25 CET
REGULATED INFORMATION
Ramirent - Interim report (Q1 and Q3)
RAMIRENT'S JANUARY-SEPTEMBER 2011 INTERIM REPORT: GOOD SALES GROWTH AND PROFITABILITY CONTINUED TO IMPROVE, BUT VISIBILITY IS LOW
RAMIRENT PLC INTERIM REPORT 9 NOVEMBER 2011 AT 9:00 a.m.
Vantaa, Finland, 2011-11-09 08:00 CET (GLOBE NEWSWIRE) -- RAMIRENT PLC
INTERIM REPORT 9 NOVEMBER 2011 AT 9:00 a.m.
RAMIRENT'S JANUARY-SEPTEMBER 2011 INTERIM REPORT: GOOD SALES GROWTH AND
PROFITABILITY CONTINUED TO IMPROVE, BUT VISIBILITY IS LOW
Note! Figures in brackets, unless otherwise indicated, refer to the
corresponding period a year earlier.
JULY-SEPTEMBER 2011
- Net sales increased by 27.2% to MEUR 179.2 (140.9). At comparable
exchange rates the growth was 21.7%. The organic growth was 18.8%.
- EBITDA MEUR 58.6 (42.3) or 32.7% (30.0%) of sales
- EBIT MEUR 30.5 (16.6) or 17.0% (11.8%) of sales
- Gross capital expenditure MEUR 119.9 (9.7)
- Cash flow after investments MEUR -36.8 (14.4)
- Number of outlets 412 (375)
JANUARY-SEPTEMBER 2011
- Net sales increased by 21.5% MEUR 463.1 (381.2). At comparable exchange rates
the growth was 18.7%. The organic growth was 18.3%.
- EBITDA MEUR 126.8 (90.6) or 27.4% (23.8%) of sales
- EBIT MEUR 48.6 (18.5) or 10.5% (4.8%) of sales
- Gross capital expenditure MEUR 196.3 (43.9)
- Cash flow after investments MEUR -67.9 (23.8)
- Net debt MEUR 279.8 (197.2)
- Gearing 91.7% (64.1%)
MARKET OUTLOOK 2011
Overall, the new residential construction, infrastructure and renovation
construction markets are expected to develop favourably, especially in the
Nordic countries, until the end of 2011, while demand for commercial
construction remains weak. Also, the improved balance between supply and demand
indicates a healthier price level in our markets.
However, due to the current financial turmoil the market risks have increased.
Ramirent maintains a cautious stance since uncertainties in the macroeconomic
development persist.
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.
KEY FIGURES
(MEUR) 7-9/11 7-9/10 Change 1-9/11 1-9/10 Change 1-12/1
0
--------------------------------------------------------------------------------
Net sales 179.2 140.9 27.2% 463.1 381.2 21.5% 531.3
--------------------------------------------------------------------------------
EBITDA 58.6 42.3 38.5% 126.8 90.6 40.0% 127.4
--------------------------------------------------------------------------------
% of net sales 32.7% 30.0% 27.4% 23.8% 24.0 %
--------------------------------------------------------------------------------
EBIT 30.5 16.6 83.5% 48.6 18.5 163.2% 29.7
--------------------------------------------------------------------------------
% of net sales 17.0% 11.8% 10.5% 4.8% 5.6 %
--------------------------------------------------------------------------------
Earnings per share 0.17 0.08 120.4% 0.26 0.07 270.3% 0.13
(EPS), (basic and
diluted), EUR
--------------------------------------------------------------------------------
Gross capital 119.9 9.7 N/M 196.3 43.9 347.2% 62.0
expenditure
--------------------------------------------------------------------------------
Gross capital 66.9% 6.9% 42.4% 11.5% 11.7%
expenditure,% of net
sales
--------------------------------------------------------------------------------
Cash flow after -36.8 14.4 N/M -67.9 23.8 N/M 48.0
investments
--------------------------------------------------------------------------------
Invested capital at the end of 588.3 509.2 15.5% 495.6
period
--------------------------------------------------------------------------------
Return on invested capital 13.2% 5.4% 8.6%
(ROI), % 1)
--------------------------------------------------------------------------------
Return on equity (ROE), 11.4% -0.6% 4.7%
% 1)
--------------------------------------------------------------------------------
Net debt 279.8 197.2 41.9% 176.6
--------------------------------------------------------------------------------
Gearing, % 91.7% 64.1% 55.6%
--------------------------------------------------------------------------------
Equity ratio, % 38.2% 46.1% 48.0%
--------------------------------------------------------------------------------
Personnel at end of 3 249 3 025 7.4% 3 048
period
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
1) The figures are calculated on a rolling
twelve month basis.
MAGNUS ROSÉN, RAMIRENT CEO:
The demand for Ramirent's equipment rental was strong in the third quarter,
which typically is the seasonally strongest quarter of the year in the
equipment rental business. Our net sales grew 27.2 percent in July-September on
the comparison period, and our profitability continued to improve primarily
thanks to the good fleet utilisation rates. Net sales growth was strongest in
the Nordic segments and Europe East based on good construction activity levels.
Healthier balance between supply and demand has also gradually been improving
the price levels in our markets.
We have further expanded our network, totalling now 412 rental outlets. We have
successfully integrated the six acquisitions and two outsourcing deals we have
made during the year and they are positively contributing to our growth and
profitability.
The impact of the global economic turmoil was not evident in our operations in
the third quarter; rather the general demand continued to be positive in all
our segments. Nevertheless, visibility on the markets remains low and we
continue to carefully monitor the development of our market environment. We
maintain a high preparedness to act upon possible changes in market conditions.
We will keep capital expenditure and costs under strict control.
JANUARY-SEPTEMBER 2011 REVIEW
BUSINESS ENVIRONMENT
Good market activity continued in the construction and various industrial
sectors in the Nordic countries. Good construction and industrial activity
continued in Poland, while construction volumes during the quarter decreased in
Slovakia, Check Republic and Hungary compared to the previous year.
Infrastructure construction activity developed favourably in Russia and in
particular energy-related investments in the Baltic countries and Ukraine
during the third quarter of 2011. The impact of the global economic turmoil was
not evident in Ramirent's operations in the third quarter; rather the general
demand continued to be positive in all the segments.
NET SALES
Ramirent Group's January-September 2011 net sales increased by 21.5% to EUR
463.1 (381.2) million thanks to the recovery in the construction market
activity. The organic growth was 18.3%. At comparable exchange rates, the
Group's net sales increased 18.7%. In the third quarter, net sales increased by
27.2% to EUR 179.2 (140.9) million or by 21.7% at comparable exchange rates.
The organic growth in the third quarter was 18.8%. Net sales grew in all
segments both in euros and at comparable exchange rates. The growth in net
sales was especially strong in Sweden and Europe East. Finland contributed
24.0% (26.2%) to Group sales, Sweden 27.5% (25.8%), Norway 22.0% (21.4%),
Denmark 6.3% (6.7%), Europe East 8.5% (7.6%) and Europe Central 11.7% (12.3%).
Net sales development by segment was as follows:
Net sales
(MEUR) 7-9/11 7-9/10 Change 1-9/11 1-9/10 Change 1-12/1 0
--------------------------------------------------------------------------------
Finland 45.5 37.5 21.2% 112.3 101.7 10.4% 136.9
--------------------------------------------------------------------------------
Sweden1) 45.4 36.1 25.8% 128.8 100.3 28.4% 145.2
--------------------------------------------------------------------------------
Norway2) 39.7 27.6 44.1% 102.8 83.3 23.4% 114.4
--------------------------------------------------------------------------------
Denmark 11.3 9.0 26.0% 29.6 26.1 13.3% 35.6
--------------------------------------------------------------------------------
Europe East 17.2 12.3 39.2% 39.6 29.3 34.9% 42.7
--------------------------------------------------------------------------------
Europe Central 21.6 19.7 9.4% 54.9 47.7 15.2% 66.6
--------------------------------------------------------------------------------
Elimination of sales -1.4 -1.2 -4.8 -7.2 -10.2
between segments
--------------------------------------------------------------------------------
Net sales, total 179.2 140.9 27.2% 463.1 381.2 21.5% 531.3
--------------------------------------------------------------------------------
1. Excluding the Hyrman acquisition net sales grew in Sweden by 18.0% in the
third quarter.
2. Excluding the Rogaland Planbygg (renamed Ramirent Module Systems AS)
acquisition net sales grew in Norway by 20.9% in the third quarter.
FINANCIAL RESULTS
Ramirent Group January-September 2011 operating result before depreciation
(EBITDA) was EUR 126.8 (90.6) million with a margin of 27.4% (23.8%). Profits
improved based on higher capacity utilisation and healthier price levels. The
fixed cost level increased year-on-year due to an increase in the use of
outsourced services, a higher number of employees, intensified sales activities
and expenses related to the development work of Ramirent's common platform and
outlet network. Credit losses and net change in the allowance for bad debt
totalled EUR -2.7 (-2.9) million. Depreciations amounted to EUR 78.2 (72.1)
million.
The Group's operating result (EBIT) increased to EUR 48.6 (18.5) million,
representing 10.5% (4.8%) of net sales. The third quarter EBIT increased to EUR
30.5 (16.6) million, representing a margin of 17.0% (11.8%). EBIT and EBIT
-margin by segment were as follows:
EBIT
(MEUR) 7-9/11 7-9/10 1-9/11 1-9/10 1-12/10
------------------------------------------------------------------------
Finland 10.5 7.1 16.6 10.9 13.7
------------------------------------------------------------------------
% of net sales 23.2% 18.8% 14.8% 10.7% 10.0%
------------------------------------------------------------------------
Sweden 8.2 7.4 21.3 15.0 23.3
------------------------------------------------------------------------
% of net sales 18.0% 20.6% 16.5% 15.0% 16.1%
------------------------------------------------------------------------
Norway 3.9 1.7 6.7 2.2 2.3
------------------------------------------------------------------------
% of net sales 9.9% 6.1% 6.5% 2.7% 2.0%
------------------------------------------------------------------------
Denmark 0.9 -0.2 -0.7 -1.5 -2.2
------------------------------------------------------------------------
% of net sales 7.5% -1.9% -2.3% -5.6% -6.2%
------------------------------------------------------------------------
Europe East 4.2 -0.7 3.5 -4.7 -3.5
------------------------------------------------------------------------
% of net sales 24.6% -5.7% 8.9% -15.9% -8.3%
------------------------------------------------------------------------
Europe Central 3.5 2.2 3.4 -0.1 0.8
------------------------------------------------------------------------
% of net sales 16.3% 11.2% 6.2% -0.3% 1.2%
------------------------------------------------------------------------
Costs not allocated to segments -0.7 -0.9 -2.2 -3.4 -4.7
------------------------------------------------------------------------
Group EBIT 30.5 16.6 48.6 18.5 29.7
------------------------------------------------------------------------
% of net sales 17.0% 11.8% 10.5% 4.8% 5.6%
------------------------------------------------------------------------
Net financial items were EUR -10.6 (-6.4) million, including EUR -2.2 (3.1)
million net effect of exchange rate changes. The Group's result before taxes
was EUR 38.0 (12.1) million. Income taxes amounted to EUR -10.3 (-4.6) million.
Net result for the review period was EUR 27.7 (7.5) million. Earnings per share
were EUR 0.26 (0.07). Return on invested capital was 13.2% (5.4%), and return
on equity was 11.4% (-0.6%). The equity per share was EUR 2.83 (2.83).
CAPITAL EXPENDITURE, CASH FLOW AND FINANCIAL POSITION
Ramirent Group's January-September 2011 gross capital expenditure on
non-current assets totalled EUR 196.3 (43.9) million, of which EUR 104.9 (15.9)
million relates to acquisitions. In some of the acquisitions Ramirent has
agreed to pay contingent consideration to the sellers. The estimated contingent
considerations are included in the total gross capital expenditure.
Including acquisitions, investments into machinery and equipment during
January-September 2011 totalled EUR 134.8 (35.3) million. In the third quarter,
gross capital expenditure totalled EUR 119.9 (9.7) million, of which 89.7 (0.0)
million related to acquisitions. Including acquisitions, investments into
machinery and equipment in the third quarter totalled EUR 66.8 (8.9) million.
Committed investments at the end of the quarter amounted to EUR 10.6 (4.0)
million.
Disposal of tangible non-current assets at sales value totalled EUR 15.1 (12.1)
million, of which EUR 14.9 (12.0) million was attributable to rental machinery
and equipment.
The Group's nine-month cash flow from operating activities amounted to EUR
133.4 (64.4) million, whereof change in net working capital amounted to EUR
17.5 (-0.7) million. Cash flow from investing activities amounted to EUR -201.3
(-40.6) million due to increased investments in rental machinery and equipment,
as well as acquisitions. Cash flow from operating and investing activities
totalled EUR -67.9 (23.8) million. In the period January-September 2011,
dividends were paid in the amount of EUR 27.0 million and own shares were
repurchased in the amount of EUR 3.4 million.
At the end of September, interest-bearing liabilities amounted to EUR 283.0
(201.6) million. Net debt amounted to EUR 279.8 (197.2) million, and gearing
was 91.7% (64.1%).
On 30 September 2011, Ramirent's unused committed back-up loan facilities
totalled EUR 82.9 (177.1) million. After the review period on 4 November 2011,
Ramirent Plc's syndicated credit facility agreement totalling EUR 240 million
was amended to mature fully in 2017, whereby Ramirent's committed loan
facilities amount to a total of EUR 390 million.
Total assets amounted to EUR 799.0 (667.6) million at the end of the review
period, whereof property, plant and equipment amounted to EUR 477.1 (432.7)
million. The Group's equity totalled EUR 305.3 (307.5) million and the Group's
equity ratio was 38.2% (46.1%).
Non-cancellable minimum future lease payments off-balance sheet totalled EUR
131.1 (141.8) million at the end of the period, whereof EUR 22.6 (39.6) million
arose from leased rental equipment and machinery.
PERSONNEL AND OUTLET NETWORK
Employees Employees Outlets Outlets
30 September 30 September 30 September 30 September
2011 2010 2011 2010
--------------------------------------------------------------------------------
Finland 611 612 86 83
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Sweden 622 540 80 74
--------------------------------------------------------------------------------
Norway 523 500 44 42
--------------------------------------------------------------------------------
Denmark 163 148 21 20
--------------------------------------------------------------------------------
Europe East 440 381 56 45
--------------------------------------------------------------------------------
Europe Central 868 825 125 111
--------------------------------------------------------------------------------
Group 22 19 - -
administration
--------------------------------------------------------------------------------
Total 3,249 3,025 412 375
--------------------------------------------------------------------------------
BUSINESS EXPANSIONS AND ACQUISITIONS
On 1 January 2011 the acquired assets of the light equipment and hoists
operations of Danish construction company E. Pihl&Søn A.S. were transferred to
Ramirent.
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, Denmark.
On 8 March 2011, Ramirent exercised its option to acquire the remaining 40%
stake in the Slovak-based company Ramirent spol. s.r.o (formerly OTS Bratislava
spol.sr.o.).
On 1 April 2011, Ramirent acquired the assets of machinery and equipment rental
business of the Czech company Stavební Doprava a Mechanizace (SDM).
On 4 May 2011, Ramirent acquired the machinery and equipment rental business of
the Czech construction machinery company RENT MB s.r.o.
On 10 May 2011, Ramirent Finland Oy signed an agreement on the acquisition of
Finnish weather protection company Suomen Sääsuoja Oy.
On 27 June 2011, Ramirent signed an agreement to acquire Rogaland Planbygg AS,
the leading provider of rental accommodation and office modules to the oil and
gas industry in Norway. The acquisition will contribute to the annual net sales
of Ramirent Norway by approximately EUR 22 million. The acquisition was in
effect from 1 July 2011 and the company was renamed Ramirent Module Systems AS
in the third quarter of 2011.
On 30 June 2011, Ramirent signed an agreement to acquire Hyrman i Lund AB, one
of the leading machinery rental companies in Southern Sweden. With operations
in seven locations, the company has annual net sales of about EUR 15 million.
The acquisition was in effect from 1 August 2011.
DEVELOPMENT BY OPERATING SEGMENT
Finland
Ramirent's January-September net sales in Finland increased by 10.4% to EUR
112.3 (101.7) million. EBIT increased to EUR 16.6 (10.9) million, representing
a margin of 14.8% (10.7%). Ramirent's third quarter net sales in Finland
increased by 21.2% to EUR 45.5 (37.5) million. The third quarter EBIT increased
to EUR 10.5 (7.1) million, representing a margin of 23.2% (18.8%). The main
growth drivers were continued good construction activity during the third
quarter and an increase in industrial activity. Profitability improved based on
higher fleet utilisation and improved price levels.
Sweden
Ramirent's January-September net sales in Sweden increased by 28.4% to EUR
128.8 (100.3) million or by 19.8% at comparable exchange rates. EBIT increased
to EUR 21.3 (15.0) million, representing a margin of 16.5% (15.0%). Ramirent's
third quarter net sales in Sweden increased by 25.8% to EUR 45.4 (36.1) million
or by 22.1% at comparable exchange rates. Excluding the Hyrman acquisition net
sales grew 18.0% in the third quarter. The third quarter EBIT increased to EUR
8.2 (7.4) million, representing a margin of 18.0% (20.6%). Growth was driven by
continued strong demand in residential construction, civil engineering and the
public sector. Geographically activity was strongest in the central and
southern regions of the country, and in the capital city area. Profitability
improved based on higher capacity utilisation and healthier price levels.
Norway
Ramirent's January-September net sales in Norway increased by 23.4% to EUR
102.8 (83.3) million or by 20.5% at comparable exchange rates. EBIT increased
to EUR 6.7 (2.2) million, representing a margin of 6.5% (2.7%). Ramirent's
third quarter net sales in Norway increased by 44.1% to EUR 39.7 (27.6) million
or by 40.8% at comparable exchange rates. Excluding the Rogaland Planbygg
(renamed Ramirent Module Systems AS) acquisition net sales grew 20.9% in the
third quarter. The third quarter EBIT increased to EUR 3.9 (1.7) million,
representing a margin of 9.9% (6.1%). The recovery in the residential
construction activity continued in the third quarter. The highest activity was
recorded in the larger Oslo area and western parts of Norway. Profitability
improved based on good fleet utilisation, improving price levels and strict
cost control.
Denmark
Ramirent's January-September net sales in Denmark increased by 13.3% to EUR
29.6 (26.1) million. EBIT amounted to -0.7 (-1.5) million representing a margin
of -2.3% (-5.6%). Ramirent's third quarter net sales in Denmark increased by
26.0% to EUR 11.3 (9.0) million. The third quarter EBIT increased to EUR 0.9
(-0.2) million, representing a margin of 7.5% (-1.9%). Growth was driven by
higher construction activity and improved fleet utilisation. Profitability was
still burdened by low price levels. Cost control measures continue to improve
profitability.
Europe East (Russia, the Baltic States and Ukraine)
Ramirent's January-September net sales in Europe East increased by 34.9% to EUR
39.6 (29.3) million or by 36.6% at comparable exchange rates. EBIT increased to
3.5 (-4.7) million, representing a margin of 8.9% (-15.9%). Ramirent's third
quarter net sales in Europe East increased by 39.2% to EUR 17.2 (12.3) million
or by 48.6% at comparable exchange rates. The third quarter EBIT increased to
EUR 4.2 (-0.7) million, representing a margin of 24.6% (-5.7%). Net sales grew
in all Europe East countries in the third quarter. Growth was driven mainly by
infrastructure construction in Russia and energy-related investments in the
Baltic States and Ukraine. Profitability continued to improve based on higher
business volumes and improved price levels.
Europe Central (Poland, Hungary, Czech Republic and Slovakia)
Ramirent's January-September net sales in Europe Central increased by 15.2% to
EUR 54.9 (47.7) million or by 15.1% at comparable exchange rates. EBIT amounted
to 3.4 (-0.1) million, representing a margin of 6.2% (-0.3%). Ramirent's third
quarter net sales in Europe Central increased by 9.4% to EUR 21.6 (19.7)
million or by 11.7% at comparable exchange rates. The third quarter EBIT
increased to EUR 3.5 (2.2) million, representing a margin of 16.3% (11.2%).
Growth was driven by continued good construction and industrial activity in
Poland, which generated a healthy profit improvement. Profitability was
burdened by low price levels and business volumes especially in the Czech
Republic and Slovakia.
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 outstanding was 108,697,328.
Ramirent Plc's market capitalisation at the end of September 2011 was EUR 504.4
(816.3) million. Share price closed at EUR 4.64 (7.51). The highest quote for
the period was EUR 12.37 (8.75), and the lowest was EUR 4.12 (6.17). The volume
weighted average trading price was EUR 8.35 (7.47).
The value of share turnover during the review period was EUR 287.0 (260.8)
million. In total 34,066,422 (35,048,571) shares were traded representing 31.3%
(32.2%) of Ramirent's total number of shares outstanding.
According to the nominee registers, as per 30 September 2011, 15.5% of the
shares outstanding were held by non-Finnish shareholders. Other non-Finnish
ownership at the end of the period totalled 34.9%. Thus, a total of 50.4% of
Ramirent's shares outstanding were held by international investors.
RAMIRENT'S OWN SHARES
At the end of September 2011, the Group held 680,192 of the company's own
shares, representing 0.6% of the total number of Ramirent's shares outstanding.
RAMIRENT CAPITAL MARKETS DAY 1 SEPTEMBER 2011
Ramirent Plc held a Capital Markets Day for equity analysts and institutional
investors on 1 September 2011 in Vantaa, Finland. The presentations focused on
Ramirent's group strategy, fleet management and group sourcing agendas followed
by segment presentations on the prospects on our different markets and a
financial review.
The speakers were CEO Magnus Rosén, CFO Jonas Söderkvist, Segment SVPs Kari
Aulasmaa (Finland and Europe East), Peter Dahlsten (Sweden), Bjørn Larsen
(Norway), Erik Høi (Denmark), Tomasz Walawender (Europe Central), Fleet
Director Mikael Kämpe and Sourcing Director Dino Leistenschneider as well as
Franciska Janzon, Director, Corporate Communications and Investor Relations.
At the end of the day, a visit was organised to Ramirent's “city” outlet
featuring a renewed concept catering in particular for home renovation and
private customers' needs. The Capital Markets Day presentations and a video of
the outlet visit are available on the Ramirent Group website at
www.ramirent.com.
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:
1. earnings per share growth of at least 15% p.a.;
2. a return on invested capital of at least 18% p.a.;
3. a gearing target of less than 120% at the end of each fiscal year; and
4. Ramirent's dividend policy is to distribute at least 40% of annual earnings
per share to shareholders as dividends.
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 related to the economic cycles
of the construction industry and increased competition in the rental sector in
its operating countries.
The financial turmoil may lead to an increased cautiousness among customers
when it comes to deciding on investments and new projects. Credit tightening
may limit the accessibility to credits which may negatively affect customers,
suppliers as well as the Ramirent Group. Ramirent is closely monitoring the
market development and has implemented stricter risk management routines;
updated contingency plans to control capital expenditures and costs, and
amended its syndicated credit facility agreement to mature fully in 2017. The
main risks are described more in detail in the annual report 2010.
CHANGES IN GROUP STRUCTURE
The merger of Suomen Sääsuoja Oy, a 100 % subsidiary of Ramirent Finland Oy was
completed in September 2011. The aim of the merger is to streamline the
operating structure in Finland.
EVENTS AFTER THE END OF THE QUARTER
Kari Aulasmaa resigns from Ramirent
On 14 October 2011, Kari Aulasmaa, Senior Vice President, Finland and Europe
East in the Ramirent Group, informed the Company that he has decided to leave
Ramirent for a leading position in another industry. The search for a successor
commenced immediately. Mr. Aulasmaa will remain in his present position until
April 2012, or until a replacement is in place.
Ramirent Plc has amended senior credit facility to mature in 2017
On 4 November 2011, Ramirent Plc's syndicated credit facility agreement
totalling EUR 240 million was amended to mature fully in 2017. The syndicate
lenders include Nordea Bank Finland Plc, Danske Bank and Varma Mutual Pension
Insurance Company. Ramirent's committed loan facilities amount to a total of
EUR 390 million.
CONSTRUCTION VOLUME FORECASTS
According to the forecast published by VTT Expert Service Oy in 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
October 2011, construction is expected to grow by 9% in 2011 in Sweden.
According to the forecast published by Euroconstruct in June 2011, construction
is expected to grow by 6% in 2011 in Norway and by 3% in 2011 in Denmark. In
Europe East countries, construction is expected to increase in 2011 by 10% in
Estonia, by 4% in Latvia, by 5% in Lithuania and by 3-7% in Russia. In Europe
Central countries, Euroconstruct forecasts construction to grow by 13% in 2011
in Poland, but to decrease by 3% in Hungary, by 2% in Slovakia and by 1% in the
Czech Republic.
MARKET OUTLOOK 2011
Overall, the new residential construction, infrastructure and renovation
construction markets are expected to develop favourably, especially in the
Nordic countries until the end of 2011, while demand for commercial
construction remains weak. Also, the improved balance between supply and demand
indicates a healthier price level in our markets.
However, due to the current financial turmoil the market risks have increased.
Ramirent maintains a cautious stance since uncertainties in the macroeconomic
development persist.
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 (Amendments) - 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 rounding individual figures may differ from the
totals.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(EUR 1,000) 7-9/11 7-9/10 1-9/11 1-9/10 1-12/10
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Net sales 179 211 140 898 463 089 381 172 531 284
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Other operating income 317 248 986 1 160 1 616
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Materials and services -55 093 -44 756 -146 537 -126 074 -177 118
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Employee benefit expenses -41 028 -31 956 -114 257 -98 044 -136 214
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Depreciation and amortisation -28 078 -25 682 -78 165 -72 091 -97 716
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Other operating expenses -24 816 -22 129 -76 477 -67 644 -92 122
--------------------------------------------------------------------------------
EBIT 30 511 16 623 48 639 18 479 29 731
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Financial income 4 869 247 8 975 9 965 13 780
--------------------------------------------------------------------------------
Financial expenses -9 728 -4 856 -19 603 -16 352 -22 658
--------------------------------------------------------------------------------
EBT 25 653 12 015 38 011 12 093 20 853
--------------------------------------------------------------------------------
Income taxes -6 951 -3 480 -10 339 -4 577 -6 212
--------------------------------------------------------------------------------
NET RESULT FOR THE PERIOD 18 702 8 535 27 672 7 515 14 640
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Other comprehensive income:
Translation differences -7 551 4 594 -8 792 13 981 16 913
--------------------------------------------------------------------------------
Cash flow hedges -3 246 104 -2 546 -3 013 -2 097
--------------------------------------------------------------------------------
Portion of cash flow hedges 157 155 472 1 965 2 121
transferred to profit or loss
--------------------------------------------------------------------------------
Income tax on other 845 -344 670 -4 -239
comprehensive income
--------------------------------------------------------------------------------
OTHER COMPREHENSIVE INCOME FOR -9 795 4 510 -10 195 12 930 16 698
THE PERIOD, NET OF TAX
--------------------------------------------------------------------------------
TOTAL COMPREHENSIVE 8 907 13 044 17 477 20 445 31 339
INCOME/EXPENSE FOR THE PERIOD
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net result for the period attributable
to:
Owners of the parent company 18 702 8 535 27 672 7 515 14 640
--------------------------------------------------------------------------------
Non-controlling interest - - - - -
--------------------------------------------------------------------------------
TOTAL 18 702 8 535 27 672 7 515 14 640
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total comprehensive income for the period attributable to:
Owners of the parent company 8 907 13 044 17 477 20 445 31 339
--------------------------------------------------------------------------------
Non controlling interest - - - - -
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TOTAL 8 907 13 044 17 477 20 445 31 339
Earnings per share (EPS), 0.17 0.08 0.26 0.07 0.13
basic and diluted, EUR
CONSOLIDATED BALANCE SHEET
ASSETS
(EUR 1,000) 30.9.2011 30.9.2010 31.12.2010
----------------------------------------------------------------
NON-CURRENT ASSETS
----------------------------------------------------------------
Property, plant and equipment 477 071 432 749 427 248
----------------------------------------------------------------
Goodwill 122 058 93 154 93 211
----------------------------------------------------------------
Other intangible assets 33 931 10 345 10 348
----------------------------------------------------------------
Available-for-sale investments 1 309 603 422
----------------------------------------------------------------
Deferred tax assets 18 285 10 473 13 325
----------------------------------------------------------------
NON-CURRENT ASSETS, TOTAL 652 653 547 323 544 555
----------------------------------------------------------------
----------------------------------------------------------------
CURRENT ASSETS
Inventories 17 233 14 259 15 856
----------------------------------------------------------------
Trade and other receivables 124 188 98 667 96 616
----------------------------------------------------------------
Current tax assets 1 706 2 920 2 902
----------------------------------------------------------------
Cash and cash equivalents 3 184 4 449 1 352
----------------------------------------------------------------
CURRENT ASSETS, TOTAL 146 310 120 296 116 727
----------------------------------------------------------------
----------------------------------------------------------------
TOTAL ASSETS 798 963 667 619 661 282
----------------------------------------------------------------
EQUITY AND LIABILITIES
(EUR 1,000) 30.9.2011 30.9.2010 31.12.2010
EQUITY
----------------------------------------------------------------------
Share capital 25 000 25 000 25 000
----------------------------------------------------------------------
Revaluation fund -3 877 -3 309 -2 472
----------------------------------------------------------------------
Invested unrestricted equity fund 113 329 113 329 113 329
----------------------------------------------------------------------
Retained earnings 170 807 172 529 181 783
----------------------------------------------------------------------
PARENT COMPANY SHAREHOLDERS' EQUITY 305 259 307 549 317 640
----------------------------------------------------------------------
Non-controlling interests - - -
----------------------------------------------------------------------
EQUITY, TOTAL 305 259 307 549 317 640
----------------------------------------------------------------------
----------------------------------------------------------------------
NON-CURRENT LIABILITIES
Deferred tax liabilities 71 436 56 508 60 413
----------------------------------------------------------------------
Pension obligations 8 546 6 456 6 866
----------------------------------------------------------------------
Provisions 1 783 2 510 2 347
----------------------------------------------------------------------
Interest-bearing liabilities 211 597 160 296 137 384
----------------------------------------------------------------------
Other long-term liabilities 14 181 2 200 2 200
----------------------------------------------------------------------
NON-CURRENT LIABILITIES, TOTAL 307 544 227 970 209 209
----------------------------------------------------------------------
----------------------------------------------------------------------
CURRENT LIABILITIES
Trade payables and other liabilities 106 795 86 205 89 480
----------------------------------------------------------------------
Provisions 808 1 890 1 762
----------------------------------------------------------------------
Current tax liabilities 7 136 2 690 2 658
----------------------------------------------------------------------
Interest-bearing liabilities 71 422 41 314 40 533
----------------------------------------------------------------------
CURRENT LIABILITIES, TOTAL 186 161 132 100 134 433
----------------------------------------------------------------------
----------------------------------------------------------------------
LIABILITIES, TOTAL 493 704 360 070 343 642
----------------------------------------------------------------------
----------------------------------------------------------------------
TOTAL EQUITY AND LIABILITIES 798 963 667 619 661 282
----------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
A = Share capital 1) Equity 1.1.2010
B = Revaluation fund 2) Share based payments
C = Invested unrestricted equity fund 3) Total comprehensive income
for the period
D = Translation differences 4) Equity 30.9.2010
E = Retained earnings 5) Purchase of treasury shares
F = Entries on non-current assets held for sale 6) Dividend distribution
G = Total equity 7) Equity 31.12.2010
8) Equity 30.9.2011
(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) - - - - -210 - -210
5) - - - - -2 013 - -2 013
6) - - - - -16 305 - -16 305
3) - -989 - 13 981 7 515 -62 20 445
4) 25 000 -3 309 113 329 -3 523 176 052 - 307 549
2) - - - - 122 - 122
5) - - - - -926 - -926
3) - 837 - 2 932 7 125 - 10 894
7) 25 000 -2 472 113 329 -590 182 374 - 317 640
2) - - - - 526 - 526
5) - - - - -3 378 - -3 378
6) - - - - -27 004 - -27 004
3) - -1 405 - -8 792 27 672 - 17 476
--------------------------------------------------------
8) 25 000 -3 877 113 329 -9 382 180 189 - 305 259
CONSOLIDATED CONDENSED CASH FLOW STATEMENT
(MEUR) 7-9/11 7-9/10 1-9/11 1-9/10 1-12/1
0
Cash flow from operating activities 82.4 24.8 133.4 64.4 104.2
--------------------------------------------------------------------------------
Cash flow from investing activities -119.1 -10.3 -201.3 -40.6 -56.2
--------------------------------------------------------------------------------
Cash flow from financing activities
Borrowings / repayment of short-term -10.5 -8.0 38.1 4.8 0.6
debt
--------------------------------------------------------------------------------
Borrowings / repayment of long-term debt 48.4 -2.4 62.0 -7.6 -29.8
--------------------------------------------------------------------------------
Purchase of treasury shares - -2.0 -3.4 -2.0 -2.9
--------------------------------------------------------------------------------
Dividends paid - - -27.0 -16.3 -16.3
--------------------------------------------------------------------------------
Cash flow from financing activities 37.9 -12.4 69.7 -21.1 -48.5
--------------------------------------------------------------------------------
Net change in cash and cash equivalents 1.2 2.0 1.8 2.6 -0.5
--------------------------------------------------------------------------------
Cash and cash equivalents at the 2.0 2.4 1.4 1.8 1.8
beginning of the period
--------------------------------------------------------------------------------
Translation difference on cash and cash 0.1 - 0.1 - 0.1
equivalents
--------------------------------------------------------------------------------
Net change in cash and cash equivalents 1.1 2.0 1.7 2.6 -0.5
--------------------------------------------------------------------------------
Cash and cash equivalents at the end of 3.2 4.4 3.2 4.4 1.4
the period
--------------------------------------------------------------------------------
KEY FINANCIAL FIGURES
1-9/11 1-9/10 1-12/10
Interest-bearing debt, (MEUR) 283.0 201.6 177.9
------------------------------------------------------------------
Net debt, (MEUR) 279.8 197.2 176.6
------------------------------------------------------------------
Invested capital (MEUR), end of period 588.3 509.2 495.6
------------------------------------------------------------------
Return on invested capital (ROI), % 1) 13.2% 5.4% 8.6%
------------------------------------------------------------------
Gearing, % 91.7% 64.1% 55.6%
------------------------------------------------------------------
Equity ratio, % 38.2% 46.1% 48.0%
------------------------------------------------------------------
Personnel, average 3 110 3 043 3 043
------------------------------------------------------------------
Personnel, end of period 3 249 3 025 3 048
------------------------------------------------------------------
Gross capital expenditure (MEUR) 196.3 43.9 62.0
------------------------------------------------------------------
Gross capital expenditure, % of net sales 42.4.% 11.5% 11.7%
------------------------------------------------------------------
------------------------------------------------------------------
1) The figures are calculated on a rolling twelve month basis.
SHARE RELATED KEY FIGURES
1-9/11 1-9/10 1-12/10
Earnings per share (EPS) weighted 0.26 0.07 0.13
average, basic and diluted, EUR
--------------------------------------------------------------------------------
Equity per share, end of period, basic 2.83 2.83 2.93
and diluted, EUR
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Number of outstanding shares (weighted 108 080 297 108 697 328 108 575 291
average), basic and diluted
--------------------------------------------------------------------------------
Number of outstanding shares (end of 108 017 136 108 697 328 108 304 136
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
(MEUR) 7-9/11 7-9/10 1-9/11 1-9/10 1-12/10
--------------------------------------------------------------------------------
Finland
--------------------------------------------------------------------------------
- Net sales (external) 44.6 37.2 109.4 100.4 135.2
--------------------------------------------------------------------------------
- Inter-segment sales 0.9 0.3 2.9 1.3 1.8
--------------------------------------------------------------------------------
Sweden
--------------------------------------------------------------------------------
- Net sales (external) 45.3 36.0 128.4 99.8 144.5
--------------------------------------------------------------------------------
- Inter-segment sales 0.1 - 0.4 0.5 0.7
--------------------------------------------------------------------------------
Norway
--------------------------------------------------------------------------------
- Net sales (external) 39.5 27.5 102.3 82.9 113.7
--------------------------------------------------------------------------------
- Inter-segment sales 0.2 0.1 0.4 0.4 0.7
--------------------------------------------------------------------------------
Denmark
--------------------------------------------------------------------------------
- Net sales (external) 11.3 8.7 29.2 24.2 32.9
--------------------------------------------------------------------------------
- Inter-segment sales - 0.2 0.4 1.9 2.7
--------------------------------------------------------------------------------
Europe East
--------------------------------------------------------------------------------
- Net sales (external) 17.1 11.9 39.4 27.2 39.5
--------------------------------------------------------------------------------
- Inter-segment sales 0.1 0.4 0.2 2.2 3.2
--------------------------------------------------------------------------------
Europe Central
--------------------------------------------------------------------------------
- Net sales (external) 21.4 19.5 54.4 46.7 65.4
--------------------------------------------------------------------------------
- Inter-segment sales 0.1 0.2 0.5 1.0 1.2
--------------------------------------------------------------------------------
Elimination of sales between segments -1.4 -1.2 -4.8 -7.2 -10.2
--------------------------------------------------------------------------------
Net sales, total 179.2 140.9 463.1 381.2 531.3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Other operating income 0.3 0.2 1.0 1.2 1.6
--------------------------------------------------------------------------------
EBIT
(MEUR) 7-9/11 7-9/10 1-9/11 1-9/10 1-12/10
--------------------------------------------------------------------------------
Finland 10.5 7.1 16.6 10.9 13.7
--------------------------------------------------------------------------------
% of net sales 23.2% 18.8% 14.8% 10.7% 10.0%
--------------------------------------------------------------------------------
Sweden 8.2 7.4 21.3 15.0 23.3
--------------------------------------------------------------------------------
% of net sales 18.0% 20.6% 16.5% 15.0% 16.1%
--------------------------------------------------------------------------------
Norway 3.9 1.7 6.7 2.2 2.3
--------------------------------------------------------------------------------
% of net sales 9.9% 6.1% 6.5% 2.7% 2.0%
--------------------------------------------------------------------------------
Denmark 0.9 -0.2 -0.7 -1.5 -2.2
--------------------------------------------------------------------------------
% of net sales 7.5% -1.9% -2.3% -5.6% -6.2%
--------------------------------------------------------------------------------
Europe East 4.2 -0.7 3.5 -4.7 -3.5
--------------------------------------------------------------------------------
% of net sales 24.6% -5.7% 8.9% -15.9% -8.3%
--------------------------------------------------------------------------------
Europe Central 3.5 2.2 3.4 -0.1 0.8
--------------------------------------------------------------------------------
% of net sales 16.3% 11.2% 6.2% -0.3% 1.2%
--------------------------------------------------------------------------------
Net items not allocated to operating -0.7 -0.9 -2.2 -3.4 -4.7
segments
--------------------------------------------------------------------------------
Group EBIT 30.5 16.6 48.6 18.5 29.7
--------------------------------------------------------------------------------
% of net sales 17.0% 11.8% 10.5% 4.8% 5.6%
--------------------------------------------------------------------------------
Depreciation and amortisation
(MEUR) 7-9/11 7-9/10 1-9/11 1-9/10 1-12/10
---------------------------------------------------------------------------
Finland 5.5 5.1 16.3 14.9 20.0
---------------------------------------------------------------------------
Sweden 6.4 5.3 17.6 14.4 20.7
---------------------------------------------------------------------------
Norway 6.8 4.6 16.3 13.7 18.3
---------------------------------------------------------------------------
Denmark 1.7 1.7 5.2 5.1 6.9
---------------------------------------------------------------------------
Europe East 3.5 4.9 10.2 11.9 15.2
---------------------------------------------------------------------------
Europe Central 4.2 4.3 12.8 12.3 17.0
---------------------------------------------------------------------------
Unallocated items and eliminations -0.1 -0.1 -0.2 -0.3 -0.3
---------------------------------------------------------------------------
Total 28.1 25.7 78.2 72.1 97.7
---------------------------------------------------------------------------
Reconciliation of Group EBIT to result before taxes (EBT)
(MEUR) 7-9/11 7-9/10 1-9/11 1-9/10 1-12/10
------------------------------------------------------------------
Group operating profit 30.5 16.6 48.6 18.5 29.7
------------------------------------------------------------------
------------------------------------------------------------------
Unallocated items:
Financial income 4.9 0.2 9.0 10.0 13.8
------------------------------------------------------------------
Financial expenses -9.7 -4.9 -19.6 -16.4 -22.7
------------------------------------------------------------------
------------------------------------------------------------------
Result before taxes (EBT) 25.7 12.0 38.0 12.1 20.9
------------------------------------------------------------------
Capital expenditure
(MEUR) 7-9/11 7-9/10 1-9/11 1-9/10 1-12/10
---------------------------------------------------------------------------
Finland 11.2 1.0 29.1 12.6 17.2
---------------------------------------------------------------------------
Sweden 35.4 5.8 60.8 21.1 30.3
---------------------------------------------------------------------------
Norway 70.5 1.5 82.5 8.3 11.5
---------------------------------------------------------------------------
Denmark 0.3 0.3 5.5 0.8 1.4
---------------------------------------------------------------------------
Europe East 2.8 1.0 9.8 3.1 4.3
---------------------------------------------------------------------------
Europe Central 1.7 2.0 12.0 5.4 7.4
---------------------------------------------------------------------------
Unallocated items and eliminations -1.9 -1.8 -3.4 -7.3 -10.2
---------------------------------------------------------------------------
Total 119.9 9.7 196.3 43.9 62.0
---------------------------------------------------------------------------
Assets allocated to segments
(MEUR) 30.9.2011 30.9.2010 31.12.2010
--------------------------------------------------------------------
Finland 142.3 131.0 124.6
--------------------------------------------------------------------
Sweden 204.2 151.7 155.4
--------------------------------------------------------------------
Norway 212.6 138.4 141.8
--------------------------------------------------------------------
Denmark 45.7 44.2 42.4
--------------------------------------------------------------------
Europe East 89.7 92.8 91.5
--------------------------------------------------------------------
Europe Central 108.7 118.2 114.2
--------------------------------------------------------------------
Unallocated items and eliminations -4.4 -8.8 -8.6
--------------------------------------------------------------------
Total 799.0 667.6 661.3
--------------------------------------------------------------------
CHANGES IN NON-CURRENT ASSETS
(EUR 1 000) 30.9.2011 30.9.2010 31.12.2010
---------------------------------------------------------------------------
OPENING BALANCE 531 229 549 173 549 173
---------------------------------------------------------------------------
Depreciation and amortisation -78 165 -70 297 -97 716
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Additions:
Machinery&Equipment 134 752 35 263 52 668
---------------------------------------------------------------------------
Other Additions 61 587 8 643 10 633
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Disposals (sales) -6 455 -5 676 -8 224
---------------------------------------------------------------------------
Other* -8 579 19 746 24 695
---------------------------------------------------------------------------
CLOSING BALANCE 634 369 536 851 531 229
---------------------------------------------------------------------------
---------------------------------------------------------------------------
* Other includes translation differences, reclassifications
and changes in estimated consideration for acquisitions
CONTINGENT LIABILITIES
(MEUR) 30.9.2011 30.9.2010 31.12.2010
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Suretyships 3.5 3.1 3.2
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Committed investments 10.6 4.0 0.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Non-cancellable minimum future operating lease 131.1 141.8 143.4
payments
--------------------------------------------------------------------------------
Non-cancellable minimum future finance lease 2.7 0.4 0.3
payments
--------------------------------------------------------------------------------
Finance lease debt in the balance sheet -2.7 -0.4 -0.3
--------------------------------------------------------------------------------
Non-cancellable minimum future lease payments 131.1 141.8 143.4
off-balance sheet
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Obligations arising from derivative instruments
Interest rate derivatives
Nominal value of underlying object 186.6 142.9 143.2
--------------------------------------------------------------------------------
Fair value of the derivative instruments -4.8 -3.0 -2.4
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Foreign currency derivatives
Nominal value of underlying object 37.6 48.6 40.4
--------------------------------------------------------------------------------
Fair value of the derivative instruments 0.1 0.3 0.1
--------------------------------------------------------------------------------
DEFINITION OF KEY FINANCIAL FIGURES
Return on equity (ROE), %: (Net result x 100) / (Total equity,
average over the financial year)
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 year)
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 year)
Shareholders' equity per share, EUR: (Equity belonging to the parent company's
shareholders) / (Number of shares,
adjusted for share issues, on balance
sheet 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 1-9/2011 1-9/2010 1-12/2010 30.9.2011 30.9.2010 31.12.2010
-------------------------------------------------------------------------------
DKK 7.4543 7.4447 7.4472 7.4417 7.4519 7.4535
-------------------------------------------------------------------------------
EUR/EEK 1.0000 15.6466 15.6466 1.0000 15.6466 15.6466
-------------------------------------------------------------------------------
HUF 271.2878 275.2378 275.3567 292.5500 275.7500 277.9500
-------------------------------------------------------------------------------
LTL 3.4528 3.4528 3.4528 3.4528 3.4528 3.4528
-------------------------------------------------------------------------------
LVL 0.7077 0.7084 0.7087 0.7093 0.7094 0.7094
-------------------------------------------------------------------------------
NOK 7.8041 7.9903 8.0060 7.8880 7.9680 7.8000
-------------------------------------------------------------------------------
PLN 4.0181 4.0046 3.9950 4.4050 3.9847 3.9750
-------------------------------------------------------------------------------
RUB 40.4803 39.7905 40.2780 43.3500 41.6923 40.8200
-------------------------------------------------------------------------------
SEK 9.0067 9.6568 9.5469 9.2580 9.1421 8.9655
-------------------------------------------------------------------------------
UAH 11.2203 10.5328 10.6024 10.8065 10.3532 10.5775
-------------------------------------------------------------------------------
CZK 24.3612 25.4654 25.2939 24.7540 24.6000 25.0610
-------------------------------------------------------------------------------
QUARTERLY SEGMENT INFORMATION
Net sales
Full
Q3 Q2 Q1 year Q4 Q3 Q2 Q1
(MEUR) 2011 2011 2011 2010 2010 2010 2010 2010
--------------------------------------------------------------------------------
Finland 45.5 36.5 30.2 136.9 35.2 37.5 36.1 28.1
--------------------------------------------------------------------------------
Sweden 45.4 42.1 41.3 145.2 44.9 36.1 34.9 29.4
--------------------------------------------------------------------------------
Norway 39.7 30.5 32.6 114.4 31.1 27.6 27.4 28.4
--------------------------------------------------------------------------------
Denmark 11.3 9.9 8.4 35.6 9.5 9.0 9.0 8.1
--------------------------------------------------------------------------------
Europe East 17.2 13.0 9.4 42.7 13.4 12.3 9.5 7.5
--------------------------------------------------------------------------------
Europe Central 21.6 19.0 14.4 66.6 18.9 19.7 15.9 12.1
--------------------------------------------------------------------------------
Elimination of sales -1.4 -1.5 -1.9 -10.2 -3.0 -1.2 -4.0 -2.0
between segments
--------------------------------------------------------------------------------
Net sales, total 179.2 149.5 134.4 531.3 150.1 140.9 128.7 111.5
--------------------------------------------------------------------------------
EBIT
Full
Q3 Q2 Q1 year Q4 Q3 Q2 Q1
(MEUR and % of net 2011 2011 2011 2010 2010 2010 2010 2010
sales)
--------------------------------------------------------------------------------
Finland 10.5 4.7 1.3 13.7 2.9 7.1 4.0 -0.2
--------------------------------------------------------------------------------
% of net sales 23,2% 12.9% 4.4% 10.0% 8.1% 18.8% 11.1% -0.8%
--------------------------------------------------------------------------------
Sweden 8.2 7.0 6.1 23.3 8.3 7.4 5.0 2.6
--------------------------------------------------------------------------------
% of net sales 18.0% 16.5% 14.9% 16.1% 18.5% 20.6% 14.4% 8.8%
--------------------------------------------------------------------------------
Norway 3.9 2.4 0.4 2.3 0.1 1.7 1.0 -0.4
--------------------------------------------------------------------------------
% of net sales 9.9% 7.9% 1.2% 2.0% 0.3% 6.1% 3.7% -1.6%
--------------------------------------------------------------------------------
Denmark 0.9 -0.3 -1.3 -2.2 -0.7 -0.2 -0.7 -0.6
--------------------------------------------------------------------------------
% of net sales 7.5% -2.9% -15.0% -6.2% -7.8% -1.9% -7.4% -7.8%
--------------------------------------------------------------------------------
Europe East 4.2 1.0 -1.7 -3.5 1.1 -0.7 -1.6 -2.4
--------------------------------------------------------------------------------
% of net sales 24.6% 7.5% -17.7% -8.3% 8.5% -5.7% -16.5% -32.2%
--------------------------------------------------------------------------------
Europe Central 3.5 1.1 -1.2 0.8 1.0 2.2 0.3 -2.6
--------------------------------------------------------------------------------
% of net sales 16.3% 5.7% -8.2% 1.2% 5.1% 11.2% 1.9% -21.8%
--------------------------------------------------------------------------------
Costs not allocated -0.7 -0.4 -1.1 -4.7 -1.4 -0.9 -0.7 -1.8
to segments
--------------------------------------------------------------------------------
Group EBIT 30.5 15.4 2.7 29.7 11.3 16.6 7.4 -5.6
--------------------------------------------------------------------------------
% of net sales 17.0% 10.3% 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 Wednesday
9 November 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 Wednesday 9 November 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 0125 and conference ID
code906678. 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 the three-week period prior to the
publication of annual and interim financial results. Times are given in Finnish
time (EET).
Financial Bulletin 2011 16.2.2012 at 9.00 am
Annual General Meeting 28.3.2012
Interim Report January- March 10.5.2012 at 9.00 am
Interim Report January- June 9.8.2012 at 9.00 am
Interim Report January- September 2.11.2012 at 9.00 am
The financial information in this stock exchange release has not been audited.
Vantaa, 9 November 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 3,200
employees at some 410 locations in 13 countries in Northern, Central and
Eastern Europe. Ramirent is listed on the NASDAQ OMX Helsinki Ltd.
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