2007-11-07 07:01:00 CET

2007-11-07 07:01:00 CET


REGULATED INFORMATION

English Finnish
Ramirent - Quarterly report

RAMIRENT GROUP'S INTERIM REPORT JANUARY - SEPTEMBER, 2007: PROFITABLE GROWTH CONTINUED IN Q3 2007


RAMIRENT PLC         STOCK EXCHANGE RELEASE   7.11.2007                         


RAMIRENT GROUP'S INTERIM REPORT JANUARY - SEPTEMBER, 2007                       

PROFITABLE GROWTH CONTINUED IN Q3 2007                                          

- Net sales for the first nine months 2007 increased by 29.2% compared to the   
corresponding period of 2006 and totalled EUR 454.5 (351.6) million.            
- Operating profit before depreciation (EBITDA), excluding non-recurring        
property gains, grew by 42.5% to EUR 166.6 (116.9) million; including the       
property gains by 38.3% to EUR 169.2 (122.3) million.                           
- Operating profit (EBIT), excluding non-recurring property gains, increased by 
50.0% to EUR 108.7 (72.5) million; including the property gains by 42.9% to EUR 
111.2 (77.8) million. EBIT-margin improved to 23.9% (20.6%) excluding property  
gains.                                                                          
- Profit before taxes (EBT) grew by 40.6% to EUR 102.3 (72.7) million.          
- Earnings per share (diluted) increased by 35.8% to EUR 0.72 (0.53).           
- Capital expenditure was EUR 187.4 (137.4) million.                            
- Net debt amounted to EUR 264.5 (192.5) million, whilst gearing was 84.1%      
(80.5%).                                                                        
- Return on invested capital (ROI) was 29.1% (24.5%) and the return on equity   
was (ROE) 36.1% (31.2 %).                                                       


COMMENTS BY CEO KARI KALLIO                                                     

“The rental market remained strong in most countries where we are operating and 
all of our five business segments continued the profitable growth.              

In the Nordic Countries, Sweden and Norway displayed a strong improvement in    
profitability and Finland delivered again a very strong quarter. In Denmark, the
growth of net sales and operating profit improved, but not as strongly as in the
other Nordic Countries.                                                         

The rapid growth in Central and Eastern Europe continued and the rental market  
demand remained on a high level. Ramirent Europe became for the first time the  
largest business segment in the Group, accounting for 25% of the total sales in 
the third quarter. All the countries in Ramirent Europe segment, except Hungary,
continued the strong growth and improved profitability.                         

Ramirent will continue to search for both organic growth and bolt-on            
acquisitions to support further profitable growth in all the segments. The      
development of individual markets will be monitored and we will respond rapidly 
to shifts in demand whilst continuously providing excellent service to our      
customers. Our balanced market portfolio and wide customer base backs up against
downturns in a single market.”                                                  

KEY FIGURES                                                                     

--------------------------------------------------------------------------------
| (EUR million)         | 7-9/2007| 7-9/2006 | 1-9/2007 | 1-9/2006 | 1-12/2006 |
|                       |         |          |          |          |           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales             |   165.8 |    129.8 |    454.5 |    351.6 |     497.9 |
--------------------------------------------------------------------------------
| Operating profit      |    67.0 |     50.0 |    169.2 |    122.3 |     171.6 |
| before depreciation   |         |          |          |          |           |
| (EBITDA)              |         |          |          |          |           |
--------------------------------------------------------------------------------
| Operating profit      |    45.7 |     34.0 |    111.2 |     77.8 |     110.3 |
| (EBIT)                |         |          |          |          |           |
--------------------------------------------------------------------------------
| % of net sales        |   27.6% |    26.2% |    24.5% |    22.1% |     22.2% |
--------------------------------------------------------------------------------
| Profit before taxes   |    40.3 |     32.7 |    102.3 |     72.7 |     102.9 |
| (EBT)                 |         |          |          |          |           |
--------------------------------------------------------------------------------
| Net profit for the    |    31.5 |     25.0 |     77.7 |     57.0 |      79.2 |
| period                |         |          |          |          |           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share    |    0.29 |     0.23 |     0.72 |     0.53 |      0.73 |
| (EPS), (diluted), EUR |         |          |          |          |           |
--------------------------------------------------------------------------------
| Equity per share      |         |          |     2.89 |     2.20 |      2.44 |
| (diluted), EUR        |         |          |          |          |           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Return on invested    |         |          |    29.1% |    24.5% |     28.1% |
| capital (ROI), % 1)   |         |          |          |          |           |
--------------------------------------------------------------------------------
| Net debt              |         |          |    264.5 |    192.5 |     186.3 |
--------------------------------------------------------------------------------
| Gearing, %            |         |          |    84.1% |    80.5% |     70.3% |
--------------------------------------------------------------------------------
| Equity ratio, %       |         |          |    42.3% |    42.7% |     45.4% |
--------------------------------------------------------------------------------
| Gross investments in  |         |          |    187.4 |    137.4 |     176.5 |
| non-current assets    |         |          |          |          |           |
| (EUR million)         |         |          |          |          |           |
--------------------------------------------------------------------------------
| Gross investments, %  |         |          |    41.2% |    39.1% |     35.4% |
| of net sales          |         |          |          |          |           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Personnel, average    |         |          |    3,346 |    2,789 |     2,846 |
--------------------------------------------------------------------------------
| Personnel at end of   |         |          |    3,503 |    2,902 |     3,016 |
| period                |         |          |          |          |           |
--------------------------------------------------------------------------------


1) The figures are calculated on a rolling twelve month basis.                  

OPERATING ENVIRONMENT                                                           

Ramirent is a company focused on construction machinery and equipment rentals,  
operating in the Nordic, Central and Eastern European markets. The Group is     
headquartered in Vantaa and has 299 (284) permanent outlets in twelve countries.

The level of construction activities in the Nordics, except in Denmark, remained
high during the review period. In Central and Eastern European countries, the   
construction market continued to be strong, except in Hungary where the         
construction activities were lower.                                             

GROUP NET SALES AND PROFIT                                                      

Good market conditions and well-timed investments in new capacity increased net 
sales by 29.2%. The growth was strongest in Ramirent Europe (+58.9%) and Finland
(+33.1%), where the increase in net sales was partly attributable to the year   
2006 acquisitions.                                                              

The Group's net sales for the review period increased to EUR 454.5 (351.6)      
million, of which Finland accounted for EUR 97.5 (73.2) million, Sweden for EUR 
109.7 (92.8) million, Norway for EUR 104.2 (87.4) million, Denmark for EUR 41.5 
(35.9) million, and Ramirent Europe for EUR 102.7 (64.6) million. The growth was
mostly organic.                                                                 

It is part of Ramirent's strategy to maximize capital efficiency. To release    
capital for rental equipment investments, Ramirent sold its properties in       
Finland with a non-recurring gain of EUR 2.4 million in the second quarter of   
2007. In the first quarter of 2006, the properties in Sweden were sold with a   
non-recurring gain of EUR 5.4 million.                                          

The third quarter is typically the best season for Ramirent. In the first nine  
months of the year, the operating profit (EBIT) improved by 50.0% to EUR 108.7  
(72.5) million adjusted for the non-recurring gain from divestments of          
properties.                                                                     

Finland accounted for EUR 26.2 (18.4) million from the operating profit (EBIT)  
excluding property gains, Sweden for EUR 23.9 (14.3) million, Norway for EUR    
25.4 (19.4) million, Denmark for EUR 6.5 (4.6) million, and Ramirent Europe for 
EUR 29.7 (16.5) million. The improvement in profitability was strongest in      
Sweden and Ramirent Europe. The Group's operating margin improved to 23.9%      
(20.6%). Including property gains the Group's operating profit (EBIT) was EUR   
111.2 (77.8) million and the operating margin was 24.5% (22.1%).                

Due to the hedging of the long-term incentive program the financial expenses    
increased during the third quarter by EUR 1.4 million, but the increase in      
financial expenses will be offset by a decrease in personnel costs over the     
duration of the long-term incentive program.                                    

The Group's profit before taxes for the review period was EUR 102.3 (72.7)      
million. The net profit for the review period was EUR 77.7 (57.0) million. The  
increase in profit compared to the previous year was mainly due to the growth in
net sales and high capacity utilization. The return on invested capital was     
29.1% (24.5%) and the return on equity was 36.1% (31.2%).                       

CAPITAL EXPENDITURE AND DEPRECIATION                                            

The Group companies' gross capital expenditure on non-current assets totalled   
EUR 187.4 (137.4) million, of which EUR 185.2 (128.3) million was attributable  
to investments in the machinery and equipment. The significant increase in      
capital expenditures reflects the Group's efforts to expand the rental fleet    
capacity to meet customer demands and to develop the product range and outlet   
network to serve customers better. The investments have been made earlier this  
year to meet the demand at the peak season.                                     

The total depreciation of non-current assets during the review period amounted  
to EUR 58.0 (44.5) million, of which EUR 56.4 (42.4) million consisted of       
depreciation of machinery and equipment. Other disposals of tangible non-current
assets were EUR 12.7 (20.5) million, of which EUR 7.7 (4.6) million were        
attributable to machinery and equipment.                                        

Goodwill totalled EUR 76.9 (73.7) million at the end of the review period.      

FINANCIAL POSITION AND BALANCE SHEET                                            

The Group's cash flow for the first nine months from operating activities was   
positive, amounting to EUR 122.3 (98.3) million. Cash flow from investing       
activities amounted to EUR -168.1 (-111.2) million. Cash flow from financing    
activities totalled EUR 46.3 (12.8) million. At the end of the review period,   
liquid assets stood at EUR 1.6 (1.2) million, resulting in a net change in cash 
of EUR 0.5 (-0.1) million compared to the year-end.                             

As a result of increased capital expenditure earlier in the year, Ramirent's    
interest-bearing liabilities increased by EUR 78.7 million from the year-end    
2006 and totalled EUR 266.1 (193.7) million. Net debt amounted to EUR 264.5     
(192.5) million at the end of the review period. Gearing increased to 84.1%     
(80.5%).                                                                        

On 16 March 2007, Ramirent Plc set up a Domestic Commercial Paper Program of EUR
100 million to cover its seasonal funding needs within a year and as an         
additional flexible and cost-efficient source for short-term funding.           

The nominal value of the interest rate swaps at the end of the review period was
EUR 96.4 (59.2) million. In addition, the Company has committed interest rate   
swap agreements of EUR 70.8 million in nomimal value which hedging period shall 
start after the reporting period.                                               

Total assets amounted to EUR 744.0 (560.5) million and the Group's equity ratio 
was 42.3% (42.7%).                                                              

BUSINESS EXPANSION AND DIVESTMENT DURING THE REVIEW PERIOD                      

On 25 May 2007, Ramirent Plc's Finnish subsidiary Ramirent Finland Oy entered   
into an agreement on selling most of its properties with a gain of EUR 2.4      
million. Ramirent continues as a leaseholder on operating lease basis for its   
outlet properties.                                                              

On 31 May 2007, Ramirent s.r.o., the Czech wholly-owned subsidiary of Ramirent  
Plc, entered into an agreement with KMB Stavební Servis s.r.o. on the           
acquisition of the rental business of KMB Stavební Servis. The company is       
specialized in renting of telehandlers and its business covers the whole Czech  
Republic. Ramirent established its operations in the Czech Republic in 2006. By 
this acquisition Ramirent widens its customer base and strengthens its position 
in rental markets in the Czech Republic.                                        

BUSINESS SEGMENTS                                                               

During the review period, the Ramirent Group's business operations developed    
strongly in all business segments compared to the corresponding period of the   
previous year. In particular, the operations in Finland, Sweden and Ramirent    
Europe developed well during the period.                                        

During the third quarter the growth continued to be strong especially in        
Finland, Norway and Ramirent Europe. Profitability was improved especially in   
Sweden and Norway. Finland and Ramirent Europe maintained previous year's high  
EBIT-margin levels.                                                             

From January 2007 the segments have been charged a management fee consisting of 
certain group administration costs. The comparative figures for 2006 have been  
adjusted accordingly.                                                           

Finland                                                                         

In Finland, business operations were very active compared to the corresponding  
period of the previous year. Net sales increased by 33.1% and totalled EUR 97.5 
(73.2) million. The acquisitions in the second half of 2006 increased the sales 
by 7%. Compared to the corresponding period of the previous year, the profit of 
the Finnish operations improved as a result of increased net sales and high     
capacity utilization. The operating profit (EBIT), excluding the non-recurring  
gain from the divestment of Finnish properties, was EUR 26.2 (18.4) million and 
the operating profit margin (EBIT-%) increased to 26.8% (25.1%).                

Sweden                                                                          

In Sweden, business operations during the review period continued the strong    
development from 2006. Net sales grew by 18.2% compared to the corresponding    
period of the previous year and were EUR 109.7 (92.8) million. Profit improved  
significantly due to high capacity utilization, cost efficiency and as a result 
of wider product offering and new customer groups. The operating profit (EBIT)  
improved to EUR 23.9 (14.3) million, whereas the operating profit margin        
(EBIT-%) improved to 21.8% (15.4%).                                             

Norway                                                                          

In Norway, Ramirent's Norwegian subsidiary Bautas AS's business operations      
continued to improve. During the review period net sales increased by 19.3%     
compared to the corresponding period of the previous year and totalled EUR 104.2
(87.4) million. The profit of the Norwegian operations improved in comparison   
with the previous year primarily due to further improvement in capacity         
utilization and increase in sales, especially in lifts and hoists. The operating
profit (EBIT) was EUR 25.4 (19.4) million and the operating profit margin       
(EBIT-%) was 24.3% (22.2%). Bautas and Veidekke Entreprenør AS signed on 5      
October a statement of intention on a major partnership agreement covering a    
period of three to five years. The deal is potentially worth up to 1 billion    
Norwegian kronor (NOK) (approximately EUR 130 million) over the period. The     
agreement secures the continuation of co-operation between Bautas and Veidekke. 

Denmark                                                                         

In Denmark, business operations grew during the review period, despite slower   
market conditions. Net sales grew by 15.6% totalling EUR 41.5 (35.9) million.   
The share of re-renting of machinery and equipment decreased but remained high  
due to growth in sales. Comparative figures in the third quarter, excluding sale
of used equipment, improved from the previous year. The profitability was also  
improved due to high utilization and enhanced product offering. The operating   
profit (EBIT) was EUR 6.5 (4.6) million, and the operating profit margin        
(EBIT-%) was 15.5% (12.8%).                                                     

Ramirent Europe                                                                 

Ramirent's business operations in Ramirent Europe (Russia, Estonia, Latvia,     
Lithuania, Poland, Hungary, Ukraine, and the Czech Republic) continued to       
develop very positively. Heavy investments in new capacity, high utilization and
expansion of the outlet network further improved the market position. The market
development and signs of overheating are closely monitored by Ramirent. In      
Hungary, market demand is low due to fiscal stabilization. Measures have been   
taken to adjust operations to meet current market situation. Ramirent has       
strengthened its position in the Czech Republic where it started only a year    
ago. Compared to the corresponding period of the previous year, net sales in the
segment increased by 58.9% to EUR 102.7 (64.6) million. The operating profit    
(EBIT) improved by 79.9% to EUR 29.7 (16.5) million, the operating profit margin
(EBIT-%) being 28.9% (25.5%).                                                   

PERSONNEL AND ORGANISATION                                                      

In the review period, the Group employed an average of 3,346 (2,789) people. In 
Finland the number of employees increased to 681 (568) mainly due to temporary  
workers in scaffolding projects. 591 (570) worked in the Swedish operations, 623
(559) in the Norwegian operations, 231 (191) in the Danish operations, 1,208    
(891) in the European operations, and 12 (10) in the Group administration.      

At the end of the review period, the Group had 299 (284) outlets, of which 95   
(90) were in Finland, in Sweden 48 (46), in Norway 37 (36), in Denmark 17 (16)  
and in Ramirent Europe 102 (96, gross increase 12).                             
                                                                                
BUSINESS RISKS                                                                  

The main risks affecting Ramirent's business operations are connected to        
economic cycles especially in construction industry. Ramirent is operating in   
twelve countries, which implies that the Company is subjected to market-specific
risks in twelve countries. However, aggregated on the Group level, a low        
correlation between individual markets provides a natural hedge against a       
downturn in a single country. Retaining and attracting personnel is one of the  
main short-term risks.                                                          

Ramirent is subject to certain financial risks of which the foreign currency and
interest rate risks are regarded to be of greater importance than other         
financial risks. During the second quarter Ramirent's finance policy was revised
so that average interest rate fixing term was prolonged from 9-15 months to     
12-24 months.                                                                   

Ramirent's business risks and their management have been described in the Annual
Report 2006. The risks have not changed significantly compared to year-end 2006.

SHARES AND SHARE CAPITAL                                                        

The free issue, in which one old share entitled to receive three new shares     
without any payment, approved at the Annual General Meeting on 19 April 2007,   
was entered into the Trade Register on 24 April 2007, after which the Company's 
number of shares was 108,200,300. The Company's share capital was not increased 
in context with the free issue.                                                 

During the review period, a total of 403,064 new free issue adjusted shares were
subscribed with Ramirent Plc's 2002B options, due to which the Company's share  
capital was increased by EUR 43,329.38. The increases were entered in the       
Finnish Trade Register on 22 February 2007, 22 May 2007, and on 21 August 2007. 

On 30 September 2007, Ramirent's share capital was EUR 11,667,839.73 divided    
into 108,538,044 shares.                                                        

SHARE TURNOVER AND PERFORMANCE                                                  

During the review period, 73,406,622 (53,121,452) shares were traded on the OMX 
Nordic Exchange Helsinki at a total value of EUR 1,261,419,743 (376,619,985),   
i.e. 67.6% (51.5%) of Ramirent's total stock was traded. The highest price      
quoted in the review period was EUR 22.16 (9.00) and the lowest EUR 11.02       
(5.38). The average price of the period under review was EUR 16.95 (7.09) and   
the last quotation on the period's last trading day was EUR 15.19 (8.51). The   
Company's market value at the end of the period under review was EUR            
1,648,692,888 (917,873,154).                                                    

SHAREHOLDERS                                                                    

The ten principal shareholders on 30 September 2007 were:                       

--------------------------------------------------------------------------------
|                                      |            Shares |   % of shares and |
|                                      |                   |             votes |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Nordstjernan AB                      |        22,349,080 |           20.59 % |
--------------------------------------------------------------------------------
| Oy Julius Tallberg Ab                |        11,300,229 |           10.41 % |
--------------------------------------------------------------------------------
| Varma Mutual Pension Insurance       |         4,518,016 |            4.16 % |
| Company                              |                   |                   |
--------------------------------------------------------------------------------
| Ilmarinen Mutual Pension Insurance   |         2,311,383 |            2.13 % |
| Company                              |                   |                   |
--------------------------------------------------------------------------------
| Odin Norden                          |         1,989,560 |            1.83 % |
--------------------------------------------------------------------------------
| Odin Forvaltnings AS                 |         1,349,932 |            1.24 % |
--------------------------------------------------------------------------------
| Odin Europa SMB                      |           907,180 |            0.84 % |
--------------------------------------------------------------------------------
| Veritas Pension Insurance Company    |           700,000 |            0.64 % |
| Ltd.                                 |                   |                   |
--------------------------------------------------------------------------------
| Etera Mutual Pension Insurance       |           691,407 |            0.64 % |
| Company                              |                   |                   |
--------------------------------------------------------------------------------
| Fondita Nordic Small Cap Placfond    |           650,000 |            0.60 % |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Nominee-registered shareholders      |        45,080,780 |           41.54 % |
--------------------------------------------------------------------------------
| Other shareholders                   |        16,690,477 |           15.38 % |
--------------------------------------------------------------------------------
| Total                                |       108,538,044 |           100.0 % |
--------------------------------------------------------------------------------


2002 OPTIONS                                                                    

At the end of the review period, there were 20,049 Ramirent 2002B options left. 
After the end of the review period, 160,392 new shares were subscribed for      
during the subscription window that ended on 31 October 2007. The subscription  
period for 2002B options expired on 31 October 2007.                            

DECISIONS MADE BY THE ANNUAL GENERAL MEETING OF 19 APRIL 2007                   

The decisions made by the Annual General Meeting can be read in the interim     
report for the period January - March 2007, published on 11 May 2007, and on the
Company's homepage www.ramirent.com.                                            


EVENTS AFTER THE REVIEW PERIOD                                                  

Ramirent and Veidekke conclude major partnership agreement in Norway            

On 5 October 2007, Ramirent's Norwegian subsidiary Bautas AS and Veidekke       
Entreprenør AS signed a statement of intention on a major partnership agreement 
covering a period of three to five years. The deal is potentially worth up to 1 
billion Norwegian kronor (NOK) (approximately EUR 130 million) over the period. 
The agreement secures the continuation of co-opearation between Bautas and      
Veidekke.                                                                       

Franciska Janzon appointed Director of Corporate Communications for Ramirent Plc

Franciska Janzon, M.Sc. (Econ.), has been appointed Director, Corporate         
Communications and member of the Group Management Team of the Ramirent Group as 
of 3 December 2007. Ms. Janzon's responsibilities include corporate             
communications, investor relations and brand management. She reports to         
President and CEO Kari Kallio.                                                  

Share subscription based on 2002B option rights                                 

Based on the 2002B option, 160,392 new Ramirent shares were subscribed for      
during the subscription window that ended on 31 October 2007. The corresponding 
EUR 17,242.14 increase in the share capital is expected to be entered in the    
Trade Register on 14 November 2007. After the increase the share capital will be
EUR 11,685,081.87 and the number of shares 108,698,436. The subscription period 
for 2002B options expired on 31 October 2007 and there are no further options   
outstanding.                                                                    

Ramirent A/S Denmark acquires PM Materiel ApS rental operation                  

Ramirent A/S, the Danish wholly-owned subsidiary of Ramirent Plc, has taken over
the activities of PM Materiel ApS per 1 November 2007. PM Materiel rents out    
machinery and equipment for the building and construction industry, lifts and   
site units, primarily in Kalundborg and the nearby environment.                 

FINANCIAL TARGETS                                                               

Ramirent is focusing on profitable growth and a strong financial position that  
provides financial stability for long-term business decisions. The financial    
targets are as follows:                                                         
- Earnings per share growth of at least 15% per annum                           
- Return on invested capital annually of at least 18%                           
- Dividend payout ratio of at least 40% of the annual net profit.               

OUTLOOK                                                                         

Despite the recent uncertainty in global financial markets, the key economic    
indicators for our markets give a favourable growth outlook. The Company        
estimates that total construction activities will grow in average at the rate of
4-5% in the Nordics this year. The backlog of the largest Nordic construction   
companies indicate that the construction volume continues to grow, but scarce   
supply of labour and building material may be a limiting factor. In the Central 
and Eastern European markets, the Company estimates a continued solid growth,   
except in Hungary.                                                              

Rental penetration rate is expected to further rise in the Group's markets for  
machinery and equipment rental services as construction companies increasingly  
opt to rent equipment instead of investing in their own fleet. Consequently,    
Ramirent estimates that the machinery rental markets will grow faster than the  
construction markets in 2007 in all Ramirent countries.                         
                                                                                
Ramirent has invested heavily in new capacity and is well positioned to take    
advantage of the opportunities available in the markets. The Company expects to 
further improve the gearing towards the year-end. At the same time, Ramirent    
will continue to search for bolt-on acquisitions and to further improve internal
efficiency to support profitable growth in all the segments. Ramirent expects to
clearly exceed its financial targets.                                           


SEGMENT INFORMATION, INCOME STATEMENT, BALANCE SHEET, CONDENSED CASH FLOW       
STATEMENT, STATEMENT OF CHANGES IN EQUITY, KEY FIGURES, AND CONTINGENT          
LIABILITIES                                                                     

Ramirent Plc adopted the International Financial Reporting Standards (IFRS) on 1
January, 2005. The Group applies the following amendments to the standards and  
IFRIC's as from the financial year 2007: Change in IAS 1 Presentation of        
Financial Statements; IFRS 7 Financial Instruments: Disclosures; IFRIC 8, 9, 10,
11 and 12. The changes do not have any significant effect on Ramirent's         
financial figures.                                                              

The interim report has been prepared in line with IAS 34: Interim Financial     
Reporting. The same accounting policies and definitions of key financial figures
have been applied as in Ramirent Plc's annual financial statements for 2006.    

Segment information is presented for Ramirent's primary segment, which is       
determined by geographical split. Ramirent Plc has started charging a management
fee to the segments as from 1 January 2007. The segment information has been    
amended accordingly.                                                            

QUARTERLY SEGMENT INFORMATION                                                   

--------------------------------------------------------------------------------
| (EUR million)     | 7-9/ | 4-6/ | 1-3/ | 10-12| 7-9/ | 4-6/06| 1-3/06| 1-12/ |
|                   |   07 |   07 |   07 |  /06 |   06 |       |       |    06 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales         |      |      |      |      |      |       |       |       |
--------------------------------------------------------------------------------
| Finland           | 35.8 | 34.6 | 27.1 | 29.4 | 28.2 |  24.4 |  20.7 | 102.7 |
--------------------------------------------------------------------------------
| Sweden            | 37.2 | 36.7 | 35.8 | 38.1 | 31.6 |  31.2 |  29.9 | 130.9 |
--------------------------------------------------------------------------------
| Norway            | 36.1 | 33.3 | 34.8 | 33.0 | 29.2 |  28.9 |  29.2 | 120.3 |
--------------------------------------------------------------------------------
| Denmark           | 15.0 | 14.0 | 12.5 | 14.1 | 14.0 |  11.6 |  10.2 |  50.0 |
--------------------------------------------------------------------------------
| Other European    | 42.0 | 33.9 | 26.8 | 31.8 | 28.4 |  20.8 |  15.5 |  96.4 |
| countries         |      |      |      |      |      |       |       |       |
| (Ramirent Europe) |      |      |      |      |      |       |       |       |
--------------------------------------------------------------------------------
| Sales between     | -0.2 | -0.5 | -0.4 | -0.2 | -1.6 |  -0.1 |  -0.5 |  -2.4 |
| segments          |      |      |      |      |      |       |       |       |
--------------------------------------------------------------------------------
| Net sales, total  | 165. | 152. | 136. | 146. | 129. | 116.7 | 105.1 | 497.9 |
|                   |    8 |    0 |    6 |    2 |    8 |       |       |       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit  |      |      |      |      |      |       |       |       |
--------------------------------------------------------------------------------
| Finland           | 11.5 |  8.3 |  6.4 |  6.8 |  9.4 |   5.5 |   3.5 |  25.1 |
--------------------------------------------------------------------------------
| % of net sales    | 32.2 | 22.8 | 23.6 | 23.0 | 33.2 | 22.8% | 16.8% | 24.5% |
|                   |    % |    % |    % |    % |    % |       |       |       |
--------------------------------------------------------------------------------
| Sweden            |  8.9 |  7.6 |  7.4 |  7.5 |  6.1 |   4.5 |   3.7 |  21.8 |
--------------------------------------------------------------------------------
| % of net sales    | 24.0 | 20.7 | 20.7 | 19.6 | 19.2 | 14.4% | 12.5% | 16.7% |
|                   |    % |    % |    % |    % |    % |       |       |       |
--------------------------------------------------------------------------------
| Norway            |  9.3 |  8.3 |  7.8 |  7.2 |  6.7 |   7.2 |   5.5 |  26.6 |
--------------------------------------------------------------------------------
| % of net sales    | 25.7 | 24.9 | 22.4 | 21.8 | 22.9 | 25.0% | 18.7% | 22.1% |
|                   |    % |    % |    % |    % |    % |       |       |       |
--------------------------------------------------------------------------------
| Denmark           |  2.7 |  2.5 |  1.3 |  2.5 |  2.6 |   1.3 |   0.7 |   7.0 |
--------------------------------------------------------------------------------
| % of net sales    | 17.8 | 17.8 | 10.4 | 17.4 | 18.3 | 11.4% |  6.8% | 14.1% |
|                   |    % |    % |    % |    % |    % |       |       |       |
--------------------------------------------------------------------------------
| Other European    | 14.1 |  8.7 |  6.9 |  9.2 |  9.5 |   4.7 |   2.3 |  25.7 |
| countries         |      |      |      |      |      |       |       |       |
| (Ramirent Europe) |      |      |      |      |      |       |       |       |
--------------------------------------------------------------------------------
| % of net sales    | 33.6 | 25.6 | 25.7 | 28.9 | 33.5 | 22.7% | 14.8% | 26.6% |
|                   |    % |    % |    % |    % |    % |       |       |       |
--------------------------------------------------------------------------------
| Costs not         | -0.7 | -1.4 | -0.8 | -0.6 | -0.2 |  -0.2 |  -0.3 |  -1.3 |
| allocated to      |      |      |      |      |      |       |       |       |
| segments          |      |      |      |      |      |       |       |       |
--------------------------------------------------------------------------------
| Group operating   | 45.7 | 33.9 | 29.0 | 32.5 | 34.0 |  23.1 |  15.4 | 104.9 |
| profit excluding  |      |      |      |      |      |       |       |       |
| the profit of     |      |      |      |      |      |       |       |       |
| divestment of     |      |      |      |      |      |       |       |       |
| properties        |      |      |      |      |      |       |       |       |
--------------------------------------------------------------------------------
| % of net sales    | 27.6 | 24.0 | 21.2 | 22.2 | 26.2 | 19.8% | 14.7% | 21.1% |
|                   |    % |    % |    % |    % |    % |       |       |       |
--------------------------------------------------------------------------------


INCOME STATEMENT                                                                

--------------------------------------------------------------------------------
| (EUR 1,000)       |   7-9/07 |    7-9/06 |    1-9/07 |    1-9/06 |   1-12/06 |
--------------------------------------------------------------------------------
|                   |          |           |           |           |           |
--------------------------------------------------------------------------------
| Net sales         |  165,826 |   129,812 |   454,458 |   351,635 |   497,858 |
--------------------------------------------------------------------------------
| Other operating   |      365 |       263 |     3,509 |     6,247 |     6,907 |
| income            |          |           |           |           |           |
--------------------------------------------------------------------------------
| TOTAL             |  166,191 |   130,075 |   457,967 |   357,882 |   504,765 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Materials and     |  -44,190 |   -36,041 |  -124,501 |  -103,549 |  -149,457 |
| services          |          |           |           |           |           |
--------------------------------------------------------------------------------
| Employee benefit  |  -38,343 |   -30,998 |  -112,849 |   -91,118 |  -125,742 |
| expenses          |          |           |           |           |           |
--------------------------------------------------------------------------------
| Depreciation      |  -21,273 |   -15,996 |   -57,963 |   -44,486 |   -61,243 |
--------------------------------------------------------------------------------
| Other operating   |  -16,674 |   -13,044 |   -51,430 |   -40,883 |   -58,003 |
| expenses          |          |           |           |           |           |
--------------------------------------------------------------------------------
| OPERATING PROFIT  |   45,711 |    33,995 |   111,224 |    77,846 |   110,320 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income  |      803 |     1,336 |     3,348 |     3,993 |     4,404 |
--------------------------------------------------------------------------------
| Financial         |   -6,259 |    -2,668 |   -12,320 |    -9,115 |   -11,781 |
| expenses          |          |           |           |           |           |
--------------------------------------------------------------------------------
| PROFIT BEFORE     |   40,255 |    32,663 |   102,252 |    72,724 |   102,943 |
| TAXES             |          |           |           |           |           |
--------------------------------------------------------------------------------
| Income taxes      |   -8,789 |    -7,621 |   -24,532 |   -15,706 |   -23,787 |
--------------------------------------------------------------------------------
| NET PROFIT FOR    |   31,466 |    25,042 |    77,720 |    57,018 |    79,156 |
| THE PERIOD        |          |           |           |           |           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Sharing of        |          |           |           |           |           |
| profit:           |          |           |           |           |           |
--------------------------------------------------------------------------------
| To the parent     |   31,446 |    25,027 |    77,692 |    56,999 |    79,129 |
| company's         |          |           |           |           |           |
| shareholders      |          |           |           |           |           |
--------------------------------------------------------------------------------
| To the Group's    |       20 |        15 |        28 |        19 |        27 |
| minority          |          |           |           |           |           |
--------------------------------------------------------------------------------
| Sharing of        |   31,466 |    25,042 |    77,720 |    57,018 |    79,156 |
| profit, total     |          |           |           |           |           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per      |     0.29 |      0.23 |      0.72 |      0.53 |      0.73 |
| share (EPS),      |          |           |           |           |           |
| diluted, EUR      |          |           |           |           |           |
--------------------------------------------------------------------------------
| Earnings per      |     0.29 |      0.23 |      0.72 |      0.53 |      0.74 |
| share (EPS),      |          |           |           |           |           |
| non-diluted, EUR  |          |           |           |           |           |
--------------------------------------------------------------------------------


BALANCE SHEET                                                                   

ASSETS                                                                          

--------------------------------------------------------------------------------
| (EUR 1,000)                   |    30.9.2007 |     30.9.2006 |    31.12.2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NON-CURRENT ASSETS            |              |               |               |
--------------------------------------------------------------------------------
| Tangible assets               |      508,057 |       372,590 |       384,486 |
--------------------------------------------------------------------------------
| Investments in process        |        1,546 |               |             - |
--------------------------------------------------------------------------------
| Goodwill                      |       76,933 |        73,708 |        76,112 |
--------------------------------------------------------------------------------
| Other intangible assets       |        1,516 |         1,224 |         1,527 |
--------------------------------------------------------------------------------
| Available-for-sale            |           98 |           408 |           125 |
| investments                   |              |               |               |
--------------------------------------------------------------------------------
| Deferred tax assets           |        3,113 |         1,836 |         1,200 |
--------------------------------------------------------------------------------
| NON-CURRENT ASSETS, TOTAL     |      591,263 |       449,766 |       463,450 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CURRENT ASSETS                |              |               |               |
--------------------------------------------------------------------------------
| Inventories                   |       20,706 |        15,805 |        17,767 |
--------------------------------------------------------------------------------
| Trade and other receivables   |      128,720 |        93,745 |        97,304 |
--------------------------------------------------------------------------------
| Cash and cash equivalents     |        1,641 |         1,230 |         1,112 |
--------------------------------------------------------------------------------
| Non-current assets held for   |        1,616 |               |         4,632 |
| sale                          |              |               |               |
--------------------------------------------------------------------------------
| CURRENT ASSETS, TOTAL         |      152,683 |       110,780 |       120,815 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL ASSETS                  |      743,946 |       560,546 |       584,265 |
--------------------------------------------------------------------------------


EQUITY AND LIABILITIES                                                          

--------------------------------------------------------------------------------
| (EUR 1,000)                    |    30.9.2007 |    30.9.2006 |    31.12.2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY                         |              |              |               |
--------------------------------------------------------------------------------
| Share capital                  |       11,668 |       11,595 |        11,625 |
--------------------------------------------------------------------------------
| Share premium account          |      126,469 |      125,628 |       126,011 |
--------------------------------------------------------------------------------
| Retained earnings              |      176,387 |      101,853 |       127,205 |
--------------------------------------------------------------------------------
| PARENT COMPANY SHAREHOLDERS'   |      314,524 |      239,076 |       264,841 |
| EQUITY                         |              |              |               |
--------------------------------------------------------------------------------
| Minority interests             |          104 |           78 |            83 |
--------------------------------------------------------------------------------
| EQUITY, TOTAL                  |      314,628 |      239,154 |       264,924 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NON-CURRENT LIABILITIES        |              |              |               |
--------------------------------------------------------------------------------
| Deferred tax liabilities       |       34,088 |       24,676 |        33,135 |
--------------------------------------------------------------------------------
| Pension obligations            |        8,798 |        7,843 |         8,090 |
--------------------------------------------------------------------------------
| Provisions                     |        1,080 |              |         1,186 |
--------------------------------------------------------------------------------
| Interest-bearing liabilities   |      163,241 |      163,828 |       169,769 |
--------------------------------------------------------------------------------
| NON-CURRENT LIABILITIES, TOTAL |      207,207 |      196,347 |       212,180 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CURRENT LIABILITIES            |              |              |               |
--------------------------------------------------------------------------------
| Trade payables and other       |      118,736 |       95,147 |        88,962 |
| liabilities                    |              |              |               |
--------------------------------------------------------------------------------
| Provisions                     |          523 |              |           581 |
--------------------------------------------------------------------------------
| Interest-bearing liabilities   |      102,852 |       29,898 |        16,936 |
--------------------------------------------------------------------------------
| Liabilities connected to       |            - |            - |           682 |
| non-current assets held for    |              |              |               |
| sale                           |              |              |               |
--------------------------------------------------------------------------------
| CURRENT LIABILITIES, TOTAL     |      222,111 |      125,045 |       107,161 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES, TOTAL             |      429,318 |      321,392 |       319,341 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL EQUITY AND LIABILITIES   |      743,946 |      560,546 |       584,265 |
--------------------------------------------------------------------------------


CONDENSED CASH FLOW STATEMENT                                                   

--------------------------------------------------------------------------------
| (EUR million)                        |     1-9/07 |      1-9/06 |    1-12/06 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from operating activities  |      122.3 |        98.3 |      133.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from investing activities  |     -168.1 |      -111.2 |     -140.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from financing activities  |            |             |            |
--------------------------------------------------------------------------------
|    Proceeds from share subscriptions |        0.5 |         2.1 |        2.5 |
--------------------------------------------------------------------------------
|    Borrowings/repayments of short-   |      -40.1 |             |            |
|    term debt                         |            |             |            |
--------------------------------------------------------------------------------
|    Borrowings of long-term debt      |      118.4 |        26.8 |       20.2 |
--------------------------------------------------------------------------------
|    Dividends paid                    |      -32.5 |       -16.1 |      -16.1 |
--------------------------------------------------------------------------------
| Cash flow from financing activities  |       46.3 |        12.8 |        6.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net change in cash and cash          |        0.5 |        -0.1 |       -0.2 |
| equivalents                          |            |             |            |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and cash equivalents at the     |        1.1 |         1.3 |        1.3 |
| beginning of the period              |            |             |            |
--------------------------------------------------------------------------------
| Translation difference on cash and   |            |             |        0.0 |
| cash equivalents                     |            |             |            |
--------------------------------------------------------------------------------
| Net change in cash and cash          |        0.5 |        -0.1 |       -0.2 |
| equivalents                          |            |             |            |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the end |        1.6 |         1.2 |        1.1 |
| of the period                        |            |             |            |
--------------------------------------------------------------------------------


CHANGES IN EQUITY                                                               

--------------------------------------------------------------------------------
| (EUR     |      |       |       |        |         | Entrie |       |        |
| 1,000)   |      |       |       |        |         |   s on |       |        |
|          |      |       |       |        |         |   non- |       |        |
--------------------------------------------------------------------------------
|          | Shar | Share | Trans | Reval. | Retaine | curren | Minor |  Total |
|          |    e |       |    l. |        |       d |      t |     . |        |
|          |      |       |       |        |         | assets |       |        |
--------------------------------------------------------------------------------
|          | capi | prem. | diffe |   fund | earning |   held | inter | equity |
|          |   t. |  fund |    r. |        |       s |    for |     . |        |
|          |      |       |       |        |         |   sale |       |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity   | 11,4 | 122,7 | 4,236 |   -580 |  59,027 |      - |    82 | 196,99 |
| 31.12.20 |   41 |    88 |       |        |         |        |       |      4 |
| 05       |      |       |       |        |         |        |       |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Translat |    - |     - | -2,24 |      - |       - |      - |    -4 | -2,249 |
| ion      |      |       |     5 |        |         |        |       |        |
| differen |      |       |       |        |         |        |       |        |
| ces      |      |       |       |        |         |        |       |        |
| 1-9/2006 |      |       |       |        |         |        |       |        |
--------------------------------------------------------------------------------
| Decrease |    - |     - |     - |      - |       - |      - |   -19 |    -19 |
| of       |      |       |       |        |         |        |       |        |
| minority |      |       |       |        |         |        |       |        |
| 1-9/2006 |      |       |       |        |         |        |       |        |
--------------------------------------------------------------------------------
| Fair     |    - |     - |     - |    690 |       - |      - |     - |    690 |
| value    |      |       |       |        |         |        |       |        |
| adjustme |      |       |       |        |         |        |       |        |
| nt of    |      |       |       |        |         |        |       |        |
| interest |      |       |       |        |         |        |       |        |
| rate     |      |       |       |        |         |        |       |        |
| SWAPs    |      |       |       |        |         |        |       |        |
| 1-9/2006 |      |       |       |        |         |        |       |        |
--------------------------------------------------------------------------------
| Income   |    - |     - |     - |   -179 |       - |      - |     - |   -179 |
| tax on   |      |       |       |        |         |        |       |        |
| directly |      |       |       |        |         |        |       |        |
| to       |      |       |       |        |         |        |       |        |
| equity   |      |       |       |        |         |        |       |        |
| entries  |      |       |       |        |         |        |       |        |
| 1-9/2006 |      |       |       |        |         |        |       |        |
--------------------------------------------------------------------------------
| Directed |   13 |   896 |     - |      - |       - |      - |     - |    909 |
| share    |      |       |       |        |         |        |       |        |
| issue    |      |       |       |        |         |        |       |        |
| 1-9/2006 |      |       |       |        |         |        |       |        |
--------------------------------------------------------------------------------
| Exercise |  141 | 1,944 |     - |      - |       - |      - |     - |  2,085 |
| d share  |      |       |       |        |         |        |       |        |
| options  |      |       |       |        |         |        |       |        |
| 1-9/2006 |      |       |       |        |         |        |       |        |
--------------------------------------------------------------------------------
| Dividend |    - |     - |     - |      - | -16,094 |      - |     - | -16,09 |
| distribu |      |       |       |        |         |        |       |      4 |
| tion     |      |       |       |        |         |        |       |        |
| 1-9/2006 |      |       |       |        |         |        |       |        |
--------------------------------------------------------------------------------
| Net      |    - |     - |     - |      - |  56,998 |      - |    19 | 57,017 |
| result   |      |       |       |        |         |        |       |        |
| for the  |      |       |       |        |         |        |       |        |
| period   |      |       |       |        |         |        |       |        |
| 1-9/2006 |      |       |       |        |         |        |       |        |
--------------------------------------------------------------------------------
| Equity   | 11,5 | 125,6 | 1,991 |    -69 |  99,931 |      - |    78 | 239,15 |
| 30.9.200 |   95 |    28 |       |        |         |        |       |      4 |
| 6        |      |       |       |        |         |        |       |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Translat |    - |     - | 2,907 |      - |       - |      - |    -3 |  2,904 |
| ion      |      |       |       |        |         |        |       |        |
| differen |      |       |       |        |         |        |       |        |
| ces      |      |       |       |        |         |        |       |        |
| 10-12/20 |      |       |       |        |         |        |       |        |
| 06       |      |       |       |        |         |        |       |        |
--------------------------------------------------------------------------------
| Fair     |    - |     - |     - |    235 |       - |      - |     - |    235 |
| value    |      |       |       |        |         |        |       |        |
| adjustme |      |       |       |        |         |        |       |        |
| nt of    |      |       |       |        |         |        |       |        |
| interest |      |       |       |        |         |        |       |        |
| rate     |      |       |       |        |         |        |       |        |
| SWAPs    |      |       |       |        |         |        |       |        |
| 10-12/20 |      |       |       |        |         |        |       |        |
| 06       |      |       |       |        |         |        |       |        |
--------------------------------------------------------------------------------
| Fair     |    - |     - |     - |      6 |       - |    184 |     - |    190 |
| value    |      |       |       |        |         |        |       |        |
| adjustme |      |       |       |        |         |        |       |        |
| nt of    |      |       |       |        |         |        |       |        |
| availabl |      |       |       |        |         |        |       |        |
| e-for-sa |      |       |       |        |         |        |       |        |
| le       |      |       |       |        |         |        |       |        |
| investme |      |       |       |        |         |        |       |        |
| nts      |      |       |       |        |         |        |       |        |
| 10-12/20 |      |       |       |        |         |        |       |        |
| 06       |      |       |       |        |         |        |       |        |
--------------------------------------------------------------------------------
| Income   |    - |     - |     - |    -63 |       - |    -48 |     - |   -111 |
| tax on   |      |       |       |        |         |        |       |        |
| directly |      |       |       |        |         |        |       |        |
| to       |      |       |       |        |         |        |       |        |
| equity   |      |       |       |        |         |        |       |        |
| entries  |      |       |       |        |         |        |       |        |
| 10-12/20 |      |       |       |        |         |        |       |        |
| 06       |      |       |       |        |         |        |       |        |
--------------------------------------------------------------------------------
| Exercise |   30 |   383 |     - |      - |       - |      - |     - |    413 |
| d share  |      |       |       |        |         |        |       |        |
| options  |      |       |       |        |         |        |       |        |
| 10-12/20 |      |       |       |        |         |        |       |        |
| 06       |      |       |       |        |         |        |       |        |
--------------------------------------------------------------------------------
| Net      |    - |     - |     - |      - |  22,131 |      - |     8 | 22,139 |
| result   |      |       |       |        |         |        |       |        |
| for the  |      |       |       |        |         |        |       |        |
| period   |      |       |       |        |         |        |       |        |
| 10-12/20 |      |       |       |        |         |        |       |        |
| 06       |      |       |       |        |         |        |       |        |
--------------------------------------------------------------------------------
| Equity   | 11,6 | 126,0 | 4,898 |    109 | 122,062 |    136 |    83 | 264,92 |
| 31.12.20 |   25 |    11 |       |        |         |        |       |      4 |
| 06       |      |       |       |        |         |        |       |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Translat |    - |     - | 4,241 |      - |       - |      - |    -7 |  4,234 |
| ion      |      |       |       |        |         |        |       |        |
| differen |      |       |       |        |         |        |       |        |
| ces      |      |       |       |        |         |        |       |        |
| 1-9/2007 |      |       |       |        |         |        |       |        |
--------------------------------------------------------------------------------
| Fair     |    - |     - |     - |   -390 |       - |      - |     - |   -390 |
| value    |      |       |       |        |         |        |       |        |
| adjustme |      |       |       |        |         |        |       |        |
| nt of    |      |       |       |        |         |        |       |        |
| interest |      |       |       |        |         |        |       |        |
| rate     |      |       |       |        |         |        |       |        |
| SWAPs    |      |       |       |        |         |        |       |        |
| 1-9/2007 |      |       |       |        |         |        |       |        |
--------------------------------------------------------------------------------
| Income   |    - |     - |     - |    102 |       - |      - |     - |    102 |
| tax on   |      |       |       |        |         |        |       |        |
| directly |      |       |       |        |         |        |       |        |
| to       |      |       |       |        |         |        |       |        |
| equity   |      |       |       |        |         |        |       |        |
| entries  |      |       |       |        |         |        |       |        |
| 1-9/2007 |      |       |       |        |         |        |       |        |
--------------------------------------------------------------------------------
| Exercise |   43 |   458 |     - |      - |       - |      - |     - |    501 |
| d share  |      |       |       |        |         |        |       |        |
| options  |      |       |       |        |         |        |       |        |
| 1-9/2007 |      |       |       |        |         |        |       |        |
--------------------------------------------------------------------------------
| Dividend |    - |     - |     - |      - | -32,463 |      - |     - | -32,46 |
| distribu |      |       |       |        |         |        |       |      3 |
| tion     |      |       |       |        |         |        |       |        |
| 1-9/2007 |      |       |       |        |         |        |       |        |
--------------------------------------------------------------------------------
| Net      |    - |     - |     - |      - |  77,692 |      - |    28 | 77,720 |
| result   |      |       |       |        |         |        |       |        |
| for the  |      |       |       |        |         |        |       |        |
| period   |      |       |       |        |         |        |       |        |
| 1-9/2007 |      |       |       |        |         |        |       |        |
--------------------------------------------------------------------------------
| Equity   | 11,6 | 126,4 | 9,139 |   -179 | 167,291 |    136 |   104 | 314,62 |
| 30.9.200 |   68 |    69 |       |        |         |        |       |      8 |
| 7        |      |       |       |        |         |        |       |        |
--------------------------------------------------------------------------------

KEY FIGURES                                                                     

--------------------------------------------------------------------------------
|                                 |       1-9/07 |       1-9/06 |      1-12/06 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest-bearing debt, (EUR     |        266.1 |        193.7 |        187.4 |
| million)                        |              |              |              |
--------------------------------------------------------------------------------
| Net debt, (EUR million)         |        264.5 |        192.5 |        186.3 |
--------------------------------------------------------------------------------
| Invested capital (EUR million), |        580.7 |        432.9 |        452.3 |
| end of period                   |              |              |              |
--------------------------------------------------------------------------------
| Return on invested capital      |        29.1% |        24.5% |        28.1% |
| (ROI), % 1)                     |              |              |              |
--------------------------------------------------------------------------------
| Gearing, %                      |        84.1% |        80.5% |        70.3% |
--------------------------------------------------------------------------------
| Equity ratio, %                 |        42.3% |        42.7% |        45.4% |
--------------------------------------------------------------------------------
| Personnel, average              |        3,346 |        2,789 |        2,846 |
--------------------------------------------------------------------------------
| Personnel, end of period        |        3,503 |        2,902 |        3,016 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Gross investments in            |        187.4 |        137.4 |        176.5 |
| non-current assets (EUR         |              |              |              |
| million)                        |              |              |              |
--------------------------------------------------------------------------------
| Gross investments, % of net     |        41.2% |        39.1% |        35.4% |
| sales                           |              |              |              |
--------------------------------------------------------------------------------


The definitions of the key figures are in Annual Report 2006.                   

1) The figures are calculated on a rolling twelve month basis.                  


KEY FIGURES PER SHARE                                                           

--------------------------------------------------------------------------------
|                              |        1-9/07 |        1-9/06 |       1-12/06 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share (EPS)     |          0.72 |          0.53 |          0.73 |
| weighted average, diluted,   |               |               |               |
| EUR                          |               |               |               |
--------------------------------------------------------------------------------
| Earnings per share (EPS)     |          0.72 |          0.53 |          0.74 |
| weighted average,            |               |               |               |
| non-diluted, EUR             |               |               |               |
--------------------------------------------------------------------------------
| Equity per share, end of     |          2.89 |          2.20 |          2.44 |
| period, diluted, EUR         |               |               |               |
--------------------------------------------------------------------------------
| Equity per share, end of     |          2.90 |          2.22 |          2.45 |
| period, non-diluted, EUR     |               |               |               |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Number of shares (weighted   |   108,475,749 |   107,928,222 |   108,017,625 |
| average), diluted            |               |               |               |
--------------------------------------------------------------------------------
| Number of shares (weighted   |   108,364,919 |   107,236,578 |   107,428,285 |
| average), non-diluted        |               |               |               |
--------------------------------------------------------------------------------
| Number of shares (end of     |   108,648,874 |   108,550,880 |   108,724,320 |
| period), diluted             |               |               |               |
--------------------------------------------------------------------------------
| Number of shares (end of     |   108,538,044 |   107,859,236 |   108,134,980 |
| period), non-diluted         |               |               |               |
--------------------------------------------------------------------------------


The free issue on 24 April 2007 has been taken into account in the key figures  
per share.                                                                      


CONTINGENT LIABILITIES                                                          

--------------------------------------------------------------------------------
| (EUR million)                      |  30.9.2007 |   30.9.2006 |   31.12.2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Real estate mortgages              |          - |         0.8 |          0.9 |
--------------------------------------------------------------------------------
| Interest-bearing debt for which    |          - |         0.3 |          0.3 |
| the above collateral is given      |            |             |              |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Floating charges                   |          - |         2.7 |            - |
--------------------------------------------------------------------------------
| Interest-bearing debt for which    |          - |         1.6 |            - |
| the above collateral is given      |            |             |              |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Floating charges                   |       75.8 |        76.4 |         76.6 |
--------------------------------------------------------------------------------
| Other pledged assets               |          - |         3.1 |          3.1 |
--------------------------------------------------------------------------------
| Interest-bearing debt for which    |      186.0 |       187.8 |        183.8 |
| the above collateral is given      |            |             |              |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Suretyships                        |        2.5 |         2.4 |          2.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Committed investments              |       18.4 |             |              |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-cancellable minimum future     |      114.2 |        46.9 |         89.3 |
| operating lease payments           |            |             |              |
--------------------------------------------------------------------------------
| Non-cancellable minimum future     |        3.1 |         9.1 |          6.1 |
| finance lease payments             |            |             |              |
--------------------------------------------------------------------------------
| Finance lease debt in the balance  |       -3.0 |        -8.5 |         -5.8 |
| sheet                              |            |             |              |
--------------------------------------------------------------------------------
| Non-cancellable minimum future     |      114.3 |        47.5 |         89.6 |
| lease payments off-balance sheet   |            |             |              |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Obligations arising from           |            |             |              |
| derivative instruments             |            |             |              |
--------------------------------------------------------------------------------
| Nominal value of underlying object |      167.2 |        59.2 |         49.9 |
--------------------------------------------------------------------------------
| Fair value of the derivative       |       -0.2 |        -0.1 |          0.1 |
| instruments                        |            |             |              |
--------------------------------------------------------------------------------

Ramirent has borrowing facilities which have equity ratio, leverage ratio and   
other financial covenants. Ramirent's financial ratios are on 30 September 2007 
significantly better than these covenants.                                      

Ramirent has made no transactions with its related parties during the review    
period. There are no outstanding balances between the Company and its related   
parties at the end of the review period.                                        

There are no pending legal cases, the impact of which could have a material     
effect on the figures reported in this interim report.                          

CONFERENCE FOR ANALYSTS AND THE PRESS                                           

A conference for investment analysts and the press will be arranged on          
Wednesday, 7 November 2007 at 10.00 a.m. in the Dining Room of Restaurant Pörssi
in Helsinki, Fabianinkatu 14.                                                   

This interim report is non-audited.                                             

Vantaa, 7 November 2007                                                         

RAMIRENT PLC                                                                    

Board of Directors                                                              


FURTHER INFORMATION:                                                            
CEO Kari Kallio, phone +358 40 716 1832, or email kari.kallio@ramirent.com      
CFO Heli Iisakka, phone +358 40 544 6833, or email heli.iisakka@ramirent.com	   




DISTRIBUTION:                                                                   
OMX Nordic Exchange Helsinki                                                    
Main news media                                                                 
www.ramirent.com                                                                


Ramirent is the leading machinery rental company in the Nordic countries, and in
Central and Eastern Europe. The Group has some 300 permanent outlets in twelve  
countries and is registered in Helsinki. Ramirent employs over 3,500 people and 
in 2006 the consolidated net sales were 498 million. Ramirent is listed on the  
OMX Nordic Exchange Helsinki. For further information, please visit             
www.ramirent.com.