2010-11-04 08:00:00 CET
2010-11-04 08:00:06 CET
REGULATED INFORMATION
Ramirent - Interim report (Q1 and Q3)
RAMIRENT INTERIM REPORT JANUARY - SEPTEMBER 2010: PROFIT IMPROVING AS MARKET ACTIVITY IS PICKING UP
RAMIRENT PLC INTERIM REPORT 4 NOVEMBER 2010 AT 9:00 a.m. RAMIRENT INTERIM REPORT JANUARY - SEPTEMBER 2010: PROFIT IMPROVING AS MARKET ACTIVITY IS PICKING UP Note! Figures in brackets, unless otherwise indicated, refer to the corresponding period a year earlier. JULY - SEPTEMBER 2010 HIGHLIGHTS - Ramirent net sales EUR 140.9 (129.5) million, up 8.8% (up 3.3% at comparable exchange rates) - EBITDA EUR 42.3 (37.3) million or 30.0% (28.8%) of net sales - EBIT EUR 16.6 (11.7) million or 11.8% (9.0%) of net sales - Cash flow after investments EUR 14.4 (22.4) million - The Board has decided not to use the authorisation to pay an additional dividend of a maximum of EUR 0.10 per share that was granted by the AGM 2010 JANUARY - SEPTEMBER 2010 HIGHLIGHTS - Ramirent net sales EUR 381.2 (376.3) million, up 1.3% (down 4.6% at comparable exchange rates) - EBITDA EUR 90.6 (103.7) million or 23.8% (27.6%) of net sales - EBIT EUR 18.5 (32.4) million or 4.8% (8.6%) of net sales - Net profit EUR 7.5 (14.0) million and EPS EUR 0.07 (0.13) - Gross capital expenditure EUR 43.9 (10.0) million - Cash flow after investments EUR 23.8 (68.1) million - Net debt EUR 197.2 (230.0) million and gearing 64.1% (73.8%) RAMIRENT 2010 OUTLOOK The Ramirent 2010 outlook is unchanged. Due to the restructuring actions and the adjustment of fixed costs, the profit before taxes is expected to improve in 2010, and cash flow to be positive. -------------------------------------------------------------------------------- | (EUR million) | 7-9/1 | 7-9/0 | 1-9/10 | 1-9/09 | Change | 1-12/09 | | | 0 | 9 | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 140.9 | 129.5 | 381.2 | 376.3 | 1.3% | 502.5 | -------------------------------------------------------------------------------- | EBITDA | 42.3 | 37.3 | 90.6 | 103.7 | -12.7% | 129.9 | -------------------------------------------------------------------------------- | % of net sales | 30.0% | 28.8% | 23.8% | 27.6% | | 25.8% | -------------------------------------------------------------------------------- | EBIT | 16.6 | 11.7 | 18.5 | 32.4 | -43.0% | 28.8 | -------------------------------------------------------------------------------- | % of net sales | 11.8% | 9.0% | 4.8% | 8.6% | | 5.7% | -------------------------------------------------------------------------------- | EBT | 12.0 | 7.6 | 12.1 | 19.9 | -39.3% | 12.7 | -------------------------------------------------------------------------------- | Net profit for | 8.5 | 5.0 | 7.5 | 14.0 | -46.3% | 4.7 | | the period | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per | 0.08 | 0.05 | 0.07 | 0.13 | -46.8% | 0.04 | | share (EPS), | | | | | | | | (diluted), EUR | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on | - | - | 5.4% | 6.4% | | 8.5% | | invested capital | | | | | | | | (ROI), % 1) | | | | | | | -------------------------------------------------------------------------------- | Net debt | - | - | 197.2 | 230.0 | -14.3% | 207.2 | -------------------------------------------------------------------------------- | Gearing, % | - | - | 64.1% | 73.8% | - | 67.8% | -------------------------------------------------------------------------------- | Equity ratio, % | - | - | 46.1% | 45.2% | - | 46.6% | -------------------------------------------------------------------------------- | Gross capital | 9.7 | 2.7 | 43.9 | 10.0 | 339.1% | 17.5 | | expenditure | | | | | | | -------------------------------------------------------------------------------- | Cash flow after | 14.4 | 22.4 | 23.8 | 68.1 | -65.1% | 87.6 | | investments | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Personnel at end | - | - | 3,025 | 3,177 | -4.8% | 3,021 | | of period | | | | | | | -------------------------------------------------------------------------------- 1) The figures are calculated on a rolling twelve month basis. MAGNUS ROSÉN, RAMIRENT CEO: “In the third quarter the rental industry continued on the recovery path that started in spring time. Both our sales and profitability improved in the third quarter reflecting the increase in market activity, improving utilisation rates for our equipment as well as gradually improving pricing levels. We are encouraged by the development in the third quarter, and while there are still uncertainties in the overall economy in the short term, we expect rental services markets to continue to recover. To meet the anticipated demand, we are continuously growing our outlet network, which now consists of 375 outlets. We see a continuously increasing interest from our customers to outsource their equipment fleets. In addition, there are an increasing number of acquisition opportunities in the market. With our strong financial position, we are well positioned to take part in the market consolidation through select acquisitions and outsourcing cases.” RAMIRENT JANUARY - SEPTEMBER 2010 MARKET REVIEW Market activity continued to improve within construction and in various industrial sectors, although the overall activity in non-residential construction remains at a lower level than residential construction. Geographically, demand for rental equipment increased throughout all Ramirent countries because of increased market activity. Positive signs of returning demand continued also in the Baltic countries, although at a very low level. NET SALES Ramirent Group January - September 2010 net sales increased 1.3% to EUR 381.2 (376.3) million due to the pick up in market activity. At comparable exchange rates, the Group's net sales decreased 4.6%. Net sales increased in Sweden and Norway but decreased in the other segments compared to the corresponding period in the previous year. Third-quarter net sales increased 8.8% to EUR 140.9 (129.5) million compared to the corresponding period in the previous year. Net sales development by segment was as follows: -------------------------------------------------------------------------------- | Net sales | | | | | | | -------------------------------------------------------------------------------- | (EUR | 7-9/ | 7-9/09 | Change | 1-9/10 | 1-9/09 | Change | 1-12/ | | million) | 10 | | | | | | 09 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finland | 37.5 | 41.2 | -9.0% | 101.7 | 103.8 | -2.0% | 134.3 | -------------------------------------------------------------------------------- | Sweden | 36.1 | 30.8 | 17.2% | 100.3 | 95.4 | 5.1% | 127.9 | -------------------------------------------------------------------------------- | Norway | 27.6 | 26.5 | 4.1% | 83.3 | 80.6 | 3.4% | 109.2 | -------------------------------------------------------------------------------- | Denmark | 9.0 | 10.5 | -14.8% | 26.1 | 33.4 | -21.9% | 42.9 | -------------------------------------------------------------------------------- | Europe | 12.3 | 18.9 | -34.8% | 29.3 | 40.1 | -27.0% | 51.3 | | East | | | | | | | | -------------------------------------------------------------------------------- | Europe | 19.7 | 18.2 | 8.3% | 47.7 | 48.6 | -2.0% | 65.0 | | Central | | | | | | | | -------------------------------------------------------------------------------- | Eliminatio | -1.2 | -16.6 | | -7.2 | -25.6 | | -28.1 | | n of sales | | | | | | | | | between | | | | | | | | | segments | | | | | | | | -------------------------------------------------------------------------------- | Net sales, | 140. | 129.5 | 8.8% | 381.2 | 376.3 | 1.3% | 502.5 | | total | 9 | | | | | | | -------------------------------------------------------------------------------- FINANCIAL RESULTS Operating profit before depreciation (EBITDA) was EUR 90.6 (103.7) million with a margin of 23.8% (27.6%). Profits were burdened by price pressure and low utilisation levels. Credit losses and net change in the allowance for bad debt totalled EUR -2.9 (-2.5) million. Reversal of provisions and one-off items of EUR 2.0 million were booked in the third-quarter, affecting EBITDA positively. Depreciations amounted to EUR 72.1 (71.3) million. The Group's operating profit (EBIT) was EUR 18.5 (32.4) million, representing 4.8% (8.6%) of net sales. Write-downs of aged equipment amounted to EUR 1.3 million in the third quarter. Third-quarter EBITDA-margin improved to 30.0% (28.8%) and EBIT-margin improved to 11.8% (9.0%). EBIT and EBIT-margin by segment were as follows: -------------------------------------------------------------------------------- | EBIT | | | | | -------------------------------------------------------------------------------- | (EUR million) | 7-9/10 | 7-9/09 | 1-9/10 | 1-9/09 | 1-12/09 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finland | 7.1 | 6.3 | 10.9 | 12.1 | 12.1 | -------------------------------------------------------------------------------- | % of net sales | 18.8% | 15.3% | 10.7% | 11.6% | 9.0% | -------------------------------------------------------------------------------- | Sweden | 7.4 | 4.4 | 15.0 | 16.6 | 20.9 | -------------------------------------------------------------------------------- | % of net sales | 20.6% | 14.3% | 15.0% | 17.4% | 16.4% | -------------------------------------------------------------------------------- | Norway | 1.7 | 2.3 | 2.2 | 8.2 | 9.1 | -------------------------------------------------------------------------------- | % of net sales | 6.1% | 8.6% | 2.7% | 10.1% | 8.4% | -------------------------------------------------------------------------------- | Denmark | -0.2 | -0.3 | -1.5 | 0.1 | -4.3 | -------------------------------------------------------------------------------- | % of net sales | -1.9% | -2.8% | -5.6% | 0.2% | -10.1% | -------------------------------------------------------------------------------- | Europe East | -0.7 | -2.0 | -4.7 | -8.6 | -10.6 | -------------------------------------------------------------------------------- | % of net sales | -5.7% | -10.4% | -15.9% | -21.4% | -20.7% | -------------------------------------------------------------------------------- | Europe Central | 2.2 | 1.6 | -0.1 | 3.8 | 2.8 | -------------------------------------------------------------------------------- | % of net sales | 11.2% | 8.6% | -0.3% | 7.9% | 4.3% | -------------------------------------------------------------------------------- | Costs not allocated | -0.9 | -0.6 | -3.4 | 0.3 | -1.3 | | to segments | | | | | | -------------------------------------------------------------------------------- | Group EBIT | 16.6 | 11.7 | 18.5 | 32.4 | 28.8 | -------------------------------------------------------------------------------- | % of net sales | 11.8% | 9.0% | 4.8% | 8.6% | 5.7% | -------------------------------------------------------------------------------- Net financial items were EUR -6.4 (-12.5) million, including EUR 3.1 million positive net effect of exchange rate changes. The Group's profit before taxes was EUR 12.1 (19.9) million. Income taxes amounted to EUR -4.6 (-5.9) million. Net profit for the review period was EUR 7.5 (14.0) million. Earnings per share were EUR 0.07 (0.13). The rolling twelve-month return on invested capital was 5.4% (6.4%), and the corresponding return on equity was -0.6% (-4.2%). The equity per share was EUR 2.83 (2.87). CAPITAL EXPENDITURE, CASH FLOW AND FINANCIAL POSITION The Group's gross capital expenditure on non-current assets totalled EUR 43.9 (10.0) million, of which EUR 35.3 (8.5) million was attributable to investments in rental machinery and equipment and the rest was related mainly to goodwill and other intangible assets from acquisitions. Disposals of tangible non-current assets at sales value were EUR 12.1 (16.1) million, of which EUR 12.0 (15.4) million was attributable to rental machinery and equipment. The Group's nine-month cash flow from operating activities amounted to EUR 64.4 (79.5) million. Cash flow from investing activities amounted to EUR -40.6 (-11.4) million. Cash flow from operating and investing activities totalled EUR 23.8 (68.1) million. Interest-bearing liabilities at the end of the third quarter amounted to EUR 201.6 (231.8) million. Net debt amounted to EUR 197.2 (230.0) million and gearing was at 64.1% (73.8%). On 30 September 2010, Ramirent had unused committed back-up loan facilities available of EUR 177.1 million. Total assets amounted to EUR 667.6 (689.6) million at the end of the review period. Group equity totalled EUR 307.5 (311.8) million. The Group's equity ratio was 46.1% (45.2%). PERSONNEL AND OUTLET NETWORK -------------------------------------------------------------------------------- | | Employees | Employees | Outlets | Outlets | -------------------------------------------------------------------------------- | | 30 September | 30 September | 30 September | 30 September | | | 2010 | 2009 | 2010 | 2009 | -------------------------------------------------------------------------------- | Finland | 612 | 612 | 83 | 79 | -------------------------------------------------------------------------------- | Sweden | 540 | 530 | 74 | 58 | -------------------------------------------------------------------------------- | Norway | 500 | 552 | 42 | 40 | -------------------------------------------------------------------------------- | Denmark | 148 | 184 | 20 | 21 | -------------------------------------------------------------------------------- | Europe East | 381 | 399 | 45 | 45 | -------------------------------------------------------------------------------- | Europe | 825 | 885 | 111 | 101 | | Central | | | | | -------------------------------------------------------------------------------- | Group | 19 | 15 | | | | administratio | | | | | | n | | | | | -------------------------------------------------------------------------------- | Total | 3,025 | 3,177 | 375 | 344 | -------------------------------------------------------------------------------- DEVELOPMENT BY OPERATING SEGMENT Finland Finland January - September 2010 net sales decreased 2.0% to EUR 101.7 (103.8) million. EBIT was EUR 10.9 (12.1) million, representing a margin of 10.7% (11.6%). Third-quarter net sales decreased 9.0% to EUR 37.5 (41.2) million with an EBIT-margin of 18.8% (15.3%). Adjusted for inter-segment sales third-quarter net sales increased 6.0%. Demand increased in most product groups because of higher construction activity and an increase in new start-ups. The significantly lower activity in shipyards compared to the previous years has for the major part been compensated with activity in the industrial maintenance and construction sectors. EBIT weakened mainly due to the harmonisation of depreciation rules in effect from last quarter of 2009, but was affected positively in the third quarter by improving price levels and higher utilisation rates in certain product groups. Sweden Sweden January - September 2010 net sales increased 5.1% to EUR 100.3 (95.4) million but decreased 5.2% at comparable exchange rates. EBIT was EUR 15.0 (16.6) million, representing a margin of 15.0% (17.4%). Third-quarter net sales increased 17.2% to EUR 36.1 (30.8) million or 6.1% at comparable exchange rates. The third-quarter EBIT-margin improved to 20.6% (14.3%). Net sales increased because of higher market activity. The upward trend in pricing continued due to increased demand in certain product groups. EBIT improved supported by the higher activity levels and included a net reversal of provisions and one-off items amounting to EUR 2.0 million in the third-quarter. The number of outlets in Sweden increased from 69 to 74 outlets since the second quarter of 2010, due to the opening of both new owned and franchised outlets. Norway Norway January - September 2010 net sales increased 3.4% to EUR 83.3 (80.6) million but decreased 6.6% at comparable exchange rates. EBIT was EUR 2.2 (8.2) million, representing a margin of 2.7% (10.1%). Third-quarter net sales increased 4.1% to EUR 27.6 (26.5) million or decreased 5.2% at comparable exchange rates. The third-quarter EBIT-margin was 6.1% (8.6%). Net sales and EBIT were burdened by stiff price competition in certain product groups. The rebranding of Bautas to Ramirent in Norway continued according to plan. Denmark Denmark January - September 2010 net sales decreased 21.9% to EUR 26.1 (33.4) million. EBIT was EUR -1.5 (0.1) million, representing a margin of -5.6% (0.2%). Third-quarter net sales decreased 14.8% to EUR 9.0 (10.5) million. Net sales decreased due to continued weak market conditions. Persistent and intense price competition affected both sales and EBIT negatively. Europe East (Russia, the Baltic States and Ukraine) Europe East January - September 2010 net sales decreased 27.0% to EUR 29.3 (40.1) million or 29.3% at comparable exchange rates. EBIT was EUR -4.7 (-8.6) million, representing a margin of -15.9% (-21.4%). Third-quarter net sales decreased 34.8% to EUR 12.3 (18.9) million or 36.9% at comparable exchange rates. Adjusted for inter-segment sales third-quarter net sales increased 27.2%. The third-quarter EBIT-margin was -5.7% (-10.4%). Positive signs of returning activity continued to be seen in the Baltic countries. Market activity was good in both Russia and Ukraine due to higher construction activity. EBIT was burdened by the overall lower sales and price levels. Write-downs of aged equipment amounted to EUR 1.3 million in the third-quarter. Europe Central (Poland, Hungary, the Czech Republic and Slovakia) Europe Central January - September 2010 net sales decreased 2.0% to EUR 47.7 (48.6) million or 6.0% at comparable exchange rates. EBIT was EUR -0.1 (3.8) million, representing a margin of -0.3% (7.9%). Third-quarter net sales increased 8.3% to EUR 19.7 (18.2) million or 7.5% at comparable exchange rates. The third-quarter EBIT-margin improved to 11.2% (8.6%). Net sales picked up during the third quarter throughout all Europe Central countries because of higher market activity. EBIT was burdened by the continued intense price competition in most product groups. The number of outlets in Europe Central increased from 98 to 111 outlets since the second-quarter of 2010, mainly due to the opening of a number of both new owned and franchised outlets in Czech Republic. INCENTIVE PROGRAMME FOR RAMIRENT MANAGERS On 10 August 2010, the Board of Directors of Ramirent Plc approved a share-based incentive programme for managers in the Group. The programme is a Performance Share Programme targeted at approximately 50 managers, including the Group Management team, for the earnings period 2010-2012. The potential reward from the programme for the earning period 2010-2012 will be based on the Group's Total Shareholder Return (TSR), on the Group's average Return on Invested Capital (ROI) and on the Group's cumulative Earnings per Share (EPS). The potential reward from the earning period 2010-2012 will be paid partly in Company shares and partly in cash during 2013. The cash payment is intended to cover the personal taxes and tax-related costs arising from the reward. The maximum reward to be paid on the basis of the earning period 2010-2012 will correspond to the value of up to 390,000 Ramirent Plc shares (including also the portion to be paid in cash). The participants must hold the shares received on the basis of the new incentive programme as long as the value of the shares held by the participant in total is below his or her six-month gross salary. SHARES Trading in the share Ramirent Plc's market capitalization at the end of September 2010 was EUR 816.3 (829.4) million. Trading closed at EUR 7.51 (7.63). The highest quote for the period was EUR 8.75 (8.23), and the lowest was EUR 6.17 (2.35). The average trading price was EUR 7.47 (4.47). The value of share turnover during the review period was EUR 260.8 (225.2) million, equivalent to 35,048,571 (50,616,878) traded Ramirent shares, i.e. 32.2% (46.6%) of Ramirent's total number of shares. Share capital and number of shares At the end of the review period, Ramirent Plc's share capital was EUR 25.0 million, and the total number of Ramirent shares was 108,697,328. Own shares At the end of the review period, Ramirent Plc held 279,000 of its own shares. The repurchase commenced one week after the Board of Directors of Ramirent Plc announced its decision, on 11 August 2010, to repurchase up to 390,000 shares of the Company, based on the authorisation granted by the AGM 2010. The shares have been repurchased in deviation from the proportion to the holdings of the shareholders with funds in the Company's non-restricted equity through public trading on NASDAQ OMX Helsinki Ltd at the market price of the time of the repurchase. The shares are acquired to be used as part of the company's incentive programme, consideration in possible acquisitions or in other arrangements that are part of the company´s business, to finance investments or to be retained, otherwise conveyed or cancelled by the Company. BOARD MEMBER TORGNY ERIKSSON PASSED AWAY On 11 October, 2010 Ramirent Plc deeply regretted to report the passing away of Ramirent board member Torgny Eriksson, 63. Torgny Eriksson had been member of the Ramirent board since 2005. He was the co-founder and CEO of Carta Corporate Advisors AB, a leading consulting firm in Scandinavia, and his prior working experience included also leading line management positions in e.g. Unilever. The Ramirent Board of Directors currently consists of the following five members: Mr. Peter Hofvenstam (chairman), Mrs. Susanna Renlund (vice-chairman), Mr. Kaj-Gustaf Bergh, Mr. Johan Ek and Mr. Erkki Norvio. STRATEGY AND FINANCIAL TARGETS The aim of the Ramirent Group's strategy is to generate a healthy return to shareholders under financial stability. Ramirent's strategy 2010 and beyond is focused on three major objectives: sustainable top-line growth through strengthening the customer offering, widening the customer portfolio, as well as growing through outsourcing cases and selected acquisitions; operational excellence through developing a one-company structure, “the Rami-platform”; and reducing the risk level through a balanced business portfolio and improved risk management practices. The Group's long-term financial targets over a business cycle are: earnings per share growth of at least 15% p.a., a return on invested capital of at least 18% p.a. and a gearing target of less than 120% at the end of each financial year. Ramirent's policy with respect to the ordinary dividend is to distribute at least 40% of annual earnings per share to shareholders. ESSENTIAL RISKS AFFECTING RAMIRENT'S OPERATIONS Ramirent is subject to various business risks. Certain risk factors are deemed to be of material importance to the future development of Ramirent. Risks are evaluated in relation to achievement of the Company's financial and strategic targets. Overall, Ramirent expects that its risk exposure is high due to the turmoil in the financial markets and the economic cycle of the construction markets. The main risks affecting Ramirent's business operations, its profitability and financial position are those connected with the economic cycles of the construction industry and increased competition in the rental sector in its operating countries. The main risks are described in the annual report 2009. EVENTS AFTER THE END OF THE QUARTER The share repurchase has been finalised on 15 October 2010. As per that date, the company had acquired 390,000 shares of the Company. The average purchase price for the purchased shares is EUR 7.53 per share. The Board decided, at its meeting on 4 November 2010, not to use the authorisation to pay an additional dividend of no more than EUR 0.10 per share that was granted by the AGM 2010. MARKET OUTLOOK 2010-2011 Overall new residential construction, infrastructure and renovation construction market is expected to develop favourably while demand for commercial construction remains weak especially in the Nordic countries. The improved balance between supply and demand in certain product groups indicates a healthier price level going forward. According to the forecast published by the Confederation of Finnish Construction Industries RT in October, construction is expected to grow by 2% in 2010 and 3% in 2011 in Finland. According to the forecast published by the Swedish Construction Federation in October, construction is expected to grow by 3% in 2010 and 5% in 2011 in Sweden. According to the forecast published by Euroconstruct in June, construction is expected to decrease by 4% in 2010 and will grow 2% in 2011 in Norway. According to the forecast published by Euroconstruct in June, construction is expected to decrease by 3% in 2010 and to grow by 4% in 2011 in Denmark. According to the forecast published by Euroconstruct in June, construction will develop in Europe East countries according to the following: Construction is expected to decrease by 13% in 2010 in Estonia, by 17% in Latvia and by 18% in Lithuania in 2010. Construction activity is expected to show growth in Russia and Ukraine during 2010. In 2011, construction is expected to grow by 7% in Estonia, stay at same level as 2010 in Latvia and Lithuania while in Russia growth is expected to continue in 2011. In Europe Central countries Euroconstruct forecasts construction to grow by 10% in 2010 in Poland, by 5% in Slovakia, by 3% in Hungary but decrease by 7% in Czech Republic. In 2011, construction is expected to grow by 15% in Poland, by 11% in Slovakia, by 5% in Hungary and by 2% in Czech Republic. RAMIRENT OUTLOOK 2010 The Ramirent 2010 outlook is unchanged. Due to the restructuring actions and the adjustment of fixed costs, the profit before taxes is expected to improve in 2010, and cash flow to be positive. 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 policies published in the 2009 financial statements. As of 1 January 2010 Ramirent applies the following new or revised standards: - Revised IFRS 3 Business Combinations. - Amended IAS 27 Consolidated and Separate Financial Statements Consolidated financial statements have been presented in thousand euros unless otherwise stated. Due to roundings individual figures may differ from the totals. -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | (EUR 1,000) | 7-9/10 | 7-9/09 | 1-9/10 | 1-9/09 | 1-12/09 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Net sales | 140,898 | 129,503 | 381,172 | 376,318 | 502,500 | -------------------------------------------------------------------------------- | Other operating | 248 | 528 | 1,160 | 1,690 | 2,060 | | income | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Materials and | -44,756 | -40,958 | -126,074 | -113,492 | -157,153 | | services | | | | | | -------------------------------------------------------------------------------- | Employee benefit | -31,956 | -32,838 | -98,044 | -97,633 | -130,934 | | expenses | | | | | | -------------------------------------------------------------------------------- | Depreciation and | -25,682 | -25,556 | -72,091 | -71,307 | -101,113 | | amortisation | | | | | | -------------------------------------------------------------------------------- | Other operating | -22,129 | -18,975 | -67,644 | -63,177 | -86,594 | | expenses | | | | | | -------------------------------------------------------------------------------- | EBIT | 16,623 | 11,703 | 18,479 | 32,398 | 28,766 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income | 247 | 3,711 | 9,965 | 14,098 | 17,936 | -------------------------------------------------------------------------------- | Financial expenses | -4,856 | -7,772 | -16,352 | -26,566 | -34,027 | -------------------------------------------------------------------------------- | EBT | 12,015 | 7,642 | 12,093 | 19,930 | 12,675 | -------------------------------------------------------------------------------- | Income taxes | -3,480 | -2,648 | -4,577 | -5,929 | -7,992 | -------------------------------------------------------------------------------- | NET RESULT FOR THE | 8,535 | 4,994 | 7,515 | 14,000 | 4,683 | | PERIOD | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other comprehensive | | | income: | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Translation | 4,594 | 10,810 | 13,981 | 16,946 | 19,105 | | differences | | | | | | -------------------------------------------------------------------------------- | Cash flow hedges | 104 | 142 | -3,013 | -290 | 1,148 | -------------------------------------------------------------------------------- | Net change in fair | 155 | - | 1,965 | - | -218 | | value of cash flow | | | | | | | hedges transferred to | | | | | | | profit or loss | | | | | | -------------------------------------------------------------------------------- | Entries on | - | - | - | - | -99 | | non-current assets | | | | | | | held for sale | | | | | | -------------------------------------------------------------------------------- | Income tax relating | -344 | -37 | -4 | 75 | -216 | | to components of | | | | | | | other comprehensive | | | | | | | income | | | | | | -------------------------------------------------------------------------------- | OTHER COMPREHENSIVE | 4,510 | 10,915 | 12,930 | 16,731 | 19,720 | | INCOME FOR THE YEAR, | | | | | | | NET OF TAX | | | | | | -------------------------------------------------------------------------------- | TOTAL COMPREHENSIVE | 13,044 | 15,909 | 20,445 | 30,732 | 24,403 | | INCOME/EXPENSE FOR | | | | | | | THE PERIOD | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net result for the | | | period attributable | | | to: | | -------------------------------------------------------------------------------- | Owners of the parent | 8,535 | 4,994 | 7,515 | 14,000 | 4,683 | | company | | | | | | -------------------------------------------------------------------------------- | Non-controlling | - | - | - | - | - | | interest | | | | | | -------------------------------------------------------------------------------- | TOTAL | 8,535 | 4,994 | 7,515 | 14,000 | 4,683 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total comprehensive | | | income for the period | | | attributable to: | | -------------------------------------------------------------------------------- | Owners of the parent | 13,044 | 15,909 | 20,445 | 30,732 | 24,403 | | company | | | | | | -------------------------------------------------------------------------------- | Non controlling | - | - | - | - | - | | interest | | | | | | -------------------------------------------------------------------------------- | Total | 13,044 | 15,909 | 20,445 | 30,732 | 24,403 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share | 0.08 | 0.05 | 0.07 | 0.13 | 0.04 | | (EPS), basic and | | | | | | | diluted, EUR | | | | | | -------------------------------------------------------------------------------- CONSOLIDATED BALANCE SHEET -------------------------------------------------------------------------------- | ASSETS | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | (EUR 1,000) | 30.9.2010 | 30.9.2009 | 31.12.2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | -------------------------------------------------------------------------------- | Property, plant and equipment | 432,749 | 477,396 | 456,076 | -------------------------------------------------------------------------------- | Goodwill | 93,154 | 86,025 | 87,194 | -------------------------------------------------------------------------------- | Other intangible assets | 10,345 | 6,045 | 5,851 | -------------------------------------------------------------------------------- | Available-for-sale investments | 603 | 140 | 53 | -------------------------------------------------------------------------------- | Deferred tax assets | 10,473 | 10,095 | 7,660 | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS, TOTAL | 547,323 | 579,700 | 556,833 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT ASSETS | | -------------------------------------------------------------------------------- | Inventories | 14,259 | 15,277 | 14,574 | -------------------------------------------------------------------------------- | Trade and other receivables | 98,667 | 90,295 | 80,146 | -------------------------------------------------------------------------------- | Income tax receivables on the | 2,920 | 2,076 | 2,260 | | taxable income for the financial | | | | | period | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 4,449 | 1,809 | 1,800 | -------------------------------------------------------------------------------- | CURRENT ASSETS, TOTAL | 120,296 | 109,457 | 98,780 | -------------------------------------------------------------------------------- | Non-current assets held for sale | - | 476 | 370 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL ASSETS | 667,619 | 689,633 | 655,982 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | (EUR 1,000) | 30.9.2010 | 30.9.2009 | 31.12.2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY | | | -------------------------------------------------------------------------------- | Share capital | 25,000 | 25,000 | 25,000 | -------------------------------------------------------------------------------- | Revaluation fund | -3,309 | -3,222 | -2,319 | -------------------------------------------------------------------------------- | Free equity fund | 113,329 | 113,329 | 113,329 | -------------------------------------------------------------------------------- | Translation differences | -422 | -16,562 | -14,403 | -------------------------------------------------------------------------------- | Retained earnings | 172,951 | 193,145 | 183,963 | -------------------------------------------------------------------------------- | Items recognised directly to | - | 136 | 62 | | equity on non-current assets | | | | | held for sale | | | | -------------------------------------------------------------------------------- | PARENT COMPANY SHAREHOLDERS' | 307,549 | 311,827 | 305,632 | | EQUITY | | | | -------------------------------------------------------------------------------- | Non-controlling interests | - | - | - | -------------------------------------------------------------------------------- | EQUITY, TOTAL | 307,549 | 311,827 | 305,632 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | | -------------------------------------------------------------------------------- | Deferred tax liabilities | 56,508 | 46,639 | 50,798 | -------------------------------------------------------------------------------- | Pension obligations | 6,456 | 8,074 | 9,750 | -------------------------------------------------------------------------------- | Provisions | 2,510 | 4,795 | 3,856 | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 160,296 | 213,462 | 198,061 | -------------------------------------------------------------------------------- | Other long-term liabilities | 2,200 | - | - | -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES, | 227,970 | 272,971 | 262,466 | | TOTAL | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT LIABILITIES | | -------------------------------------------------------------------------------- | Trade payables and other | 86,205 | 70,391 | 67,013 | | liabilities | | | | -------------------------------------------------------------------------------- | Provisions | 1,890 | 10,030 | 8,477 | -------------------------------------------------------------------------------- | Income tax liabilities on | 2,690 | 6,095 | 1,501 | | the taxable income for the | | | | | financial period | | | | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 41,314 | 18,319 | 10,894 | -------------------------------------------------------------------------------- | CURRENT LIABILITIES, TOTAL | 132,100 | 104,835 | 87,885 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES, TOTAL | 360,070 | 377,806 | 350,351 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL EQUITY AND LIABILITIES | 667,619 | 689,633 | 655,982 | -------------------------------------------------------------------------------- CONSOLIDATED STATEMENT OF CHANGES OF EQUITY A=Share capital B=Revaluation fund C=Free equity fund D=Translation differences E=Retained earnings F=Entries on non-current assets held for sale G=Total equity 1) Equity 1.1.2009 2) Total comprehensive income for the period 3) Equity 30.9.2009 4) Share based payments 5) Equity 31.12.2009 6) Acquisition of own shares 7) Dividend distribution 8) Equity 30.9.2010 -------------------------------------------------------------------------------- | | A | B | C | D | E | F | G | -------------------------------------------------------------------------------- | 1) | 25,000 | -3,007 | 113,329 | -33,508 | 179,145 | 136 | 281,095 | -------------------------------------------------------------------------------- | 2) | - | -215 | - | 16,946 | 14,000 | - | 30,732 | -------------------------------------------------------------------------------- | 3) | 25,000 | -3,222 | 113,329 | -16,562 | 193,145 | 136 | 311,827 | -------------------------------------------------------------------------------- | 4) | - | - | - | - | 134 | - | 134 | -------------------------------------------------------------------------------- | 2) | - | 903 | - | 2,159 | -9,316 | -74 | -6,329 | -------------------------------------------------------------------------------- | 5) | 25,000 | -2,319 | 113,329 | -14,403 | 183,963 | 62 | 305,632 | -------------------------------------------------------------------------------- | 4) | - | - | - | - | -210 | - | -210 | -------------------------------------------------------------------------------- | 6) | - | - | - | - | -2,013 | - | -2,013 | -------------------------------------------------------------------------------- | 7) | - | - | - | - | -16,305 | - | -16,305 | -------------------------------------------------------------------------------- | 2) | | -989 | - | 13,981 | 7,515 | -62 | 20,445 | | | | | | | | | | -------------------------------------------------------------------------------- | 8) | 25,000 | -3,309 | 113,329 | -422 | 172,951 | - | 307,549 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CONDENSED CASH | | | FLOW STATEMENT | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | (EUR million) | 1-9/10 | 1-9/09 | 1-12/09 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from operating | 64.4 | 79.5 | 107.7 | | activities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from investing | -40.6 | -11.4 | -20.0 | | activities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from financing | | | activities | | -------------------------------------------------------------------------------- | Borrowings / repayment of | 4.8 | -10.6 | -19.1 | | short-term debt | | | | -------------------------------------------------------------------------------- | Borrowings / repayment of | -7.6 | -57.8 | -68.8 | | long-term debt | | | | -------------------------------------------------------------------------------- | Acquisition of own shares | -2.0 | - | - | -------------------------------------------------------------------------------- | Dividends paid | -16.3 | - | - | -------------------------------------------------------------------------------- | Cash flow from financing | -21.1 | -68.4 | -87.9 | | activities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net change in cash and cash | 2.6 | -0.3 | -0.3 | | equivalents | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash and cash equivalents at | 1.8 | 2.1 | 2.1 | | the beginning of the period | | | | -------------------------------------------------------------------------------- | Translation difference on cash | - | - | - | | and cash equivalents | | | | -------------------------------------------------------------------------------- | Net change in cash and cash | 2.6 | -0.3 | -0.3 | | equivalents | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at | 4.4 | 1.8 | 1.8 | | the end of the period | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KEY FINANCIAL FIGURES | | | | -------------------------------------------------------------------------------- | | 1-9/10 | 1-9/09 | 1-12/09 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Interest-bearing debt, (EUR | 201.6 | 231.8 | 209.0 | | million) | | | | -------------------------------------------------------------------------------- | Net debt, (EUR million) | 197.2 | 230.0 | 207.2 | -------------------------------------------------------------------------------- | Invested capital (EUR million), | 509.2 | 543.6 | 514.6 | | end of period | | | | -------------------------------------------------------------------------------- | Return on invested capital | 5.4% | 6.4% | 8.5% | | (ROI), % 1) | | | | -------------------------------------------------------------------------------- | Gearing, % | 64.1% | 73.8% | 67.8% | -------------------------------------------------------------------------------- | Equity ratio, % | 46.1% | 45.2% | 46.6% | -------------------------------------------------------------------------------- | Personnel, average | 3,043 | 3,391 | 3,313 | -------------------------------------------------------------------------------- | Personnel, end of period | 3,025 | 3,177 | 3,021 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gross investments in non-current | 43.9 | 10.0 | 17.5 | | assets (EUR million) | | | | -------------------------------------------------------------------------------- | Gross investments, % of net | 11.5% | 2.7% | 3.5% | | sales | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 1) The figures are calculated on | | | a rolling twelve month basis. | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHARE RELATED KEY FIGURES | | | | -------------------------------------------------------------------------------- | | 1-9/10 | 1-9/09 | 1-12/09 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share (EPS) | 0.07 | 0.13 | 0.04 | | weighted average, diluted, EUR | | | | -------------------------------------------------------------------------------- | Earnings per share (EPS) | 0.07 | 0.13 | 0.04 | | weighted average, non-diluted, | | | | | EUR | | | | -------------------------------------------------------------------------------- | Equity per share, end of period, | 2.83 | 2.87 | 2.81 | | diluted, EUR | | | | -------------------------------------------------------------------------------- | Equity per share, end of period, | 2.83 | 2.87 | 2.81 | | non-diluted, EUR | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Number of shares (weighted | 108,697,328 | 108,697,328 | 108,697,328 | | average), diluted | | | | -------------------------------------------------------------------------------- | Number of shares (weighted | 108,697,328 | 108,697,328 | 108,697,328 | | average), non-diluted | | | | -------------------------------------------------------------------------------- | Number of shares (end of | 108,697,328 | 108,697,328 | 108,697,328 | | period), diluted | | | | -------------------------------------------------------------------------------- | Number of shares (end of | 108,697,328 | 108,697,328 | 108,697,328 | | period), non-diluted | | | | -------------------------------------------------------------------------------- NOTES TO THE INTERIM FINANCIAL STATEMENTS SEGMENT INFORMATION Segment information is presented according to the IFRS standards. Items below EBIT - financial items and taxes - are not allocated to the segments. -------------------------------------------------------------------------------- | Net sales | | -------------------------------------------------------------------------------- | (EUR million) | 1-9/10 | 1-9/09 | 1-12/09 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finland | | | -------------------------------------------------------------------------------- | - Net sales (external) | 100.4 | 95.5 | 125.9 | -------------------------------------------------------------------------------- | - Inter-segment sales | 1.3 | 8.2 | 8.4 | -------------------------------------------------------------------------------- | Sweden | | | -------------------------------------------------------------------------------- | - Net sales (external) | 99.8 | 95.0 | 127.2 | -------------------------------------------------------------------------------- | - Inter-segment sales | 0.5 | 0.4 | 0.6 | -------------------------------------------------------------------------------- | Norway | | | -------------------------------------------------------------------------------- | - Net sales (external) | 82.9 | 80.6 | 109.1 | -------------------------------------------------------------------------------- | - Inter-segment sales | 0.4 | 0.0 | 0.0 | -------------------------------------------------------------------------------- | Denmark | | | -------------------------------------------------------------------------------- | - Net sales (external) | 24.2 | 31.1 | 40.0 | -------------------------------------------------------------------------------- | - Inter-segment sales | 1.9 | 2.3 | 2.8 | -------------------------------------------------------------------------------- | Europe East | | -------------------------------------------------------------------------------- | - Net sales (external) | 27.2 | 26.2 | 36.1 | -------------------------------------------------------------------------------- | - Inter-segment sales | 2.2 | 14.0 | 15.2 | -------------------------------------------------------------------------------- | Europe Central | | -------------------------------------------------------------------------------- | - Net sales (external) | 46.7 | 47.9 | 64.1 | -------------------------------------------------------------------------------- | - Inter-segment sales | 1.0 | 0.7 | 1.0 | -------------------------------------------------------------------------------- | Elimination of sales between segments | -7.2 | -25.6 | -28.1 | -------------------------------------------------------------------------------- | Net sales, total | 381.2 | 376.3 | 502.5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other operating income | 1.2 | 1.7 | 2.1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EBIT | | -------------------------------------------------------------------------------- | (EUR million) | 1-9/10 | 1-9/09 | 1-12/09 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finland | 10.9 | 12.1 | 12.1 | -------------------------------------------------------------------------------- | % of net sales | 10.7% | 11.6% | 9.0% | -------------------------------------------------------------------------------- | Sweden | 15.0 | 16.6 | 20.9 | -------------------------------------------------------------------------------- | % of net sales | 15.0% | 17.4% | 16.4% | -------------------------------------------------------------------------------- | Norway | 2.2 | 8.2 | 9.1 | -------------------------------------------------------------------------------- | % of net sales | 2.7% | 10.1% | 8.4% | -------------------------------------------------------------------------------- | Denmark | -1.5 | 0.1 | -4.3 | -------------------------------------------------------------------------------- | % of net sales | -5.6% | 0.2% | -10.1% | -------------------------------------------------------------------------------- | Europe East | -4.7 | -8.6 | -10.6 | -------------------------------------------------------------------------------- | % of net sales | -15.9% | -21.4% | -20.7% | -------------------------------------------------------------------------------- | Europe Central | -0.1 | 3.8 | 2.8 | -------------------------------------------------------------------------------- | % of net sales | -0.3% | 7.9% | 4.3% | -------------------------------------------------------------------------------- | Net items not allocated | -3.4 | 0.3 | -1.3 | | to operating segments | | | | -------------------------------------------------------------------------------- | Group operating profit | 18.5 | 32.4 | 28.8 | -------------------------------------------------------------------------------- | % of net sales | 4.8% | 8.6% | 5.7% | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Depreciation, amortisation and | | | | | impairment charges | | | | -------------------------------------------------------------------------------- | | 1-9/10 | 1-9/09 | 1-12/09 | -------------------------------------------------------------------------------- | (EUR million) | | | -------------------------------------------------------------------------------- | Finland | 14.9 | 11.8 | 18.4 | -------------------------------------------------------------------------------- | Sweden | 14.4 | 15.0 | 19.8 | -------------------------------------------------------------------------------- | Norway | 13.7 | 14.8 | 19.5 | -------------------------------------------------------------------------------- | Denmark | 5.1 | 6.5 | 11.1 | -------------------------------------------------------------------------------- | Europe East | 11.9 | 12.8 | 17.1 | -------------------------------------------------------------------------------- | Europe Central | 12.3 | 10.6 | 15.3 | -------------------------------------------------------------------------------- | Unallocated items and | -0.3 | -0.1 | -0.2 | | eliminations | | | | -------------------------------------------------------------------------------- | Total | 72.1 | 71.3 | 101.1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Reconciliation of Group operating | | | profit to profit before taxes: | | -------------------------------------------------------------------------------- | | 1-9/10 | 1-9/09 | 1-12/09 | -------------------------------------------------------------------------------- | Group operating profit | 18.5 | 32.4 | 28.8 | -------------------------------------------------------------------------------- | Unallocated items: | | -------------------------------------------------------------------------------- | Financial income | 10.0 | 14.1 | 17.9 | -------------------------------------------------------------------------------- | Financial expenses | -16.4 | -26.6 | -34.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit before taxes | 12.1 | 19.9 | 12.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Capital expenditure | | -------------------------------------------------------------------------------- | (EUR million) | 1-9/10 | 1-9/09 | 1-12/09 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finland | 12.6 | 8.1 | 12.7 | -------------------------------------------------------------------------------- | Sweden | 21.1 | 2.1 | 3.6 | -------------------------------------------------------------------------------- | Norway | 8.3 | 3.4 | 6.1 | -------------------------------------------------------------------------------- | Denmark | 0.8 | 1.0 | 1.0 | -------------------------------------------------------------------------------- | Europe East | 3.1 | 0.6 | 0.9 | -------------------------------------------------------------------------------- | Europe Central | 5.4 | 11.6 | 13.5 | -------------------------------------------------------------------------------- | Group internal investments and | -7.3 | -16.9 | -20.2 | | unallocated items | | | | -------------------------------------------------------------------------------- | Total | 43.9 | 10.0 | 17.5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Assets allocated to segments | | -------------------------------------------------------------------------------- | (EUR million) | 1-9/10 | 1-9/09 | 1-12/09 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finland | 122.9 | 131.9 | 123.1 | -------------------------------------------------------------------------------- | Sweden | 146.7 | 129.1 | 121.3 | -------------------------------------------------------------------------------- | Norway | 135.8 | 137.3 | 136.4 | -------------------------------------------------------------------------------- | Denmark | 42.4 | 54.4 | 47.8 | -------------------------------------------------------------------------------- | Europe East | 87.7 | 104.1 | 96.6 | -------------------------------------------------------------------------------- | Europe Central | 115.6 | 123.5 | 122.4 | -------------------------------------------------------------------------------- | Unallocated items and eliminations | 16.5 | 9.3 | 8.4 | -------------------------------------------------------------------------------- | Total | 667.6 | 689.6 | 656.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CHANGES IN NON-CURRENT ASSETS | -------------------------------------------------------------------------------- | (EUR 1,000) | | | | | -------------------------------------------------------------------------------- | | | 30.9.2010 | 30.9.2009 | 31.12.2009 | -------------------------------------------------------------------------------- | OPENING BALANCE | 549,173 | 623,242 | 623,242 | -------------------------------------------------------------------------------- | Depreciation | | -70,297 | -71,307 | -101,113 | -------------------------------------------------------------------------------- | Additions: | | | | | -------------------------------------------------------------------------------- | | Machinery & Equipment | 35,263 | 8,463 | 15,010 | -------------------------------------------------------------------------------- | | Other Additions | 8,643 | 1,548 | 2,503 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Disposals (sales) | -5,676 | -8,280 | -12,024 | -------------------------------------------------------------------------------- | Other * | | 19,746 | 15,939 | 21,554 | -------------------------------------------------------------------------------- | CLOSING BALANCE | 536,851 | 569,605 | 549,173 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current assets held for sale | - | 476 | 370 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | * Other includes translation differences, reclassifications and changes in | | estimated consideration for acquisitions | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONTINGENT LIABILITIES | | -------------------------------------------------------------------------------- | (EUR million) | 30.9.2010 | 30.9.2009 | 31.12.2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other pledged assets | - | 4.7 | - | -------------------------------------------------------------------------------- | Interest-bearing debt for which the | - | 4.7 | - | | above collateral is given | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Suretyships | 3.1 | 2.7 | 2.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Committed investments | 4.0 | 0.1 | 0.1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-cancellable minimum future | 141.8 | 168.4 | 169.4 | | operating lease payments | | | | -------------------------------------------------------------------------------- | Non-cancellable minimum future finance | 0.4 | 0.3 | 0.3 | | lease payments | | | | -------------------------------------------------------------------------------- | Finance lease debt in the balance | -0.4 | -0.3 | -0.3 | | sheet | | | | -------------------------------------------------------------------------------- | Non-cancellable minimum future lease | 141.8 | 168.4 | 169.4 | | payments off-balance sheet | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Obligations arising from derivative | | | instruments: | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Interest rate derivatives | | -------------------------------------------------------------------------------- | Nominal value of underlying object | 142.9 | 165.6 | 196.1 | -------------------------------------------------------------------------------- | Fair value of the derivative | -3.0 | -4.4 | -0.1 | | instruments | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Foreign currency derivates | | | | -------------------------------------------------------------------------------- | Nominal value of underlying object | 48.6 | - | - | -------------------------------------------------------------------------------- | Fair value of the derivative | 0.3 | - | - | | instruments | | | | -------------------------------------------------------------------------------- Some comparative figures have been restated based on more accurate information. -------------------------------------------------------------------------------- | QUARTERLY SEGMENT INFORMATION | | | | | | -------------------------------------------------------------------------------- | Net sales, EUR million | | Full | | | | | -------------------------------------------------------------------------------- | | Q3 | Q2 | Q1 | year | Q4 | Q3 | Q2 | Q1 | -------------------------------------------------------------------------------- | | 2010 | 2010 | 2010 | 2009 | 2009 | 2009 | 2009 | 2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finland | 37.5 | 36.1 | 28.1 | 134. | 30.6 | 41.2 | 33.8 | 28.7 | | | | | | 3 | | | | | -------------------------------------------------------------------------------- | Sweden | 36.1 | 34.9 | 29.4 | 127. | 32.4 | 30.8 | 32.6 | 32.0 | | | | | | 9 | | | | | -------------------------------------------------------------------------------- | Norway | 27.6 | 27.4 | 28.4 | 109. | 28.6 | 26.5 | 25.2 | 28.9 | | | | | | 2 | | | | | -------------------------------------------------------------------------------- | Denmark | 9.0 | 9.0 | 8.1 | 42.9 | 9.5 | 10.5 | 11.6 | 11.3 | -------------------------------------------------------------------------------- | Europe East | 12.3 | 9.5 | 7.5 | 51.3 | 11.2 | 18.9 | 12.0 | 9.3 | -------------------------------------------------------------------------------- | Europe | 19.7 | 15.9 | 12.1 | 65.0 | 16.4 | 18.2 | 16.3 | 14.1 | | Central | | | | | | | | | -------------------------------------------------------------------------------- | Elimination | -1.2 | -4.0 | -2.0 | -28. | -2.5 | -16.6 | -6.9 | -2.1 | | of sales | | | | 1 | | | | | | between | | | | | | | | | | segments | | | | | | | | | -------------------------------------------------------------------------------- | Net sales, | 140.9 | 128.7 | 111.5 | 502. | 126.2 | 129.5 | 124.6 | 122.2 | | total | | | | 5 | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EBIT, EUR million and % of net sales | -------------------------------------------------------------------------------- | | | | | Full | | | | | -------------------------------------------------------------------------------- | | Q3 | Q2 | Q1 | year | Q4 | Q3 | Q2 | Q1 | -------------------------------------------------------------------------------- | | 2010 | 2010 | 2010 | 2009 | 2009 | 2009 | 2009 | 2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finland | 7.1 | 4.0 | -0.2 | 12.1 | 0.1 | 6.3 | 4.9 | 0.9 | -------------------------------------------------------------------------------- | % of net | 18.8% | 11.1% | -0.8% | 9.0% | 0.2% | 15.3% | 14.4% | 3.1% | | sales | | | | | | | | | -------------------------------------------------------------------------------- | Sweden | 7.4 | 5.0 | 2.6 | 20.9 | 4.4 | 4.4 | 6.9 | 5.3 | -------------------------------------------------------------------------------- | % of net | 20.6% | 14.4% | 8.8% | 16.4% | 13.4% | 14.3% | 21.1% | 16.6% | | sales | | | | | | | | | -------------------------------------------------------------------------------- | Norway | 1.7 | 1.0 | -0.4 | 9.1 | 1.0 | 2.3 | 3.4 | 2.5 | -------------------------------------------------------------------------------- | % of net | 6.1% | 3.7% | -1.6% | 8.4% | 3.4% | 8.6% | 13.4% | 8.7% | | sales | | | | | | | | | -------------------------------------------------------------------------------- | Denmark | -0.2 | -0.7 | -0.6 | -4.3 | -4.4 | -0.3 | 0.4 | -0.1 | -------------------------------------------------------------------------------- | % of net | -1.9% | -7.4% | -7.8% | -10.1 | -46.2 | -2.8% | 3.6% | -0.6% | | sales | | | | % | % | | | | -------------------------------------------------------------------------------- | Europe | -0.7 | -1.6 | -2.4 | -10.6 | -2.1 | -2.0 | -3.3 | -3.3 | | East | | | | | | | | | -------------------------------------------------------------------------------- | % of net | -5.7% | -16.5 | -32.2 | -20.7 | -18.5 | -10.4 | -27.4% | -35.8% | | sales | | % | % | % | % | % | | | -------------------------------------------------------------------------------- | Europe | 2.2 | 0.3 | -2.6 | 2.8 | -1.0 | 1.6 | 1.6 | 0.7 | | Central | | | | | | | | | -------------------------------------------------------------------------------- | % of net | 11.2% | 1.9% | -21.8 | 4.3% | -6.2% | 8.6% | 9.5% | 5.1% | | sales | | | % | | | | | | -------------------------------------------------------------------------------- | Costs not | -0.9 | -0.7 | -1.8 | -1.3 | -1.6 | -0.6 | -0.4 | 1.2 | | allocated | | | | | | | | | | to | | | | | | | | | | segments | | | | | | | | | -------------------------------------------------------------------------------- | Group EBIT | 16.6 | 7.4 | -5.6 | 28.8 | -3.6 | 11.7 | 13.5 | 7.2 | -------------------------------------------------------------------------------- | % of net | 11.8% | 5.8% | -5.0% | 5.7% | -2.9% | 9.0% | 10.8% | 5.9% | | sales | | | | | | | | | -------------------------------------------------------------------------------- ANALYST AND PRESS BRIEFING A briefing for investment analysts and the press will be arranged on Thursday 4 November 2010 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 Thursday 4 November 2010 at 11.00 a.m. Finnish time through a live webcast at www.ramirent.com and conference call. Dial-in number: +44 (0)20 7162 0025 and conference ID code 877428. A recording of the webcast will be available at www.ramirent.com later the same day. FINANCIAL CALENDAR 2011 Ramirent observes a silent period during the three-week period prior to the publication of annual and interim financial results. 2010 Full Year Results 16 February 2011 at 9:00 a.m. Annual Report 2010 week 9 Annual General Meeting 2011 7 April 2011 Interim Report January-March 2011 10 May 2011 at 9:00 a.m. Interim Report January-June 2011 12 August 2011 at 9:00 a.m. Interim Report January-September 2011 9 November 2011 at 9:00 a.m. The financial information in this stock exchange release has not been audited. Vantaa, 4 November 2010 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 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 3,000 employees at some 375 permanent outlets in thirteen countries. In 2009, Group net sales totalled EUR 503 million. Ramirent is listed on the NASDAQ OMX Helsinki.
© 2024 Nasdaq, Inc. All Rights Reserved |