2012-08-09 08:00:05 CEST
2012-08-09 08:00:15 CEST
REGULATED INFORMATION
Ramirent - Interim report (Q1 and Q3)
RAMIRENT’S INTERIM REPORT JANUARY–JUNE 2012: GOOD FIRST HALF OF THE YEAR
RAMIRENT PLC COMPANY ANNOUNCEMENT 9 AUGUST 2012
Vantaa, Finland, 2012-08-09 08:00 CEST (GLOBE NEWSWIRE) --
RAMIRENT'S INTERIM REPORT JANUARY-JUNE 2012: GOOD FIRST HALF OF THE YEAR
APRIL-JUNE 2012 HIGHLIGHTS
-- Ramirent net sales EUR 169.7 (149.5) million, up 13.5% (12.8% at comparable
exchange rates). Like-for-like growth* 4.9%.
-- EBITDA EUR 51.6 (40.6) million or 30.4% (27.2%) of net sales
-- EBIT EUR 22.7 (15.4) million or 13.4% (10.3%) of net sales
-- Gross capital expenditure EUR 23.9 (44.6) million
-- Cash flow after investments EUR 7.3 (
-
20.4) million
* excluding acquisitions in Sweden and Norway
JANUARY-JUNE 2012 HIGHLIGHTS
-- Ramirent net sales EUR 334.1 (283.9) million, up 17.7% (17.1% at comparable
exchange rates). Like-for-like growth 8.4%.
-- EBITDA EUR 93.5 (68.2) million or 28.0% (24.0%) of net sales
-- EBIT EUR 35.1 (18.1) million or 10.5% (6.4%) of net sales
-- Net result EUR 22.9 (9.0) million and EPS EUR 0.21 (0.08)
-- Gross capital expenditure EUR 59.6 (76.5) million
-- Cash flow after investments EUR 13.6 (
-
31.1) million
-- Net debt EUR 280.6 (238.2) million and gearing 87.2% (80.4%)
RAMIRENT 2012 OUTLOOK UNCHANGED
Ramirent outlook for 2012 remains unchanged. In 2012, net sales are expected to
increase and the result before taxes is expected to improve compared to 2011.
KEY FIGURES 4-6/12 4-6/11 CHANGE 1-6/12 1-6/11 CHANGE 1-12/1
1
(MEUR)
Net sales 169.7 149.5 13.5 % 334.1 283.9 17.7 % 649.9
EBITDA 51.6 40.6 27.1 % 93.5 68.2 37.0 % 181.8
% of net sales 30.4 % 27.2 % 28.0 % 24.0 % 28.0 %
EBIT 22.7 15.4 47.3 % 35.1 18.1 93.6 % 74.1
% of net sales 13.4 % 10.3 % 10.5 % 6.4 % 11.4 %
EBT 20.0 12.5 59.6% 30.6 12.4 148.0 % 60.8
% of net sales 11.8 % 8.4 % 9.2 % 4.4 % 9.3 %
Earnings per share 0.14 0.08 65.4 % 0.21 0.08 155.6 % 0.41
(EPS), (basic and
diluted), EUR
Gross capital 23.9 44.6 −46.4 % 59.6 76.5 −22.0 % 242.2
expenditure on
non-current assets
Gross capital 14.1 % 29.8 % 17.8 % 26.9 % 37.3 %
expenditure, % of net
sales
Cash flow after 7.3 −20.4 135.5 % 13.6 −31.1 143.8 % −52.0
investments
Invested capital at 604.7 536.4 12.7 % 591.2
the end of period
Return on invested 18.9 % 10.4 % 15.7 %
capital (ROI), % 1)
Return on equity 19.0 % 8.3 % 13.9 %
(ROE), % 1)
Net debt 280.6 238.2 17.8 % 262.8
Gearing, % 87.2 % 80.4 % 80.6 %
Equity ratio, % 39.4 % 42.5 % 40.7 %
Personnel at end of 3 129 3 185 −1.8 % 3 184
period
1) The figures are calculated on a rolling twelve month basis.
MAGNUS ROSÉN, RAMIRENT CEO:
“Our first half of 2012 has progressed well. Margins have developed positively
over the period and in the second quarter we delivered EBIT of 13.4% (10.3%) on
net sales of 169.7 (149.5). Growth in net sales slowed during the second
quarter (13.5%) compared to the first (22.3%), due to a smaller positive effect
from previous year's acquisitions and slower underlying organic growth.
Like-for-like, growth in net sales amounted to 4.9% in the second quarter
compared to 12.4% in the first.
Both net sales and profits improved in the Nordic countries and in Europe East
segment where market conditions continued to be favourable. In Europe Central,
where the market activity weakened further, we saw a decrease in net sales and
profit to unsatisfactory levels. Actions have been and will be taken to
restructure operations to improve cost efficiencies and synergies across the
four countries Poland, Czech Republic, Slovakia and Hungary.
We reached all our financial targets during the second quarter and our cash
flow after investments was positive.
As we enter the second half of the year, we continue to carefully monitor the
development of our market environment due to the uncertainty in the general
economy. Visibility remains low, so we maintain a high preparedness to manage
changes in market conditions. Our priority is operating on cautious capital
expenditure, strict cost control and on maintaining a strong balance sheet. We
will also continue to strengthen our competitiveness by developing our common
Ramirent platform and providing customers enhanced efficiency through
integrated solutions.”
MARKET OUTLOOK 2012
Construction output forecasts
According to the forecast published by the Confederation of Finnish
Construction Industries RT in April 2012, construction output is expected to
decrease by 2.0% in Finland in 2012 and according to the forecast published by
Euroconstruct in June 2012 by 2.6%.
According to forecast published by the Swedish Construction Federation in May
2012, construction output will decrease by 1% in Sweden in 2012 and according
to the forecast published by Euroconstruct in June 2012 by 2.5%.
According to the forecast published by Euroconstruct in June 2012, construction
output is expected to grow by 4.0% in Norway in 2012 and in Denmark by 3.2%.
In Europe East, Euroconstruct forecasts construction to increase by 15.0% in
Estonia in 2012, by 0-5% in Russia, by 9.0% in Latvia and by 12.0% in
Lithuania. In Europe Central countries Euroconstruct forecasts construction to
grow by 6.0% in Poland in 2012 but decrease by 3.0% in Slovakia, by 3.6% in
Hungary and by 7.2% in Czech Republic.
ANALYST AND PRESS BRIEFING
A briefing for investment analysts and the press will be arranged on Thursday 9
August 2012 at 11.00 a.m. Finnish time at Palace Gourmet, cabinet Merisali
(visiting address: Eteläranta 10, 10th fl., Helsinki).
WEBCAST AND CONFERENCE CALL
You can participate in the analyst briefing on Thursday 9 August 2012 at 11.00
a.m. Finnish time through a live webcast at www.ramirent.com and conference
call. Dial-in number: +44 (0) 20 3003 2666 and conference password Ramirent. A
recording of the webcast will be available at www.ramirent.com later the same
day.
FINANCIAL CALENDAR 2012
Ramirent observes a silent period during 21 days prior to the publication of
annual and interim financial results.
Interim Report January-September 2012
2 November 2012 at 9:00 a.m.
The financial information in this stock exchange release has not been audited.
Vantaa, 9 August 2012
RAMIRENT PLC
Board of Directors
FURTHER INFORMATION
CEO Magnus Rosén
tel.+358 20750 2845, magnus.rosen@ramirent.com
CFO Jonas Söderkvist
tel.+358 20750 3248, jonas.soderkvist@ramirent.com
Director, Communications & IR Franciska Janzon
tel.+358 20750 2859, franciska.janzon@ramirent.com
DISTRIBUTION
NASDAQ OMX Helsinki
Main news media
www.ramirent.com
Ramirent is a leading equipment rental group delivering Dynamic Rental
Solutions™ that simplify business. We serve a broad range of customers,
including construction and process industries, shipyards, the public sector and
households. In 2011, the Group's net sales totalled EUR 650 million. The Group
has 3,100 employees at 394 rental outlets in 13 countries in the Nordic
countries and in Central and Eastern Europe. Ramirent is listed on the NASDAQ
OMX Helsinki Ltd.
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