2009-11-11 08:00:00 CET
2009-11-11 08:00:04 CET
REGULATED INFORMATION
Ramirent - Interim report (Q1 and Q3)
RAMIRENT'S JANUARY-SEPTEMBER 2009: CONTINUED STRONG CASH FLOW IN A DIFFICULT ENVIRONMENT
RAMIRENT PLC INTERIM REPORT 11.11.2009 AT 9:00 AM RAMIRENT'S JANUARY-SEPTEMBER 2009: CONTINUED STRONG CASH FLOW IN A DIFFICULT ENVIRONMENT Note! Figures in brackets, unless otherwise stated, refer to the same period a year earlier. JANUARY-SEPTEMBER HIGHLIGHTS - Net sales decreased by 29.0% to EUR 376.3 (530.1) million; -22.4% at constant currency - Operating profit of EUR 32.4 (99.4) million with a margin of 8.6% (18.8%) - Net profit of EUR 14.0 (61.6) million and EPS of EUR 0.13 (0.57) - Gross capital expenditure was EUR 10.0 (204.5) million - Operative cash flow after investments of EUR 68.1 (-59.5) million - Net debt decreased to EUR 230.0 (362.4) million - Gearing decreased to 73.8% (105.7%) from 107.8% at year-end 2008 THIRD QUARTER HIGHLIGHTS - Net sales decreased by 30.8% to EUR 129.5 (187.2) million - Operating profit of EUR 11.7 (34.4) million with a margin of 9.0% (18.4%) - Net profit of EUR 5.0 (20.4) million and EPS of EUR 0.05 (0.19) - Operative cash flow after investments of EUR 22.4 (25.2) million 2009 OUTLOOK In spite of challenging market conditions, Ramirent expects a continued healthy cash flow generation also in the fourth quarter. However, in terms of operational profit, the fourth quarter is expected to be the weakest quarter in 2009. -------------------------------------------------------------------------------- | (EUR million) | 7-9/09 | 7-9/08 | 1-9/09 | 1-9/0 | Change | 1-12/08 | | | | | | 8 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 129.5 | 187.2 | 376.3 | 530.1 | -29.0% | 702.6 | -------------------------------------------------------------------------------- | Operating | 37.3 | 60.2 | 103.7 | 172.3 | -39.8% | 188.8 | | profit before | | | | | | | | depreciation | | | | | | | | (EBITDA) | | | | | | | -------------------------------------------------------------------------------- | Operating | 11.7 | 34.4 | 32.4 | 99.4 | -67.4% | 79.7 | | profit (EBIT) | | | | | | | -------------------------------------------------------------------------------- | % of net sales | 9.0% | 18.4% | 8.6% | 18.8% | | 11.3% | -------------------------------------------------------------------------------- | Profit before | 7.6 | 27.1 | 19.9 | 83.5 | -76.1% | 50.7 | | taxes (EBT) | | | | | | | -------------------------------------------------------------------------------- | Net profit for | 5.0 | 20.4 | 14.0 | 61.6 | -77.3% | 33.7 | | the period | | | | | | | -------------------------------------------------------------------------------- | Earnings per | 0.05 | 0.19 | 0.13 | 0.57 | -77.4% | 0.31 | | share (EPS), | | | | | | | | (diluted), EUR | | | | | | | -------------------------------------------------------------------------------- | Return on | | | 6.4% | 24.4% | | 17.5% | | invested | | | | | | | | capital (ROI), | | | | | | | | % 1) | | | | | | | -------------------------------------------------------------------------------- | Net debt | | | 230.0 | 362.4 | -36.5% | 303.0 | -------------------------------------------------------------------------------- | Gearing, % | | | 73.8% | 105.7 | | 107.8% | | | | | | % | | | -------------------------------------------------------------------------------- | Equity ratio, % | | | 45.2% | 39.1% | | 37.4% | -------------------------------------------------------------------------------- | Gross capital | 2.7 | 32.4 | 10.0 | 204.5 | -95.1% | 201.3 | | expenditure | | | | | | | -------------------------------------------------------------------------------- | Operative cash | 22.4 | 25.2 | 68.1 | -59.5 | | 7.0 | | flow after | | | | | | | | investments | | | | | | | -------------------------------------------------------------------------------- | Personnel at | | | 3,177 | 4,037 | -21.3% | 3,894 | | end of period | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 1) The figures are calculated on a rolling twelve month basis. | -------------------------------------------------------------------------------- MAGNUS ROSÉN, RAMIRENT CEO: "Market conditions continued to be weak in the third quarter. Our primary focus continued to be on right-sizing operations and safeguarding profitability. Our cost saving initiatives advanced according to plan and we continued to right-size and re-allocate our rental fleet. In the current economic environment, it is satisfying to see that we were able to deliver a healthy cash flow and improve our financial position also in the third quarter. We estimate that the fourth quarter 2009 and the full year 2010 will be challenging. Our priorities in the current market remain on cost and cash flow management as well as preparing for capturing opportunities in the recession." RAMIRENT'S JANUARY - SEPTEMBER 2009 INTERIM REPORT MARKET REVIEW During the review period, the market situation weakened further in our markets. Construction activity slowed further in the Baltic States as well as in Ukraine and in Russia. In the Nordic region, the Danish and Norwegian markets remained silent, and signs of a continued contraction were seen in Finland and Sweden. The building construction output contracted in Czech Republic and Slovakia, and also in Poland in the third quarter, while civil engineering continued to grow. In Hungary, the recession continued and construction activity remained on a low level. In all Ramirent countries, low visibility and high uncertainty continued due to the global economic slowdown. NET SALES Ramirent's January-September 2009 net sales decreased 29.0% to EUR 376.3 (530.1) million due to declining construction activity and weakening in the Group's major operational currencies. At constant currency, Group net sales would have decreased 22.3%. Net sales decreased in all segments especially in Europe East compared to the corresponding period previous year. Net sales by segment were as follows: -------------------------------------------------------------------------------- | (EUR million) | 7-9/0 | 7-9/0 | Change | 1-9/09 | 1-9/08 | Change | 1-12/08 | | | 9 | 8 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | | | | | | -------------------------------------------------------------------------------- | Finland | 41.2 | 42.9 | -3.9% | 103.8 | 115.6 | -10.2% | 154.4 | -------------------------------------------------------------------------------- | Sweden | 30.8 | 42.1 | -27.0% | 95.4 | 129.2 | -26.1% | 171.4 | -------------------------------------------------------------------------------- | Norway | 26.5 | 36.8 | -28.0% | 80.6 | 112.4 | -28.3% | 145.9 | -------------------------------------------------------------------------------- | Denmark | 10.5 | 14.0 | -24.7% | 33.4 | 42.7 | -21.8% | 59.0 | -------------------------------------------------------------------------------- | Europe East | 18.9 | 25.6 | -26.1% | 40.1 | 69.0 | -41.8% | 89.9 | -------------------------------------------------------------------------------- | Europe | 18.2 | 27.4 | -33.6% | 48.6 | 65.0 | -25.2% | 88.7 | | Central | | | | | | | | -------------------------------------------------------------------------------- | Eliminations | -16.6 | -1.5 | | -25.6 | -3.8 | | -6.7 | | between | | | | | | | | | segments | | | | | | | | -------------------------------------------------------------------------------- | Net sales, | 129.5 | 187.2 | -30.8% | 376.3 | 530.1 | -29.0% | 702.6 | | total | | | | | | | | -------------------------------------------------------------------------------- FINANCIAL RESULT Operating profit before depreciation (EBITDA) was EUR 103.7 (172.3) million with a margin of 27.6% (32.5%). Profitability was burdened by the rapid drop in sales. Fixed costs were -29.0% lower year on year. The net of reversal of restructuring provisions and increased provisions for new restructuring actions totalled EUR +2.5 million. The Group's operating profit (EBIT) was EUR 32.4 (99.4) million representing a margin of 8.6% (18.8%). Depreciations amounted to EUR 71.3 (72.9) million. Actual credit losses and change in bad debt provisions totalled EUR -2.5 million. Third quarter EBITDA-margin was 28.8% (32.2%) which was an improvement compared to the second quarter 2009 reflecting further implementation of cost saving actions. Ramirent third quarter EBIT-margin was 9.0% (18.4%). Operating profit and margin by segment were as follows: -------------------------------------------------------------------------------- | (EUR million) | 7-9/09 | 7-9/08 | 1-9/09 | 1-9/08 | 1-12/08 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit | | | | -------------------------------------------------------------------------------- | Finland | 6.3 | 11.3 | 12.1 | 27.6 | 30.5 | -------------------------------------------------------------------------------- | % of net sales | 15.3% | 26.3% | 11.6% | 23.9% | 19.8% | -------------------------------------------------------------------------------- | Sweden | 4.4 | 8.9 | 16.6 | 28.2 | 29.9 | -------------------------------------------------------------------------------- | % of net sales | 14.3% | 21.0% | 17.4% | 21.8% | 17.4% | -------------------------------------------------------------------------------- | Norway | 2.3 | 6.2 | 8.2 | 20.9 | 15.1 | -------------------------------------------------------------------------------- | % of net sales | 8.6% | 16.8% | 10.1% | 18.6% | 10.4% | -------------------------------------------------------------------------------- | Denmark | -0.3 | 0.7 | 0.1 | 3.1 | 0.7 | -------------------------------------------------------------------------------- | % of net sales | -2.8% | 4.7% | 0.2% | 7.4% | 1.1% | -------------------------------------------------------------------------------- | Europe East | -2.0 | 3.6 | -8.6 | 11.5 | -1.4 | -------------------------------------------------------------------------------- | % of net sales | -10.4% | 14.1% | -21.4% | 16.6% | -1.5% | -------------------------------------------------------------------------------- | Europe Central | 1.6 | 4.7 | 3.8 | 8.2 | 8.4 | -------------------------------------------------------------------------------- | % of net sales | 8.6% | 17.2% | 7.9% | 12.6% | 9.5% | -------------------------------------------------------------------------------- | Costs not allocated | -0.6 | -0.8 | 0.3 | -0.1 | -3.5 | | to segments | | | | | | -------------------------------------------------------------------------------- | Group operating | 11.7 | 34.4 | 32.4 | 99.4 | 79.7 | | profit | | | | | | -------------------------------------------------------------------------------- | % of net sales | 9.0% | 18.4% | 8.6% | 18.8% | 11.3% | -------------------------------------------------------------------------------- The net financial items were EUR -12.5 (-15.9) million in the review period and the Group's profit before taxes was EUR 19.9 (83.5) million. The net profit for the review period was EUR 14.0 (61.6) million. Earnings per share were EUR 0.13 (0.57). The return on invested capital was 6.4% (24.4%) and the return on equity was -4.2% (28.6%). CAPITAL EXPENDITURE, CASH FLOW AND FINANCIAL POSITION The Group's gross capital expenditure on non-current assets totalled EUR 10.0 (204.5) million, of which EUR 8.5 (168.9) million was attributable to investments in machinery and equipment. Disposals of tangible non-current assets at sales value were EUR 16.1 (20.1) million, of which EUR 15.4 (18.1) million was attributable to machinery and equipment. For the first nine months, the Group's cash flow from operating activities amounted to EUR 79.5 (127.9) million. Cash flow from investing activities amounted to EUR -11.4 (-187.4) million. Cash flow from operating and investing activities totalled to EUR 68.1 (-59.5) million. Presentation of the cash flow statement has been changed to meet the new requirement in IAS 7. Therefore the cash flows from sale of machinery and equipment in rental use is presented in cash flow from operating activities. Earlier practice in Ramirent Group was to present these cash flows in cash flow from investing activities. All presented periods have been changed to meet the new requirement. For the first nine months, cash flow from operating activities included cash flow from sale of machinery and equipment in rental use EUR 15.4 (18.1) million. Ramirent's interest-bearing liabilities totalled EUR 231.8 (364.6) million. Net debt amounted to EUR 230.0 (362.4) million at the end of the review period. Gearing decreased from 107.8% at the year end 2008 to 73.8% (105.7%). On 30 September 2009, Ramirent had unused committed back-up loan facilities available of EUR 201.4 million. Total assets amounted to EUR 689.6 (877.0) million. Group equity totalled EUR 311.8 (342.8) million. The Group's equity ratio was 45.2% (39.1%). PERSONNEL AND OUTLET NETWORK -------------------------------------------------------------------------------- | | Employees | Outlets | -------------------------------------------------------------------------------- | | 30 Sept | 30 Sept | 30 Sept | 30 Sept | -------------------------------------------------------------------------------- | | 2009 | 2008 | 2009 | 2008 | -------------------------------------------------------------------------------- | Finland | 612 | 731 | 79 | 95 | -------------------------------------------------------------------------------- | Sweden | 530 | 656 | 58 | 56 | -------------------------------------------------------------------------------- | Norway | 552 | 665 | 40 | 40 | -------------------------------------------------------------------------------- | Denmark | 184 | 249 | 21 | 19 | -------------------------------------------------------------------------------- | Europe East | 399 | 672 | 45 | 52 | -------------------------------------------------------------------------------- | Europe Central | 885 | 1,040 | 101 | 99 | -------------------------------------------------------------------------------- | Group administration | 15 | 24 | | | -------------------------------------------------------------------------------- | Total | 3,177 | 4,037 | 344 | 361 | -------------------------------------------------------------------------------- COST SAVING AND CASH FLOW GENERATING MEASURES The cost saving program targeting fixed cost savings of at least EUR 50 million in 2009 is progressing according to plan. At the end of the third quarter, the Group's workforce had decreased by 860 persons to 3,177 persons and fixed costs were at a 29.0% lower level compared to the level in the third quarter of 2008. The Group's headcount is expected to be around 3,100 persons at year-end 2009. Cash flow generating measures focus on maintaining a restrictive capital expenditure regime and tightly managing working capital and credit control. Contingency plans have been developed for each country to be able to act rapidly upon further market decline. DEVELOPMENT BY OPERATING SEGMENT Ramirent has adopted IFRS 8 (Operating segments) as of 1 January, 2009. The specification of assets by operating segment is presented in the notes to the interim financial report. Finland In Finland, net sales decreased -10.2% to EUR 103.8 (115.6) million. The operating profit (EBIT) was EUR 12.1 (27.6) million representing a margin of 11.6% (23.9%). Third quarter net sales declined -3.9% to EUR 41.2 (42.9) million with an operating margin of 15.3% (26.3%). Third quarter net sales includes EUR 6.4 million sales originating from relocation of fleet. Corrected for this third quarter net sales decreased -18.9% and the operating margin was 17.3%. Demand was weak especially in Northern and Southern parts of Finland. Renovation work has partly compensated for the rapid decline in new building construction. The demand for rental equipment from shipyards and industrial plants remained stable. Profitability weakened due to the decline in sales and restructuring costs. Sweden In Sweden, net sales decreased 26.1% to EUR 95.4 (129.2) million or -15.9% at constant currency. The operating profit (EBIT) was EUR 16.6 (28.2) million representing a margin of 17.4% (21.8%). Third quarter net sales declined 26.8% to EUR 30.8 (42.1) million with an operating margin of 14.3% (21.0%). In the quarter, the contract with long-term customer NCC was renewed. Signs of contraction that started in Southern Sweden were seen to spread into Western and Central Sweden. Profitability weakened due to the decline in sales and restructuring costs. Norway In Norway, net sales decreased 28.3% to EUR 80.6 (112.4) million or -20.7% at constant currency. The operating profit (EBIT) was EUR 8.2 (20.9) million representing a margin of 10.1% (18.6%). Third quarter net sales decreased -28.0% to EUR 26.5 (36.8) million with an operating margin of 8.6% (16.8%). Signs of contraction were seen throughout the country. Profitability was burdened by intensified price competition in certain product areas. The full impact of ongoing cost savings are gradually materialising in accordance to plan. Denmark In Denmark, net sales decreased 21.8% to EUR 33.4 (42.7) million. The operating profit (EBIT) was EUR 0.1 (3.1) million representing a margin of 0.2% (7.4%). Third quarter net sales decreased 24.7% to EUR 10.5 (14.0) million with an operating margin of -2.8% (4.7%). The slowdown in Danish construction activity continued. The intense price competition in the fragmented equipment rental market continued to burden profitability. Europe East In Europe East (Russia, Estonia, Latvia, Lithuania and Ukraine), net sales decreased 41.8% to EUR 40.1 (69.0) million or -36.2% at constant currency. The operating profit (EBIT) was EUR -8.6 (11.5) million representing a margin of -21.4% (16.6%). Third quarter net sales declined 26.1% to EUR 18.9 (25.6) million with an operating margin of -10.6% (14.1%). Net sales decreased further throughout all Europe East countries reflecting challenging market conditions. Profitability was burdened by the rapid decline in sales volume as well as lower price levels. The restructuring of the Baltic operations advanced according to plan. Europe Central In Europe Central (Poland, Hungary, the Czech Republic and Slovakia), net sales decreased 25.2% to EUR 48.6 (65.0) million or -9.2% at constant currency. The operating profit (EBIT) was EUR 3.8 (8.2) million representing a margin of 7.9% (12.6%). Third quarter net sales declined -33.6% to EUR 18.2 (27.4) million while the operating margin rose to 8.8% (17.2%). Net sales decreased throughout all Europe Central countries. To increase synergies and leverage on management experience Slovakian and Czech operations will be headed by a joint management. Profitability was burdened by intensified price competition in most product groups. SHARES Trading in the share Ramirent Plc's market capitalization at the end of the review period was EUR 829 (477) million. At the end of the review period trading closed at EUR 7.63 (4.39). The highest quotation for the period was EUR 8.23 (12.68), and the lowest EUR 2.35 (4.14). The average trading price was EUR 4.47 (8.25). The value of share turnover during the review period was EUR 225 (894) million equivalent to 50,616,878 (109,270,757) traded Ramirent shares, i.e. 47% (101%) 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 25,000,000 and the total number of Ramirent shares was 108,697,328. Own shares Ramirent Plc did not hold any of its own shares during the period under review. CHANGES IN GROUP MANAGEMENT Peter Dahlsten (51), M.Sc. (Econ.) was appointed Senior Vice President of Sweden and Denmark and member of the Group Management team effective as of 7 September 2009. Before this appointment, Dahlsten was CFO of Ramirent's Swedish subsidiary since 2004 when Ramirent acquired NCC's machine rental operations Altima. Mikael Kämpe (41), B.Sc. (Eng.), was appointed as Director, Group Fleet and member of the Group Management team as of 2 September 2009. He will be responsible for managing Group fleet operations, sale of equipment, supplier frame agreements and developing the standards for Ramirent's Pan-European fleet. Kämpe previously held the position of Manager, Group Fleet since March 2009. 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 the risk exposure has increased 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 the increased competition in the rental sector in its operating countries. The main risks are described in the annual report 2008. MARKET AND RAMIRENT OUTLOOK In spite of challenging market conditions, Ramirent expects a continued healthy cash flow generation also in the fourth quarter. However, in terms of operational profit, the fourth quarter is expected to be the weakest quarter in 2009. Ramirent expects full year 2010 to remain very challenging and therefore near-term priority remains on safeguarding profitability and cash flow in order to amortize debt. Focus lies on cost saving actions, right-sizing the fleet and re-allocating fleet between markets as well as keeping investments at a minimum level. Contingency plans are in place to address the risk of further market decline. In the long-term the equipment rental sector continues to enjoy significant strengths. Although a cyclical and capital-intensive sector, the business remains cash generative and cash flow is reinforced by reduced investment spending in a downturn. Our goal is to maintain market leading positions in the countries where we are present and continue our long-term profitable growth, both organically and through market consolidation activity, however, by maintaining risk control. FORWARD-LOOKING STATEMENTS It should be noted that 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; for 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, which may cause actual results to materially differ from the results currently expected by the company. SUMMARY FINANCIAL STATEMENTS AND NOTES The interim financial statements have been prepared in accordance with International Accounting Standards (IAS) 34 Interim Financial Reporting, as adopted by the EU. As of 1 January 2009 Ramirent applies the following new and revised standards: IFRS 8 Operating Segments and IAS 1 Presentation of Financial Statements. Otherwise the same Accounting Principles have been applied as in the 2008 Financial Statements. Key financial figure calculations remain unchanged and have been presented in the 2008 Financial Statements. INCOME STATEMENT -------------------------------------------------------------------------------- | (EUR 1,000) | 7-9/09 | 7-9/08 | 1-9/09 | 1-9/08 | 1-12/08 | -------------------------------------------------------------------------------- | Net sales | 129,503 | 187,230 | 376,318 | 530,134 | 702,635 | -------------------------------------------------------------------------------- | Other operating | 528 | 476 | 1,690 | 3,278 | 3,817 | | income | | | | | | -------------------------------------------------------------------------------- | Materials and | -40,958 | -54,264 | -113,492 | -153,599 | -208,186 | | services | | | | | | -------------------------------------------------------------------------------- | Employee benefit | -32,838 | -43,940 | -97,633 | -130,682 | -176,372 | | expenses | | | | | | -------------------------------------------------------------------------------- | Depreciation and | -25,556 | -25,784 | -71,307 | -72,876 | -109,107 | | amortisation | | | | | | -------------------------------------------------------------------------------- | Other operating | -18,975 | -29,284 | -63,177 | -76,841 | -133,074 | | expenses | | | | | | -------------------------------------------------------------------------------- | OPERATING PROFIT | 11,703 | 34,434 | 32,398 | 99,415 | 79,713 | -------------------------------------------------------------------------------- | Financial income | 3,711 | 4,645 | 14,098 | 9,314 | 22,658 | -------------------------------------------------------------------------------- | Financial expenses | -7,772 | -12,023 | -26,566 | -25,247 | -51,713 | -------------------------------------------------------------------------------- | PROFIT BEFORE TAXES | 7,642 | 27,057 | 19,930 | 83,483 | 50,658 | -------------------------------------------------------------------------------- | Income taxes | -2,648 | -6,641 | -5,929 | -21,911 | -16,944 | -------------------------------------------------------------------------------- | NET PROFIT FOR THE | 4,994 | 20,416 | 14,000 | 61,572 | 33,715 | | PERIOD | | | | | | -------------------------------------------------------------------------------- | Profit for the | | | period attributable | | | to: | | -------------------------------------------------------------------------------- | Owners of the parent | 4,994 | 20,416 | 14,000 | 61,572 | 33,715 | -------------------------------------------------------------------------------- | Non-controlling | - | - | - | - | - | | interests | | | | | | -------------------------------------------------------------------------------- | TOTAL | 4,994 | 20,416 | 14,000 | 61,572 | 33,715 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share | 0.05 | 0.19 | 0.13 | 0.57 | 0.31 | | (EPS), basic and | | | | | | | diluted, EUR | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | STATEMENT OF | | | COMPREHENSIVE INCOME | | -------------------------------------------------------------------------------- | (EUR 1,000) | 7-9/09 | 7-9/08 | 1-9/09 | 1-9/08 | 1-12/08 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET PROFIT FOR THE | 4,994 | 20,416 | 14,000 | 61,572 | 33,715 | | PERIOD | | | | | | -------------------------------------------------------------------------------- | Other comprehensive | | | income: | | -------------------------------------------------------------------------------- | Fair value adjustment | 142 | -1,686 | -290 | 342 | -3,885 | | of interest rate SWAPs | | | | | | -------------------------------------------------------------------------------- | Translation | 10,810 | -8,429 | 16,946 | -5,651 | -36,408 | | differences | | | | | | -------------------------------------------------------------------------------- | Income tax relating to | -37 | 438 | 75 | -89 | 1,010 | | components of other | | | | | | | comprehensive income | | | | | | -------------------------------------------------------------------------------- | Other comprehensive | 10,915 | -9,677 | 16,731 | -5,398 | -39,283 | | income for the year, | | | | | | | net of tax | | | | | | -------------------------------------------------------------------------------- | TOTAL COMPREHENSIVE | 15,909 | 10,739 | 30,732 | 56,174 | -5,568 | | INCOME/EXPENSE FOR THE | | | | | | | YEAR | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total comprehensive | | | income for the period | | | attributable to: | | -------------------------------------------------------------------------------- | Owners of the parent | 15,909 | 10,739 | 30,732 | 56,174 | -5,568 | -------------------------------------------------------------------------------- | Non controlling | - | - | - | - | - | | interests | | | | | | -------------------------------------------------------------------------------- | Total | 15,909 | 10,739 | 30,732 | 56,174 | -5,568 | -------------------------------------------------------------------------------- ASSETS -------------------------------------------------------------------------------- | (EUR 1,000) | 30.9.2009 | 30.9.2008 | 31.12.2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | -------------------------------------------------------------------------------- | Tangible assets | 477,396 | 597,828 | 528,780 | -------------------------------------------------------------------------------- | Goodwill | 86,025 | 101,056 | 87,398 | -------------------------------------------------------------------------------- | Other intangible assets | 6,045 | 3,949 | 6,986 | -------------------------------------------------------------------------------- | Available-for-sale | 140 | 91 | 79 | | investments | | | | -------------------------------------------------------------------------------- | Deferred tax assets | 10,095 | 5,273 | 6,117 | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS, TOTAL | 579,700 | 708,198 | 629,359 | -------------------------------------------------------------------------------- | CURRENT ASSETS | | -------------------------------------------------------------------------------- | Inventories | 15,277 | 25,788 | 21,258 | -------------------------------------------------------------------------------- | Trade and other receivables | 90,295 | 135,436 | 99,055 | -------------------------------------------------------------------------------- | Income tax receivables on | 2,076 | 4,871 | 377 | | the taxable income for the | | | | | financial period | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 1,809 | 2,173 | 2,072 | -------------------------------------------------------------------------------- | CURRENT ASSETS, TOTAL | 109,457 | 168,268 | 122,762 | -------------------------------------------------------------------------------- | Non-current assets held for | 476 | 558 | 559 | | sale | | | | -------------------------------------------------------------------------------- | TOTAL ASSETS | 689,633 | 877,024 | 752,679 | -------------------------------------------------------------------------------- EQUITY AND LIABILITIES -------------------------------------------------------------------------------- | (EUR 1,000) | 30.9.200 | 30.9.2008 | 31.12.2008 || | 9 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY | | | -------------------------------------------------------------------------------- | Share capital | 25 000 | 25 000 | 25 000 | -------------------------------------------------------------------------------- | Share premium fund | - | - | | -------------------------------------------------------------------------------- | Free equity fund | 113 329 | 113 329 | 113 329 | -------------------------------------------------------------------------------- | Translation differences | -16 562 | -2 751 | -33 508 | -------------------------------------------------------------------------------- | Revaluation fund | -3 222 | 121 | -3 007 | -------------------------------------------------------------------------------- | Retained earnings | 193 145 | 207 002 | 179 145 | -------------------------------------------------------------------------------- | Items recognised directly to | 136 | 136 | 136 | | equity on non-current assets | | | | | held for sale | | | | -------------------------------------------------------------------------------- | PARENT COMPANY SHAREHOLDERS' | 311 827 | 342 837 | 281 095 | | EQUITY | | | | -------------------------------------------------------------------------------- | Non-controlling interests | - | - | - | -------------------------------------------------------------------------------- | EQUITY, TOTAL | 311 827 | 342 837 | 281 095 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | | -------------------------------------------------------------------------------- | Deferred tax liabilities | 46 639 | 46 460 | 46 273 | -------------------------------------------------------------------------------- | Pension obligations | 8 074 | 8 216 | 7 030 | -------------------------------------------------------------------------------- | Provisions | 4 795 | 992 | 6 929 | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 213 462 | 287 267 | 275 731 | -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES, | 272 971 | 342 935 | 335 962 | | TOTAL | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT LIABILITIES | | -------------------------------------------------------------------------------- | Trade payables and other | 70 391 | 90 002 | 81 445 | | liabilities | | | | -------------------------------------------------------------------------------- | Provisions | 10 030 | 172 | 17 452 | -------------------------------------------------------------------------------- | Income tax liabilities on | 6 095 | 23 762 | 7 401 | | the taxable income for the | | | | | financial period | | | | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 18 319 | 77 315 | 29 325 | -------------------------------------------------------------------------------- | CURRENT LIABILITIES, TOTAL | 104 835 | 191 252 | 135 622 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES, TOTAL | 377 806 | 534 187 | 471 585 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL EQUITY AND LIABILITIES | 689 633 | 877 024 | 752 678 | -------------------------------------------------------------------------------- STATEMENT OF CHANGES IN EQUITY A = Share Capital B = Share Premium Fund C = Free equity fund D = Translation differences E = Revaluation fund F = Retained earnings G = Entries on non-current assets held for sale H = Non-controlling interest I = Total equity 1) Equity 1.1.2008 2) Equity 30.9.2008 3) Equity 31.12.2008 4) Equity 30.9.2009 5) Reduction of share premium fund 1-9/2008 6) Change in minority (net) 1-9/2008 7) Dividend distribution 1-9/2008 8) Total comprehensive income for the period -------------------------------------------------------------------------------- | | A | B | C | D | E | F | G | H | I | -------------------------------------------------------------------------------- | 1 | 1168 | 126644 | - | 2900 | -132 | 199779 | 136 | 107 | 341119 | | | 5 | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 5 | 1331 | -12664 | 11332 | - | - | - | - | - | - | | | 5 | 4 | 9 | | | | | | | -------------------------------------------------------------------------------- | 6 | - | - | - | - | - | - | - | -107 | -107 | -------------------------------------------------------------------------------- | 7 | - | - | - | - | - | -54349 | - | - | -54349 | -------------------------------------------------------------------------------- | 8 | - | - | - | -5651 | 253 | 61572 | - | - | 56174 | -------------------------------------------------------------------------------- | 2 | 2500 | - | 11332 | -2751 | 121 | 207002 | 136 | - | 342837 | | | 0 | | 9 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 8 | - | - | - | -30757 | -3128 | -27857 | - | - | -61742 | -------------------------------------------------------------------------------- | 3 | 2500 | - | 11332 | -33508 | -3007 | 179145 | 136 | - | 281095 | | | 0 | | 9 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 8 | - | - | - | 16946 | -215 | 14000 | - | - | 30732 | -------------------------------------------------------------------------------- | 4 | 2500 | - | 11332 | -16562 | -3222 | 193145 | 136 | - | 311827 | | | 0 | | 9 | | | | | | | -------------------------------------------------------------------------------- CONDENSED CASH FLOW STATEMENT -------------------------------------------------------------------------------- | (EUR million) | 1-9/09 | 1-9/08 | 1-12/08 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from operating activities | 79.5 | 127.9 | 191.6 | -------------------------------------------------------------------------------- | Cash flow from investing activities | -11.4 | -187.4 | -184.6 | -------------------------------------------------------------------------------- | Cash flow from financing activities | | | | -------------------------------------------------------------------------------- | Borrowings / repayment of short-term debt | -10.6 | 3.5 | -39.4 | -------------------------------------------------------------------------------- | Borrowings / repayment of long-term debt | -57.8 | 111.3 | 87.6 | -------------------------------------------------------------------------------- | Dividends paid | - | -54.3 | -54.3 | -------------------------------------------------------------------------------- | Cash flow from financing activities | -68.4 | 60.5 | -6.1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net change in cash and cash equivalents | -0.3 | 1.0 | 0.9 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash and cash equivalents at the beginning | 2.1 | 1.2 | 1.2 | | of the period | | | | -------------------------------------------------------------------------------- | Translation difference on cash and cash | - | - | 0.1 | | equivalents | | | | -------------------------------------------------------------------------------- | Net change in cash and cash equivalents | -0.3 | 1.0 | 0.7 | -------------------------------------------------------------------------------- | Cash and cash equivalents at the end of | 1.8 | 2.2 | 2.1 | | the period | | | | -------------------------------------------------------------------------------- During the period 1-9/09 presentation of the cash flow statement have been changed to meet the new requirement in IAS 7 that requires presenting the cash flows from sale of machinery and equipment in rental use in cash flow from operating activities. Earlier practice in Ramirent Group was to present these cash flows in cash flow from investing activities. All presented periods have been changed to meet the new requirement. During the period 1-9/09 cash flow from operating activities included cash flow from sale of machinery and equipment in rental use EUR 15.4 million. During the period 1-9/08 cash flow from operating activities included cash flow from sale of machinery and equipment in rental use EUR 18.1 million and EUR 23.1 million during 1-12/08. -------------------------------------------------------------------------------- | KEY FINANCIAL FIGURES | 1-9/09 | 1-9/08 | 1-12/08 | -------------------------------------------------------------------------------- | Interest-bearing debt, (EUR | 231.8 | 364.6 | 305.1 | | million) | | | | -------------------------------------------------------------------------------- | Net debt, (EUR million) | 230.0 | 362.4 | 303.0 | -------------------------------------------------------------------------------- | Invested capital (EUR million), end | 543.6 | 707.4 | 586.2 | | of period | | | | -------------------------------------------------------------------------------- | Return on invested capital (ROI), % | 6.4% | 24.4% | 17.5% | | 1) | | | | -------------------------------------------------------------------------------- | Gearing, % | 73.8% | 105.7% | 107.8% | -------------------------------------------------------------------------------- | Equity ratio, % | 45.2% | 39.1% | 37.4% | -------------------------------------------------------------------------------- | Personnel, average | 3,391 | 4,032 | 4,006 | -------------------------------------------------------------------------------- | Personnel, end of period | 3,177 | 4,037 | 3,894 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gross investments in non-current | 10.0 | 204.5 | 201.3 | | assets (EUR million) | | | | -------------------------------------------------------------------------------- | Gross investments, % of net sales | 2.7% | 38.6% | 28.7% | -------------------------------------------------------------------------------- | The definitions of the key figures are in the Annual Report 2008. | -------------------------------------------------------------------------------- | 1) The figures are calculated on a | | | rolling twelve month basis. | | -------------------------------------------------------------------------------- SHARE RELATED KEY FIGURES -------------------------------------------------------------------------------- | | 1-9/09 | 1-9/08 | 1-12/08 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share (EPS) weighted | 0.13 | 0.57 | 0.31 | | average, diluted, EUR | | | | -------------------------------------------------------------------------------- | Earnings per share (EPS) weighted | 0.13 | 0.57 | 0.31 | | average, non-diluted, EUR | | | | -------------------------------------------------------------------------------- | Equity per share, end of period, | 2.87 | 3.15 | 2.59 | | diluted, EUR | | | | -------------------------------------------------------------------------------- | Equity per share, end of period, | 2.87 | 3.15 | 2.59 | | non-diluted, EUR | | | | -------------------------------------------------------------------------------- | Number of shares (weighted | 108,697,32 | 108,697,890 | 108,697,750 | | average), diluted | 8 | | | -------------------------------------------------------------------------------- | Number of shares (weighted | 108,697,32 | 108,697,890 | 108,697,750 | | average), non-diluted | 8 | | | -------------------------------------------------------------------------------- | Number of shares (end of period), | 108,697,32 | 108,697,328 | 108,697,328 | | diluted | 8 | | | -------------------------------------------------------------------------------- | Number of shares (end of period), | 108,697,32 | 108,697,328 | 108,697,328 | | non-diluted | 8 | | | -------------------------------------------------------------------------------- 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) | 1-9/09 | 1-9/08 | 1-12/08 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finland | | | -------------------------------------------------------------------------------- | - Net sales (external) | 95.5 | 115.1 | 153.9 | -------------------------------------------------------------------------------- | - Inter-segment sales | 8.2 | 0.5 | 0.5 | -------------------------------------------------------------------------------- | Sweden | | | -------------------------------------------------------------------------------- | - Net sales (external) | 95.0 | 129.2 | 171.3 | -------------------------------------------------------------------------------- | - Inter-segment sales | 0.4 | - | 0.1 | -------------------------------------------------------------------------------- | Norway | | | -------------------------------------------------------------------------------- | - Net sales (external) | 80.6 | 112.4 | 145.9 | -------------------------------------------------------------------------------- | - Inter-segment sales | - | - | 0.1 | -------------------------------------------------------------------------------- | Denmark | | | -------------------------------------------------------------------------------- | - Net sales (external) | 31.1 | 42.7 | 57.8 | -------------------------------------------------------------------------------- | - Inter-segment sales | 2.3 | - | 1.3 | -------------------------------------------------------------------------------- | Europe East | | -------------------------------------------------------------------------------- | - Net sales (external) | 26.2 | 66.1 | 85.9 | -------------------------------------------------------------------------------- | - Inter-segment sales | 14.0 | 2.9 | 4.0 | -------------------------------------------------------------------------------- | Europe Central | | -------------------------------------------------------------------------------- | - Net sales (external) | 47.9 | 64.7 | 87.9 | -------------------------------------------------------------------------------- | - Inter-segment sales | 0.7 | 0.4 | 0.8 | -------------------------------------------------------------------------------- | Elimination of sales between segments | -25.6 | -3.8 | -6.7 | -------------------------------------------------------------------------------- | Net sales, total | 376.3 | 530.1 | 702.6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other operating income | 1.7 | 3.3 | 3.8 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OPERATING PROFIT | | -------------------------------------------------------------------------------- | (EUR million) | 1-9/09 | 1-9/08 | 1-12/08 | -------------------------------------------------------------------------------- | Finland | 12.1 | 27.6 | 30.5 | -------------------------------------------------------------------------------- | % of net sales | 11.6% | 23.9% | 19.8% | -------------------------------------------------------------------------------- | Sweden | 16.6 | 28.2 | 29.9 | -------------------------------------------------------------------------------- | % of net sales | 17.4% | 21.8% | 17.4% | -------------------------------------------------------------------------------- | Norway | 8.2 | 20.9 | 15.1 | -------------------------------------------------------------------------------- | % of net sales | 10.1% | 18.6% | 10.4% | -------------------------------------------------------------------------------- | Denmark | 0.1 | 3.1 | 0.7 | -------------------------------------------------------------------------------- | % of net sales | 0.2% | 7.4% | 1.1% | -------------------------------------------------------------------------------- | Europe East | -8.6 | 11.5 | -1.4 | -------------------------------------------------------------------------------- | % of net sales | -21.4% | 16.6% | -1.5% | -------------------------------------------------------------------------------- | Europe Central | 3.8 | 8.2 | 8.4 | -------------------------------------------------------------------------------- | % of net sales | 7.9% | 12.6% | 9.5% | -------------------------------------------------------------------------------- | Net items not allocated to operating | 0.3 | -0.1 | -3.5 | | segments | | | | -------------------------------------------------------------------------------- | Group operating profit | 32.4 | 99.4 | 79.7 | -------------------------------------------------------------------------------- | % of net sales | 8.6% | 18.8% | 11.3% | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Depreciation, amortisation and impairment charges | -------------------------------------------------------------------------------- | (EUR million) | 1-9/09 | 1-9/08 | 1-12/08 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finland | 11.8 | 11.4 | 16.7 | -------------------------------------------------------------------------------- | Sweden | 15.0 | 17.6 | 24.8 | -------------------------------------------------------------------------------- | Norway | 14.8 | 14.2 | 18.4 | -------------------------------------------------------------------------------- | Denmark | 6.5 | 6.4 | 8.5 | -------------------------------------------------------------------------------- | Europe East | 12.8 | 13.8 | 25.6 | -------------------------------------------------------------------------------- | Europe Central | 10.6 | 9.5 | 15.2 | -------------------------------------------------------------------------------- | Unallocated items and eliminations | -0.1 | -0.1 | -0.1 | -------------------------------------------------------------------------------- | Total | 71.3 | 72.9 | 109.1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Reconciliation of Group operating | | | profit to profit before taxes: | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Group operating profit | 32.4 | 99.4 | 79.7 | | -------------------------------------------------------------------------------- | Unallocated items: | | | -------------------------------------------------------------------------------- | Financial income | 14.1 | 9.3 | 22.7 | | -------------------------------------------------------------------------------- | Financial expenses | -26.6 | -25.2 | -51.7 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit before taxes | 19.9 | 83.5 | 50.7 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Capital expenditure | | -------------------------------------------------------------------------------- | (EUR million) | 1-9/09 | 1-9/08 | 1-12/08 | -------------------------------------------------------------------------------- | Finland | 8.1 | 26.0 | 28.9 | -------------------------------------------------------------------------------- | Sweden | 2.1 | 36.5 | 34.7 | -------------------------------------------------------------------------------- | Norway | 3.4 | 27.0 | 25.1 | -------------------------------------------------------------------------------- | Denmark | 1.0 | 12.7 | 13.1 | -------------------------------------------------------------------------------- | Europe East | 0.6 | 40.2 | 40.6 | -------------------------------------------------------------------------------- | Europe Central | 11.6 | 65.1 | 64.3 | -------------------------------------------------------------------------------- | Unallocated items and eliminations | -16.9 | -3.0 | -5.4 | -------------------------------------------------------------------------------- | Total | 10.0 | 204.5 | 201.3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Assets allocated to segments | | -------------------------------------------------------------------------------- | (EUR million) | 1-9/09 | 1-9/08 | 1-12/08 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finland | 145.5 | 158.6 | 144.6 | -------------------------------------------------------------------------------- | Sweden | 156.7 | 192.2 | 163.7 | -------------------------------------------------------------------------------- | Norway | 142.7 | 167.1 | 137.1 |-------------------------------------------------------------------------------- | Denmark | 54.4 | 73.7 | 67.3 | -------------------------------------------------------------------------------- | Europe East | 104.9 | 167.6 | 139.6 | -------------------------------------------------------------------------------- | Europe Central | 124.9 | 157.1 | 133.4 | -------------------------------------------------------------------------------- | Unallocated items and eliminations | -39.9 | -39.3 | -33.0 | -------------------------------------------------------------------------------- | Total | 689.6 | 877.0 | 752.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Changes in non-current | | | | | | assets | | | | | -------------------------------------------------------------------------------- | EUR 1000 | | | | | -------------------------------------------------------------------------------- | | 30.9.2009 | 30.9.200 | 31.12.2008 | | | | | 8 | | | -------------------------------------------------------------------------------- | Opening balance | 623,242 | 584,837 | 585,539 | | -------------------------------------------------------------------------------- | Depreciation | -71,307 | -72,876 | -109,107 | | -------------------------------------------------------------------------------- | Additions: | | | | | -------------------------------------------------------------------------------- | Machinery & Equipment | 8,463 | 168,867 | 164,803 | | -------------------------------------------------------------------------------- | Other Additions | 1,548 | 3,354 | 3,417 | | -------------------------------------------------------------------------------- | Acquired group companies | - | 32,269 | 33,039 | | -------------------------------------------------------------------------------- | Disposals (sales) | -8,280 | -11,302 | -13,479 | | -------------------------------------------------------------------------------- | Other * | 15,939 | -2,225 | -40,969 | | -------------------------------------------------------------------------------- | Closing balance | 569,605 | 702,924 | 623,242 | | -------------------------------------------------------------------------------- | Non-current assets held | 476 | 558 | 558 | | | for sale | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | * Other includes translation differences, reclassifications, changes in | | | estimated consideration for acquisitions | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | COMMITMENTS AND CONTINGENT LIABILITIES | | -------------------------------------------------------------------------------- | (EUR million) | 30.9.2009 | 30.9.2008 | 31.12.2008 | -------------------------------------------------------------------------------- | Real estate mortgages | - | 0.2 | 0.2 | -------------------------------------------------------------------------------- | Interest-bearing debt for which the | - | 0.1 | 0.1 | | above collateral is given | | | | -------------------------------------------------------------------------------- | Floating charges | - | 1.9 | 1.7 | -------------------------------------------------------------------------------- | Other pledged assets | 4.7 | - | 4.4 | -------------------------------------------------------------------------------- | Interest-bearing debt for which the | 4.7 | 0.2 | 4.4 | | above collateral is given | | | | -------------------------------------------------------------------------------- | Suretyships | 2.7 | 3.3 | 3.0 | -------------------------------------------------------------------------------- | Committed investments in non-current | 0.1 | 7.9 | 0.2 | | assets | | | | -------------------------------------------------------------------------------- | Non-cancellable minimum future | 147.4 | 156.1 | 169.2 | | operating lease payments | | | | -------------------------------------------------------------------------------- | Non-cancellable minimum future | 0.3 | 1.6 | 0.9 | | finance lease payments | | | | -------------------------------------------------------------------------------- | Finance lease debt in the balance | -0.3 | -1.5 | -0.9 | | sheet | | | | -------------------------------------------------------------------------------- | Non-cancellable minimum future lease | 147.4 | 156.2 | 169.2 | | payments off-balance sheet | | | | -------------------------------------------------------------------------------- | Obligations arising from derivative | | | instruments: | | -------------------------------------------------------------------------------- | Nominal value of underlying object | 165.6 | 121.0 | 118.2 | -------------------------------------------------------------------------------- | Fair value of the derivative | -4.4 | 0.2 | -4.1 | | instruments | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | QUARTERLY SEGMENT | | | | | | | | INFORMATION | | | | | | | -------------------------------------------------------------------------------- | (EUR million) | | | | | | | | -------------------------------------------------------------------------------- | Net sales | 7-9/0 | 4-6/0 | 1-3/0 | 7-9/0 | 4-6/08 | 1-3/08 | 1-12/08 | | | 9 | 9 | 9 | 8 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finland | 41.2 | 33.8 | 28.7 | 42.9 | 39.3 | 33.4 | 154.4 | -------------------------------------------------------------------------------- | Sweden | 30.8 | 32.6 | 32.0 | 42.1 | 45.4 | 41.7 | 171.4 | -------------------------------------------------------------------------------- | Norway | 26.5 | 25.2 | 28.9 | 36.8 | 38.5 | 37.1 | 145.9 | -------------------------------------------------------------------------------- | Denmark | 10.5 | 11.6 | 11.3 | 14.0 | 15.0 | 13.7 | 59.0 | -------------------------------------------------------------------------------- | Europe East | 18.9 | 12.0 | 9.3 | 25.6 | 23.4 | 20.0 | 89.9 | -------------------------------------------------------------------------------- | Europe Central | 18.2 | 16.3 | 14.1 | 27.4 | 21.0 | 16.6 | 88.7 | -------------------------------------------------------------------------------- | Sales between | -16.6 | -6.9 | -2.1 | -1.5 | -1.8 | -0.5 | -6.7 | | segments | | | | | | | | -------------------------------------------------------------------------------- | Net sales, total | 129.5 | 124.6 | 122.2 | 187.2 | 180.8 | 162.1 | 702.6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 7-9/0 | 4-6/0 | 1-3/0 | 7-9/0 | 4-6/08 | 1-3/08 | 1-12/08 | | | 9 | 9 | 9 | 8 | | | | -------------------------------------------------------------------------------- | Operating profit | | | | | | | | -------------------------------------------------------------------------------- | Finland | 6.3 | 4.9 | 0.9 | 11.3 | 9.8 | 6.5 | 30.5 | -------------------------------------------------------------------------------- | % of net sales | 15.3% | 14.4% | 3.1% | 26.3% | 25.0% | 19.6% | 19.8% | -------------------------------------------------------------------------------- | Sweden | 4.4 | 6.9 | 5.3 | 8.9 | 10.3 | 9.0 | 29.9 | -------------------------------------------------------------------------------- | % of net sales | 14.3% | 21.1% | 16.6% | 21.0% | 22.6% | 21.7% | 17.4% | -------------------------------------------------------------------------------- | Norway | 2.3 | 3.4 | 2.5 | 6.2 | 7.8 | 6.9 | 15.1 | -------------------------------------------------------------------------------- | % of net sales | 8.6% | 13.4% | 8.7% | 16.8% | 20.4% | 18.6% | 10.4% | -------------------------------------------------------------------------------- | Denmark | -0.3 | 0.4 | -0.1 | 0.7 | 1.7 | 0.8 | 0.7 | -------------------------------------------------------------------------------- | % of net sales | -2.8% | 3.6% | -0.6% | 4.7% | 11.2% | 5.9% | 1.1% | -------------------------------------------------------------------------------- | Europe East | -2.0 | -3.3 | -3.3 | 3.6 | 3.7 | 4.1 | -1.4 | -------------------------------------------------------------------------------- | % of net sales | -10.4 | -27.4 | -35.8 | 14.1% | 16.0% | 20.6% | -1.5% | | | % | % | % | | | | | -------------------------------------------------------------------------------- | Europe Central | 1.6 | 1.6 | 0.7 | 4.7 | 2 | 1.5 | 8.4 | -------------------------------------------------------------------------------- | % of net sales | 8.6% | 9.5% | 5.1% | 17.2% | 9.3% | 9.2% | 9.5% | -------------------------------------------------------------------------------- | Operating profit | -0.6 | -0.4 | 1.2 | -0.8 | 0.2 | 0.6 | -3.5 | | not allocated to | | | | | | | | | segments | | | | | | | | -------------------------------------------------------------------------------- | Group operating | 11.7 | 13.5 | 7.2 | 34.4 | 35.5 | 29.5 | 79.7 | | profit | | | | | | | | -------------------------------------------------------------------------------- | % of net sales | 9.0% | 10.8% | 5.9% | 18.4% | 19.6% | 18.2% | 11.3% | -------------------------------------------------------------------------------- Ramirent has borrowing facilities which have equity ratio, leverage ratio and other financial covenants. Ramirent's financial ratios are better than these covenants. During the review period Ramirent has made no transactions with its related parties as defined in the Companies' Act, except for acquiring consultancy services from Nordstjernan AB at the amount of EUR 0.2 million. 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. ANALYST AND PRESS BRIEFING, WEBCAST AND CONFERENCE CALL A briefing for investment analysts and the press will be arranged on Wednesday, 11 November 2009 at 11.00 a.m. (EET) at Scandic Marski, cabinet Carl (visiting address: Mannerheimintie 10, Helsinki). You can also participate in the briefing through a live webcast at www.ramirent.com and conference call. Dial-in number: +44 (0)20 7162 0025 and conference ID code 848167. A recording of the webcast will be available at www.ramirent.com later the same day. FINANCIAL CALENDAR 2010 Ramirent observes a silent period during the three-week period prior to publication of annual and interim financial results. 2009 Full Year Results 12 February 2010 at 9:00 a.m. Annual Report 2009 week 9 Annual General Meeting 29 March 2010 Interim report January-March 6 May 2010 at 9:00 a.m. Interim report January-June 11 August 2010 at 9:00 a.m. Interim report January-September 4 November 2010 at 9:00 a.m. The financial information in this stock exchange release has not been audited. Vantaa, 11 November 2009 RAMIRENT PLC Board of Directors FURTHER INFORMATION: CEO Magnus Rosén tel. +358 20 750 2845, magnus.rosen@ramirent.com Interim CFO Jonas Söderkvist tel. +46 7057 85064, jonas.soderkvist@ramirent.com IR Franciska Janzon tel. +358 20 750 2859, franciska.janzon@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 3,200 employees at some 340 permanent outlets in thirteen countries. In 2008, Group net sales totalled EUR 703 million. Ramirent is listed on the NASDAQ OMX Helsinki.
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