2011-08-12 08:00:00 CEST
2011-08-12 08:00:15 CEST
REGULATED INFORMATION
Ramirent - Interim report (Q1 and Q3)
RAMIRENT'S JANUARY-JUNE 2011 INTERIM REPORT: PROFITABILITY IMPROVING
RAMIRENT PLC INTERIM REPORT 12 AUGUST 2011 AT 9:00
a.m.
Vantaa, Finland, 2011-08-12 08:00 CEST (GLOBE NEWSWIRE) -- RAMIRENT PLC
INTERIM REPORT 12 AUGUST 2011 AT 9:00 a.m.
RAMIRENT'S JANUARY-JUNE 2011 INTERIM REPORT: PROFITABILITY IMPROVING
Note! Figures in brackets, unless otherwise indicated, refer to the
corresponding period a year earlier.
APRIL-JUNE 2011
- Net sales increased by 16.1% to MEUR 149.5 (128.7). At comparable
exchange rates the growth was 13.7%
- EBITDA MEUR 40.6 (30.7) or 27.2% (23.9%) of sales
- EBIT MEUR 15.4 (7.4) or 10.3% (5.8%) of sales
- Gross capital expenditure MEUR 44.6 (21.7)
- Cash flow after investments MEUR -20.4 (13.4)
- Number of outlets 399 (353)
- Acquisitions in Norway, Sweden, Finland and in the Czech Republic
JANUARY-JUNE 2011
- Net sales increased by 18.1% MEUR 283.9 (240.3). At comparable exchange rates
the growth was 14.4%.
- EBITDA MEUR 68.2 (48.3) or 24.0% (20.1%) of sales
- EBIT MEUR 18.1 (1.9) or 6.4% (0.8%) of sales
- Gross capital expenditure MEUR 76.5 (34.2)
- Cash flow after investments MEUR -31.1 (9.4)
- Net debt MEUR 238.2 (209.3)
- Gearing 80.4% (70.6%)
MARKET OUTLOOK 2011
Overall, the new residential construction, infrastructure and renovation
construction markets are expected to develop favourably, especially in the
Nordic countries, while demand for commercial construction remains weak. Taking
this into account, Ramirent expects the recovery in its markets to continue.
Also, the improved balance between supply and demand indicates a healthier
price level.
However, due to the current financial turmoil the market risks have increased.
Ramirent maintains a cautious stance since uncertainties in the macroeconomic
development persist.
RAMIRENT OUTLOOK 2011
Ramirent reiterates its outlook for 2011. As a result of increased construction
activity and improving price levels, net sales are expected to increase in
2011, and the result before taxes is expected to improve compared to 2010.
KEY FIGURES
(MEUR) 4-6/11 4-6/10 Change 1-6/11 1-6/10 Change 1-12/1
0
--------------------------------------------------------------------------------
Net sales 149.5 128.7 16.1% 283.9 240.3 18.1% 531.3
--------------------------------------------------------------------------------
EBITDA 40.6 30.7 32.1% 68.2 48.3 41.2% 127.4
--------------------------------------------------------------------------------
% of net sales 27.2% 23.9% 24.0% 20.1% 24.0%
--------------------------------------------------------------------------------
EBIT 15.4 7.4 107.4% 18.1 1.9 854.1% 29.7
--------------------------------------------------------------------------------
% of net sales 10.3% 5.8% 6.4% 0.8% 5.6%
--------------------------------------------------------------------------------
Earnings per share 0.08 0.04 112.6% 0.08 -0.01 N/A 0.13
(EPS), (basic and
diluted), EUR
--------------------------------------------------------------------------------
Gross capital 44.6 21.7 105.6% 76.5 34.2 123.6% 62.0
expenditure
--------------------------------------------------------------------------------
Gross capital 29.8% 16.8% 26.9% 14.2% 11.7%
expenditure,% of net
sales
--------------------------------------------------------------------------------
Cash flow after -20.4 13.4 N/A -31.1 9.4 N/A 48.0
investments
--------------------------------------------------------------------------------
Invested capital at the end of 536.4 508.0 5.6% 495.6
the period
--------------------------------------------------------------------------------
Return on invested capital 10.4% 5.1% 8.6%
(ROI), % 1)
--------------------------------------------------------------------------------
Return on equity (ROE), 8.3% -1.8% 4.7%
% 1)
--------------------------------------------------------------------------------
Net debt 238.2 209.3 13.8% 176.6
--------------------------------------------------------------------------------
Gearing, % 80.4% 70.6% 55.6%
--------------------------------------------------------------------------------
Equity ratio, % 42.5% 44.3% 48.0%
--------------------------------------------------------------------------------
Personnel at end of period 3 185 3 071 3.7% 3 048
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
1) The figures are calculated on a rolling twelve month
basis.
MAGNUS ROSÉN, RAMIRENT CEO:
“Activity levels continued to improve in the second quarter contributing to net
sales growth in all our segments. The growth was fastest in Sweden, Europe East
and Europe Central. Profitability improved also due to the higher business
volumes and efficiency improvements from relocation of fleet capacity and
expansion of the outlet network. However, profitability is still burdened by
unsatisfactory price levels. Our priority therefore remains on raising price
levels as the demand is returning to our various product groups.
During the quarter, we succeeded in finalising several important acquisitions
that strengthen our product offering as well as our presence in important
customer sectors. In Norway, we signed an agreement to acquire Rogaland
Planbygg AS, the leading provider of high-class rental accommodation and office
modules to the oil and gas industry in Norway. In Sweden, we signed an
agreement to acquire Hyrman i Lund AB, which strengthened our presence in the
high-activity region of southern Sweden. In Finland, we acquired Suomen
Sääsuoja Oy. This acquisition reinforced our position in the growing weather
protection market in Finland. In the Czech Republic, we continued to build our
network by acquiring the equipment rental business of two construction
equipment companies.
While the activity levels in our markets have improved, we maintain a cautious
stance on the market recovery due to the current macroeconomic uncertainty. Our
focus remains on continued operational development, maintaining a strong
financial position and we have contingency plans in place to manage changes in
the market situation.”
JANUARY-JUNE 2011 REVIEW
BUSINESS ENVIRONMENT
The positive development in the market at the beginning of the year continued
in the second quarter of 2011. Market activity continued to improve in the
construction and various industrial sectors. Utilisation rates in most of
Ramirent product groups improved due to positive market development.
Geographically, demand for rental equipment increased in all Ramirent countries
due to increased market activity. Of the Nordic countries, Sweden in particular
showed strong activity. In Finland, the recovery of industrial production was
still slower than in many other countries in Eastern and Central Europe. Demand
for rental equipment in Russia, the Baltic States and Ukraine continued to pick
up, whereas in Slovakia, the Czech Republic and Hungary activity was slower.
NET SALES
Ramirent Group's January-June 2011 net sales increased by 18.1% to EUR 283.9
(240.3) million due to recovery in the construction market activity. At
comparable exchange rates, the Group's net sales increased 14.4%. In the second
quarter, net sales increased by 16.1% to EUR 149.5 (128.7) million or by 13.7%
at comparable exchange rates. Net sales grew in all segments both in euros and
at comparable exchange rates. The growth in net sales was especially strong in
Sweden, Europe East and Europe Central. Finland contributed 23.3% (26.1%) to
Group sales, Sweden 29.0% (26.1%), Norway 22.0% (22.6%), Denmark 6.3% (6.9%),
Europe East 7.8% (6.9%) and Europe Central 11.6% (11.4%).
Net sales development by segment was as follows:
Net sales
(MEUR) 4-6/11 4-6/10 Change 1-6/11 1-6/10 Change 1-12/1
0
--------------------------------------------------------------------------------
Finland 36.5 36.1 1.2% 66.8 64.2 4.0% 136.9
--------------------------------------------------------------------------------
Sweden 42.1 34.9 20.9% 83.4 64.2 29.9% 145.2
--------------------------------------------------------------------------------
Norway 30.5 27.4 11.2% 63.1 55.7 13.1% 114.4
--------------------------------------------------------------------------------
Denmark 9.9 9.0 9.7% 18.2 17.1 6.6% 35.6
--------------------------------------------------------------------------------
Europe East 13.0 9.5 36.9% 22.4 17.0 31.8% 42.7
--------------------------------------------------------------------------------
Europe Central 19.0 15.9 19.6% 33.4 28.0 19.3% 66.6
--------------------------------------------------------------------------------
Elimination of sales -1.5 -4.0 -3.4 -5.9 -10.2
between segments
--------------------------------------------------------------------------------
Net sales, total 149.5 128.7 16.1% 283.9 240.3 18.1% 531.3
--------------------------------------------------------------------------------
FINANCIAL RESULTS
Ramirent Group January-June 2011 operating result before depreciation (EBITDA)
was EUR 68.2 (48.3) million with a margin of 24.0% (20.1%). Profits improved
based on higher capacity utilisation and improving prices, but are still
burdened by lower price levels. The fixed cost level increased year-on-year due
to a higher number of employees, intensified sales activities and expenses
related to development of Ramirent's common platform and outlet network. Credit
losses and net change in the allowance for bad debt totalled EUR -1.8 (-1.1)
million. Depreciations amounted to EUR 50.1 (46.4) million.
The Group's operating result (EBIT) increased to EUR 18.1 (1.9) million,
representing 6.4% (0.8%) of net sales. The second quarter EBIT increased to EUR
15.4 (7.4) million, representing a margin of 10.3% (5.8%). EBIT and EBIT
-margin by segment were as follows:
EBIT
(MEUR) 4-6/11 4-6/10 1-6/11 1-6/10 1-12/10
------------------------------------------------------------------------
Finland 4.7 4.0 6.1 3.8 13.7
------------------------------------------------------------------------
% of net sales 12.9% 11.1% 9.1% 5.9% 10.0%
------------------------------------------------------------------------
Sweden 7.0 5.0 13.1 7.6 23.3
------------------------------------------------------------------------
% of net sales 16.5% 14.4% 15.7% 11.8% 16.1%
------------------------------------------------------------------------
Norway 2.4 1.0 2.8 0.6 2.3
------------------------------------------------------------------------
% of net sales 7.9% 3.7% 4.4% 1.0% 2.0%
------------------------------------------------------------------------
Denmark -0.3 -0.7 -1.5 -1.3 -2.2
------------------------------------------------------------------------
% of net sales -2.9% -7.4% -8.4% -7.6% -6.2%
------------------------------------------------------------------------
Europe East 1.0 -1.6 -0.7 -4.0 -3.5
------------------------------------------------------------------------
% of net sales 7.5% -16.5% -3.0% -23.4% -8.3%
------------------------------------------------------------------------
Europe Central 1.1 0.3 -0.1 -2.3 0.8
------------------------------------------------------------------------
% of net sales 5.7% 1.9% -0.3% -8.4% 1.2%
------------------------------------------------------------------------
Costs not allocated to segments -0.4 -0.7 -1.5 -2.5 -4.7
------------------------------------------------------------------------
Group EBIT 15.4 7.4 18.1 1.9 29.7
------------------------------------------------------------------------
% of net sales 10.3% 5.8% 6.4% 0.8% 5.6%
------------------------------------------------------------------------
Net financial items were EUR -5.8 (-1.8) million, including EUR -0.6 (4.9)
million net effect of exchange rate changes. The Group's result before taxes
was EUR 12.4 (0.1) million. Income taxes amounted to EUR -3.4 (-1.1) million.
Net result for the review period was EUR 9.0 (-1.0) million. Earnings per share
were EUR 0.08 (-0.01). Return on invested capital was 10.4% (5.1%), and the
corresponding return on equity was 8.3% (-1.8%). The equity per share was EUR
2.74 (2.73).
CAPITAL EXPENDITURE, CASH FLOW AND FINANCIAL POSITION
Ramirent Group's January-June 2011 gross capital expenditure on non-current
assets totalled EUR 76.5 (34.2) million, of which EUR 68.0 (26.4) million was
attributable to investments in machinery and equipment, and the rest was
related mainly to goodwill and other intangible assets from acquisitions. The
acquisitions completed during the reporting period do not individually or as a
whole have a material impact on the result or financial position of the Group.
Disposal of tangible non-current assets at sales value totalled EUR 9.0 (8.7)
million, of which EUR 8.9 (8.7) million was attributable to rental machinery
and equipment.
The Group's six-month cash flow from operating activities amounted to EUR 51.0
(39.6) million, whereof change in net working capital amounted to EUR -12.9
(5.8) million. Cash flow from investing activities amounted to EUR -82.1
(-30.3) million due to increased investments in rental machinery and equipment,
as well as acquisitions. Cash flow from operating and investing activities
totalled EUR -31.1 (9.4) million. In the period January-June 2011, dividends
were paid in the amount of EUR 27.0 million and own shares were repurchased in
the amount of EUR 3.4 million.
At the end of June, interest-bearing liabilities amounted to EUR 240.2 (211.7)
million. Net debt amounted to EUR 238.2 (209.3) million, and gearing was 80.4%
(70.6%).
On 1 June 2011, Ramirent Plc's revolving credit facility agreement with
Skandinaviska Enskilda Banken AB (publ) Helsinki Branch was amended from EUR 50
million to EUR 100 million and set to expire in 2014. The multicurrency credit
facility is used for general business needs and as a back-up for Ramirent's
domestic commercial paper programme.
On 30 June 2011, Ramirent's unused committed back-up loan facilities totalled
EUR 126.0 million.
Total assets amounted to EUR 697.6 (668.0) million at the end of the review
period, whereof property, plant and equipment amounted to EUR 444.0 (446.9)
million. The Group equity totalled EUR 296.2 (296.3) million and the Group's
equity ratio was 42.5% (44.3%).
Non-cancellable minimum future lease payments off-balance sheet totalled EUR
139.3 (155.3) million at the end of the period, whereof EUR 26.6 (44.6) million
arising from leased rental equipment and machinery.
PERSONNEL AND OUTLET NETWORK
Employees Employees Outlets Outlets
30 June 2011 30 June 2010 30 June 2011 30 June 2010
----------------------------------------------------------------------------
Finland 633 641 85 83
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Sweden 563 540 73 69
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Norway 518 519 43 38
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Denmark 160 148 21 20
----------------------------------------------------------------------------
Europe East 411 394 51 45
----------------------------------------------------------------------------
Europe Central 879 812 126 98
----------------------------------------------------------------------------
Group administration 21 17 - -
----------------------------------------------------------------------------
Total 3 185 3 071 399 353
----------------------------------------------------------------------------
BUSINESS EXPANSIONS AND ACQUISITIONS
On 1 April 2011, Ramirent acquired the assets of the machinery and equipment
rental business of the Czech company Stavební Doprava a Mechanizace (SDM). The
acquisition strengthened Ramirent's presence with three new outlets in the
Czech Republic. The SDM operations have been consolidated as of 1 April 2011.
On 4 May 2011, Ramirent acquired the machinery and equipment rental business of
the Czech construction machinery company RENT MB s.r.o. The acquisition
strengthens Ramirent's existing network in the Czech Republic with two new
outlets in the central and northern parts of the country.
On 10 May 2011, Ramirent Finland Oy acquired the shares of the Finnish weather
protection company Suomen Sääsuoja Oy. The acquisition strengthens Ramirent's
position in the growing weather protection market and enables the company to
offer a more comprehensive range of services. Furthermore, the know-how and
expertise of Suomen Sääsuoja Oy contribute to the development of Ramirent's
services and solidify the company's position within core customer sectors.
On 16 May 2011, Ramirent celebrated the opening of a rental outlet in Sochi,
Russia, the city hosting the 2014 Winter Olympics. In preparation for the
Winter Olympics, Sochi has turned into a huge construction site. For Ramirent,
the outlet in Sochi opens new opportunities in the growing market in southern
Russia.
On 27 June 2011, Ramirent signed an agreement to acquire Rogaland Planbygg AS,
the leading provider of rental accommodation and office modules to the oil and
gas industry in Norway. The acquisition, which will increase the annual net
sales of Ramirent Norway by approximately EUR 22 million, supports Ramirent's
strategy of diversifying its customer base and strengthening its product
offering - in this case with high-class modules. The acquisition will be in
effect from 1 July 2011.
On 30 June 2011, Ramirent signed an agreement to acquire Hyrman i Lund AB, one
of the leading machinery rental companies in Southern Sweden. With operations
in seven locations, the company has annual net sales of about EUR 15 million.
The acquisition represents one of the largest acquisitions Ramirent has made in
Sweden and brings new competencies and strengthens our service level and local
presence. The acquisition will be in effect from 1 August 2011.
DEVELOPMENT BY OPERATING SEGMENT
Finland
Ramirent's January-June net sales in Finland increased by 4.0% to EUR 66.8
(64.2) million. EBIT increased to EUR 6.1 (3.8) million, representing a margin
of 9.1% (5.9%). Ramirent's second quarter net sales in Finland increased by
1.2% to EUR 36.5 (36.1) million. The second quarter EBIT increased to EUR 4.7
(4.0) million, representing a margin of 12.9% (11.1%). The main growth driver
was residential construction, while growth was slowed down year-on-year by
lower activity in shipyards and industrial maintenance. Activity was also lower
in the private households sector. Profitability improved based on higher
utilisation levels and improving pricing environment. During the quarter,
Ramirent Finland Oy acquired the shares of Finnish weather protection company
Suomen Sääsuoja Oy, strengthening Ramirent's position in the growing weather
protection market and enabling the company to offer a more comprehensive range
of services to its core customer sectors.
Sweden
Ramirent's January-June net sales in Sweden increased by 29.9% to EUR 83.4
(64.2) million or by 18.5% at comparable exchange rates. EBIT increased to EUR
13.1 (7.6) million, representing a margin of 15.7% (11.8%). Ramirent's second
quarter net sales in Sweden increased by 20.9% to EUR 42.1 (34.9) million or by
12.8% at comparable exchange rates. The second quarter EBIT increased to EUR
7.0 (5.0) million, representing a margin of 16.5% (14.4%). Growth was driven by
continued strong demand in the civil engineering, public and housing sectors.
Geographically, the growth during the quarter was driven by Stockholm and the
surrounding areas, as well as the southern regions of the country.
Profitability improved based on higher capacity utilisation, but is still
burdened by low price levels. During the quarter, Ramirent signed an agreement
to acquire Hyrman i Lund AB operating seven locations in southern Sweden and
contributing to annual net sales by about EUR 15 million.
Norway
Ramirent's January-June net sales in Norway increased by 13.1% to EUR 63.1
(55.7) million or by 10.5% at comparable exchange rates. EBIT increased to EUR
2.8 (0.6) million, representing a margin of 4.4% (1.0%). Ramirent's second
quarter net sales in Norway increased by 11.2% to EUR 30.5 (27.4) million or by
10.1% at comparable exchange rates. The second quarter EBIT increased to EUR
2.4 (1.0) million, representing a margin of 7.9% (3.7%). The growth driver was
the recovery in construction activity especially in the western and northern
parts of Norway. Profitability was still low, but measures have been taken to
improve efficiency in the outlet network and to raise price levels by improving
utilisation levels. During the quarter, Veidekke and Ramirent entered into a
new nationwide cooperation agreement, which runs until September 2013.
Additionally, Ramirent signed an agreement to acquire Rogaland Planbygg AS, the
leading provider of rental accommodation and office modules to the oil and gas
industry in Norway, contributing to annual net sales by approximately EUR 22
million.
Denmark
Ramirent's January-June net sales in Denmark increased by 6.6% to EUR 18.2
(17.1) million. EBIT amounted to -1.5 (-1.3) million representing a margin of
-8.4% (-7.6%). Ramirent's second quarter net sales in Denmark increased by 9.7%
to EUR 9.9 (9.0) million. The second quarter EBIT increased to EUR -0.3 (-0.7)
million, representing a margin of -2.9% (-7.4%). Market conditions improved
further during the second quarter, but profitability is still burdened by low
price levels. Focus remained on cost control and measures to restore healthier
pricing levels as utilisation levels are improving.
Europe East (Russia, the Baltic States and Ukraine)
Ramirent's January-June net sales in Europe East increased by 31.8% to EUR 22.4
(17.0) million or by 33.2% at comparable exchange rates. EBIT increased to
-0.7(-4.0) million, representing a margin of -3.0% (-23.4%). Ramirent's second
quarter net sales in Europe East increased by 36.9% to EUR 13.0 (9.5) million
or by 40.0% at comparable exchange rates. The second quarter EBIT increased to
EUR 1.0 (-1.6) million, representing a margin of 7.5% (-16.5%). Growth drivers
were mainly infrastructural construction in Russia and energy-related
investments particularly in the Baltics and Ukraine. The positive development
in business volumes continued in the Baltic States, especially in Lithuania,
and also in Ukraine. Profitability started to recover based on increasing
business volumes and higher price levels. During the quarter, Ramirent
strengthened its market coverage by opening new outlets in the Baltics, mainly
in Lithuania and Estonia, as well as in Russia in the city of Sochi, which has
turned into a huge construction site preparing for the 2014 Winter Olympics.
Europe Central (Poland, Hungary, Czech Republic and Slovakia)
Ramirent's January-June net sales in Europe Central increased by 19.3% to EUR
33.4 (28.0) million or by 17.9% at comparable exchange rates. EBIT amounted to
-0.1 (-2.3) million, representing a margin of -0.3% (-8.4%). Ramirent's second
quarter net sales in Europe Central increased by 19.6% to EUR 19.0 (15.9)
million or by 17.5% at comparable exchange rates. The second quarter EBIT
increased to EUR 1.1 (0.3) million, representing a margin of 5.7% (1.9%). The
growth drivers were mainly the strong construction and industrial activity in
Poland, while the other Europe Central countries experienced weaker market
development during the quarter. Profitability was burdened by low price levels
and business volumes especially in the Czech Republic and Hungary. During the
quarter, Ramirent strengthened its presence in the Polish DIY market by
launching a new shop-in-shop concept with Leroy Merlin, a worldwide
home-improvement and gardening retailer, in three stores located in Warsaw,
Poznań and Szczecin. Ramirent continued to improve its market coverage in the
Czech Republic by acquiring the machinery and equipment rental business of the
Czech construction machinery company RENT MB s.r.o. and of the Czech company
Stavební Doprava a Mechanizace (SDM).
SHARE CAPITAL AND TRADING IN THE SHARES
At the end of the review period, Ramirent Plc's share capital was EUR 25.0
million, and the total number of Ramirent shares was 108,697,328.
Ramirent Plc's market capitalization at the end of June 2011 was EUR 967.4
(754.4) million. Trading closed at EUR 8.90 (6.94). The highest quote for the
period was EUR 12.37 (8.75), and the lowest was EUR 8.10 (6.17). The average
trading price was EUR 10.85 (7.40).
The value of share turnover during the review period was EUR 198.9 (203.4)
million, equivalent to 18,332,421 (27,422,968) traded Ramirent shares, i.e.,
16.9% (25.2%) of Ramirent's total number of shares.
According to the nominee registers, approximately 17.73% of the listed shares
were owned by foreigners as per 30 June 2011. Other foreign ownership at the
end of the period totalled approximately 35.03%. Thus a total of 52.76% of
Ramirent's listed shares were owned by international investors.
RAMIRENT'S OWN SHARES
At the end of June 2011, the Group had 680,192 of the company's own shares in
its possession, representing 0.6% of the total number of Ramirent's shares.
STRATEGY AND FINANCIAL TARGETS
The aim of the Ramirent Group's strategy is to generate a healthy return to
shareholders while maintaining financial stability. Ramirent's strategy is
focused on three major objectives: 1) sustainable top-line growth through
strengthening the customer offering, widening the customer portfolio and,
growing through outsourcing deals and selected acquisitions; 2) operational
excellence through developing a one-company structure, “the Ramirent platform”;
and 3) reducing the risk level through a balanced business portfolio and risk
management practices.
The Group's long-term financial targets over a business cycle are: 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 related to 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
2010.
CONSTRUCTION VOLUME FORECASTS
According to the forecast published by VTT Expert Service Oy in May 2011,
construction is expected to grow by 4% and rental of construction machinery and
equipment by 10% in 2011 in Finland.
According to the forecast published by the Swedish Construction Federation in
June 2011, construction is expected to grow by 8% in 2011 in Sweden.
According to the forecast published by Euroconstruct in June 2011, construction
is expected to grow by 6% in 2011 in Norway and by 3% in 2011 in Denmark. In
Europe East countries, construction is expected to increase in 2011 by 10% in
Estonia, by 4% in Latvia, by 5% in Lithuania and by 3-7% in Russia. In Europe
Central countries, Euroconstruct forecasts construction to grow by 13% in 2011
in Poland, but to decrease by 3% in Hungary, by 2% in Slovakia and by 1% in the
Czech Republic.
MARKET OUTLOOK 2011
Overall, the new residential construction, infrastructure and renovation
construction markets are expected to develop favourably, especially in the
Nordic countries, while demand for commercial construction remains weak. Taking
this into account, Ramirent expects the recovery in its markets to continue.
Also, the improved balance between supply and demand indicates a healthier
price level.
However, due to the current financial turmoil the market risks have increased.
Ramirent maintains a cautious stance since uncertainties in the macroeconomic
development persist.
RAMIRENT OUTLOOK 2011
Ramirent reiterates its outlook for 2011. As a result of increased construction
activity and improving price levels, net sales are expected to increase in
2011, and the result before taxes is expected to improve compared to 2010.
FORWARD-LOOKING STATEMENTS
Certain statements in this report, which are not historical facts, including,
without limitation, those regarding expectations for general economic
development and market situation; regarding customer industry profitability and
investment willingness; regarding Company growth, development and
profitability; regarding cost savings; regarding fluctuations in exchange rates
and interest levels; regarding the success of pending and future acquisitions
and restructurings; and statements preceded by "believes,""expects,""anticipates,""foresees" or similar expressions are forward-looking
statements.
These statements are based on current expectations and currently known facts.
Therefore, they involve risks and uncertainties that may cause actual results
to differ materially from results currently expected by the Company.
TABLES
This interim report has been prepared in accordance with IAS 34 Interim
Financial Reporting, as adopted by the EU and in conformity with the accounting
principles published in the 2010 financial statements.
Ramirent has adopted the following new or amended IFRS standards and IFRIC
interpretations as of 1 January 2011:
- IAS 32 (Amendment) - Financial instruments: Classification of rights issues
- IAS 24 (Revised) - Related party disclosures
- IFRIC 19 - Extinguishing financial liabilities with equity instruments
- IFRIC 14 (Amendment) - Prepayments of a minimum funding requirement
- Annual improvements to IFRS
The abovementioned changes do not have any material impact on Ramirent's
financial reporting.
Consolidated financial statements have been presented in thousands of euros
unless otherwise stated. Due to rounding, individual figures may differ from
the totals.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(EUR 1 000) 4-6/11 4-6/10 1-6/11 1-6/10 1-12/10
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Net sales 149 527 128 749 283 878 240 275 531 284
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Other operating income 327 613 669 912 1 616
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Materials and services -47 628 -42 628 -91 443 -81 318 -177 118
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Employee benefit expenses -36 599 -32 595 -73 229 -66 089 -136 214
--------------------------------------------------------------------------------
Depreciation and amortisation -25 154 -23 294 -50 087 -46 409 -97 716
--------------------------------------------------------------------------------
Other operating expenses -25 026 -23 398 -51 661 -45 515 -92 122
--------------------------------------------------------------------------------
EBIT 15 446 7 447 18 127 1 856 29 731
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Financial income 1 990 3 617 4 106 9 718 13 780
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Financial expenses -4 921 -4 968 -9 875 -11 496 -22 658
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EBT 12 515 6 097 12 358 78 20 853
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Income taxes -3 438 -1 804 -3 388 -1 097 -6 212
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NET RESULT FOR THE PERIOD 9 078 4 293 8 970 -1 019 14 640
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Other comprehensive income:
Translation differences -2 011 -1 032 -1 241 9 387 16 913
--------------------------------------------------------------------------------
Cash flow hedges -697 -1 018 700 -3 117 -2 097
--------------------------------------------------------------------------------
Portion of cash flow hedges 147 912 315 1 810 2 121
transferred to profit or loss
--------------------------------------------------------------------------------
Income tax on other comprehensive 176 28 -175 340 -239
income
--------------------------------------------------------------------------------
OTHER COMPREHENSIVE INCOME FOR THE -2 385 -1 111 -400 8 419 16 698
PERIOD, NET OF TAX
--------------------------------------------------------------------------------
TOTAL COMPREHENSIVE INCOME FOR THE 6 693 3 183 8 570 7 400 31 339
PERIOD
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net result for the period attributable to:
--------------------------------------------------------------------------------
Owners of the parent company 9 078 4 293 8 970 -1 019 14 640
--------------------------------------------------------------------------------
Non-controlling interest - - - - -
--------------------------------------------------------------------------------
TOTAL 9 078 4 293 8 970 -1 019 14 640
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total comprehensive income for the period attributable to:
--------------------------------------------------------------------------------
Owners of the parent company 6 693 3 183 8 570 7 400 31 339
--------------------------------------------------------------------------------
Non controlling interest - - - - -
--------------------------------------------------------------------------------
TOTAL 6 693 3 183 8 570 7 400 31 339
--------------------------------------------------------------------------------
Earnings per share (EPS), basic 0.08 0.04 0.08 -0.01 0.13
and diluted, EUR
CONSOLIDATED BALANCE SHEET
ASSETS
(EUR 1 000) 30.6.2011 30.6.2010 31.12.2010
------------------------------------------------------------------
NON-CURRENT ASSETS
------------------------------------------------------------------
Property, plant and equipment 443 969 446 885 427 248
------------------------------------------------------------------
Goodwill 96 379 94 559 93 211
------------------------------------------------------------------
Other intangible assets 12 079 6 780 10 348
------------------------------------------------------------------
Available-for-sale investments 422 53 422
------------------------------------------------------------------
Deferred tax assets 14 811 11 019 13 325
------------------------------------------------------------------
NON-CURRENT ASSETS, TOTAL 567 660 559 296 544 555
------------------------------------------------------------------
------------------------------------------------------------------
CURRENT ASSETS
Inventories 16 987 13 988 15 856
------------------------------------------------------------------
Trade and other receivables 108 574 89 709 96 616
------------------------------------------------------------------
Current tax assets 2 333 2 222 2 902
------------------------------------------------------------------
Cash and cash equivalents 2 029 2 425 1 352
------------------------------------------------------------------
CURRENT ASSETS, TOTAL 129 923 108 345 116 727
------------------------------------------------------------------
Non-current assets held for sale - 370 -
------------------------------------------------------------------
------------------------------------------------------------------
TOTAL ASSETS 697 583 668 011 661 282
------------------------------------------------------------------
EQUITY AND LIABILITIES
(EUR 1 000) 30.6.2011 30.6.2010 31.12.2010
EQUITY
--------------------------------------------------------------------------------
Share capital 25 000 25 000 25 000
--------------------------------------------------------------------------------
Revaluation fund -1 632 -3 287 -2 472
--------------------------------------------------------------------------------
Invested unrestricted equity fund 113 329 113 329 113 329
--------------------------------------------------------------------------------
Retained earnings 159 487 161 153 181 783
--------------------------------------------------------------------------------
Items recognised directly to equity on - 62 -
non-current assets held for sale
--------------------------------------------------------------------------------
PARENT COMPANY SHAREHOLDERS' EQUITY 296 184 296 258 317 640
--------------------------------------------------------------------------------
Non-controlling interests - - -
--------------------------------------------------------------------------------
EQUITY, TOTAL 296 184 296 258 317 640
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NON-CURRENT LIABILITIES
Deferred tax liabilities 60 625 54 414 60 413
--------------------------------------------------------------------------------
Pension obligations 7 158 9 501 6 866
--------------------------------------------------------------------------------
Provisions 1 945 3 432 2 347
--------------------------------------------------------------------------------
Interest-bearing liabilities 149 974 181 025 137 384
--------------------------------------------------------------------------------
Other long-term liabilities 2 452 - 2 200
--------------------------------------------------------------------------------
NON-CURRENT LIABILITIES, TOTAL 222 154 248 372 209 209
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CURRENT LIABILITIES
Trade payables and other liabilities 84 125 86 495 89 480
--------------------------------------------------------------------------------
Provisions 1 041 5 184 1 762
--------------------------------------------------------------------------------
Current tax liabilities 3 832 1 003 2 658
--------------------------------------------------------------------------------
Interest-bearing liabilities 90 247 30 698 40 533
--------------------------------------------------------------------------------
CURRENT LIABILITIES, TOTAL 179 245 123 380 134 433
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
LIABILITIES, TOTAL 401 398 371 753 343 642
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TOTAL EQUITY AND LIABILITIES 697 583 668 011 661 282
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
A = Share capital 1) Equity 1.1.2010
B = Revaluation fund 2) Share based payments
C = Invested unrestricted equity fund 3) Total comprehensive income
for the period
D = Translation differences 4) Equity 30.6.2010
E = Retained earnings 5) Purchase of treasury shares
F = Entries on non-current assets held for sale 6) Dividend distribution
G = Total equity 7) Equity 31.12.2010
8) Equity 30.6.2011
(EUR 1,000) A B C D E F G
1) 25 000 -2 319 113 329 -17 504 187 064 62 305 632
--------------------------------------------------------------------
2) - - - - -469 - -469
--------------------------------------------------------------------
6) - - - - -16 305 - -16 305
--------------------------------------------------------------------
3) - -968 - 9 387 -1 019 - 7 400
--------------------------------------------------------------------
4) 25 000 -3 287 113 329 -8 117 169 271 62 296 258
--------------------------------------------------------------------
--------------------------------------------------------------------
2) - - - - 381 - 381
--------------------------------------------------------------------
5) - - - - -2 939 - -2 939
--------------------------------------------------------------------
3) - 815 - 7 526 15 660 -62 23 939
--------------------------------------------------------------------
7) 25 000 -2 472 113 329 -591 182 374 - 317 640
--------------------------------------------------------------------
--------------------------------------------------------------------
2) - - - - 357 - 357
--------------------------------------------------------------------
5) - - - - -3 378 - -3 378
--------------------------------------------------------------------
6) - - - - -27 004 - -27 004
--------------------------------------------------------------------
3) - 840 - -1 241 8 970 - 8 570
--------------------------------------------------------------------
8) 25 000 -1 632 113 329 -1 832 161 318 - 296 184
--------------------------------------------------------------------
CONSOLIDATED CONDENSED CASH FLOW STATEMENT
(MEUR) 1-6/11 1-6/10 1-12/10
--------------------------------------------------------------------------------
Cash flow from operating activities 51.0 39.6 104.2
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash flow from investing activities -82.1 -30.3 -56.2
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash flow from financing activities
--------------------------------------------------------------------------------
Borrowings / repayment of short-term debt 48.6 12.8 0.6
--------------------------------------------------------------------------------
Borrowings / repayment of long-term debt 13.6 -5.2 -29.8
--------------------------------------------------------------------------------
Purchase of treasury shares -3.4 - -2.9
--------------------------------------------------------------------------------
Dividends paid -27.0 -16.3 -16.3
--------------------------------------------------------------------------------
Cash flow from financing activities 31.8 -8.7 -48.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net change in cash and cash equivalents 0.7 0.6 -0.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash and cash equivalents at the beginning of the 1.4 1.8 1.8
period
--------------------------------------------------------------------------------
Translation difference on cash and cash equivalents - - 0.1
--------------------------------------------------------------------------------
Net change in cash and cash equivalents 0.7 0.6 -0.5
--------------------------------------------------------------------------------
Cash and cash equivalents at the end of the period 2.0 2.4 1.4
--------------------------------------------------------------------------------
KEY FINANCIAL FIGURES
1-6/11 1-6/10 1-12/10
Interest-bearing debt, (MEUR) 240.2 211.7 177.9
------------------------------------------------------------------
Net debt, (MEUR) 238.2 209.3 176.6
------------------------------------------------------------------
Invested capital (MEUR), end of period 536.4 508.0 495.6
------------------------------------------------------------------
Return on invested capital (ROI), % 1) 10.4% 5.1% 8.6%
------------------------------------------------------------------
Gearing, % 80.4% 70.6% 55.6%
------------------------------------------------------------------
Equity ratio, % 42.5% 44.3% 48.0%
------------------------------------------------------------------
Personnel, average 3 076 3 036 3 043
------------------------------------------------------------------
Personnel, end of period 3 185 3 071 3 048
------------------------------------------------------------------
Gross capital expenditure (MEUR) 76.5 34.2 62.0
------------------------------------------------------------------
Gross capital expenditure, % of net sales 26.9% 14.2% 11.7%
------------------------------------------------------------------
------------------------------------------------------------------
1) The figures are calculated on a rolling twelve month basis.
SHARE RELATED KEY FIGURES
1-6/11 1-6/10 1-12/10
--------------------------------------------------------------------------------
Earnings per share (EPS) weighted 0.08 -0.01 0.13
average, basic and diluted, EUR
--------------------------------------------------------------------------------
Equity per share, end of period, basic 2.74 2.73 2.93
and diluted, EUR
--------------------------------------------------------------------------------
Number of outstanding shares (weighted 108 112 401 108 697 328 108 575 291
average), basic and diluted
--------------------------------------------------------------------------------
Number of outstanding shares (end of 108 017 136 108 697 328 108 304 136
period), basic and diluted
--------------------------------------------------------------------------------
NOTES TO THE INTERIM FINANCIAL STATEMENTS
SEGMENT INFORMATION
Segment information is presented according to the IFRS standards. Items below
EBIT - financial items and taxes - are not allocated to the segments.
NET SALES
(MEUR) 4-6/11 4-6/10 1-6/11 1-6/10 1-12/10
------------------------------------------------------------------------------
Finland
------------------------------------------------------------------------------
- Net sales (external) 35.6 35.2 64.8 63.1 135.2
------------------------------------------------------------------------------
- Inter-segment sales 0.9 0.9 2.0 1.0 1.8
------------------------------------------------------------------------------
Sweden
------------------------------------------------------------------------------
- Net sales (external) 42.1 34.5 83.1 63.8 144.5
------------------------------------------------------------------------------
- Inter-segment sales - 0.4 0.3 0.5 0.7
------------------------------------------------------------------------------
Norway
------------------------------------------------------------------------------
- Net sales (external) 30.4 27.1 62.9 55.4 113.7
------------------------------------------------------------------------------
- Inter-segment sales 0.1 0.3 0.2 0.3 0.7
------------------------------------------------------------------------------
Denmark
------------------------------------------------------------------------------
- Net sales (external) 9.7 7.8 17.9 15.5 32.9
------------------------------------------------------------------------------
- Inter-segment sales 0.2 1.2 0.4 1.7 2.7
------------------------------------------------------------------------------
Europe East
------------------------------------------------------------------------------
- Net sales (external) 13.0 8.6 22.3 15.2 39.5
------------------------------------------------------------------------------
- Inter-segment sales - 0.9 0.1 1.8 3.2
------------------------------------------------------------------------------
Europe Central
------------------------------------------------------------------------------
- Net sales (external) 18.7 15.5 33.0 27.2 65.4
------------------------------------------------------------------------------
- Inter-segment sales 0.3 0.4 0.3 0.7 1.2
------------------------------------------------------------------------------
Elimination of sales between segments -1.5 -4.0 -3.4 -5.9 -10.2
------------------------------------------------------------------------------
Net sales, total 149.5 128.7 283.9 240.3 531.3
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Other operating income 0.4 0.6 0.7 0.9 1.6
------------------------------------------------------------------------------
EBIT
(MEUR) 4-6/11 4-6/10 1-6/11 1-6/10 1-12/10
--------------------------------------------------------------------------------
Finland 4.7 4.0 6.1 3.8 13.7
--------------------------------------------------------------------------------
% of net sales 12.9% 11.1% 9.1% 5.9% 10.0%
--------------------------------------------------------------------------------
Sweden 7.0 5.0 13.1 7.6 23.3
--------------------------------------------------------------------------------
% of net sales 16.5% 14.4% 15.7% 11.8% 16.1%
--------------------------------------------------------------------------------
Norway 2.4 1.0 2.8 0.6 2.3
--------------------------------------------------------------------------------
% of net sales 7.9% 3.7% 4.4% 1.0% 2.0%
--------------------------------------------------------------------------------
Denmark -0.3 -0.7 -1.5 -1.3 -2.2
--------------------------------------------------------------------------------
% of net sales -2.9% -7.4% -8.4% -7.6% -6.2%
--------------------------------------------------------------------------------
Europe East 1.0 -1.6 -0.7 -4.0 -3.5
--------------------------------------------------------------------------------
% of net sales 7.5% -16.5% -3.0% -23.4% -8.3%
--------------------------------------------------------------------------------
Europe Central 1.1 0.3 -0.1 -2.3 0.8
--------------------------------------------------------------------------------
% of net sales 5.7% 1.9% -0.3% -8.4% 1.2%
--------------------------------------------------------------------------------
Net items not allocated to operating -0.4 -0.7 -1.5 -2.5 -4.7
segments
--------------------------------------------------------------------------------
Group EBIT 15.4 7.4 18.1 1.9 29.7
--------------------------------------------------------------------------------
% of net sales 10.3% 5.8% 6.4% 0.8% 5.6%
--------------------------------------------------------------------------------
Depreciation and amortisation
(MEUR) 4-6/11 4-6/10 1-6/11 1-6/10 1-12/10
---------------------------------------------------------------------------
Finland 5.4 4.9 10.8 9.9 20.0
---------------------------------------------------------------------------
Sweden 5.4 4.6 11.1 9.2 20.7
---------------------------------------------------------------------------
Norway 4.8 4.6 9.5 9.1 18.3
---------------------------------------------------------------------------
Denmark 1.8 1.7 3.6 3.4 6.9
---------------------------------------------------------------------------
Europe East 3.3 3.6 6.7 7.0 15.2
---------------------------------------------------------------------------
Europe Central 4.4 4.0 8.6 8.0 17.0
---------------------------------------------------------------------------
Unallocated items and eliminations - -0.1 -0.2 -0.2 -0.3
---------------------------------------------------------------------------
Total 25.2 23.3 50.1 46.4 97.7
---------------------------------------------------------------------------
Reconciliation of group EBIT to result before taxes (EBT)
(MEUR) 4-6/11 4-6/10 1-6/11 1-6/10 1-12/10
------------------------------------------------------------------
Group operating profit 15.4 7.4 18.1 1.9 29.7
------------------------------------------------------------------
Unallocated items:
------------------------------------------------------------------
Financial income 2.0 3.6 4.1 9.7 13.8
------------------------------------------------------------------
Financial expenses -4.9 -5.0 -9.9 -11.5 -22.7
------------------------------------------------------------------
------------------------------------------------------------------
Result before taxes (EBT) 12.5 6.1 12.4 0.1 20.9
------------------------------------------------------------------
Capital expenditure
(MEUR) 4-6/11 4-6/10 1-6/11 1-6/10 1-12/10
---------------------------------------------------------------------------
Finland 13.6 10.4 18.0 11.6 17.2
---------------------------------------------------------------------------
Sweden 12.2 7.7 25.4 15.3 30.3
---------------------------------------------------------------------------
Norway 7.4 3.1 12.1 6.8 11.5
---------------------------------------------------------------------------
Denmark 1.1 0.3 5.2 0.5 1.4
---------------------------------------------------------------------------
Europe East 3.9 1.6 7.0 2.1 4.3
---------------------------------------------------------------------------
Europe Central 6.5 2.4 10.3 3.3 7.4
---------------------------------------------------------------------------
Unallocated items and eliminations -0.1 -3.9 -1.4 -5.5 -10.2
---------------------------------------------------------------------------
Total 44.6 21.7 76.5 34.2 62.0
---------------------------------------------------------------------------
Assets allocated to segments
(MEUR) 30.6.2011 30.6.2010 31.12.2010
--------------------------------------------------------------------
Finland 138.5 132.7 124.6
--------------------------------------------------------------------
Sweden 165.7 148.1 155.4
--------------------------------------------------------------------
Norway 145.5 143.5 141.8
--------------------------------------------------------------------
Denmark 45.1 45.8 42.4
--------------------------------------------------------------------
Europe East 96.4 100.8 91.5
--------------------------------------------------------------------
Europe Central 117.5 114.1 114.2
--------------------------------------------------------------------
Unallocated items and eliminations -11.1 -17.1 -8.6
--------------------------------------------------------------------
Total 697.6 668.0 661.3
--------------------------------------------------------------------
--------------------------------------------------------------------
Changes in non-current assets
(EUR 1 000) 30.6.2011 30.6.2010 31.12.2010
--------------------------------------------------------------------------------
OPENING BALANCE 531 229 549 173 549 173
--------------------------------------------------------------------------------
Depreciation and amortisation -50 087 -46 409 -97 716
--------------------------------------------------------------------------------
Additions:
--------------------------------------------------------------------------------
Machinery & Equipment 67 988 26 396 52 668
--------------------------------------------------------------------------------
Other additions 8 484 7 792 10 633
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Disposals (sales) -4 066 -4 418 -8 224
--------------------------------------------------------------------------------
Other* -700 15 743 24 695
--------------------------------------------------------------------------------
CLOSING BALANCE 552 849 548 276 531 229
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Non-current assets held for sale - 370 -
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
* Other includes translation differences, reclassifications and changes in
estimated consideration for acquisitions
CONTINGENT LIABILITIES
(MEUR) 30.6.2011 30.6.2010 31.12.2010
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Suretyships 3.2 3.1 3.2
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Committed investments 21.7 3.3 0.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
-
In addition Ramirent has committed to two share deals, one in Sweden and one in
Norway.
Non-cancellable minimum future operating lease 139.3 155.3 143.4
payments
--------------------------------------------------------------------------------
Non-cancellable minimum future finance lease 0.2 0.5 0.3
payments
--------------------------------------------------------------------------------
Finance lease debt in the balance sheet -0.2 -0.5 -0.3
--------------------------------------------------------------------------------
Non-cancellable minimum future lease payments 139.3 155.3 143.4
off-balance sheet
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Obligations arising from derivative instruments
Interest rate derivatives
Nominal value of underlying object 160.8 169.7 143.2
--------------------------------------------------------------------------------
Fair value of the derivative instruments -1.6 -3.1 -2.4
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Foreign currency derivatives
Nominal value of underlying object 57.2 - 40.4
--------------------------------------------------------------------------------
Fair value of the derivative instruments - - 0.1
--------------------------------------------------------------------------------
DEFINITION OF KEY FIGURES
Return on equity (ROE), %: Net result x 100
-------------------------------------------
Total equity (average over the financial
period)
-------------------------------------------
Return on invested capital (ROI), %: (Result before taxes + interest and other
financial expenses) x 100
-------------------------------------------
Total assets - non-interest bearing debt
(average over the financial period)
-------------------------------------------
Equity ratio, %: (Total equity + non-controlling interest)
x 100
-------------------------------------------
Total assets - advances received
-------------------------------------------
Earnings per share (EPS), EUR: Net result +/- non-controlling interest's share of net result
-------------------------------------------
Average number of shares, adjusted for
share issues, during the financial period
-------------------------------------------
Shareholders' equity per share, EUR: Equity belonging to the parent company's
shareholders
-------------------------------------------
Number of shares, adjusted for share
issues, on reporting date
-------------------------------------------
Payout ratio, %: Dividend per share x 100
-------------------------------------------
Earnings per share
-------------------------------------------
Net debt: Interest-bearing debt - cash and bank
receivables, and financial securities
Gearing: Net debt x 100
-------------------------------------------
Total equity
-------------------------------------------
Dividend per share: Dividend paid
-------------------------------------------
Number of shares on the registration date
for dividend distribution
-------------------------------------------
EXCHANGE RATES APPLIED
Average Average Average Closing Closing Closing
rates rates rates rates rates rates
-------------------------------------------------------------------------
Currency 1-6/2011 1-6/2010 1-12/2010 30.6.2011 30.6.2010 31.12.2010
-------------------------------------------------------------------------
DKK 7.4561 7.4422 7.4472 7.4587 7.4488 7.4535
-------------------------------------------------------------------------
EUR/EEK 1.0000 15.6466 15.6466 1.0000 15.6466 15.6466
-------------------------------------------------------------------------
HUF 269.4151 271.6400 275.3567 266.1100 286.0000 277.9500
-------------------------------------------------------------------------
LTL 3.4528 3.4528 3.4528 3.4528 3.4528 3.4528
-------------------------------------------------------------------------
LVL 0.7070 0.7082 0.7087 0.7093 0.7093 0.7094
-------------------------------------------------------------------------
NOK 7.8236 8.0075 8.0060 7.7875 7.9725 7.8000
-------------------------------------------------------------------------
PLN 3.9518 4.0026 3.9950 3.9903 4.1470 3.9750
-------------------------------------------------------------------------
RUB 40.1449 39.9227 40.2780 40.4000 38.2820 40.8200
-------------------------------------------------------------------------
SEK 8.9378 9.7950 9.5469 9.1739 9.5259 8.9655
-------------------------------------------------------------------------
UAH 11.1846 10.5862 10.6024 11.5335 9.6588 10.5775
-------------------------------------------------------------------------
CZK 24.3478 25.7340 25.2939 24.3450 25.6910 25.0610
-------------------------------------------------------------------------
QUARTERLY SEGMENT INFORMATION
NET SALES
Q2 Q1 Full Q4 Q3 Q2 Q1
year
(MEUR) 2011 2011 2010 2010 2010 2010 2010
--------------------------------------------------------------------------------
Finland 36.5 30.2 136.9 35.2 37.5 36.1 28.1
--------------------------------------------------------------------------------
Sweden 42.1 41.3 145.2 44.9 36.1 34.9 29.4
--------------------------------------------------------------------------------
Norway 30.5 32.6 114.4 31.1 27.6 27.4 28.4
--------------------------------------------------------------------------------
Denmark 9.9 8.4 35.6 9.5 9.0 9.0 8.1
--------------------------------------------------------------------------------
Europe East 13.0 9.4 42.7 13.4 12.3 9.5 7.5
--------------------------------------------------------------------------------
Europe Central 19.0 14.4 66.6 18.9 19.7 15.9 12.1
--------------------------------------------------------------------------------
Elimination of sales between -1.5 -1.9 -10.2 -3.0 -1.2 -4.0 -2.0
segments
--------------------------------------------------------------------------------
Net sales, total 149.5 134.4 531.3 150.1 140.9 128.7 111.5
--------------------------------------------------------------------------------
EBIT
Q2 Q1 Full Q4 Q3 Q2 Q1
year
(MEUR and % of net sales) 2011 2011 2010 2010 2010 2010 2010
--------------------------------------------------------------------------------
Finland 4.7 1.3 13.7 2.9 7.1 4.0 -0.2
--------------------------------------------------------------------------------
% of net sales 12.9% 4.4% 10.0% 8.1% 18.8% 11.1% -0.8%
--------------------------------------------------------------------------------
Sweden 7.0 6.1 23.3 8.3 7.4 5.0 2.6
--------------------------------------------------------------------------------
% of net sales 16.5% 14.9% 16.1% 18.5% 20.6% 14.4% 8.8%
--------------------------------------------------------------------------------
Norway 2.4 0.4 2.3 0.1 1.7 1.0 -0.4
--------------------------------------------------------------------------------
% of net sales 7.9% 1.2% 2.0% 0.3% 6.1% 3.7% -1.6%
--------------------------------------------------------------------------------
Denmark -0.3 -1.3 -2.2 -0.7 -0.2 -0.7 -0.6
--------------------------------------------------------------------------------
% of net sales -2.9% -15.0% -6.2% -7.8% -1.9% -7.4% -7.8%
--------------------------------------------------------------------------------
Europe East 1.0 -1.7 -3.5 1.1 -0.7 -1.6 -2.4
--------------------------------------------------------------------------------
% of net sales 7.5% -17.7% -8.3% 8.5% -5.7% -16.5% -32.2%
--------------------------------------------------------------------------------
Europe Central 1.1 -1.2 0.8 1.0 2.2 0.3 -2.6
--------------------------------------------------------------------------------
% of net sales 5.7% -8.2% 1.2% 5.1% 11.2% 1.9% -21.8%
--------------------------------------------------------------------------------
Costs not allocated to -0.4 -1.1 -4.7 -1.4 -0.9 -0.7 -1.8
segments
--------------------------------------------------------------------------------
Group EBIT 15.4 2.7 29.7 11.3 16.6 7.4 -5.6
--------------------------------------------------------------------------------
% of net sales 10.3% 2.0% 5.6% 7.5% 11.8% 5.8% -5.0%
--------------------------------------------------------------------------------
ANALYST AND PRESS BRIEFING
A briefing for investment analysts and the press will be arranged on Friday 12
August 2011 at 11.00 a.m. Finnish time at Palace Gourmet, cabinet
Konferenssisali (visiting address: Eteläranta 10, 10th fl., Helsinki).
WEBCAST AND CONFERENCE CALL
You can participate in the analyst briefing on Friday 12 August 2011 at 11.00
a.m. Finnish time through a live webcast at www.ramirent.com and conference
call. Dial-in number: +44 (0)20 7162 0025 and conference ID code 898271. 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. Times are given in Finnish
time (EET).
Capital Market Day 1 September 2011 at 9:00
a.m. - 4:00 p.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, 12 August 2011
RAMIRENT PLC
Board of Directors
FURTHER INFORMATION:
CEO Magnus Rosén tel.+358 20750 2845, magnus.rosen(a)ramirent.com
CFO Jonas Söderkvist tel.+358 20750 3248, jonas.soderkvist(a)ramirent.com
IR Franciska Janzon tel.+358 20750 2859, franciska.janzon(a)ramirent.com
DISTRIBUTION:
NASDAQ OMX Helsinki Ltd.
Main news media
www.ramirent.com
Ramirent is a leading equipment rental group delivering Dynamic Rental
Solutions™ that simplify business. We serve a broad range of customers,
including construction and process industries, shipyards, the public sector and
households. In 2010, Group sales totalled EUR 531 million. The Group has 3,200
employees at some 399 locations in 13 countries in Northern, Central and
Eastern Europe. Ramirent is listed on the NASDAQ OMX Helsinki Ltd.
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