ramirent q4 2011

Financial bulletin 201116 February 2012

President and CEO Magnus Rosén

CFO Jonas Söderkvist

Q4/11: Back to profitable growth

OCTOBER–DECEMBER 2011

Net sales up 24.4% MEUR 186.8 (150.1) or 23.7% at comparable exchange rates. Organic growth 17.8%

EBITDA MEUR 55.0 (36.9)

EBITDA-margin 29.4% (24.6%)

EBIT MEUR 25.5 (11.3)

EBIT-margin 13.6% (7.5%)

Gross capex MEUR 45.9 (18.1)

Cash flow after investmentsMEUR 15.9 (24.2)

Net debt MEUR 262.8 (176.6)

Gearing 80.6% (55.6%)

Number of outlets 406 (378)

2

Highlights 2011

JANUARY–DECEMBER 2011

Net sales up 22.3% MEUR 649.9 (531.3) or 20.1 % at comparable exchange rates.Organic growth 18.5%

EBITDA MEUR 181.8 (127.4)

EBITDA-margin 28.0% (24.0%)

EBIT MEUR 74.1 (29.7)

EBIT-margin 11.4% (5.6%)

Gross capex MEUR 242.2 (62.0)

Cash flow after investmentsMEUR -52.0 (48.0)

The Board proposes a dividend of EUR 0.28 (0.25) per share for the year 2011

3

Back to profitable growth as market is recovering

EPS growth > 15 % p.a. over a business cycle

4

Recovery in market activity especially in the second half of the year

Higher utilisation and rental rates that improved during the year

Significant investments in acquisitions and outsourcing deals

ROI >18 % p.a. over a business cycle

Gearing ≤ 120 % at end of each fiscal year

16 %

0 %

5 %

10 %

15 %

20 %

25 %

30 %

35 %

2005 2006 2007 2008 2009 2010 2011

ROI Target

81 %

0 %

20 %

40 %

60 %

80 %

100 %

120 %

140 %

2005 2006 2007 2008 2009 2010 2011

Gearing Target

207 %

-200 %

-100 %

0 %

100 %

200 %

300 %

2005 2006 2007 2008 2009 2010 2011

EPS Target

Dividend proposal EUR 0.28 per share

The Board proposes a dividend of EUR 0.28 (0.25) per share for the year 2011

Ramirent’s dividend policy is to distribute at least 40% of annual earnings per share to shareholders as dividends

5

0,33

0,73

1,02

0,31

0,04

0,13

0,41

0,15

0,30

0,50

0,00

0,15

0,250,28

0 %

50 %

100 %

150 %

200 %

250 %

300 %

350 %

400 %

0,00

0,20

0,40

0,60

0,80

1,00

1,20

2005 2006 2007 2008 2009 2010 2011

EPS DPS Dividend pay-out ratio

Earnings per share and dividend pay-out ratio

EUR

*68%

*Board’s proposal

1,6

%

2,1

%

3,3

%

2,5

%

0,5

% 4,3

%

4,3

%

1,6

% 4,5

%

4,0

% 7,7

%

6,2

%

-10

,8 % -6

,2 %

-5,5

%

2,6

%

3,3

%

9,0

%

5,0

%

6,3

%

11

,0 %

12

,9 %

16

,0 %

21

,0 %

-20 %

-15 %

-10 %

-5 %

0 %

5 %

10 %

15 %

20 %

25 %

Hu

ng

ary

Czech

Rep

.

Slo

vakia

Fin

lan

d

Den

mark

Sw

ed

en

Ru

ssia

No

rw

ay

Latv

ia

Po

lan

d

Esto

nia

Lit

hu

an

ia

GDP growth Total construction output growth

Strong construction growth in Ramirent’smain markets in 2011

6

Growth in GDP and Construction output in 2011

Source: Euroconstruct November 2011 / VTT

Outsourcing dealin Denmark

2010

Outsourcing dealin Finland

2011

Acquisition of Czech rental

business

Acquisition of Finnish weather protection

rental company

7

End of 2009

Outsourcing deal with twosubsidiaries in Finland

Outsourcing deal in Finland

Some 50 companies on our watch list

Acquisition of Swedish rental company

Outsourcing deal in Norway

Acquisition of Czech rental business

Aquisition of Czech rental business

Acquisition ofSwedish rental

company

Acquisition ofDanish rental business

Acquisition of specialist module rental company in Norway

Capex on acquisitions EUR 111.2 million in 2011

Acquisitive impact approximately 8% on Group net sales on an annual level

Danish scaffolding division

Acquisition of Swedish rental

company

Acquisition of Swedish rental

company

Nine acquisitions and two outsourcing deals in 2011

Ramirent is market leader in 5 out of 6 geographical segments

8

Finland83 depots

(25 franchises) Market #1

Europe East58 depots

10 re-renting agents

Market #1

Norway42 depots


Denmark22 depots Market #1

Europe Central122 depots

(24 franchises)Market #1

Sweden79 depots


Total3,184

Finland596

Sweden630

Norway486

Denmark186

EuropeEast439

EuropeCentral

825

Employees

Sustainable profitable growth Accelerate growth with acquisitions and outsourcing deals

Evaluate entry into new markets

Strengthen local offerings and develop solution concepts

Operational excellence Develop a common “Ramirent platform”

Develop group wide IT platform and realise synergies

Maintain strong focus on cost efficiency

Balanced risk level Diversified portfolios of customers, products and markets

Continuous employee competence development

A strong financial position

Progress in achieving the Group’s key strategic objectives

9

Ramirent and market outlook as of 16 February 2012

10

Overall, the new residential construction market is expected to weaken in 2012 while renovation and infrastructure construction markets are expected to develop more favourably, especially in the Nordic countries.

However, Ramirent maintains a cautiousstance since uncertainties in the macroeconomic developement persists.

Market outlook 2012

In 2012, net sales are expected to increase and the result before taxes is expected to improve compared to 2011.

Ramirent outlook for 2012 Country 2012 Source

Finland 0%/-2.2%Finnish construction industries, RT / VTT

Sweden -1%Swedish Construction Federation

Norway 6% Euroconstruct

Denmark 4% Euroconstruct

Poland 4% Euroconstruct

Czech Republic

-4% Euroconstruct

Slovakia 3% Euroconstruct

Hungary -2% Euroconstruct

Russia 0-5% Euroconstruct

Estonia 8% Euroconstruct

Latvia -4% Euroconstruct

Lithuania -4% Euroconstruct

Ukraine n.a Euroconstruct

Europe East

Europe Central

Growth in Nordic construction order books is levelling off

9% growth vs. Q4/10 in real exchange rates and 10% growth in fixed

1% decline vs. Q3/11

11

-40 %

-20 %

0 %

20 %

40 %

60 %

0

2

4

6

8

10

12

14

Q1

2007

Q2 Q3 Q4 Q1

2008

Q2 Q3 Q4 Q1

2009

Q2 Q3 Q4 Q1

2010

Q2 Q3 Q4 Q1

2011

Q2 Q3 Q4

Order book Nordics (BEUR, real exchange rates)*

Skanska NCC

YIT Lemminkäinen

Change in Net sales YoY, R12 Ramirent Change in order backlog YoY, Nordic construction

* Order books for Swe, Fin, Nor, Den

Construction output still predicted to grow in Ramirent’s markets

12Source: Euroconstruct November 2011

Total construction output 2008 – 2014

Index 2008 = 100 (volume)

98

108

116

93

106

70

75

80

85

90

95

100

105

110

115

120

2008 2009 2010 2011E 2012F 2013F 2014F

Finland Sweden Norway Denmark Europe Central

Business cycle

Growth Stability Positioning Growth Priorities in a downturn scenario

13

Top line•Keep strong discipline in discount levels and price lists •Increase focus on non-construction businessInvestments•Reduce capex•Sell equipment•Return re-rental equipment and leasesOpex•Review organisational structures•Optimise maintenance of equipment to utilisation•Optimise marketing and branding•Reduce indirect costs•Postpone non-crucial development projects

Strong market conditions and

growth 2004-2007

Market downturn reduced need for investments and

improved cash flow 2008-2010

Recovery in demand and increased

investments 2011

In a downturn scenario, multiple levers can be pulled

Actions taken to prepare for possible changes in market conditions

Increased list prices

Reduced average discount level

Refinanced loan facilities

Acquired Rogaland Planbygg to gain access to oil & gas industry with stable demand and long term contracts

Sold non-performing fleet

Increased use of temporary personnel in project business

Streamlined administration personnel

Updated contingency plans

Cautious in capex spending

14

Going forward, several drivers support the growth of equipment rental business

15

Rental penetration

Outsourcing

Rental related solutions

Market consolidation

Long-term growth in construction

markets

In the long term, rental penetration is expected to increase in Europe as customers recognise the advantages of renting

There is a general trend towards outsourcing non-core activities to reduce capital employed and improve flexibility

Customers are increasingly interested in giving a broader rental related responsibility in their projects to rental companies

The equipment rental industry is highly fragmented and Ramirent’s strong position enables it to take an active role in the market consolidation

In the emerging rental markets there are long-term growth potential in the construction volumes per capita compared to more mature Western Europe

SEGMENT REVIEW

16

29

34

41

3128

36 3835

30

37

4542

-5 %

0 %

5 %

10 %

15 %

20 %

25 %

0

10

20

30

40

50

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4

Net sales EBIT-%

Q4 2011 Finland

17

MEUR

Highlights Historic financial performance

Q4 January - December

Finland 2011 2010 Change(EUR)

Change(Local)

2011 2010 Change(EUR)

Change(Local)

Net sales, MEUR 42.5 35.2 21% 21% 154.7 136.9 13% 13%

EBIT, MEUR 6.2 2.9 117% 22.8 13.7 66%

EBIT-margin 14.6% 8.1% 14.7% 10.0%

Employees 596 603 -1%

Outlets 83 84 -1%

Growth was driven by high construction and industrial activity

All product areas developed well except heating equipment due to exceptionally warm weather conditions

EBIT was burdened by a write-down of scaffolding equipments of EUR 1.4 million

Q4 2011 Sweden

18

The growth was driven by high construction activity in Stockholm and Gothenburg

Two rental companies were acquired, Consensus and TLM

Renewed frame agreement with NCC and was selected as a total solution supplier of rental equipment in the expansion of Boliden’s operations at the Garpenberg mine over the next three years

Historic financial performance

32 33 31 3229

35 36

4541 42

45

54

0 %

5 %

10 %

15 %

20 %

25 %

0

10

20

30

40

50

60

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4

Net sales EBIT-%

MEUR

Highlights


Sweden 2011 2010 Change(EUR)

Change(Local)


Change(Local)

Net sales, MEUR 53.9 44.9 20% 17% 182.7 145.2 26% 19%

EBIT, MEUR 11.9 8.3 44% 33.2 23.3 42%

EBIT-margin 22.2% 18.5% 18.2% 16.1%

Employees 630 546 15%

Outlets 79 73 8%

Q4 2011 Norway

19

Residential construction in the major cities was driving demand, alongside with the oil and gas industry

Profitability improved based on good fleet utilisation, improving price levels, and strict cost control


2925 27

29 28 27 2831 33

30

40 42

-4 %

-2 %

0 %

2 %

4 %

6 %

8 %

10 %

12 %

14 %

16 %

0

5

10

15

20

25

30

35

40

45

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4

Net sales EBIT-%

MEUR

Highlights


Norway 2011 2010 Change(EUR)

Change(Local)


Change(Local)

Net sales, MEUR 42.0 31.1 35% 30% 144.8 114.4 27% 23%

EBIT, MEUR 4.5 0.1 N/A 11.2 2.3 379%

EBIT-margin 10.7% 0.3% 7.7% 2.0%

Employees 486 503 -3%

Outlets 42 42 -

Q4 2011 Denmark

20

Growth was driven by improving construction activity, including infrastructure projects

EBIT improved due to good fleet utilisation and stable price levels

Acquired scaffolding division of Ajos A/S, a subsidiary of construction company MT Højgaard A/S, and in the same transaction, Ramirent sold its hoist and working platforms to Ajos A/S


1112

1110

89 9 10

810

11

15

-50 %

-40 %

-30 %

-20 %

-10 %

0 %

10 %

20 %

0

2

4

6

8

10

12

14

16

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4

Net sales EBIT-%

MEUR

Highlights


Denmark 2011 2010 Change(EUR)

Change(Local)


Change(Local)

Net sales, MEUR 14.6 9.5 53% 53% 44.1 35.6 24% 24%

EBIT, MEUR 0.8 -0.7 N/A 0.1 -2.2 N/A

EBIT-margin 5.4% -7.8% 0.2% -6.2%


Outlets 22 20 10%

Q4 2011 Europe East

21

Due to favourable marketconditions, good and stable growth continued in all Europe East countries

EBIT improved based on higher utilisation and price levels


9

12

19

11

8

10

1213

9

13

17 16

-40 %

-30 %

-20 %

-10 %

0 %

10 %

20 %

30 %

0

5

10

15

20

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4

Net sales EBIT-%

MEUR

Highlights


Europe East 2011 2010 Change(EUR)

Change(Local)


Change(Local)

Net sales, MEUR 16.5 13.4 23% 27% 56.1 42.7 31% 32%

EBIT, MEUR 2.3 1.1 105% 5.9 -3.5 N/A

EBIT-margin 14.2% 8.5% 10.5% -8.3%


Outlets 58 48 21%

Q4 2011 Europe Central

22

In Poland construction and industrial activity continued to drive demand, whereas the market development weakened further in the other countries in the segment

Profitability improved in Poland but was burdened by lower price levels and utilisations rates in Hungary, Czech Republic and Slovakia


1416

1816

12

16

20 19

14

19

22

19

-25 %

-20 %

-15 %

-10 %

-5 %

0 %

5 %

10 %

15 %

20 %

0

5

10

15

20

25

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4

Net sales EBIT-%

MEUR

Highlights


Europe Central 2011 2010 Change(EUR)

Change(Local)


Change(Local)

Net sales, MEUR 18.9 18.9 - 10% 73.9 66.6 11% 13%

EBIT, MEUR 2.0 1.0 111% 5.5 0.8 N/A

EBIT-margin 10.8% 5.1% 7.4% 1.2%

Employees 825 824 -

Outlets 122 111 10%

FINANCIAL REVIEW

23

Positive development in financial performance continued in Q4

24

Net Sales (MEUR) EBITDA (MEUR)

Cash flow (MEUR) Net debt (MEUR) Gross Capex (MEUR)

EBIT (MEUR)

3 5 3 8 1322

1018

3245

120

46

0 %

10 %

20 %

30 %

40 %

50 %

60 %

70 %

80 %

0

20

40

60

80

100

120

140

Q12009

Q2 Q3Q4Q12010

Q2Q3Q4Q12011

Q2Q3Q4

Gross Capex Share of net sales-%

281255

230207212209

197177

191

238

280263

0 %

20 %

40 %

60 %

80 %

100 %

120 %

0

50

100

150

200

250

300

Q12009

Q2 Q3Q4Q12010

Q2Q3Q4Q12011

Q2Q3Q4

Net debt Gearing-%

7

1412

-4-6

7

17

11

3

15

31

25

-10 %

-5 %

0 %

5 %

10 %

15 %

20 %

-10

-5

0

5

10

15

20

25

30

35

Q12009

Q2 Q3Q4Q12010

Q2Q3Q4Q12011

Q2Q3Q4

EBIT EBIT-%

3036 37

26

18

31

4237

28

41

5955

0 %

5 %

10 %

15 %

20 %

25 %

30 %

35 %

0

10

20

30

40

50

60

70

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4

EBITDA EBITDA-%

122125130126112

129141

150134

150

179187

-40 %

-30 %

-20 %

-10 %

0 %

10 %

20 %

30 %

40 %

0

20

40

60

80

100

120

140

160

180

200

Q12009

Q2 Q3Q4Q12010

Q2Q3Q4Q12011

Q2Q3Q4

Net sales Y-o-y change-%

18

2822 20

-4

13 14

24

-11

-20

-37

16

-50

-40

-30

-20

-10

0

10

20

30

40

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4

Cash flow after investments

Net sales grew 24.4% in Q4/2011, organic growth was 17.8%

Net sales January-December 2011: +22.3% (+18.5% organic)

25

Change in net sales YoY, %

19 % 19 %

13 %

-4 %

-25 %

-31 %-31 %-27 %

-9 %

3 %

9 %

19 % 20 %

16 %

27 %24 %

-40 %

-30 %

-20 %

-10 %

0 %

10 %

20 %

30 %

40 %

Q1

2008

Q2 Q3 Q4 Q1

2009

Q2 Q3 Q4 Q1

2010

Q2 Q3 Q4 Q1

2011

Q2 Q3 Q4

26

24 %

21 % 20 %

35 %

53 %

23 %

0 %

24 % 21 %

17 %

30 %

53 %

27 %

10 %

24 %

21 % 20 %

36 %

64 %

33 %

-2 %

-10 %

0 %

10 %

20 %

30 %

40 %

50 %

60 %

70 %

Group Finland Sweden Norway Denmark East Central

EUR Comparable exchange rates Adjusted for inter-segment sales (in EUR)

Change in Q4 net sales YoY, %

Net sales grew in all segments in local currency

Capital turnover continued to develop positively, 120% at end of 2011

Capital turnover amounted to 120% (105%) at the end of December 2011

27

494

562 581 578

654

708 707

586565 552 544

515 524 508 509 496 508536

588 591

0 %

20 %

40 %

60 %

80 %

100 %

120 %

140 %

160 %

0

100

200

300

400

500

600

700

800

Q12007

Q2 Q3 Q4 Q12008

Q2 Q3 Q4 Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4

Invested capital Net sales/Invested capital, rolling 12 month

MEUR

Invested capital by quarter

Gross margin continued to improve in Q4/2011

Gross margin is impacted by price pressure and increased equipment transportation as well as use of external services and sold equipment

28

Gross margin by quarter

71 % 71 % 71 %

68 %

70 %

71 %

70 %

68 %

65 %

69 %

65 %

67 %

68 %

66 %

67 %67 %

68 %

69 %

66 %

68 %

62 %

63 %

64 %

65 %

66 %

67 %

68 %

69 %

70 %

71 %

72 %

Q1 Q2 Q3 Q4 FY

Gross margin 2008 Gross margin 2009 Gross margin 2010 Gross margin 2011

Number of employees increased due to acquisitions

At the end of December 2011, the Group’s workforce amounted to 3,184 (3,048) persons

29

603546

503

160

392

824

611 622

523

163

440

868

596630

486

186

439

825

0

100

200

300

400

500

600

700

800

900

1 000

Finland Sweden Norway Denmark Europe East Europe Central

Personnel 31/12/10 Personnel 30/09/11 Personnel 31/12/11

Number of employees by segment

We continue to develop our outlet network –406 outlets as of 31 December 2011

96

83

57

79

37 421

8 225

2 58

99

12

2

359

406

0

50

100

150

200

250

300

350

400

450

Q12008

Q2 Q3 Q4 Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4

Finland Sweden Norway Denmark Europe East Europe Central

30

Number of outlets per segment

Fixed cost level increased due to acquisitions

The fixed cost level increased year-on-year due to

• Acquisitions and outsourcing deals (more people and outlets)

• Higher market activity (more outsourced services and intensified sales activities)

• Cost for building common platform

31

Fixed costs by quarter

MEUR

35 30 33 33 33 33 3238 37 37 41 42

2322 19

23 22 23 22

24 27 2525 28

5752 52

57 56 56 54

62 63 6266

70

0

10

20

30

40

50

60

70

80

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4

Employee benefit expenses Other operating expenses

EBIT-margin January-December 2011: 11.4% (5.6%)

Q4 EBIT margin increased from previous year to 13.6%

32

EBIT margin by quarter

18.2 %19.6 %

18.4 %

-11.4 %

5.9 %

10.8 %9.0 %

-2.9 %-5.0 %

5.8 %

11.8 %

7.5 %

2.0 %

10.3 %

17.0 %

13.6 %

-15 %

-10 %

-5 %

0 %

5 %

10 %

15 %

20 %

25 %

Q12008

Q2 Q3 Q4 Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4

Q4 EBIT margin improved in all segments compared to previous year

EBIT in Finland was burdened by a write-down of scaffolding

equipments of EUR 1.4 million

33

7.5 % 8.1 %

18.5 %

0.3 %

-7.8 %

8.5 %

5.1 %

13.6 %14.6 %

22.2 %

10.7 %

5.4 %

14.2 %

10.8 %

-10 %

-5 %

0 %

5 %

10 %

15 %

20 %

25 %


Q4 2010 Q4 2011

EBIT-margin by segments

2.04.4

2.16.5 7.5

18.9

8.9

17.4

29.6

38.3

66.8

34.4

3.7 5.0 6.74.7 5.0 3.7 3.3 4.4 3.7

5.2 6.0

11.8

0

10

20

30

40

50

60

70

80

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4

Purchased equipment Sold equipment

34

Q4 2011 rental fleet investments was EUR 34.4 million

Purchased and sold equipment by quarter

MEUR

In October-December 2011, gross capex was EUR 45.9 (18.1) million of which EUR 34.4 (17.4) million in rental fleet. The value of sold rental equipment was EUR 11.8 (4.4) million

In January-December 2011, gross capex was EUR 242.2 (62.0) million of which EUR 169.2 (52.7) million in rental fleet. The value of sold rental equipment was EUR 26.7 (16.4) million

Due to acquisitions capital expenditure increased most in Norway and Sweden

62

1730

111 4 7

242

34

8195

9 12 14

0

50

100

150

200

250

300


1-12/2010 1-12/2011

35

Capital Expenditure by segments

MEUR

Working capital is at 4% of net sales

16 15 15 15 15 14 14 16 16 17 17 17

86 88 90 80 83 90 99 97 95109

124 120

-66 -68 -70 -67 -69-86 -86 -89 -82 -84

-107 -109

-10 %

-8 %

-6 %

-4 %

-2 %

0 %

2 %

4 %

6 %

8 %

10 %

-120

-80

-40

0

40

80

120

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4

Inventories Trade and other receivables

Trade payables and other liabilities Working capital/Net sales Rolling 12 month basis

36

Working capital by quarter

MEUR

In October-December 2011, credit losses and net change in the allowance for bad debt totalled EUR -1.3 (-0.3) million

In January-December 2011, credit losses and net change in the allowance for bad debt totalled EUR -4.0 (-3.3) million

-55

-30

25

67

1828 22 20

-4

13 1424

-11-20

-37

16

-80

-60

-40

-20

0

20

40

60

80

Q1 2008

Q2 Q3 Q4 Q1 2009

Q2 Q3 Q4 Q1 2010

Q2 Q3 Q4 Q1 2011

Q2 Q3 Q4


FY 2011 cash flow after investments -52 MEUR,due to increased fleet investments and acquisitions

37


MEUR

96 %

84 %

70 %

69 %

81 %

113 %106 % 108 %

99 %

86 %

74 %

68 %68 %71 %

64 %

56 %60 %

80 %

92 %

81 %

0 %

20 %

40 %

60 %

80 %

100 %

120 %

0

50

100

150

200

250

300

350

400

2004200520062007 Q1

2008

Q2 Q3 Q4 Q1

2009

Q2 Q3 Q4 Q1

2010

Q2 Q3 Q4 Q1

2011

Q2 Q3 Q4

Net debt Gearing (%)

Net debt decreased by 17 MEUR in Q4/2011; gearing was 81% at year-end

38

Net debt and gearing

MEUR

Equity ratio decreased to 40.7% (48.0%)

Net debt amounted to EUR 262.8 (176.6) million

Board proposes a dividend of EUR 0.28 (0.25) per share for the year 2011

Debt maturity extended

On 4 November 2011, Ramirent Plc's syndicated credit facility agreement totallingEUR 240 million was amended to mature fully in 2017

At end of Q4 2011, Ramirent had unused committed back-up facility of EUR 127.2 million

3939

150

240

0

50

100

150

200

250

300

350

400

450

2012 2013 2014 2015 2016 2017

Committed credit facilities

Repayment schedule of interest-bearing liabilities

MEUR

390 MEUR in committed credit facilities

262.8 MEUR in net debt

MORE INFORMATIONwww.ramirent.com

Magnus Rosén, CEO+358 20 750 [email protected]

Jonas Söderkvist, CFO+358 20 750 [email protected]

Franciska Janzon, IR+358 20 750 [email protected]

40

COMPANY OVERVIEW

41

Ramirent in brief

42

Leading equipment rental company in Northern, Central

and Eastern Europe with net sales of EUR 650 million

(2011)

406 rental customer centers located in 13 countries and

providing 200 000 rental items

Listed on NASDAQ OMX Helsinki since 1998

3 184 employees serving 100 000 customers

Founded in 1955 and headquartered in Finland

More than 50 years of experience as a supplier to the construction industry

43

Steel Nail shop Rakennusmiesfounded

The rental business is established

Acquired by Partekand renamed A-rakennusmies

First move outside Finland through JV in Moscow, Russia

The third county becomes Estonia with the expansion to Tallinn

MBO by key personnel and capital investors

Enter Latvia

Enter Lithuania

Listed on the Helsinki Stock Exchange

Enter Poland

Renamed Ramirent Plc

Greenfield entry to Hungary

Enter Ukraine

Greenfield entry to Czech Republic

Enter Slovakia

19831955 1988 1994 1995 1996 1997 1998 2000 2001 2002 2003 2004 2005 20082006

Acquires Bautas in Norway

Acquires Altima in Sweden

Mission

We simplify business by Delivering Dynamic

Rental Solutions™

Vision

To be the leading and most progressive equipment

rental solutions company in Europe, setting the

benchmark for industry performance and customer

service

44

Our strategic choices

44

Values

Open, Progressive, Engaged

Brand promise

Let’s solve it

One of the leading equipment rental companies both in Europe (#3) and globally (#12)

0 200 400 600 800 1000

Loxam

Cramo*

Ramirent

Algeco …

Speedy Hire

Sarens

Liebherr-…

Kiloutou

Mediaco …

HKL …

*Cramo + Theisen PFSource: IRN June 2011

45

Turnover 2010 (MEUR) Turnover 2010 (MEUR)

Largest rental companies in Europe Largest rental companies globally

0 500 1000 1500 2000

Ramirent

Cramo*

Nikken Corp

Nishio Rent All Co

Loxam

Hertz Equipment Rental

Coates Hire Ltd

Algeco Scotsman

RSC Equipment Rental

Ashtead Group

United Rentals

Aggreko

Nordic countries are our largest markets and construction is our largest customer sector

46

Finland24 %

Sweden

28 %Norway

22 %

Denmark

7 %

Europe

East 9 %

Europe

Central11 %

Sales per segment 1-12/2011

Construction

76%

Industry

14 %

Public sector

5 %

Households

5 %

Sales per customer sector 2010

Rental services• Planning, design• Ramirent know-how• Transportation/Installation• Maintenance/Inspections• Insurance

• Operators• Fuel / gas refilling• Facility management• Technical support• Site logistics coordinator• Paperwork

Rental Solution ConceptsRamirent offers a range of customer needs-driven & value-addingturnkey rental solution concepts, driving the problem-solvingapproach and the promise of Let’s solve it

Broadest range of equipment and Dynamic Rental SolutionsTM ….

Equipment rental• Lifts• Modules• Heavy Machinery• Light Machinery• Tower Cranes & Hoists

• Scaffolding• Power & Heating• SAFE

47

Ramirent

Loxam

Cramo

Algeco Scotsman

Speedy Hire

Liebherr-Mietpartner

GAM

Mediaco Lifting

Sarens

Kiloutou

HKL Baumschinen

Others

Strong long-term growth drivers

Long-term growing industry

European consolidation opportunities

48

Increasing rental penetration in most markets, still high potential compared to mature UK market

Fragmented European rental market of EUR 20bn with top 10 rental companies accounting for 19% of the market

CEE construction markets on a low level compared to Nordics and Western Europe

*St Petersburg + Moscow onlySource: ERA, Euroconstruct

Inhabitants (million)

Constructionoutput (BEUR)

Increasing rental penetration

High potential CEE construction markets

70

%

60

%

45

%

40

%

40

%

30

%

30

%

25

%

20

%

20

%

15

%

15

%

15

%

10

%

10

%

10

%

5 %

0 %10 %20 %30 %40 %50 %60 %70 %80 %90 %

100 %

Continued demand predicted, especially in non-residential and civil engineering sectors

49Source: Euroconstruct November 2011

-20

-15

-10

-5

0

5

10

15

20

25

2008 2009 2010 2011E 2012F 2013F 2014outlook

% c

han

ge in

re

al t

erm

s (v

olu

me

)

Finland

Residential construction Non-residential construction

Civil engineering Total construction output

-15

-10

-5

0

5

10

15

2008 2009 2010 2011E 2012F 2013F 2014outlook

% c

han

ge in

re

al t

erm

s (v

olu

me

)

Sweden



-30

-25

-20

-15

-10

-5

0

5

10

15

2008 2009 2010 2011E 2012F 2013F 2014outlook

% c

han

ge in

re

al t

erm

s (v

olu

me

)

Denmark



-15

-10

-5

0

5

10

15

20

2008 2009 2010 2011E 2012F 2013F 2014outlook

% c

han

ge in

re

al t

erm

s (v

olu

me

)

Norway



Finland Sweden

Denmark Norway

50

• ROI >18 % p.a. over a business cycle

• EPS growth > 15 % p.a. over a business cycle

• Gearing ≤ 120 % at end of each fiscal year

• Dividend pay-out > 40 % of earnings per share

Financial targets

51

0 %

5 %

10 %

15 %

20 %

25 %

30 %

35 %

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

EBIT margin ROI EBIT margin (average) ROI (average)

23%

18%

EBIT and ROI development

Long-term EBIT and ROI development

APPENDIX

52

CONSOLIDATED INCOME STATEMENT

(EUR 1,000) 10-12/11 10-12/10 1-12/11 1-12/10

Net sales 186 772 150 111 649 861 531 284

Other operating income 541 456 1 526 1 616

Materials and services -62 820 -51 045 -209 357 -177 118

Employee benefit expenses -41 844 -38 170 -156 101 -136 214

Depreciation and amortisation -29 494 -25 625 -107 659 -97 716

Other operating expenses -27 662 -24 478 -104 140 -92 122

EBIT 25 492 11 251 74 131 29 731

Financial income 2 430 3 814 11 405 13 780

Financial expenses -5 174 -6 306 -24 776 -22 658

EBT 22 749 8 760 60 760 20 853

Income taxes -5 691 -1 635 -16 030 -6 212

NET RESULT FOR THE PERIOD 17 058 7 125 44 730 14 640

Net result for the period attributable to:

Owners of the parent company 17 058 7 125 44 730 14 640

Non-controlling interest - - - -

TOTAL 17 058 7 125 44 730 14 640

Earnings per share (EPS), basic and diluted, EUR 0.16 0.07 0.41 0.13

53

BALANCE SHEET – ASSETS

(EUR 1,000) 31.12.2011 31.12.2010

NON-CURRENT ASSETS

Property, plant and equipment 487 310 427 248

Goodwill 124 452 93 211

Other intangible assets 35 719 10 348

Available-for-sale investments 1 368 422

Deferred tax assets 12 183 13 325

NON-CURRENT ASSETS, TOTAL 661 032 544 555

CURRENT ASSETS

Inventories 17 309 15 856

Trade and other receivables 120 000 96 616

Current tax assets 344 2 902

Cash and cash equivalents 2 431 1 352

CURRENT ASSETS, TOTAL 140 084 116 727

TOTAL ASSETS 801 117 661 282

54

(EUR 1,000) 31.12.2011 31.12.2010

EQUITY

Share capital 25 000 25 000

Revaluation fund -4 192 -2 472

Invested unrestricted equity fund 113 329 113 329

Retained earnings 191 862 181 783

PARENT COMPANY SHAREHOLDERS’ EQUITY 326 000 317 640

Non-controlling interests - -

EQUITY, TOTAL 326 000 317 640

NON-CURRENT LIABILITIES

Deferred tax liabilities 73 690 60 413

Pension obligations 7 226 6 866

Provisions 1 553 2 347

Interest-bearing liabilities 219 773 137 384

Other long-term liabilities 11 748 2 200

NON-CURRENT LIABILITIES, TOTAL 313 990 209 209

CURRENT LIABILITIES

Trade payables and other liabilities 109 020 89 480

Provisions 1 163 1 762

Current tax liabilities 5 496 2 658

Interest-bearing liabilities 45 448 40 533

CURRENT LIABILITIES, TOTAL 161 127 134 433

LIABILITIES, TOTAL 475 117 343 642

TOTAL EQUITY AND LIABILITIES 801 117 661 282

BALANCE SHEET – EQUITY AND LIABILITIES

55

KEY FIGURES

MEUR 10-12/11 10-12/10 Change 1-12/11 1-12/10 Change

Net sales 186.8 150.1 24.4% 649.9 531.3 22.3%

EBITDA 55.0 36.9 49.1% 181.8 127.4 42.6%

% of net sales 29.4% 24.6% 28.0% 24.0%

EBIT 25.5 11.3 126.6% 74.1 29.7 149.3%

% of net sales 13.6% 7.5% 11.4% 5.6%Earnings per share (EPS), (basic and diluted), EUR 0.16 0.07 140.3% 0.41 0.13 206.9%

Gross capital expenditure 45.9 18.1 153.6% 242.2 62.0 290.7%Gross capital expenditure,% of net sales 24.6% 12.1% 37.3% 11.7%

Cash flow after investments 15.9 24.2 -34.3% -52.0 48.0 N/AInvested capital at the end of period 591.2 495.6 19.3%Return on invested capital (ROI), % 1) 15.7% 8.6%

Return on equity (ROE), % 1) 13.9% 4.7%

Net debt 262.8 176.6 48.8%

Gearing, % 80.6% 55.6%

Equity ratio, % 40.7% 48.0%

Personnel at end of period 3 184 3 048 4.5%

56

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

CONDENSED CASH FLOW STATEMENT

MEUR 10-12/11 10-12/10 1-12/11 1-12/10 Change

Cash flow from operating activities 44.1 39.8 177.4 104.2 70.3%

Cash flow from investing activities -28.2 -15.6 -229.5 -56.2 -308.0%

Cash flow from financing activities

Borrowings / repayment of short-term debt -7.5 -4.2 30.6 0.6 N/A

Borrowings / repayment of long-term debt -9.1 -22.2 52.9 -29.8 277.7%

Purchase of treasury shares - -0.9 -3.4 -2.9 -14.9%

Dividends paid - - -27.0 -16.3 -65.6%

Cash flow from financing activities -16.6 -27.4 53.1 -48.5 209.6%

Net change in cash and cash equivalents -0.8 -3.1 1.1 -0.5 308.8%

Cash and cash equivalents at the beginning of the period 3.2 4.4 1.4 1.8 -24.9%Translation difference on cash and cash equivalents -0.1 0.1 - 0.1 -101.3%

Net change in cash and cash equivalents -0.7 -3.2 1.1 -0.5 308.8%Cash and cash equivalents at the end of the period 2.4 1.4 2.4 1.4 79.8%

57

SEGMENT INFORMATION

Net sales, MEUR 10-12/11 10-12/10 Change 1-12/11 1-12/10 Change

Finland, net sales (external) 42.1 34.8 21.0% 151.4 135.2 12.0%

-Inter-segment sales 0.4 0.5 -12.2% 3.3 1.8 86.9%

Sweden, net sales (external) 53.6 44.8 19.8% 182.0 144.5 25.9%

-Inter-segment sales 0.2 0.2 24.4% 0.6 0.7 -6.9%

Norway, net sales (external) 41.9 30.8 36.2% 144.3 113.7 26.9%

-Inter-segment sales 0.1 0.3 -70.1% 0.5 0.7 -23.4%

Denmark, net sales (external)

14.4 8.7 64.3% 43.5 32.9 32.1%


Europe East, net sales (external)

16.4 12.3 33.2% 55.8 39.5 41.3%


Europe Central, net sales (external)

18.4 18.7 -1.9% 72.8 65.4 11.3%

-Inter-segment sales 0.6 0.2 168.9% 1.0 1.2 -11.4%

Elimination of sales between segments

-1.6 -3.0 47.6% -6.3 -10.2 37.8%

Net sales, total 186.8 150.1 24.4% 649.9 531.3 22.3%

58

EBIT BY SEGMENT

EBIT (EUR million) 10-12/11 10-12/10 Change 1-12/11 1-12/10 Change

Finland 6.2 2.9 116.6% 22.8 13.7 66.3%

% of net sales 14.6% 8.1% 14.7% 10.0%

Sweden 11.9 8.3 43.9% 33.2 23.3 42.4%

% of net sales 22.2% 18.5% 18.2% 16.1%

Norway 4.5 0.1 N/A 11.2 2.3 378.8%

% of net sales 10.7% 0.3% 7.7% 2.0%

Denmark 0.8 -0.7 206.8% 0.1 -2.2 104.6%

% of net sales 5.4% -7.8% 0.2% -6.2%

Europe East 2.3 1.1 104.6% 5.9 -3.5 266.6%

% of net sales 14.2% 8.5% 10.5% -8.3%

Europe Central 2.0 1.0 111.5% 5.5 0.8 561.9%

% of net sales 10.8% 5.1% 7.4% 1.2%

Net items not allocated to operating segments

-2.3 -1.4 -68.2% -4.5 -4.7 4.1%

Group EBIT 25.5 11.3 126.6% 74.1 29.7 149.3%

% of net sales 13.6% 7.5% 11.4% 5.6%

59

LARGEST SHAREHOLDERS

Largets shareholderson 31 December 2011

Number of shares

% of share

capital

1 Nordstjernan AB 31 882 078 29.33

2 Oy Julius Tallberg Ab 11 962 229 11.01

3 Varma Mutual Pension Insurance Company 7 831 299 7.20

4 Ilmarinen Mutual Pension Insurance Company 5 413 396 4.98

5 Odin Funds 4 546 120 4.18

6 Tapiola Mutual Pension Insurance Company 2 407 668 2.22

7 Veritas Pension Insurance Company Ltd 1 102 687 1.01

8 Investment Fund Aktia Capital 1 094 002 1.01

9 Investment Fund Nordea Suomi 1 000 000 0.92

10 Föreningen Konstsamfundet rf 825 000 0.76

Ramirent’s treasury shares 680 192 0.63

Nominee registered shares 17 698 869 16.28

Other shareholders 22 253 788 20.47

Total number of shares 108 697 328 100.00

60

34.7 %

16.2 %40.2 %

8.8 %

Foreign owners

Nominee registered

Finnish companies and organisations

Finnish households

Market Cap EUR 594.1 million

Trading informationListing: NASDAX OMX HelsinkiDate of listing: April 30, 1998

Segment: Mid CapSector: Industrials

Trading code: RMR1V

Share price development

EUR

61

MEUR

50

100

150

200

250

300

0

20

40

60

80

100

120

140

160

180

Osakevaihdon arvo Ramirent Toimiala OMX Helsinki Share turnover Sector

12.42

14.90

17.39

19.87

9.94

7.45

4.97

2.48

22.36

Thank you!

ramirent q4 2011

Economy & Finance