rr results q4_2015_en_final

11 FEBRUARY 2016

MAGNUS ROSÉN, PRESIDENT AND CEO PIERRE BRORSSON, CFO

Strong fourth-quarter sales growth, margin remained under pressure

Financial statements bulletin 2015

• Group performance

• Segment review

• Market outlook

• Key figures

• Financial position

• Appendices

Agenda

2 11/2/2016 Financial Statements Bulletin 2015

3

• Net sales up by 6.1% or by 7.9% at comparable exchange rates

• Strong service sales and good demand in General Rental in most of Ramirent’s markets

• EBITA 16.8 (14.5) MEUR or 9.9% (9.0%) of net sales

• Ramirent increased capital expenditure to EUR 42.0 (19.0) million to capture growth opportunities in the markets

Fourth-quarter sales growth driven by strong service sales and good demand in General Rental

HIGHLIGHTS Q4 15

• Net sales up by 3.6% or by 6.0% at comparable exchange rates

• EBITA 66.8 (65.8) MEUR or 10.5% (10.7%) of net sales

• Return on equity (ROE) improved to 12.1% (9.4%)

• A higher relative share of sales of services in the business mix, price pressure in Finland and Norway, as well as internal reorganisations hampered profitability

HIGHLIGHTS 1-12 15

11/2/2016 Financial Statements Bulletin 2015

Sales growth returned in 2015

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

Q4 15 reported Q4 15 at comparableexchange rates

CHANGE IN NET SALES Q4 15 CHANGE IN NET SALES 1-12 15

• Fourth-quarter net sales increased by 6.1% or by 7.9% at comparable exchange rates compared to the previous year

• Fourth-quarter net sales amounted to 170.5 (160.7) MEUR

• Full-year net sales increased by 3.6% or by 6.0% at comparable exchange rates compared to the previous year

• Full-year net sales amounted to 635.6 (613.5) MEUR

4

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

1-12 15 reported 1-12 15 at comparableexchange rates


Financial target: GDP growth 2.3%

in Ramirent countries* + 2.0%

points

*Source: Average GDP estimates from Nordea, Handelsbanken, SEB & Euroconstruct (Weighted by size of the economy)

• Sales growth was driven by ongoing Total Solutions projects in the Nordic countries

• Ramirent’s investments into delivering Total Solutions showed results in several large orders received during 2015

• Strong sales of services throughout the year

• Building up the organisation increased fixed costs in 2015

5

• Sales growth was supported by favourable demand in most of Ramirent markets

• Fleet renewals in growing product groups supported fleet utilisation

• Optimisation of customer centre network continued

• Price pressure continued mainly in Finland and Norway

• Favourable demand in all Nordic countries except Norway mainly due to slowdown in the oil industry

• Public sector projects were the main growth driver; two new contracts with municipalities in Stockholm to provide living spaces for asylum seekers

• Launch of a new sub-brand, Ramirent Temporary Space, to strengthen position in the market

Summary of development by business area in 2015


Share of Group sales

65 % 31% 4%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

Q4 14 Q4 15

EBITA MARGIN Q4 15

Fourth-quarter reported EBITA margin improved to 9.9% (9.0%)

EBITA MARGIN 1-12 15

• Fourth-quarter EBITA margin improved to 9.9%1) (9.0%2)) of net sales

• Full-year EBITA margin was 10.5%1) (10.7%2)) of net sales

6

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

1-12 14 1-12 15

1) Non-recurring items included restructuring provisions of EUR 0.8 million booked in Sweden and Norway. Non-recurring items included also derecognition of a contingent consideration liability, EUR 0.8 million, that was recognised in other operating income. 2) Non-recurring items included EUR 3.7 million restructuring costs and asset write-downs booked in Q4 2014.


1) Non-recurring items included restructuring provisions of EUR 1.2 million booked in Sweden, Norway and Denmark. Non-recurring items included also two derecognitions of a contingent consideration liability, in total EUR 4.6 million, that was recognised in other operating income. 2) Non-recurring items included EUR 5.7 million restructuring costs and asset write-downs booked in 1-12/2014.

Return on equity improved

RETURN ON EQUITY %


Financial target: Return on equity of 12% per fiscal year

14.7%

9.4%

12.1%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4

375% 192% 68% 58% 74% 132% 111%

EARNINGS PER SHARE AND DIVIDEND PER SHARE

• The Board proposes to the AGM that a dividend of 0.40 (0.40) per share be paid for the financial year 2015

• The proposed dividend represents a payout ratio of 111% (132%) for 2015

• The Board decided not to utilise its authorisation to pay an additional dividend based on the financial statements 2014

0.04

0.13

0.41

0.59

0.50

0.30

0.36

0.15

0.25 0.28

0.34 0.37

0.40 0.401)

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

2009 2010 2011 2012 2013 2014 2015

EPS DPS

Payout ratio:

8

The Board proposes a dividend of 0.40 per share, representing a 111% payout ratio for 2015

1) Board's proposal


All of our long-term financial targets were met in 2015


*Sales growth at comparable exchange rates compared to target of above 4.3% (2.0%-points + 2.3% 2015 GDP growth in Ramirent countries). Ramirent’s reported 2015 sales growth was 3.6%.

10

Segment review


HIGHLIGHTS Q4 15

Finland Q4 15: Good growth and profitability despite a challenging market

NET SALES

KEY FIGURES PROFITABILITY

• Sales in General Rental and Solutions were driven by favourable demand especially among small and medium sized customers

• Demand continued to be strong in Southern Finland, while demand was slow in other parts of the country

• EBITA improvement was driven by sales growth and good control of fixed costs 0

10

20

30

40

50

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4

Finland 10–12/15 10–12/14 Change 1–12/15 1–12/14 Change

Net sales 43.1 38.7 11.4% 160.2 152.8 4.9%

EBITA 6.51) 3.6 81.4% 21.11) 20.82) 1.4%

% of net sales 15.0%1) 9.2% 13.2%1) 13.6%2)

Capex 11.3 4.4 156.4% 31.3 35.8 −12.5%

Capital employed 120.6 124.4 −3.1%

ROCE (%) 17.5% 15.6%

Personnel (FTE) 455 497 −8.5%

Customer centres 56 66 −15.2%

Net sales up by 11.4%

11

0%

5%

10%

15%

20%

25%

30%

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4

EBITA-margin (%) ROCE (%) R121) EBITA includes derecognition of a contingent consideration liability of EUR 0.8 million that was recognised in other operating income. 2) EBITA was negatively impacted by EUR 1.5 million of restructuring costs and asset write-downs booked in the fourth quarter of 2014.


HIGHLIGHTS Q4 15

Sweden Q4 15: Sales growth continued, profitability was still burdened by organisational development costs

NET SALES


• Sales growth was driven by ongoing Total Solutions projects and favourable demand in General Rental from the construction sector

• In Temporary Space, sales growth was supported by high demand from the public sector

• A higher share of service sales, re-organisation and costs building up the solutions organisation hampered the EBITA-margin

Net sales up by 16.2% or by 16.7%

at comparable exchange rates

0%

5%

10%

15%

20%

25%

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4

EBITA-margin (%) ROCE (%) R12

0

10

20

30

40

50

60

70

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4

12

Sweden 10–12/15 10–12/14 Change 1–12/15 1–12/14 Change

Net sales 63.9 55.0 16.2% 225.4 201.0 12.1%

EBITA 8.01) 9.5 −15.7% 33.02) 29.43) 12.3%

% of net sales 12.5%1) 17.3% 14.6%2) 14.6%3)

Capex 13.6 7.8 74.9% 47.3 67.3 −29.6%

Capital employed 199.0 155.0 28.4%

ROCE (%) 16.1% 16.9%

Personnel (FTE) 779 759 2.6%

Customer centres 78 77 1.3%

1) EBITA was negatively impacted by a restructuring provision of EUR 0.3 million booked in the fourth quarter of 2015. 2) EBITA was positively impacted by derecognition of a contingent consideration liability of EUR 3.8 million recognised in other operating income in Q2 2015. 3) EBITA was negatively impacted by EUR 0.7 million restructuring costs booked in the fourth quarter of 2014


HIGHLIGHTS Q4 15

Norway Q4 15: Restructuring of operations underway to restore profitability NET SALES


• Activity in the infrastructure sector increased slightly whereas residential and non-residential construction remained on a lower level compared to previous years This affected sales in General Rental as well as Solutions negatively

• Sales declined in Temporary Space due to low underlying demand especially in Western parts of Norway due to slowdown in the oil industry

• EBITA was burdened by lower sales, price pressure, higher material and services costs and restructuring of operations

0%

5%

10%

15%

20%

25%

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4


05

1015202530354045

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4

Net sales down by 13.8% or by 6.2% at

comparable exchange rates

13

Norway 10–12/15 10–12/14 Change 1–12/15 1–12/14 Change

Net sales 29.2 33.9 −13.8% 120.7 135.7 −11.1%

EBITA 0.21) 3.2 −92.9% 6.5 14.02) −53.3%

% of net sales 0.8%1) 9.4% 5.4% 10.3%2)

Capex 6.3 0.8 704.6% 19.1 14.2 34.4%


ROCE (%) 3.8% 9.2%



1) EBITA was negatively impacted by EUR 0.5 million restructuring costs booked in the fourth quarter of 2015 2) EBITA was negatively impacted by EUR 2.2 million restructuring costs booked in the second half of 2014 11/2/2016 Financial Statements Bulletin 2015

HIGHLIGHTS Q4 15

Denmark Q4 15: Sales and profit grew based on successful turnaround in operations and an improved underlying market

NET SALES


• In General Rental sales growth was positively impacted by good demand in the construction sector

• Good progress in Total Solutions projects had a positive impact on sales

• Profitability was supported by a lower fixed cost level due to cost savings implemented earlier in the year and reduction of two customer centres in the quarter

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4


0

2

4

6

8

10

12

14

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4

Net sales increased by

4.1%

14

Denmark 10–12/15 10–12/14 Change 1–12/15 1–12/14 Change

Net sales 11.1 10.6 4.1% 42.3 39.4 7.4%

EBITA 0.5 −0.9 n/a 0.31) −3.92) n/a

% of net sales 4.4% −8.9% 0.7%1) −10.0%2)

Capex 1.2 0.4 198.6% 4.7 3.6 28.6%


ROCE (%) −0.5% −14.9%

Personnel (FTE) 139 147 −5.3%


1) EBITA was negatively impacted by a EUR 0.5 million of restructuring provision booked in the third quarter of 2015 2) EBITA was negatively impacted by EUR 0.1 million of restructuring costs booked in the fourth quarter of 2014


HIGHLIGHTS Q4 15

Europe East Q4 15: Good profitability level maintained as a result of good cost control

NET SALES

KEY FIGURES PROFITABILITY (THE BALTICS)

• In Baltics, demand in General Rental remained on a fair level

• EBITA was supported by a favourable sales mix and good cost control but weakened due to higher price pressure and lower activity in Latvia

• Fortrent: Sales grew by 6.4% at comparable exchange rates. The result attributable to Ramirent was 0.2 MEUR positive.

0

2

4

6

8

10

12

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4

Net sales were down by 4.3%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4

Baltics EBITA-margin (%) ROCE (%) R12

15

Europe East 10–12/15 10–12/14 Change 1–12/15 1–12/14 Change

Net sales 8.8 9.2 −4.3% 34.1 33.9 0.6%

EBITA 2.1 2.1 −1.1% 7.2 6.7 8.8%

% of net sales 23.5% 22.7% 21.2% 19.6%

Capex 2.6 1.9 38.2% 19.0 10.6 79.6%


ROCE (%) 15.0% 11.3%


Customer centres 44 42 4.8%


HIGHLIGHTS Q4 15

Europe Central Q4 15: All markets improved both in terms of sales growth and improved profitability

NET SALES


• In Poland, projects in the power plant, wind power, logistics and infrastructure sectors supported the demand in General Rental and Solutions

• In the Czech Republic and Slovakia, sales grew due to favourable demand in both infrastructure and industrial construction as well as internal operational development

• EBITA improved as a result of sales growth and rental price increases, but was burdened by additional costs in one project in Solutions

Net sales up by 10.9% or by 11.4%

at comparable exchange rates

-25%-20%-15%-10%

-5%0%5%

10%15%20%

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4


16

Europe Central 10–12/15 10–12/14 Change 1–12/15 1–12/14 Change

Net sales 15.3 13.8 10.9% 55.4 53.2 4.2%

EBITA 0.8 0.5 53.0% 3.3 1.71) 91.2%

% of net sales 5.3% 3.9% 5.9% 3.2%1)

Capex 6.7 1.1 504.9% 16.2 7.8 107.5%


ROCE (%) 5.6% 2.6%



1) EBITA was negatively impacted by EUR 1.1 million of restructuring costs and asset write-downs booked in the fourth quarter of 2014

02468

1012141618

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4


17

Market outlook


18

GDP growth is expected to remain stable in overall in Ramirent's markets

RAMIRENT'S FULL-YEAR SALES GROWTH AND GDP GROWTH ESTIMATES (%)*

• After four years in recession, the Finnish economy is expected to grow slightly

• The Swedish economy is supported by strong private consumption and population growth

• In Denmark a broadly-based recovery is expected to continue in the economy

• In Norway the general economy is impacted by slowdown in the oil industry

• In the Baltics, there is a mixed picture with a good outlook for Lithuania and a weaker for Latvia.

• In Poland, economic growth is fuelled by strong private consumption and industrial production

3.6%

6.0%

2.3% 2.4%

0%

1%

2%

3%

4%

5%

6%

7%

2015A 2016E

Group full-year 2015 reported sales growth

Group full-year 2015 sales growth at comparable exchange rates

GDP growth in Ramirent countries 2015 and 2016E

*Source: Average GDP estimates from Nordea, Handelsbanken, SEB & Euroconstruct (Weighted by size of the economy)


Financial target: Annual net sales growth above GDP +2%-points

Fourth-quarter Nordic construction order books increased by 2.7% at comparable exchange rates

NORDIC CONSTRUCTION ORDER BOOKS (MEUR AND CHANGE AT COMPARABLE EXCHANGE RATES)

19

• Fourth-quarter Nordic construction order books including NCC, Skanska, Lemminkäinen and YIT increased by 2.7% at comparable exchange rates

• At comparable exchange rates, Ramirent's net sales were up by 7.9% for the fourth quarter and 6.0% for the full year 2015


-40%

-20%

0%

20%

40%

60%

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Q12007

Q3 Q12008

Q3 Q12009

Q3 Q12010

Q3 Q12011

Q3 Q12012

Q3 Q12013

Q3 Q12014

Q3 Q12015

Q3

NCC Skanska

YIT Lemminkäinen

Change in Net sales (y-o-y), R12 Ramirent Change in order backlog (y-o-y), Nordic construction

Ramirent expects to see stable and fair overall market conditions in 2016

EUROCONSTRUCT ESTIMATES ON GROWTH IN CONSTRUCTION VOLUMES 2016E

RAMIRENT'S EXPECTATIONS ON OVERALL DEMAND BY EQUIPMENT RENTAL MARKET

20

3.2% 2.8%

3.9%

2.3%

0%

1%

2%

3%

4%

5%

6%

Finland Sweden Norway Denmark

1.5%

5.8%

0%

1%

2%

3%

4%

5%

6%

7%

8%

The Baltics Europe Central countries

Source: Euroconstruct 12/2015

Favourable

Stable

Challenging


21

Construction in the Nordics estimated to grow by 3.1% in 2016

40

50

60

70

80

90

100

110

120

2011 2012 2013 2014 2015E 2016E

New residential construction New non-residential construction Renovation Infrastructure construction

FINLAND

40

60

80

100

120

140

160

2011 2012 2013 2014 2015E 2016E

SWEDEN

40

60

80

100

120

140

160

2011 2012 2013 2014 2015E 2016E

NORWAY

40

50

60

70

80

90

100

110

120

2011 2012 2013 2014 2015E 2016E

DENMARK

Source: Euroconstruct 12/2015 11/2/2016 Financial Statements Bulletin 2015

Ramirent outlook for 2016

In 2016, Ramirent’s net sales in local currencies and EBITA margin are expected to increase from the level in 2015.


23

Key figures


102.8 104.1

50.3 58.7

7.6

7.6

0

20

40

60

80

100

120

140

160

180

Q4 14 Q4 15

Rental income Ancillary income Income from sold equipment

+1.3%

+16.9%

-0.2%

160.7

-2.9 12.7

170.5

0

20

40

60

80

100

120

140

160

180

Q4 14reported

Exchangerates

Underlyingchange

Q4 15reported

Fourth-quarter net sales growth was driven by strong service sales

NET SALES (MEUR) Q4 15 BREAKDOWN OF NET SALES (MEUR) Q4 15

Ancillary income generated 34.5% (31.3%) of Group

net sales in the fourth quarter

Strong service sales the primary growth driver in

the quarter

Continued weakening of the Norwegian krona

impacted negatively on euro-

denominated sales


Improved results in Finland and Denmark supported fourth quarter EBITA

EBITA BRIDGE (MEUR) Q4 14 – Q4 15

14.5

2.9 −1.5

−3.0

1.4 0.0 0.3

2.1

16.8

5

7

9

11

13

15

17

19

EBITA Q42014

Finland Sweden Norway Denmark Europe East EuropeCentral

Items notallocated to

segments

EBITA Q42015

Sales growth, control of fixed costs and

positive impact of a non-recurring income

of MEUR 0.8

Lower sales, pricing pressure and restructuring

impacted on EBITA

Profitability supported by

increased fleet utilisation and a

lower level of fixed costs

15.0% 12.5% 0.8% 4.4% 23.5% 5.3%

9.2% 17.3% 9.4% −8.9% 22.7% 3.9%

EBITA margin Q4/2015

EBITA margin Q4/2014


Re-organisation and costs building up the

Solutions organisation hampered EBITA

13.6% 14.6%

10.3%

-10.0%

19.6%

3.2%

13.2% 14.6%

5.4%

0.7%

20.1%

5.9%

-10%

-5%

0%

5%

10%

15%

20%

25%

Finland Sweden Norway Denmark The Baltics Europe Central

Sales grew in all markets except in Norway

1-12 14 1-12 15

FULL-YEAR 2015 SALES GROWTH AND GDP GROWTH*

FULL-YEAR 2015 EBITA MARGIN (%)


4.9%

15.2%

-4.9%

7.4%

0.6%

4.1%

0.1%

3.5% 1.4% 1.3% 1.8%

3.6%

-12%

-8%

-4%

0%

4%

8%

12%

16%


At comparable fx. FY2015

GDP growth FY2015

*Source: Average GDP estimates from Nordea, Handelsbanken, SEB & Euroconstruct

GROSS MARGIN (%) Q4 15

63.5% 62.8% 60.9%

40%

45%

50%

55%

60%

65%

70%

75%

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4

404.4 397.1

0

100

200

300

400

500

1-12 14 1-12 15

GROSS PROFIT (MEUR) 1-12 15

• Fourth–quarter gross margin decreased to 60.9% (62.8%) due to higher share of service sales

• January–December gross profit decreased to 397.1 (404.4) MEUR or 62.5% (65.9%) of net sales

27

Full-year gross margin impacted by higher relative share of service sales


Finland 455 (497)

Sweden 779 (759)

Norway 401 (388)

Denmark 139 (147)

Europe East -Baltics

251 (240)

Europe Central 493 (477)

CUSTOMER CENTRES 31.12.2015 PERSONNEL 31.12.2014

• Outsourcing of non-core operations and contingency actions reduced personnel in Finland

Optimisation of the customer centre network continued in the Nordic countries

Group:

2,6541) (2,576)

1) Including personnel in Ramirent Shared Service AS

56 (66)

44 (42)

55 (58)

78 (77)

13 (16)

42 (43)

In 2015, Ramirent has merged or closed several customer centres outside of Southern Finland

New customer centres opened to meet the strong demand in Sweden

28

In total, Ramirent has 288 (302) customer centres in ten countries

Closures of unprofitable customer centres in 2015


FIXED COSTS (MEUR) AND % OF GROUP NET SALES

Fourth-quarter fixed costs impacted by restructuring of operations in Sweden and Norway

• Fourth-quarter fixed costs 62.0 (60.6) MEUR or 36.3% (37.7%) of net sales

• Employee benefit expenses 39.2 (38.0) MEUR

• Other operating expenses 22.7 (22.6) MEUR

• Fixed costs increased due to restructuring provision of 0.8 MEUR recognised in the fourth quarter

• January-December fixed costs 236.9 (238.3) MEUR or 37.3% (38.8%) of net sales

• January-December fixed costs excluding non-recurring items decreased to 235.7 (236.4) MEUR or 37.1% (38.5%) of net sales

61.4 60.6 62.0

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

10

20

30

40

50

60

70

80

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4


Group's reported full-year EBITA improved to 66.8 (65.8) MEUR

EBITA MARGIN

10.7% 10.5%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

1-12 14 1-12 15

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4

EBITA-margin (%) EBITA-margin (%) (R12)

• Reported fourth-quarter EBITA margin increased to 9.9% (9.0%) of net sales

• Full-year 2015 EBITA 66.8 (65.8) MEUR or 10.5% (10.7%) of net sales

EBITA MARGIN (QUARTERLY AND ROLLING 12 MONTHS)


EARNINGS PER SHARE

Fourth-quarter and full-year EPS improved compared to the previous year

• Fourth-quarter EPS increased by 155.3% to 0.11 (0.04)

• Net financial items decreased to -1.9 (-6.1) MEUR in the fourth quarter

• Full-year EPS improved by 19.4% to 0.36 (0.30)

• Full-year net financial items decreased to -11.1 (-15.7) MEUR

• Full-year tax rate for the Group decreased to 17.2% (24.4%)

31

0.13

0.04

0.11

0.00

0.02

0.04

0.06

0.08

0.10

0.12

0.14

0.16

0.18

0.20

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4


(-0.00)

CAPITAL EXPENDITURE EXCL.. ACQUISITIONS (MEUR) AND % OF NET SALES

Capex was accelerated in the fourth quarter to capture growth opportunities

• Fourth-quarter capital expenditure excl. acquisitions increased to 31.9 (14.4) MEUR

• Accelerated capex as a result of fleet renewals and strategic investments to capture growth opportunities in our business areas

• Full-year 2015 capital expenditure excl. acquisitions increased to 123.0 (86.8) MEUR


28.5

14.4

31.9

0%

5%

10%

15%

20%

25%

30%

35%

40%

0

10

20

30

40

50

60

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4

Capex excl. acquisitions Share of net sales-%

CAPITAL EXPENDITURE EXCL.. ACQUISITIONS BY SEGMENT (MEUR)

Investments in the rental fleet increased in all segments

• Committed investments on rental machinery amounted to 26.3 (7.4) MEUR at the end of the fourth quarter

• In January–December sales value of sold rental machinery and equipment was 23.5 (24.7) MEUR


16.8

39.2

13.0

2.5

8.8 6.6

24.4

45.7

17.9

3.7

16.9 14.4

0

10

20

30

40

50

60

70

Finland Sweden Norway Denmark Baltics EuropeCentral

1-12 14 1-12 15

CASH FLOW AFTER INVESTMENTS (MEUR)

Cash flow impacted by increased capital expenditure in the fourth-quarter

• Fourth–quarter cash flow from operations decreased to 45.0 (53.7) MEUR

• Fourth–quarter cash flow from investing activities increased to -39.7(-21.1) MEUR mainly due to increased investments in machinery and equipment

• The Group’s cash flow after investments 5.3 (32.6) MEUR in the fourth quarter and -6.3 (21.8) MEUR for January–December

25.2

32.6

5.3

-30

-20

-10

0

10

20

30

40

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4


Return on investment improved slightly

RETURN ON INVESTMENT %

12.2% 12.3%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

1-12 14 1-12 15

• The Group's invested capital increased by 8.2% to 600.5 (555.2) MEUR

RETURN ON INVESTMENT % AND INVESTED CAPITAL (MEUR)

16.5%

12.2% 12.3%

0%

5%

10%

15%

20%

25%

0

100

200

300

400

500

600

700

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4


17.5% 16.1%

3.8%

-0.5%

15.6%

5.6%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

Finland Sweden Norway Denmark The Baltics Central

Q1 15 Q2 15 Q3 15 Q4 15

RETURN ON CAPITAL EMPLOYED % (ROLLING 12 MONTHS)

ROCE improved in Finland, Denmark and Europe Central

ROCE driven by strong service sales and

improved margins especially in the

second half of 2015

ROCE was driven by higher share of service sales, price increases as well as good cost

control in the operations

ROCE improved from the prior year driven

by margin improvement and

successful operational efficiency actions


Return on equity improved to 12.1% (9.4%)

RETURN ON EQUITY %

9.4%

12.1%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

1-12 14 1-12 15

• The Group's total equity amounted to MEUR 319.1 (325.0) at the end of 2015

• Equity per share was 2.96 (3.01) at the of end of the fourth quarter

• In 2015, Return on equity was 12.1% (9.4%) which was slightly above long-term financial target of 12% per fiscal year

ROE % AND TOTAL EQUITY (MEUR)

14.7%

9.4%

12.1%

0%

5%

10%

15%

20%

25%

0

50

100

150

200

250

300

350

400

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4

37

Financial target: Return on Equity of 12% per fiscal

year


38

Financial position


Net debt to EBITDA ratio clearly below financial target

NET DEBT (MEUR)

• Net debt to EBITDA ratio was 1.7x (1.4x) at the end of the fourth quarter, which was below Ramirent’s long-term financial target of maximum 2.5x at the end of each fiscal year

• Net debt increased compared to the previous year amounting to 280.9 (227.1) MEUR

• Net debt increased mainly due to higher capital expenditure and increased dividend

NET DEBT TO EBITDA RATIO

1.1x 1.1x

1.4x

1.7x

0.0

0.5

1.0

1.5

2.0

2.5

3.0

Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4

206.9

227.1

280.9

0

50

100

150

200

250

300

350

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4

39

Financial target: Net debt to EBITDA

below 2.5x at the end of each fiscal

year


Fixed 58%

Floating 42%

LOAN PORTFOLIO

• Total loan portfolio (interest-bearing liabilities) 281.4 (230.2) MEUR at the end of 2015

• Non-current interest-bearing liabilities 183.2 (206.7) MEUR at the end of 2015

• Current interest-bearing liabilities 98.2 (23.5) MEUR at the end of 2015

• At the end of 2015, share of floating interest rates was 42% and share of fixed interest rates was 58% of the total loan portfolio

A well-balanced debt structure supports Ramirent’s profitable growth strategy

Loans from

financial institu-

tions 34%

Bond 36%

Com-mercial papers

30%

INTEREST-BEARING LIABILITIES Q4 15 INTEREST RATES TYPE Q4 15


REPAYMENT SCHEDULE OF INTEREST-BEARING LIABILITES (MEUR)

At the end of 2015, Ramirent had unused committed back–up loan facilities of EUR 134.4 million

• Ramirent had unused committed back-up loan facilities of 134.4 (188.7) MEUR available at the end of the fourth quarter

• The average interest rate of the loan portfolio including interest rate hedges was 2.6% (3.1%) at the end of 2015

• In addition to bank facilities, Ramirent is utilising a domestic commercial paper programme of up to 150 MEUR

75

95

100

145

2015 2016 2017 2018 2019 2020

Net debt EUR 280.9 million

EUR 415.0 million in committed credit facilities


For further information

11/2/2016 Financial Statements Bulletin 2015 42

11/2/2016 Financial Statements Bulletin 2015 43

Appendix

• Ramirent is a leading equipment rental solutions group operating in 10 countries with 2015 net sales of EUR 636 million

• Ramirent’s mission is to combine the best equipment, services and know-how into rental solutions that simplify customer’s business

• Ramirent serves a broad range of customer sectors including construction, industry, services, the public sector and households

• Ramirent has 2,654 employees operating from 288 customer centres

• Ramirent was founded in 1955 and is listed on the NASDAQ Helsinki (RMR1V)

Ramirent is a leading equipment rental solutions group serving a large customer base

Russia and Ukraine presence through JV Fortrent

JV Fehmarnbelt Solutions Services A/S, with Zeppelin Rental

NET SALES PER SEGMENT 1-12 15

NET SALES BY CUSTOMER SECTOR 1-12 15

NET SALES BY BUSINESS AREA 1-12 15

Finland 25%

Sweden 35%

Norway 19%

Denmark 7%

Europe East –Baltics 5%

Europe Central 9%

Construction 51%

Industrial 18%

Services & Retail 20%

Public 3%

Other 5%

Private 3%

General Rental 65%

Solutions 31%

Temporary Space 4%


13.6% 14.6%

10.3%

-10.0%

19.6%

3.2%

13.2% 14.6%

5.4%

0.7%

20.1%

5.9%

-10%

-5%

0%

5%

10%

15%

20%

25%


152.8

201.0

135.7

39.4 33.9 53.2

160.2

225.4

120.7

42.3 34.1 55.4

0

50

100

150

200

250


Sales grew in all markets except in Norway

1-12 14 1-12 15

FULL-YEAR 2015 NET SALES (MEUR)

FULL-YEAR 2015 EBITA MARGIN (%)


Access Equipment

Ramirent offers more than machinesRamirent combines the best equipment, services and know-how into rental solutions that simplify customer’s business.

Modules and site Equipment

Heavy Machinery

Planning

Light Equipment

Logistics

On-site Services

Rental Insurance

Training Accessories

Ramirent SpaceSolveTM

Ramirent SafeSolveTM

Ramirent EcoSolveTM

Ramirent PowerSolveTM

Ramirent ClimateSolveTM

Ramirent AccessSolveTM

Ramirent TotalSolveTM


CHARACTERISTICS

• Local business, where Ramirent provides equipment and services

• Higher gross margin, but must carry fixed costs of the customer centre network

• Higher share of equipment rental

• Focus on service level and efficiency

Financial Statements Bulletin 2015

CHARACTERISTICS

• Larger projects, where Ramirent is involved early in the process

• Lower gross margin, with more subcontracted services

• More service intense and less employed capital

• Focus on turn-key solutions and know-how

CHARACTERISTICS

• Long rental contracts

• Ramirent provides modules for accommodation, offices, schools & health care

• High margins but capital intense

• Stable cash flow profile

Ramirent targets sustainable profitable growth by developing the business mix

47 11/2/2016

Business areas with different characteristics and risk profiles

Share of Group sales

Temporary Space

4%

General Rental 65%

Solutions 31%

Ramirent targets a business mix that balances growth opportunities, profitability and risk

GROUP NET SALES SPLIT BY BUSINESS AREA 1-12 2015

48 Financial Statements Bulletin 2015 11/2/2016

Ramirent can generate growth in multiple ways

Ramirent seeks growth from five different sources

New customer segments

New geographies

Bolt-on acquisitions

Capturing outsourcing opportunities in construction sector

Increasing services, customer project coordination and solutions

Grow with new customers

Increased share-of-wallet with current customers

Strategic transactions

49

Capturing outsourcing opportunities in other sectors


Strategy summary

The leading and most progressive equipment rental solutions company

• Annual net sales growth > GDP+2 %-points • Return on Equity (ROE) 12% per fiscal year • Net debt/EBITDA < 2.5x at the end of each fiscal year • Dividend pay-out ratio at least 40% of net profit

More than machines

Open, engaged, and progressive

Sustainable profitable growth


Ramirent‘s largest shareholders at the end of 2015

TRADING INFORMATION Listing: NASDAQ HELSINKI Segment: Mid Cap Sector: Industrials Trading code: RMR1V SHARE INFORMATION 1-12 15 Closing price 6.45 (6.45) Highest 8.29 (10.25) Lowest 6.03 (5.61) VWAP* 6.90 (7.71)

At the end of December 2015 a total of 54.7% (50.1%) of the company’s shares were owned by nominee-registered and non-Finnish investors

51

LARGEST SHAREHOLDERS AT THE END OF DECEMBER 2015

Largest shareholders December 31, 2015

Number of shares

% of share capital

1. Nordstjernan AB 30,393,716 27.96%

2. Oy Julius Tallberg Ab 12,207,229 11.23%

3. Nordea funds 5,496,369 5.06%

4. Varma Mutual Pension Insurance Company 3,640,865 3.35%

5. Ilmarinen Mutual Pension Insurance Company 3,445,154 3.17%

6. Aktia funds 2,168,835 2.00%

7. Ramirent Plc 960,649 0.88%

8. Pensionsförsäkringsaktiebolaget Veritas 721,180 0.66%

9. Föreningen Konstsamfundet R.f 593,500 0.55%

10. The State Pension Fund 532,000 0.49%

Subtotal 10 largest shareholders 60,159,497 55.35%

Other shareholders 48,537,831 44.65%

Total number of shares 108,697,328 100.00%

*VWAP = Volume weighted average trading price


rr results q4_2015_en_final

Investor Relations