Ramirent Q1 2012

Interim report January–March 2012 10 May 2012

President and CEO Magnus Rosén

CFO Jonas Söderkvist

Ramirent Plc I 10 May 2012 I Interim Report January-March 2012

Q1/2012: Good start of the year, but low visibility

Net sales up 22.3% MEUR 164.3 (134.4) or 21.8% at comparable exchange rates. Like-for-like* growth 12.4%

EBITDA MEUR 41.9 (27.6)

EBITDA-margin 25.5% (20.6%)

EBIT MEUR 12.3 (2.7)

EBIT-margin 7.5% (2.0%)

Gross capex MEUR 35.7 (31.9)

Cash flow after investments MEUR 6.4 (-10.7)

Net debt MEUR 257.7 (190.6)

Gearing 83.8% (60.2%)

Number of outlets 394 (382)

2

* Excluding acquisitions in Sweden and Norway

All financial targets fulfilled in Q1

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

3

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

Gearing ≤ 120 % at end of each fiscal year

19 %

0 %

5 %

10 %

15 %

20 %

25 %

30 %

35 %

2005 2006 2007 2008 2009 2010 2011 Q1

2012ROI Target

84 %

0 %

20 %

40 %

60 %

80 %

100 %

120 %

140 %

2005 2006 2007 2008 2009 2010 2011 Q1

2012Gearing Target

*167%

-200 %

-100 %

0 %

100 %

200 %

300 %

2005 2006 2007 2008 2009 2010 2011 Q1

2012EPS Target

*R12 Q1 2012 vs. Q1 2011

Good sales growth based on strengthened market positions and rental rates

Growth was fuelled also by acquisitions and outsourcing deals

Dividend payout ratio for fiscal year 2011 was 68% (payout ratio target 40%)



Capital turnover continued to develop positively and was 126% for the last 12 mths

Capital turnover amounted to 126% (100%) for the last 12 months at the end of March 2012

4

494

562 581 578

654

708 707

586 565 552 544

515 524 508 509 496 508 536

588 591 568

0 %

20 %

40 %

60 %

80 %

100 %

120 %

140 %

160 %

0

100

200

300

400

500

600

700

800

Q1

2007

Q2 Q3 Q4 Q1

2008

Q2 Q3 Q4 Q1

2009

Q2 Q3 Q4 Q1

2010

Q2 Q3 Q4 Q1

2011

Q2 Q3 Q4Q1

2012

Invested capital Net sales/Invested capital, rolling 12 month

MEUR

Invested capital by quarter

Integration of year end 2011 acquisitions progressed well

Organic growth based on strengthened market positions

Strengthening solutions offering to support growth

focused on Safety, Eco, Power and Climate control

Streamlining shared processes for Ramirent platform

Advancing the group wide IT infrastructure

Developing supplier relations and reducing the number of

suppliers to realise further economies of size

Strengthening offering portfolio to cater for industrial

customers, including wind power and oil and gas

Disciplined CapEx spending

Adjusting operations in Europe Central countries, where

market is weakening

Development programs, with which we improve our competitiveness, progressed

5

Sustainable profitable growth

Operational excellence

Balanced risk level

Key objective Progress in Q1



Events after the reporting period

Forklifts were added to the product portfolio in Finland

Cooperation agreement

signed with Toyota Material

Handling Finland Oy on the

short-term rental of forklifts

to Ramirent's customers in

Finland

Cooperation to be expanded

to all Nordic countries in

autumn of 2012 and to other

Ramirent countries in 2013

Forklifts belong to the Heavy Machinery Product Group


Ramirent and market outlook as of 10 May 2012

7

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 2012 unchanged

Country 2012 Source

Finland -2% Finnish Construction Industries, RT *

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

Source: Euroconstruct Nov 2011, *April 2012, **February 2012

Ramirent Plc I 10 May 2012 I Interim Report January-March 2012 8

Maintain preparedness for tackling

different market scenarios

Caution in capex spending

Keep strong cost control

Maintain a strong balance sheet

Continue to develop the product

portfolio to provide integrated

solutions and cater to customers’

needs in the areas of eco-efficiency

and safety

Priorities for 2012 due to low visibility and uncertainties in the general economy

SEGMENT REVIEW

9 Ramirent Plc I 10 May 2012 I Interim Report January-March 2012


29

34

41

31 28

36 38 35

30

37

45 42

38

-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 Q12012

Net sales EBIT-%

Q1 2012 Finland

Growth was driven by continued high construction and industrial activity

Demand increased in all product groups

EBIT recovered to satisfactory level due to high utilisation rates and improved price levels in many product groups

Anna Hyvönen was appointed new SVP, Finland effective 2 June 2012

10

MEUR

Highlights Sales and EBIT by quarter

Finland Q1 2012 Q1 2011 Change (EUR)

Change (Local)

2011

Net sales, MEUR 38.4 30.2 27% 27% 154.7

EBIT, MEUR 5.0 1.3 267% 22.8

EBIT-margin 12.9% 4.4% 14.7%

Employees 579 566 2% 596

Outlets 84 84 N/A 83


Q1 2012 Sweden

11

Organic growth 3.3%

Demand was still strong in the capital city area and in western Sweden, while activity in southern Sweden is slowing down

EBIT remained on the same level compared to previous year, due to higher amortisation of intangible assets arising from acquisitions

32 33 31 32 29

35 36

45 41 42

45

54 48

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 Q12012

Net sales EBIT-%

MEUR

Highlights

Sweden Q1 2012 Q1 2011 Change (EUR)

Change (Local)

2011

Net sales, MEUR 48.1 41.3 17% 17% 182.7

EBIT, MEUR 6.5 6.1 6% 33.2

EBIT-margin 13.5% 14.9% 18.2%

Employees 675 552 22% 630

Outlets 84 74 14% 79

Sales and EBIT by quarter


Q1 2012 Norway

12

Organic growth 11.7%

Demand was driven by residential construction and industrial activity that showed continued strong development

EBIT improved on the back of high utilisation rates and increased margins in most product groups

29 25 27

29 28 27 28 31 33

30

40 42 44

-4 %

-2 %

0 %

2 %

4 %

6 %

8 %

10 %

12 %

14 %

16 %

0

10

20

30

40

50

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Net sales EBIT-%

MEUR

Highlights

Norway Q1 2012 Q1 2011 Change (EUR)

Change (Local)

2011

Net sales, MEUR 43.7 32.6 34% 30% 144.8

EBIT, MEUR 3.9 0.4 N/A 11.2

EBIT-margin 8.9% 1.2% 7.7%

Employees 477 514 -7% 486

Outlets 43 41 5% 42



Q1 2012 Denmark

13

Growth was driven by good construction activity, including infrastructure projects that continued on a relatively good level

EBIT improved on the back of good fleet utilisation and stable price levels due to a slightly improved competitive situation

11 12

11 10

8 9 9 10

8 10

11

15

10

-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 Q12012

Net sales EBIT-%

MEUR

Highlights

Denmark Q1 2012 Q1 2011 Change (EUR)

Change (Local)

2011

Net sales, MEUR 9.8 8.4 17% 17% 44.1

EBIT, MEUR -0.2 -1.3 84% 0.1

EBIT-margin -2.1% -15.0% 0.2%

Employees 178 150 19% 186

Outlets 22 21 5% 22



Q1 2012 Europe East

14

Net sales increased in all the segment’s countries

Growth drivers were energy, renovation as well as infrastructure projects in the Baltic countries. Infrastructure construction continued to develop positively also in Russia and Ukraine

EBIT improved due to good fleet utilisation and warm winter weather

9

12

19

11

8

10

12 13

9

13

17 16

12

-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 Q12012

Net sales EBIT-%

MEUR

Highlights

Europe East Q1 2012 Q1 2011 Change (EUR)

Change (Local)

2011

Net sales, MEUR 12.2 9.4 30% 29% 56.1

EBIT, MEUR -0.1 -1.7 96% 5.9

EBIT-margin -0.6% -17.7% 10.5%

Employees 428 407 5% 439

Outlets 58 48 21% 58



Q1 2012 Europe Central

15

In Poland construction and industrial activity started to weaken. Market conditions remained difficult in the other countries, especially in Hungary

Operations of Slovakia, Czech Republic and Hungary are being restructured in order to drive higher synergies and cost efficiencies

EBIT burdened by lower price levels and utilisations rates

14 16

18 16

12

16

20 19

14

19

22

19

13

-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 Q12012

Net sales EBIT-%

MEUR

Highlights

Europe Central Q1 2012 Q1 2011 Change (EUR)

Change (Local)

2011

Net sales, MEUR 13.3 14.4 -8% -2% 73.9

EBIT, MEUR -2.2 -1.2 -89% 5.5

EBIT-margin -16.8% -8.2% 7.4%

Employees 726 835 -13% 825

Outlets 103 114 -10% 122


FINANCIAL REVIEW

16 Ramirent Plc I 10 May 2012 I Interim Report January-March 2012


Positive development in financial performance continued in Q1

17

Net Sales (MEUR) EBITDA (MEUR)

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

EBIT (MEUR)

3 5 3 8 13 22

10 18

32 45

120

46 36

0 %

10 %

20 %

30 %

40 %

50 %

60 %

70 %

80 %

0

20

40

60

80

100

120

140

Q12009

Q2 Q3Q4 Q12010

Q2Q3Q4 Q12011

Q2Q3Q4 Q12012

Gross Capex Share of net sales-%

281 255

230 207 212 209

197 177

191

238

280 263

258

0 %

20 %

40 %

60 %

80 %

100 %

120 %

0

50

100

150

200

250

300

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Net debt Gearing-%

7

14 12

-4 -6

7

17

11

3

15

31

25

12

-10 %

-5 %

0 %

5 %

10 %

15 %

20 %

-10

-5

0

5

10

15

20

25

30

35

Q12009

Q2 Q3Q4Q12010

Q2Q3Q4Q12011

Q2Q3Q4Q12012

EBIT EBIT-%

30 36 37

26

18

31

42 37

28

41

59 55

42

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 Q12012

EBITDA EBITDA-%

122 125 130 126 112

129 141

150 134

150

179 187

164

-40 %

-30 %

-20 %

-10 %

0 %

10 %

20 %

30 %

40 %

0

20

40

60

80

100

120

140

160

180

200

Q12009

Q2 Q3Q4Q12010

Q2Q3Q4Q12011

Q2Q3Q4Q12012

Net sales Y-o-y change-%

18

28 22 20

-4

13 14

24

-11

-20

-37

16

6

-50

-40

-30

-20

-10

0

10

20

30

40

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Cash flow after investments


Net sales grew 22.3% in Q1/2012, like-for-like growth was 12.4%

18

Change in net sales YoY, %

19 % 19 %

13 %

-4 %

-25 %

-31 % -31 % -27 %

-9 %

3 %

9 %

19 % 20 %

16 %

27 % 24 %

22 %

-40 %

-30 %

-20 %

-10 %

0 %

10 %

20 %

30 %

40 %

Q12008

Q2 Q3 Q4 Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012


19

22 %

27 %

17 %

34 %

17 %

30 %

-8 %

22 %

27 %

17 %

30 %

17 %

29 %

-2 %

22 %

30 %

18 %

35 %

20 %

29 %

-11 % -15 %

-10 %

-5 %

0 %

5 %

10 %

15 %

20 %

25 %

30 %

35 %

40 %

Group Finland Sweden Norway Denmark East Central

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

Change in Q1 net sales YoY, %

Net sales grew in all segments except Europe Central


Higher share of ancillary income and income from sold equipment

Share of ancillary income has increased from last year due to higher degree of work and service in our solutions offering

Sales of equipment increased due to sold modules in Norway

20

65 % 63 %

32 % 33 %

3 % 5 %

0%

20%

40%

60%

80%

100%

Q1/2011 Q1/2012

Income from sold equipment

Ancillary income

Rental income

Breakdown of net sales

87.0 103.1

43.6

53.7 3.7

7.5

0

50

100

150

200

Q1/2011 Q1/2012

Income from sold equipment

Ancillary income

Rental income

MEUR

+101%

+23%

+18%


Gross margin decreased in Q1/2012 compared to previous year

Gross margin was impacted by an increase in sold equipment and use of external services

21

Gross margin by quarter

71 %

70 %

68 %

65 %

69 %

65 %

67 %

68 %

66 %

67 % 67 %

68 %

69 %

66 %

68 %

66 %

62 %

63 %

64 %

65 %

66 %

67 %

68 %

69 %

70 %

71 %

72 %

Q1 Q2 Q3 Q4 FY

Gross margin 2009 Gross margin 2010 Gross margin 2011 Gross margin 2012


Number of employees increased due to acquisitions, especially in Sweden

At the end of March 2012, the Group’s number of employees

amounted to 3,086 (3,045) persons

22

Number of employees by segment

566 552 514

150

407

835

596 630

486

186

439

825

579

675

477

178

428

726

0

100

200

300

400

500

600

700

800

900

Finland Sweden Norway Denmark Europe East Europe

CentralPersonnel 31/3/11 Personnel 31/12/11 Personnel 31/3/12

We continue to develop our outlet network – 394 outlets at the end of March 2012

96

84

57

84

37

43

18

22

52

58

99

10

3 359

394

0

50

100

150

200

250

300

350

400

450

Q1

2008

Q2 Q3 Q4 Q1

2009

Q2 Q3 Q4 Q1

2010

Q2 Q3 Q4 Q1

2011

Q2 Q3 Q4 Q1

2012

Finland Sweden Norway Denmark Europe East Europe Central

23

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 employees and outlets)

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

• Cost for building common platform

24

Fixed costs by quarter

MEUR

35 30 33 33 33 33 32 38 37 37 41 42 42

23 22 19

23 22 23 22

24 27 25 25 28 25

57 52 52

57 56 56 54

62 63 62 66

70 68

0

10

20

30

40

50

60

70

80

Q1

2009

Q2 Q3 Q4 Q1

2010

Q2 Q3 Q4 Q1

2011

Q2 Q3 Q4 Q1

2012

Employee benefit expenses Other operating expenses


EBIT-margin January-March 2012: 7.5% (2.0%)

Q1 EBIT margin increased to 7.5%

25

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 %

7.5 %

-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 Q12012


Q1 EBIT margin improved in Finland, Norway, Denmark and Europe East year-on-year

26

2.0 %

4.4 %

14.9 %

1.2 %

-15.0 %

-17.7 %

-8.2 %

7.5 %

12.9 % 13.5 %

8.9 %

-2.1 % -0.6 %

-16.8 % -20 %

-15 %

-10 %

-5 %

0 %

5 %

10 %

15 %

20 %


Q1 2011 Q1 2012

EBIT-margin by segments

2.0 4.4

2.1 6.5 7.5

18.9

8.9

17.4

29.6

38.3

66.8

34.4

20.3

3.7 5.0 6.7 4.7 5.0 3.7 3.3 4.4 3.7

5.2 6.0

11.8

7.5

0

10

20

30

40

50

60

70

80

Q1

2009

Q2 Q3 Q4 Q1

2010

Q2 Q3 Q4 Q1

2011

Q2 Q3 Q4 Q1

2012

Purchased equipment Sold equipment

27

Q1/2012 rental fleet investments were EUR 20.3 million

Purchased and sold equipment by quarter

MEUR

In January-March 2012, gross CapEx was EUR 35.7 (31.9) million of which EUR 20.3 (29.6) million in rental fleet

The value of sold rental equipment was EUR 7.5 (3.7) million

Committed investments at the end of quarter were EUR 3.4 (18.0) million.


Capital expenditure increased due to acquisitions, in particular in Sweden

32

4

13

5 4 3 4

36

4

25

2 0

2 2

0

5

10

15

20

25

30

35

40


1-3/2011 1-3/2012

28

Capital Expenditure by segments

MEUR


Working capital at -1% of net sales

16 15 15 15 15 14 14 16 16 17 17 17 18

86 88 90 80 83 90 99 97 95 109

124 120 114

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

-107 -109 -139

-10 %

-8 %

-6 %

-4 %

-2 %

0 %

2 %

4 %

6 %

8 %

10 %

-120

-80

-40

0

40

80

120

Q1

2009

Q2 Q3 Q4 Q1

2010

Q2 Q3 Q4 Q1

2011

Q2 Q3 Q4 Q1

2012

Trade payables and other liabilities Trade and other receivables

Inventories Working capital/Net sales Rolling 12 month basis

29

Working capital by quarter

MEUR



Q1/2012 cash flow after investments 6.4 MEUR

30


MEUR

-55

-30

25

67

18 28 22 20

-4

13 14 24

-11 -20

-37

16 6

-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 Q1

2012


96 %

84 %

70 %

69 %

81 %

113 % 106 % 108 %

99 %

86 %

74 %

68 % 68 % 71 %

64 %

56 % 60 %

80 %

92 % 81 % 84 %

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 Q1

2012

Net debt Gearing (%)

Net debt decreased by 5 MEUR in Q1 2012; gearing was 83.8% at end of the period

31

Net debt and gearing

MEUR

Equity ratio was 38.0% (47.5%)

Net debt amounted to EUR 257.7 (190.6) million



At end of Q1 2012, Ramirent had unused committed back-up facility of EUR 132.1 million

32 32

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

257.7 MEUR in net debt

Ramirent is in good shape to manage possible changes in market conditions

33

3,100 dedicated problem solvers

Broadest range of equipment and

Dynamic Rental SolutionsTM

Wide network of outlets close to our customers

Deriving higher synergies through a more uniform

”Ramirent platform” and brand

Strong financial position

MORE INFORMATION www.ramirent.com Magnus Rosén, CEO +358 20 750 2845 [email protected] Jonas Söderkvist, CFO +358 20 750 3248 [email protected] Franciska Janzon, IR +358 20 750 2859 [email protected]

34

COMPANY OVERVIEW

35


Ramirent in brief

36

Leading equipment rental company in Northern, Central

and Eastern Europe with net sales of EUR 650 million

(2011)

394 rental customer centers located in 13 countries and

providing 200 000 rental items

Listed on NASDAQ OMX Helsinki since 1998

3 086 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

37

Steel Nail shop Rakennusmies founded

The rental business is established

Acquired by Partek and 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

1983 1955 1988 1994 1995 1996 1997 1998 2000 2001 2002 2003 2004 2005 2008 2006

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

38

Our strategic choices

38

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 PF Source: IRN June 2011

39

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

Leading market position in five of our six geographical segments

40

Finland 84 depots

(25 franchises) Market #1

Europe East 58 depots

10 re-renting agents

Market #1

Norway 43 depots


Denmark 22 depots Market #1

Europe Central

103 depots (24 franchises)

Market #1

Sweden 84 depots


Total 3,086

Finland 579

Sweden 675

Norway 477

Denmark 178

Europe East 428

Europe Central

726

Employees

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

41

Finland

23%

Sweden

29%

Norway

26%

Denmark

6%

Europe

East 7%

Europe

Central 8%

Sales per segment 1-3/2012

Construction

76%

Industry

14%

Public sector

5%

Households

5%

Sales per customer sector 2010

Broadest range of equipment and Dynamic Rental SolutionsTM

42

RA

MIR

EN

T O

FFER

IN

G

CUSTOMER NEEDS

PRODUCTS

• Lifts

• Heavy machinery

• Tower, cranes

and hoists

• Scaffolding

• Modules

• Safety and

formworks

• Light machinery

• Power and

heating

SERVICES

• Planning &

design

• Ramirent

know-how

• Transportation

• Installation

• Maintenance

• Inspections

• Insurance

• Operators

• Fuel / gas

refilling

• Site logistics

coordinator

• Facility

management

• Paperwork

for authorities

• Technical

support

SOLUTIONS

• TotalSolve

• SafeSolve

• EcoSolve

• SpaceSolve

• AccessSolve

• PowerSolve

• ClimateSolve

OUTSOURCING

Ramirent takes care of, and caters

to, the total customer needs

Benefits:

Lighter balance sheets, less investments

Benefits:

More uptime in core operations due to less downtime in equipment, less maintenance costs, right choice of equipment improves efficiency, less product liability risk

Benefits:

Easy to buy, reduced number of subcontractors, increased focus on the core business

Benefits:

By outsourcing functions to Ramirent, companies can increase efficiency and simplify their business by focusing on core competences

INDUSTRIES

• Construction • Mining • Paper • Power generation • Oil & gas

• Shipyards • Facility management • Public sector • Households

Light machinery, lifts and modules are the biggest product groups measured by rental income

43

MODULES

HEAVY MACHINERY

LIGHT MACHINERY

LIFTS TOWER CRANES AND HOISTS SCAFFOLDING

POWER & HEATING SAFE

19% 8% 5% 11%

17% 5% 26% 10%

Ramirent’s equipment fleet is organised along eight core product groups

The Group’s key strategic objectives

44

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

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

45

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

Inhabitants (million)

Construction output (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 %

St. Petersburg + Moscow only Source: ERA, Euroconstruct

46

• 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

The Group’s financial targets

APPENDIX

47

CONSOLIDATED INCOME STATEMENT

48

CONSOLIDATED INCOME STATEMENT 1−3/12 1−3/11 1−12/11

(EUR 1,000)

Rental income 103 073 87 040 430 848

Ancillary income 53 745 43 565 192 355

Sales of equipment 7 513 3 746 26 658

NET SALES 164 331 134 351 649 861

Other operating income 427 342 1 526

Materials and services −55 056 −43 815 −209 357

Employee benefit expenses −42 489 −36 629 −156 101

Depreciation and amortisation −29 512 −24 933 −107 659

Other operating expenses −25 361 −26 635 −104 140

EBIT 12 340 2 681 74 131

Financial income 7 016 2 116 11 405

Financial expenses −8 687 −4 954 −24 776

EBT 10 670 −157 60 760

Income taxes −2 773 50 −16 030

NET RESULT FOR THE PERIOD 7 896 −108 44 730

Net result for the period attributable to:

Owners of the parent company 7 896 −108 44 730

Non-controlling interest – – –

TOTAL 7 896 −108 44 730

Earnings per share (EPS)

EPS on parent company shareholders' share of profit,

basic and diluted, EUR 0.07 0.00 0.41

BALANCE SHEET – ASSETS

49

CONSOLIDATED BALANCE SHEET 31.3.2012 31.3.2011 31.12.2011

ASSETS

(EUR 1,000)

NON-CURRENT ASSETS

Property, plant and equipment 486 878 432 136 487 310

Goodwill 133 413 94 030 124 452

Other intangible assets 40 443 10 565 35 719

Available-for-sale investments 1 385 422 1 368

Deferred tax assets 12 988 14 347 12 183

NON-CURRENT ASSETS, TOTAL 675 108 551 500 661 032

CURRENT ASSETS

Inventories 17 837 16 493 17 309

Trade and other receivables 113 702 94 804 120 000

Current tax assets 1 225 2 371 344

Cash and cash equivalents 2 625 911 2 431

CURRENT ASSETS, TOTAL 135 388 114 580 140 084

TOTAL ASSETS 810 496 666 080 801 117

BALANCE SHEET – EQUITY AND LIABILITIES

50

EQUITY AND LIABILITIES 31.3.2012 31.3.2011 31.12.2011

(EUR 1,000)

EQUITY

Share capital 25 000 25 000 25 000

Revaluation fund −4 223 −1 258 −4 192

Invested unrestricted equity fund 113 329 113 329 113 329

Retained earnings 173 442 179 374 191 862

PARENT COMPANY SHAREHOLDERS’ EQUITY 307 547 316 445 326 000

Non-controlling interests – – –

EQUITY, TOTAL 307 547 316 445 326 000

NON-CURRENT LIABILITIES

Deferred tax liabilities 77 643 59 880 73 690

Pension obligations 7 113 7 106 7 226

Provisions 1 373 2 205 1 553

Interest-bearing liabilities 225 129 131 408 219 773

Other long-term liabilities 10 127 2 602 11 748

NON-CURRENT LIABILITIES, TOTAL 321 385 203 200 313 990

CURRENT LIABILITIES

Trade payables and other liabilities 139 117 82 362 109 020

Provisions 1 208 1 415 1 163

Current tax liabilities 6 017 2 595 5 496

Interest-bearing liabilities 35 222 60 063 45 448

CURRENT LIABILITIES, TOTAL 181 564 146 435 161 127

LIABILITIES, TOTAL 502 949 349 635 475 117

TOTAL EQUITY AND LIABILITIES 810 496 666 080 801 117

KEY FIGURES

51

(MEUR) 1–3/12 1–3/11 CHANGE 1–12/11

Net sales 164.3 134.4 22.3% 649.9

EBITDA 41.9 27.6 51.6% 181.8

% of net sales 25.5% 20.6% 28.0%

EBIT 12.3 2.7 360.3% 74.1

% of net sales 7.5% 2.0% 11.4%

Earnings per share (EPS), (basic and diluted), EUR 0.07 0.00 N/A 0.41

Gross capital expenditure on non-current assets 35.7 31.9 12.0% 242.2

Gross capital expenditure, % of net sales 21.7% 23.7% 37.3%

Cash flow after investments 6.4 −10.7 N/A −52.0

Invested capital at the end of period 567.9 507.9 11.8 % 591.2

Return on invested capital (ROI), % 1) 18.6 % 9.3 % 15.7%

Return on equity (ROE), % 1) 16.9 % 6.3 % 13.9%

Net debt 257.7 190.6 35.2 % 262.8

Gearing, % 83.8 % 60.2 % 80.6%

Equity ratio, % 38.0 % 47.5 % 40.7%

Personnel at end of period 3 086 3 045 1.3 % 3 184

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

CONDENSED CASH FLOW STATEMENT

52

CONSOLIDATED CONDENSED CASH FLOW

STATEMENT 1−3/12 1−3/11 1−12/11

(MEUR)

Cash flow from operating activities 41.2 27.3 177.4

Cash flow from investing activities −34.8 −38.1 −229.5

Cash flow from financing activities

Borrowings / repayment of short-term debt −8.5 18.7 30.6

Borrowings / repayment of long-term debt 5.0 −5.2 52.9

Purchase of treasury shares −2.7 −3.3 −3.4

Dividends paid – – −27.0

Cash flow from financing activities −6.2 10.3 53.1

Net change in cash and cash equivalents 0.2 −0.4 1.1

Cash and cash equivalents at the beginning of the period 2.4 1.4 1.4

Translation difference on cash and cash equivalents – – –

Net change in cash and cash equivalents 0.2 −0.4 1.1

Cash and cash equivalents at the end of the period 2.6 0.9 2.4

SEGMENT INFORMATION Net sales, MEUR 1−3/12 1−3/11 Change 1-12/11

Finland, net sales (external) 37.9 29.2 30 % 151.4

-Inter-segment sales 0.5 1.1 -58 % 3.3

Sweden, net sales (external) 48.1 41.0 18 % 182.0

-Inter-segment sales - 0.3 N/A 0.6

Norway, net sales (external) 43.7 32.4 35 % 144.3

-Inter-segment sales 0.1 0.2 -42 % 0.5

Denmark, net sales (external) 9.8 8.2 20 % 43.5

-Inter-segment sales - 0.2 N/A 0.6

Europe East, net sales (external) 12.0 9.3 29 % 55.8

-Inter-segment sales 0.2 0.1 97 % 0.2

Europe Central, net sales (external) 12.8 14.3 -11 % 72.8

-Inter-segment sales 0.5 0.1 500 % 1.0

Elimination of sales between segments -1.2 -1.9 38 % -6.3

Net sales, total 164.3 134.4 22 % 649.9

53

EBIT BY SEGMENT EBIT (EUR million) 1−3/12 1−3/11 Change 1-12/11

Finland 5.0 1.3 267% 22.8

% of net sales 12.9% 4.4% 14.7%

Sweden 6.5 6.1 6% 33.2

% of net sales 13.5% 14.9% 18.2%

Norway 3.9 0.4 926% 11.2

% of net sales 8.9% 1.2% 7.7%

Denmark -0.2 -1.3 84% 0.1

% of net sales -2.1% -15.0% 0.2%

Europe East -0.1 -1.7 96% 5.9

% of net sales -0.6% -17.7% 10.5%

Europe Central -2.2 -1.2 -89% 5.5

% of net sales -16.8% -8.2% 7.4%

Net items not allocated to operating segments -0.5 -1.1 51% -4.5

Group EBIT 12.3 2.7 360% 74.1

% of net sales 7.5% 2.0% 11.4%

54

LARGEST SHAREHOLDERS Largets shareholders on 31 March 2012

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 5 262 059 4.84

5 Odin Funds 4 595 085 4.22

6 Tapiola Mutual Pension Insurance Company 2 407 668 2.22

7 Veritas Pension Insurance Company Ltd 1 448 120 1.33

8 Investment Fund Aktia Capital 1 192 540 1.10

9 Investment Fund Nordea Fennia 1 000 000 0.92

10 Föreningen Konstsamfundet rf 825 000 0.76

Ramirent Plc’s treasury shares 1 030 192 0.95

Nominee registered shares 18 627 031 17.14

Other shareholders 22 253 788 20.47

Total number of shares 108 697 328 100.00

55

34.7 %

17.4 % 40.2 %

8.9 %

Foreign owners

Nominee registered

Finnish companies and organisations

Finnish households

Market Cap EUR 705.2 million

Trading information Listing: NASDAX OMX Helsinki Date of listing: April 30, 1998

Segment: Mid Cap Sector: Industrials

Trading code: RMR1V

50

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300

0

20

40

60

80

100

120

140

160

180

Osakevaihdon arvo Ramirent OMX Helsinki

Share price development

EUR

56

MEUR

Share turnover

12.42

14.90

17.39

19.87

9.94

7.45

4.97

2.48

22.36

Thank you!

Business

Ramirent Q1 2012