Ramirent Q2 2011

Interim reportJanuary-June201112 August 2011

President and CEO Magnus Rosén

CFO Jonas Söderkvist

Q2/11: Profitability improving

APRIL – JUNE 2011

Net sales up 16.1% MEUR 149.5

(128.7) or 13.7 % at comparable

exchange rates

EBITDA MEUR 40.6 (30.7)

EBITDA-margin 27.2% (23.9%)

EBIT MEUR 15.4 (7.4)

EBIT-margin 10.3% (5.8%)

Gross capex MEUR 44.6 (21.7)

Cash flow after investments

MEUR -20.4 (13.4)

Number of outlets 399 (353)

Acquisitions made in Norway,

Sweden, Finland and Czech

Republic

2

Highlights H1/11

JANUARY – JUNE 2011

Net sales up 18.1% MEUR 283.9

(240.3) or 14.4 % at comparable

exchange rates

EBITDA MEUR 68.2 (48.3)

EBITDA-margin 24.0% (20.1%)

EBIT MEUR 18.1 (1.9)

EBIT-margin 6.4% (0.8%)

Gross capex MEUR 76.5 (34.2)


MEUR -31.1 (9.4)

Net debt MEUR 238.2 (209.3)

Gearing 80.4% (70.6%)

3

Ramirent reiterates its outlook for 2011. As a result of increased construction activity and improving price levels, net sales are expected to increase in 2011, and the result before taxes is expected to improve compared to 2010.

Market and Ramirent outlook as of 12 August 2011

4

Overall, the new residential, infrastructure and renovation construction markets are expected to develop favourably, especially in the Nordic countries, while demand for commercial construction remains weak. Taking this into account, Ramirent expects the recovery in its markets to continue. Also, the improved balance between supply and demand indicates a healthier price level.

However, due to the current financial turmoil, market risks have increased. Ramirent maintains a cautious stance since uncertainties in the macroeconomic development persist.

Market outlook 2011 Ramirent Outlook 2011

Five new acquisitions signed in Q2/11

Outsourcing deal

2010

Outsourcing deal

2011

Acquisition of rental business


5

End of 2009

Outsourcing deal with two Lemminkäinen subsidiaries

Outsourcing deal

Some 50 companies monitored on our target list


Outsourcing deal


Aquisition of rental business

Acquisition ofrental businessAcquisition of

rental business


Acquisition of high-class module specialist Rogaland Planbygg AS

Major acquisition for Ramirent Norway

Estimated annual sales of MEUR 22

In effect from 1 July 2011

Founded in 1997; based in Tananger,

south of Stavanger

Focused on high class rental

accommodation and office modules

Key customer sectors: Oil & Gas

Industry, public sector (kindergardens

and schools)

6

Acquisition of Hyrman i Lund AB

One of the largest acquisitions for

Ramirent Sweden

Estimated annual sales of MEUR 15

In effect from 1 August 2011

Founded in 2000, leading player in

southern Sweden with 7 outlets

Operations in the highly active

regions of Skåne and Halland

Key customer sectors: construction,

civil engineering and industrial

sectors

7

8

Outlet

Local head office

Re-renting agents

Outlet network expanded

Number of outlets all

time high at 399 (353)

(excl. acquisitions of Rogaland

Planbygg in Norway and Hyrman

in Sweden)

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 realize 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

Key strategic objectives

9

SEGMENT REVIEW

10

29

34

41

3128

36 3835

30

37

-5 %

0 %

5 %

10 %

15 %

20 %

0

5

10

15

20

25

30

35

40

45

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2

Net sales EBIT-%

Q2 2011 Finland

11

MEUR

Highlights Historic financial performance

Q2 January - June Full Year

Finland 2011 2010 Change(EUR)

Change(Local)

2011 2010 Change(EUR)

Change(Local)

2010

Net sales, MEUR 36.5 36.1 1 % 1 % 66.8 64.2 4 % 4 % 136.9

EBIT, MEUR 4.7 4.0 18 % 6.1 3.8 60 % 13.7

EBIT-margin 12.9 % 11.1 % 9.1 % 5.9 % 10.0%

Employees 633 641 -1 % 603

Outlets 85 83 2 % 84

Main growth driver was residential construction, while growth was slowed down by lower activity in shipyards, industrial maintenance and in the private household sector

Profitability improved based on higher utilisation levels and improving pricing environment

Ramirent Finland Oy acquired the shares of Finnish weather protection company SuomenSääsuoja Oy

Q2 2011 Sweden

12

Growth was driven by the civil engineering, public and housing sectors. Geographically, growth was driven by Stockholm and its surrounding areas as well as southern regions of the country

Profitability improved based on higher capacity utilisation, but is still burdened by low price levels

Ramirent signed an agreement to acquire Hyrman i Lund AB with seven outlets in Southern Sweden contributing to annual net sales with about MEUR 15

Historic financial performance

32 33 31 3229

35 36

4541 42

0 %

5 %

10 %

15 %

20 %

25 %

0

10

20

30

40

50

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2

Net sales EBIT-%

MEUR

Highlights


Sweden 2011 2010 Change(EUR)

Change(Local)


Change(Local)

2010

Net sales, MEUR 42.1 34.9 21 % 13 % 83.4 64.2 30 % 18 % 145.2

EBIT, MEUR 7.0 5.0 38 % 13.1 7.6 72 % 23.3

EBIT-margin 16.5 % 14.4 % 15.7 % 11.8 % 16.1 %

Employees 563 540 4 % 546

Outlets 73 69 6 % 73

Q2 2011 Norway

13

Growth driven by construction especially in the western and northern parts of Norway

Profitability still low, but measures have been taken to improve efficiency in the outlet network and for increasing price levels

New nationwide cooperation agreement with Veidekke

Ramirent signed an agreement to acquire Rogaland Planbygg AS contributing to annual net sales with approximately MEUR 22


29

2527

29 28 27 28

31 33 30

-4 %

-2 %

0 %

2 %

4 %

6 %

8 %

10 %

12 %

14 %

16 %

0

5

10

15

20

25

30

35

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2

Net sales EBIT-%

MEUR

Highlights


Norway 2011 2010 Change(EUR)

Change(Local)


Change(Local)

2010

Net sales, MEUR 30.5 27.4 11 % 10 % 63.1 55.7 13 % 11 % 114.4

EBIT, MEUR 2.4 1.0 134 % 2.8 0.6 383 % 2.3

EBIT-margin 7.9 % 3.7 % 4.4 % 1.0 % 2.0 %

Employees 518 519 0 % 503

Outlets 43 38 13 % 42

Q2 2011 Denmark

14

Market conditions improved further during the second quarter, but profitability is still burdened by low price levels

Focus remained on cost control and measures to restore healthier pricing levels as utilisation levels are improving


1112

1110

89 9 10

8

10

-50 %

-40 %

-30 %

-20 %

-10 %

0 %

10 %

0

2

4

6

8

10

12

14

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2

Net sales EBIT-%

MEUR

Highlights


Denmark 2011 2010 Change(EUR)

Change(Local)


Change(Local)

2010

Net sales, MEUR 9.9 9.0 10 % 10 % 18.2 17.1 7 % 7 % 35.6

EBIT, MEUR -0.3 -0.7 N/A -1.5 -1.3 N/A -2.2

EBIT-margin -2.9 % -7.4 % -8.4 % -7.6 % -6.2 %

Employees 160 148 8 % 160

Outlets 21 20 5 % 20

Q2 2011 Europe East

15

Growth driven by infrastructural construction in Russia and energy-related investments in Baltics and Ukraine. The positive development in business volumes continued in the Baltic States, especially in Lithuania, and also in Ukraine

Profitability started to recover based on increasing business volumes and higher price levels

New outlets opened in the Baltics, mainly in Lithuania and Estonia, as well as in the Russian city of Sochi


9

12

19

11

8

10

1213

9

13

-40 %

-30 %

-20 %

-10 %

0 %

10 %

20 %

0

5

10

15

20

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2

Net sales EBIT-%

MEUR

Highlights


Europe East 2011 2010 Change(EUR)

Change(Local)


Change(Local)

2010

Net sales, MEUR 13.0 9.5 37 % 40 % 22.4 17.0 32 % 33 % 42.7

EBIT, MEUR 1.0 -1.6 N/A -0.7 -4.0 N/A -3.5

EBIT-margin 7.5 % -16.5 % -3.0 % -23.4 % -8.3 %

Employees 411 394 4 % 392

Outlets 51 45 13 % 48

Q2 2011 Europe Central

16

The growth drivers were the strong construction and industrial activity in Poland

Profitability was burdened by low price levels and business volumes especially in Czech Republic and Hungary

Shop-in-shop concept launched in Poland with Leroy Merlin in three stores located in Warsaw, Poznańand Szczecin

Two acquisitions of machinery and equipment rental businesses in Czech Republic


1416

1816

12

16

20 19

14

19

-25 %

-20 %

-15 %

-10 %

-5 %

0 %

5 %

10 %

15 %

0

5

10

15

20

25

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2

Net sales EBIT-%

MEUR

Highlights


Europe Central 2011 2010 Change(EUR)

Change(Local)


Change(Local)

2010

Net sales, MEUR 19.0 15.9 20 % 18 % 33.4 28.0 19 % 18 % 66.6

EBIT, MEUR 1.1 0.3 264 % -0.1 -2.3 N/A 0.8

EBIT-margin 5.7 % 1.9 % -0.3 % -8.4 % 1.2 %

Employees 879 812 8 % 824

Outlets 126 98 29 % 111

FINANCIAL REVIEW

17

Financial performance continued to develop positively in Q2

18

Net Sales (MEUR) EBITDA (MEUR)

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

EBIT (MEUR)

35

3

8

13

22

10

18

32

45

0 %

5 %

10 %

15 %

20 %

25 %

30 %

35 %

0

10

20

30

40

50

Q1

2009

Q2 Q3 Q4 Q1

2010

Q2 Q3 Q4 Q1

2011

Q2

Gross Capex Share of net sales-%

281255

230207212209

197177

191

238

0 %

20 %

40 %

60 %

80 %

100 %

120 %

0

50

100

150

200

250

300

Q1

2009

Q2 Q3 Q4 Q1

2010

Q2 Q3 Q4 Q1

2011

Q2

Net debt Gearing-%

7

1412

-4-6

7

17

11

3

15

-6 %

-4 %

-2 %

0 %

2 %

4 %

6 %

8 %

10 %

12 %

14 %

-10

-5

0

5

10

15

20

Q1

2009

Q2 Q3 Q4 Q1

2010

Q2 Q3 Q4 Q1

2011

Q2

EBIT EBIT-%

30

36 37

26

18

31

42

37

28

41

0 %

5 %

10 %

15 %

20 %

25 %

30 %

35 %

0

5

10

15

20

25

30

35

40

45

Q1

2009

Q2 Q3 Q4 Q1

2010

Q2 Q3 Q4 Q1

2011

Q2

EBITDA EBITDA-%

122125130126

112

129141

150

134

150

-40 %

-30 %

-20 %

-10 %

0 %

10 %

20 %

30 %

0

20

40

60

80

100

120

140

160

Q1

2009

Q2 Q3 Q4 Q1

2010

Q2 Q3 Q4 Q1

2011

Q2

Net sales Y-o-y change-%

18

2822

20

-4

13 14

24

-11

-20-30

-20

-10

0

10

20

30

40

Q1

2009

Q2 Q3 Q4 Q1

2010

Q2 Q3 Q4 Q1

2011

Q2


Net sales grew 16.1% in Q2/2011 due to increased activity levels in the market

19

19 % 19 %

13 %

-4 %

-25 %

-31 % -31 %

-27 %

-9 %

3 %

9 %

19 % 20 %

16 %

-40 %

-30 %

-20 %

-10 %

0 %

10 %

20 %

30 %

Q1

2008

Q2 Q3 Q4 Q1

2009

Q2 Q3 Q4 Q1

2010

Q2 Q3 Q4 Q1

2011

Q2

Change in net sales YoY, %

20

16 %

1 %

21 %

11 %10 %

37 %

20 %

14 %

1 %

13 %10 %

10 %

40 %

18 %

1 %

22 %

12 %

24 %

51 %

21 %

0 %

10 %

20 %

30 %

40 %

50 %

60 %

Group Finland Sweden Norway Denmark East Central

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

Change in Q2 net sales YoY, %

Net sales grew in all segments both in eurosand in comparable exchange rates

Group April - June 2011 Net sales increased by 16.1% (13.7% at comparable

exchange rates)

Capital turnover is continuously increasing

494

562 581 578

654

708 707

586 565 552 544515 524 508 509 496 508

536

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

Invested capital Net sales/Invested capital Rolling 12 month basis

MEUR

21

Invested capital by quarter

Capital turnover amounted to 110% end of June 2011 (94% end of June 2010)

Gross margin has improved compared to previous year but is still below pre-downturn level

22

Gross margin by quarter

Gross margin is impacted by price pressure and increased equipment transportation

and use of external services

71 % 71 % 71 %

68 %

70 %

71 %

70 %

68 %

65 %

69 %

65 %

67 %

68 %

66 %

67 %67 %

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

Total workforce has increased slightly due to recovering demand and acquisitions

At the end of June 2011, the Group’s workforce amounted to 3,185 (3,071) persons

At the end of December 2010, the Group’s workforce amounted to 3,048 (3,021) persons

23

641

540 519

148

394

812

633563

518

160

411

879

0

100

200

300

400

500

600

700

800

900

1 000

Finland Sweden Norway Denmark Europe East Europe

CentralPersonnel 30/06/10 Personnel 30/06/11

Number of employees by segment

Record high number of outlets in the Group

96

85

57

73

37

431

8 21

52 51

99 1

26

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

Finland Sweden Norway Denmark Europe East Europe Central

359

399

24

Number of outlets per segment

Fixed cost development continues on stable level

4435 30 33 33 33 33 32

38 37 37

29

2222 19

23 22 23 22

24 27 25

0

10

20

30

40

50

60

70

80

Q3

2008

Q1

2009

Q2 Q3 Q4 Q1

2010

Q2 Q3 Q4 Q1

2011

Q2

Employee benefit expenses Other operating expenses

25

5752 52

57 56 5654

73

Fixed costs by quarter

MEUR

63 62

The fixed cost level increased year-on-year due to a higher number of employees, intensified sales activities and expenses related to development of Ramirent’scommon platform and outlet network.

63

Q2/2011 EBIT-margin was 10.3% (5.8%)

Q2 EBIT margin increased to 10.3%

26

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 %

-15 %

-10 %

-5 %

0 %

5 %

10 %

15 %

20 %

25 %

Q1

2008

Q2 Q3 Q4 Q1

2009

Q2 Q3 Q4 Q1

2010

Q2 Q3 Q4 Q1

2011

Q2

EBIT margin by quarter

Q2 EBIT margin improved in all segments compared to previous year

5.8 %

11.1 %

14.4 %

3.7 %

-7.4 %

-16.5 %

1.9 %

10.3 %

12.9 %16.5 %

7.9 %

-2.9 %

7.5 % 5.7 %

-20 %

-15 %

-10 %

-5 %

0 %

5 %

10 %

15 %

20 %


Q2 2010 Q2 2011

27

EBIT-margin by segments

2.04.4

2.1

6.5 7.5

18.9

8.9

17.4

29.6

38.3

3.75.0

6.74.7 5.0

3.7 3.3 4.4 3.75.2

0

5

10

15

20

25

30

35

40

45

Q1

2009

Q2 Q3 Q4 Q1

2010

Q2 Q3 Q4 Q1

2011

Q2

Purchased equipment Sold equipment

28

Q2 2011 fleet investment rose to EUR 38.3 million

Purchased and sold equipment by quarter

MEUR

In April-June 2011, gross capital expenditure was EUR 44.6 (21.7) million of which

EUR 38.3 (18.9) million in rental fleet

The value of sold rental equipment was EUR 5.2 (3.7) million.

Capital expenditure increased in all segments to meet the increasing demand

34

1215

7

0 2 3

76

18

25

12

5 710

0

10

20

30

40

50

60

70

80

90


1-6/2010 1-6/2011

29

Capital Expenditure by segments

MEUR

Working capital is at 7% of net sales

16 15 15 15 15 14 14 16 16 17

86 88 90 80 83 90 99 97 95109

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

-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

Inventories Trade and other receivables

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

30

Working capital by quarter

MEUR

-55

-30

25

67

1828 22 20

-4

13 1424

-11-20

5682

-11

-59

-22 -26 -25-23

5

-2-12

-21

14

48

-70

-50

-30

-10

10

30

50

70

90

Q1

2008

Q2 Q3 Q4 Q1

2009

Q2 Q3 Q4 Q1

2010

Q2 Q3 Q4 Q1

2011

Q2

Cash flow after investments Change in net debt

Cash flow after investments EUR -31.1 milliondue to increased fleet investments and acquisitions

31

Cash flow versus change in net debt

MEUR

Change of net debt in 1-6/2011 is effected by paid dividends of EUR 27.0 million

and purchase of own shares of EUR 3.4 million

96 %

84 %

70 %

69 %

81 %

113 %106 % 108 %

99 %

86 %

74 %

68 %68 %71 %

64 %

56 %60 %

80 %

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

Net debt Gearing (%)

Strong financial position with gearing at 80%

32

Net debt and gearing

MEUR

Equity ratio decreased to 42.5% (44.3%)

Net debt amounted to EUR 238.2 (209.3) million

On 30 June 2011 unused committed back-up loan facilities were EUR 126.0 million

CMD 2011

Welcome to Ramirent’s

Capital Market Day

1 September 2011

from 9:00-16:00

in Vantaa, Finland

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]

34

COMPANY OVERVIEW

35

Ramirent in brief

36

Leading equipment rental company in Northern, Central

and Eastern Europe with net sales of EUR 531 million

(2010)

399 rental customer centers located in 13 countries and

providing 200 000 rental items

Listed on NASDAQ OMX Helsinki since 1998

3 185 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 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

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

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

40

Finland

23 %

Sweden29 %

Norway

22 %

Denmark

6 %

Europe

East

8 %

Europe

Central

12 %

Sales per segment 1-6/2011

Construction

76%

Industry

14 %

Public sector5 %

Households

5 %

Sales per customer sector 2010

Leading market positionsin all our markets

41

Ukraine5 depots

Market #~4

Hungary2

16 depots Market #1

Russia1

6 depots10 re-renting

agents Market #1

Finland85 depots

(25 franchises) Market #1

Slovakia35 depots


Baltic40 depots Market #2

Norway43 depots


Denmark21 depots Market #1

1) St Petersburg + Moscow 2) Excl. Fomrworks business

Czech31 depots

(7 franchises) Market #~3

Poland2

44 depotsMarket #1

Sweden73 depots


Total3,185

Finland633

Sweden563

Norway518

Denmark160

EuropeEast411

EuropeCentral

879

Employees

1) Europe East includes Russia, The Baltic States, Ukraine.

2) Europe Central includes Poland, Hungary, Czech Rep., Slovakia.

Operating through six geographical segments

42

Fleet management

Sourcing

Finance

IT

Diversified customer base

Rental Outlet Network

Finland Sweden Norway Denmark E.East1) E.Central2)

Offering is structured into eight core product groups

43

MODULES

HEAVY MACHINERY

LIGHT MACHINERY

LIFTSTOWER CRANESAND HOISTS SCAFFOLDING

POWER & HEATINGSAFE (SAFETY AND FORMWORKS EQUIPM.)

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

44

Dynamic Rental SolutionsTM

is offered to a diverse customer base

Customers

Constructioncompanies

Industry

Public sector

Households

Product groups

Lifts and hoists

Tower cranes

Heavy machinery

Modules

SAFE

Light machinery

Scaffolding

Power and heating

Outlet Network


45

The long-term growth drivers are still in place

Inhabitants (million)

Construction output (BEUR)

0 %

10 %

20 %

30 %

40 %

50 %

60 %

70 %

Europe avg.

FI DK SE UK

Note: Finland company estimate

Ramirent Cramo

Algeco Scotsman Speedy Hire

Liebherr-Mietpartner GAM

Mediaco Lifting Harsco Infrastructur

Kiloutou Others

46

Top 10 companies account for 19% of

the Europe market of 20.2 BEUR

Increasing

rental penetration

European consolidation

opportunities

High potential CEEconstruction markets

47

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

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

• Gearing ≤ 120 % at end of each year

• Dividend pay-out > 40 %

Financial targets

48

0 %

5 %

10 %

15 %

20 %

25 %

30 %

35 %

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

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

23%

18%

EBIT and ROI development

Long-term EBIT and ROI development

3,200 dedicated problem solvers

Emerging stronger than before Ramirent is ready to capture

the opportunities in its markets

49

Broadest range of equipment and


Wide network of outlets close to our customers

Deriving higher synergies through a uniform

”Ramirent platform” across the organisation

Strong financial position

A more unified company and brand

APPENDIX

50

CONSOLIDATED INCOME STATEMENT

(EUR 1,000) 4-6/11 4-6/10 1-6/11 1-6/10 1-12/10

Net sales 149 527 128 749 283 878 240 275 531 284

Other operating income 327 613 669 912 1 616

Materials and services -47 628 -42 628 -91 443 -81 318 -177 118

Employee benefit expenses -36 599 -32 595 -73 229 -66 089 -136 214

Depreciation and amortisation -25 154 -23 294 -50 087 -46 409 -97 716

Other operating expenses -25 026 -23 398 -51 661 -45 515 -92 122

EBIT 15 446 7 447 18 127 1 856 29 731

Financial income 1 990 3 617 4 106 9 718 13 780

Financial expenses -4 921 -4 968 -9 875 -11 496 -22 658

EBT 12 515 6 097 12 358 78 20 853

Income taxes -3 438 -1 804 -3 388 -1 097 -6 212

NET RESULT FOR THE PERIOD 9 078 4 293 8 970 -1 019 14 640

Net result for the period attributable to:

Owners of the parent company 9 078 4 293 8 970 -1 019 14 640

Non-controlling interest - - - - -

TOTAL 9 078 4 293 8 970 -1 019 14 640

Earnings per share (EPS), basic and diluted, EUR 0,08 0,04 0,08 -0,01 0,13

51

BALANCE SHEET – ASSETS

(EUR 1,000) 30.6.2011 30.6.2010 31.12.2010

NON-CURRENT ASSETS

Property, plant and equipment 443 969 446 885 427 248

Goodwill 96 379 94 559 93 211

Other intangible assets 12 079 6 780 10 348

Available-for-sale investments 422 53 422

Deferred tax assets 14 811 11 019 13 325

NON-CURRENT ASSETS, TOTAL 567 660 559 296 544 555

CURRENT ASSETS

Inventories 16 987 13 988 15 856

Trade and other receivables 108 574 89 709 96 616

Current tax assets 2 333 2 222 2 902

Cash and cash equivalents 2 029 2 425 1 352

CURRENT ASSETS, TOTAL 129 923 108 345 116 727

Non-current assets held for sale - 370 -

TOTAL ASSETS 697 583 668 011 661 282

52

(EUR 1,000) 30.6.2011 30.6.2010 31.12.2010

EQUITY

Share capital 25 000 25 000 25 000

Revaluation fund -1 632 -3 287 -2 472

Invested unrestricted equity fund 113 329 113 329 113 329

Retained earnings 159 487 161 153 181 783Items recognised directly to equity on non-current assets held for sale - 62 -

PARENT COMPANY SHAREHOLDERS’ EQUITY 296 184 296 258 317 640

Non-controlling interests - - -

EQUITY, TOTAL 296 184 296 258 317 640

NON-CURRENT LIABILITIES

Deferred tax liabilities 60 625 54 414 60 413

Pension obligations 7 158 9 501 6 866

Provisions 1 945 3 432 2 347

Interest-bearing liabilities 149 974 181 025 137 384

Other long-term liabilities 2 452 - 2 200

NON-CURRENT LIABILITIES, TOTAL 222 154 248 372 209 209

CURRENT LIABILITIES

Trade payables and other liabilities 84 125 86 495 89 480

Provisions 1 041 5 184 1 762

Current tax liabilities 3 832 1 003 2 658

Interest-bearing liabilities 90 247 30 698 40 533

CURRENT LIABILITIES, TOTAL 179 245 123 380 134 433

LIABILITIES, TOTAL 401 398 371 753 343 642

TOTAL EQUITY AND LIABILITIES 697 583 668 011 661 282

BALANCE SHEET – EQUITY AND LIABILITIES

53

KEY FIGURES

MEUR 4-6/11 4-6/10 Change 1-6/11 1-6/10 Change 1-12/10

Net sales 149.5 128.7 16.1 % 283.9 240.3 18.1 % 531.3

EBITDA 40.6 30.7 32.1 % 68.2 48.3 41.2 % 127.4

% of net sales 27.2 % 23.9 % 24.0 % 20.1 % 24.0 %

EBIT 15.4 7.4 107.4 % 18.1 1.9 854.1 % 29.7

% of net sales 10.3 % 5.8 % 6.4 % 0.8 % 5.6 %Earnings per share (EPS), (basic and diluted), EUR 0.08 0.04 112.6 % 0.08 -0.01 N/A 0.13

Gross capital expenditure 44.6 21.7 105.6 % 76.5 34.2 123.6 % 62.0Gross capital expenditure,% of net sales 29.8 % 16.8 % 26.9 % 14.2 % 11.7 %

Cash flow after investments -20.4 13.4 N/A -31.1 9.4 N/A 48.0Invested capital at the end of the period 536.4 508.0 5.6 % 495.6Return on invested capital (ROI), % 1) 10.4 % 5.1 % 8.6 %

Return on equity (ROE), % 1) 8.3 % -1.8 % 4.7 %

Net debt 238.2 209.3 13.8 % 176.6

Gearing, % 80.4 % 70.6 % 55.6 %

Equity ratio, % 42.5 % 44.3 % 48.0 %

Personnel at end of period 3 185 3 071 3.7 % 3 048

54

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

CONDENSED CASH FLOW STATEMENT

MEUR 1-6/11 1-6/10 Change 1-12/10

Cash flow from operating activities 51.0 39.6 28.8 % 104.2

Cash flow from investing activities -82.1 -30.3 -171.1 % -56.2

Cash flow from financing activities

Borrowings / repayment of short-term debt 48.6 12.8 279.7 % 0.6

Borrowings / repayment of long-term debt 13.6 -5.2 361.6 % -29.8

Acquisition of treasury shares -3.4 - -2.9

Dividends paid -27.0 -16.3 -65.7 % -16.3

Cash flow from financing activities 31.8 -8.7 465.7 % -48.5

Net change in cash and cash equivalents 0.7 0.6 16.6 % -0.5

Cash and cash equivalents at the beginning of the period 1.4 1.8 -24.9 % 1.8

Translation difference on cash and cash equivalents - - 0.1

Net change in cash and cash equivalents 0.7 0.6 12.7 % -0.5

Cash and cash equivalents at the end of the period 2.0 2.4 -15.5 % 1.4

55

SEGMENT INFORMATION

Net sales, MEUR 4-6/11 4-6/10 Change 1-6/11 1-6/10 Change 1-12/10

Finland, net sales (external)35.6 35.2 1.1 % 64.8 63.1 2.6 % 135.2

-Inter-segment sales0.9 0.9 7.8 % 2.0 1.0 95.5 % 1.8

Sweden, net sales (external)42.1 34.5 22.1 % 83.1 63.8 30.3 % 144.5

-Inter-segment sales - 0.4 -97.3 % 0.3 0.5 -31.4 % 0.7

Norway, net sales (external)30.4 27.1 12.1 % 62.9 55.4 13.4 % 113.7

-Inter-segment sales0.1 0.3 -80.8 % 0.2 0.3 -34.7 % 0.7

Denmark, net sales (external) 9.7 7.8 23.8 % 17.9 15.5 15.4 % 32.9

-Inter-segment sales0.2 1.2 -83.7 % 0.4 1.7 -76.2 % 2.7

Europe East, net sales (external) 13.0 8.6 50.8 % 22.3 15.2 46.4 % 39.5

-Inter-segment sales- 0.9 -96.9 % 0.1 1.8 -93.2 % 3.2

Europe Central, net sales (external) 18.7 15.5 21.0 % 33.0 27.2 21.2 % 65.4

-Inter-segment sales 0.3 0.4 -34.9 % 0.3 0.7 -52.7 % 1.2

Elimination of sales between segments -1.5 -4.0 63.0 % -3.4 -5.9 43.1 % -10.2

Net sales, total149.5 128.7 16.1 % 283.9 240.3 18.1 % 531.3

56

EBIT BY SEGMENT

EBIT (EUR million) 4-6/11 4-6/10 Change 1-6/11 1-6/10 Change 1-12/10

Finland4.7 4.0 18.0 % 6.1 3.8 59.5 % 13.7

% of net sales12.9 % 11.1 % 9.1 % 5.9 % 10.0 %

Sweden7.0 5.0 38.4 % 13.1 7.6 72.4 % 23.3

% of net sales 16.5 % 14.4 % 15.7 % 11.8 % 16.1 %

Norway2.4 1.0 133.9 % 2.8 0.6 363.1 % 2.3

% of net sales7.9 % 3.7 % 4.4 % 1.0 % 2.0 %

Denmark-0.3 -0,7 57.2 % -1.5 -1.3 -18.4 % -2.2

% of net sales-2.9 % -7.4 % -8.4 % -7.6 % -6.2 %

Europe East1.0 -1.6 162.0 % -0.7 -4.0 83.0 % -3.5

% of net sales 7.5 % -16.5 % -3.0 % -23.4 % -8.3 %

Europe Central 1.1 0.3 263.7 % -0.1 -2.3 95.7 % 0.8

% of net sales 5.7 % 1.9 % -0.3 % -8.4 % 1.2 %

Net items not allocated to operating segments -0.4 -0.7 38.8 % -1.5 -2.5 40.2 % -4.7

Group EBIT15.4 7.4 107.4 % 18.1 1.9 854.1 % 29.7

% of net sales10.3 % 5.8 % 6.4 % 0.8 % 5.6 %

57

LARGEST SHAREHOLDERS

Number of shares% of share

capital

1. Nordstjernan AB 31,882,078 29.33

2. Julius Tallberg Oy Ab 11,962,229 11.01

3. Varma Mutual Pension Insurance Company 7,831,299 7.20

4. Ilmarinen Mutual Pension Insurance Company 5,637,214 5.19

5. Tapiola Mutual Pension Insurance Company 2,320,000 2.13

6. Odin Norden 1,820,728 1.68

7. Veritas Pension Insurance Company Ltd 1,474,267 1.36

8. Odin Finland 1,420,458 1.31

9. Odin Europa Smb 1,077,355 0.99

10. Investment Fund Aktia Capital 1,026,002 0.94

*As per 30 June 201158

CONSTRUCTION VOLUME FORECASTS

Construction volume EUR bn % Change

2010 2011F

Finland* 28,800 4.0% -

Sweden** 27,500 8.0%

Norway 33,600 5.9%

Denmark 21,600 2.7% -

Poland 44,950 12.8% -

Hungary 8,300 -3.0%

Czech Republic 18,400 -1.1%

Slovakia 5,200 -1.6%

Estonia 1,800 18.0%

Latvia 2,000 0%

Lithuania 3,000 7.0%

Russia 135,000 3-7% -

59

Source: Euroconstruct as per June 2011*VTT Expert Service Oy as per May 2011,**Swedish Construction Federation 6/2011,

***Excluding Ukraine

Increased forecast

Reduced forecast

No change since

last quarterly report-

Economy & Finance

Ramirent Q2 2011