Ramirent January-March 2014 Interim Report

© 2014 Ramirent

Q1 Interim Report January–March 2014

DEMAND PICTURE REMAINED MIXED IN CORE MARKETS 8 May 2014 Magnus Rosén, President and CEO Jonas Söderkvist, CFO and EVP Group Functions

© 2014 Ramirent © 2014 Ramirent

Agenda

2

Group performance

Segment review

Market outlook

Key figures

Financial position

Company overview

Appendix

© 2014 Ramirent 3

Demand picture remained mixed in core markets

Key figures Q1/2014

Business performance

Market situation

*Adjusted for transferred or divested operations, at comparable exchange rates

The markets developed largely in line with our expectations.

Overall construction activity was on a lower level compared to last year.

Net sales down by 10.0%; adjusted for transferred or divested operations sales down by 2.0%*

EBITA excl. non-recurring items and adjusted for transferred or divested operations MEUR 7.1 (11.4) or 5.2% (7.8%) of net sales

Gross capex MEUR 23.4 (32.4)

Cash flow after investments MEUR -5.1 (19.0)

The EBITA margin is not at a satisfactory level and we prioritise measures to strengthen profitability.

Efficiency improvement measures were intensified in the first quarter.

Interim Report January–March 2014 l 8 May 2014

© 2014 Ramirent 4

Adjusted with comparable company structure, first quarter net sales decreased by 2.0%

Change in net sales Q1/2014

-10.0%

-5.9%

-2.0%

-12%

-10%

-8%

-6%

-4%

-2%

0%

Q1/2014reported

Q1/2014 atcomparable

exchange rates

Q1/2014adjusted* atcomparable

exchange rates

Net sales (MEUR) Q1/2014

*Adjusted for the transfer of operations in Russia, Ukraine and Hungary, at comparable exchange rates

Net sales down by 10.0% or down by 5.9% at comparable exchange rates

Adjusted for transferred or divested operations, net sales decreased by 2.0% at comparable exchange rates

152.8 137.5

0

20

40

60

80

100

120

140

160

180

Q1/2013 reported Q1/2014 reported

In Sweden, sales decreased mainly due to some larger projects ending

Slower construction activity in Finland and Norway

Demand improved in Denmark, Poland and the Baltic States


© 2014 Ramirent 5

Adjusted with comparable company structure, first quarter EBITA margin was 5.2% (7.8%)

-4.7%

2.7%

8.7%

14.8%

5.2%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

14.8%

7.8%

5.2%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

Q1/2013 reported Q1/2013adjusted* and

excl. non-recurringitems

Q1/2014 reported

Q1/2013 non-recurring items included a non-taxable capital gain of MEUR 10.1 from the formation of Fortrent

Q1/2014 reported EBITA MEUR 7.1 (22.6)

Q1/2014 reported EBITA margin 5.2% (14.8%)

EBITA margin EBITA margin quarterly

*Adjusted for transferred or divested operations Interim Report January–March 2014 l 8 May 2014

© 2014 Ramirent

Customer First

Common Ramirent Platform

Sustainable profitable

growth

Balanced business portfolio

6

Continued focus on Ramirent's strategic priorities

Strong local customer orientation and tailored offerings

Increased synergies & operational excellence

Further widening the customer base


7

Actions to reach the 17% EBITA margin target by the end of 2016 continued

Efficiency actions run across all operations

• Optimising customer centre network • Developing value-based pricing and reduce pricing leakages • Developing segment-specific customer management model • Promoting of integrated solutions

Cost structure

Sourcing

Fleet management

Sales

• Optimising equipment life-cycles, maintenance and repair processes • Developing logistics processes • Standardising fleet

• Centrally coordinated sourcing operations • Developing support processes and systems • Optimising sourcing terms and supplier portfolio

• Developing common system platform • Creating uniform performance management model • Developing efficient back-office functions


8

We deliver customer value

through dynamic rental solutions

that combine high-quality

equipment, services and know-how.

New brand promise to clarify Ramirent's value proposition

© 2014 Ramirent


© 2014 Ramirent 9

Ramirent strengthened its telehandler business and starts to offer telehandler operator services in Finland

On 10 March 2014 acquisition of Kurko-Koponen's telehandler business

Kurko-Koponen known as a leading telehandler equipment rental provider in Finland

Ramirent will have the widest telehandler offering on the Finnish market

Co-operation agreement signed with Kurko-Koponen for offering telehandler operator services

M&A criteria

Strengthening market leading position

Complimentary products and services in line with More Than MachinesTM

Improving links to new customer segments

Annual rental volume app. EUR 6.0 million and 7 employees


© 2014 Ramirent 10

Event after the review period: Ramirent acquired majority stake in Safety Solutions Jonsereds

On 24 April 2014 acquisition of majority stake in Sweden-based Safety Solutions Jonsereds

Ramirent holds an option to acquire the remaining ownership stake over the next seven years

Safety Solutions Jonsereds is specialised in developing and planning fall protection and safety systems

Ramirent holds a 50.1% stake with the remaining 49.9% stake held by Accent Equity and management

M&A criteria

Strengthens safety competence base

Creates unique customer offering with Ramirent's extensive network

Potential to reach wider range of customers

Complimentary products and services in line with More Than MachinesTM

16 employees


http://www.jonsereds.com/

© 2014 Ramirent © 2014 Ramirent 11

Group performance

Segment review

Market outlook

Key figures

Financial position

Company overview

Appendix

© 2014 Ramirent 12

Finland Q1/2014: Actions taken to adjust fixed cost base to prevailing market conditions

• Net debt to EBITDA 1.1x in Q4

• Long-term financial target: below 1.6x

(at the end of FY)

13.7%

9.7% 9.3%

0%

5%

10%

15%

20%

25%

30%

Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Net sales (MEUR) Highlights Q1/2014

38.4 35.1

31.6

05

101520253035404550

Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

EBITA margin Key figures

Demand decreased due to lower construction activity

Weak demand in construction in the northern and western parts of Finland

Measures were taken to adjust fixed cost base to prevailing market conditions

Measures to further strengthen operational efficiency continue

Finland Q1

2014 Q1

2013 Change 2013

Net sales, MEUR 31.6 35.1 −9.9% 151.9

EBITA, MEUR 2.9 3.4 −13.3% 25.7

% of net sales 9.3% 9.7% 16.9%

Capital expenditure, MEUR

4.2 8.1 −48.1% 28.8

Personnel (FTE) 519 554 −6.4% 547

Customer centres 70 76 −7.9% 74

Net sales down by 9.9%


© 2014 Ramirent 13

Sweden Q1/2014: Sales decreased mainly due to some larger projects ending



(at the end of FY)

15.0% 14.6%

9.3%

0%

5%

10%

15%

20%

25%

Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014


48.1 50.3 45.4

0

10

20

30

40

50

60

70

Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014


Sales decreased mainly due to some larger projects ending in the quarter

Strong residential and infrastructure construction supported demand in Stockholm area

Prices remained stable

Strict cost control continues

Net sales down by 9.7% or by 5.8% at

comparable exchange rates

Sweden Q1

2014 Q1

2013 Change 2013

Net sales, MEUR 45.4 50.3 −9.7% 207.3

EBITA, MEUR 4.2 7.4 −42.9% 36.6

% of net sales 9.3% 14.6% 17.6%


9.9 10.9 −9.2% 35.8

Personnel (FTE) 666 670 −0.6% 656



© 2014 Ramirent 14

Norway Q1/2014: Efficiency improvement measures were intensified



(at the end of FY)

10.3%

13.0%

7.6%

0%

5%

10%

15%

20%

25%

Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014


43.7 38.1

34.0

0

10

20

30

40

50

60

Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014


Market conditions more challenging in the south eastern parts of Norway

Demand at healthy levels in the northern and western parts of Norway

Stable demand from activity in oil and gas sector

EBITA was hampered by increased pricing pressure

Net sales down by 10.8% or up by 0.2%

at comparable exchange rates

Norway Q1

2014 Q1

2013 Change 2013

Net sales, MEUR 34.0 38.1 −10.8% 153.6

EBITA, MEUR 2.6 5.0 −48.1% 22.0

% of net sales 7.6% 13.0% 14.3%


4.9 8.7 −43.8% 34.5

Personnel (FTE) 432 464 −6.8% 460

Customer centres 43 43 43


© 2014 Ramirent

Denmark Q1

2014 Q1

2013 Change 2013

Net sales, MEUR 9.6 9.1 5.4% 44.0

EBITA, MEUR −1.1 −1.4 22.6% −4.31)

% of net sales −11.7% −15.9% −9.7%1)


0.1 1.2 −95.8% 6.6

Personnel (FTE) 162 190 −14.8% 175


15

Denmark Q1/2014: Demand for equipment rental improved slightly



(at the end of FY)

-1.5%

-15.9%

-11.7%

-20%

-15%

-10%

-5%

0%

5%

10%

Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014


9.8 9.1 9.6

0

2

4

6

8

10

12

14

Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014


Increased demand was supported by improving activity in the infrastructure construction and public sector

Demand in the industrial sector was stable

Ramirent's restructuring measures and strict cost control had a positive effect on the profitability

Net sales up by 5.4% or by 5.4% at

comparable exchange rates

1) EBITA excluding non–recurring items was EUR −2.8 million or −6.3% of net sales in January–December 2013. The non-recurring items included the EUR 1.5 restructuring provision for the third quarter of 2013.


© 2014 Ramirent 16

Europe East Q1/2014: Positive development continued in the Baltic States



(at the end of FY)


12.2

9.7

6.2

02468

101214161820

Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014


In the Baltic States, demand was fuelled by higher activity within construction and industrial sectors

First-quarter EBITA margin in the Baltic States 4.9% (-3.0%)

Fortrent Group's operations were affected by weaker market situation caused by the Ukrainian crisis

Adjusted for divested operations* net sales

were up by 20.2%

1) Adjusted for the transfer of the Russian and Ukrainian operations to Fortrent as of March 1, 2013* the increase of net sales was 20.2% 2) EBITA excluding non–recurring items was EUR 0.9 million, representing 9.1% of net sales. 3) EBITA excluding non–recurring items was EUR 7.2 million, representing 20.2% of net sales. The non–recurring items included the non–taxable capital gain of EUR 10.1 million from the formation of Fortrent, recorded in the first quarter of 2013.

113.5%

First-quarter EBITA margin excl. non-

recurring items was 9.1%

Europe East Q1

2014 Q1

2013 Change 2013

Net sales, MEUR 6.21) 9.7 −36.2%1) 35.5

EBITA, MEUR −0.1 11.02) N/A 17.33)

% of net sales −1.8% 113.5%2) 48.8%3)


2.7 1.5 75.5% 9.6

Personnel (FTE) 239 207 15.2% 207

Customer centres 42 42 0.0% 41


-0.3%

4.9%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

-1.8%

The Baltic States

-3.0%

© 2014 Ramirent 17

Europe Central Q1/2014: Volumes grew supported by market recovery in Poland



(at the end of FY)

-15.1%

-21.2%

-10.2%

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014


13.3

11.0 11.8

02468

101214161820

Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014


In Poland, volumes continued to recover in the construction sector

Good activity in power plant projects

Profitability improved mainly due to higher rental income in Poland and improved capacity utilisation rates

Price levels have started to increase from low levels

Adjusted for divested operations* net sales

were up by 23.7%

1) Adjusted for the divestment of the Hungarian business* the increase in net sales was 23.7%. 2) EBITA excluding non–recurring items was EUR 1.2 million or 2.0% of net sales in January–December 2013. The non-recurring items included the EUR 1.9 million loss from disposal of Hungary, recorded in the third quarter 2013.

Europe Central Q1

2014 Q1

2013 Change 2013

Net sales, MEUR 11.81) 11.0 7.3%1) 57.3

EBITA, MEUR −1.2 −2.3 48.2% −0.72)

% of net sales −10.2% −21.2% −1.2%2)


1.6 1.3 21.3% 7.1

Personnel (FTE) 474 607 −21.9% 479




Group performance

Segment review

Market outlook

Key figures

Financial position

Company overview

Appendix

18

© 2014 Ramirent 19

Fastest construction output growth expected in Sweden in 2014

Construction output growth estimates for 2014

Source: Confederation of Finnish Construction Industries (RT) 4/2014, Swedish Construction Federation 3/2014, Prognosesenteret 3/2014, Danish Construction Industry (DB) 2/2014 and Euroconstruct 12/2013

Nordic countries

Baltic countries and Europe Central

2014E

Finland -1.0%

Sweden 5.0%

Norway 0.2%

Denmark 3.2%

2014E

Estonia -2.0%

Latvia -6.0%

Lithuania 4.0%

Poland 3.5%

The Czech Republic -4.2%

Slovakia -0.8%


© 2014 Ramirent 20

Nordic construction order books increased by 6.3% compared to the previous year

Nordic construction companies order books (at comparable exchange rates)

-40%

-20%

0%

20%

40%

60%

0

1

2

3

4

5

6

7

8

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 Q1

2012

Q2 Q3 Q4 Q1

2013

Q2 Q3 Q4 Q1

2014

NCC YIT*

Lemminkäinen SRV

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

billion Nordic construction order books excluding Skanska, Veidekke and Peab increased by 6.3% compared to the previous year

Ramirent's rolling 12 months net sales decreased by 10.0% (y-o-y)

*YIT's order book not fully comparable as it includes also order book from the Baltic States, Slovakia and the Czech Republic (change in reporting structure as of Q1/2014). Interim Report January–March 2014 l 8 May 2014

The economic growth in 2014 is

expected to be modest and construction

market demand remains mixed in our

core markets.

Ramirent will maintain strict cost

control and, for 2014, capital

expenditure is expected to be around

the same level as in 2013.

The strong financial position will enable

the Group to continue to address

profitable growth opportunities.

Ramirent outlook for 2014 unchanged



Group performance

Segment review

Market outlook

Key figures

Financial position

Company overview

Appendix

23

Finland Sweden Norway Denmark Baltics Central

Net

Sale

s

(M

EU

R)

EB

IT

A m

arg

in

(%

)

R12 Q1/2013 R12 Q1/2014

Mixed performance in our countries

18.1% 17.0%

14.7%

1.2%

17.6%

-1.7%

17.0% 16.5%

13.1%

-5.5%1)

18.3%

3.9%2)

-10%

0%

10%

20%

Finland Sweden Norway Denmark The BalticStates

Europe Central

163.2

212.8

170.5

43.9 29.5

60.5

148.5

202.1

149.9

44.4 32.0

58.2

0

50

100

150

200

Finland Sweden Norway Denmark The BalticStates

Europe Central

1) Rolling 12 months EBITA excluding non–recurring items was EUR −2.4 million or −5.5% of net sales. The non-recurring items included the EUR 1.5 restructuring provision for the third quarter of 2013. 2) Rolling 12 months EBITA excluding non–recurring items was EUR 2.3 million or 3.9% of net sales. The non-recurring items included the EUR 1.9 million loss from disposal of Hungary, recorded in the third quarter 2013.

© 2014 Ramirent


© 2014 Ramirent 24

Net sales affected by exchange rates and divested operations, as well as lower demand

Net sales (MEUR) Breakdown of net sales (MEUR)

98.9 86.7

49.6

45.3

4.3

5.5

0

20

40

60

80

100

120

140

160

180

Q1/2013 Q1/2014

Income from sold equipment

Ancillary income

Rental income

28.2%

−8.7%

−12.3%

152.8

6.2 6.1 2.9

137.5

0

20

40

60

80

100

120

140

160

180

Q1/2013reported

Exchangerates

Divestedoperations

Underlyingchange

Q1/2014reported

First-quarter net sales MEUR 137.5 (152.8) down by 10.0%

Adjusted for transferred or divested operations, net sales decreased by 2.0% at comparable exchange rates

R12 net sales MEUR 632.0 (702.6) down by 10.0%

Adjusted for transferred or divested operations, R12 net sales decreased by 2.5% at comparable exchange rates


© 2014 Ramirent 25

Number of employees has decreased mainly due to restructuring in Denmark and Europe Central

Customer centres Personnel (FTE)

334 325 306 304 302

Q12013

Q2 Q3 Q4 Q12014

Finland Sweden Norway Denmark Europe East -Baltics Europe Central

Number of customer centres were adjusted to

prevailing market conditions

Decrease of 32 customer centres year-on-year

First-quarter employee benefit expenses

MEUR 37.1 (41.9)

Decrease of 196 in number of employees from

Q1/13 to Q1/14

Group: 2,529 (2,725)

Finland

519

Sweden

666

Norway

432

Denmark

162

Europe East -

Baltics 239

Europe

Central 474


© 2014 Ramirent 26

Ramirent’s fixed costs 4.9 MEUR lower compared to last year

Fixed costs (MEUR) and % of Group net sales

67.9

65.9 60.9 41.3%

43.1% 44.3%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

10

20

30

40

50

60

70

80

Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Group fixed costs MEUR 60.9 (65.9) in the first quarter

First-quarter fixed costs of net sales 44.3% (43.1%)

Q1/14 fixed costs:

• Employee benefit expenses MEUR 37.1

• Other operating expenses MEUR 23.8

Fixed costs rolling 12 months MEUR 247.5 (267.6)


© 2014 Ramirent 27

EBITDA-margin excluding non-recurring items slightly below last year's level

EBITDA margin

31.5%

24.8% 23.0%

0%

5%

10%

15%

20%

25%

30%

35%

Q1/2013

reported

Q1/2013

excluding non-

recurring items

Q1/2014

excluding non-

recurring items

EBITDA margin quarterly

15.7%

20.6%

25.5%

31.5%

23.0%

0%

5%

10%

15%

20%

25%

30%

35%

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q1/2013 non-recurring items included a non-

taxable capital gain of MEUR 10.1 from the

formation of Fortrent

First-quarter reported EBITDA MEUR 31.7 (48.1)

First-quarter reported EBITDA margin 23.0%

(31.5%)


© 2014 Ramirent 28

Net sales in the comparative period included business in Russia, Ukraine and Hungary

Net sales: Group, Russia & Ukraine, Hungary

EBITA: Group, Russia & Ukraine, Hungary

Net sales, MEUR Q1/2013 Q2/2013 Q3/2013 Q4/2013 Q1/2014

Group as reported 152.8 160.8 166.2 167.5 137.5

Russia & Ukraine 4.7

Hungary 1.5 1.7 1.6

Group (excl. Russia, Ukraine & Hungary) 146.7 159.1 164.6 167.5 137.5

EBITA, MEUR Q1/2013 Q2/2013 Q3/2013 Q4/2013 Q1/2014

Group as reported 22.6 22.7 25.9 20.9 7.1

Russia & Ukraine (incl. capital gain) 11.4

Hungary (incl. capital loss) -0.2 0.1 -1.3

Group (excl. Russia, Ukraine & Hungary) 11.4 22.6 27.3 20.9 7.1


© 2014 Ramirent 29

Adjusted with comparable company structure, first quarter EBITA margin was 5.2% (7.8%)

22.6

12.4

10.1

1.0

11.4

7.1

0.0

5.0

10.0

15.0

20.0

25.0

1-3/2013reported

Capital gain 1-3/2013excl. capital

gain

Results ofRUS, UKR &

HUN

1-3/2013adjusted

1-3/2014reported

EBITA (MEUR) Q1/13 vs Q1/14

Q1/2013 EBITA includes a capital gain of MEUR 10.1 from the transaction to form Fortrent and the results of transferred or divested operations (RUS, UKR & HUN)

Q1/2014 EBITA excl. non-recurring items and adjusted for divested operations was MEUR 7.1 (11.4) or 5.2% (7.8%) of net sales

14.8% 7.8% 5.2% EBITA margin 8.1%


© 2014 Ramirent 30

Cash flow weakened due to less cash flow from operating activities

-60%

-40%

-20%

0%

20%

40%

60%

80%

-60

-40

-20

20

40

60

80

EBITDA (MEUR)

Cashflow after investments (MEUR)

Cash Conversion

Cash flow after investments (MEUR) Cash conversion (MEUR and %)

19

-5

34

25

-5 -10

-5

0

5

10

15

20

25

30

35

40

Q1

2013

Q2 Q3 Q4 Q1

2014

Cash flow after investments MEUR -5.1 (19.0*)

in the first quarter

Cash flow weakened mainly due to lower cash

flow from operating activities

First-quarter cash conversion typically the

weakest of the year due to the seasonal nature of

rental business

Interim Report January–March 2014 l 8 May 2014 *The comparative period included a cash contribution of MEUR 9.2 from the transaction to form Fortrent.

© 2014 Ramirent 31

Capital expenditure focused on Sweden, Norway and Finland



(at the end of FY)

Capital expenditure by segment (MEUR)

Share of capital expenditure by segment (%)

8.1

10.9

8.7

1.2

1.5

1.3

4.2

9.9

4.9

0.1

2.7

1.6

0 5 10 15

Finland

Sweden

Norway

Denmark

East

CentralQ1/14

Q1/13

Investments in machinery and equipment MEUR

22.0 (29.3) in the first quarter

The sales value of sold rental equipment MEUR

5.5 (4.3) in the first quarter

Finland

18.1%

Sweden

42.3%

Norway

21.0%

Denmark

0.2%

Europe East

11.5%

Europe

Central 6.9%


© 2014 Ramirent 32

In 2014, capital expenditure is expected to be around the same level as in 2013

Gross capital expenditure (MEUR) and % of net sales

12.5

21.7

9.7

18.1

31.9

44.6

119.9

45.9

35.7

23.9 28.0

36.8 32.4

30.0 29.5 33.8

23.4

0%

10%

20%

30%

40%

50%

60%

70%

80%

0

20

40

60

80

100

120

140

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Gross Capex Share of net sales-%

First quarter gross capex MEUR 23.4 (32.4)

No acquisitions during the first quarter

Investments in machinery and equipment MEUR 22.0 (29.3) in the first quarter

Capex focused on Finland, Sweden and Norway


© 2014 Ramirent 33

Return on investment at 13.9%

Return on investment % ROI % and Invested capital MEUR

18.9%

13.9%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

Q1/2013 Q1/2014

524 508

565

654

545

5.8%

9.3%

19.6%

18.9%

13.9%

0%

5%

10%

15%

20%

25%

0

100

200

300

400

500

600

700

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Rolling 12 months Return on investment was

13.9% (18.9%)

Return on investment decreased compared year-

on-year as a result of lower profitability

The Group's invested capital amounted to MEUR

545.1 (654.4) at the end of Q1/14


© 2014 Ramirent 34

Return on equity at 13.6%

Return on equity % ROE % and Total equity (MEUR)

20.7%

13.6%

0%

5%

10%

15%

20%

25%

Q1/2013 Q1/2014

309 316

305

342 330

-0.4%

6.3%

16.9%

20.7%

13.6%

-5%

0%

5%

10%

15%

20%

25%

0

50

100

150

200

250

300

350

400

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Rolling 12 months Return on equity was 13.6%

(20.7%)

Long-term financial target: ROE of 18% over a

business cycle

The Group's total equity amounted to MEUR 330.3

(341.6) at the end of Q1/14

Equity per share was 3.07 (3.17) at the of the

quarter



Group performance

Segment review

Market outlook

Key figures

Financial position

Company overview

Appendix

© 2014 Ramirent 36

Ramirent's financial position remained strong in the first quarter

Net debt (MEUR) Net debt to EBITDA ratio

220

264

230

207 212

0

50

100

150

200

250

300

Q1

2013

Q2 Q3 Q4 Q1

2014

1.8x

1.4x

1.2x

1.0x 1.2x

0.0

0.5

1.0

1.5

2.0

2.5

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Net debt MEUR 212.0 (220.3) at the end of

Q1/14

Net debt decreased by 3.8% (y-o-y)

Net debt to EBITDA 1.2x at the end of Q1/14

Long-term financial target: below 1.6x

(at the end of FY)


© 2014 Ramirent 37

Equity ratio and gearing improved year-on-year

Equity ratio (%) Gearing (%)

38.2%

43.1% 45.2%

48.9%

43.8%

0%

10%

20%

30%

40%

50%

60%

Q1

2013

Q2 Q3 Q4 Q1

2014

64.5%

76.8%

63.9%

55.8%

64.2%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Q1

2013

Q2 Q3 Q4 Q1

2014

First-quarter equity ratio was 43.8% (38.2%)

Total equity amounted to MEUR 330.3 (341.6) at the

end of the quarter

First-quarter gearing was 64.2% (64.5%)

Net debt MEUR 212.0 (220.3) at the end of the

quarter


© 2014 Ramirent 38

An ordinary dividend of EUR 0.37 per share was paid and the

AGM adopted the Board's proposal to decide on a potential

additional dividend of up to EUR 0.63 per share

Earnings Per Share and Dividend Per Share

0.04

0.13

0.41

0.59

0.50

0.15

0.25 0.28

0.34

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

0.80

0.90

1.00

2009 2010 2011 2012 2013

EPS DPS

Ordinary dividend of EUR 0.37 per share paid in April 2014 representing a payout ratio of 73.7% (57.6%) for fiscal year 2013

Potential for an additional dividend of up to EUR 0.63 per share for fiscal year 2013, which would represent a total payout ratio of up to 199% for fiscal year 2013

Long-term financial target: Dividend payout ratio at least 40% of net profit

1.00

0.37

0.63


© 2014 Ramirent 39

First-quarter working capital negative mainly due to dividend

Working capital (MEUR) Working capital / Rolling 12 months net sales

5.9%

5.2%

-1.1% -1.8%

-2.4%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

15.3 15.0 14.4 11.5 12.6

115.4 128.7 125.3 109.2 108.6

-143.3

-98.2 -102.0 -104.4 -136.6

-200

-150

-100

-50

0

50

100

150

200

Q12013

Q2 Q3 Q4 Q12014

Trade payables and other liabilities

Trade and other receivables

Inventories

First-quarter credit losses and change in the

allowance for bad debt amounted to MEUR

-1.5 (-1.9)

Working capital of rolling 12 months net sales

-2.4% (-1.8%)

Dividend of MEUR 39.8 (36.6) paid in April 2014


© 2014 Ramirent 40

At the end of March 2014, Ramirent had unused committed back–up loan facilities of MEUR 202.1

Repayment schedule of interest-bearing liabilities (MEUR) Ramirent had unused committed back-up loan facilities of MEUR 202.1 available at the end of the first quarter

The average interest rate of the loan portfolio was 3.8% (3.5%) at the end of the first quarter

In January, revolving credit facility agreement (MEUR 75.0) with SEB was refinanced and set to mature in 2016

In addition to bank facilities, Ramirent is utilising a domestic commercial paper program of up to EUR 150 million 75

240

100

2013 2014 2015 2016 2017 2018 2019

Net debt EUR 212.0 million

EUR 415.0 million in committed credit facilities


© 2014 Ramirent 41

Two of our long-term financial targets were met in Q1/2014

Leverage and risk

Profit generation

Dividend

Element Target level

ROE

Net Debt / EBITDA

ratio

Dividend pay-out

ratio

18% p.a. over a business cycle

Below 1.6x at the end of each fiscal year

At least 40% of Net profit

Measure Q1/2014

13.6%

1.2x

73.7% of 2013 net profit

STATED OBJECTIVES



Group performance

Segment review

Market outlook

Key figures

Financial position

Company overview

Appendix

© 2014 Ramirent

Ramirent is a generalist equipment rental and service company

44

Where

Geographic presence

Home market Europe with focus on the Baltic Rim

How

Concept Ramirent is a generalist rental company, with an extensive outlet network enabling customer proximity while managing through decentralised operations

What

Offering Ramirent’s business offering stretches from single products to managing the entire fleet capacity at a customer site

Who

Customers Ramirent’s diverse customer base includes construction, industry, services, the public sector and private households

302 customer centres in 10

countries

2,529 employees serving 200,000 customers with

200,000 rental items

MEUR 647 of sales (2013)

Definition of Ramirent's business and strategic choices


© 2014 Ramirent 45

We increased geographical focus on core Baltic Rim markets and widened the customer base

Europe Central

(PL+CZ+SL)

# 1 57 customer

centres

Finland # 1

70 customer centres

Sweden # 2

74 customer centres

Norway # 2

43 customer centres

Denmark # 1

16 customer centres

Europe East –Baltics

# 1 42 customer

centres

Finland 23%

Sweden 33%

Norway 25%

Denmark 7%

Europe East -Baltics

4%

Europe Central 9%

Sales per customers Q1/2014

Construction 63% Industrial

19%

Services & Retail 14%

Public 4%

Private 1%

Current state close to target of 40% non-construction dependent sales

Russia and Ukraine presence through JV Fortrent

Sales per segment Q1/2014


© 2014 Ramirent 46

We continue to pursue our growth strategy in 2014

The five components of Ramirent's growth strategy:

Increased market share

Growth within current business

Extended customer value

proposition

Increasing services and integrated solutions

Increased penetration

Outsourcing opportunities

Increased footprint

New customer segments

New geographies

M&A

Acquisitions, joint ventures

and other transactions

1 2 3 4 5


© 2014 Ramirent 47

Ramirent is transitioning from single equipment rental to integrated rental solutions…

Equipment Services

Rental Business and Sector Knowledge

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 Understanding client requirements helps to customise product selection and further improve productivity

Heavy Equipment

Access Equipment Lifts, Hoists,

Scaffolding, Tower cranes

Modules and site equipment

Light Equipment Tools, power and heating

equipment

• Planning

• On-site services

• Logistics

• Merchandise sale

• Rental insurance

• Training

• Construction

• Mining

• Paper

• Power generation

• Oil & Gas

• Shipyards

• Retail & Service

• Public sector

• Households

Integrated Solutions

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



Targeting non-construction dependent sales of 40% of the Group's net sales

Sales per customers Q1/2014

…offered to a wide range of customer industries in all countries

Construction 63% Industrial

19%

Services & Retail 14%

Public 4%

Private 1%


© 2014 Ramirent 49

Ramirent aims to grow its footprint in strategic growth pockets

OIL & GAS

PUBLIC SECTOR

INDUSTRY


© 2014 Ramirent 50

Ramirent has seen significant growth through outsourcing and acquisitions

Outsourcing deal with two subsidiaries in Finland

Outsourcing deal in Finland

Acquisition of Swedish rental company

Outsourcing deal in Norway

Acquisition of Czech rental

business


Acquisition of Finnish weather protection

rental company

Aquisition of Czech rental

business Acquisition of Czech

rental business

Acquisition of Swedish rental

company Acquisition of Danish rental

business

Acquisition of module rental company in Norway

Outsourcing of Mt Hojgaard's Danish scaffolding division

Acquisition of Swedish rental company

Acquisition of Swedish rental

company

Outsourcing deal in Norway

Joint venture in Russia and Ukraine

with Cramo

2009 - 2010 2011 - 2012 2013-2014


Divestment of operations in

Hungary

Formworks partnership with Doka in Finland

Extending geography to “white spots”

Complimentary product ranges or related services

Strengthening links to new customer segments

Targets mid-size companies mainly

Outsourcing of customer’s in-house fleets

Criteria

Proven track record of accretive acquisitions made at attractive multiples tied to earn-outs

Kurko-Koponen acquisition in

Finland

Outsourcing deal in Denmark

Safety Solutions Jonsereds acquisition

in Sweden


http://www.google.fi/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&docid=x5FJk5jLG0YMjM&tbnid=82aIW8Dq8IJKVM:&ved=0CAUQjRw&url=http://www.luettelomedia.com/kurko-koponen-oy-varkaus-246402/&ei=sawyU_CgA-WAywOQg4CgBw&bvm=bv.63738703,d.bGQ&psig=AFQjCNGd0ABvDpzYnxkK6lsUZNnLQDzMmw&ust=1395916330233798

http://www.jonsereds.com/

© 2014 Ramirent 51

Capex adjusted to market conditions and was in line with depreciation in 2013

Gross capital expenditure, acquisitions and depreciation

54

96

165

212

165

15

53

131

108 123

99 16

11

6

37

3

9

111

16 3

0

50

100

150

200

250

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Capital expenditure* Acquisitions Depreciation

Acquisition of Altima for EUR 89 million

During market downturns Ramirent can reduce capex to a minimum

11 bolt-on acquisitions

*Investments in machinery and equipment excluding acquisitions

The total value of purchased equipment was MEUR 115.3 (101.3) 1-12/2013

The sales value of sold rental equipment was MEUR 28.3 (27.1) in 1-12/2013

In 2014, capital expenditure is expected to be around the same level as in 2013


© 2014 Ramirent 52

Ramirent's Financial Business Model: Three complimentary drivers of value creation

• Volumes • Upselling

• Pricing • Fleet management • Sourcing • Cost structure • Quality of earnings

• Cash conversion • Capex • Working capital • Dividend • Capital Structure

Organic Growth Operating Leverage Financial Leverage

Cash Flow

Target EBITA margin of 17% by the end of 2016

Net debt/ EBITDA target of below 1.6x (at y/e)

Capital

Expenditure

ROE target of 18% over the cycle

Dividend pay-out ratio of at least 40% of

net profit


© 2014 Ramirent 53

Customer

service level

Total costs

Non- available

fleet

Capital efficiency

Optimising fleet maintenance strategy

Resourcing and maintenance & repair locations

Optimising workshop processes

Balanced fleet age structure

Fleet management activities

Efficiency utilisation* (%) R3 months

Total Fleet Yield** (%) R3 months

∗) 𝐸𝑓𝑓𝑖𝑐𝑖𝑒𝑛𝑐𝑦 𝑢𝑡𝑖𝑙𝑖𝑠𝑎𝑡𝑖𝑜𝑛 =𝐴𝑐𝑞𝑢𝑖𝑠𝑖𝑡𝑖𝑜𝑛 𝑣𝑎𝑙𝑢𝑒 𝑜𝑓 𝑟𝑒𝑛𝑡𝑒𝑑 𝑓𝑙𝑒𝑒𝑡

𝐴𝑐𝑞𝑢𝑖𝑠𝑖𝑡𝑖𝑜𝑛 𝑣𝑎𝑙𝑢𝑒 𝑜𝑓 𝑡𝑜𝑡𝑎𝑙 𝑓𝑙𝑒𝑒𝑡∗ 100 %

∗∗) 𝑇𝑜𝑡𝑎𝑙 𝐹𝑙𝑒𝑒𝑡 𝑌𝑖𝑒𝑙𝑑 =𝑅𝑒𝑛𝑡𝑎𝑙 𝑖𝑛𝑐𝑜𝑚𝑒 ∗ 100 %

𝐴𝑐𝑞𝑢𝑖𝑠𝑖𝑡𝑖𝑜𝑛 𝑣𝑎𝑙𝑢𝑒 𝑜𝑓 𝑡𝑜𝑡𝑎𝑙 𝑓𝑙𝑒𝑒𝑡

Goals KPIs

Efficient logistics

Fleet management potential realised at different levels


© 2014 Ramirent 54

Group EBITA margin target of 17% by the end of 2016

Q1/2014 R12 EBITA margin by segment (%) Group EBITA margin** (%)

*EBITA excluding non-recurring items **Excluding transferred operations to Fortrent and divestment of Hungary

13

1.5

2.5

17

0

2

4

6

8

10

12

14

16

18

20

EBITA 2013* min 10% in all

segments

min 18% in all

segments

Target

17.0

16.5

13.1

-5.5

19.3

3.9

-5

0

5

10

15

20

FI SE NO DK* EE EC*

Target EBITA-margin is 18% for all

geographical segments…

…which leads to a Group EBITA

margin of 17%


© 2014 Ramirent 55

Share price development in 2013-2014

60

70

80

90

100

110

120

130

140

150

160

Index

Ramirent Plc (RMR1V)

RMR1V OMXHPI OMXHMCPI

8.12 May 5, 2014


© 2014 Ramirent

Attractive market - structural growth drivers and cyclical recovery potential

Number 1 position - market leader in 7/10 countries

Strong platform - above industry average profitability, balanced risk level and increasing operational excellence

Growth potential - 5 point growth strategy to capitalise on strong position

Financial strength – industry leading cash generation and leverage potential to finance growth, drive ROE and increase dividends

Proven management track record – experienced management has reshaped the company since 2008

56

Return on equity of 18% over a business cycle

YE net debt to EBITDA of below 1.6x

Dividend pay-out ratio of at least 40% of net profit

EBITA margin of 17% by the end of 2016

How will we deliver on our financial targets and create shareholder value?

Company highlights Stated objectives



Group performance

Segment review

Market outlook

Key figures

Financial position

Company overview

Appendix

© 2014 Ramirent 58

CONSOLIDATED STATEMENT OF INCOME 1–3/14

1–3/13

1–12/13

(EUR 1,000)

Rental income 86,724 98,906 420,895

Ancillary income 45,293 49,608 198,040

Sales of equipment 5,521 4,305 28,317

NET SALES 137,538 152,819 647,252

Other operating income 349 11,175 12,732

Materials and services −44,857 −49,958 −213,169

Employee benefit expenses −37,129 −41,875 −156,791

Other operating expenses −23,792 −23,976 −95,660

Share of profit in associates and joint ventures −429 −108 688

Depreciation, amortisation and impairment charges −26,303 −30,073 −112,768

EBIT 5,376 18,005 82,284

Financial income 2,095 4,242 15,639

Financial expenses −4,252 −7,048 −34,055

Total financial income and expenses −2,157 −2,806 −18,415

EBT 3,220 15,199 63,869

Income taxes −660 −4,180 −9,839

PROFIT FOR THE PERIOD 2,559 11,019 54,030

Profit for the period attributable to:

Owners of the parent company 2,559 11,019 54,030

TOTAL 2,559 11,019 54,030

Earnings per share (EPS) on parent company shareholder’s share of profit

Basic, EUR 0.02 0.10 0.50

Diluted, EUR 0.02 0.10 0.50

Consolidated statement of income


© 2014 Ramirent 59

Consolidated statement of financial position

CONSOLIDATED STATEMENT OF FINANCIAL POSITION 31/3/2014

31/3/2013

31/12/2013

(EUR 1,000)

ASSETS

NON–CURRENT ASSETS

Goodwill 124,690 131,247 124,825

Other intangible assets 38,108 40,311 38,427

Property, plant and equipment 427,841 453,921 432,232

Investments in associates and joint ventures 15,003 22,425 18,524

Non–current loan receivables 20,261 20,250 20,261

Available–for–sale investments 519 412 517

Deferred tax assets 815 1,856 647

TOTAL NON–CURRENT ASSETS 627,236 670,422 635,432

CURRENT ASSETS

Inventories 12,561 15,281 11,494

Trade and other receivables 108,577 115,351 109,207

Current tax assets 3,252 1,923 1,495

Cash and cash equivalents 2,784 92,437 1,849

TOTAL CURRENT ASSETS 127,173 224,992 124,045

TOTAL ASSETS 754,409 895,414 759,477


© 2014 Ramirent 60

CONSOLIDATED STATEMENT OF FINANCIAL POSITION 31/3/2014

31/3/2013

31/12/2013

(EUR 1,000)

EQUITY AND LIABILITIES

EQUITY

Share capital 25,000 25,000 25,000

Revaluation fund −1,291 −4,273 −1,502

Invested unrestricted equity fund 113,767 113,568 113,568

Retained earnings from previous years 190,263 196,271 179,882

Profit for the period 2,559 11,019 54,030

TOTAL EQUITY 330,298 341,585 370,978

NON–CURRENT LIABILITIES

Deferred tax liabilities 53,833 65,286 54,286

Pension obligations 14,087 14,784 13,923

Non–current provisions 1,186 964 1,198

Non–current interest–bearing liabilities 206,721 277,820 174,981

Other non–current liabilities − 5,669 −

TOTAL NON–CURRENT LIABILITIES 275,827 364,523 244,388

CURRENT LIABILITIES

Trade payables and other liabilities 136,582 143,323 104,369

Current provisions 525 499 664

Current tax liabilities 3,136 10,533 5,278

Current interest–bearing liabilities 8,042 34,951 33,800

TOTAL CURRENT LIABILITIES 148,285 189,306 144,111

TOTAL LIABILITIES 424,112 553,829 388,499

TOTAL EQUITY AND LIABILITIES 754,409 895,414 759,477


Consolidated statement of financial position (continued)

© 2014 Ramirent 61

Key financial figures

KEY FINANCIAL FIGURES 1–3/14

1–3/13

1–12/13

(MEUR)

Net sales, EUR million 137.5 152.8 647.3

Change in net sales, % −10.0% −7.0% −9.4%

EBITDA, EUR million 31.7 48.1 195.1

% of net sales 23.0% 31.5% 30.1%

EBITA, EUR million 7.1 22.6 92.1

% net sales 5.2% 14.8% 14.2%

EBIT, EUR million 5.4 18.0 82.3

% of net sales 3.9% 11.8% 12.7%

EBT, EUR million 3.2 15.2 63.9

% of net sales 2.3% 9.9% 9.9%

Profit for the period, EUR million 2.6 11.0 54.0

% of net sales 1.9 % 7.2 % 8.3%

Gross capital expenditure, EUR million 23.4 32.4 125.8

% of net sales 17.0% 21.2% 19.4%

Invested capital, EUR million, end of period 545.1 654.4 579.8

Return on invested capital (ROI), %* 13.9% 18.9% 16.5%

Return on equity (ROE), %* 13.6% 20.7% 14.7%

Interest–bearing debt, EUR million 214.8 312.8 208.8

Net debt, EUR million 212.0 220.3 206.9

Net debt to EBITDA ratio 1.2x 1.0x 1.1x

Gearing, % 64.2% 64.5% 55.8%

Equity ratio, % 43.8% 38.2% 48.9%

Personnel, average during reporting period 2,536 2,867 2,709

Personnel, at end of reporting period 2,529 2,725 2,561

Interim Report January–March 2014 l 8 May 2014 *Rolling 12 months

© 2014 Ramirent 62

Consolidated cash flow statement

CONSOLIDATED CASH FLOW STATEMENT 1–3/14

1–3/13

1–12/13

(EUR 1,000)

Cash flow from operating activities

Profit before taxes 3,220 15,199 63,869

Adjustments

Depreciation, amortisation and impairment charges 26,303 30,073 112,768

Adjustment for proceeds from sale of used rental equipment 2,612 1,879 8,975

Financial income and expenses 2,157 2,806 18,415

Adjustment for proceeds from disposals of subsidiaries − −10,128 −15,609

Other adjustments 4,090 −4,780 4,735

Cash flow from operating activities before change in working capital 38,380 35,048 193,153

Change in working capital

Change in trade and other receivables 2,029 19,135 18,994

Change in inventories −644 −147 3,114

Change in non–interest–bearing liabilities −24,191 −2,385 −5,724

Cash flow from operating activities before interest and taxes 15,574 51,651 209,537

Interest paid −157 −2,624 −5,270

Interest received − 480 1,047

Income tax paid −4,059 −7,443 −23,068

Net cash generated from operating activities 11,358 42,064 182,245


© 2014 Ramirent 63

CONSOLIDATED CASH FLOW STATEMENT 1–3/14

1–3/13

1–12/13

Cash flow from investing activities

Acquisition of businesses and subsidiaries, net of cash − − −2,832

Investment in tangible non–current asset (rental machinery) −20,658 −27,762 −110,115

Investment in other tangible non–current assets −86 −1,230 −2,825

Investment in intangible non–current assets −1,320 −1,757 −6,503

Proceeds from sale of tangible and intangible non–current assets

(excluding used rental equipment) 151 54 360

Proceeds from sales of other investments 5,481 9,200 14,681

Loan receivables, increase, decrease and other changes − −1,567 −1,577

Net cash flow from investing activities −16,432 −23,062 −108,812

Cash flow from financing activities

Paid dividends − − −36,618

Borrowings and repayments of current debt (net) 6,009 −14,563 −49,771

Borrowings of non–current debt − 99,030 99,031

Repayments of non–current debt − −12,370 −85,565

Net cash flow from financing activities 6,009 72,096 −72,923

Net change in cash and cash equivalents during the financial year 935 91,099 511

Cash at the beginning of the period 1,849 1,338 1,338

Change in cash 935 91,099 511

Cash at the end of the period 2,784 92,437 1,849


Consolidated cash flow statement (continued)

© 2014 Ramirent 64

Net sales

NET SALES 1–3/14

1–3/13

1–12/13

(MEUR)

FINLAND

- Net sales (external) 31.5 35.0 150.9

- Inter–segment sales 0.2 0.1 1.0

SWEDEN



NORWAY


- Inter–segment sales 0.6 − 0.0

DENMARK


- Inter–segment sales − − 0.2

EUROPE EAST



EUROPE CENTRAL



Elimination of sales between segments −1.1 −0.4 −2.3

NET SALES, TOTAL 137.5 152.8 647.2


© 2014 Ramirent 65

EBITA

EBITA 1–3/14

1–3/13

1–12/13

(MEUR)

FINLAND 2.9 3.4 25.7

% of net sales 9.3% 9.7% 16.9%

SWEDEN 4.2 7.4 36.6

% of net sales 9.3% 14.6% 17.6%

NORWAY 2.6 5.0 22.0

% of net sales 7.6% 13.0% 14.3%

DENMARK −1.1 −1.4 −4.3

% of net sales −11.7% −15.9% −9.7%

EUROPE EAST −0.1 11.0 17.3

% of net sales −1.8% 113.5% 48.8%

EUROPE CENTRAL −1.2 −2.3 −0.7

% of net sales −10.2% −21.2% −1.2%

Net items not allocated to segments −0.2 −0.4 −4.6

GROUP EBITA 7.1 22.6 92.1

% of net sales 5.2% 14.8% 14.2%


Investor Relations

Ramirent January-March 2014 Interim Report