Ramirent Plc's Half Year Financial Report 2017: Sales growth and profitability improvement continued

Helsinki, Finland, 2017-08-02 08:00 CEST (GLOBE NEWSWIRE) --  

Ramirent Plc    Half Year Financial Report        August 2 2017 at 9:00 EEST

April-June 2017 in brief
· Net sales EUR 174.1 (169.4) million, up by 2.8% or 4.2% at comparable exchange rates 
· Comparable EBITA improved to EUR 22.0 (17.51) million or 12.6% (10.3%1) of net sales
· Gross capital expenditure EUR 52.4 (60.1) million

January-June 2017 in brief
· Net sales EUR 338.7 (315.4) million, up by 7.4% or 7.9% at comparable exchange rates 
· Comparable EBITA improved to EUR 38.6 (24.81) million or 11.4% (7.9%1) of net sales 
· Comparable EPS improved to EUR 0.20 (0.111)
· Gross capital expenditure EUR 94.0 (100.5) million
· Cash flow after investments EUR -10.9 (-30.5) million

Ramirent's guidance for 2017 unchanged
In 2017, Ramirent's comparable EBITA is expected to increase from the level in 2016.

Key figures   

KEY FIGURES (MEUR and %) 4-6/17 4-6/16 CHANGE 1-6/17 1-6/16 CHANGE 1-12/16
Net sales 174.1 169.4 2.8% 338.7 315.4 7.4% 665.2
EBITDA 48.2 42.2 14.2% 90.8 74.1 22.5% 169.0
% of net sales 27.7% 24.9%   26.8% 23.5%   25.4%
Comparable EBITA 22.0 17.51 25.4% 38.6 24.81 55.7% 68.1
% of net sales 12.6% 10.3%   11.4% 7.9%   10.2%
EBITA 22.0 16.6 32.4% 38.6 23.8 61.7% 59.2
% of net sales 12.6% 9.8%   11.4% 7.6%   8.9%
Comparable EPS, EUR 0.12 0.091 33.1% 0.20 0.111 74.4% 0.35
Earning per share EPS (EUR) 0.12 0.08 43.4% 0.20 0.11 84.7% 0.20
Gross capital expenditure 52.4 60.1 -12.8% 94.0 100.5 -6.4% 190.8
Cash flow after investments -16.1 -23.7 32.1% -10.9 -30.5 64.3% -20.7
Capital employed, end of period       653.6 641.5 1.9% 645.0
Comparable ROCE, %       11.4% 9.3%   9.3%
ROCE, %       8.3% 9.0%   6.2%
Comparable ROE, %       16.8% 12.9%   12.1%
ROE, %       11.4% 12.6%   7.2%
Net debt       378.6 354.4 6.8% 345.8
Net debt to EBITDA ratio       2.0x 2.1x -3.6% 2.0x

 1 Excluding items affecting comparability (IACs) of EUR -0.9 million in Q2 2016

Ramirent's CEO Tapio Kolunsarka:
"We are satisfied with our performance improvement in the first half of the year. Net sales grew by 7.4% or 7.9% at comparable rates and EBITA improved to EUR 38.6 (24.8) million or 11.4% (7.9%) of net sales.

Our second quarter was broadly in line with our expectations. Net sales grew by 2.8% or 4.2% at comparable rates. This year Easter being in Q2, versus in Q1 last year, moderated the sales growth. EBITA also continued to develop positively, reaching EUR 22.0 (17.5) million or 12.6% (10.3%) of net sales in the quarter. All segments' EBITA increased except Denmark's. Our growth in rental sales was good and turnaround actions in non-performing units progressed. The most positive development in the quarter was seen in Europe Central where strong execution of our improvement plan continued and market conditions improved.

We have achieved good progress in the first half of 2017 in our profit improvement program. Market conditions are expected to remain favorable and we will stay focused on our basic priorities to deliver a good performance also during the second half of the year."

Market outlook for 2017
Ramirent's market outlook is based on the available forecasts disclosed by local construction and industry associations in its operating countries. 
In Finland, market conditions are expected to remain favorable supported by new residential construction and large non-residential construction projects. In Sweden, continued strong momentum in the construction sector is expected to drive demand for equipment rental and related services. The Danish and Norwegian equipment rental markets are estimated to remain fairly stable. In Baltics, the market situation is expected to improve compared to the first half of the year supported by new project start-ups. In Poland and Slovakia, the equipment rental markets are supported by new construction and industrial projects. Market outlook is more subdued in the Czech Republic due to low activity in the construction market.

Audiocast and conference call for investment analysts and press
A briefing for investment analysts and the press will be arranged on August 2, 2017 at 10:30 a.m. Finnish time (EEST) through a live audiocast viewable at www.ramirent.com combined with a conference call. The dial-in number for conference call: +358 9 8171 0495 (FI), +46 8 5664 2702(SE), +44 2031940552 (UK) and +1 8557161597 (US). A recording of the audiocast and conference call will be available at www.ramirent.com later the same day.

Financial calendar 2017
Ramirent observes a silent period during 30 days prior to the publication of annual and interim financial results.

2017

Interim report January-September November 8
Capital Markets Day December 1

2018

Financial Statements 2017 February 8 
Annual General Meeting March 15 
Interim report January-March May 9 
Half Year Financial Report August 8 
Interim report January-September November 7

For further information
Pierre Brorsson, Chief Financial Officer (CFO)
tel. +46 8 624 9541, pierre.brorsson@ramirent.com

Franciska Janzon, SVP, Marketing, Communications and IR 
tel. +358 20 750 2859, franciska.janzon@ramirent.com

Ramirent is a leading equipment rental group combining the best equipment, services and know-how into rental solutions that simplify customer's business. Ramirent serves a broad range of customer sectors including construction, industry, services, the public sector and households. Ramirent has operations in the Nordic countries and in Central and Eastern Europe. In 2016, Ramirent Group sales totaled EUR 665 million. The Group has 2,816 employees in 298 customer centers in 10 countries. Ramirent is listed on NASDAQ Helsinki (RMR1V). Ramirent - More than machines®.

Distribution
NASDAQ OMX Helsinki, main news media, www.ramirent.com

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