RAMIRENT PLC STOCK EXCHANGE RELEASE 12.2.2009 AT 9:00 AM
RAMIRENT GROUP'S FINANCIAL STATEMENTS FOR 2008
DECLINING PROFITS IN CHALLENGING MARKET DEVELOPMENT
THE FULL FINANCIAL YEAR 2008 HIGHLIGHTS
- Net sales grew by 11% and totalled EUR 702.6 (634.3) million.
- Operating profit (EBIT) excluding restructuring costs and goodwill impairment
was EUR 110.6 (157.5) million with a margin of 15.7% (24.8%).
- Operating profit (EBIT) after restructuring costs of EUR 25.8 million and
goodwill impairment of EUR 5.1 million was EUR 79.7 million.
- Profit before taxes (EBT) was EUR 50.7 (145.8) million.
- Capital expenditure was EUR 201.3 (217.5) million, of which machinery and
equipment EUR 164.8 (211.9) million
- Net debt was EUR 303.0 (235.9) million. Gearing was 107.8% (69.2%).
- Return on invested capital (ROI) was 17.5% (31.7%)
- Earnings per share of EUR 0.31 (1.02).
- The Board of Directors proposes a dividend of EUR 0.15 (0.50) per share.
- Due to high uncertainty and low visibility, no profit guidance will be given.
FOURTH QUARTER 2008 HIGHLIGHTS
- Net sales decreased by -4% to EUR 172.5 (179.8) million.
- Operating profit (EBIT) excluding restructuring costs and goodwill impairment
was EUR 11.2(46.3) million with a margin of 6.5% (25.6%). Operating profit
(EBIT) after restructuring and goodwill impairment was EUR -19.7 million.
-
Currency losses and translation differences affected Q408 figures negatively
- Actions taken targeting EUR 50 million in annual fixed cost savings.
Magnus Rosén, President and CEO since 15 January 2009:
“In 2008 the economic slowdown spread into most of our operating markets.
Ramirent's growth for the full year 2008 exceeded 10%, but Q408 broke the
quarterly growth trend that has continued for several years. Profitability
declined overall due to the weakened markets, especially in Europe East, Denmark
and also in Norway.
Actions have been taken to generate EUR 50 million in annual fixed cost savings
for the Group. Unfortunately, this also means that personnel adjustments are
necessary. We estimate to reduce a total of 600 employees from the Group's
workforce. Investments in new capacity have been halted and focus lies on
optimising fleet re-allocations between our countries to support utilisation and
price levels. On 15 January 2009, the Group Management structure was also
amended to shorten the decision-making paths and drive higher synergies between
our operating countries.
While we will continue to execute our long-term growth strategy, we are now
entering a stabilisation phase where priority is given to cash flow and
profitability to preserve a strong balance sheet. This is clearly our top
priority in the current economic environment.
A challenging year lies ahead, but we are prepared to take action and move
quickly, when this is called for. Our financing is secured and contingency plans
are in place in all countries in the event of a further market decline and
changes in demand. As visibility for 2009 is very low, risk minimising and cost
control remains high on the agenda.
KEY FIGURES
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| (EUR million) | 10-12/2008 | 10-12/2007 | 1-12/2008 | 1-12/2007 |
--------------------------------------------------------------------------------
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| Net sales | 172,5 | 179,8 | 702,6 | 634,3 |
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| Operating profit | 16,5 | 67,8 | 188,8 | 237,0 |
| before depreciation | | | | |
| (EBITDA) | | | | |
--------------------------------------------------------------------------------
| Operating profit excl. | 11.2 | 46.3 | 110.6 | 157.5 |
| restrucuring costs and | | | | |
| goodwill impairment | | | | |
--------------------------------------------------------------------------------
| % of net sales | 6.5% | 25.8% | 15.7% | 24.8% |
--------------------------------------------------------------------------------
| Operating profit | -19,7 | 46,3 | 79,7 | 157,5 |
| (EBIT) | | | | |
--------------------------------------------------------------------------------
| % of net sales | -11,4% | 25,8% | 11,3 % | 24,8% |
--------------------------------------------------------------------------------
| Profit before taxes | -32,8 | 43,5 | 50,6 | 145,8 |
| (EBT) | | | | |
--------------------------------------------------------------------------------
| Net profit for the | -27,9 | 32,5 | 33,7 | 110,2 |
| period | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share | -0,26 | 0,30 | 0,31 | 1,02 |
| (EPS), (diluted), EUR | | | | |
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| Equity per share | | | 2,59 | 3,14 |
| (diluted), EUR | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Return on invested | | | 17,5 % | 31,7% |
| capital (ROI), % 1) | | | | |
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| Net debt | | | 303,0 | 235,9 |
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| Gearing, % | | | 107,8 % | 69,2% |
--------------------------------------------------------------------------------
| Equity ratio, % | | | 37.4 % | 46,3% |
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| Gross investments in non-current assets (EUR | 201.3 | 217.5 |
| million) | | |
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| Gross investments, % of net sales | 28,7 % | 34,3% |
--------------------------------------------------------------------------------
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| Personnel, average | | | 4 006,0 | 3 407 |
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| Personnel at end of | | | 3 894,0 | 3 642 |
| period | | | | |
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--------------------------------------------------------------------------------
| 1) The figures are | | | | |
| calculated on a | | | | |
| rolling twelve month | | | | |
| basis. | | | | |
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OPERATING ENVIRONMENT
Ramirent is a company focused on construction machinery and equipment rentals,
operating in the Nordic, Central and Eastern European markets. The Group is
headquartered in Vantaa and had 362 (310) permanent outlets in thirteen
countries on 31 December 2008.
In the Nordic region, construction activity remained high in Finland and Sweden,
while it weakened in Norway and Denmark during 2008. In the fourth quarter, the
market situation weakened also in Finland and Sweden. In our Central and Eastern
European countries, the construction market continued to grow, except for
Estonia, Latvia and Hungary where construction activity has slowed down
significantly. In the second half of 2008, growth rates also slowed down
rapidly in Lithuania, Russia and Ukraine. In all Ramirent countries, uncertainty
has increased due to the global financial crisis and the economic slowdown.
GROUP NET SALES AND PROFIT
Investments in new fleet capacity and acquisitions contributed to net sales
growth of 11% to EUR 702.6 (634.3) million. Growth was mainly organic. Europe
Central posted the highest growth numbers (+60%) whereas Norway, Denmark and
Europe East net sales were on previous year's level. Fourth quarter net sales
decreased by -4%, to 172.5 (179.8) million, due to declining construction
activity and weakening major currencies. At comparable currency rates fourth
quarter net sales grew by 1%.
Net sales by segment were as follows:
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| (EUR million) | 10-12/08 | 10-12/07 | 1-12/08 | 1-12/07 |
--------------------------------------------------------------------------------
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| Net sales | | | | |
--------------------------------------------------------------------------------
| Finland | 38,8 | 36,1 | 154,4 | 133,6 |
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| Sweden | 42,1 | 43,0 | 171,3 | 152,6 |
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| Norway | 33,5 | 41,7 | 145,9 | 145,9 |
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| Denmark | 16,3 | 15,5 | 59.0 | 57,0 |
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| Europe East | 20,9 | 26,2 | 89,9 | 91,0 |
--------------------------------------------------------------------------------
| Europe Central | 23,7 | 17,6 | 88,7 | 55,4 |
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| Sales between segments | -2,9 | -0,2 | -6,6 | -1,3 |
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| Net sales, total | 172,5 | 179,8 | 702,6 | 634,3 |
--------------------------------------------------------------------------------
Operating profit before depreciation (EBITDA) was EUR 188.8 (237.0) million;
The operating costs include restructuring and other non-recurring costs of EUR
25.8 million, of which EUR 6.3 million relate to employee reductions and the
rest primarily to termination of lease agreements on equipment and premises. The
negative market development in Norway and Denmark, as well as in the Baltic
countries and Hungary affected the Group level profitability. Lower fleet
utilization, tougher price competition and higher fixed costs as well as costs
for expanding the outlet network and entering new markets in Europe Central also
burdened profitability. In addition, the increase in provisions for bad debts
amounted to EUR 14,2 (5,3) million and actual credit losses amounted to EUR 3,9
(2,2) million. The Group's operating profit (EBIT) excluding restructuring costs
and goodwill impairment was 110.6 (157.5) with a margin of 15.7% (24.8%).
Goodwill impairment was EUR 5.1 million. Operating profit (EBIT) after
restructuring costs and goodwill impairment was EUR 79.7 million.
The operating margin by segments, excluding restructuring costs and goodwill
impairment, was as follows:
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| | 10- | EBIT | 10- | EBIT | 1-12 | EBIT | *1-1 | *EBIT | 1-12 | EBIT |
| | 12/ | % | 12/ | % | /08 | % | 2/08 | % | /07 | % |
| | 08 | | 07 | | | | | | | |
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| Opera | | | | | | | | | | |
| ting | | | | | | | | | | |
| profi | | | | | | | | | | |
| t | | | | | | | | | | |
--------------------------------------------------------------------------------
| Finla | 5,4 | 13,8 | 8,6 | 23,9 | 33,0 | 21,4 | 30,5 | 19,8 | 34,8 | 26,1% |
| nd | | % | | % | | % | | % | | |
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| Swede | 9,3 | 22,2 | 11, | 26,0 | 37,5 | 21,9 | 29,9 | 17,4 | 35,1 | 23,0% |
| n | | % | 2 | % | | % | | % | | |
--------------------------------------------------------------------------------
| Norwa | 3,2 | 9,7 | 10, | 25,2 | 24,2 | 16,6 | 15,1 | 10,4 | 35,9 | 24,6% |
| y | | % | 5 | % | | % | | % | | |
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| Denma | -0, | -4,6 | 3,8 | 24,2 | 2,4 | 4,1 % | 0,7 | 1,1 % | 10,2 | 17,9% |
| rk | 8 | % | | % | | | | | | |
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| Europ | -4, | -19, | 9,0 | 34,3 | 7,5 | 8,3 % | -1,4 | -1,5 | 29,4 | 32,3 |
| e | 0 | 1 % | | % | | | | % | | % |
| East | | | | | | | | | | |
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| Europ | 0,3 | 1,2 | 3,6 | 20,4 | 8,5 | 9,6 % | 8,4 | 9,5 % | 12,9 | 23,2% |
| e | | % | | % | | | | | | |
| Centr | | | | | | | | | | |
| al | | | | | | | | | | |
--------------------------------------------------------------------------------
| non-a | -2, | | -0, | | -2,5 | | -3,5 | | -0,8 | |
| lloca | 3 | | 4 | | | | | | | |
| ted | | | | | | | | | | |
--------------------------------------------------------------------------------
| EBIT, | 11, | 6,5 | 46, | 25,8 | 110, | 15,7 | 79,7 | 11,3 | 157, | 24,8% |
| total | 2 | % | 3 | % | 6 | % | | % | 5 | |
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*including resctructuring costs and goodwill impairment.
The net financial items increased to EUR -29.1 (-11.8) million due to currency
exchange losses of EUR -6.3 (+1.1) million and due to financial costs of EUR
-4.9 million related to the long-term incentive programs. Net interest expenses
of bank loans and leasing increased to EUR 16.1 (10.6) million.
The Group's profit before taxes for the financial year was EUR 50.7 (145.8)
million. The tax rate increased due to a higher share of non-tax deductible
items such as goodwill impairment. The effective tax rate for 2008 was 33.4%
(24.4%). The net profit for the year was EUR 33.7 (110.2) million. Earnings per
share were EUR 0.31 (1.02). The return on invested capital was 17.5% (31.7%) and
the return on equity was 10.8% (36.4%).
CAPITAL EXPENDITURE AND DEPRECIATION
The Group's gross capital expenditure on non-current assets totalled EUR 201.3
(217.5) million, of which EUR 164.8 (211.9) million was attributable to
investments in machinery and equipment. Acquisitions accounted for EUR 33.0
(3.7) million. The gross capital expenditure during the last quarter was EUR
13.2 million.
The total depreciation and write-off of non-current assets (excluding impairment
charges) during the year 2008 amounted to EUR 104.0 (79.5) million, of which EUR
100.1 (76.9) million were attributable to machinery and equipment. Disposals of
tangible non-current assets at book value were EUR 15.2 (18.1) million, of which
EUR 12.9 (12.5) million were attributable to machinery and equipment and the
rest was mostly attributable to sold properties. Translation difference of
non-current assets was EUR -40.7 million due to weakening of several Group
currencies towards Euro.
Goodwill totalled EUR 87.4 (77.6) million at the end of the financial year. An
impairment of EUR 5.1 (0.0) million was recognised in Europe East. The amount of
goodwill in the Group decreased also due to weakening of several currencies
towards Euro by EUR 3.9 million.
FINANCIAL POSITION AND BALANCE SHEET
The Group's twelve-month cash flow from operating activities was positive,
amounting to EUR 168.5 (173.8) million. Cash flow from investing activities
amounted to EUR -161.5 (-192.7) million. Cash flow from financing activities
totalled EUR -6.1 (19.0) million including dividend payments of EUR 54.3 (32.5)
million. At the end of the year 2008, liquid assets stood at EUR 2.1 (1.2)
million, resulting in a net change in cash of EUR 0.9 (0.1) million compared to
the previous year-end.
Ramirent's interest-bearing liabilities increased by EUR 68.0 million from the
previous year-end and totalled EUR 305.1 (237.1) million. Net debt amounted to
EUR 303.0 (235.9) million at the end of the financial year. Gearing increased to
107.8 % (69.2%). The nominal value of the interest rate swaps at the end of the
year was EUR 118.2 (122.0) million.
At the end of the financial year, Ramirent had unused committed back-up
facilities available of EUR 174 million. Ramirent has no material loan
repayments due in 2009.
Total assets amounted to EUR 752.7 (737.1) million. The value of Group
consolidated assets compared to September 31 2008 was affected by weakening of
several currencies. Group equity totalled EUR 281.1 (341.0) million. Changes in
currency rates resulted in a translation difference in equity of EUR -36.4
million. The Group's equity ratio was 37.4% (46.3%).
COST SAVING PROGRAM
On 18 December, 2008 Ramirent Plc announced a Group-wide cost saving program
which is to generate annual fixed cost savings of around EUR 50 million. A
restructuring cost of around EUR 25.8 million was recognised in the fourth
quarter of 2008. Group companies have initiated negotiations on possible
lay-offs and redundancies. The company estimates it needs to reduce its total
workforce by some 600 persons. Contingency plans have been developed to address
the risk of further market decline and to be able to act rapidly to changes in
the market.
To date the cost saving actions essentially target the operations in the Nordic
countries and Europe East, as market conditions are still favourable in Europe
Central. The actions taken in the Nordic countries mainly relate to personnel
reductions, cancellation of equipment lease agreements and reorganising products
areas with weak market expectations. In Europe East, actions relate primarily to
personnel reductions and depot network optimisation.
BUSINESS EXPANSIONS AND DIVESTMENT DURING THE FINANCIAL YEAR
The rental equipment company Hyresmaskiner i Stockholm AB, which was acquired 19
December 2007, was consolidated into the operating segment Sweden's figures from
the beginning of 2008.
On 3 January 2008, Ramirent Finland Oy acquired the rental equipment business of
Suomen Rakennuskonevuokraamo Oy with annual revenues of around EUR 2 million.
The acquisition added two new outlets in Helsinki and Espoo.
On 8 January 2008, Ramirent acquired a majority stake in the Slovak-based
company, OTS Bratislava, spol.sr.o., a leading provider of rental equipment
services for Slovak construction companies. The entry into Slovakia is an
important strategic step for Ramirent, offering unique opportunities for
profitable growth in this new market. The company has a network of 37 own and
franchised outlets and employs some 130 people.
BUSINESS SEGMENTS
From the beginning of the financial year 2008, Ramirent reports according to six
operating segments. The Ramirent Europe segment was split into Europe East
(Estonia, Latvia, Lithuania, Russia and Ukraine) and Europe Central (Poland,
Hungary, Czech Republic and Slovakia).
Finland
In Finland, net sales grew by 16% and totalled EUR 154.4 (133.6) million. Market
demand and business operations remained on a good level until the fourth
quarter. Despite of the slowdown in residential construction, the demand for
rental equipment increased based on growth in other construction sectors and
industrial projects. The operating profit excluding restructuring costs was EUR
33.0 (34.8) million with a margin of 21.4% (26.1%). The operating profit (EBIT)
after restructuring costs was EUR 30.5 (34.8) million. The increased usage of
outsourcing services and operational leasing, which adds flexibility to fleet
management lowered the profitability. Gross capital expenditure increased to EUR
28.9 (26.5) million, including an acquisition in the Helsinki area and equipment
transfers from other Ramirent countries.
Sweden
In Sweden, net sales grew by 12% to EUR 171.3 (152.6) million based on growth in
the construction market and the acquisition of Hyresmaskiner i Stockholm AB at
year-end 2007. Growth at comparable currency rates was 17%. In the fourth
quarter, however, a clear slow down was seen in market demand. The operating
profit (EBIT) excluding restructuring costs was EUR 37.5 (35.1) million with a
margin of 21.9% (23.0%). The operating margin (EBIT-%) remained on previous
year's level except in the last quarter when cost-saving actions were started.
The operating profit (EBIT) after restructuring costs was EUR 29.9 (35.1)
million. The gross capital expenditure including acquisitions amounted to EUR
34.7 (36.8) million.
Norway
In Norway, Ramirent's Norwegian subsidiary Bautas AS's net sales remained at
previous year's level at EUR 145.9 (145.9) million due to a rapidly weakening
construction market throughout 2008. At comparable currency rates net sales grew
by 2%. The operating profit (EBIT) excluding restructuring costs was EUR 24.2
(35.9) million with a margin of 16.6% (24.6%). The profitability was burdened by
cost increases and lower utilisation in certain product and geographical areas.
The operating profit (EBIT) after restructuring costs was EUR 15.1 (35.9)
million. The gross capital expenditure decreased to EUR 25.1 (38.5) million.
Denmark
In Denmark, net sales remained on previous year's level at EUR 59.0 (57.0)
million despite the continued weak market conditions. The growth of EUR 2
million in net sales was attributable to sale of rental assets. The operating
profit (EBIT) excluding restructuring costs was EUR 2.4 (10.2) million with a
margin of 4.1% (17.9%). The operating profit (EBIT) after restructuring costs
was EUR 0.7 (10.2) million. Aggressive competition lowered price levels during
2008 at the same time as the overall cost level also increased. Gross capital
expenditure decreased to EUR 13.1 (22.8) million.
Europe East
In Europe East (Russia, Estonia, Latvia, Lithuania and Ukraine), net sales
totalled EUR 89.9 (91.0) million. Sales decreased significantly in Estonia,
Latvia and Lithuania, but grew in Russia and Ukraine. The profitability was
burdened by lower price levels and decreased fleet utilisation as well as an
increase in provisions for bad debt in all Europe East countries. Due to
increased uncertainty an impairment of goodwill of EUR 5.1 million was
recognised. The operating profit (EBIT) excluding restructuring costs and
goodwill impairment was EUR 7.5 (29.4) million with a margin of 8.3% (32.3%).
The operating profit (EBIT) after restructuring and goodwill impairment
decreased to EUR -1.4 (29.4) million. Gross capital expenditure was EUR 40.6
(56.1) million.
Europe Central
In Europe Central (Poland, Hungary, the Czech Republic and Slovakia), operations
continued to grow and net sales increased by 60% to EUR 88.7 (55.4) million.
Investments in new fleet capacity, the entry into Slovakia and the expansion of
the outlet network in Poland and the Czech Republic have improved Ramirent's
overall market position in this area. The expansion in Poland, the Czech
Republic and into Slovakia as well as in Hungary the continued weak market
conditions decreased the operating profit (EBIT) to EUR 8.5 (12.9) million
excluding restructuring costs. The corresponding margin was 9.6% (23.2%). The
operating profit (EBIT) after restructuring costs was EUR 8.4 (12.9) million.
Gross capital expenditure, including the acquisition in Slovakia, was EUR 64.3
(36.7) million.
PERSONNEL AND ORGANISATION
--------------------------------------------------------------------------------
| | Employees (average) | | Outlets on 30 December |
--------------------------------------------------------------------------------
| | 1-12/08 | 1-12/07 | | 2008 | 2007 |
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--------------------------------------------------------------------------------
| Finland | 719 | 674 | | 95 | 95 |
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| Sweden | 658 | 597 | | 56 | 51 |
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| Norway | 675 | 631 | | 40 | 37 |
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| Denmark | 252 | 237 | | 20 | 17 |
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| Europe East | 668 | 591 | | 50 | 49 |
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| Europe Central | 1015 | 664 | | 101 | 61 |
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| Group administration | 19 | 13 | | | |
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| Total | 4006 | 3407 | | 362 | 310 |
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BUSINESS RISKS
Ramirent is subject to various business risks. Certain risk factors are deemed
to be of material importance to the future development of Ramirent. Risks are
evaluated in relation to the Company's strategic targets. Overall Ramirent
expects that the risk exposure has increased by effectiveness and probability
due to the turmoil in the financial markets and the economic cycle of the
construction markets.
The main risks affecting Ramirent's business operations, its profitability and
financial position are those connected with the economic cycles of the
construction industry and the increased competition in the rental sector in its
operating countries. Though Ramirent has diversified operations geographically
and is prepared to move capacity according to market development, a downturn in
business cycles in main markets impacts the utilisation of equipment and price
levels negatively. Global slowdown may create overall overcapacity and increased
price competition in the markets. In 2008 the financial crisis and high
uncertainty has led to an increased cautiousness among customers regarding
decisions on investments and new projects. The present conditions in the
financial market limit the accessibility to financing which may negatively
affect Ramirent's customers and suppliers and thereby also the Ramirent Group.
As the business environment has in general become less benign, Ramirent has
implemented stricter risk management routines. The capital expenditure plans
have been halted due to weaker market conditions ahead and focus is set on
transfer of excess fleet capacity to optimise utilisation and defend price
levels.
Some of Ramirent's operating markets are still very fragmented and this
challenging market situation, serves as an opportunity to further strengthen
Ramirent's market position through selective acquisitions in the future. Such
acquisitions are subject to risk related to identifying suitable target
companies, to successful timing and integration of the acquired business into
Ramirent's operations. The growth strategy may also include expansion of
activities to new geographical markets. Such expansion is subject to cultural,
political, economical, regulatory, and legal risks as well as finding the good
local key personnel.
Overall, Ramirent is still dependent on the construction sector's economic
cycles. Ramirent strives to reduce risk by seeking new customer groups outside
the construction sector.
During the financial year Ramirent has revised its credit policy and introduced
new local practises to lower the risk of bad debt. Ramirent is closely
monitoring credits and regularly makes provisions for risk in sales receivables.
Ramirent also amended its Group management structure to increase efficiency in
Group management, decision-making and to drive higher synergies between the
operating segments.
Ramirent is subject to certain financial risks such as foreign currency and
interest rate risks. During the financial year Ramirent has updated its Finance
Policy to minimize liquidity risk by increasing the amount of committed back-up
facilities and by reducing its dependence on the commercial paper markets.
Ramirent has limited refinancing needs before the year 2010.
SHARES AND SHARE CAPITAL
The Annual General Meeting 2008 adopted the Board of Directors' proposal to
reduce the share premium fund as shown in the balance sheet as per 31 December
2007 by the amount of 126,643,828.85 euros by transferring the amount of EUR
13,314,918.13 to the share capital and the amount of EUR 113,328,910.72 to the
free equity fund. On December 31, 2008, Ramirent Plc's share capital entered was
EUR 25,000,000 divided into 108,697,328 shares.
SHARE TURNOVER AND PERFORMANCE
Ramirent Plc's end-of-year market capitalization was EUR 353 (1,221) million.
The Ramirent share price on December 31, 2008 was EUR 3.25 (11.23). The highest
quotation for the year was EUR 12.68 (22.16), and the lowest EUR 2.37 (10.51).
The average trading price was EUR 7.23 (16.22). The NASDAQ OMX Nordic Exchange
Helsinki traded 132,730,217 (96,159,809) Ramirent shares, i.e. 122% (88.5%) of
Ramirent's total number of shares, equivalent to a turnover of EUR 966 million
(1,783).
SHAREHOLDERS
The ten principal shareholders on 31 December 2008 were:
--------------------------------------------------------------------------------
| | | | Number of | Percentag |
| | | | shares | e of |
| | | | | total |
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| 1 | Nordstjernan Ab | | 31 186 331 | 28,69 % |
--------------------------------------------------------------------------------
| 2 | Julius Tallberg Corp. | | 11 962 229 | 11,01 % |
--------------------------------------------------------------------------------
| 3 | Varma Mutual Pension Insurance | | 7 951 299 | 7,32 % |
| | Company | | | |
--------------------------------------------------------------------------------
| 4 | Odin Funds | | 5 088 414 | 4,68 % |
--------------------------------------------------------------------------------
| | -Odin Norden | 2 054 260 | | |
--------------------------------------------------------------------------------
| | -Odin Finland | 1 548 759 | | |
--------------------------------------------------------------------------------
| | -Odin Europa SMB | 1 401 231 | | |
--------------------------------------------------------------------------------
| | -Odin Europa | 22 424 | | |
--------------------------------------------------------------------------------
| | -Odin Norden II | 61 740 | | |
--------------------------------------------------------------------------------
| 5 | Ilmarinen Mutual Pension | | 3 123 316 | 2,87 % |
| | Insurance Company | | | |
--------------------------------------------------------------------------------
| 6 | FIM Funds | | 1 409 592 | 1,30% |
--------------------------------------------------------------------------------
| | FIM Forte Fund | 577573 | | |
--------------------------------------------------------------------------------
| | FIM Fenno Fund | 787795 | | |
--------------------------------------------------------------------------------
| | FIM Nordic Fund | 44224 | | |
--------------------------------------------------------------------------------
| 7 | Nordea Funds | | 1 402 761 | 1,29 % |
--------------------------------------------------------------------------------
| | -Nordea Pro Finland Fund | 523 665 | | |
--------------------------------------------------------------------------------
| | -Nordea Nordic Fund | 1 186 | | |
--------------------------------------------------------------------------------
| | -Nordea Fennia Fund | 584 578 | | |
--------------------------------------------------------------------------------
| | -Nordea Fennia Plus Fund | 149 821 | | |
--------------------------------------------------------------------------------
| | -Nordea Finland Index Fund | 103 559 | | |
--------------------------------------------------------------------------------
| | -Nordea Finland 130/30 Fund | 39 952 | | |
--------------------------------------------------------------------------------
| 8 | Fondita Funds | | 1 090 000 | 1,00 % |
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| | Fondita Nordic Small Cap | 900000 | | |
| | Investment Fund | | | |
--------------------------------------------------------------------------------
| | Fondita Equity Spice Investment | 190000 | | |
| | Fund | | | |
--------------------------------------------------------------------------------
| 9 | Evli Funds | | 1 062 877 | 0,98 % |
--------------------------------------------------------------------------------
| | -Mutual Fund Evli Select | 418 598 | | |
--------------------------------------------------------------------------------
| | -Evli Nordic Dividend | 406 419 | | |
--------------------------------------------------------------------------------
| | -Evli Wealth Manager | 200 000 | | |
--------------------------------------------------------------------------------
| | -Evli Finland Mix | 37 860 | | |
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| 10 | The State Pension Fund | | 1 004 000 | 0,92 % |
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| | Ten largest registered owner's | | 65 280 819 | 60,06 % |
| | total holding | | | |
--------------------------------------------------------------------------------
| | Nominee registered shares | | 17 148 116 | 15,78 % |
--------------------------------------------------------------------------------
| | Other shareholders | | 26 268 393 | 24,17 % |
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| | Total | | 108 697 328 | 100,00 % |
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FLAGGING NOTIFICATIONS
On 30 May 2008, Ramirent received a disclosure under chapter 2, section 9 of the
Securities Markets Act from Nordstjernan AB. On 29 May 2008, the holdings of
Nordstjernan AB in Ramirent Plc increased to 27,889,809 shares representing
25.7% of Ramirent Plc's shares and voting rights.
DECISIONS MADE BY THE ANNUAL GENERAL MEETING OF 9 APRIL 2008
The Annual General Meeting of Ramirent Plc approved the financial statements for
2007 and discharged the members of the Board of Directors and CEO of Ramirent
Plc from liability for the financial year 2007. In addition, the Annual General
Meeting approved the proposals of the Board of Directors to amend the Articles
of Association, as well as authorised the Board of Directors to decide on the
acquisition of the Company's own shares and on a share issue.
The Annual General Meeting in 2008 decided on a dividend of EUR 0.50 (0.30) per
share.
The Annual General Meeting decided to elect seven members to the Board of
Directors: Kaj-Gustaf Bergh, Torgny Eriksson, Peter Hofvenstam, Ulf Lundahl,
Freek Nijdam, Erkki Norvio and Susanna Renlund. At the formative meeting of the
Board of Directors held after the Annual General Meeting, Peter Hofvenstam was
elected Chairman of the Board and Susanna Renlund Vice Chairman. Peter
Hofvenstam, Kaj-Gustaf Bergh and Ulf Lundahl were elected members of the Working
Committee. Peter Hofvenstam was elected Chairman of the Working Committee. Peter
Hofvenstam and Susanna Renlund were elected members of the Audit Committee.
Peter Hofvenstam was elected Chairman of the Audit Committee.
On 5 August 2008, Mr. Freek Nijdam informed his decision to resign from the
Ramirent Board of Directors due to health reasons. Mr. Nijdam was a Ramirent
Board member since 2007.
KPMG Oy Ab, a firm of Authorized Public Accountants, was re-elected auditor.
Pauli Salminen, APA, is the main responsible auditor appointed by KPMG Oy Ab.
EVENTS AFTER THE REVIEW PERIOD
New CEO and changes in Ramirent's Group management team
On 15 January, 2009 Magnus Rosén, 46, [M.Sc.(Econ.), MBA] started as CEO of the
Ramirent Group. Magnus Rosén succeeds Kari Kallio, who is retiring at the AGM
2009. The composition of the Group's management board was amended as of 15
January of 2009 to consist of the following members:
- Magnus Rosén, President and CEO of Ramirent Group
- Heli Iisakka, CFO
- Kari Aulasmaa, SVP, Finland and Europe East
- Mikael Öberg, SVP, Sweden and Scandinavia
- Tomasz Walawender, SVP, Europe Central
- Eivind Boe, MD, Norway
- Paula Koppatz, General Counsel
- Franciska Janzon, Director, Corporate Communications.
The purpose of the changes in the Group Management Team is to increase
efficiency in group management and drive higher synergies between our countries.
Financial reporting remains unchanged according to six operating segments
Finland, Sweden, Norway, Denmark, Europe East and Europe Central.
Long-term financial targets
The Board of Directors of Ramirent Group adopted a new financial target related
to financial gearing on February 11, 2009 and confirmed the existing long-term
targets. The Group's financial targets over a business cycle are: earnings per
share growth of at least 15 per cent p.a. and a return on invested capital of at
least 18 per cent p.a. In addition, a gearing target of less than 120 per cent
at the end of each financial year was set for the first time at Group level.
Ramirent's policy with respect to the ordinary dividend is to distribute at
least 40 per cent of annual earnings per share to the shareholders.
PROPOSAL OF THE BOARD ON THE USE OF DISTRIBUTABLE FUNDS
The Board of Directors proposes to the Annual General Meeting that a dividend of
EUR 0.15 (0.50) per share be paid for the financial year 2008, corresponding to
48% of the earnings per share.
ANNUAL GENERAL MEETING
The Annual General Meeting is scheduled to be held in Scandic Marina Congress
Center, Katajanokanlaituri 6, 00160 Helsinki, Finland on 2 April 2009, at 4:30
p.m. The invitation to the Annual General Meeting will be published on 19
February 2009. The annual report will be available in week 9.
OUTLOOK
Ramirent expects 2009 rental market to be clearly below 2008 level and has taken
actions to weather this downturn and maintain competitiveness.
According to a Euroconstruct forecast (Nov 2008), the construction volume will
decline significantly in most of Ramirent's operating countries. Uncertainties
related to the development in financial markets and its effects on the
construction sector remain high. Forecasts indicate that overall start-ups of
both new residential and non-residential construction will decline further
during 2009. Renovation construction, which is important to the rental sector,
will continue its steady growth. Infrastructure construction is expected to drop
slightly in 2009, unless the government authorities start reviving the economy
by increasing public infrastructure investment.
While continuing to execute its long-term growth strategy, Ramirent is entering
a stabilisation phase where we are taking actions to reduce overall costs,
safeguard cash flow, defend profitability and to preserve a strong balance
sheet. This is clearly our top priority in the current economic environment.
Cost saving actions including negotiations with the personnel started to reduce
an estimated 600 persons of the Group's total workforce. Investments in new
capacity have been halted and focus will lie on re-allocation of the fleet
between our countries to support utilisation and price levels. On 15 January
2009, the Group Management structure was also amended to increase efficiency and
drive higher synergies between our segments. Ramirent has increased its measures
to meet the growing financial risks related to both customer receivables and the
company's own liquidity risk.
Ramirent will also monitor opportunities for machinery outsourcing by companies
that still own their own fleet capacity and opportunities for suitable
acquisitions in the future. The usage of rental machinery is still relatively
low by international standards in Ramirent's operating countries and is expected
to increase due to tightening financing and cost control as well as productivity
and safety requirements for construction and industrial companies.
Due to the high level of uncertainty, contingency plans have been developed to
address the risk of further market decline and to be able to act rapidly to
changes in the market.
Due to high uncertainty and low visibility, no profit guidance will be given.
SEGMENT INFORMATION, INCOME STATEMENT, BALANCE SHEET, CONDENSED CASH FLOW
STATEMENT, STATEMENT OF CHANGES IN EQUITY, KEY FIGURES, AND CONTINGENT
LIABILITIES
Ramirent Plc adopted the International Financial Reporting Standards (IFRS) on 1
January, 2005. The Group applies the following amendments to the standards and
IFRIC's as from the financial year 2007: Change in IAS 1 Presentation of
Financial Statements; IAS 34: Interim Financial Reporting; IFRS 7 Financial
Instruments: Disclosures; IFRIC 8, 9, 10, 11 and 12. The changes did not have
any significant effect on Ramirent's financial figures. The same definitions of
key financial figures have been applied as in Ramirent Plc's annual financial
statements for 2006.
Segment information is presented for Ramirent's primary segment, which is
determined by geographical split. From January 2008 the Ramirent Europe segment
is reported as two separate segments, Europe East (Estonia, Latvia, Lithuania,
Ukraine and Russia) and Europe Central (Poland, Hungary, Czech Republic and
Slovakia). The comparative figures for 2007 have been reported accordingly. The
operating profit includes a non-recurring gain from the divestment of
properties, which has not been allocated to any segment.
QUARTERLY SEGMENT INFORMATION
--------------------------------------------------------------------------------
| (EUR million) | 10-12/08 | 10-12/07 | 1-12/08 | 1-12/07 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | | | | |
--------------------------------------------------------------------------------
| Finland | 38,8 | 36,1 | 154,4 | 133,6 |
--------------------------------------------------------------------------------
| Sweden | 42,1 | 43,0 | 171,3 | 152,6 |
--------------------------------------------------------------------------------
| Norway | 33,5 | 41,7 | 145,9 | 145,9 |
--------------------------------------------------------------------------------
| Denmark | 16,3 | 15,5 | 59.0 | 57,0 |
--------------------------------------------------------------------------------
| East Europe | 20,9 | 26,2 | 89,9 | 91,0 |
--------------------------------------------------------------------------------
| Central Europe | 23,7 | 17,6 | 88,7 | 55,4 |
--------------------------------------------------------------------------------
| Sales between segments | -2,9 | -0,2 | -6,7 | -1,3 |
--------------------------------------------------------------------------------
| Net sales, total | 172,5 | 179,8 | 702,6 | 634,3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit | | | | |
--------------------------------------------------------------------------------
| Finland | 2,9 | 8,6 | 30,5 | 34,8 |
--------------------------------------------------------------------------------
| % of net sales | 7,5 % | 23,9% | 19,8 % | 26,1% |
--------------------------------------------------------------------------------
| Sweden | 1,7 | 11,2 | 29,9 | 35,1 |
--------------------------------------------------------------------------------
| % of net sales | 4,0 % | 26,0% | 17,4 % | 23,0% |
--------------------------------------------------------------------------------
| Norway | -5,8 | 10,5 | 15,1 | 35,9 |
--------------------------------------------------------------------------------
| % of net sales | -17,4 % | 25,2% | 10,4 % | 24,6% |
--------------------------------------------------------------------------------
| Denmark | -2,5 | 3,8 | 0,7 | 10,2 |
--------------------------------------------------------------------------------
| % of net sales | -15,1 % | 24,2% | 1,1 % | 17,9% |
--------------------------------------------------------------------------------
| East Europe | -12,9 | 9 | -1,4 | 29,4 |
--------------------------------------------------------------------------------
| % of net sales | -61,5 % | 34,3% | -1,5 % | 32,3 % |
--------------------------------------------------------------------------------
| Central Europe | 0,2 | 3,6 | 8,4 | 12,9 |
--------------------------------------------------------------------------------
| % of net sales | 0,8 % | 20,4% | 9,5 % | 23,2% |
--------------------------------------------------------------------------------
| Costs not allocated to | -3,3 | -0,4 | -3,5 | -0,8 |
| segments | | | | |
--------------------------------------------------------------------------------
| Group operating profit | -19,7 | 46,3 | 79,7 | 157,6 |
| excluding the profit of | | | | |
| divestment of | | | | |
| properties | | | | |
--------------------------------------------------------------------------------
| % of net sales | -11,4 % | 25,8% | 11,3 % | 24,8% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
INCOME STATEMENT
--------------------------------------------------------------------------------
| (EUR 1,000) | 10-12-/08 | 10-12/07 | 1-12/08 | 1-12/07 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Net sales | 172 501 | 179 799 | 702 635 | 634 257 |
--------------------------------------------------------------------------------
| Other operating income | 539 | 2 316 | 3 817 | 5 825 |
--------------------------------------------------------------------------------
| TOTAL | 173 040 | 182 115 | 706 452 | 640 083 |
--------------------------------------------------------------------------------
| Materials and services | -54 587 | -49 249 | -208 186 | -173 750 |
--------------------------------------------------------------------------------
| Employee benefit | -45 690 | -40 120 | -176 372 | -152 970 |
| expenses | | | | |
--------------------------------------------------------------------------------
| Depreciation | -36 231 | -21 494 | -109 107 | -79 457 |
--------------------------------------------------------------------------------
| Other operating expenses | -56 233 | -24 931 | -133 074 | -76 361 |
--------------------------------------------------------------------------------
| OPERATING PROFIT | -19 702 | 46 321 | 79 713 | 157 545 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income | 12 738 | 2 413 | 22 658 | 5 761 |
--------------------------------------------------------------------------------
| Financial expenses | -25 861 | -5 234 | -51 713 | -17 553 |
--------------------------------------------------------------------------------
| PROFIT BEFORE TAXES | -32 825 | 43 500 | 50 658 | 145 753 |
--------------------------------------------------------------------------------
| Income taxes | 4 968 | -11 009 | -16 944 | -35 541 |
--------------------------------------------------------------------------------
| NET PROFIT FOR THE | -27 857 | 32 492 | 33 715 | 110 212 |
| PERIOD | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Sharing of profit: | | | | |
--------------------------------------------------------------------------------
| To the parent company's | -27 857 | 32 484 | 33 715 | 110 177 |
| shareholders | | | | |
--------------------------------------------------------------------------------
| To the Group's minority | - | 7 | - | 36 |
--------------------------------------------------------------------------------
| Sharing of profit, total | -27 857 | 32 492 | 33 715 | 110 212 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share | | | 0,31 | 1,02 |
| (EPS), diluted, EUR | | | | |
--------------------------------------------------------------------------------
| Earnings per share | | | 0,31 | 1,02 |
| (EPS), non-diluted, EUR | | | | |
--------------------------------------------------------------------------------
BALANCE SHEET
ASSETS
--------------------------------------------------------------------------------
| (EUR 1,000) | 31.12.2008 | 31.12.2007 |
--------------------------------------------------------------------------------
| NON-CURRENT ASSETS | | |
--------------------------------------------------------------------------------
| Tangible assets | 528 780 | 505 800 |
--------------------------------------------------------------------------------
| Goodwill | 87 398 | 77 633 |
--------------------------------------------------------------------------------
| Other intangible assets | 6 986 | 2 011 |
--------------------------------------------------------------------------------
| Available-for-sale investments | 79 | 95 |
--------------------------------------------------------------------------------
| Deferred tax assets | 6 117 | 2170 |
--------------------------------------------------------------------------------
| NON-CURRENT ASSETS, TOTAL | 629 359 | 587 709 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CURRENT ASSETS | | |
--------------------------------------------------------------------------------
| Inventories | 21 258 | 22 155 |
--------------------------------------------------------------------------------
| Trade and other receivables | 99 055 | 122 873 |
--------------------------------------------------------------------------------
| Income tax receivables on the taxable | 377 | 225 |
| income for the financial period | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 2 072 | 1 200 |
--------------------------------------------------------------------------------
| Non-current assets held for sale | 559 | 2 967 |
--------------------------------------------------------------------------------
| CURRENT ASSETS, TOTAL | 123 320 | 149 420 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL ASSETS | 752 679 | 737 129 |
--------------------------------------------------------------------------------
EQUITY AND LIABILITIES
--------------------------------------------------------------------------------
| (EUR 1,000) | 31.12.2008 | 31.12.2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY | | |
--------------------------------------------------------------------------------
| Share capital | 25 000 | 11 685 |
--------------------------------------------------------------------------------
| Share premium account | | 126 644 |
--------------------------------------------------------------------------------
| Free equity fund | 113 329 | |
--------------------------------------------------------------------------------
| Retained earnings | 142 766 | 202 683 |
--------------------------------------------------------------------------------
| PARENT COMPANY SHAREHOLDERS' | 281 095 | 341 012 |
| EQUITY | | |
--------------------------------------------------------------------------------
| Minority interests | - | 107 |
--------------------------------------------------------------------------------
| EQUITY, TOTAL | 281 095 | 341 119 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NON-CURRENT LIABILITIES | | |
--------------------------------------------------------------------------------
| Deferred tax liabilities | 46 273 | 44 271 |
--------------------------------------------------------------------------------
| Pension obligations | 7 030 | 8 036 |
--------------------------------------------------------------------------------
| Provisions | 6 929 | 987 |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 275 731 | 164 501 |
--------------------------------------------------------------------------------
| NON-CURRENT LIABILITIES, TOTAL | 335 962 | 217 796 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CURRENT LIABILITIES | | |
--------------------------------------------------------------------------------
| Trade payables and other | 81 445 | 89 007 |
| liabilities | | |
--------------------------------------------------------------------------------
| Provisions | 17 452 | 463 |
--------------------------------------------------------------------------------
| Income tax liabilities on the | 7 401 | 16 187 |
| taxable income for the financial | | |
| period | | |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 29 325 | 72 558 |
--------------------------------------------------------------------------------
| CURRENT LIABILITIES, TOTAL | 135 622 | 178 215 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES, TOTAL | 471 584 | 396 011 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL EQUITY AND LIABILITIES | 752 679 | 737 129 |
--------------------------------------------------------------------------------
CONDENSED CASH FLOW STATEMENT
--------------------------------------------------------------------------------
| (EUR million) | 1-12/08 | 1-12/07 |
--------------------------------------------------------------------------------
| Cash flow from operating activities | 168,483 | 173,787 |
--------------------------------------------------------------------------------
| Cash flow from investing activities | -161,477 | -192,711 |
--------------------------------------------------------------------------------
| Cash flow from financing activities | | |
--------------------------------------------------------------------------------
| Proceeds from share subscriptions | - | 0,693 |
--------------------------------------------------------------------------------
| Borrowings/ repayments of short-term debt | -39,377 | 50,523 |
--------------------------------------------------------------------------------
| Borrowings and repayments of long-term | 87,593 | 0,254 |
| debt | | |
--------------------------------------------------------------------------------
| Dividends paid | -54,349 | -32,460 |
--------------------------------------------------------------------------------
| Net cash generated from financing | -6,133 | 19,011 |
| activities | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net change in cash and cash equivalents | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the | 1,200 | 1,113 |
| beginning of the period | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Translation difference on cash and cash | 0,139 | 0,000 |
| equivalents | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net change in cash and cash equivalents | 0,734 | 0,087 |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the end of | 2,072 | 1,200 |
| the period | | |
--------------------------------------------------------------------------------
CHANGES IN EQUITY
--------------------------------------------------------------------------------
| A = Share capital |
--------------------------------------------------------------------------------
| B = Share premium fund |
--------------------------------------------------------------------------------
| C = Free equity fund |
--------------------------------------------------------------------------------
| D = Translation differences |
--------------------------------------------------------------------------------
| E = Revaluation fund |
--------------------------------------------------------------------------------
| F = Retained earnings |
--------------------------------------------------------------------------------
| G = Entries on current held for sale |
--------------------------------------------------------------------------------
| H = Parent shareholders' equity |
--------------------------------------------------------------------------------
| I = Minority interest |
--------------------------------------------------------------------------------
| J = Total equity |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (EUR | | | | | | | | | |
| 1,000) | | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | A | B | C | D | E | F | G | H | I | J |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Eq- | 116 | 12601 | - | 4898 | 109 | 12206 | 136 | 26484 | 83 | 26492 |
| uit | 25 | 1 | | | | 2 | | 1 | | 4 |
| y | | | | | | | | | | |
| 31. | | | | | | | | | | |
| 12. | | | | | | | | | | |
| 200 | | | | | | | | | | |
| 6 | | | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Tra | - | - | - | -1998 | - | - | - | -1998 | -12 | -2010 |
| -ns | | | | | | | | | | |
| -la | | | | | | | | | | |
| tio | | | | | | | | | | |
| n | | | | | | | | | | |
| dif | | | | | | | | | | |
| -fe | | | | | | | | | | |
| -re | | | | | | | | | | |
| n-c | | | | | | | | | | |
| es | | | | | | | | | | |
| 1-1 | | | | | | | | | | |
| 2/ | | | | | | | | | | |
| 200 | | | | | | | | | | |
| 7 | | | | | | | | | | |
--------------------------------------------------------------------------------
| Fai | - | - | - | - | -326 | - | - | -326 | - | -326 |
| r | | | | | | | | | | |
| val | | | | | | | | | | |
| -ue | | | | | | | | | | |
| ad- | | | | | | | | | | |
| jus | | | | | | | | | | |
| tme | | | | | | | | | | |
| nt | | | | | | | | | | |
| of | | | | | | | | | | |
| in- | | | | | | | | | | |
| te- | | | | | | | | | | |
| res | | | | | | | | | | |
| t | | | | | | | | | | |
| rat | | | | | | | | | | |
| e | | | | | | | | | | |
| SWA | | | | | | | | | | |
| Ps | | | | | | | | | | |
| 1-1 | | | | | | | | | | |
| 2/ | | | | | | | | | | |
| 200 | | | | | | | | | | |
| 7 | | | | | | | | | | |
--------------------------------------------------------------------------------
| In- | - | - | - | - | 85 | - | - | 85 | - | 85 |
| com | | | | | | | | | | |
| e | | | | | | | | | | |
| tax | | | | | | | | | | |
| on | | | | | | | | | | |
| di- | | | | | | | | | | |
| rec | | | | | | | | | | |
| -tl | | | | | | | | | | |
| y | | | | | | | | | | |
| to | | | | | | | | | | |
| eq- | | | | | | | | | | |
| uit | | | | | | | | | | |
| y | | | | | | | | | | |
| en- | | | | | | | | | | |
| tri | | | | | | | | | | |
| -es | | | | | | | | | | |
| 1-1 | | | | | | | | | | |
| 2/ | | | | | | | | | | |
| 200 | | | | | | | | | | |
| 7 | | | | | | | | | | |
--------------------------------------------------------------------------------
| En- | - | - | - | -1998 | -241 | - | - | -2239 | -12 | -2251 |
| tri | | | | | | | | | | |
| -es | | | | | | | | | | |
| di- | | | | | | | | | | |
| rec | | | | | | | | | | |
| -tl | | | | | | | | | | |
| y | | | | | | | | | | |
| to | | | | | | | | | | |
| eq- | | | | | | | | | | |
| uit | | | | | | | | | | |
| y | | | | | | | | | | |
| (ne | | | | | | | | | | |
| t) | | | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net | - | - | - | - | - | 11017 | - | 11017 | 36 | 11021 |
| res | | | | | | 7 | | 7 | | 3 |
| -ul | | | | | | | | | | |
| t | | | | | | | | | | |
| for | | | | | | | | | | |
| the | | | | | | | | | | |
| per | | | | | | | | | | |
| -io | | | | | | | | | | |
| d 1 | | | | | | | | | | |
| - | | | | | | | | | | |
| 12/ | | | | | | | | | | |
| 200 | | | | | | | | | | |
| 7 | | | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net | - | - | - | -1998 | -241 | 11017 | - | 10793 | 24 | 10796 |
| of | | | | | | 7 | | 8 | | 2 |
| in- | | | | | | | | | | |
| com | | | | | | | | | | |
| e | | | | | | | | | | |
| and | | | | | | | | | | |
| ex- | | | | | | | | | | |
| pen | | | | | | | | | | |
| -se | | | | | | | | | | |
| s | | | | | | | | | | |
| for | | | | | | | | | | |
| the | | | | | | | | | | |
| pe- | | | | | | | | | | |
| rio | | | | | | | | | | |
| d | | | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Di- | - | - | - | - | - | -3246 | - | -3246 | - | -3246 |
| vi- | | | | | | 0 | | 0 | | 0 |
| den | | | | | | | | | | |
| d | | | | | | | | | | |
| dis | | | | | | | | | | |
| -tr | | | | | | | | | | |
| i-b | | | | | | | | | | |
| u-t | | | | | | | | | | |
| ion | | | | | | | | | | |
| 1 | | | | | | | | | | |
| -12 | | | | | | | | | | |
| / | | | | | | | | | | |
| 200 | | | | | | | | | | |
| 8 | | | | | | | | | | |
--------------------------------------------------------------------------------
| Ex- | 60 | 633 | - | - | - | - | - | 693 | - | 693 |
| er- | | | | | | | | | | |
| ci- | | | | | | | | | | |
| sed | | | | | | | | | | |
| sha | | | | | | | | | | |
| -re | | | | | | | | | | |
| op- | | | | | | | | | | |
| ti- | | | | | | | | | | |
| ons | | | | | | | | | | |
| 1-1 | | | | | | | | | | |
| 2/ | | | | | | | | | | |
| 200 | | | | | | | | | | |
| 7 | | | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Eq- | 116 | 12664 | - | 2900 | -132 | 19977 | 136 | 34101 | 107 | 34111 |
| uit | 85 | 4 | | | | 9 | | 2 | | 9 |
| y | | | | | | | | | | |
| 31. | | | | | | | | | | |
| 12. | | | | | | | | | | |
| 200 | | | | | | | | | | |
| 7 | | | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Tra | - | - | - | -3640 | - | - | - | -3640 | - | -3640 |
| -ns | | | | 8 | | | | 8 | | 8 |
| -la | | | | | | | | | | |
| tio | | | | | | | | | | |
| n | | | | | | | | | | |
| dif | | | | | | | | | | |
| -fe | | | | | | | | | | |
| -re | | | | | | | | | | |
| n-c | | | | | | | | | | |
| es | | | | | | | | | | |
| 1-1 | | | | | | | | | | |
| 2/ | | | | | | | | | | |
| 200 | | | | | | | | | | |
| 8 | | | | | | | | | | |
--------------------------------------------------------------------------------
| Cha | - | - | - | - | - | - | - | - | -107 | -107 |
| -ng | | | | | | | | | | |
| e | | | | | | | | | | |
| in | | | | | | | | | | |
| mi- | | | | | | | | | | |
| no- | | | | | | | | | | |
| rit | | | | | | | | | | |
| y | | | | | | | | | | |
| (ne | | | | | | | | | | |
| t) | | | | | | | | | | |
| 1-1 | | | | | | | | | | |
| 2/ | | | | | | | | | | |
| 200 | | | | | | | | | | |
| 8 | | | | | | | | | | |
--------------------------------------------------------------------------------
| Fai | - | - | | - | -388 | - | - | -3885 | - | -3885 |
| r | | | | | 5 | | | | | |
| val | | | | | | | | | | |
| -ue | | | | | | | | | | |
| ad- | | | | | | | | | | |
| jus | | | | | | | | | | |
| t-m | | | | | | | | | | |
| ent | | | | | | | | | | |
| of | | | | | | | | | | |
| in- | | | | | | | | | | |
| te- | | | | | | | | | | |
| res | | | | | | | | | | |
| t | | | | | | | | | | |
| rat | | | | | | | | | | |
| e | | | | | | | | | | |
| SWA | | | | | | | | | | |
| Ps | | | | | | | | | | |
| 1-1 | | | | | | | | | | |
| 2/ | | | | | | | | | | |
| 200 | | | | | | | | | | |
| 8 | | | | | | | | | | |
--------------------------------------------------------------------------------
| In- | - | - | | - | 1010 | - | - | 1010 | - | 1010 |
| com | | | | | | | | | | |
| e | | | | | | | | | | |
| tax | | | | | | | | | | |
| on | | | | | | | | | | |
| di- | | | | | | | | | | |
| rec | | | | | | | | | | |
| -tl | | | | | | | | | | |
| y | | | | | | | | | | |
| to | | | | | | | | | | |
| eq- | | | | | | | | | | |
| uit | | | | | | | | | | |
| y | | | | | | | | | | |
| en- | | | | | | | | | | |
| tri | | | | | | | | | | |
| -es | | | | | | | | | | |
| 1-1 | | | | | | | | | | |
| 2/ | | | | | | | | | | |
| 200 | | | | | | | | | | |
| 8 | | | | | | | | | | |
--------------------------------------------------------------------------------
| En- | - | - | | -3640 | -287 | - | - | -3928 | -107 | -3939 |
| tri | | | | 8 | 5 | | | 3 | | 0 |
| -es | | | | | | | | | | |
| di- | | | | | | | | | | |
| rec | | | | | | | | | | |
| -tl | | | | | | | | | | |
| y | | | | | | | | | | |
| to | | | | | | | | | | |
| eq- | | | | | | | | | | |
| uit | | | | | | | | | | |
| y | | | | | | | | | | |
| (ne | | | | | | | | | | |
| t) | | | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net | - | - | | - | - | 33715 | - | 33715 | - | 33715 |
| re- | | | | | | | | | | |
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--------------------------------------------------------------------------------
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| Net | - | - | - | -3640 | -287 | 33715 | - | -5568 | -107 | -5675 |
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--------------------------------------------------------------------------------
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| Re- | 133 | -1266 | 1133 | - | - | - | - | - | - | - |
| duc | 15 | 44 | 29 | | | | | | | |
| -ti | | | | | | | | | | |
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| Di- | - | - | - | - | - | -5434 | - | -5434 | - | -5434 |
| vi- | | | | | | 9 | | 9 | | 9 |
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--------------------------------------------------------------------------------
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| Eq- | 250 | - | 1133 | -3350 | -300 | 17914 | 136 | 28109 | - | 28109 |
| uit | 00 | | 29 | 8 | 7 | 5 | | 5 | | 5 |
| y | | | | | | | | | | |
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--------------------------------------------------------------------------------
KEY FIGURES
1-12/08 1-12/07
Interest-bearing debt, (EUR million) 305,1 237,1
Net debt, (EUR million) 303,0 235,9
Invested capital (EUR million), end of period 586,2 578,2
Return on invested capital (ROI), % 1) 17,5 % 31,7%
Gearing, % 107,8 % 69,2%
Equity ratio, % 37,4 % 46,3%
Personnel, average 4006 3 407
Personnel, end of period 3894 3 642
Gross investments in non-current assets (EUR million) 201,3 217,5
Gross investments, % of net sales 28,7 % 34,3 %
1) The figures are calculated on a rolling twlve month basis.
The definitions of the key figures are available in the Annual Report 2007.
1) The figures are calculated on a rolling twelve month basis.
KEY FIGURES PER SHARE
CONTINGENT LIABILITIES
--------------------------------------------------------------------------------
| (EUR million) | 31.12.2008 | 31.12.2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Real estate mortgages | 0,2 | - |
--------------------------------------------------------------------------------
| Interest-bearing debt for which | 0,1 | - |
| the above collateral is given | | |
--------------------------------------------------------------------------------
| Floating charges | 1,7 | |
--------------------------------------------------------------------------------
| Other pledged assets | 4,4 | 0,1 |
--------------------------------------------------------------------------------
| Interest-bearing debt for which | 4,4 | 0,0 |
| the above collaterial is given | | |
--------------------------------------------------------------------------------
| Suretyships | 3,0 | 2,6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Committed investments | 0,2 | 86,4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-cancellable minimum future | 169,2 | 127,7 |
| operating lease payments | | |
--------------------------------------------------------------------------------
| Non-cancellable minimum future | 0,2 | 2,5 |
| finance lease payments | | |
--------------------------------------------------------------------------------
| Finance lease debt in the balance | -0,9 | -2,4 |
| sheet | | |
--------------------------------------------------------------------------------
| Non-cancellable minimum future | 168,5 | 127,8 |
| lease payments off-balance sheet | | |
--------------------------------------------------------------------------------
| Obligations arising from | | |
| derivative istruments | | |
--------------------------------------------------------------------------------
| Nominal value of underlying object | 118,2 | 122,0 |
--------------------------------------------------------------------------------
| Fair value of the derivative | -4,1 | -0,2 |
| instruments | | |
--------------------------------------------------------------------------------
Ramirent has borrowing facilities which have equity ratio, leverage ratio and
other financial covenants. Ramirent's financial ratios are on 31 December 2008
better than these covenants.
Ramirent has made no transactions with its related parties during the financial
year. There are no outstanding balances between the Company and its related
parties at the end of the financial year.
There are no pending legal cases, the impact of which could have a material
effect on the figures reported in this report.
ANALYST AND PRESS BRIEFING ON 12 FEBRUARY, 2009
A briefing for investment analysts and the press will be arranged on Thursday,
12 February 2009 at 11.00 a.m. in Marskin hall at Helsinki World Trade Center
(visiting address: Aleksanterinkatu 17). You can also participate in the
briefing through a live web cast at www.ramirent.com and conference call.
Dial-in number for conference call: +44(0)20 7162 0025. An on-demand recording
of the audio cast will be available at www.ramirent.com later the same day and
the replay of the conference call is available for 48 hours at +44(0)20 7031
4064 (access code 825458).
INVITATION TO THE RAMIRENT CAPITAL MARKET DAY IN HELSINKI ON 12 MARCH, 2009
Ramirent Group will be holding a Capital Market Day for institutional investors
and analysts in Helsinki, Finland.
When: Thursday 12 March, 2009 starting at 1:30 pm and ending with a dinner.
Where: Diana-auditorium, Erottajankatu 5, 00130 Helsinki, Finland
Speakers: Members of the Ramirent group management team
Registration: Before 28 February, 2009 to Franciska.janzon@ramirent.com
Contact person: Franciska Janzon, Corporate Communications and IR, phone: +358
20 750 2859
A detailed programme for the day will be available in the beginning of March at
www.ramirent.com >Investor >Calendar.
FINANCIAL REPORTING 2009
Ramirent's Annual Report 2009 will be available at www.ramirent.com on Friday 27
February, 2009.
Ramirent Plc's Annual General Meeting will be held in Scandic Marina Congress
Center, Katajanokanlaituri 6, 00160 Helsinki, Finland on 2 April 2009 at 4:30
p.m.
In 2009, the interim reports will be published as follows:
- January-March 13 May 2009 at 9:00 a.m.
- January-June 12 August 2009 at 9:00 a.m.
- January-September 11 November 2009 at 9:00 a.m.
Ramirent observes a silent period during the three-week period prior to
publication of annual and interim financial results.
The financial information in this stock exchange release has been audited.
Vantaa, 12 February 2009
RAMIRENT PLC
Board of Directors
FURTHER INFORMATION:
CEO Magnus Rosén, phone +358 20 750 2845, or email magnus.rosen@ramirent.com
CFO Heli Iisakka, phone +358 20 750 3248, or email heli.iisakka@ramirent.com
DISTRIBUTION:
NASDAQ OMX Helsinki
Main news media
www.ramirent.com
Ramirent is the leading machinery rental company in the Nordic countries and in
Central and Eastern Europe. The Group has some 360 permanent outlets in thirteen
countries and is registered in Helsinki. Ramirent employs over 3.900 people and
in 2008 the consolidated net sales were EUR 703 million. Ramirent is listed on
the NASDAQ OMX Helsinki.
