RAMIRENT PLC INTERIM REPORT 15.8.2008 at 8:00 a.m.
RAMIRENT GROUP'S INTERIM REPORT JANUARY - JUNE, 2008
GROWTH CONTINUED, BUT PROFITS DECLINED
JANUARY-JUNE 2008 HIGHLIGHTS
- Net sales increased by 18.8% to EUR 342.9 (1-6/2007: 288.6) million
- Operating profit before depreciations (EBITDA) increased by 9.7% to EUR 112.1
(102.2) million
- Operating profit (EBIT) was EUR 65.0 (65.5) million, EBIT-margin 19.0% (22.7%)
- Earnings per share of EUR 0.38 (0.42)
- Gross capital expenditure was EUR 172.1 (147.2) million, of which machinery
and equipment EUR 139.2 (145.7) million
- Net debt of EUR 373.5 (279.6) million and gearing of 112.5% (99.4%)
- Return on invested capital (ROI) of 25.8% (28.4%)
- For the full-year 2008, Ramirent estimates net sales growth to continue, but
the profit before taxes and earnings per share to be below 2007 level.
SECOND QUARTER 2008 HIGHLIGHTS
- Net sales increased by 18.9% to EUR 180.8 (152.0) million
- Operating profit (EBIT) was EUR 35.5 (36.5) million, EBIT-margin of 19.6%
(24.0%); excluding property sale gains EUR 35.1 (33.9) million
- Earnings per share of EUR 0.20 (0.24)
COMMENTS BY CEO KARI KALLIO
“Ramirent´s strong growth continued during the first half of the year, however,
the operating profit declined due to the further softening of markets especially
in the Baltics.
Overall, the market sentiment weakened during the second quarter and the
economic downturn had a negative impact on the investments and construction
activities in many of our countries. The market development is diverging more
between different countries.
In the Nordic countries, our business operations in Finland and Sweden continued
on a good level, while in Norway our operations weakened due to the slow down in
the construction market. In Denmark, construction activities are still
decreasing, which continues to burden our operations, especially through tough
price competition.
In Europe East, strong growth continued in Russia, Ukraine and Lithuania, while
our business volumes and operating profits decreased in Estonia and Latvia
compared to the last year. In Europe Central, growth was strong in Poland, Czech
Republic and Slovakia, while in Hungary our operations stayed on low level due
to the weak market.
We expect the rental market growth to continue to slow down. We have adjusted
our investment plans to the market situation. We aim to take advantage of our
wide geographical presence and will reinforce the process of re-allocating fleet
capacity to countries facing favourable market conditions. We have increased
focus on cost reduction in the countries with weak market expectations and
unsatisfactory profitability.
As the majority of the investments for 2008 have been completed, we will delimit
our investments and expect cash flow to be positive for the second half of the
year and gearing to improve.
For the full-year 2008, we expect net sales growth to continue, but the profit
before taxes and earnings per share to be below 2007 levels.”
KEY FIGURES
--------------------------------------------------------------------------------
| (EUR million) | 4-6/2008 | 4-6/2007 | 1-6/| 1-6/| 1-12/2007 |
| | | | 2008| 2007| |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 180.8 | 152.0 | 342.9 | 288.6 | 634.3 |
--------------------------------------------------------------------------------
| Operating profit | 60.0 | 55.7 | 112.1 | 102.2 | 237.0 |
| before depreciation | | | | | |
| (EBITDA) | | | | | |
--------------------------------------------------------------------------------
| Operating profit | 35.5 | 36.5 | 65.0 | 65.5 | 157.5 |
| (EBIT) | | | | | |
--------------------------------------------------------------------------------
| % of net sales | 19.6% | 24.0% | 19.0% | 22.7% | 24.8% |
--------------------------------------------------------------------------------
| Profit before taxes | 30.3 | 34.9 | 56.4 | 62.0 | 145.8 |
| (EBT) | | | | | |
--------------------------------------------------------------------------------
| Net profit for the | 21.7 | 26.2 | 41.2 | 46.3 | 110.2 |
| period | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share | 0.20 | 0.24 | 0.38 | 0.42 | 1.02 |
| (EPS), EUR | | | | | |
--------------------------------------------------------------------------------
| Equity per share, EUR | | | 3.06 | 2.59 | 3.14 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Return on invested | | | 25.8% | 28.4% | 31.7% |
| capital (ROI), % 1) | | | | | |
--------------------------------------------------------------------------------
| Net debt | | | 373.5 | 279.6 | 235.9 |
--------------------------------------------------------------------------------
| Gearing, % | | | 112.5% | 99.4% | 69.2% |
--------------------------------------------------------------------------------
| Equity ratio, % | | | 37.5% | 39.3% | 46.3% |
--------------------------------------------------------------------------------
| Gross investments in | | | 172.1 | 147.2 | 217.5 |
| non-current assets | | | | | |
| (EUR million) | | | | | |
--------------------------------------------------------------------------------
| Gross investments, % | | | 50.2% | 51.0% | 34.3% |
| of net sales | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Personnel, average | | | 3,996 | 3,261 | 3,407 |
--------------------------------------------------------------------------------
| Personnel at end of | | | 4,134 | 3,484 | 3,642 |
| period | | | | | |
--------------------------------------------------------------------------------
1) The figures are calculated on a rolling twelve month basis.
OPERATING ENVIRONMENT
Ramirent is a construction machinery and equipment rentals company, operating in
the Northern, Central and Eastern European markets. The Group is headquartered
in Vantaa and has 357 (296) permanent outlets in thirteen countries.
In the Nordic region, the level of construction activities remained high in
Finland and Sweden, while it weakened in Norway and Denmark. New residential
construction slowed down in many countries, but other areas of construction
compensated for this. In Central and Eastern European countries, the
construction market continued to grow rapidly, except for Estonia, Latvia and
Hungary where construction activities have slowed down significantly. The
Company expects that the rental market has grown faster than the construction
markets. However, the operating environment has overall become more challenging.
GROUP NET SALES AND PROFIT
Investments in new capacity and acquisitions contributed to net sales growth by
18.8% to EUR 342.9 (288.6) million. Growth was strongest in Europe Central
(+69%). The growth was primarily organic. The Group's net sales by segment were
as follows:
--------------------------------------------------------------------------------
| (EUR million) | 4-6/08 | 4-6/07 | Change | 1-6/08 | 1-6/07 | Change |
| | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finland | 39.3 | 34.6 | 14% | 72.7 | 61.7 | 18% |
--------------------------------------------------------------------------------
| Sweden | 45.4 | 36.7 | 24% | 87.1 | 72.5 | 20% |
--------------------------------------------------------------------------------
| Norway | 38.5 | 33.3 | 16% | 75.6 | 68.1 | 11% |
--------------------------------------------------------------------------------
| Denmark | 15.0 | 14.0 | 7% | 28.7 | 26.5 | 8% |
--------------------------------------------------------------------------------
| Europe East | 23.4 | 21.0 | 11% | 43.5 | 38.4 | 13% |
--------------------------------------------------------------------------------
| Europe Central | 21.0 | 12.8 | 64% | 37.6 | 22.3 | 69% |
--------------------------------------------------------------------------------
The Group's operating profit (EBIT) for the review period was EUR 65.0 (65.5)
million. Repair and maintenance costs were higher after a long period of high
utilisation. The negative market development in Norway and Denmark, as well as
in the Baltic countries and Hungary affected the Group level profitability,
together with costs for expanding the outlet network and opening new markets.
The Group's operating margin was 19.0% (22.7%). The Group's operating margins by
segments were as follows:
--------------------------------------------------------------------------------
| | 4-6/2008 | 4-6/2007 | 1-6/2008 | 1-6/2007 |
--------------------------------------------------------------------------------
| | EUR | EBIT-% | EUR | EBIT-% | EUR | EBIT-% | EUR | EBIT-% |
| | milli | | millio | | millio | | millio | |
| | on | | n | | n | | n | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finla | 9.8 | 25.0% | 8.3 | 23.9% | 16.3 | 22.5% | 14.7 | 23.9% |
| nd | | | | | | | | |
--------------------------------------------------------------------------------
| Swede | 10.3 | 22.6% | 7.6 | 20.7% | 19.3 | 22.2% | 15.0 | 20.7% |
| n | | | | | | | | |
--------------------------------------------------------------------------------
| Norwa | 7.8 | 20.4% | 8.3 | 24.9% | 14.8 | 19.5% | 16.1 | 23.6% |
| y | | | | | | | | |
--------------------------------------------------------------------------------
| Denma | 1.7 | 11.2% | 2.5 | 17.8% | 2.5 | 8.7% | 3.8 | 14.2% |
| rk | | | | | | | | |
--------------------------------------------------------------------------------
| Europ | 3.7 | 16.0% | 6.2 | 29.4% | 7.9 | 18.1% | 10.9 | 28.4% |
| e | | | | | | | | |
| East | | | | | | | | |
--------------------------------------------------------------------------------
| Europ | 2.0 | 9.3% | 2.7 | 21.4% | 3.5 | 9.3% | 4.9 | 22.2% |
| e | | | | | | | | |
| Centr | | | | | | | | |
| al | | | | | | | | |
--------------------------------------------------------------------------------
The net financial items increased to EUR -8.6 (-3.5) and included a non-cash
item of EUR -2.5 million due to the hedging of the long-term incentive
programs.
The Group's profit before taxes for the review period was EUR 56.4 (62.0)
million. The net profit for the review period was EUR 41.2 (46.3) million. The
return on invested capital was 25.8% (28.4%) and the return on equity was 34.3%
(37.7%).
CAPITAL EXPENDITURE AND DEPRECIATION
The Group companies' gross capital expenditure on non-current assets totalled
EUR 172.1 (147.2) million of which EUR 139.2 million was machinery and
equipment. The total gross capital expenditure includes estimated additional
consideration for acquisitions. The investment program during the first half of
the year was continued to meet customer demands and to develop outlet network in
the growing markets.
Group goodwill totalled EUR 105.5 (76.5) million at the end of the review
period.
FINANCIAL POSITION AND BALANCE SHEET
The Group's first-half year cash flow from operating activities was positive,
amounting to EUR 59.7 (71.5) million. Cash flow from investing activities
amounted to EUR -144.4 (-132.2) million. Cash flow from financing activities
totalled EUR 85.5 (61.1) million. At the end of the review period, liquid assets
stood at EUR 2.0 (1.6) million, resulting in a net change in cash of EUR 0.8
(0.5) million compared to the year-end.
Ramirent's interest-bearing liabilities increased by EUR 138.5 million from
year-end 2007 and totalled EUR 375.5 (281.1) million. Net debt amounted to EUR
373.5 (279.6) million at the end of the review period. During the review period,
the company paid EUR 54.3 (32.5) million in dividends. Gearing amounted to
112.5% (99.4%).
Total assets amounted to EUR 885.7 (716.4) million and the Group's equity ratio
was 37.5% (39.3%).
BUSINESS SEGMENTS
During the review period, Ramirent Group's business operations grew in all
business segments compared to the corresponding period of the previous year. The
operating profit increased only in Sweden and Finland compared to the previous
year.
Finland
In Finland, business operations continued to grow based on the strong
development in the overall Finnish construction market, shipyards and industrial
projects. Net sales increased by 18% and totalled EUR 72.7 (61.7) million. The
operating profit (EBIT) was EUR 16.3 (14.7) million and the operating profit
margin (EBIT-%) decreased to 22.5% (23.9%). Increased usage of operational
leasing had a slightly negative effect on EBIT-margins.
Sweden
In Sweden, the growth and profitability improvement continued. Due to good
market development and the acquisition of Hyresmaskiner i Stockholm AB at
yearend 2007, net sales grew by 20% to EUR 87.1 (72.5) million. The operating
profit margin (EBIT-%) was 22.2% (20.7%). The operating profit (EBIT) increased
to EUR 19.3 (15.0) million due to better utilization of the fleet and
organisational resources as well as an enhanced outlet network and new customer
groups.
Norway
In Norway, Ramirent's Norwegian subsidiary Bautas AS's net sales increased by
11% to EUR 75.6 (68.1) million. The operating profit (EBIT) decreased to EUR
14.8 (16.1) million and the operating profit margin (EBIT-%) was 19.5% (23.6%).
The profitability was burdened by cost increases and lower utilisation in
certain product and geographical areas.
Denmark
In Denmark, business operations grew at a slower rate compared to the previous
year, as a consequence of the declining construction market. Net sales grew by
8% to EUR 28.7 (26.5) million. Tough competition has lowered price levels at the
same time as overall costs have increased. The operating profit (EBIT) was EUR
2.5 (3.8) million, and the operating profit margin (EBIT-%) was 8.7% (14.2%).
Europe East
Ramirent's business operations in Europe East (Russia, Estonia, Latvia,
Lithuania and Ukraine) grew by 13% to EUR 43.5 (38.4) million. Sales decreased
in Estonia and Latvia, while strong growth continued in Russia, Lithuania and
Ukraine. The operating margin (EBIT-%) decreased to 18.1% (28.4%) due to the
negative development in Estonia and Latvia. Operating profit (EBIT) decreased to
EUR 7.9 (10.9) million. Adjustment of the fleet capacity and cost structure
continued in Estonia and Latvia.
Europe Central
Ramirent's business operations in Europe Central (Poland, Hungary, the Czech
Republic and Slovakia) continued to grow rapidly. Net sales increased by 69% to
EUR 37.6 (22.3) million. Investments in new capacity, the entry into Slovakia
and expansion of the outlet network in Poland and the Czech Republic have
improved Ramirent's overall market position. However, in Hungary the low market
demand continued. The planned ramp-up costs in Poland, the Czech Republic and
Slovakia and the negative development in Hungary decreased the operating profit
(EBIT) to EUR 3.5 (4.9) million. The operating profit margin (EBIT-%) was 9.3%
(22.2%).
PERSONNEL AND ORGANISATION
In the review period, the Group employed an average of 3,996 (3,261) people, of
whom 707 (674) worked in the Finnish operations, 656 (587) in the Swedish
operations, 682 (619) in the Norwegian operations, 255 (220) in the Danish
operations, 679 (551) in Europe East and 1,001 (598) in Europe Central, and 16
(12) in the Group administration.
At the end of the review period, the Group had 357 (296) outlets, of which 95
(95) were in Finland, in Sweden 57 (48), in Norway 38 (37), in Denmark 18 (16),
in Europe East 52 (49) and in Europe Central 97 (52).
BUSINESS RISKS
The main risks affecting Ramirent's business operations are connected to
economic cycles in the construction industry and increased competition.
Retaining and attracting personnel is one of the main short-term risks.
Ramirent is subject to certain financial risks of which the foreign currency and
interest rate risks are regarded to be of greater importance than other
financial risks.
Ramirent's business risks and risk management have been described in the Annual
Report 2007. The Company estimates that the risk exposure has increased,
especially with regards to residential construction due to the turmoil in the
financial markets, compared to year-end 2007. Financial risks related to
customer credit risks and interest rates have increased. Additionally, cost
pressure has increased and business environment has in general become less
benign in our markets. In response, stricter risk management routines have been
implemented.
SHARES AND SHARE CAPITAL
On 8 May, 2008, Ramirent's Board of Directors decided to cancel 1,108 of the
Company's shares that were returned to the Company according to the terms and
conditions of the 2006 incentive scheme.
On 30 June, 2008, Ramirent's share capital was EUR 11,685,081.87 divided into
108,697,328 shares.
SHARE TURNOVER AND PERFORMANCE
During the review period, 72,590,423 (43,861,616) shares were traded on the OMX
Nordic Exchange Helsinki at a total value of EUR 710,803,470 (749,453,046), i.e.
66.8% (40.5%) of Ramirent's total stock was traded. The highest price quoted in
the review period was EUR 12.68 (21.50) and the lowest EUR 6.55 (11.02). The
average price of the period under review was EUR 9.84 (16.12) and the last
quotation on the period's last trading day was EUR 6.62 (20.14). The Company's
market value at the end of the period under review was EUR 719,576,311
(2,184,572,024).
SHAREHOLDERS
The ten principal shareholders on 30 June, 2008 were:
--------------------------------------------------------------------------------
| | Shares | % of shares and |
| | | votes |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Nordstjernan AB | 28,100,080 | 25.85% |
--------------------------------------------------------------------------------
| Oy Julius Tallberg Ab | 11,627,229 | 10.70% |
--------------------------------------------------------------------------------
| Varma Mutual Pension Insurance | 7,951,299 | 7.32% |
| Company | | |
--------------------------------------------------------------------------------
| Ilmarinen Mutual Pension Insurance | 2,322,828 | 2.14% |
| Company | | |
--------------------------------------------------------------------------------
| Odin Norden | 2,026,160 | 1.86% |
--------------------------------------------------------------------------------
| Odin Forvaltnings AS | 1,473,759 | 1.36% |
--------------------------------------------------------------------------------
| Odin Europa SMB | 1,326,231 | 1.22% |
--------------------------------------------------------------------------------
| The State Pension Fund | 920,000 | 0.85% |
--------------------------------------------------------------------------------
| Fondita Nordic Small Cap Investment | 900,000 | 0.83% |
| Fund | | |
--------------------------------------------------------------------------------
| Veritas Pension Insurance Company | 870,000 | 0.80% |
| Ltd. | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Nominee-registered shareholders | 24,952,583 | 22.96% |
--------------------------------------------------------------------------------
| Other shareholders | 26,227,159 | 24.13% |
--------------------------------------------------------------------------------
| Total | 108,697,328 | 100.0% |
--------------------------------------------------------------------------------
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 27,889,089 shares representing
25.7% of Ramirent Plc's shares and voting rights.
DECISIONS MADE BY THE ANNUAL GENERAL MEETING OF 9 APRIL, 2008
The decisions made by the Annual General Meeting can be read on the previous
interim report and on the Company's homepage www.ramirent.com.
Distribution of dividends
The Annual General Meeting in 2008 decided on a dividend of EUR 0.50 (0.30) per
share for 2007. The dividend was paid on 28 April 2008.
LONG-TERM FINANCIAL TARGETS
Ramirent is focusing on profitable growth and a strong financial position that
provides financial stability for long-term business decisions. The long-term
financial targets are as follows:
- Earnings per share growth of at least 15% per annum
- Return on invested capital annually of at least 18%
- Dividend payout ratio of at least 40% of the annual net profit.
EVENTS AFTER THE REVIEW PERIOD
On 5 August 2008, Mr. Freek Nijdam resigned from the Ramirent Board of Directors
due to health reasons. Mr. Nijdam was a Ramirent Board member since 2007. The
Ramirent Board of Directors currently consists of the following six members: Mr.
Peter Hofvenstam (chairman), Mrs. Susanna Renlund (vice-chairman), Mr.
Kaj-Gustaf Bergh, Mr. Torgny Eriksson, Mr. Ulf Lundahl and Mr. Erkki Norvio.
OUTLOOK 2008
The operating environment has in 2008 become more challenging. Overall, Ramirent
expects the rental market growth to slow down.
In the Nordic region, Euroconstruct estimates the total construction output to
slow down to 1.5% this year with strongest growth of 3% in Sweden and Finland,
Norway lowering to 0.8% and Denmark -0.7%. In Central and Eastern Europe,
Ramirent expects sustained growth in most of the construction markets during
2008, except in the Baltics and Hungary where the construction markets have
distinctly slowed down.
Since the outlook for the machinery rental markets has become uncertain,
Ramirent has revised its capital expenditure plans, and will prioritize
reallocation of existing capacity and bolt-on acquisitions. To safeguard cash
flow and profitability, Ramirent will, on an ongoing basis, maintain a
disciplined approach to capital spending and focus on cost reduction in
countries with weak market expectations.
Since the investments will be delimited, Ramirent expects cash flow to be
positive for the second half of the year and gearing to improve.
For the full-year 2008, Ramirent estimates net sales growth to continue, but
Ramirent estimates the profit before taxes and earnings per share to be below
2007 level.
SEGMENT INFORMATION, INCOME STATEMENT, BALANCE SHEET, CONDENSED CASH FLOW
STATEMENT, STATEMENT OF CHANGES IN EQUITY, ACQUISITIONS, KEY FIGURES, AND
CONTINGENT LIABILITIES
Ramirent Plc adopted the International Financial Reporting Standards (IFRS) on 1
January, 2005. The same definitions of key financial figures have been applied
as in Ramirent Plc's annual financial statements for 2007.
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) | 4-6/08 | 1-3/08 | 4-6/07 | 1-3/07 | 1-12/07 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | | | | | |
--------------------------------------------------------------------------------
| Finland | 39.3 | 33.4 | 34.6 | 27.1 | 133.6 |
--------------------------------------------------------------------------------
| Sweden | 45.4 | 41.7 | 36.7 | 35.8 | 152.6 |
--------------------------------------------------------------------------------
| Norway | 38.5 | 37.1 | 33.3 | 34.8 | 145.9 |
--------------------------------------------------------------------------------
| Denmark | 15.0 | 13.7 | 14.0 | 12.5 | 57.0 |
--------------------------------------------------------------------------------
| Europe East | 23.4 | 20.0 | 21.0 | 17.4 | 91.0 |
--------------------------------------------------------------------------------
| Europe Central | 21.0 | 16.6 | 12.8 | 9.5 | 55.4 |
--------------------------------------------------------------------------------
| Sales between | -1.8 | -0.5 | -0.5 | -0.4 | -1.3 |
| segments | | | | | |
--------------------------------------------------------------------------------
| Net sales, total | 180.8 | 162.1 | 152.0 | 136.6 | 634.3 |
--------------------------------------------------------------------------------
| Other operating | 1.1 | 1.7 | 2.8 | 0.3 | 5.8 |
| income | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit | | | | | |
--------------------------------------------------------------------------------
| Finland | 9.8 | 6.5 | 8.3 | 6.4 | 34.8 |
--------------------------------------------------------------------------------
| % of net sales | 25.0% | 19.6% | 23.9% | 23.6% | 26.1% |
--------------------------------------------------------------------------------
| Sweden | 10.3 | 9.0 | 7.6 | 7.4 | 35.1 |
--------------------------------------------------------------------------------
| % of net sales | 22.6% | 21.7% | 20.7% | 20.7% | 23.0% |
--------------------------------------------------------------------------------
| Norway | 7.8 | 6.9 | 8.3 | 7.8 | 35.9 |
--------------------------------------------------------------------------------
| % of net sales | 20.4% | 18.6% | 24.9% | 22.4% | 24.6% |
--------------------------------------------------------------------------------
| Denmark | 1.7 | 0.8 | 2.5 | 1.3 | 10.2 |
--------------------------------------------------------------------------------
| % of net sales | 11.2% | 5.9% | 17.8% | 10.4% | 17.9% |
--------------------------------------------------------------------------------
| Europe East | 3.7 | 4.1 | 6.2 | 4.7 | 29.4 |
--------------------------------------------------------------------------------
| % of net sales | 16.0% | 20.6% | 29.4% | 27.2% | 32.3% |
--------------------------------------------------------------------------------
| Europe Central | 2.0 | 1.5 | 2.7 | 2.2 | 12.9 |
--------------------------------------------------------------------------------
| % of net sales | 9.3% | 9.2% | 21.4% | 23.3% | 23.2% |
--------------------------------------------------------------------------------
| Operating profit not | 0.2 | 0.6 | 0.9 | -0.8 | -0.8 |
| allocated to | | | | | |
| segments | | | | | |
--------------------------------------------------------------------------------
| Group operating | 35.5 | 29.5 | 36.5 | 29.0 | 157.5 |
| profit | | | | | |
--------------------------------------------------------------------------------
| % of net sales | 19.6% | 18.2% | 24.0% | 21.3% | 24.8% |
--------------------------------------------------------------------------------
Operating profit not allocated to segments consists of the capital gains from
selling the properties (other operating income) and group costs.
INCOME STATEMENT
--------------------------------------------------------------------------------
| (EUR 1,000) | 4-6/08 | 4-6/07 | 1-6/08 | 1-6/07 | 1-12/07 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Net sales | 180,828 | 152,046 | 342,904 | 288,632 | 634,257 |
--------------------------------------------------------------------------------
| Other operating | 1,144 | 2,887 | 2,802 | 3,144 | 5,825 |
| income | | | | | |
--------------------------------------------------------------------------------
| TOTAL | 181,972 | 154,933 | 345,706 | 291,776 | 640,083 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Materials and | -52,008 | -41,177 | -99,335 | -80,311 | -173,750 |
| services | | | | | |
--------------------------------------------------------------------------------
| Employee benefit | -43,851 | -39,207 | -86,742 | -74,506 | -152,970 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Depreciation | -24,486 | -19,251 | -47,092 | -36,690 | -79,457 |
--------------------------------------------------------------------------------
| Other operating | -26,098 | -18,814 | -47,556 | -34,756 | -76,361 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| OPERATING PROFIT | 35,529 | 36,484 | 64,981 | 65,513 | 157,545 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income | 2,225 | 1,849 | 4,669 | 3,740 | 5,761 |
--------------------------------------------------------------------------------
| Financial | -7,495 | -3,442 | -13,224 | -7,256 | -17,553 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| PROFIT BEFORE | 30,259 | 34,891 | 56,426 | 61,997 | 145,753 |
| TAXES | | | | | |
--------------------------------------------------------------------------------
| Income taxes | -8,582 | -8,701 | -15,270 | -15,743 | -35,541 |
--------------------------------------------------------------------------------
| NET PROFIT FOR | 21,677 | 26,190 | 41,156 | 46,254 | 110,212 |
| THE PERIOD | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Sharing of | | | | | |
| profit: | | | | | |
--------------------------------------------------------------------------------
| To the parent | 21,677 | 26,192 | 41,156 | 42,246 | 110,177 |
| company's | | | | | |
| shareholders | | | | | |
--------------------------------------------------------------------------------
| To the Group's | 0 | -2 | 0 | 8 | 36 |
| minority | | | | | |
--------------------------------------------------------------------------------
| Sharing of | 21,677 | 26,190 | 41,156 | 42,254 | 110,212 |
| profit, total | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per | 0.20 | 0.24 | 0.38 | 0.42 | 1.02 |
| share (EPS), | | | | | |
| diluted, EUR | | | | | |
--------------------------------------------------------------------------------
| Earnings per | 0.20 | 0.24 | 0.38 | 0.42 | 1.02 |
| share (EPS), | | | | | |
| non-diluted, EUR | | | | | |
--------------------------------------------------------------------------------
BALANCE SHEET
ASSETS
--------------------------------------------------------------------------------
| (EUR 1,000) | 30.6.2008 | 30.6.2007 | 31.12.2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NON-CURRENT ASSETS | | | |
--------------------------------------------------------------------------------
| Tangible assets | 601,926 | 489,934 | 505,098 |
--------------------------------------------------------------------------------
| Investments in process | 6,773 | 3,044 | 702 |
--------------------------------------------------------------------------------
| Goodwill | 105,493 | 76,457 | 77,633 |
--------------------------------------------------------------------------------
| Other intangible assets | 2,078 | 1,385 | 2,011 |
--------------------------------------------------------------------------------
| Available-for-sale | 95 | 95 | 95 |
| investments | | | |
--------------------------------------------------------------------------------
| Deferred tax assets | 3,032 | 1,352 | 2,170 |
--------------------------------------------------------------------------------
| NON-CURRENT ASSETS, TOTAL | 719,397 | 572,267 | 587,709 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CURRENT ASSETS | | | |
--------------------------------------------------------------------------------
| Inventories | 25,939 | 20,126 | 22,155 |
--------------------------------------------------------------------------------
| Trade and other receivables | 134,772 | 120,788 | 122,873 |
--------------------------------------------------------------------------------
| Income tax receivables on | 3,078 | | 225 |
| the taxable income for the | | | |
| financial period | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 1,996 | 1,565 | 1,200 |
--------------------------------------------------------------------------------
| CURRENT ASSETS, TOTAL | 165,785 | 142,479 | 146,453 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current assets held for | 554 | 1,668 | 2,967 |
| sale | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL ASSETS | 885,736 | 716,414 | 737,129 |
--------------------------------------------------------------------------------
EQUITY AND LIABILITIES
--------------------------------------------------------------------------------
| (EUR 1,000) | 30.6.2008 | 30.6.2007 | 31.12.2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY | | | |
--------------------------------------------------------------------------------
| Share capital | 11,685 | 11,660 | 11,685 |
--------------------------------------------------------------------------------
| Share premium account | 126,644 | 126,395 | 126,644 |
--------------------------------------------------------------------------------
| Retained earnings | 193,769 | 143,064 | 202,683 |
--------------------------------------------------------------------------------
| PARENT COMPANY SHAREHOLDERS' | 332,098 | 281,119 | 341,012 |
| EQUITY | | | |
--------------------------------------------------------------------------------
| Minority interests | - | 89 | 107 |
--------------------------------------------------------------------------------
| EQUITY, TOTAL | 332,098 | 281,208 | 341,119 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NON-CURRENT LIABILITIES | | | |
--------------------------------------------------------------------------------
| Deferred tax liabilities | 46,129 | 33,365 | 44,271 |
--------------------------------------------------------------------------------
| Pension obligations | 8,348 | 8,471 | 8,036 |
--------------------------------------------------------------------------------
| Provisions | 884 | 1,159 | 987 |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 266,979 | 163,415 | 164,501 |
--------------------------------------------------------------------------------
| NON-CURRENT LIABILITIES, | 322,340 | 206,410 | 217,796 |
| TOTAL | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CURRENT LIABILITIES | | | |
--------------------------------------------------------------------------------
| Trade payables and other | 105,564 | 91,382 | 89,470 |
| liabilities | | | |
--------------------------------------------------------------------------------
| Income tax liabilities on the | 17,199 | 19,688 | 16,187 |
| taxable income for the | | | |
| financial period | | | |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 108,535 | 117,726 | 72,558 |
--------------------------------------------------------------------------------
| CURRENT LIABILITIES, TOTAL | 231,298 | 228,796 | 178,215 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES, TOTAL | 553,638 | 435,206 | 396,011 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL EQUITY AND LIABILITIES | 885,736 | 716,414 | 737,129 |
--------------------------------------------------------------------------------
CONDENSED CASH FLOW STATEMENT
--------------------------------------------------------------------------------
| (EUR million) | 1-6/08 | 1-6/07 | 1-12/07 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from operating activities | 59.7 | 71.5 | 173.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from investing activities | -144.4 | -132.2 | -192.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from financing activities | | | |
--------------------------------------------------------------------------------
| Proceeds from share subscriptions | 0.0 | 0.4 | 0.7 |
--------------------------------------------------------------------------------
| Borrowings/ repayments of | 25.3 | -26.0 | 50.5 |
| short-term debt | | | |
--------------------------------------------------------------------------------
| Borrowings of long-term debt | 114.5 | 119.2 | 0.3 |
--------------------------------------------------------------------------------
| Dividends paid | -54.3 | -32.5 | -32.5 |
--------------------------------------------------------------------------------
| Cash flow from financing activities | 85.5 | 61.1 | 19.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net change in cash and cash | 0.8 | 0.5 | 0.1 |
| equivalents | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and cash equivalents at the | 1.2 | 1.1 | 1.1 |
| beginning of the period | | | |
--------------------------------------------------------------------------------
| Translation difference on cash and | 0.0 | 0.0 | 0.0 |
| cash equivalents | | | |
--------------------------------------------------------------------------------
| Net change in cash and cash | 0.8 | 0.5 | 0.1 |
| equivalents | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the end | 2.0 | 1.6 | 1.2 |
| of the period | | | |
--------------------------------------------------------------------------------
CHANGES IN EQUITY
A = Share capital
B = Share premium fund
C = Translation differences
D = Revaluation fund
E = Retained earnings
F = Entries on non-current assets held for sale
G = Parent company shareholders' equity
H = Minority interest
I = Total equity
--------------------------------------------------------------------------------
| (EUR | A | B | C | D | E | F | G | H | I |
| 1,000) | | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | | |
--------------------------------------------------------------------------------
| Equity | 11,6 | 126,0 | 4,89 | 109 | 122,0 | 136 | 264,84 | 83 | 264,92 |
| 31.12.20 | 25 | 11 | 8 | | 62 | | 1 | | 4 |
| 06 | | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | | |
--------------------------------------------------------------------------------
| Translat | - | - | 1,62 | - | - | - | 1,628 | -2 | 1,626 |
| ion | | | 8 | | | | | | |
| differen | | | | | | | | | |
| ces | | | | | | | | | |
| 1-6/2007 | | | | | | | | | |
--------------------------------------------------------------------------------
| Fair | - | - | - | 605 | - | - | 605 | - | 605 |
| value | | | | | | | | | |
| adjustme | | | | | | | | | |
| nt of | | | | | | | | | |
| interest | | | | | | | | | |
| rate | | | | | | | | | |
| SWAPs | | | | | | | | | |
| 1-6/2007 | | | | | | | | | |
--------------------------------------------------------------------------------
| Income | - | - | - | -15 | - | - | -157 | - | -157 |
| tax on | | | | 7 | | | | | |
| directly | | | | | | | | | |
| to | | | | | | | | | |
| equity | | | | | | | | | |
| entries | | | | | | | | | |
| 1-6/2007 | | | | | | | | | |
--------------------------------------------------------------------------------
| Entries | - | - | 1,62 | 448 | - | - | 2,076 | -2 | 2,074 |
| directly | | | 8 | | | | | | |
| to | | | | | | | | | |
| equity | | | | | | | | | |
| (net) | | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | | |
--------------------------------------------------------------------------------
| Net | - | - | - | - | 46,24 | - | 46,246 | 8 | 46,254 |
| result | | | | | 6 | | | | |
| for the | | | | | | | | | |
| period | | | | | | | | | |
| 1-6/2007 | | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | | |
--------------------------------------------------------------------------------
| Net of | - | - | 1,62 | 448 | 46,24 | - | 48,322 | 6 | 48,328 |
| income | | | 8 | | 6 | | | | |
| and | | | | | | | | | |
| expenses | | | | | | | | | |
| for the | | | | | | | | | |
| period | | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | | |
--------------------------------------------------------------------------------
| Exercise | 35 | 384 | - | - | - | - | 419 | - | 419 |
| d share | | | | | | | | | |
| options | | | | | | | | | |
| 1-6/2007 | | | | | | | | | |
--------------------------------------------------------------------------------
| Dividend | - | - | - | - | -32,4 | - | -32,46 | - | -32,46 |
| distribu | | | | | 60 | | 0 | | 0 |
| tion | | | | | | | | | |
| 1-6/2007 | | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | | |
--------------------------------------------------------------------------------
| Equity | 11,6 | 126,3 | 6,52 | 557 | 135,8 | 136 | 281,12 | 89 | 281,21 |
| 30.6.200 | 60 | 95 | 6 | | 48 | | 2 | | 1 |
| 7 | | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | | |
--------------------------------------------------------------------------------
| Translat | - | - | -3,6 | - | - | - | -3,626 | -10 | -3,636 |
| ion | | | 26 | | | | | | |
| differen | | | | | | | | | |
| ces | | | | | | | | | |
| 7-12/200 | | | | | | | | | |
| 7 | | | | | | | | | |
--------------------------------------------------------------------------------
| Fair | - | - | - | -93 | - | - | -931 | - | -931 |
| value | | | | 1 | | | | | |
| adjustme | | | | | | | | | |
| nt of | | | | | | | | | |
| interest | | | | | | | | | |
| rate | | | | | | | | | |
| SWAPs | | | | | | | | | |
| 7-12/200 | | | | | | | | | |
| 7 | | | | | | | | | |
--------------------------------------------------------------------------------
| Income | - | - | - | 242 | - | - | 242 | - | 242 |
| tax on | | | | | | | | | |
| directly | | | | | | | | | |
| to | | | | | | | | | |
| equity | | | | | | | | | |
| entries | | | | | | | | | |
| 7-12/200 | | | | | | | | | |
| 7 | | | | | | | | | |
--------------------------------------------------------------------------------
| Entries | - | - | -3,6 | -68 | - | - | -4,315 | -10 | -4,325 |
| directly | | | 26 | 9 | | | | | |
| to | | | | | | | | | |
| equity | | | | | | | | | |
| (net) | | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | | |
--------------------------------------------------------------------------------
| Net | - | - | - | - | 63,93 | - | 63,931 | 28 | 63,959 |
| result | | | | | 1 | | | | |
| for the | | | | | | | | | |
| period | | | | | | | | | |
| 7-12/200 | | | | | | | | | |
| 7 | | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | | |
--------------------------------------------------------------------------------
| Net of | - | - | -3,6 | -68 | 63,93 | - | 59,616 | 18 | 59,634 |
| income | | | 26 | 9 | 1 | | | | |
| and | | | | | | | | | |
| expenses | | | | | | | | | |
| for the | | | | | | | | | |
| period | | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | | |
--------------------------------------------------------------------------------
| Exercise | 25 | 249 | - | - | - | - | 274 | - | 274 |
| d share | | | | | | | | | |
| options | | | | | | | | | |
| 7-12/200 | | | | | | | | | |
| 7 | | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | | |
--------------------------------------------------------------------------------
| Equity | 11,6 | 126,6 | 2,90 | -13 | 199,7 | 136 | 341,01 | 107 | 341,11 |
| 31.12.20 | 85 | 44 | 0 | 2 | 79 | | 2 | | 9 |
| 07 | | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | | |
--------------------------------------------------------------------------------
| Translat | - | - | 2,77 | - | - | - | 2,778 | - | 2,778 |
| ion | | | 8 | | | | | | |
| differen | | | | | | | | | |
| ces | | | | | | | | | |
| 1-6/2008 | | | | | | | | | |
--------------------------------------------------------------------------------
| Change | - | - | - | - | - | - | - | -107 | -107 |
| in | | | | | | | | | |
| minority | | | | | | | | | |
| (net) | | | | | | | | | |
| 1-6/2008 | | | | | | | | | |
--------------------------------------------------------------------------------
| Fair | - | - | - | 2,0 | - | - | 2,028 | - | 2,028 |
| value | | | | 28 | | | | | |
| adjustme | | | | | | | | | |
| nt of | | | | | | | | | |
| interest | | | | | | | | | |
| rate | | | | | | | | | |
| SWAPs | | | | | | | | | |
| 1-6/2008 | | | | | | | | | |
--------------------------------------------------------------------------------
| Income | - | - | - | -52 | - | - | -527 | - | -527 |
| tax on | | | | 7 | | | | | |
| directly | | | | | | | | | |
| to | | | | | | | | | |
| equity | | | | | | | | | |
| entries | | | | | | | | | |
| 1-6/2008 | | | | | | | | | |
--------------------------------------------------------------------------------
| Entries | - | - | 2,77 | 1,5 | - | - | 4,279 | -107 | 4,172 |
| directly | | | 8 | 01 | | | | | |
| to | | | | | | | | | |
| equity | | | | | | | | | |
| (net) | | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | | |
--------------------------------------------------------------------------------
| Net | - | - | - | - | 41,15 | - | 41,156 | - | 41,156 |
| result | | | | | 6 | | | | |
| for the | | | | | | | | | |
| period | | | | | | | | | |
| 1-6/2008 | | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | | |
--------------------------------------------------------------------------------
| Net of | - | - | 2,77 | 1,5 | 41,15 | - | 45,435 | -107 | 45,328 |
| income | | | 8 | 01 | 6 | | | | |
| and | | | | | | | | | |
| expenses | | | | | | | | | |
| for the | | | | | | | | | |
| period | | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | | |
--------------------------------------------------------------------------------
| Exercise | - | - | - | | - | - | - | - | - |
| d share | | | | | | | | | |
| options | | | | | | | | | |
| 1-6/2008 | | | | | | | | | |
--------------------------------------------------------------------------------
| Dividend | - | - | - | - | -54,3 | - | -54,34 | - | -54,34 |
| distribu | | | | | 49 | | 9 | | 9 |
| tion | | | | | | | | | |
| 1-6/2008 | | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | | |
--------------------------------------------------------------------------------
| Equity | 11,6 | 126,6 | 5,67 | 1,3 | 186,5 | 136 | 332,09 | - | 332,09 |
| 30.6.200 | 85 | 44 | 8 | 69 | 86 | | 8 | | 8 |
| 8 | | | | | | | | | |
--------------------------------------------------------------------------------
KEY FIGURES
--------------------------------------------------------------------------------
| | 1-6/08 | 1-6/07 | 1-12/07 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest-bearing debt, (EUR | 375.5 | 281.1 | 237.1 |
| million) | | | |
--------------------------------------------------------------------------------
| Net debt, (EUR million) | 373.5 | 279.6 | 235.9 |
--------------------------------------------------------------------------------
| Invested capital (EUR | 707.6 | 562.3 | 578.2 |
| million), end of period | | | |
--------------------------------------------------------------------------------
| Return on invested capital | 25.8% | 28.4% | 31.7% |
| (ROI), % 1) | | | |
--------------------------------------------------------------------------------
| Gearing, % | 112.5% | 99.4% | 69.2% |
--------------------------------------------------------------------------------
| Equity ratio, % | 37.5% | 39.3% | 46.3% |
--------------------------------------------------------------------------------
| Personnel, average | 3,996 | 3,261 | 3,407 |
--------------------------------------------------------------------------------
| Personnel, end of period | 4,134 | 3,484 | 3,642 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Gross investments in | 172.1 | 147.2 | 217.5 |
| non-current assets (EUR | | | |
| million) | | | |
--------------------------------------------------------------------------------
| Gross investments, % of net | 50.2% | 51.0% | 34.3% |
| sales | | | |
--------------------------------------------------------------------------------
The definitions of the key figures are in Annual Report 2007.
1) The figures are calculated on a rolling twelve month basis.
KEY FIGURES PER SHARE
--------------------------------------------------------------------------------
| | 1-6/08 | 1-6/07 | 1-12/07 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share (EPS) | 0.38 | 0.42 | 1.02 |
| weighted average, diluted, | | | |
| EUR | | | |
--------------------------------------------------------------------------------
| Earnings per share (EPS) | 0.38 | 0.42 | 1.02 |
| weighted average, | | | |
| non-diluted, EUR | | | |
--------------------------------------------------------------------------------
| Equity per share, end of | | 2.59 | 3.14 |
| period, diluted, EUR | | | |
--------------------------------------------------------------------------------
| Equity per share, end of | 3.06 | 2.59 | 3.14 |
| period, non-diluted, EUR | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Number of shares (weighted | | 109,009,310 | 108,517,711 |
| average), diluted | | | |
--------------------------------------------------------------------------------
| Number of shares (weighted | 108,698,174 | 108,901,547 | 108,402,225 |
| average), non-diluted | | | |
--------------------------------------------------------------------------------
| Number of shares (end of | | 108,577,079 | 108,698,436 |
| period), diluted | | | |
--------------------------------------------------------------------------------
| Number of shares (end of | 108,697,328 | 108,469,316 | 108,698,436 |
| period), non-diluted | | | |
--------------------------------------------------------------------------------
The free issue on 24 April 2007 has been taken into account in the key figures
per share.
CHANGES IN NON-CURRENT ASSETS
--------------------------------------------------------------------------------
| (EUR 1,000) | 30.6.2008 | 30.6.2007 | 31.12.2007 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Opening balance | 584,837 | 462,250 | 462,250 |
--------------------------------------------------------------------------------
| Depreciation | -47,092 | -36,690 | -79,457 |
--------------------------------------------------------------------------------
| Additions | | | |
--------------------------------------------------------------------------------
| | Machinery & equipment | 139,240 | 145,673 | 211.926 |
--------------------------------------------------------------------------------
| | Other additions | 2,376 | 0 | 1.528 |
--------------------------------------------------------------------------------
| | Acquired group companies | 31,514 | 1,479 | 5.268 |
--------------------------------------------------------------------------------
| Additions total | 173,130 | 147,151 | 218,723 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Disposals | -6,423 | -9,484 | -18,623 |
--------------------------------------------------------------------------------
| Reclassifications | 386 | 3,245 | 2,025 |
--------------------------------------------------------------------------------
| Translation difference | 4,752 | 1,398 | -80 |
--------------------------------------------------------------------------------
| Closing balance | 709,592 | 567,870 | 584,837 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Non-current assets held for | 554 | 1,668 | 2,967 |
| sale | | | |
--------------------------------------------------------------------------------
The total gross capital expenditure includes estimated additional consideration
for acquisitions.
ACQUISITIONS
During the review period Ramirent acquired the business of Suomen
Rakennuskonevuokraamo Oy in Finland and of Hyresmaskiner i Stockholm AB in
Sweden as well as 60% of the shares of a Slovak-based company OTS Bratislava,
spol. sr.o. Ramirent has an option to increase its holding in OTS Bratislava,
spol. sr.o. to 100% after 2010.
CONTINGENT LIABILITIES
--------------------------------------------------------------------------------
| (EUR million) | 30.6.2008 | 30.6.2007 | 31.12.2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Real estate mortgages | 0.2 | - | - |
--------------------------------------------------------------------------------
| Interest-bearing debt for which | 0.1 | - | - |
| the above collateral is given | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Floating charges | 2.1 | 75.8 | - |
--------------------------------------------------------------------------------
| Other pledged assets | - | 3.1 | 0.1 |
--------------------------------------------------------------------------------
| Interest-bearing debt for which | 0.8 | 192.0 | 0.0 |
| the above collateral is given | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Suretyships | 3.4 | 2.0 | 2.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Committed investments | 35.0 | 60.7 | 86.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-cancellable minimum future | 151.1 | 106.0 | 127.7 |
| operating lease payments | | | |
--------------------------------------------------------------------------------
| Non-cancellable minimum future | 1.8 | 4.1 | 2.5 |
| finance lease payments | | | |
--------------------------------------------------------------------------------
| Finance lease debt in the balance | -1.7 | -4.0 | -2.4 |
| sheet | | | |
--------------------------------------------------------------------------------
| Non-cancellable minimum future | 151.2 | 106.1 | 127.8 |
| lease payments off-balance sheet | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Obligations arising from | | | |
| derivative instruments | | | |
--------------------------------------------------------------------------------
| Nominal value of underlying object | 121.9 | 166.6 | 122.0 |
--------------------------------------------------------------------------------
| Fair value of the derivative | 1.8 | 0.7 | -0.2 |
| instruments | | | |
--------------------------------------------------------------------------------
The nominal value of the interest rate swaps at the end of the review period was
EUR 121.9 (166.6) million.
Ramirent has borrowing facilities which have equity ratio, leverage ratio and
other financial covenants. Ramirent's financial ratios are on 30 June 2008
significantly better than these covenants.
During the review period Ramirent has made no transactions with its related
parties as defined in the Companies' Act. There are no outstanding balances
between the Company and its related parties at the end of the review period.
There are no pending legal cases, the impact of which could have a material
effect on the figures reported in this interim report.
LIVE AUDIOCAST AND CONFERENCE CALL ON 15 AUGUST, 2008 AT 10:00 AM LOCAL TIME
A briefing for investment analysts and the press will be arranged on Friday 15
August, 2008 at 10.00 a.m. at Scandic Hotel Marski, conference room “Carl”
(address: Mannerheimintie 10, Helsinki). The briefing can be followed via live
audiocast and a conference call at www.ramirent.com. Dial-in number for
conference call: +44 (0)20 3037 9099.
NEXT REPORT
The Interim Report January-September 2008 will be published on 7 November 2008
at 8:00 a.m.
This interim report is non-audited.
Vantaa, 15 August 2008
RAMIRENT PLC
Board of Directors
FURTHER INFORMATION:
Kari Kallio, CEO, phone +358 20 750 2830, or email kari.kallio@ramirent.com
Heli Iisakka, CFO, phone +358 20 750 3248, or email heli.iisakka@ramirent.com
Franciska Janzon, Director, Corporate Communications and IR, phone +358 20 750
2859, or email franciska.janzon@ramirent.com
DISTRIBUTION:
OMX Nordic Exchange 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 357 permanent outlets in thirteen
countries and is registered in Helsinki. Ramirent employs over 4,000 people and
in 2007 the consolidated net sales were EUR 634 million. Ramirent is listed on
the OMX Nordic Exchange Helsinki. For further information, please visit
www.ramirent.com.
