RAMIRENT PLC INTERIM REPORT 13.5.2009 AT 9:00 AM
RAMIRENT'S JANUARY - MARCH 2009: REINFORCED CASH FLOW REDUCED GEARING
Note! Figures in brackets, unless otherwise stated, refer to the same period a
year earlier.
FIRST QUARTER HIGHLIGHTS
- Net sales of EUR 122.2 (162.1) million
- Operating profit of EUR 7.2 (29.5) million with a margin of 5.9% (18.2%)
- Net profit of EUR 0.5 (19.5) million corresponding EPS 0.00 (0.18)
- Capital expenditure was EUR 2.5 (93.0) million
- Operative cash flow after investments of EUR 17.9 (-54.8) million
- Gearing decreased from 107.8% at year-end 2008 to 99.4% (81.3%).
OUTLOOK
The financial outlook for 2009 is unchanged. Due to the high level of
uncertainty and low visibility, no profit guidance is given.
--------------------------------------------------------------------------------
| (EUR million) | 1-3/2009 | 1-3/2008 | Change | 1-12/2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 122.2 | 162.1 | -24.6% | 702.6 |
--------------------------------------------------------------------------------
| Operating profit before | 30.3 | 52.1 | -41.8% | 188.8 |
| depreciation (EBITDA) | | | | |
--------------------------------------------------------------------------------
| Operating profit (EBIT) | 7.2 | 29.5 | -75.6% | 79.7 |
--------------------------------------------------------------------------------
| % of net sales | 5.9% | 18.2% | | 11.3% |
--------------------------------------------------------------------------------
| Profit before taxes (EBT) | 0.9 | 26.2 | -96.4% | 50.7 |
--------------------------------------------------------------------------------
| Net profit for the period | 0.5 | 19.5 | -97.3% | 33.7 |
--------------------------------------------------------------------------------
| Earnings per share (EPS) | 0.00 | 0.18 | -97.3% | 0.31 |
| diluted and non-diluted, | | | | |
| EUR | | | | |
--------------------------------------------------------------------------------
| Return on invested capital | 14.0% | 28.6% | - | 17.6% |
| (ROI), % 1) | | | | |
--------------------------------------------------------------------------------
| Net debt | 281.2 | 292.0 | -3.7% | 303.0 |
--------------------------------------------------------------------------------
| Gearing, % | 99.4% | 81.3% | - | 107.8% |
--------------------------------------------------------------------------------
| Equity ratio, % | 39.8% | 43.7% | - | 37.4% |
--------------------------------------------------------------------------------
| Gross capital expenditure | 2.5 | 93.0 | -97.3% | 201.3 |
--------------------------------------------------------------------------------
| Operative cash flow after | 17.9 | -54.8 | 132.7% | 7.0 |
| investments | | | | |
--------------------------------------------------------------------------------
| Personnel at end of period | 3 502 | 3 961 | -11.6% | 3 894 |
--------------------------------------------------------------------------------
| 1) Calculated on a rolling | | | | |
| twelve month basis. | | | | |
--------------------------------------------------------------------------------
MAGNUS ROSÉN, RAMIRENT CEO:
”The market conditions continued to decline in the first quarter. 2009 will
prove to be a challenging year and our near-term priority remains on
safeguarding profitability and cash flow in order to amortize debt. The
cost-saving actions initiated at the end of 2008 are progressing according to
plan, but due to the slow start of 2009, the action program was reinforced
during the review period. At the end of the first quarter our workforce had
decreased by 535 persons since the start of the first cost saving program. Our
focus lies on implementing cost saving actions, continuing to right-size our
fleet and re-allocating fleet capacity between markets to support price level
and utilisation. We have developed contingency plans to address the risk of
further market decline.”
RAMIRENT'S JANUARY - MARCH 2009 INTERIM REPORT
MARKET REVIEW
During the review period, the market situation weakened further in our markets
and especially in Eastern Europe. Construction activity slowed dramatically in
the Baltic States as well as in Ukraine and in Russia. In the Nordic region, the
Danish and Norwegian markets remained silent, and signs of a significant
contraction were seen also in Finland and Sweden during the first quarter. In
our Central European countries, the construction market continued to grow in
Poland, but contracted in Czech Republic and Slovakia. In Hungary, the recession
continued and construction activity remained on a low level. In all Ramirent
countries, low visibility and high uncertainty continued due to the global
economic slowdown.
NET SALES
Group net sales decreased by -24.6% to EUR 122.2 (162.1) million due to
declining construction activity and weakening in the Group's major operational
currencies. At comparable currency rates first quarter net sales decreased by
-17%. All segments' net sales declined compared to the corresponding period
previous year. The sharpest decline was seen in Europe East (-53.6%). Net sales
by segment were as follows:
--------------------------------------------------------------------------------
| Net sales | | | | |
--------------------------------------------------------------------------------
| (EUR million) | 1-3/09 | 1-3/08 | Change | 1-12/08 |
--------------------------------------------------------------------------------
| Finland | 28.7 | 33.4 | -14.1 % | 154.4 |
--------------------------------------------------------------------------------
| Sweden | 32.0 | 41.7 | -23.1 % | 171.4 |
--------------------------------------------------------------------------------
| Norway | 28.9 | 37.1 | -22.1 % | 145.9 |
--------------------------------------------------------------------------------
| Denmark | 11.3 | 13.7 | -17.6 % | 59.0 |
--------------------------------------------------------------------------------
| Europe Group East | 9.3 | 20.0 | -53.6 % | 89.9 |
--------------------------------------------------------------------------------
| Europe Group Central | 14.1 | 16.6 | -15.1 % | 88.7 |
--------------------------------------------------------------------------------
| Elimination of sales | -2.1 | -0.5 | - | -6.7 |
| between segments | | | | |
--------------------------------------------------------------------------------
| Net sales, total | 122.2 | 162.1 | -24.6 % | 702.6 |
--------------------------------------------------------------------------------
FINANCIAL RESULT
Operating profit before depreciation (EBITDA) was EUR 30.3 (52.1) million.
The lower sales levels especially in Europe East and Denmark, lower fleet
utilization, tougher price competition and higher depreciations burdened
profitability. Fixed costs were reduced compared to the previous year, but not
to the extent that it compensated fully for the decline in net sales. The
Group's operating profit (EBIT) was 7.2 (29.5) with a margin of 5.9% (18.2%).
Operating profit and margin by segment were as follows:
--------------------------------------------------------------------------------
| Operating profit | | | | |
--------------------------------------------------------------------------------
| (EUR million) | 1-3/09 | 1-3/08 | Change | 1-12/08 |
--------------------------------------------------------------------------------
| Finland | 0.9 | 6,5 | -86.5% | 30.5 |
--------------------------------------------------------------------------------
| % of net sales | 3.1% | 19.6% | - | 19.8% |
--------------------------------------------------------------------------------
| Sweden | 5.3 | 9.0 | -41.3% | 29.9 |
--------------------------------------------------------------------------------
| % of net sales | 16.6% | 21.7% | - | 17.4% |
--------------------------------------------------------------------------------
| Norway | 2.5 | 6.9 | -63.6% | 15.1 |
--------------------------------------------------------------------------------
| % of net sales | 8.7% | 18.6% | - | 10.4% |
--------------------------------------------------------------------------------
| Denmark | -0.1 | 0.8 | -108.8% | 0.7 |
--------------------------------------------------------------------------------
| % of net sales | -0.6% | 5.9% | - | 1.1% |
--------------------------------------------------------------------------------
| Europe Group East | -3.3 | 4.1 | -180.7% | -1.4 |
--------------------------------------------------------------------------------
| % of net sales | -35.8% | 20.6% | - | -1.5% |
--------------------------------------------------------------------------------
| Europe Group Central | 0.7 | 1.5 | -53.4% | 8.4 |
--------------------------------------------------------------------------------
| % of net sales | 5.1% | 9.2% | - | 9.5% |
--------------------------------------------------------------------------------
| Net items not allocated to | 1.2 | 0.6 | - | -3.5 |
| operating segments | | | | |
--------------------------------------------------------------------------------
| Group operating profit | 7.2 | 29.5 | -75.6% | 79.7 |
--------------------------------------------------------------------------------
| % of net sales | 5.9% | 18.2% | - | 11.3% |
--------------------------------------------------------------------------------
The net financial items increased to EUR -6.2 (-3.3) million mainly due to
currency exchange losses.
The Group's profit before taxes for the review period was EUR 0.9 (26.2)
million. The effective tax rate for the review period was 43.7% (25.5%). The net
profit for the review period was EUR 0.5 (19.5) million. Earnings per share were
EUR 0.00 (0.18). The return on invested capital was 14.0% (28.6%) and the return
on equity was 4.6% (34.1%).
CAPITAL EXPENDITURE AND DEPRECIATION
The Group's gross capital expenditure on non-current assets totalled EUR 2.5
(93.0) million, of which EUR 2.0 (79.8) million was attributable to investments
in machinery and equipment.
Disposals of tangible non-current assets at book value were EUR 2.3 (4.7)
million, of which EUR 2.3 (2.7) million were attributable to machinery and
equipment. The sales value of the tangible non-current assets amounted to EUR
4.1 million. Net capital expenditure amounted to EUR 0.2 (88.3) million.
The total depreciation and write-off of non-current assets during the review
period amounted to EUR 23.1 (22.6) million, of which EUR 21.8 (22.0) million
were attributable to machinery and equipment.
Goodwill totalled EUR 82.9 (95.7) million at the end of the review period. The
decrease in goodwill from the year-end 2008 level of EUR 87.4 million was mainly
due to revised considerations for future earn-out payments on acquisitions.
CASH FLOW AND FINANCIAL POSITION
The Group's first quarter cash flow from operating activities amounted to EUR
16.2 (30.9) million. Cash flow from investing activities amounted to EUR 1.7
(-85.7) million. Cash flow from operating and investing activities totalled to
EUR 17.9 (-54.8) million. Cash flow from financing activities totalled EUR -18.6
(56.0) million. At the end of the review period, liquid assets stood at EUR 1.3
(2.4) million, resulting in a net change in cash of EUR -0.7 (1.2) million
compared to year-end 2008.
Ramirent's interest-bearing liabilities totalled EUR 282.5 (294.4) million. Net
debt amounted to EUR 281.2 (292.0) million at the end of the review period.
Gearing decreased from 107.8% at year-end 2008 to 99.4% (81.3%). Priority is
given to generate a positive cash flow in order to reduce net debt further.
At the end of the review period, Ramirent had unused committed back-up loan
facilities available of EUR 185 million.
Total assets amounted to EUR 710.9 (822.8) million. The value of Group
consolidated assets compared to previous year was affected by weakening of
several currencies. Group equity totalled EUR 282.9 (359.3) million. The Group's
equity ratio was 39.8% (43.7%).
CHANGES IN GROUP MANAGEMENT
On 15 January, 2009 Magnus Rosén, 46, [M.Sc.(Econ.), MBA] started as CEO of the
Ramirent Group. Magnus Rosén succeeded Kari Kallio, who retired at the AGM 2009.
A new management structure was introduced on 15 January 2009 in order to shorten
decision-making paths and drive higher synergies between the operating segments.
As of 15 January, the Group management team consists 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
ADOPTION OF A NEW FINANCIAL TARGET
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% p.a. and a return on invested capital of at least
18% p.a. In addition, a gearing target of less than 120% 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% of annual
earnings per share to the shareholders.
PERSONNEL AND OUTLET NETWORK
--------------------------------------------------------------------------------
| | Employees | Employees | Outlets | Outlets |
| | 31 March | 31 March | 31 March | 31 March |
--------------------------------------------------------------------------------
| | 2009 | 2008 | 2009 | 2008 |
--------------------------------------------------------------------------------
| Finland | 655 | 673 | 87 | 96 |
--------------------------------------------------------------------------------
| Sweden | 615 | 651 | 57 | 57 |
--------------------------------------------------------------------------------
| Norway | 588 | 689 | 40 | 37 |
--------------------------------------------------------------------------------
| Denmark | 196 | 253 | 20 | 18 |
--------------------------------------------------------------------------------
| Europe East | 489 | 677 | 46 | 52 |
--------------------------------------------------------------------------------
| Europe Central | 941 | 1002 | 101 | 99 |
--------------------------------------------------------------------------------
| Group administration | 18 | 16 | | |
--------------------------------------------------------------------------------
| Total | 3502 | 3961 | 351 | 359 |
--------------------------------------------------------------------------------
COST SAVING ACTIONS REINFORCED
The cost savings program initiated in December 2008 targeting annual fixed cost
savings of EUR 50 million is progressing according to plan.
On 12 March, 2009 Ramirent Plc announced reinforcing its action program and
reducing its workforce further by at least 150 persons, in addition to the
previously announced reduction of 600 persons, due to the weak development in
the first two months of the year. At the same time, the Board of Directors also
rescinded its dividend proposal of EUR 0.15 per share and proposed that no
dividend be paid for the financial year 2008.
The reinforced action program focuses on strengthening the cash flow in order to
amortise debt. A comprehensive review has been done by all cost items, improving
working capital management, intensifying efforts to right-size fleet capacity
and fleet re-allocation between countries to improve utilisation. The actions
also consist of a comprehensive restructuring program reorganising Ramirent's
Baltic operations in order to adjust the cost structures to the current sales
levels and drive higher synergies.
The first cost saving program launched in December 2008 mainly targeted the
Nordic countries and Eastern Europe, whilst the second program also addressed
Central Europe. The reinforced actions are aimed to adjust the share of fixed
costs during the second half of year 2009, which were still on a high level in
the first quarter compared to the decrease in market demand. At the end of the
review period, the Group's workforce had decreased by 535 persons and fixed
costs were at a 22% lower level compared to the level in the third quarter of
2008 when the first cost saving program started.
Contingency plans have been developed for each country to be able to act rapidly
to further market decline.
DEVELOPMENT BY OPERATING SEGMENT
Ramirent has adopted IFRS 8 (Operating segments) as of 1 January, 2009. The
specification of assets by operating segment is presented in the notes to the
interim financial report.
Sweden
In Sweden, net sales declined by -23% to EUR 32.0 (41.7) million. At comparable
currency rates the decline was -11%. Signs of contraction were seen in various
geographical areas especially in Southern Sweden during the first quarter. The
operating profit (EBIT) was EUR 5.3 (9.0) million with a margin of 16.6%
(21.7%). Despite the rapid decline in sales, profitability was supported by
adjustments in costs for outsourced services and materials.
Norway
In Norway, Ramirent's Norwegian subsidiary Bautas AS's net sales declined by
-22% to EUR 28.9 (37.1) million due to overall weakened demand for rental
equipment especially in the capital city area. At comparable currency rates the
decline in net sales was -12%. The operating profit (EBIT) was EUR 2.5 (6.9)
million with a margin of 8.7% (18.6%). Profitability was burdened by tougher
price competition in certain product areas and the positive impact of cost
saving actions had not yet fully materialised to offset the lower sales levels.
Denmark
In Denmark, net sales declined by -18% to EUR 11.3 (13.7) million due to
continuing slowdown in construction activity. The operating profit (EBIT) was
EUR -0.1 (0.8) million with a margin of -0.6% (5.9%). The share of fixed costs
was still too high to offset the lower sales levels and aggressive competition
continued to lower the price levels affecting profitability negatively.
Finland
In Finland, net sales declined by -14% to EUR 28.7 (33.4) million. The demand
for rental equipment especially relating to renovation work and industrial
projects remained on a good level. The operating profit (EBIT) was EUR 0.9 (6.5)
million with a margin of 3.1% (19.6%). Profitability weakened due to the rapid
decline in sales and increased price competition in certain product areas while
the impact of cost saving actions is expected to materialise mainly in the
second half of year 2009.
Europe East
In Europe East (Russia, Estonia, Latvia, Lithuania and Ukraine), net sales
declined by -54% to EUR 9.3 (20.0) million due to weakened market conditions.
Sales decreased in all Europe East countries. The decline was especially rapid
in the Baltic States. The operating profit (EBIT) was EUR -3.3 (4.1) million
with a margin of -35.8% (20.6%). Profitability was burdened by the rapid decline
in sales, lower price levels, increased transportation costs and decreased fleet
utilisation. A comprehensive restructuring program was started to reorganise
Baltic operations in order to adjust the cost structure to the current sales
levels and increase synergies.
Europe Central
In Europe Central (Poland, Hungary, the Czech Republic and Slovakia), net sales
decreased by -15% to EUR 14.1 (16.6) million. At comparable currencies net sales
grew by 1%. Sales growth continued but at a slower pace in Poland, whilst it
declined in the Czech Republic and in Slovakia due to slowing construction
activity and longer winter conditions. Hungary posted a small sales growth
despite the continued weak underlying market. The operating profit (EBIT) was
EUR 0.7 (1.5) million with a margin of 5.1% (9.2%). Profitability was burdened
by tougher price competition in certain product areas and an increase in
depreciations due to the high level of investments made in 2008. Preparations
started to introduce new product lines to the product portfolio in Europe
Central, in accordance with Ramirent's concept to be a one-stop-shop solutions
provider in its operating markets.
EVENTS AFTER THE REVIEW PERIOD
Decisions made by the Annual General Meeting on 2 April 2009
The Annual General Meeting of Ramirent Plc held on 2 April 2009 approved the
financial statements for the fiscal year 2008 and discharged the members of the
Board of Directors and the President and CEO from liability. In addition, the
Annual General Meeting approved the amendment of the section 10 of the Articles
of Association and authorised the Board to decide on the acquisition of up to a
maximum of 10,869,732 of own shares and to convey a maximum of 10,869,732 shares
against payment as well as decide on the issue of a maximum of 21,739,465 new
shares
The Annual General Meeting resolved that the number of members of the Board of
Directors be reduced from seven (7) to six (6) members and re-elected for a term
until the close of the next Annual General Meeting the following members of the
Ramirent Board: Kaj-Gustaf Bergh, Torgny Eriksson, Peter Hofvenstam, Ulf
Lundahl, Erkki Norvio and Susanna Renlund. The Annual General Meeting resolved
that the remuneration of the Board of Directors be unchanged from 2008 levels.
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.
Dividend
The Annual General Meeting adopted the proposal by the Board of Directors that
no dividend be paid for fiscal year 2008.
Board of Director's organisational meeting of 2 April 2009
In its organisational meeting on April 2, 2009 the Board elected from among its
members Peter Hofvenstam as its Chairman and Susanna Renlund as Vice Chairman.
The Board of Directors established a Working Committee. The duties, include
among other, the duties of an audit committee, which were assigned to the
established working committee. Peter Hofvenstam, Kaj-Gustaf Bergh, Ulf Lundahl
and Susanna Renlund were elected members and Peter Hofvenstam was elected
Chairman of the Working Committee.
Mikael Öberg resigns from Ramirent
Mikael Öberg, Senior Vice President, Scandinavia in the Ramirent Group, informed
the Company on 12 May 2009 that he has decided to leave Ramirent for a leading
position in another industry. The search for a successor will be commenced
immediately. Mr. Öberg will remain in his present position until 10 November
2009, or until a replacement is in place.
SHARES AND SHAREHOLDERS
Trading in the share
Ramirent Plc's market capitalization at the end of the review period was EUR 261
(1,303) million. At the end of the review period trading closed at EUR 2.40
(11.99). The highest quotation for the period was EUR 3.95 (12.46), and the
lowest EUR 2.40 (8.53). The average trading price was EUR 3.10 (11.05).
The value of share turnover during the review period was EUR 52 (319) million
equivalent to 16,929,515 (29,112,587) traded Ramirent shares, i.e. 15.6% (26.8%)
of Ramirent's total number of shares.
Share capital and number of shares
At the end of the review period, Ramirent Plc's share capital was EUR 25,000,000
and the total number of Ramirent shares was 108,697,328.
Own shares
Ramirent Plc did not hold any of its own shares during the period under review.
ESSENTIAL RISKS AFFECTING RAMIRENT'S OPERATIONS
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 achievement of the Company's financial and 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. The main risks are described in the annual report 2008.
MARKET AND RAMIRENT OUTLOOK
Ongoing uncertainty in the financial markets continues to impact overall
activity and further reduce confidence in the general construction market.
Forecasts indicate that the construction volume will decline significantly in
most of Ramirent's operating countries in 2009.
Ramirent's near-term priority is to safeguard profitability and cash flow in
order to amortize debt. Focus lies on implementing cost saving actions,
continuing to right-size fleet capacity and re-allocating fleet between markets
to improve utilisation. We have developed contingency plans to address the risk
of further market decline.
In the long-term the equipment rental sector continues to enjoy significant
strengths. Although a cyclical and capital-intensive sector, the business
remains cash generative and cash flow is reinforced by reduced investment
spending in a downturn. The current downturn serves also as an opportunity to
start building a more scalable business model with increased flexibility to
adjust costs to changes in the demand curve, improving Ramirent's overall risk
profile. We will also continue to develop our business model by carefully
considering which markets we want to be in, what customers we focus on and what
products we want to have in our offering. Our goal is to maintain market leading
positions in the countries where we are present and continue our long-term
profitable growth, however, by maintaining risk control.
The financial outlook for 2009 is unchanged. Due to the high level of
uncertainty and low visibility, no profit guidance is given.
FORWARD-LOOKING STATEMENTS
It should be noted that certain statements in this report, which are not
historical facts, including, without limitation, those regarding
expectations for general economic development and market situation;
regarding customer industry profitability and investment willingness; for
company growth, development and profitability; regarding cost savings; regarding
fluctuations in exchange rates and interest levels; regarding the success of
pending and future acquisitions and restructurings; and statements preceded by
"believes," "expects," "anticipates," "foresees" or similar expressions, are
forward-looking statements.
These statements are based on current expectations, and currently known facts.
Therefore, they involve risks and uncertainties, which may cause actual results
to materially differ from the results currently expected by the company.
SUMMARY FINANCIAL STATEMENTS AND NOTES
The interim financial statements have been prepared in accordance with
International Accounting Standards (IAS) 34 Interim Financial Reporting,
as adopted by the EU.
As of 1 January 2009 Ramirent applies the following new and revised standards:
IFRS 8 Operating Segments and IAS 1 Presentation of Financial Statements.
Otherwise the same Accounting Principles have been applied as
in the 2008 Financial Statements. Key financial figure calculations remain
unchanged and have been presented in the 2008 Financial Statements.
--------------------------------------------------------------------------------
| INCOME STATEMENT | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (EUR 1,000) | 1-3/09 | 1-3/08 | 1-12/08 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Net sales | 122 214 | 162 076 | 702 635 |
--------------------------------------------------------------------------------
| Other operating income | 625 | 1 658 | 3 817 |
--------------------------------------------------------------------------------
| Total | 122 839 | 163 734 | 706 452 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Materials and services | -35 374 | -47 328 | -208 186 |
--------------------------------------------------------------------------------
| Employee benefit expenses | -34 685 | -42 890 | -176 372 |
--------------------------------------------------------------------------------
| Depreciation and amortisation | -23 130 | -22 606 | -109 107 |
--------------------------------------------------------------------------------
| Other operating expenses | -22 462 | -21 458 | -133 074 |
--------------------------------------------------------------------------------
| Operating profit | 7 189 | 29 452 | 79 713 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income | 8 524 | 2 444 | 22 658 |
--------------------------------------------------------------------------------
| Financial expenses | -14 764 | -5 729 | -51 713 |
--------------------------------------------------------------------------------
| Profit before taxes | 949 | 26 167 | 50 658 |
--------------------------------------------------------------------------------
| Income taxes | -415 | -6 687 | -16 944 |
--------------------------------------------------------------------------------
| NET PROFIT FOR THE PERIOD | 534 | 19 480 | 33 715 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit for the period attributable | | | |
| to: | | | |
--------------------------------------------------------------------------------
| Owners of the parent | 534 | 19 481 | 33 715 |
--------------------------------------------------------------------------------
| Non-controlling interests | - | -1 | - |
--------------------------------------------------------------------------------
| Total | 534 | 19 480 | 33 715 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share (EPS), basic and | - | 0.18 | 0.31 |
| diluted, EUR | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| STATEMENT OF COMPREHENSIVE INCOME | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (EUR 1,000) | 1-3/09 | 1-3/08 | 1-12/08 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NET PROFIT FOR THE PERIOD | 534 | 19 480 | 33 715 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other comprehensive income: | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Fair value adjustment of interest | -1 382 | -934 | -3 885 |
| rate SWAPs | | | |
--------------------------------------------------------------------------------
| Translation differences | 2 279 | -1 230 | -36 408 |
--------------------------------------------------------------------------------
| Income tax relating to components of | 359 | 243 | 1 010 |
| other comprehensive income | | | |
--------------------------------------------------------------------------------
| Other comprehensive income for the | 1 256 | -1 921 | -39 283 |
| year, net of tax | | | |
--------------------------------------------------------------------------------
| TOTAL COMPREHENSIVE INCOME/EXPENSE | 1 791 | 17 559 | -5 568 |
| FOR THE YEAR | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total comprehensive income for the | | | |
| period attributable to: | | | |
--------------------------------------------------------------------------------
| Owners of the parent | 1 791 | 17 560 | -5 568 |
--------------------------------------------------------------------------------
| Non-controlling interests | - | -1 | - |
--------------------------------------------------------------------------------
| Total | 1 791 | 17 559 | -5 568 |
--------------------------------------------------------------------------------
STATEMENT OF FINANCIAL POSITION
--------------------------------------------------------------------------------
| ASSETS | | | |
--------------------------------------------------------------------------------
| (EUR 1,000) | 31.3.2009 | 31.3.2008 | 31.12.2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NON-CURRENT ASSETS | | | |
--------------------------------------------------------------------------------
| Tangible assets | 506 684 | 566 352 | 528 780 |
--------------------------------------------------------------------------------
| Goodwill | 82 913 | 95 661 | 87 398 |
--------------------------------------------------------------------------------
| Other intangible assets | 6 532 | 2 042 | 6 986 |
--------------------------------------------------------------------------------
| Available-for-sale investments | 77 | 95 | 79 |
--------------------------------------------------------------------------------
| Deferred tax assets | 7 190 | 3 043 | 6 117 |
--------------------------------------------------------------------------------
| NON-CURRENT ASSETS, TOTAL | 603 396 | 667 193 | 629 359 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CURRENT ASSETS | | | |
--------------------------------------------------------------------------------
| Inventories | 16 008 | 24 591 | 21 258 |
--------------------------------------------------------------------------------
| Trade and other receivables | 86 272 | 126 666 | 99 055 |
--------------------------------------------------------------------------------
| Income tax receivables on the | 3 288 | 946 | 377 |
| taxable income for the | | | |
| financial period | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 1 333 | 2 435 | 2 072 |
--------------------------------------------------------------------------------
| CURRENT ASSETS, TOTAL | 106 901 | 154 638 | 122 762 |
--------------------------------------------------------------------------------
| Non-current assets held for | 559 | 1 015 | 559 |
| sale | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL ASSETS | 710 855 | 822 846 | 752 679 |
--------------------------------------------------------------------------------
EQUITY AND LIABILITIES
--------------------------------------------------------------------------------
| (EUR 1,000) | 31.3.2009 | 31.3.2008 | 31.12.2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY | | | |
--------------------------------------------------------------------------------
| Share capital | 25 000 | 11 685 | 25 000 |
--------------------------------------------------------------------------------
| Share premium fund | - | 126 644 | - |
--------------------------------------------------------------------------------
| Free equity fund | 113 329 | - | 113 329 |
--------------------------------------------------------------------------------
| Retained earnings | 144 557 | 220 243 | 142 766 |
--------------------------------------------------------------------------------
| PARENT COMPANY SHAREHOLDERS' | 282 886 | 358 572 | 281 095 |
| EQUITY | | | |
--------------------------------------------------------------------------------
| Minority interests | - | 757 | - |
--------------------------------------------------------------------------------
| EQUITY, TOTAL | 282 886 | 359 329 | 281 095 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NON-CURRENT LIABILITIES | | | |
--------------------------------------------------------------------------------
| Deferred tax liabilities | 44 889 | 44 911 | 46 273 |
--------------------------------------------------------------------------------
| Pension obligations | 7 466 | 8 180 | 7 030 |
--------------------------------------------------------------------------------
| Provisions | 7 048 | 1 009 | 6 929 |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 264 170 | 215 004 | 275 731 |
--------------------------------------------------------------------------------
| NON-CURRENT LIABILITIES, TOTAL | 323 573 | 269 104 | 335 962 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CURRENT LIABILITIES | | | |
--------------------------------------------------------------------------------
| Trade payables and other | 66 003 | 102 533 | 81 445 |
| liabilities | | | |
--------------------------------------------------------------------------------
| Provisions | 15 398 | 418 | 17 452 |
--------------------------------------------------------------------------------
| Income tax liabilities on the | 4 654 | 12 040 | 7 401 |
| taxable income for the | | | |
| financial period | | | |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 18 342 | 79 422 | 29 325 |
--------------------------------------------------------------------------------
| CURRENT LIABILITIES, TOTAL | 104 397 | 194 413 | 135 622 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES, TOTAL | 427 970 | 463 517 | 471 584 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL EQUITY AND LIABILITIES | 710 855 | 822 846 | 752 679 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONDENSED CASH FLOW STATEMENT | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (EUR million) | 1-3/09 | 1-3/08 | 1-12/08 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from operating | 16.2 | 30.9 | 168.5 |
| activities | | | |
--------------------------------------------------------------------------------
| Cash flow from investing | 1.7 | -85.7 | -161.5 |
| activities | | | |
--------------------------------------------------------------------------------
| Cash flow from financing | | | |
| activities | | | |
--------------------------------------------------------------------------------
| Borrowings/ repayments of | -8.0 | 10.5 | -39.4 |
| short-term debt | | | |
--------------------------------------------------------------------------------
| Borrowings of long-term debt | -10.6 | 45.5 | 87.6 |
--------------------------------------------------------------------------------
| Dividends paid | - | - | -54.3 |
--------------------------------------------------------------------------------
| Cash flow from financing | -18.6 | 56.0 | -6.1 |
| activities | | | |
--------------------------------------------------------------------------------
| Net change in cash and cash | -0.7 | 1.2 | 0.9 |
| equivalents | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the | 2.1 | 1.2 | 1.2 |
| beginning of the period | | | |
--------------------------------------------------------------------------------
| Translation difference on cash and | 0.1 | 0.0 | 0.1 |
| cash equivalents | | | |
--------------------------------------------------------------------------------
| Net change in cash and cash | -0.8 | 1.2 | 0.7 |
| equivalents | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the | 1.3 | 2.4 | 2.1 |
| end of the period | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| STATEMENT OF CHANGES IN | | | | | | |
| EQUITY | | | | | | |
--------------------------------------------------------------------------------
| (EUR 1,000) |
--------------------------------------------------------------------------------
| A=Share capital | | | | | | | | |
--------------------------------------------------------------------------------
| B=Share premium fund | | | | | | | |
--------------------------------------------------------------------------------
| C=Free equity fund | | | | | | | |
--------------------------------------------------------------------------------
| D=Translation | | | | | | | |
| differences | | | | | | | |
--------------------------------------------------------------------------------
| E=Revaluation fund | | | | | | | |
--------------------------------------------------------------------------------
| F=Retained earnings | | | | | | | |
--------------------------------------------------------------------------------
| G=Entries on non-current assets held for | | | | |
| sale | | | | |
--------------------------------------------------------------------------------
| H=Parent company shareholders' | | | | | |
| equity | | | | | |
--------------------------------------------------------------------------------
| I=Minority interest | | | | | | | |
--------------------------------------------------------------------------------
| J=Total equity | | | | | | | | |
--------------------------------------------------------------------------------
| | A | B | C | D | E | F | G | H | I | J |
--------------------------------------------------------------------------------
| Equ | 116 | 1266 | - | 2900 | -132 | 19977 | 136 | 34101 | 107 | 34111 |
| ity | 85 | 44 | | | | 9 | | 2 | | 9 |
| 1.1 | | | | | | | | | | |
| . | | | | | | | | | | |
| 200 | | | | | | | | | | |
| 8 | | | | | | | | | | |
--------------------------------------------------------------------------------
| Cha | - | - | - | - | - | - | - | - | 651 | 651 |
| ng | | | | | | | | | | |
| e | | | | | | | | | | |
| in | | | | | | | | | | |
| min | | | | | | | | | | |
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| ty | | | | | | | | | | |
| (ne | | | | | | | | | | |
| t) | | | | | | | | | | |
| 1-3 | | | | | | | | | | |
| /20 | | | | | | | | | | |
| 08 | | | | | | | | | | |
--------------------------------------------------------------------------------
| Tot | - | - | - | -123 | -691 | 19481 | - | 17560 | -1 | 17559 |
| al | | | | 0 | | | | | | |
| com | | | | | | | | | | |
| pr | | | | | | | | | | |
| eh | | | | | | | | | | |
| en- | | | | | | | | | | |
| siv | | | | | | | | | | |
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| the | | | | | | | | | | |
| per | | | | | | | | | | |
| io | | | | | | | | | | |
| d | | | | | | | | | | |
--------------------------------------------------------------------------------
| Equ | 116 | 1266 | - | 1670 | -823 | 21926 | 136 | 35857 | 757 | 35932 |
| ity | 85 | 44 | | | | 0 | | 2 | | 9 |
| 31. | | | | | | | | | | |
| 3.2 | | | | | | | | | | |
| 008 | | | | | | | | | | |
--------------------------------------------------------------------------------
| Red | 133 | -126 | 113 | - | - | - | - | - | - | - |
| uc | 15 | 644 | 329 | | | | | | | |
| tio | | | | | | | | | | |
| n | | | | | | | | | | |
| of | | | | | | | | | | |
| sha | | | | | | | | | | |
| re | | | | | | | | | | |
| pre | | | | | | | | | | |
| mi- | | | | | | | | | | |
| um | | | | | | | | | | |
| fun | | | | | | | | | | |
| d | | | | | | | | | | |
| 4-1 | | | | | | | | | | |
| 2 | | | | | | | | | | |
| /20 | | | | | | | | | | |
| 08 | | | | | | | | | | |
--------------------------------------------------------------------------------
| Cha | - | - | - | - | - | - | - | - | -757 | -757 |
| ng | | | | | | | | | | |
| e | | | | | | | | | | |
| in | | | | | | | | | | |
| min | | | | | | | | | | |
| or- | | | | | | | | | | |
| ity | | | | | | | | | | |
| (ne | | | | | | | | | | |
| t) | | | | | | | | | | |
| 4-1 | | | | | | | | | | |
| 2 | | | | | | | | | | |
| /20 | | | | | | | | | | |
| 08 | | | | | | | | | | |
--------------------------------------------------------------------------------
| Div | - | - | - | - | - | -5434 | - | -5434 | - | -5434 |
| id | | | | | | 9 | | 9 | | 9 |
| end | | | | | | | | | | |
| dis | | | | | | | | | | |
| tr- | | | | | | | | | | |
| ibu | | | | | | | | | | |
| ti- | | | | | | | | | | |
| on | | | | | | | | | | |
| 4-1 | | | | | | | | | | |
| 2 | | | | | | | | | | |
| /20 | | | | | | | | | | |
| 08 | | | | | | | | | | |
--------------------------------------------------------------------------------
| Tot | - | - | - | -351 | -218 | 14234 | - | -2312 | - | -2312 |
| al | | | | 78 | 4 | | | 8 | | 8 |
| com | | | | | | | | | | |
| pr | | | | | | | | | | |
| ehe | | | | | | | | | | |
| -ns | | | | | | | | | | |
| ive | | | | | | | | | | |
| inc | | | | | | | | | | |
| ome | | | | | | | | | | |
| for | | | | | | | | | | |
| the | | | | | | | | | | |
| per | | | | | | | | | | |
| iod | | | | | | | | | | |
--------------------------------------------------------------------------------
| Equ | 250 | - | 113 | -335 | -300 | 17914 | 136 | 28109 | - | 28109 |
| ity | 00 | | 329 | 08 | 7 | 5 | | 5 | | 5 |
| 31. | | | | | | | | | | |
| 12. | | | | | | | | | | |
| 200 | | | | | | | | | | |
| 8 | | | | | | | | | | |
--------------------------------------------------------------------------------
| Tot | - | - | - | 2279 | -102 | 534 | - | 1791 | - | 1791 |
| al | | | | | 2 | | | | | |
| com | | | | | | | | | | |
| pr | | | | | | | | | | |
| eh | | | | | | | | | | |
| en | | | | | | | | | | |
| siv | | | | | | | | | | |
| e | | | | | | | | | | |
| inc | | | | | | | | | | |
| om | | | | | | | | | | |
| e | | | | | | | | | | |
| for | | | | | | | | | | |
| the | | | | | | | | | | |
| per | | | | | | | | | | |
| iod | | | | | | | | | | |
--------------------------------------------------------------------------------
| Equ | 250 | - | 113 | -312 | -402 | 17967 | 136 | 28288 | - | 28288 |
| ity | 00 | | 329 | 29 | 9 | 9 | | 6 | | 6 |
| 31. | | | | | | | | | | |
| 3.2 | | | | | | | | | | |
| 009 | | | | | | | | | | |
--------------------------------------------------------------------------------
KEY FINANCIAL FIGURES
--------------------------------------------------------------------------------
| | 1-3/09 | 1-3/08 | 1-12/08 |
--------------------------------------------------------------------------------
| Interest-bearing debt, (EUR million) | 282.5 | 294.4 | 305.1 |
--------------------------------------------------------------------------------
| Net debt, (EUR million) | 281.2 | 292.0 | 303.0 |
--------------------------------------------------------------------------------
| Invested capital (EUR million), end of | 565.4 | 653.8 | 586.2 |
| period | | | |
--------------------------------------------------------------------------------
| Return on invested capital (ROI), % 1) | 14.0% | 28.6% | 17.5% |
--------------------------------------------------------------------------------
| Gearing % | 99.4% | 81.3% | 107.8% |
--------------------------------------------------------------------------------
| Equity ratio, % | 39.8% | 43.7% | 37.4% |
--------------------------------------------------------------------------------
| Personnel, average | 3 599 | 3 927 | 4 006 |
--------------------------------------------------------------------------------
| Personnel, end of period | 3 502 | 3 961 | 3 894 |
--------------------------------------------------------------------------------
| Gross investments in non-current assets | 2.5 | 93.0 | 201.3 |
| (EUR million) | | | |
--------------------------------------------------------------------------------
| Gross investments, % of net sales | 2.0% | 61.1% | 34.3% |
--------------------------------------------------------------------------------
| The definitions of the key figures are | | | |
| available in the Annual Report 2008. | | | |
--------------------------------------------------------------------------------
| 1) The figures are calculated on a rolling | | | |
| twelve month basis. | | | |
--------------------------------------------------------------------------------
SHARE-RELATED KEY FIGURES
--------------------------------------------------------------------------------
| | 1-3/09 | 1-3/08 | 1-12/08 |
--------------------------------------------------------------------------------
| Earnings per share (EPS) | - | 0.18 | 0.31 |
| weighted average, diluted, EUR | | | |
--------------------------------------------------------------------------------
| Earnings per share (EPS) | - | 0.18 | 0.31 |
| weighted average, non-diluted, | | | |
| EUR | | | |
--------------------------------------------------------------------------------
| Equity per share, end of | 2.60 | 3.30 | 2.59 |
| period, diluted, EUR | | | |
--------------------------------------------------------------------------------
| Equity per share, end of | 2.60 | 3.30 | 2.59 |
| period, non-diluted, EUR | | | |
--------------------------------------------------------------------------------
| Number of shares (weighted | 108 697 328 | 108 698 436 | 108 697 750 |
| average), diluted | | | |
--------------------------------------------------------------------------------
| Number of shares (weighted | 108 697 328 | 108 698 436 | 108 697 750 |
| average), non-diluted | | | |
--------------------------------------------------------------------------------
| Number of shares (end of | 108 697 328 | 108 698 436 | 108 697 328 |
| period), diluted | | | |
--------------------------------------------------------------------------------
| Number of shares (end of | 108 697 328 | 108 698 436 | 108 697 328 |
| period), non-diluted | | | |
--------------------------------------------------------------------------------
NOTES TO THE INTERIM FINANCIAL STATEMENTS
SEGMENT INFORMATION
Segment information is presented according to the IFRS standards. Items below
EBIT - financial items and taxes - are not allocated to the segments.
--------------------------------------------------------------------------------
| Net sales | | | |
--------------------------------------------------------------------------------
| (EUR million) | 1-3/09 | 1-3/08 | 1-12/08 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finland | | | |
--------------------------------------------------------------------------------
| - Net sales (external) | 28.7 | 33.0 | 153.9 |
--------------------------------------------------------------------------------
| - Inter-segment sales | - | 0.4 | 0.5 |
--------------------------------------------------------------------------------
| Sweden | | | |
--------------------------------------------------------------------------------
| - Net sales (external) | 32.0 | 41.7 | 171.3 |
--------------------------------------------------------------------------------
| - Inter-segment sales | - | - | 0.1 |
--------------------------------------------------------------------------------
| Norway | | | |
--------------------------------------------------------------------------------
| - Net sales (external) | 28.9 | 37.1 | 145.9 |
--------------------------------------------------------------------------------
| - Inter-segment sales | - | - | 0.1 |
--------------------------------------------------------------------------------
| Denmark | | | |
--------------------------------------------------------------------------------
| - Net sales (external) | 10.3 | 13.7 | 57.8 |
--------------------------------------------------------------------------------
| - Inter-segment sales | 1.0 | 0.0 | 1.3 |
--------------------------------------------------------------------------------
| Europe Group East | | | |
--------------------------------------------------------------------------------
| - Net sales (external) | 8.3 | 20.0 | 85.9 |
--------------------------------------------------------------------------------
| - Inter-segment sales | 1.0 | 0.0 | 4.0 |
--------------------------------------------------------------------------------
| Europe Group Central | | | |
--------------------------------------------------------------------------------
| - Net sales (external) | 13.9 | 16.5 | 87.9 |
--------------------------------------------------------------------------------
| - Inter-segment sales | 0.2 | 0.1 | 0.8 |
--------------------------------------------------------------------------------
| Elimination of sales between | -2.1 | -0.5 | -6.7 |
| segments | | | |
--------------------------------------------------------------------------------
| Net sales, total | 122.2 | 162.1 | 702.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other operating income | 0.6 | 1.7 | 3.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit | | | |
--------------------------------------------------------------------------------
| (EUR million) | 1-3/09 | 1-3/08 | 1-12/08 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finland | 0.9 | 6.5 | 30.5 |
--------------------------------------------------------------------------------
| % of net sales | 3.1% | 19.6% | 19.8% |
--------------------------------------------------------------------------------
| Sweden | 5.3 | 9.0 | 29.9 |
--------------------------------------------------------------------------------
| % of net sales | 16.6% | 21.7% | 17.4% |
--------------------------------------------------------------------------------
| Norway | 2.5 | 6.9 | 15.1 |
--------------------------------------------------------------------------------
| % of net sales | 8.7% | 18.6% | 10.4% |
--------------------------------------------------------------------------------
| Denmark | -0.1 | 0.8 | 0.7 |
--------------------------------------------------------------------------------
| % of net sales | -0.6% | 5.9% | 1.1% |
--------------------------------------------------------------------------------
| Europe Group East | -3.3 | 4.1 | -1.4 |
--------------------------------------------------------------------------------
| % of net sales | -35.8% | 20.6% | -1.5% |
--------------------------------------------------------------------------------
| Europe Group Central | 0.7 | 1.5 | 8.4 |
--------------------------------------------------------------------------------
| % of net sales | 5.1% | 9.2% | 9.5% |
--------------------------------------------------------------------------------
| Net items not allocated to operating | 1.2 | 0.6 | -3.5 |
| segments | | | |
--------------------------------------------------------------------------------
| Group operating profit | 7.2 | 29.5 | 79.7 |
--------------------------------------------------------------------------------
| % of net sales | 5.9% | 18.2% | 11.3% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Depreciation, amortisation and | | | |
| impairment charges | | | |
--------------------------------------------------------------------------------
| (EUR million) | 1-3/09 | 1-3/08 | 1-12/08 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finland | 3.8 | 3.6 | 16.7 |
--------------------------------------------------------------------------------
| Sweden | 5.0 | 5.5 | 24.8 |
--------------------------------------------------------------------------------
| Norway | 4.2 | 4.5 | 18.4 |
--------------------------------------------------------------------------------
| Denmark | 2.3 | 2.0 | 8.5 |
--------------------------------------------------------------------------------
| Europe Group East | 4.5 | 4.3 | 25.6 |
--------------------------------------------------------------------------------
| Europe Group Central | 3.3 | 2.6 | 15.2 |
--------------------------------------------------------------------------------
| Unallocated items and eliminations | -0.1 | - | -0.1 |
--------------------------------------------------------------------------------
| Total | 23.1 | 22.6 | 109.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Capital expenditure | | | |
--------------------------------------------------------------------------------
| (EUR million) | 1-3/09 | 1-3/08 | 1-12/08 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finland | 0.6 | 11.1 | 25.7 |
--------------------------------------------------------------------------------
| Sweden | 0.2 | 25.5 | 34.6 |
--------------------------------------------------------------------------------
| Norway | 0.3 | 10.4 | 24.6 |
--------------------------------------------------------------------------------
| Denmark | 0.1 | 7.0 | 13.1 |
--------------------------------------------------------------------------------
| Europe Group East | 0.1 | 18.0 | 39.8 |
--------------------------------------------------------------------------------
| Europe Group Central | 1.0 | 21.1 | 62.9 |
--------------------------------------------------------------------------------
| Unallocated items and eliminations | 0.1 | - | 0.5 |
--------------------------------------------------------------------------------
| Total | 2.5 | 93.0 | 201.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Assets allocated to segments | | | |
--------------------------------------------------------------------------------
| (EUR million) | 1-3/09 | 1-3/08 | 1-12/08 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finland | 152.0 | 142.6 | 144.6 |
--------------------------------------------------------------------------------
| Sweden | 163.2 | 205.1 | 163.7 |
--------------------------------------------------------------------------------
| Norway | 145.9 | 164.5 | 137.1 |
--------------------------------------------------------------------------------
| Denmark | 62.5 | 73.2 | 67.3 |
--------------------------------------------------------------------------------
| Europe Group East | 131.6 | 150.0 | 139.6 |
--------------------------------------------------------------------------------
| Europe Group Central | 113.2 | 123.6 | 133.4 |
--------------------------------------------------------------------------------
| Unallocated items and eliminations | -57.7 | -36.1 | -33.1 |
--------------------------------------------------------------------------------
| Total | 710.9 | 822.8 | 752.7 |
--------------------------------------------------------------------------------
Changes in non-current assets
--------------------------------------------------------------------------------
| EUR 1000 | | | |
--------------------------------------------------------------------------------
| | 31.3.2009 | 31.3.2008 | 31.12.2008 |
--------------------------------------------------------------------------------
| OPENING BALANCE | 623 242 | 585 538 | 585 539 |
--------------------------------------------------------------------------------
| Depreciation | -23 130 | -22 606 | -109 107 |
--------------------------------------------------------------------------------
| Additions: | | | |
--------------------------------------------------------------------------------
| Machinery&Equipment | 2 026 | 72 851 | 164 803 |
--------------------------------------------------------------------------------
| Other Additions | 426 | 563 | 3 417 |
--------------------------------------------------------------------------------
| Acquired group companies | - | 19 613 | 33 039 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Disposals (sales) | -2 310 | -4 683 | -13 479 |
--------------------------------------------------------------------------------
| Other * | -4 048 | 12 874 | -40 969 |
--------------------------------------------------------------------------------
| CLOSING BALANCE | 596 206 | 664 150 | 623 242 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current assets held | 558 | 1 015 | 558 |
| for sale | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| * Other includes translation differences, reclassifications, changes in |
| estimated consideration for acquisitions |
--------------------------------------------------------------------------------
COMMITMENTS AND CONTINGENT LIABILITIES
--------------------------------------------------------------------------------
| (EUR million) | 31.3.2009 | 31.3.2008 | 31.12.2008 |
--------------------------------------------------------------------------------
| Real estate mortgages | 0.2 | 0.2 | 0.2 |
--------------------------------------------------------------------------------
| Interest-bearing debt for which | 0.1 | 0.1 | 0.1 |
| the above collateral is given | | | |
--------------------------------------------------------------------------------
| Floating charges | - | - | 1.7 |
--------------------------------------------------------------------------------
| Other pledged assets | 4.2 | 2.1 | 4.4 |
--------------------------------------------------------------------------------
| Interest-bearing debt for which | 4.2 | - | 4.4 |
| the above collateral is given | | | |
--------------------------------------------------------------------------------
| Suretyships | 3.2 | 3.5 | 3.0 |
--------------------------------------------------------------------------------
| Committed investments in | 0.9 | 70.0 | 0.2 |
| non-current assets | | | |
--------------------------------------------------------------------------------
| Non-cancellable minimum future | 143.0 | 143.9 | 169.2 |
| operating lease payments | | | |
--------------------------------------------------------------------------------
| Non-cancellable minimum future | 0.8 | 2.1 | 0.9 |
| finance lease payments | | | |
--------------------------------------------------------------------------------
| Finance lease debt in the | -0.7 | -2.0 | -0.9 |
| balance sheet | | | |
--------------------------------------------------------------------------------
| Non-cancellable minimum future | 143.0 | 144.0 | 169.2 |
| lease payments off-balance | | | |
| sheet | | | |
--------------------------------------------------------------------------------
| Obligations arising from | | | |
| derivative instruments: | | | |
--------------------------------------------------------------------------------
| Nominal value of underlying | 119.0 | 121.4 | 118.2 |
| object | | | |
--------------------------------------------------------------------------------
| Fair value of the derivative | -5.5 | -1.1 | -4.1 |
| instruments | | | |
--------------------------------------------------------------------------------
Ramirent has borrowing facilities which have equity ratio, leverage ratio and
other financial covenants. Ramirent's financial ratios are 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.
ANALYST AND PRESS BRIEFING, WEBCAST AND CONFERENCE CALL
A briefing for investment analysts and the press will be arranged on Wednesday,
13 May 2009 at 11.00 a.m. (EEST) at Helsinki World Trade Center, Marski hall
(visiting address: Aleksanterinkatu 17). You can also participate in the
briefing through a live webcast at www.ramirent.com and conference call. Dial-in
number for conference call: +44(0)20 7162 0025. An on-demand recording of the
webcast 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 833277#).
FINANCIAL CALENDAR 2009
Ramirent will report its quarterly results in 2009 on the following dates:
- Capital Market Day 11 June 2009
- 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 not been audited.
Vantaa, 13 May 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 3,500 employees at some 350 permanent
outlets in thirteen countries. In 2008, Group net sales totalled EUR 703
million. Ramirent is listed on the NASDAQ OMX Helsinki.
