Q1 2010 INTERIM REPORT 06.05.2010
President and CEO Magnus Rosén CFO Jonas Söderkvist
JANUARY – MARCH 2010: SLOW MARKET AND HARSH WEATHER CONDITIONS WEIGH ON PROFIT Slow market conditions continued Harsh winter conditions delayed construction work throughout our operating countries Improvements visible in certain product groups in Sweden, Russia and Finland Challenging market situation in Denmark Market drop has stabilised on a low level in the Baltic countries Significant price pressure in Europe Central
2
JANUARY – MARCH 2010 FINANCIAL HIGHLIGHTS
Net sales decreased 8.7% to EUR 111.5 (122.2) million; at comparable exchange rates the decline was 14.2% EBITDA EUR 17.5 (30.3) million; 15.7% (24.8%) of sales EBIT EUR -5.6 (7.2) million or -5.0% (5.9%) of sales Net profit EUR -5.3 (0.5) million EPS EUR -0.05 (0.00) Gross capital expenditure EUR 12.5 (2.5) million Cash flow after investments EUR -4.0 (17.9) million Net debt EUR 211.7 (281.2) million Gearing 68.4% (99.4%) One acquisition made in Sweden and one outsourcing deal signed in Norway
3
CASH FLOW DEVELOPMENT
Cash flow versus change in net debt
MEUR
90 70 50 30
56
82
28
22
-22
-26
-25
Q1 2009
Q2 2009
Q3 2009
25
10 -10 -30
67
-30
18
-11
-55
-59
20
5
-23
-4
Q4 2009
Q1 2010
-50 -70 Q1 2008
Q2 2008
Q3 2008
Q4 2008
Cash flow after investments
Change in net debt
4
UNCHANGED OUTLOOK 2010
Ramirent takes a cautious stance regarding the development of the economy and expects the equipment rental market to be challenging in 2010. Due to the restructuring actions and the adjustment of fixed costs, the profit before taxes is expected to improve in 2010 and the cash flow is expected to be positive.
5
THE AGM DECIDED ON A DIVIDEND OF EUR 0.15 PER SHARE AND GRANTED THE BOARD AUTHORITY TO DECIDE ON ADDITIONAL DIVIDEND 60
350 %
54
300 %
MEUR
50
250 %
40 32
200 %
30 150 % 20 10
16
16 6
50 % 0
0 2004 Dividends
100 %
2005
2006
Payout ratio, %
2007
2008
0% 2009
Target > 40% of annual net profit
The Board was granted authority to decide on the payment of an additional dividend of no more than EUR 0.10/share . The Board shall make its decision no later than 31 December 2010 6
WELL POSITIONED FOR A MARKET UPTURN
Growth
Stability
Positioning
Growth
Counter cyclical free cash flow
Business cycle
Strong market conditions and substantial growth 2004-2007
Ramirent today
Priorities in 2009
Strategy implementation priorities
• Safeguarding cash flow and profitability • Reduction of fixed costs and capital expenditure • Optimising fleet sharing
Priorities from 2010 onwards • Top line growth • Outsourcing • Acquisitions • Pricing discipline • Operational excellence – “Rami platform” • Risk management
7
DEPOT NETWORK AND FLEET INTACT TO CAPTURE OPPORTUNITIES Depot by segment
400
362
350 300 250 200 150
Investment in fleet
353
99
250
99
200 52
45
18 37
21 39
150 212
100
57
165
67
100 50
MEUR
50 96
165
96
82 15
0
0
2005
Finland Norway Europe East
Sweden Denmark Europe Central
2006
2007
2008
2009
~EUR 650 million
8
REFOCUSED BRAND STRATEGY AND A SYMBOL LINKED TO OUR BRAND PROMISE ”LET’S SOLVE IT”
An entrepreneurial attitude of being progressive problem-solvers
Our Dynamic Rental Solutions™ include single products to managing the entire fleet capacity for a project site
Our Mission is to simplify business by delivering Dynamic Rental Solutions™
Our vision is to be the leading and most progressive equipment rental solutions company in Europe, setting the benchmark for industry performance and customer service
9
JANUARY – MARCH 2010 REVIEW BY SEGMENT
10
FINLAND Q1
Jan-Dec
Finland
2010
2009
Change
Net sales, MEUR
28.1
28.7
EBIT, MEUR
-0.2
0.9
EBIT-margin Employees
-0.8% 646
3.1% 655
-1.4%
9.0% 602
Outlets
82
87
-5.7%
81
-2.1% -
2009 134.3 12.1
MEUR
Net sales 50 45 40 35 30 25 20 15 10 5 0
EBIT-% 30 %
43 39
41
39 34
33
25 % 31
29
20 % 28
15 % 10 % 5% 0% -5 %
Q1 2008
Q2
Q3
Q4
Q1 2009
Q2
Q3
Q4
Q1 2010
Activity in shipyards at low level but stable in industrial plants Demand returned in some product groups at end of quarter EBIT burdened by lower sales and additional depreciation due to harmonization of Group rules
11
SWEDEN
-16.5% at comparable exchange rates
Q1 Sweden
2010
2009
Net sales, MEUR
29.4
32.0
EBIT, MEUR
2.6
5.3
-
20.9
EBIT-margin
8.8%
16.6%
-
16.4%
Employees Outlets
540 67
615 57
MEUR
50 45 40 35 30 25 20 15 10 5 0
Jan-Dec
Sales
Change -8.2%
-12.2% -17.5%
2009 127.9
500 59
EBIT-% 25 %
45 42
42
42 20 % 32
33
31
32
29
15 % 10 % 5% 0%
Q1 2008
Q2
Q3
Q4
Q1 2009
Q2
Q3
Q4
Q1
Net sales decline due to low construction activity accentuated by harsh winter conditions Activity high in capital city area, but weaker in the south Ramirent AB acquired the rental equipment company Hyrmaskiner i Gävle AB and expanded its network in Sweden with 5 new outlets EBIT burdened by higher repair costs
12
NORWAY
-11.2% at comparable exchange rates
Q1 2009
Jan-Dec 2009
Norway
2010
Net sales, MEUR
28.4
28.9
EBIT, MEUR
-0.4
2.5
-
9.1
EBIT-margin
-1.6%
8.7%
-
8.4%
Employees Outlets
537 39
588 40
MEUR
Net sales
Change -1.9%
-8.7% -2.5%
547 39
EBIT-% 25 %
45 40
109.2
37
39
20 %
37 34
35
15 % 29
30
25
27
29
28
10 %
25
5%
20
0%
15
-5 %
10
-10 %
5
-15 %
0
-20 % Q1
Q2
Q3
Q4
Net sales declined due to low construction activity and the long winter delayed projects
Q1 2009
Q2
Q3
Q4
Q1 2010
Veidekke renewed its rental agreement with Ramirent for one year Selvaagbygg outsourced the rest of its machinery operations and signed a three-year rental agreement with Ramirent EBIT burdened by low utilisation
13
DENMARK Q1 Denmark
2010
2009
Net sales, MEUR EBIT, MEUR
8.1 -0.6
11.3 -0.1
-28.1% -
42.9 -4.3
EBIT-margin Employees
-7.8% 145
-0.6% 196
-26.0%
-10.1% 151
Outlets
21
20
Net sales
MEUR
18
Change
2009
5.0%
21
EBIT-% 20 %
16 15
16 14
Jan-Dec
10 %
14
14
12 11
12
Net sales decline due to low construction activity and difficult winter conditions
0% 11 10
10
-10 % 8
8
EBIT burdened by low utilisation and intense price competition
-20 %
6
-30 %
4 -40 %
2
-50 %
0 Q1 2008
Q2
Q3
Q4
Q1 2009
Q2
Q3
Q4
Q1 2020
14
EUROPE EAST
-20.8% at comparable exchange rates
Q1
Jan-Dec
Europe East
2010
2009
Change
2009
Net sales, MEUR
7.5
9.3
EBIT, MEUR
-2.4
-3.3
-
-10.6
EBIT-margin
-32.2%
-35.8%
-
-20.7%
Employees
367
489
Outlets
45
46
-19.7%
-24.9% -2.2%
51.3
357 44
MEUR
Net sales
30
EBIT-%
30 %
26
20 %
23
25
10 %
21
20
0%
19
20
-10 % 15
-20 %
12
11
-30 %
9
10
8
-60 % 0
-70 % Q1 2008
Q2
Q3
Q4
Q1 2009
Q2
Q3
Q4
EBIT burdened by lower sales levels and prices
-40 % -50 %
5
Net sales continued to decrease in the Baltic countries but increased in Russia and Ukraine
Measures to right-size fleet capacity in the Baltic countries continued
Q1 2010
15
EUROPE CENTRAL -21.0% at comparable exchange rates Q1
Jan-Dec
Europe Central
2010
2009
Net sales, MEUR EBIT, MEUR EBIT-margin Employees Outlets
12.1 -2.6 -21.8% 797 99
14.1 0.7 5.1% 941 101
Change
2009
-14.2% -15.3% -2.0%
65.0 2.8 4.3% 849 100
MEUR
Net sales 30
EBIT-% 20 %
27
15 %
24
25
10 %
21 20
17
16
18
5%
16
0%
14
15
12
-5 % -10 %
10
Sales decreased throughout all Europe Central countries due to declining residential construction Also infrastructure construction declined due to harsh winter conditions
-15 %
5
-20 % -25 %
0 Q1 2008
Q2
Q3
Q4
Q1 2009
Q2
Q3
Q4
Q1 2010
EBIT burdened by decline in sales and intensified price competition in most product groups
16
FINANCIAL HIGHLIGHTS
17
NET SALES DECLINED BY 9% IN Q1 2010 change in net sales, % EUR
Comparable exchange rates
0% -2 %
-2 % -2 %
-10 %
-8 %
-9 %
-11 % -14 %
-14 % -17 %
-20 %
-20 %
-21 %
-21 %
-28 % -28 %
-30 % Group
Finland
Sweden
Norway
Denmark
East
Central
18
EBIT MARGIN REMAINED STRONGEST IN SWEDEN EBIT-margin by segments 2009 16,6 %
20 % 10 %
5,9 %
8,8 %
-5,0 %
8,7 % 5,1 %
3,1 %
0% -10 %
2010
-1,6 %-0,6 %
-0,8 %
-7,8 %
-20 % -21,8 % -30 % -32,2 % -35,8 %
-40 % Group
Finland
Sweden
Norway
Denmark
East
Central
19
SIGNIFICANT PERSONNEL REDUCTION IN ALL SEGMENTS
Personnel 31/03/09 1 000 900 800 700 600 500 400 300 200 100 0
Personnel 31/12/09
Personnel 31/03/10 941
655 602646
615 500
540
588 547 537
849
797
489 357 367 196
Finland
Sweden
Norway
151 145
Denmark
Europe East
Europe Central
At the end of the first quarter the Group’s workforce amounted to 3,047 persons
20
GROSS MARGIN UNDER PRESSURE 72 71 70 69 68 67 66 65 64 63 62
% % % % % % % % % % %
71 % 71 %
71 %
71 % 70 %
70 % 68 %
65 %
Q1
68 %
69 %
65 %
Q2
Gross margin 2008
Q3 Gross margin 2009
Q4
FY
Gross margin 2010
Gross margin impacted by Price pressure More transportation of equipment More repairs ahead of season More establishments 21
FIXED COSTS DEVELOPMENT STABLE MEUR 80
73
70 60
57
29
50
22
40
52
52
57
56
22
19
23
22
30
33
33
33
Q2/09
Q3/09
Q4/09
Q1/10
30 20
44
35
10 0 Q3/08
Q1/09
Employee benefit expenses
Other operating expenses
22
PURCHASED EQUIPMENT YTD 7.5 MEUR – SOLD 5.0 MEUR MEUR
35 30
Purchased equipment
Sold equipment
29,7
25 20 12,9
15 10
6,1
5
1,6
2,0
3,7
4,4 5,0
6,7
6,5
2,1
4,7
7,5
5,0
0 Q3 2008
Q4 2008
Q1 2009
Q2 2009
Q3 2009
Q4 2009
Q1 2010
External investments will be limited – capacity need primarily covered by internal transfers Focus on selling off old equipment and non-standard fleet
23
WORKING CAPITAL REMAINS AT 6% OF NET SALES MEUR
120
10 % 8 %
80 86
88
90
40
6 % 80
83
4 % 2 %
0
16
15
15
15
15
‐40
‐66
‐68
‐70
‐67
‐69
0 % ‐2 % ‐4 % ‐6 %
‐80
‐8 % ‐120
‐10 % Q1/09
Q2/09 Q3/09 Q4/09 Inventories Trade and other receivables Trade payables and other liabilities Working capital/Net sales Rolling 12 month basis
Q1/10
24
FINANCIAL POSITION STABLE WITH GEARING AT 68% MEUR
Net debt
400 350
113 % 106 % 96 %
120 %
108 % 99 %
81 % 84 %
300
Gearing (%)
69 %
74 %
70 %
250
100 %
86 %
80 %
68 %
68 % 60 %
200 150
40 %
100 20 %
50 0
0% 2004
2005
2006
2007
Q1 2008
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
Q3 2009
Q4 2009
Q1 2010
Equity ratio rose to 46.4% (39.8%) Net debt decreased to EUR 211.7 (281.2) million On 31 March 2010, Ramirent had unused committed back-up loan facilities available of EUR 175.2 million
25
FORWARD-LOOKING STATEMENTS A number of forward-looking statements will be made during this presentation. Forward-looking statements are any statements that are not historical facts. These statements are based on current decisions and plans and currently known factors. They involve risks and uncertainties which may cause the actual results to materially differ from the results currently expected by Ramirent. This presentation is being made on May 6, 2010. The content of this presentation contains time-sensitive information that is accurate only as of the time hereof. If any portion of this presentation is rebroadcast, retransmitted or redistributed at a later date, Ramirent will not be reviewing or updating the material that is contained herein.
MORE INFORMATION www.ramirent.com
Magnus Rosén, CEO +358 20 750 2845
[email protected] Jonas Söderkvist, CFO +358 20 750 3248
[email protected] Franciska Janzon, IR +358 20 750 2859
[email protected]
RAMIRENT IN BRIEF
Leading equipment rental company in Northern, Central and Eastern Europe Net Sales of EUR 503 million (2009) 3,000 employees 350 rental outlets in 13 countries Over 100,000 customers Young fleet of 200,000 rental units NASDAQ OMX Helsinki 1998 Founded 1955 Headquartered in Finland
28
NORDIC COUNTRIES ARE OUR LARGEST MARKETS AND CONSTRUCTION IS OUR LARGEST CUSTOMER SECTOR Sales per segment Q1 2010 Europe East 7% Europe Central 11%
Finland 25%
Sales per customer sector 2009 Public sector 4%
Households 5% Construction 75%
Industry 16 %
Denmark 7%
Norway 25%
Sweden 26%
29
OFFERING STRUCTURED ACCORDING TO EIGHT CORE PRODUCT GROUPS
LIFTS
HEAVY MACHINERY
TOWER CRANES AND HOISTS
SCAFFOLDING
MODULES
SAFE (SAFETY AND FORMWORKS EQUIPM.)
LIGHT MACHINERY
POWER & HEATING
30
DYNAMIC RENTAL SOLUTIONSTM OFFERED TO A DIVERSIFIED CUSTOMER BASE
Product groups
Customers
Outlet Network
Lifts and hoists Tower cranes Heavy machinery Modules SAFE Light machinery Scaffolding Power and heating
Construction companies
Industry Public sector Households
Dynamic Rental SolutionsTM
31
RAMIRENT OPERATES THROUGH SIX SEGMENTS Diversified customer base Rental Outlet Network Finland
Sweden
Norway
Denmark
E. East1)
E. Central2)
Local equipment
Local equipment
Local equipment
Local equipment
Local equipment
Local equipment
Pan European Fleet Fleet management Procurement Finance 1) Europe East includes Russia, Estonia, Latvia, Lithuania, Ukraine. 2) Europe Central includes Poland, Hungary, Czech Rep., Slovakia.
32
MANAGEMENT STRUCTURE AIMS FOR SHORT DECISION-MAKING PATHS AND SYNERGIES CEO Finance and IT
Communications and Branding
Fleet Management
Legal Affairs
Scandinavia
East
Sweden
Finland
Norway Denmark
Europe East Russia Ukraine Estonia Latvia Lithuania
Central Europe Central Poland Czech Republic Slovakia Hungary
33
EXTENSIVE GEOGRAPHIC FOOTPRINT
Local head office Outlet
34
LEADING MARKET POSITIONS
Segments
Employees
Outlets
Market Position
Finland
646
82
#1
Sweden
540
67
#2
Norway
537
39
#1
Denmark
145
21
#1
Europe East
367
45
#1
Europe Central Group
797
99
3,047
353
#1
Finland 82 depots Market #1
Norway 39 depots Market #1 Sweden 67 depots Market #2
Russia1 5 depots 14 dealers Market #1 Baltic 37 depots Market #2
Denmark 21 depots Market #1 Czech 6 depots Market #~4
Poland2 40 depots Market #1 Ukraine 3 depots Market #~5
Slovakia 36 depots Market #1 Hungary2 17 depots Market #1
(1) Russia including Moscow and St. Petersburg (2) excl. Formworks rentals
35
LONG-TERM GROWTH DRIVERS STILL IN PLACE Rental penetration
Long-term growing industry 70 %
Growth drivers are construction, industrial activity and increased rental penetration Fragmented European rental market of EUR 33 bn Top 50 rental companies comprise 33% of the European market
60 % 50 % 40 % 30 % 20 % 10 % 0% Europe avg.
Finland
Denmark
Sweden
UK
Source: ERA 2008 report, Note: Finland company estimate
Top 10 companies share of total market ~15% GAM Sarens
Attractive CEE construction markets 142
Mediaco Lifting
Inhabitants (million)
5
9
5
30
Speedy Hire Algeco Scotsman Cramo Ramirent Loxam
95
24
Construction Output (billion EUR)
Hewden Select Plant Hire
27
34
3
1 38
35
3
1
5
3
48 3
20 10
8 5
Others
5
10 11
Source: Euroconstruct November 2009
36
LONG-TERM FINANCIAL TARGETS 35 % 30 % 25 %
23%
20 %
18%
15 % 10 % 5% 0% 1998
1999
2000
2001
EBIT margin
2002
2003
ROI
2004
2005
2006
EBIT margin (average)
2007
2008
2009
ROI (average)
ROI >18 % p.a. over a business cycle EPS growth > 15 % p.a. over a business cycle Gearing < 120 % at end of each year Dividend pay-out > 40 %
37
CONSOLIDATED INCOME STATEMENT (EUR 1,000)
1-3/2010
1-3/2009
1-12/2009
111 525
122 214
502 500
299
625
2 060
TOTAL
111 824
122 839
504 560
Materials and services
-38 690
-35 374
-157 153
Employee benefit expenses
-33 493
-34 685
-130 934
Depreciation & amortisation
-23 115
-23 130
-101 113
Other operating expenses
-22 117
- 22 462
-86 594
-5 591
7 189
28 766
6 101
8 524
17 936
Financial expenses
-6 528
-14 764
-34 027
PROFIT BEFORE TAXES
-6 019
949
12 675
707
-415
-7 992
-5 312
534
4 683
-5 312
534
4 683
-
-
-
-5 312
534
4 683
-0.05
0.00
0.04
Net sales Other operating income
OPERATING PROFIT
Financial income
Income taxes RESULT FOR THE PERIOD Profit for the period attributable to: Owners of the parent company Non-controlling interests Total Earnings per share (EPS), basic and diluted, EUR
38
BALANCE SHEET – ASSETS (EUR 1,000)
31.3.2010
31.3.2009
31.12.2009
453 074
506 684
456 076
93 398
82 913
87 194
7 047
6 532
5 851
53
77
53
9 593
7 190
7 660
563 164
603 396
556 833
Inventories
14 714
16 008
14 574
Trade and other receivables
82 801
86 272
80 146
Income tax receivables on the taxable income for the financial period
3 427
3 288
2 260
Cash and cash equivalents
2 758
1 333
1 800
CURRENT ASSETS, TOTAL
103 701
106 901
98 780
370
559
370
667 234
710 855
655 982
NON-CURRENT ASSETS Properties, plant and equipment Goodwill Other intangible assets Available-for-sale investments Deferred tax assets NON-CURRENT ASSETS, TOTAL
CURRENT ASSETS
Non-current assets held for sale
TOTAL ASSETS
39
BALANCE SHEET – EQUITY AND LIABILITIES (EUR 1,000)
31.3.2010
31.3.2009
31.12.2009
EQUITY Share capital
25 000
25 000
25 000
Revaluation fund
- 3 207
- 4 029
- 2 319
Free equity fund
113 329
113 329
113 329
- 3 984
- 31 229
- 14 403
178 127
179 679
183 963
Translation differences Retained earnings Items recognised directly to equity on non-current assets held for sale
62
136
62
309 327
282 886
305 632
-
-
-
309 327
282 886
305 632
Deferred tax liabilities
53 178
44 889
50 798
Pension obligations
10 380
7 466
9 750
PARENT COMPANY SHAREHOLDERS’ EQUITY Non-Controlling interests EQUITY, TOTAL NON-CURRENT LIABILITIES
Provisions
3 557
7 048
3 856
Interest-bearing liabilities
197 728
264 170
198 061
NON-CURRENT LIABILITIES, TOTAL
264 844
323 573
262 466
68 587
66 003
67 013
6 956
15 398
8 477
CURRENT LIABILITIES Trade payables and other liabilities Provisions Income tax liabilities on the taxable income for the financial period
828
4 654
1 501
Interest-bearing liabilities
16 692
18 342
10 894
CURRENT LIABILITIES, TOTAL
93 063
104 397
87 885
LIABILITIES, TOTAL
357 907
427 970
350 351
TOTAL EQUITY AND LIABILITIES
667 234
710 855
655 982
40
KEY FIGURES Q1 2010 MEUR
1-3/2010
1-3/2009
change
2009
111.5
122.2
-8.7%
502.5
17.5
30.3
-42.2%
129.9
15.7%
24.8%
-
25.9%
-5.6
7.2
-177.8%
28.8
-5.0%
5.9%
-
5.7%
ROI,%
5.8%
14.0%
-
8.5%
Net debt
211.7
281.2
-24.7%
207.2
Gearing, %
68.4%
99.4%
-
67.8%
Equity ratio,%
46.4%
39.8%
-
46.6%
Personnel, end of period
3 ,047
3 ,502
-13.0%
3, 021
Gross investments
12.5
2.5
400.0%
17.5
Operative cash flow after investments
-4.0
17.9
-122.6%
87.6
-0.05
0.00
-1094.8%
0.04
-
-
-
0.15
Net sales EBITDA EBITDA,% EBIT EBIT, %
Earnings per share diluted, EUR Dividend per share, EUR
41
CONDENSED CASH FLOW STATEMENT MEUR
1-3/2010
1-3/2009
Change
1-12/2009
Cash flow from operating activities
9.8
19.9
-50.6%
107.7
Cash flow from investing activities
-13.9
-2.0
-593.3%
-20.0
-7.4 12.4 5.0
-8.0 -10.6 -18.6
7.5% 217.0% 126.9%
-19.1 -68.8 -87.9
1.0
-0.7
236.9%
-0.3
1.8
2.1
-14.3%
2.1
-
0.1
-100%
-
1.0
-0.8
219.8%
-0.3
2.8
1.3
112.2%
1.8
Cash flow from financing activities Borrowings/ repayments of short-term debt Borrowings/ repayments of long-term debt Cash flow from financing activities Net change in cash and cash equivalents Cash and cash equivalents at the beginning of the period Translation difference on cash and cash equivalents Net change in cash and cash equivalents Cash and cash equivalents at the end of the period
42
SEGMENT INFORMATION Net sales, MEUR
1-3/2010
1-3/2009
Change
2009
27.9
28.7
-2.7%
125.9
0.2
0.0
-
8.4
29.3
32.0
-8.6%
127.2
0.1
0.0
-
0.6
28.3
28.9
-2.1%
109.1
-Inter-segment sales
0.1
0.0
-
0.0
Denmark, net sales (external)
7.7
10.3
-25.7%
40.0
-Inter-segment sales
0.5
1.0
-52.9%
2.8
Europe East, net sales (external)
6.6
8.3
-20.5%
36.1
-Inter-segment sales
0.9
1.0
-12.6%
15.2
11.8
13.9
-15.2%
64.1
0.3
0.2
56.4%
1.0
-2.0
-2.1
5.8%
-28.1
111.5
122.2
-8.7%
502.5
Finland, net sales (external) -Inter-segment sales Sweden, net sales (external) -Inter-segment sales Norway, net sales (external)
Europe Central, net sales (external) -Inter-segment sales Elimination of sales between segments Net sales, total
43
OPERATING PROFIT BY SEGMENT Operating profit, MEUR
1-3/2010
1-3/2009
Change,
2009
-0.2
0.9
-125.0%
12.1
-0.8%
3.1%
-
9.0%
2.6
5.3
-51.5%
20.9
8.8%
16.6%
-
16.4%
-0.4
2.5
-117.8%
9.1
-1.6%
8.7%
-
8.4%
-0.6
-0.1
-795.8%
-4.3
-7.8%
-0.6%
-
-10.1%
-2.4
-3.3
27.8%
-10.6
% of net sales
-32.2%
-35.8%
-
-20.7%
Europe Central
-2.6
0.7
-469.5%
2.8
% of net sales
-21.8%
5.1%
-
4.3%
Net items not allocated to operating segments
-1.8
1.2
-251.1%
-1.3
Group operating profit
-5.6
7.2
-177.7%
28.8
-5.0%
5.9%
-
5.7%
Finland % of net sales Sweden % of net sales Norway % of net sales Denmark % of net sales Europe East
% of net sales
44
LARGEST SHAREHOLDERS REMAIN STABLE
Number of shares
% of share capital
1. Nordstjernan AB
31 186 331
28.69
2. Oy Julius Tallberg Ab
11 962 229
11.01
3. Varma Mutual Pension Insurance Company
7 831 299
7.20
4. Ilmarinen Mutual Pension Insurance Company
5 613 214
5.16
5. Odin Norden
1 854 428
1.71
6. Odin Finland
1 501 436
1.38
7. Odin Europa Smb
1 394 780
1.28
8. Nordea Nordenfonden
1 277 967
1.18
9. Veritas Pension Insurance Company Ltd
1 100 000
1.01
10. The State Pension Fund
1 004 000
0.92
*As
per 31 March, 2010
45
SHARE PRICE DEVELOPMENT 22.36 19.87 17.39
EUR
14.90 12.42 9.94 7.45 4.97 2.48
Ramirent share Share turnover
Sector
OMX Helsinki 46
