1 / 35

Interim report 1 January – 30 June, 2007

Interim report 1 January – 30 June, 2007. Kari Kallio President and CEO. Contents. Ramirent in brief Financial statements January-June 2007 Market and outlook 2007 Appendices: Income statement & Balance sheet Historical financial data Ten largest shareholders Share price development.

kitra-miranda
Download Presentation

Interim report 1 January – 30 June, 2007

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Interim report 1 January – 30 June, 2007 Kari Kallio President and CEO

  2. Contents • Ramirent in brief • Financial statements January-June 2007 • Market and outlook 2007 • Appendices: • Income statement & Balance sheet • Historical financial data • Ten largest shareholders • Share price development Interim report 1-6/2007

  3. Ramirent Group in brief • The leading company in Nordics, and Central and Eastern Europe in machinery and equipment rentals for construction and industry • A full range of equipment, from small tools to massive tower cranes • Operating in twelve countries through 296 local outlets with 3,261 employees • EUR 498 million in net sales (2006) • Machinery and equipment rental business since 1955 • Listed on OMX Nordic Exchange Helsinki since 1998 Interim report 1-6/2007

  4. Ramirent is a general rental company Lifts and hoists Modules Scaffolding Formworks Cranes Power & heating Light equipment Other Heavy equipment Interim report 1-6/2007

  5. Access to reliable equipment where and when needed Suppliers The outlet network Customers Construction companies Industry Infrastructure Public Households One stop -shop Interim report 1-6/2007

  6. Key drivers in machinery rental business • Growing construction markets • Especially in Central and Eastern Europe • Increased penetration • Increased usage of equipment • Consolidation of the rental industry • Fragmented industry today • Consolidation is on-going in Western and Northern Europe • European rental market is estimated to EUR 22 bn Interim report 1-6/2007

  7. Customer benefits Source: European Rental Association June 2007 Interim report 1-6/2007

  8. Ramirent operates in 12 countries Ramirent markets Ramirent Europe consists of: Russia, Estonia, Latvia, Lithuania, Poland, Hungary, Ukraine, and Czech Republic Interim report 1-6/2007

  9. Ramirent Group’s operating structure Interim report 1-6/2007

  10. Market leader in the Nordic countries and in Eastern and Central Europe: European competition 2004/05, 2005/06 and 2006/06 sales of rental operations, MEUR Source: IRN, June 2005, June 2006 and June 2007 Interim report 1-6/2007

  11. Rank 8 worldwide Worldwide competition 2006/2007 & 2005/2006 sales of rental operations, MEUR Source: IRN, June 2007 Interim report 1-6/2007

  12. Ramirent is targeting on profitable growth Entering Czech Republic, acquisitions in Sweden and Finland (MEUR) Acquisitions in Poland & Hungary Acquisition of Altima & Treffco Acquisition of Bautas & Stavdal Start of growth strategy Interim report 1-6/2007

  13. Financial targets • Ramirent is targeting on profitable growth and a strong financial position • The 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 Interim report 1-6/2007

  14. Interim report 1-6/2007 – highlights • Strong growth continued • Net sales +30.1% 288.6 (221.8) m€. • Profitability improved • Operating profit (EBIT) +63.6% 62.9 (38.5) m€ • excluding property gains • EBIT-margin improved to 21.8% (17.3%) • Finnish properties sold with gain of 2.4m€ • EPS increased by 40% to EUR 0.42 (0.30) • Strong investments before peak season continued • Capital expenditure was 147.2 (93.3) m€ • Net debt increased temporarily to 279.6 (190.0) m€ and gearing to 99.4% (88.5%). • ROI was 28.4% (22.3%). Interim report 1-6/2007

  15. Key figures 1) The figures are calculated on a rolling twelve month basis Interim report 1-6/2007

  16. Group (2 (2 (1 • Excluding non-recurring profit amounting to 5.4 MEUR realized in Q1 2006 from divestment of properties in Sweden • Excluding non-recurring profit amounting to 2.4 MEUR realized in Q2 2007 from divestment of properties in Finland Net sales development (MEUR), quarterly EBIT development (% of sales), quarterly Interim report 1-6/2007

  17. Finland • Acquisitions from 2006 together with high utilization boosted the growth during 1-6/2007 • The Finnish construction market still strong • The penetration is increasing • Improved market position (1 • Excluding non-recurring profit amounting to 2.4 MEUR realized in Q2 2007 from divestment of properties in Finland EBIT development (% of sales), quarterly Net sales development (MEUR), quarterly EBIT development (% of sales), quarterly Interim report 1-6/2007

  18. Sweden 1) Excluding non-recurring profit amounting to 5.4 MEUR realized in Q1 2006 from divestment of properties Net sales development (MEUR), quarterly EBIT development (% of sales), quarterly • Strong construction market in Sweden, specially in residential housing • Increased market share in lifts after focused investments • Improved efficiency Interim report 1-6/2007

  19. Norway EBIT development (% of sales), quarterly Net sales development (MEUR), quarterly EBIT development (% of sales), quarterly • Strong market continues; lack of labour and materials limits the growth • High utilization of capacity • More aggressive competition on pricing • Highest salary rise in Nordic countries (+5-6%) Interim report 1-6/2007

  20. Denmark EBIT development (% of sales), quarterly Net sales development (MEUR), quarterly EBIT development (% of sales), quarterly • Construction market slightly fading, specially residential housing but rental market still growing • Improved productivity and market position • Re-renting still on a high level, but decreasing after increased investments in own capacity Interim report 1-6/2007

  21. Ramirent Europe EBIT development (% of sales), quarterly Net sales development (MEUR), quarterly EBIT development (% of sales), quarterly • Strong construction market growth in all Ramirent Europe countries • In Hungary the construction market is fading due to excessive budged deficit • High demand and utilization of equipment • Heavy investments in new capacity Interim report 1-6/2007

  22. 145 65 Ramirent markets 23 9 29 24 5 Sweden 5 Norway Finland 1 2 2 27 Estonia 5 2 2 3 38 Latvia Denmark 28 3 3 Lithuania Poland 48 10 10 17 7 Czech Republic 10 11 Ukraine Hungary Russia Source: Euroconstruct June 2007 Interim report 1-6/2007

  23. Construction output in Baltic Sea Area, Eastern Europe and Russia Source: Euroconstruct, June 2007 Interim report 1-6/2007

  24. Market development in Ramirent countries Source: Euroconstruct June 2006 and *National construction association Interim report 1-6/2007

  25. Penetration of machinery rental services in Europe Machinery sold directly to rental companies as percentage of total machinery sales (Source: International Rental News/Kaplan) Interim report 1-6/2007

  26. Outlook 2007 • The good market conditions expected to continue 2007 • Nordic countries: • Ramirent estimates total construction market will grow at the rate of 3-4% • The backlog of the largest Nordic construction companies has grown • The scarce supply of labour and building material may limit the growth. • Central and Eastern European markets • Ramirent estimates a further solid growth. • Rental penetration rate is expected to further rise • Ramirent estimates that the machinery rental markets will grow faster than the construction markets in 2007. • Ramirent is well positioned • Heavy investments in new capacity • Ramirent will also continue to search for bolt-on acquisitions • Ramirent expects to clearly exceed its financial targets. Interim report 1-6/2007

  27. Ramirent OyjP.O.BOX 116Äyritie 12 AFI-01511 Vantaa+358 20 750 200www.ramirent.comFurther information: Kari Kallio, CEO tel: +358 40 716 1832 e-mail: kari.kallio@ramirent.com Heli Iisakka, CFO tel: +358 40 544 6833 e-mail: heli.iisakka@ramirent.com

  28. Income statement Includes non-recurring profit amounting to 5.4 MEUR realized in Q1 2006 from divestment of properties in Sweden and also non-recurring profit amounting to 2.4 MEUR realized in Q2 2007 from divestment of properties in Finland Interim report 1-6/2007

  29. Balance sheet, Assets Interim report 1-6/2007

  30. Balance sheet, Equity and liabilities Interim report 1-6/2007

  31. Condensed cash flow statement Interim report 1-6/2007

  32. Net debt and gearing MEUR Interim report 1-6/2007

  33. Equity and equity ratio MEUR Interim report 1-6/2007

  34. Ten largest shareholders on 30 June, 2007 Interim report 1-6/2007

  35. Latest stock price Interim report 1-6/2007

More Related