RAMIRENT PLC STOCK EXCHANGE RELEASE 11.5.2007
RAMIRENT GROUP'S INTERIM REPORT JANUARY - MARCH, 2007
PROFITABLE GROWTH CONTINUED IN Q1 2007
- Net sales increased by 30.0% compared to the first quarter of 2006 and
totalled EUR 136.6 (105.1) million.
- Operating profit before depreciation (EBITDA), excluding non-recurring gain
from divestment of Swedish properties in 2006, grew by 58.8% to EUR 46.5 (29.3)
million; including the Swedish properties by 34.1% (EUR 34.7 million).
- Operating profit (EBIT), excluding non-recurring gain from divestment of
Swedish properties in 2006, increased by 88.8% to EUR 29.0 (15.4) million;
including the Swedish properties 2006 by 39.7% (EUR 20.8 million). EBIT-margin
improved to 21.2% (14.7% excluding gain from properties).
- Profit before taxes (EBT) grew by 39.8% to EUR 27.1 (19.4) million.
- Earnings per share (diluted) increased by 25.4% to EUR 0.74 (0.59).
- Net debt amounted to EUR 208.0 (157.6) million, whilst gearing was 73.1%
(73.8%).
- Return on invested capital (ROI) was 28.5% (21.4%).
COMMENTS BY CEO KARI KALLIO
“The sales growth during the first quarter has been exceptionally strong due to
favourable weather conditions. Also, the level of construction activities in the
Nordics remains high, whilst the boom in Central and Eastern European markets
continues.”
“High capacity utilization and control of fixed costs improved profitability in
all segments.”
“Ramirent continues its heavy investments in capacity in 2007 to meet expected
high customer demand. The Group will also seek bolt-on acquisitions and further
improve internal efficiency to support profitable growth. Ramirent expects to
clearly exceed its financial targets.”
KEY FIGURES
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| (EUR million) | 1-3/2007 | 1-3/2006 | 1-12/2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 136.6 | 105.1 | 497.9 |
--------------------------------------------------------------------------------
| Operating profit before | 46.5 | 34.7 | 171.6 |
| depreciation (EBITDA) | | | |
--------------------------------------------------------------------------------
| Operating profit (EBIT) | 29.0 | 20.8 | 110.3 |
--------------------------------------------------------------------------------
| % of net sales | 21.2% | 19.8% | 22.2% |
--------------------------------------------------------------------------------
| Profit before taxes (EBT) | 27.1 | 19.4 | 102.9 |
--------------------------------------------------------------------------------
| Net profit for the period | 20.1 | 15.8 | 79.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share (EPS), | 0.74 | 0.59 | 2.93 |
| (diluted), EUR | | | |
--------------------------------------------------------------------------------
| Earnings per share (EPS), | 0.74 | 0.59 | 2.95 |
| (non-diluted), EUR | | | |
--------------------------------------------------------------------------------
| Equity per share (diluted), EUR | 10.50 | 7.88 | 9.74 |
--------------------------------------------------------------------------------
| Equity per share (non-diluted), | 10.51 | 7.95 | 9.80 |
| EUR | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Return on invested capital | 28.5% | 21.4% | 28.1% |
| (ROI), % 1) | | | |
--------------------------------------------------------------------------------
| Net debt | 208.0 | 157.6 | 186.3 |
--------------------------------------------------------------------------------
| Gearing, % | 73.1% | 73.8% | 70.3% |
--------------------------------------------------------------------------------
| Equity ratio, % | 44.1% | 44.5% | 45.4% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Personnel, average | 3,141 | 2,686 | 2,846 |
--------------------------------------------------------------------------------
| Personnel at end of period | 3,244 | 2,694 | 3,016 |
--------------------------------------------------------------------------------
1) The figures are calculated on a rolling twelve month basis.
OPERATING ENVIRONMENT
Ramirent is a company focused on construction machinery and equipment rentals,
operating in the Nordic, Central and Eastern European markets. The Group is
headquartered in Vantaa and has 293 (272) permanent outlets in twelve countries.
The level of construction activities in the Nordics remained high during the
review period. In the Central and Eastern European countries (Russia, the Baltic
States, Poland, Hungary, Ukraine, and the Czech Republic), the construction
market continued to be strong.
GROUP NET SALES AND PROFIT
The first quarter is normally a quieter period for Ramirent Group's business,
due to the seasonality in construction business. Good market conditions and
favourable weather conditions in all Ramirent's segments and last year's heavy
investments in new capacity increased net sales by 30.0%. The growth was
strongest in Ramirent Europe (+73.3%) and Finland (+30.9%) where the increase in
net sales was partly attributable to the year 2006 acquisitions. High capacity
utilization and strict control of fixed costs improved profitability in all
segments. The operating profit (EBIT) improved by 88.8% to EUR 29.0 (15.4)
million in the first quarter adjusted for the non-recurring gain from
divestments of Swedish properties in 2006. The improvement in profitability was
strongest in Finland, Sweden and Ramirent Europe. In Finland, the operating
margin (EBIT-%) was 23.6% (16.8%), in Sweden 20.7% (12.5%) and in Ramirent
Europe 25.7% (14.8%).
The Group's net sales for the review period increased by 30.0% to EUR 136.6
(105.1) million, of which Finland accounted for EUR 27.1 (20.7) million, Sweden
for EUR 35.8 (29.9) million, Norway for EUR 34.8 (29.2) million, Denmark for EUR
12.5 (10.2) million, and Ramirent Europe for EUR 26.8 (15.5) million. The growth
was mostly organic.
The Group's operating profit (EBIT) for the review period was EUR 29.0 (20.8)
million, of which Finland accounted for EUR 6.4 (3.5) million, Sweden for EUR
7.4 (9.3, including a non-recurring gain of EUR 5.4 million from divestment of
properties in 2006) million, Norway for EUR 7.8 (5.5) million, Denmark for EUR
1.3 (0.7) million, and Ramirent Europe for EUR 6.9 (2.3) million. The Group's
operating margin improved to 21.2% (14.7%).
The Group's profit before taxes for the review period was EUR 27.1 (19.4)
million. The net profit for the review period was EUR 20.1 (15.8) million. The
increase in profits compared to the previous year was mainly due to the growth
in net sales, high capacity utilization and good control of fixed costs. 2006
profit includes the profit from the divestment of properties in Sweden,
amounting to EUR 5.4 million. The return on invested capital is 28.5% (21.4%)
and the return on equity was 33.5% (25.8%).
CAPITAL EXPENDITURE AND DEPRECIATION
Group companies' gross capital expenditure on non-current assets totalled EUR
74.0 (41.4) million, of which EUR 72.8 (40.7) million was attributable to
investments in machinery and equipment. The significant increase in capital
expenditures reflects the Group's goal to expand the rental fleet capacity to
meet customer demands and to develop the product range and outlet network to
serve customers better.
The total depreciation of non-current assets during the review period amounted
to EUR 17.4 (13.9) million, of which EUR 16.4 (13.3) million consisted of
depreciation of machinery and equipment. Other decreases of tangible non-current
assets were EUR 3.7 (12.9) million, of which EUR 2.5 (1.4) million were
attributable to machinery and equipment.
Goodwill totalled EUR 76.7 (73.1) million at the end of the review period.
FINANCIAL POSITION AND BALANCE SHEET
The Group's first-quarter cash flow from operating activities was positive,
amounting to EUR 47.1 (28.6) million. Cash flow from investing activities
amounted to EUR -68.4 (-21.7) million due to increased capital expenditure. Cash
flow from financing activities totalled EUR 21.9 (-6.9) million. At the end of
the review period, liquid assets stood at EUR 1.7 (1.3) million, resulting in a
net change in cash of EUR 0.6 (0.0) million compared to the year-end.
Ramirent's interest-bearing liabilities increased by EUR 22.4 million from
year-end 2006 and totalled EUR 209.7 (158.8) million. Net debt amounted to EUR
208.0 (157.6) million at the end of the review period. Gearing amounted to 73.1%
(73.8%).
Ramirent Plc decided to set up a Domestic Commercial Paper Program of EUR 100
million. The arranger of the program and one of the dealers is Danske Bank A/S,
Helsinki Branch; other dealers are Nordea Bank Finland Plc and Sampo Bank Plc.
Ramirent Plc uses the commercial paper program to cover its seasonal funding
needs within a year and as an additional flexible and cost-efficient source for
short-term funding.
The nominal value of the interest rate swaps at the end of the review period was
EUR 94.0 (65.1) million.
Total assets amounted to EUR 644.8 (479.8) million and the Group's equity ratio
was 44.1% (44.5%).
BUSINESS SEGMENTS
During the review period, Ramirent Group's business operations developed
strongly in all business segments compared to the corresponding period of the
previous year. In particular, the operations in Finland, Sweden and Ramirent
Europe developed well during the period.
From January 2007 the segments have been charged a management fee consisting of
certain group administration costs. The comparative figures for 2006 have been
adjusted accordingly.
Finland
The Board of Directors of Ramirent Plc decided to transfer Ramirent's rental
business in Finland, and the shares of its operating Finnish subsidiaries, to
Ramirent Plc's fully owned subsidiary Ramirent Finland Oy on 1 January 2007. By
this business transfer Ramirent aims to streamline and clarify the corporate
structure. Ramirent Plc remains the parent Company of the Ramirent Group and
takes care of the Group's centralised functions.
In Finland, business operations were very active compared to the corresponding
period of the previous year. Net sales increased by 30.9% and totalled EUR 27.1
(20.7) million. The acquisitions in late 2006 increased the sales by 7%. The
good weather conditions kept the Finnish construction market at a high level.
Compared to the corresponding period of the previous year, the profit of the
Finnish operations improved primarily as a result of increased net sales and
high capacity utilization. The operating profit (EBIT) was EUR 6.4 (3.5) million
and the operating profit margin (EBIT-%) was 23.6% (16.8%).
Sweden
In Sweden, business operations improved significantly during the review period,
continuing the strong development from 2006. Net sales grew by 19.6% compared to
the corresponding period of the previous year and were EUR 35.8 (29.9) million.
Heavy investments in new capacity and a broadening of the product offering
continued in an effort to reach new customer groups, whilst improving the
service level for current customers. Strengthening of the outlet network
continued in Sweden during the review period. Profit improved mainly due to
increased net sales and high capacity utilization and cost efficiency. The
operating profit (EBIT) was EUR 7.4 (3.7, excluding a non-recurring gain of EUR
5.4 million from divestment of properties in 2006) million, whereas the
operating profit margin (EBIT-%) was 20.7% (12.5%).
Norway
In Norway, business operations continued to develop positively. During the
review period net sales increased by 19.1% compared to the corresponding period
of the previous year and totalled EUR 34.8 (29.2) million. The profit of the
Norwegian operations improved in comparison with the previous year primarily due
to further improvement in capacity utilization and increase in sales, especially
in lifts and hoists. The operating profit (EBIT) was EUR 7.8 (5.5) million and
the operating profit margin (EBIT-%) was 22.4% (18.7%).
Denmark
In Denmark, business operations grew during the review period. Net sales grew by
22.3% totalling EUR 12.5 (10.2) million. The high share of re-renting of
machinery and equipment remained due to fast growth in net sales, which lowered
the operating margins. The profitability was partly improved due to closing a
non-profitable product line in 2006. The operating profit (EBIT) was EUR 1.3
(0.7) million, whereas the operating profit margin (EBIT-%) was 10.4% (6.8%).
Ramirent Europe
Ramirent's business operations in Central and Eastern Europe (Russia, Estonia,
Latvia, Lithuania, Poland, Hungary, Ukraine, and the Czech Republic) continued
to develop very positively. Heavy investments in new capacity, high utilization
and expansion of the outlet network further improved the market position of
Ramirent. The operations in Czech Republic, the most recent addition to the
Ramirent Group, are developing well according to plan. Compared to the
corresponding period of the previous year, net sales increased by 73.2% to EUR
26.8 (15.5) million. The operating profit (EBIT) improved by 200% to EUR 6.9
(2.3) million, the operating profit margin (EBIT-%) being 25.7% (14.8%).
PERSONNEL
In the review period, the Group employed an average of 3,141 (2,686) people, of
whom 625 (550) worked in the Finnish operations, 581 (566) in the Swedish
operations, 612 (547) in the Norwegian operations, 220 (191) in the Danish
operations, 1,091 (822) in the European operations, and 12 (10) in the Group
administration.
BUSINESS RISKS
The main risks affecting Ramirent's business operations are connected to
economic cycles in construction industry and increased competition. Retaining
and attracting personnel is one of the main short-term risks.
Ramirent is subject to certain financial risks of which the foreign currency and
interest rate risks are regarded to be of greater importance than other
financial risks.
Ramirent's business risks and their management have been described in the Annual
Report 2006. The risks have not changed significantly compared to year-end 2006.
SHARES AND SHARE CAPITAL
During the review period, a total of 16,330 new shares (equalling to 65,320
shares after the free issue which was approved at the Annual General Meeting on
19 April 2007 and registered on the Trade Register on 24 April 2007) were
subscribed with Ramirent Plc's 2002B options, due to which the Company's share
capital was increased by EUR 7,021.90. The increase was entered in the Finnish
Trade Register on 22 February 2007.
On 31 March, 2007, Ramirent's share capital was EUR 11,631,532.25 divided into
27,050,075 shares (equalling to 108,200,300 shares after the free issue which
was approved at the Annual General Meeting on 19 April 2007 and registered with
the Trade Register on 24 April 2007).
SHARE TURNOVER AND PERFORMANCE
During the review period, 4,000,819 (5,386,819) shares (equalling to 16,003,276
(21,547,276) shares after the free issue) were traded on the Helsinki Stock
Exchange at a total value of EUR 213,203,256 (132,837,402), i.e. 14.8% (20.2%)
of Ramirent's total stock was traded. The highest price quoted in the review
period was EUR 60.20 (28.12) (equalling to EUR 15.05 (7.03) after the free
issue) and the lowest EUR 44.06 (21.50) (equalling to EUR 11.02 (5.38) after the
free issue). The average price of the period under review was EUR 53.39 (24.62)
(equalling to EUR 13.35 (6.16) after the free issue) and the last quotation on
the period's last trading day was EUR 60.00 (27.33) (equalling to EUR 15.00
(6.83) after the free issue). The Company's market value at the end of the
period under review was EUR 1,623,004,500 (733,094,700).
SHAREHOLDERS
The ten principal shareholders on 31 March, 2007 were:
--------------------------------------------------------------------------------
| | Shares | Share | % of shares |
| | | equivalent | and votes |
| | | (free issue | |
| | | adjusted) | |
--------------------------------------------------------------------------------
| Nordstjernan AB | 7,162,270 | 28,649,080 | 26.48 % |
--------------------------------------------------------------------------------
| Oy Julius Tallberg Ab | 2,802,002 | 11,208,008 | 10.36 % |
--------------------------------------------------------------------------------
| Ilmarinen Mutual Pension | 942,700 | 3,770,800 | 3.49 % |
| Insurance Company | | | |
--------------------------------------------------------------------------------
| Odin Norden | 522,040 | 2,088,160 | 1.93 % |
--------------------------------------------------------------------------------
| Odin Forvaltnings AS | 346,062 | 1,384,248 | 1.28 % |
--------------------------------------------------------------------------------
| Odin Forvalting AS/Odin | 231,795 | 927,180 | 0.86 % |
| Europa SMB | | | |
--------------------------------------------------------------------------------
| Fondita Nordic Small Cap | 215,000 | 860,000 | 0.79 % |
| Placfond | | | |
--------------------------------------------------------------------------------
| Varma Mutual Pension | 211,504 | 846,016 | 0.78 % |
| Insurance Company | | | |
--------------------------------------------------------------------------------
| Veritas Pension Insurance | 166,700 | 666,800 | 0.62 % |
| Company Ltd. | | | |
--------------------------------------------------------------------------------
| Ruzsbaczky István | 118,266 | 473,064 | 0.44 % |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Nominee-registered | 10,370,346 | 41,481,384 | 38.34 % |
| shareholders | | | |
--------------------------------------------------------------------------------
| Other shareholders | 3,961,390 | 15,845,560 | 14.64 % |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total | 27,050,075 | 108,200,300 | 100.0 % |
--------------------------------------------------------------------------------
2002 OPTIONS
At the end of the review period, there were 62,267 Ramirent 2002B options left.
After the end of the review period, 269,016 new shares were subscribed for
during the subscription window that ended on 24 April, 2007. After these
subscriptions there are 28,640 Ramirent 2002B option rights outstanding based on
which 229,120 Ramirent shares can be subscribed for.
The share subscription price when exercising the 2002B options is the
trade-weighted average price of the Ramirent Plc share on the Helsinki Stock
Exchange, 1 October - 30 November, 2002. The share subscription price is reduced
prior to a share subscription by the amount of decided dividends on the record
date of each dividend distribution. After the share split 2005, the free issue
in April 2007, and payments of dividends in 2005, 2006 and 2007, each option
currently entitles its holder to subscribe for eight shares with aggregate
subscription price of EUR 9.56. The subscription price of one share is EUR
1.195. The share subscription period of the 2002B options is 1 October 2005 - 31
October, 2007.
DECISIONS MADE BY THE ANNUAL GENERAL MEETING OF 19 APRIL, 2007
The Annual General Meeting of Ramirent Plc approved the financial
statements for 2006 and discharged the members of the Board of Directors and CEO
of Ramirent Plc from liability for the financial year 2006. In addition, the
Annual General Meeting approved the proposals of the Board of Directors to amend
the Articles of Association, as well as authorised the Board of Directors to
decide on the acquisition of the company's own shares and on a share issue.
Distribution of dividends
The Annual General Meeting in 2007 decided on a dividend of EUR 1.20 (0.60) per
share. The dividend was paid on 27,050,075 shares on 8 May, 2007.
Free issue
The Annual General Meeting in 2007 decided to increase the number of shares by
way of issuing new shares to the shareholders without any payment (“free
issue”). The right to receive new shares in the free issue belonged to the
shareholder who was entered as a shareholder in the register of shareholders
maintained by The Finnish Central Securities Depository Ltd. on the record date
24 April 2007. The free issue was entered into the Trade Register on 24 April
2007. After the registration, the company's number of shares is 108,200,300.
New shares were recorded to the shareholders' book-entry accounts on 25 April
2007 and trading with the new shares commenced on 25 April 2007.
Members of the Board and their remuneration
The Annual General Meeting decided to elect seven members to the Board of
Directors: Kaj-Gustaf Bergh, Torgny Eriksson, Peter Hofvenstam, Ulf Lundahl,
Freek Nijdam, Erkki Norvio and Susanna Renlund. At the formative meeting of the
Board of Directors held after the Annual General Meeting, Peter Hofvenstam was
elected Chairman of the Board and Kaj-Gustaf Bergh Vice Chairman. Peter
Hofvenstam, Kaj-Gustaf Bergh and Ulf Lundahl were elected members of the Working
Committee. Peter Hofvenstam will act as Chairman for the Working Committee. The
Working Committee was established in 2004 to fulfil the duties of the Audit and
Compensation committees set forth in the Recommendation for Corporate Governance
for Listed Companies.
The Annual General Meeting decided the remuneration for the Chairman to be EUR
3,000 per month and additionally EUR 1,500 for attendance at Board and Working
committee meetings and other similar Board assignments; for the vice-chairman
EUR 2,500 per month and additionally EUR 1,300 for attendance at Board and
Working committee meetings and other similar Board assignments; and for the
members of the Board EUR 1,700 per month and additionally EUR 1,000 for
attendance at Board and Working committee meetings and other similar Board
assignments.
Auditors
KPMG Oy Ab, a firm of Authorized Public Accountants, was re-elected auditor.
Pauli Salminen, APA, is the main responsible auditor appointed by KPMG Oy Ab.
EVENTS AFTER THE REVIEW PERIOD
Disclosure
On 9 May 2007, Ramirent received a disclosure under chapter 2, section 9 of the
Securities Markets Act from Julius Baer Holding Ltd. On 26 April 2007, the
current aggregate holding in Ramirent Plc of entities belonging to Julius Baer
Ltd.'s group of companies (the Julius Baer Group) as well as of funds with an
entity of the Julius Baer Group as investment advisor increased to 5,571,972
shares representing 5.149% of Ramirent Plc´s shares and voting rights. Detailed
information on the holdings within the Julius Baer Group has been disclosed in
the stock exchange release on 10 May 2007.
Share subscription based on 2002B option rights
Based on the 2002B option, 269,016 new Ramirent shares were subscribed for
during the subscription window that ended on 24 April, 2007. The corresponding
EUR 28,919.22 increase in the share capital is expected to be entered in the
Trade Register on 22 May, 2007. After the increase the share capital will be EUR
11,660,451.47 and the number of shares 108,469,316. After these subscriptions
there are 28,640 Ramirent 2002B option rights outstanding based on which 229,120
Ramirent shares can be subscribed for.
FINANCIAL TARGETS
Ramirent's Board of Directors adopted new financial targets for the Group in
2006. Ramirent is focusing on profitable growth and the target is to have a
strong financial position that provides financial stability for long-term
business decisions. The new 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.
OUTLOOK
The good market conditions are expected to continue throughout 2007. The Company
estimates that total construction activities will grow at the rate of 3-4% in
the Nordic countries this year. This view is further supported by the backlog of
the largest Nordic construction companies. In the Central and Eastern European
markets where Ramirent is present, the Company estimates a further solid growth.
Rental penetration rate is expected to further rise in the Group's markets for
machinery and equipment rental services as construction companies increasingly
opt to rent equipment instead of investing in their own fleet. Consequently,
Ramirent estimates that the machinery rental markets will grow faster than the
construction markets in 2007.
Ramirent is well positioned to take advantage of the opportunities available in
the markets and will continue its heavy investments in capacity in 2007 to meet
expected strong market demands. The Company will also continue to search for
bolt-on acquisitions and to further improve internal efficiency to support
profitable growth. Ramirent expects to clearly exceed its financial targets.
SEGMENT INFORMATION, INCOME STATEMENT, BALANCE SHEET, CONDENSED CASH FLOW
STATEMENT, STATEMENT OF CHANGES IN EQUITY, KEY FIGURES, AND CONTINGENT
LIABILITIES
Ramirent Plc adopted the International Financial Reporting Standards (IFRS) on 1
January, 2005. The Group has applied the following amendments to the standards
and IFRIC's as from 1 January, 2007: Change in IAS 1 Presentation of Financial
Statements; IFRS 7 Financial Instruments: Disclosures; IFRIC 8, 9, 10, 11 and
12. The changes do not have any significant effect on Ramirent's financial
figures.
The Interim Report has been prepared in line with IAS 34: Interim Financial
Reporting. The same accounting policies and definitions of key financial figures
have been applied as in Ramirent Plc's annual financial statements for 2006.
Segment information is presented for Ramirent's primary segment, which is
determined by geographical split. Ramirent Plc has started charging a management
fee to the segments as from 1 January, 2007. The segment information has been
amended accordingly.
QUARTERLY SEGMENT INFORMATION
--------------------------------------------------------------------------------
| (EUR million) | 1-3/07 | 12-10/0 | 7-9/0 | 4-6/06 | 1-3/06 | 1-12/06 |
| | | 6 | 6 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | | | | | | |
--------------------------------------------------------------------------------
| Finland | 27.1 | 29.4 | 28.2 | 24.4 | 20.7 | 102.7 |
--------------------------------------------------------------------------------
| Sweden | 35.8 | 38.1 | 31.6 | 31.2 | 29.9 | 130.9 |
--------------------------------------------------------------------------------
| Norway | 34.8 | 33.0 | 29.2 | 28.9 | 29.2 | 120.3 |
--------------------------------------------------------------------------------
| Denmark | 12.5 | 14.1 | 14.0 | 11.6 | 10.2 | 50.0 |
--------------------------------------------------------------------------------
| Other European | 26.8 | 31.8 | 28.4 | 20.8 | 15.5 | 96.4 |
| countries (Ramirent | | | | | | |
| Europe) | | | | | | |
--------------------------------------------------------------------------------
| Sales between | -0.4 | -0.2 | -1.6 | -0.1 | -0.5 | -2.4 |
| segments | | | | | | |
--------------------------------------------------------------------------------
| Net sales, total | 136.6 | 146.2 | 129.8 | 116.7 | 105.1 | 497.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit | | | | | | |
--------------------------------------------------------------------------------
| Finland | 6.4 | 6.8 | 9.4 | 5.5 | 3.5 | 25.1 |
--------------------------------------------------------------------------------
| % of net sales | 23.6% | 23.0% | 33.2% | 22.8% | 16.8% | 24.5% |
--------------------------------------------------------------------------------
| Sweden | 7.4 | 7.5 | 6.1 | 4.5 | 3.7 | 21.8 |
--------------------------------------------------------------------------------
| % of net sales | 20.7% | 19.6% | 19.2% | 14.4% | 12.5% | 16.7% |
--------------------------------------------------------------------------------
| Norway | 7.8 | 7.2 | 6.7 | 7.2 | 5.5 | 26.6 |
--------------------------------------------------------------------------------
| % of net sales | 22.4% | 21.8% | 22.9% | 25.0% | 18.7% | 22.1% |
--------------------------------------------------------------------------------
| Denmark | 1.3 | 2.5 | 2.6 | 1.3 | 0.7 | 7.0 |
--------------------------------------------------------------------------------
| % of net sales | 10.4% | 17.4% | 18.3% | 11.4% | 6.8% | 14.1% |
--------------------------------------------------------------------------------
| Other European | 6.9 | 9.2 | 9.5 | 4.7 | 2.3 | 25.7 |
| countries (Ramirent | | | | | | |
| Europe) | | | | | | |
--------------------------------------------------------------------------------
| % of net sales | 25.7% | 28.9% | 33.5% | 22.7% | 14.8% | 26.6% |
--------------------------------------------------------------------------------
| Costs not allocated | -0.8 | -0.6 | -0.2 | -0.2 | -0.3 | -1.3 |
| to segments | | | | | | |
--------------------------------------------------------------------------------
| Group operating | 29.0 | 32.5 | 34.0 | 23.1 | 15.4 | 104.9 |
| profit excluding the | | | | | | |
| profit of divestment | | | | | | |
| of properties | | | | | | |
--------------------------------------------------------------------------------
| % of net sales | 21.2% | 22.2% | 26.2% | 19.8% | 14.7% | 21.1% |
--------------------------------------------------------------------------------
INCOME STATEMENT
--------------------------------------------------------------------------------
| (EUR 1,000) | 1-3/07 | 1-3/06 | 1-12/06 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Net sales | 136,586 | 105,105 | 497,858 |
--------------------------------------------------------------------------------
| Other operating income | 256 | 5,729 | 6,907 |
--------------------------------------------------------------------------------
| TOTAL | 136,842 | 110,834 | 504,765 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Materials and services | -39,133 | -32,560 | -149,457 |
--------------------------------------------------------------------------------
| Employee benefit expenses | -35,299 | -29,737 | -125,742 |
--------------------------------------------------------------------------------
| Depreciation | -17,439 | -13,878 | -61,243 |
--------------------------------------------------------------------------------
| Other operating expenses | -15,942 | -13,882 | -58,003 |
--------------------------------------------------------------------------------
| OPERATING PROFIT | 29,029 | 20,777 | 110,320 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income | 1,891 | 1,464 | 4,404 |
--------------------------------------------------------------------------------
| Financial expenses | -3,814 | -2,854 | -11,781 |
--------------------------------------------------------------------------------
| PROFIT BEFORE TAXES | 27,106 | 19,387 | 102,943 |
--------------------------------------------------------------------------------
| Income taxes | -7,042 | -3,617 | -23,787 |
--------------------------------------------------------------------------------
| NET PROFIT FOR THE PERIOD | 20,064 | 15,770 | 79,156 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Sharing of profit: | | | |
--------------------------------------------------------------------------------
| To the parent company's | 20,054 | 15,768 | 79,129 |
| shareholders | | | |
--------------------------------------------------------------------------------
| To the Group's minority | 10 | 2 | 27 |
--------------------------------------------------------------------------------
| Sharing of profit, total | 20,064 | 15,770 | 79,156 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share (EPS), | 0.74 | 0.59 | 2.93 |
| diluted, EUR | | | |
--------------------------------------------------------------------------------
| Earnings per share (EPS), | 0.74 | 0.59 | 2.95 |
| non-diluted, EUR | | | |
--------------------------------------------------------------------------------
BALANCE SHEET
ASSETS
--------------------------------------------------------------------------------
| (EUR 1,000) | 31.3.2007 | 31.3.2006 | 31.12.2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NON-CURRENT ASSETS | | | |
--------------------------------------------------------------------------------
| Tangible assets | 435,851 | 312,547 | 384,486 |
--------------------------------------------------------------------------------
| Investments in process | 4,648 | - | - |
--------------------------------------------------------------------------------
| Goodwill | 76,728 | 73,060 | 76,112 |
--------------------------------------------------------------------------------
| Other intangible assets | 1,471 | 1,213 | 1,527 |
--------------------------------------------------------------------------------
| Available-for-sale investments | 127 | 415 | 125 |
--------------------------------------------------------------------------------
| Deferred tax assets | 1,307 | 1,280 | 1,200 |
--------------------------------------------------------------------------------
| NON-CURRENT ASSETS, TOTAL | 520,132 | 388,515 | 463,450 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CURRENT ASSETS | | | |
--------------------------------------------------------------------------------
| Inventories | 18,683 | 15,350 | 17,767 |
--------------------------------------------------------------------------------
| Trade and other receivables | 100,265 | 74,619 | 97,304 |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 1,716 | 1,273 | 1,112 |
--------------------------------------------------------------------------------
| Non-current assets held for sale | 4,018 | - | 4,632 |
--------------------------------------------------------------------------------
| CURRENT ASSETS, TOTAL | 124,682 | 91,242 | 120,815 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL ASSETS | 644,814 | 479,757 | 584,265 |
--------------------------------------------------------------------------------
EQUITY AND LIABILITIES
--------------------------------------------------------------------------------
| (EUR 1,000) | 31.3.2007 | 31.3.2006 | 31.12.2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY | | | |
--------------------------------------------------------------------------------
| Share capital | 11,631 | 11,534 | 11,625 |
--------------------------------------------------------------------------------
| Share premium account | 126,102 | 124,116 | 126,011 |
--------------------------------------------------------------------------------
| Retained earnings | 146,650 | 77,673 | 127,205 |
--------------------------------------------------------------------------------
| PARENT COMPANY SHAREHOLDERS' | 284,383 | 213,323 | 264,841 |
| EQUITY | | | |
--------------------------------------------------------------------------------
| Minority interests | 92 | 64 | 83 |
--------------------------------------------------------------------------------
| EQUITY, TOTAL | 284,475 | 213,387 | 264,924 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NON-CURRENT LIABILITIES | | | |
--------------------------------------------------------------------------------
| Deferred tax liabilities | 32,602 | 21,706 | 33,135 |
--------------------------------------------------------------------------------
| Pension obligations | 8,220 | 7,655 | 8,090 |
--------------------------------------------------------------------------------
| Provisions | 1,147 | - | 1,186 |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 169,237 | 138,684 | 169,769 |
--------------------------------------------------------------------------------
| NON-CURRENT LIABILITIES, TOTAL | 211,206 | 168,045 | 212,180 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CURRENT LIABILITIES | | | |
--------------------------------------------------------------------------------
| Trade payables and other | 108,073 | 78,186 | 88,962 |
| liabilities | | | |
--------------------------------------------------------------------------------
| Provisions | 549 | - | 581 |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 40,511 | 20,139 | 16,936 |
--------------------------------------------------------------------------------
| Liabilities connected to | - | - | 682 |
| non-current assets held for sale | | | |
--------------------------------------------------------------------------------
| CURRENT LIABILITIES, TOTAL | 149,133 | 98,325 | 107,161 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES, TOTAL | 360,339 | 266,370 | 319,341 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL EQUITY AND LIABILITIES | 644,814 | 479,757 | 584,265 |
--------------------------------------------------------------------------------
CONDENSED CASH FLOW STATEMENT
--------------------------------------------------------------------------------
| (EUR million) | 1-3/07 | 1-3/06 | 1-12/06 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from operating | 47.1 | 28.6 | 133.9 |
| activities | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from investing | -68.4 | -21.7 | -140.7 |
| activities | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from financing | | | |
| activities | | | |
--------------------------------------------------------------------------------
| Proceeds from share | 0.1 | 1.4 | 2.5 |
| subscriptions | | | |
--------------------------------------------------------------------------------
| Borrowings / repayments of | 15.1 | | |
| short-term debt | | | |
--------------------------------------------------------------------------------
| Borrowings of long-term debt | 6.7 | -8.3 | 20.2 |
--------------------------------------------------------------------------------
| Dividends paid | 0.0 | 0.0 | -16.1 |
--------------------------------------------------------------------------------
| Cash flow from financing | 21.9 | -6.9 | 6.6 |
| activities | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net change in cash and cash | 0.6 | 0.0 | -0.2 |
| equivalents | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and cash equivalents at the | 1.1 | 1.3 | 1.3 |
| beginning of the period | | | |
--------------------------------------------------------------------------------
| Translation difference on cash | 0,0 | 0,0 | 0,0 |
| and cash equivalents | | | |
--------------------------------------------------------------------------------
| Net change in cash and cash | 0.6 | 0.0 | -0.2 |
| equivalents | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the | 1.7 | 1.3 | 1.1 |
| end of the period | | | |
--------------------------------------------------------------------------------
CHANGES IN EQUITY
--------------------------------------------------------------------------------
| (EUR | | | | | | | | |
| 1,000) | | | | | | | | |
--------------------------------------------------------------------------------
| | Share | Share | Trans | Reval | Retain | Entrie | Min. | Total |
| | capita | prem. | l. | . | .earn. | s on | int. | equity |
| | l | fund | diffe | fund | | non-cu | | |
| | | | r. | | | rr. | | |
| | | | | | | assets | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity | 11,441 | 122,7 | 4,236 | -580 | 59,027 | - | 82 | 196,994 |
| 31.12.20 | | 88 | | | | | | |
| 05 | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Translat | - | - | -974 | - | - | - | -1 | -975 |
| ion | | | | | | | | |
| differen | | | | | | | | |
| ces | | | | | | | | |
| 1-3/2006 | | | | | | | | |
--------------------------------------------------------------------------------
| Decrease | - | - | - | - | - | - | -19 | -19 |
| of | | | | | | | | |
| minority | | | | | | | | |
| 1-3/2006 | | | | | | | | |
--------------------------------------------------------------------------------
| Fair | - | - | - | 265 | - | - | - | 265 |
| value | | | | | | | | |
| adjustme | | | | | | | | |
| nt of | | | | | | | | |
| interest | | | | | | | | |
| rate | | | | | | | | |
| SWAPs | | | | | | | | |
| 1-3/2006 | | | | | | | | |
--------------------------------------------------------------------------------
| Income | - | - | - | -69 | - | - | - | -69 |
| tax on | | | | | | | | |
| directly | | | | | | | | |
| to | | | | | | | | |
| equity | | | | | | | | |
| entries | | | | | | | | |
| 1-3/2006 | | | | | | | | |
--------------------------------------------------------------------------------
| Exercise | 93 | 1,328 | - | - | - | - | - | 1,421 |
| d share | | | | | | | | |
| options | | | | | | | | |
| 1-3/2006 | | | | | | | | |
--------------------------------------------------------------------------------
| Net | - | - | - | - | 15,768 | - | 2 | 15,770 |
| result | | | | | | | | |
| for the | | | | | | | | |
| period | | | | | | | | |
| 1-3/2006 | | | | | | | | |
--------------------------------------------------------------------------------
| Equity | 11,534 | 124,1 | 3,262 | -384 | 74,795 | - | 64 | 213,387 |
| 31.3.200 | | 16 | | | | | | |
| 6 | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Translat | - | - | 1,636 | - | - | - | -6 | 1,630 |
| ion | | | | | | | | |
| differen | | | | | | | | |
| ces | | | | | | | | |
| 4-12/200 | | | | | | | | |
| 6 | | | | | | | | |
--------------------------------------------------------------------------------
| Fair | - | - | - | 660 | - | - | - | 660 |
| value | | | | | | | | |
| adjustme | | | | | | | | |
| nt of | | | | | | | | |
| interest | | | | | | | | |
| rate | | | | | | | | |
| SWAPs | | | | | | | | |
| 4-12/200 | | | | | | | | |
| 6 | | | | | | | | |
--------------------------------------------------------------------------------
| Fair | - | - | - | 6 | - | 184 | - | 190 |
| value | | | | | | | | |
| adjustme | | | | | | | | |
| nt of | | | | | | | | |
| availabl | | | | | | | | |
| e-for-sa | | | | | | | | |
| le | | | | | | | | |
| investme | | | | | | | | |
| nts | | | | | | | | |
| 4-12/200 | | | | | | | | |
| 6 | | | | | | | | |
--------------------------------------------------------------------------------
| Income | - | - | - | -173 | - | -48 | - | -221 |
| tax on | | | | | | | | |
| directly | | | | | | | | |
| to | | | | | | | | |
| equity | | | | | | | | |
| entries | | | | | | | | |
| 4-12/200 | | | | | | | | |
| 6 | | | | | | | | |
--------------------------------------------------------------------------------
| Directed | 13 | 896 | - | - | - | - | - | 909 |
| share | | | | | | | | |
| issue | | | | | | | | |
| 4-12/200 | | | | | | | | |
| 6 | | | | | | | | |
--------------------------------------------------------------------------------
| Exercise | 78 | 999 | - | - | - | - | - | 1,077 |
| d share | | | | | | | | |
| options | | | | | | | | |
| 4-12/200 | | | | | | | | |
| 6 | | | | | | | | |
--------------------------------------------------------------------------------
| Dividend | - | - | - | - | -16,09 | - | - | -16,094 |
| distri-b | | | | | 4 | | | |
| ution | | | | | | | | |
| 4-12/200 | | | | | | | | |
| 6 | | | | | | | | |
--------------------------------------------------------------------------------
| Net | - | - | - | - | 63,361 | - | 25 | 63,386 |
| result | | | | | | | | |
| for the | | | | | | | | |
| period | | | | | | | | |
| 4-12/200 | | | | | | | | |
| 6 | | | | | | | | |
--------------------------------------------------------------------------------
| Equity | 11,625 | 126,0 | 4,898 | 109 | 122,06 | 136 | 83 | 264,924 |
| 31.12.20 | | 11 | | | 2 | | | |
| 06 | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Translat | - | - | -634 | - | - | - | -1 | -635 |
| ion | | | | | | | | |
| differen | | | | | | | | |
| ces | | | | | | | | |
| 1-3/2007 | | | | | | | | |
--------------------------------------------------------------------------------
| Fair | - | - | - | 33 | - | - | - | 33 |
| value | | | | | | | | |
| adjustme | | | | | | | | |
| nt of | | | | | | | | |
| interest | | | | | | | | |
| rate | | | | | | | | |
| SWAPs | | | | | | | | |
| 1-3/2007 | | | | | | | | |
--------------------------------------------------------------------------------
| Income | - | - | - | -9 | - | - | - | -9 |
| tax on | | | | | | | | |
| directly | | | | | | | | |
| to | | | | | | | | |
| equity | | | | | | | | |
| entries | | | | | | | | |
| 1-3/2007 | | | | | | | | |
--------------------------------------------------------------------------------
| Exercise | 7 | 91 | - | - | - | - | - | 98 |
| d share | | | | | | | | |
| options | | | | | | | | |
| 1-3/2007 | | | | | | | | |
--------------------------------------------------------------------------------
| Net | - | - | - | - | 20,054 | - | 10 | 20,064 |
| result | | | | | | | | |
| for the | | | | | | | | |
| period | | | | | | | | |
| 1-3/2007 | | | | | | | | |
--------------------------------------------------------------------------------
| Equity | 11,632 | 126,1 | 4,264 | 133 | 142,11 | 136 | 92 | 284,475 |
| 31.3.200 | | 02 | | | 6 | | | |
| 7 | | | | | | | | |
--------------------------------------------------------------------------------
KEY FIGURES
--------------------------------------------------------------------------------
| | 1-3/07 | 1-3/06 | 1-12/06 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest-bearing debt, (EUR | 209.7 | 158.8 | 187.4 |
| million) | | | |
--------------------------------------------------------------------------------
| Net debt, (EUR million) | 208.0 | 157.6 | 186.3 |
--------------------------------------------------------------------------------
| Invested capital (EUR | 494.2 | 372.2 | 452.3 |
| million), end of period | | | |
--------------------------------------------------------------------------------
| Return on invested capital | 28.5% | 21.4% | 28.1% |
| (ROI), % 1) | | | |
--------------------------------------------------------------------------------
| Gearing, % | 73.1% | 73.8% | 70.3% |
--------------------------------------------------------------------------------
| Equity ratio, % | 44.1% | 44.5% | 45.4% |
--------------------------------------------------------------------------------
| Personnel, average | 3,141 | 2,686 | 2,846 |
--------------------------------------------------------------------------------
| Personnel, end of period | 3,244 | 2,694 | 3,016 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Gross investments in | 74.0 | 41.4 | 176.5 |
| non-current assets (EUR | | | |
| million) | | | |
--------------------------------------------------------------------------------
| Gross investments, % of net | 54.2% | 39.4% | 35.4% |
| sales | | | |
--------------------------------------------------------------------------------
The definitions of the key figures are in Annual Report 2006.
1) The figures are calculated on a rolling twelve month basis.
KEY FIGURES PER SHARE
--------------------------------------------------------------------------------
| | 1-3/07 | 1-3/06 | 1-12/06 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share (EPS) | 0.74 | 0.59 | 2.93 |
| weighted average, diluted, | | | |
| EUR | | | |
--------------------------------------------------------------------------------
| Earnings per share (EPS) | 0.74 | 0.59 | 2.95 |
| weighted average, | | | |
| non-diluted, EUR | | | |
--------------------------------------------------------------------------------
| Equity per share, end of | 10.50 | 7.88 | 9.74 |
| period, diluted, EUR | | | |
--------------------------------------------------------------------------------
| Equity per share, end of | 10.51 | 7.95 | 9.80 |
| period, non-diluted, EUR | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Number of shares (weighted | 27,072,481 | 26,925,773 | 27,004,406 |
| average), diluted | | | |
--------------------------------------------------------------------------------
| Number of shares (weighted | 27,044,450 | 26,682,209 | 26,857,071 |
| average), non-diluted | | | |
--------------------------------------------------------------------------------
| Number of shares (end of | 27,078,106 | 27,067,373 | 27,181,080 |
| period), diluted | | | |
--------------------------------------------------------------------------------
| Number of shares (end of | 27,050,075 | 26,823,809 | 27,033,745 |
| period), non-diluted | | | |
--------------------------------------------------------------------------------
The free issue on 24 April 2007 has not been taken into account in the key
figures per share.
CONTINGENT LIABILITIES
--------------------------------------------------------------------------------
| (EUR million) | 31.3.2007 | 31.3.2006 | 31.12.2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Real estate mortgages | - | 0.8 | 0.9 |
--------------------------------------------------------------------------------
| Interest-bearing debt for | - | 0.3 | 0.3 |
| which the above collateral | | | |
| is given | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Floating charges | - | 2.7 | - |
--------------------------------------------------------------------------------
| Interest-bearing debt for | - | 2.2 | - |
| which the above collateral | | | |
| is given | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Floating charges | 75.8 | 76.4 | 76.6 |
--------------------------------------------------------------------------------
| Other pledged assets | 3.1 | 3.1 | 3.1 |
--------------------------------------------------------------------------------
| Interest-bearing debt for | 206.0 | 150.8 | 183.8 |
| which the above collateral | | | |
| is given | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Suretyships | 2.4 | 1.7 | 2.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Committed investments | 68.9 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-cancellable minimum | 99.6 | 46.3 | 89.3 |
| future operating lease | | | |
| payments | | | |
--------------------------------------------------------------------------------
| Non-cancellable minimum | 4.9 | 12.6 | 6.1 |
| future finance lease | | | |
| payments | | | |
--------------------------------------------------------------------------------
| Finance lease debt in the | -4.7 | -11.6 | -5.8 |
| balance sheet | | | |
--------------------------------------------------------------------------------
| Non-cancellable minimum | 99.7 | 47.2 | 89.6 |
| future lease payments | | | |
| off-balance sheet | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Obligations arising from | | | |
| derivative instruments | | | |
--------------------------------------------------------------------------------
| Nominal value of underlying | 94.0 | 65.1 | 49.9 |
| object | | | |
--------------------------------------------------------------------------------
| Fair value of the | 0.2 | -0.5 | 0.1 |
| derivative instruments | | | |
--------------------------------------------------------------------------------
Ramirent has borrowing facilities which have equity ratio, leverage ratio and
other financial covenants. Ramirent's financial ratios are on 31 March, 2007
significantly better than these covenants.
Ramirent has made no transactions with its related parties during the review
period. 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.
CONFERENCE FOR ANALYSTS AND THE PRESS
A conference for investment analysts and the press will be arranged on Friday 11
May, 2007 at 10.00 a.m. in the Dining Room of Restaurant Pörssi in Helsinki,
Fabianinkatu 14.
RAMIRENT'S FINANCIAL REPORTING 2007
In 2007, the interim reports will be published as follows:
- 1 January - 30 June 2007: Wednesday, 15 August, 2007
- 1 January - 30 September 2007: Wednesday, 7 November, 2007
This interim report is non-audited.
Vantaa, 11 May, 2007
RAMIRENT PLC
Board of Directors
FURTHER INFORMATION:
CEO Kari Kallio, phone +358 40 716 1832, or email kari.kallio@ramirent.com
CFO Heli Iisakka, phone +358 40 544 6833, or email heli.iisakka@ramirent.com
DISTRIBUTION:
Helsinki Stock Exchange
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 293 permanent outlets in twelve
countries and is registered in Helsinki. Ramirent employs over 3,100 people and
in 2006 the consolidated net sales were 498 million. Ramirent is listed on the
Helsinki Stock Exchange. For further information, please visit www.ramirent.com.
