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2019-02-08 08:00 CET
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Ramirent Financial Statements Bulletin 2018: Another year of strong improvement

Ramirent Plc   Stock Exchange Release       February 8, 2019 at 9:00 am EET

This stock exchange release is a summary of Ramirent Plc's Financial Statements Bulletin 2018. The complete report is attached to this release in pdf format and is also available on Ramirent's website at


  • Net sales EUR 188.6 (189.7) million at the corresponding quarter's level, growth 1.5% at comparable exchange rates
  • Comparable EBIT EUR 23.6 (23.4) million or 12.5% (12.3%) of net sales
  • EBIT EUR 14.3 (24.7) million or 7.6% (13.0%) of net sales
  • Comparable EPS EUR 0.17 (0.17)
  • EPS EUR 0.12 (0.16)
  • On December 3, 2018, Ramirent announced that it had signed an agreement to divest its Danish equipment rental business. The enterprise value of the transaction is approximately EUR 33 million. The business to be divested is reported as discontinued operations and is included in the income statement separately from the continuing operations as one line both in 2017 and in 2018 
  • Items affecting comparability in the fourth quarter include restructuring costs of EUR 4.8 million related to the network of hubs and customer centers in Norway


  • Net sales EUR 711.7 (685.5) million, up by 3.8% or 6.9% at comparable exchange rates
  • Comparable EBIT EUR 106.8 (89.4) million or 15.0% (13.0%) of net sales
  • EBIT EUR 66.9 (90.7) million or 9.4% (13.2%) of net sales
  • Comparable EPS EUR 0.74 (0.59)
  • EPS EUR 0.44 (0.59)
  • Comparable ROCE 16.8% (14.4%)
  • ROCE 10.2% (14.0%)
  • Gross capital expenditure EUR 199.5 (166.4) million, including the EUR 21 million acquisition of SRV Kalusto Oy
  • Cash flow after investments EUR 40.7 (51.6) million
  • Expenses recognized in relation to divestments and restructuring measures total EUR 39.9 million
  • The Board of Directors proposes to increase the dividend to EUR 0.46 (0.44) per share


In 2019, Ramirent's comparable EBIT is expected to be at approximately the same level as in 2018.


Ramirent's market outlook is based on the available forecasts disclosed by local construction and industry associations in its operating countries. The demand outlook for equipment rental in 2019 varies somewhat across Ramirent's geographies. In Sweden, the market demand is expected to slow down in 2019, even though there are expected to be differences between regions. In Finland and in Norway, market conditions are expected to be stable. In the Baltic countries, Poland, Czech Republic and Slovakia, the market conditions are expected to remain favorable.


Key figures (MEUR) 10-12/18 10-12/17 Change 1-12/18 1-12/17 Change
Continuing operations            
Net sales 188.6 189.7 -0.6% 711.7 685.5 3.8%
EBITDA 42.2 53.2 -20.5% 202.9 200.7 1.1%
% of net sales 22.4% 28.0%   28.5% 29.3%  
Comparable EBIT 23.61 23.44 1.1% 106.81 89.44 19.4%
% of net sales 12.5% 12.3%   15.0% 13.0%  
EBIT 14.3 24.7 -42.2% 66.9 90.7 -26.3%
% of net sales 7.6% 13.0%   9.4% 13.2%  
Comparable EPS, EUR2 0.173 0.174 0.3% 0.743 0.594 26.3%
Comparable ROCE, %2&5       16.8% 14.4%  
Comparable ROE, %2&5       26.7% 21.7%  
Group including discontinued operations            
EPS, EUR 0.12 0.16 -29.8% 0.44 0.59 -24.5%
ROCE, %2&5       10.2% 14.0%  
ROE, %2&5       16.6% 22.0%  
Gross capital expenditure 46.1 31.0 48.6% 199.5 166.4 19.9%
Cash flow after investments 52.3 53.6 -2.4% 40.7 51.6 -21.2%
Capital employed       653.7 654.4 -0.1%
Net debt       350.6 337.9 3.7%
Net debt to EBITDA ratio       1.7x 1.7x 2.6%

1 Excluding IACs of EUR -9.4 million in 10-12/2018 and EUR -39.9 million in 1-12/2018
2 The comparable EPS and comparable ROE are calculated based on Result from continuing operations. The comparable ROCE is calculated based on capital employed in continuing operations (excluding Denmark)
3 Excluding IACs of EUR -9.4 million adjusted with tax impact EUR 3.2 million in 10-12/2018 and EUR -39.9 million adjusted with tax impact of EUR 5.3 million in 1-12/2018
4 Excluding IACs of EUR 1.3 million in 10-12/2017 and 1-12/2017
5 Capital component of key figure is calculated as the average of the 5 previous quarter end values


"Ramirent's performance continued solidly in the fourth quarter. Despite last year's high comparison figures and the sale of Temporary Space during the quarter, we managed to grow our top line in comparable currencies by 1.5%. Our comparable EBIT and comparable EBIT-margin were slightly above the previous year's level and comparable ROCE reached 16.8%, already exceeding our 2020 target level. Our performance varied somewhat by segment. Our Eastern European business continued to grow its net sales and to further improve its profitability. Also in Norway, our profit improvement continued and we saw strong growth in equipment rental. In Finland, our performance was stable with net sales and comparable EBIT being at the previous year's level. In Sweden, we continued to see positive sales development in our core equipment rental and service business albeit at slower rate than before. At comparable exchange rates, the net sales in Sweden were at the previous year's level. However, Sweden's comparable EBIT decreased mainly due to Temporary Space divestment as well as adverse currency translation effect.

In the quarter, we carried out several initiatives to improve and strengthen our business portfolio. In November, we closed the divestment of our Temporary Space business and in December, we announced the divestment of our Danish equipment rental business. These divestments enable us to better focus on our core business of equipment rental and related services and re-invest capital to areas where we see higher returns. An example of this was the signing of a long-term cooperation agreement with SRV Group and the acquisition of SRV Kalusto Oy's entire share capital. The transactions with SRV further strengthens our leading position in the Finnish market. We also initiated a further performance improvement plan in Norway, where we continue to see further possibilities for profit improvement.

Looking back at the financial year 2018, I am proud of our organization's achievements. We achieved solid sales growth with strong improvements in profitability in all of our operating segments and took several actions to shape our business portfolio to be more capital-efficient. Despite the fast organic sales growth, we were able to deliver positive cash flow after investments for the second year in a row. All of this is reflected in the Board's proposal to increase dividend from the financial year 2018 to EUR 0.46 (0.44) per share.

Entering into 2019, Ramirent's business is in an excellent position - we have a strong balance sheet and a clear, capital-efficient strategy, which is geared towards generating high returns and positive cash flow after investments. I remain confident about our organization's ability to execute and find further avenues to improve the performance of our core business. Growth in the Nordic construction markets is expected to be slower in 2019. However, we see opportunities for continued further growth in Eastern Europe, which became our second largest segment in terms of profits during 2018. As our execution and balance sheet are both in strong shape, we are also increasingly open for acquisitions to boost the growth of our rental business."


The parent company's distributable equity on December 31, 2018 amounted to EUR 203,787,962.10 of which the net result from the financial year 2018 is EUR 10,785,661.58.

The Board of Directors has decided to propose to the Annual General Meeting that a dividend of EUR 0.46 per share be paid based on the adopted balance sheet for the financial year ended on December 31, 2018. The dividend shall be paid in two installments. The first installment of EUR 0.23 per share will be paid to shareholders registered in the shareholders' register of the Company maintained by Euroclear Finland Ltd on the record date for dividend payment March 18, 2019. The first installment is to be paid on April 4, 2019 for shareholders whose shares are registered in Euroclear Finland Ltd and on April 5, 2019 for shareholders whose shares are registered in Euroclear Sweden AB. The second installment of EUR 0.23 per share will be paid to shareholders registered in the shareholders' register of the Company maintained by Euroclear Finland Ltd on the record date for dividend payment September 18, 2019. The second installment is to be paid on October 3, 2019 for shareholders whose shares are registered in Euroclear Finland Ltd and on October 4, 2019 for shareholders whose shares are registered in Euroclear Sweden AB. The Board of Directors is authorized to set a new dividend record date and payment date for the second installment of the dividend, in case the rules and regulations of the Finnish book-entry system would be changed, or otherwise so require, prior to the payment of the second installment of the dividend.


A briefing for investment analysts and the press will be arranged on Friday, February 8, 2019 at 10:30 A.M. Finnish time (EET) through a live audiocast viewable at combined with a conference call. The briefing will be hosted by CEO Tapio Kolunsarka and interim CFO Jonas Söderkvist. The dial-in numbers are +358 9 8171 0310 (FI), +44 3333 000 804 (UK), +46 8 5664 2651 (SE), +1 631 913 1422 (US). Participant code for conference call is 82639391#. A recording of the audiocast and teleconference will be available at later the same day.


Ramirent observes a silent period during 30 days prior to the publication of annual and interim financial results.

Annual General Meeting                                 March 14, 2019

Interim report January-March                         April 30, 2019

Half Year Financial Report                             July 31, 2019

Interim report January-September                 October 30, 2019

The financial information in this stock exchange release has not been audited.

Further information
Jonas Söderkvist, interim Chief Financial Officer (CFO)
Tel. +46 8 624 9502, jonas.soderkvist(at)

RAMIRENT is a leading service company offering equipment rental for construction and other industries. Our mission is to help our customers gear up on safety and efficiency by delivering great equipment and smooth service with a smile. We have 2,905 co-workers at 300 customer centers across 10 countries in northern and eastern Europe. In 2018, Ramirent Group sales reached a total of EUR 712 million. Ramirent is listed on NASDAQ Helsinki. Ramirent - Gear Up. Equipment rental at your service

Distribution: Nasdaq Helsinki, Main news media,