CRAMO PLC INTERIM REPORT 1.1.2014 31.3.2014 CEO Vesa Koivula CFO - - PowerPoint PPT Presentation
CRAMO PLC INTERIM REPORT 1.1.2014 31.3.2014 CEO Vesa Koivula CFO Martti Ala-Hrknen FOR A GREAT DAY AT WORK Contents Highlights of Q1/2014 and market outlook Interim report Q1/2014 Group performance Business
FOR A GREAT DAY AT WORK
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Group performance Business segments
Additional information
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Number of depots 03/2014: 350
– Sales EUR 140,3m (148,5m), down 5,6%. Sales change in local currencies, excluding restructuring in Russia, +0,8% – EBITA EUR 4,4m (6,4m); EBITA margin 3,1% (4,3%) – EPS* EUR -0,03 (-0,04) – Return on equity (rolling 12 m.) 8,5% (6,9%) – Cash flow after investments EUR -10,7m (-18,9m) – Gearing 76,3% (69,7%) – Expansion into the German modular space market through the acquisition of C/S RaumCenter in April – The construction machinery rental business in Finland was strengthened through the acquisition of Optirent in April
– In 2014, Cramo Group’s EBITA margin will continue to improve compared to 2013. Cramo Group’s sales is also expected to grow in 2014, however, exact sales is exposed to changing exchange rates.
Russia Denmark Germany Poland Czech Republic Austria Hungary Slovakia Ukraine Belarus Lithuania Latvia Estonia Norway Sweden Finland Romania Moldova Bulgaria Slovenia Croatia Bosnia and Herzegovina Serbia Macedonia Albania Switzerland Kalinin- grad
* Undiluted EPS
65 70 75 80 85 90 95 100 105 110 115 120 125 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Economic Sentiment Indicator (ESI) Finland Sweden Germany Denmark Poland Europe
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Source: European Commission, April 2014
Long-term average Mar 2009
improving in Europe, driven by markedly more confident consumers
− Construction and rental markets are late-cyclical and should benefit from the improved outlook with a delay
above long-term average in Sweden, Germany and Denmark
term average but improving
Finland
Jan 2011
Highlights
20 40 60 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Construction Confidence Indicator (mean-adjusted) Finland Sweden Germany Denmark Poland Europe
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Source: European Commission, April 2014
Long-term average Jun 2009
development in construction confidence in Europe
long-term average in Sweden, Germany, Denmark and Poland
term average
Feb 2011
Highlights
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Sources: Euroconstruct, November 2013 and VTT, December 2013 Country-specific data in brackets includes: Finland - Rakennusteollisuus RT (April 2014); Sweden - Sveriges Byggindustrier (February 2014); Denmark - Dansk Byggeri (February 2014)
Construction output, % change
2014F 2015F 2016O Finland 0,5%
(-1,0%)
1,6%
(+2,0%)
2,8% Sweden 1,6%
(+5,0%)
2,9%
(+2,0%)
2,2% Norway 3,6% 3,7% 2,0% Denmark 3,3%
(3,2%)
4,2%
(0,0%)
5,3% Baltic Countries
0,0% 3,0% Poland 3,5% 4,4% 5,6% Czech Republic
1,2% Slovakia
1,8% 2,2% Russia 2,0% 5,0% 4,0% Germany 2,7% 1,2% 0,7% Austria 1,2% 1,3% 0,8%
0 % 20 % 40 % 60 % 80 % 100 % UK/Ireland Multinationals Nordic region Germany Benelux All Europe Spain Italy France
0 % 20 % 40 % 60 % 80 % Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Current business conditions Quarterly activity year-on-year
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Source: ERA / IRN Rental Tracker Survey June 2009 – March 2014 (International Rental News/European Rental Association)
Improving Declining Current rental activity & conditions in Europe Q1/14 Current regional business conditions Q1/14
Improving Declining
Nominal rental growth estimates for 2014
5,5 % 4,5 % 4,3 % 3,7 % 3,6 % 3,0 % 2,8 % 2,7 % 2,5 % 1,9 % 1,7 % 1,6 %
0% 2% 4% 6% Poland Finland UK Germany Netherlands Sweden Denmark Norway France Italy Belgium Spain Nominal rental growth estimate for 2015 4,8 % 4,0 % 3,7 % 3,6 % 3,5 % 2,3 % 2,3 % 1,9 % 1,8 % 1,7 % 0,3 %
0% 2% 4% 6% UK Germany Norway Poland Finland Sweden Italy Denmark Netherlands Belgium France Spain Nominal rental growth estimate for 2014
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Cramo countries
Source: European Rental Association, The European Equipment Rental Industry 2013 Report, October 2013
Nominal rental growth estimates for 2015
Cramo countries
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101,4 114,0 130,4 146,4 144,2 161,1 181,6 192,9 160,0 161,4 182,4 184,6 148,5 160,1 173,6 175,1 140,3
0% 10% 20% 30% 40% 50% 20 40 60 80 100 120 140 160 180 200 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Quarterly sales growth % (y-o-y), line graph) Quarterly sales (EUR million, bar graph)
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140.3m, year-on-year sales growth -5.6%
decreased by 1.8%. Weakening of SEK and NOK adversely impacted sales growth
decreased heating sales in the Nordics, affecting also
hand, in March the mild winter accelerated start of construction projects
Russia, sales increased in local currencies by +0.8%
Q1/14 vs. Q1/13:
+0.8%* excl. RUS
* Change in local currencies Group financial target: Sales growth faster than the market IRN Europe top 50 2007: 16%; 2008: 8%; 2009: -20%; 2010: 4%; 2011: 6%; 2012: 6%
Highlights
1,5 3,8 15,2 14,1 2,5 14,3 30,5 23,8 10,6 14,3 31,2 21,9 6,4 16,5 32,3 24,8 4,4
0% 5% 10% 15% 20% 25% 5 10 15 20 25 30 35 40 45 50 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 EBITA % (line graph) Quarterly EBITA (EUR million, bar graph)
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EUR 4.4 (6.4) million, or 3.1 (4.3)% of sales
− Result was weakened by modest demand in Jan-Feb, after which markets picked up in March
SWE, improving profitability in NOR, transformation plans still affecting GER
Fortrent, EBITA was EUR 1.5 million lower than in the previous year in the quarter
reorganisation in SWE and NOR to ensure positive performance development going forward
Group financial target: EBITA margin > 15%
Highlights
0,05 0,24
0,08 0,38 0,25 0,04 0,11 0,43 0,34
0,19 0,48 0,38
0,0 0,1 0,2 0,3 0,4 0,5 0,6 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Quarterly diluted EPS (EUR)
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EUR -0.03 (-0.04)
− Q1 net financial expenses improved to EUR 3.4 (4.0) million − Q1 effective tax rate at the same level as year before
non-recurring items amounted to EUR -0.03 (0.01)
recurring impairment related to formation of Fortrent and reorganisation expenses related to business acquisition in Norway
* Q4/2011 includes write-downs on Group goodwill totalling EUR 5.5m ** Q4/2012 includes a number of non-recurring items having a positive net impact of EUR 3.5m on net result, or EPS EUR 0.08 *** Q4/2013 includes a number of non-recurring items having a positive impact of EUR 1.6m on net result, or EPS EUR 0.04
* ** *** Highlights
1,9 % 5,1 % 5,4 % 7,3 % 6,8 % 7,0 % 7,5 % 6,9 % 8,0 % 8,0 % 8,3 % 8,5 %
0% 5% 10% 15% Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 ROE % Return on Equity %
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to improve in Q1/14 and was 8.5% (6.9%)
financial target level of > 12% ROE over the cycle
Group financial target: ROE-% > 12%
Highlights
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CapEx amounted to EUR 27.3m
by 82% from Q1/13
modular space
− Continued good demand for modular space
segments, CapEx was most notably increased in Central Europe and Sweden
− Improved outlook in Sweden, further continuation of rolling
in Central Europe
3,5 12,6 9,0 28,5 18,6 52,6 38,1 37,8 24,3 40,8 33,5 25,6 15,0 22,4 31,9 31,2 27,3 4,1 4,1 24,5 72,7 41,6
1,5 0,0 0,0 0,8 0,0 31,2
0,0 3,5 16,7 13,0 53,0 91,3 94,2 37,8 39,2 24,3 40,8 34,4 25,6 46,2 21,6 31,1 30,7 27,3
0% 10% 20% 30% 40% 50% 60% 70%
20 40 60 80 100 120 140 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Gross Capital Expenditure to Quarterly sales (%) Gross Capital Expenditure (EUR m) CapEx CapEx, acquisitions Gross CapEx to sales Note: Acquisitions in 2011 include Theisen Group completed in Q1/11 and Tidermans and Stavdal completed in Q2/11. Acquisitions in Q1/2013 include Lambertsson and Kranpunkten completed in February 2013 and Russia joint venture completed in March 2013
Highlights
17,9 8,1
20 40 60 80 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Quarterly cash flow (EUR m) Cash flow from operations Cash flow after investments
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EUR 8.1m (17.9m).
− Payments in accordance with the residual tax decision of EUR 9.7 million in Finland had a negative effect on cash flow from operating activities
improved to EUR -10.7m (-18.9m)
Acquisition of Theisen Group Acquisition of Tidermans in Sweden and Stavdal in Norway Formation of Fortrent and acquisition cases in Norway
Highlights
375 382 381 382 463 430 420 389 375 392 388 347 365 428 402 365 375 108,4 % 111,7 % 107,5 % 103,4 % 124,2 % 91,8 % 88,4 % 78,7 % 77,4 % 79,8 % 74,3 % 65,1 % 69,7 % 92,4 % 82,9 % 72,9 % 76,3 % 0% 20% 40% 60% 80% 100% 120% 140% 300 600 900 1 200 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Gearing % Net interest-bearing liabilities (EUR m) Net interest-bearing liabilities Gearing %
16
EUR 375m (365m)
financial target level of < 100%
Group financial target: Gearing < 100%
Highlights
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18
102,3 11,7 % 12,5 % 14,0 % 12,5 % 13,0 % 13,5 % 14,0 % 15,9 % 16,3 % 16,6 % 17,4 % 18,6 % 19,1 % 19,2 % 18,8 % 18,8 % 19,4 %
0% 5% 10% 15% 20% 25% 20 40 60 80 100 120 140 Q1/2010 Q2/2010 Q3/2010 Q4/2010 Q1/2011 Q2/2011 Q3/2011 Q4/2011 Q1/2012 Q2/2012 Q3/2012 Q4/2012 Q1/2013 Q2/2013 Q3/2013 Q4/2013 Q1/2014
Quarterly rolling 12-month EBITA margin Quarterly sales (Rolling 12 months, EUR m) Sales (R12m) EBITA-% (R12m)
1-3/ 1-3/ Change 1-12/ 2014 2013 % 2013 Sales (€m) 22,7 23,0
102,6 EBITA (€m) 2,8 2,3 21,0 % 19,3 EBITA-% 12,3 % 10,1 % 18,8 % No of personnel (FTE) 423 445
393 No of depots 53 53 0,0 % 53 Key figures
− However, demand picked up slightly towards the end of period − Market situation in construction remained weak but demand for rental services continued to at a good level in other industries − Renovation projects continued to grow − Strong quotation base in modular space
savings and enhanced operational efficiency
− Modular space business continued to perform strongly
− Cramo aims to increase the share of construction machinery in its rental operations in Finland
Highlights Rolling 12-month sales and EBITA-%
1-3/ 1-3/ Change 1-12/ 2014 2013 % 2013 Sales (€m) 69,9 72,9
316,7 EBITA (€m) 9,1 10,0
55,3 EBITA-% 13,1 % 13,7 % 17,5 % No of personnel (FTE) 813 772 5,3 % 792 No of depots 118 121
120 Key figures
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313,7 15,7 % 14,7 % 14,7 % 16,4 % 16,8 % 17,8 % 18,6 % 18,8 % 19,3 % 18,5 % 18,3 % 17,9 % 17,2 % 17,3 % 17,9 % 17,5 % 17,4 %
0% 5% 10% 15% 20% 25% 50 100 150 200 250 300 350 Q1/2010 Q2/2010 Q3/2010 Q4/2010 Q1/2011 Q2/2011 Q3/2011 Q4/2011 Q1/2012 Q2/2012 Q3/2012 Q4/2012 Q1/2013 Q2/2013 Q3/2013 Q4/2013 Q1/2014
Quarterly rolling 12-month EBITA margin Quarterly sales (Rolling 12 months, EUR m) Sales (R12m) EBITA-% (R12m)
local currency)
− January-February did not meet expectations, but construction and demand for rental services began to improve in March
Q1 to ensure positive performance development going forward
− Decrease of hired and temporary personnel by 40 − Closing down of 10 small depots − Cost savings expected to be visible already in Q2/14
construction market is picking up in Sweden
− Demand for modular space has remained good
In local currency: 0.0%
Highlights Rolling 12-month sales and EBITA-%
1-3/ 1-3/ Change 1-12/ 2014 2013 % 2013 Sales (€m) 20,3 23,0
90,9 EBITA (€m) 1,6 0,9 72,2 % 6,6 EBITA-% 7,7 % 4,0 % 7,3 % No of personnel (FTE) 274 255 7,5 % 260 No of depots 30 32
31 Key figures
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88,2 4,2 % 2,0 % 1,2 % 0,4 % 1,1 % 0,0 % 0,9 % 1,1 % 1,7 % 3,9 % 5,0 % 6,3 % 6,1 % 6,8 % 6,9 % 7,3 % 8,2 %
0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10 20 30 40 50 60 70 80 90 100 Q1/2010 Q2/2010 Q3/2010 Q4/2010 Q1/2011 Q2/2011 Q3/2011 Q4/2011 Q1/2012 Q2/2012 Q3/2012 Q4/2012 Q1/2013 Q2/2013 Q3/2013 Q4/2013 Q1/2014
Quarterly rolling 12-month EBITA margin Quarterly sales (Rolling 12 months, EUR m) Sales (R12m) EBITA-% (R12m)
local currency)
− Weak demand for heating services had a negative effect on sales
EUR 1.6m (1.5m), or 7.7% (6.5%) of sales
− Q1/14 result positively affected by reversal of contingent purchase price liability − Costs were decreased through structural optimisations, including regional decentralisation of the Byggetablering unit and reduction of the depot network
particularly in civil engineering
− Positive signs regarding housing market received in April
In local currency:
Highlights Rolling 12-month sales and EBITA-%
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27,5
0,1 %
0% 5% 5 10 15 20 25 30 35 40 45 Q1/2010 Q2/2010 Q3/2010 Q4/2010 Q1/2011 Q2/2011 Q3/2011 Q4/2011 Q1/2012 Q2/2012 Q3/2012 Q4/2012 Q1/2013 Q2/2013 Q3/2013 Q4/2013 Q1/2014
Quarterly rolling 12-month EBITA margin Quarterly sales (Rolling 12 months, EUR m) Sales (R12m) EBITA-% (R12m)
− January and February were difficult, but growth resumed in March − In the comparison period, sales from the Copenhagen metro project improved sales and result
− Cramo will focus on improving its profitability by targeting its fleet investments and developing sales and pricing models − Position in the modular space business strengthened
2014, which is expected to gradually also improve rental pricing opportunities 1-3/ 1-3/ Change 1-12/ 2014 2013 % 2013 Sales (€m) 6,6 7,6
28,5 EBITA (€m)
0,0 EBITA-%
0,1 % No of personnel (FTE) 107 101 5,9 % 108 No of depots 7 7 0,0 % 7 Key figures Highlights Rolling 12-month sales and EBITA-%
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Sales growing, Cramo Rental Concept roll-out proceeding, result still burdened
1-3/ 1-3/ Change 1-12/ 2014 2013 % 2013 Sales (€m) 13,1 11,2 16,9 % 74,7 EBITA (€m)
2,1 %
EBITA-%
No of personnel (FTE) 364 330 10,3 % 349 No of depots 79 86
83 Key figures
76,6 0,8 %
0% 1% 2% 3% 10 20 30 40 50 60 70 80 90 Q1/2012 Q2/2012 Q3/2012 Q4/2012 Q1/2013 Q2/2013 Q3/2013 Q4/2013 Q1/2014
Quarterly rolling 12-month EBITA margin Quarterly sales (Rolling 12 months, EUR m) Sales (R12m) EBITA-% (R12m)
(-41.6%) of sales
− Despite the ongoing transition program, majority of Cramo’s rental fleet is still construction machinery − Result expectations for the rest of the year are positive
deployed in Germany in January, which resulted in non-recurring costs in Q1/14
modular space solution provider C/S Raumcenter GmbH and signed an agreement on a significant delivery of modular spaces Highlights Rolling 12-month sales and EBITA-%1
1-3/ 1-3/ Change 1-12/ 2014 2013 % 2013 Sales (€m) 9,0 12,5
52,8 EBITA (€m)
8,2 EBITA-%
15,5 % No of personnel (FTE) 443 437 1,4 % 451 No of depots 63 63 0,0 % 63 Key figures
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49,3
2,6 % 4,6 % 7,7 % 9,2 % 9,6 % 10,8 % 11,2 % 13,3 % 15,5 % 13,9 %
5% 15% 25% 10 20 30 40 50 60 70 80 Q1/2010 Q2/2010 Q3/2010 Q4/2010 Q1/2011 Q2/2011 Q3/2011 Q4/2011 Q1/2012 Q2/2012 Q3/2012 Q4/2012 Q1/2013 Q2/2013 Q3/2013 Q4/2013 Q1/2014
Quarterly rolling 12-month EBITA margin Quarterly sales (Rolling 12 months, EUR m) Sales (R12m) EBITA-% (R12m)
Kaliningrad region in Russia. Cramo’s share (50 per cent) of the net result of Fortrent, the joint venture of Cramo and Ramirent in Russia and Ukraine, will be included in the EBITA of the Eastern Europe business segment as of 1 March 2013
in local currency)
− Decrease attributable to transfer of Russian operations to Fortrent on 1 March 2013, sales growth in other Eastern European countries excl. Russia +3.5%
− For Russian operations incl. Fortrent, EBITA was EUR 1.5 million lower than in the previous year in the quarter − In other Eastern European countries, profitability improved against the previous year
− Sales EUR 9.3m (12.6m), i.e. down by 26.2% y-o-y − Profit for the period EUR -0.8m (-0.7m). Cramo’s share
In local currency:
Highlights Rolling 12-month sales and EBITA-%
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Nordic countries by April 2014
in the Nordic countries in Q1/14 Drive customer and sales excellence Maintain cost base and further improve capital efficiency Continue to generate strong cash flow Continue to harvest benefits from strategy implementation Execute M&A in selected growth areas
Sweden in Q1/14
segt’s (e g, GER and SWE), product segt’s (e g, modular) and customer segments
Battles
management
and processes in Central Europe in Q1/14
management continued in all operations
market and growth areas
1 2 3 4 5
✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
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Priority areas 2014 Practical implications Examples of activities completed 2014
✓
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Company X EUR million Total sales 100 Direct costs
Gross Profit 65
Gross Margin 65 %
Other operating income 1
Other operating income ratio 1 %
Indirect costs
Indirect cost ratio 40 %
Capital costs
Capital cost ratio 14 %
EBITA 12
EBITA margin 12 %
Year N Degree of
leverage = Gross margin EBITA margin = 65% 12% = 5.4
+5.4x
Note: The above example is illustrative, seeking to only highlight the potential impact of operating leverage. Of important note is that full leverage is achieved only if potential increase in sales can be generated with the existing fleet size and cost
5 % 27 % Sales change EBITA change
27
in the rental of earth moving equipment weighing under 10 tons
company employs four persons. OptiRent’s current management and employees continue their employment at the service of the new owner
the rental penetration rate in this segment is still on a relatively low level compared to the rest of Europe
generate 10 per cent of the total sales of Cramo Finland
equipment
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companies particularly in the Rhein-Main area
modular space solutions for various types of private and public customers
growing modular space business in the German market
Theisen have in Germany to expand offering according to the Cramo Concept
Sales: EUR 4 million in 2013 Fleet: 900 units of modular space Number of personnel: 21
in Ludwigshafen
storeys, includes approximately 100 workstations, conference areas, lunch rooms, kitchen and sanitary facilities
Nordic perspective
A four-year contract with German energy company Technische Werke Ludwigshafen (TWL) Total project covers 2.500m2
Acquisition of C/S RaumCenter Large TWL modular rental project
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The Ukrainian crisis has brought uncertainty to growth
Russia and Ukraine For the time being the general expectation of economic revival in Europe in 2014 remains
second half of the year In the long term, the equipment rental market is ex- pected to grow faster than construction The European Rental Association (ERA) is expecting equipment rental to grow in all of Cramo’s main market areas in 2014 Guidance for 2014 remains unchanged: “In 2014, Cramo Group’s EBITA margin will continue to improve compared to 2013. Cramo Group’s sales is also expected to grow in 2014, however, exact sales is exposed to changing exchange rates.”
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Change EUR million (unless otherwise stated) % INCOME STATEMENT Sales 140,3 148,5
657,3 EBITDA 27,8 29,7
173,8 Operating profit (EBITA) before amortisation and impairment of intangible assets resulting from acquisitions 4,4 6,4
79,9 Operating profit/loss (EBIT) 1,8 1,7 7,2 % 66,8 Profit/Loss before tax (EBT)
29,5 % 51,9 Profit/Loss for the period
29,5 % 42,8 SHARE-RELATED INFORMATION Earnings per share (EPS), EUR
31,5 % 1,01 Earnings per share (EPS), diluted, EUR
32,2 % 1,00 Shareholders' equity per share, EUR 11,36 11,22 1,3 % 11,56 BALANCE SHEET Equity ratio, % 46,5 % 46,6 % 47,1 % Gearing, % 76,3 % 69,7 % 72,9 % Net interest-bearing liabilities 375,5 364,9 2,9 % 364,8 OTHER INFORMATION Return on investment, rolling 12-month, % 7,6 % 6,7 % 7,7 % Return on equity, rolling 12-month, % 8,5 % 6,9 % 8,3 % Gross capital expenditure (incl. acquisitions) 27,3 46,2
129,6
0,0 31,2 29,1 Cash flow from operating activities 8,1 17,9
160,3 Cash flow after investments
43,4 % 50,3 Average number of personnel, FTE 2 474 2 505
2 463 Number of personnel at end of period, FTE 2 486 2 402 3,5 % 2 416 1-12/ 2013 1-3/ 2014 1-3/ 2013
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Change EUR (1 000) % SALES 140 267 148 529
657 315 Other operating income 4 139 1 675 147,1 % 10 007 Materials and services
8,6 %
Employee benefit expenses
Other operating expenses
2,5 %
Depreciation and impairment on tangible assets and assets held for sale
Share of profit/loss of joint ventures
613 EBITA 4 364 6 359
79 948 % of sales 3,1 % 4,3 % 12,2 % Amortisation and impairment on intangible assets resulting from acquisitions and disposals
45,2 %
OPERATING PROFIT/LOSS (EBIT) 1 800 1 679 7,2 % 66 799 % of sales 1,3 % 1,1 % 10,2 % Finance costs (net)
14,0 %
PROFIT/LOSS BEFORE TAXES
29,5 % 51 941 % of sales
7,9 % Income taxes 353 501
PROFIT/LOSS FOR THE PERIOD
29,5 % 42 781 % of sales
6,5 % 1-12/ 2013 1-3/ 2014 1-3/ 2013
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31.3. 31.3. Change 31.12. EUR (1 000) 2014 2013 % 2013 EQUITY AND LIABILITIES EQUITY Share capital 24 835 24 835 0,0 % 24 835 Other reserves 318 442 308 042 3,4 % 318 742 Fair value reserve 119 119 0,0 % 119 Hedging fund
Translation differences
14 513 -141,7 %
Retained earnings 162 398 133 912 21,3 % 165 900 EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT COMPANY 492 033 473 926 3,8 % 500 582 Hybrid capital 49 630 TOTAL EQUITY 492 033 523 556
500 582 NON-CURRENT LIABILITIES Interest-bearing liabilities 268 435 266 372 0,8 % 269 881 Derivative financial instruments 7 222 8 002
6 001 Deferred tax liabilities 73 425 80 478
75 337 Retirement benefit obligations 1 678 1 787
1 644 Other non-current liabilities 2 219 4 725
3 341 TOTAL NON-CURRENT LIABILITIES 352 979 361 363
356 204 CURRENT LIABILITIES Interest-bearing liabilities 113 359 109 527 3,5 % 99 719 Derivative financial instruments 893 553 61,5 % 422 Trade and other payables 106 563 136 468
112 022 Income tax liabilities 3 552 2 661 33,5 % 5 761 TOTAL CURRENT LIABILITIES 224 367 249 207
217 923 TOTAL LIABILITIES 577 345 610 571
574 127 TOTAL EQUITY AND LIABILITIES 1 069 378 1 134 127
31.3. 31.3. Change 31.12. EUR (1 000) 2014 2013 % 2013 ASSETS NON-CURRENT ASSETS Tangible assets 603 856 623 396
606 625 Goodwill 164 658 172 882
165 352 Other intangible assets 98 072 112 139
101 100 Deferred tax assets 15 403 16 054
14 820 Available-for-sale financial investments 347 349
347 Investments in joint ventures 13 944 20 958
17 475 Loan receivables 20 250 20 252 0,0 % 20 250 Trade and other receivables 1 124 1 131
1 129 TOTAL NON-CURRENT ASSETS 917 655 967 162
927 099 CURRENT ASSETS Inventories 8 233 9 838
7 841 Trade and other receivables 122 691 131 097
127 236 Income tax receivables 11 378 8 499 33,9 % 1 343 Derivative financial instruments 202 655
2 053 Cash and cash equivalents 6 338 10 961
4 770 TOTAL CURRENT ASSETS 148 843 161 050
143 243 Assets held for sale 2 881 5 915
4 369 TOTAL ASSETS 1 069 378 1 134 127
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1-3/ 1-3/ 1-12/ EUR (1 000) 2014 2013 2013 Net cash flow from operating activities 8 067 17 869 160 253 Net cash flow from investing activities
Cash flow from financing activities Change in interest-bearing receivables 6 1
Change in finance lease liabilities
Change in interest-bearing liabilities 15 574 25 303 42 492 Hybrid capital
Proceeds from share options exercised 3 369 6 141 Dividends paid
Net cash flow from financing activities 12 297 19 565
Change in cash and cash equivalents 1 574 625
Cash and cash equivalents at period start 4 770 10 340 10 340 Translation differences
Cash and cash equivalents at period end 6 338 10 961 4 770
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Change
SALES, EUR (1 000)
%
Finland 22 711 22 995
102 577 Sweden 69 898 72 861
316 670 Norway 20 281 23 026
90 916 Denmark 6 614 7 615
28 512 Central Europe 13 138 11 238 16,9 % 74 652 Eastern Europe 8 982 12 486
52 826 Inter-segment sales
19,8 %
Group sales 140 267 148 529
657 315
Change
EBITA, EUR (1 000)
%
Finland 2 800 2 315 21,0 % 19 312 Sweden 9 123 9 961
55 334 Norway 1 567 910 72,2 % 6 600 Denmark
30 Central Europe
2,1 %
Eastern Europe
8 204 Non-allocated capital gains and other income Non-allocated Group activities
Eliminations 88 85 3,5 % 297 Group EBITA 4 364 6 359
79 948
1-12/ 2013 1-3/ 2014 1-3/ 2013 1-12/ 2013 1-3/ 2014 1-3/ 2013
37
*In Q1/2010 there was an external sale of some modules and in Q1/2012 the sale of modular space production and customised modules rental businesses in Finland.
86,1 92,9 88,7 87,7 87,6 103,2 100,8 102,7 81,6 98,3 95,3 89,5 97,1 96,6 95,1 85,2 94,0 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 20 40 60 80 100 120 140 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Share of rental (% of total order book) Order book (EUR m)
Rental Sales