Ramirent, Finland-based international rental company, posted a 9.9-percent year-over-year net sales increase for 2012, with €714.1 million (about U.S. $958.6 million) compared with €649.9 million a year ago. EBITDA soared 29.4 percent year over year from €181.8 million to €210.2 million.
The fourth quarter was not as strong, but still the company posted €194.1 million in revenue, compared to €186.8 million a year ago, a 3.9-percent increase.
“Our financial position strengthened, our cash flow increased significantly and all financial targets were met,” said Ramirent CEO Magnus Rosen. “In the Nordic countries, activity levels held up well with Norway experiencing the strongest overall market conditions. In Central Europe, market conditions continued to weaken and we scaled down our operations both in number of employees and customer centers as well as relocated fleet capacity mainly to the Baltic area, which saw a good recovery in demand in 2012. Our business continued to develop well in Russia and the Ukraine. Business volumes held up fairly well in the fourth quarter. Sales increased by 4 percent and EBIT grew by 8 percent to €27.5 million, or 14.2 percent of sales.”
Rosen said the company worked to develop a consistent business model to realize synergies in all operating countries. “We further widened our customer portfolio finding new inroads to customers in industrial companies and municipalities. We also increased our emphasis on environment, safety, health and quality in the customized solutions we provide to our customers.”
Rosen added the economic conditions going into 2013 are uncertain. “Although we do not expect material changes in key markets in the first half of 2013, we aim to be cautious with capital expenditure, to have strict cost control and to maintain a strong balance sheet,” he said.
The company expects modest growth in most of its markets in 2013.
Ramirent, based in Vantaa, near Helsinki, Finland, has operations in 13 countries in Northern, Central and Eastern Europe.