Helsinki, Finland-based Ramirent posted a net sales decrease of 28.5 percent for the full year 2009, with revenue of €502.5 million (about U.S. $679 million) compared with €702.6 million in 2008. In the fourth quarter, net sales dropped 26.9 percent. Although the 13-nation rental company expects a challenging year in 2010, it expects positive cash flow and improved EBITDA.
“2009 was a demanding year,” said Ramirent CEO Magnus Rosen. “As expected, the fourth quarter was, in terms of operating profit, the weakest. The reported profits are not satisfactory. However, in the current economic environment, I am pleased with the healthy cash flow that continued and that we were able to improve our financial position.”
Ramirent has operations in Finland, Sweden, Norway, Denmark, Russia, Estonia, Latvia, Lithuania, Ukraine, Poland, Hungary, Czech Republic and Slovakia.