RERMAG

Net Sales Rise Slightly for Ramirent in Second Quarter

Ramirent’s net sales in the second quarter ended June 30 were €128.7 million (about U.S. $163 million), a 3.3-percent increase compared with €124.6 million for the second quarter last year. For the first half of the year, net sales dropped 2.6 percent from €246.8 million to €240.3 million this year.

“The second quarter of 2010 was the first quarter with growth in net sales since the third quarter of 2008,” said Magnus Rosen, Ramirent CEO. “Market activity is picking up and balance between supply and demand has improved in most of our product groups. In certain product groups we are even experiencing a shortage of equipment. On the back of a recovering demand, we are also taking actions to return to healthier price levels.”

Rosen was cautious about being too optimistic in regard to the second half of the year. “While we expect activity to be at a higher level in the second half of 2010, there are still uncertainties in the overall economy. Therefore, we maintain our near-term priorities on safeguarding profitability and cash flow as well as on price discipline.”

Ramirent made progress in widening its customer base with industrial customers through an outsourcing and cooperation agreement with Havator for access equipment in the Nordic companies, Russia and the Baltics. The company also expanded its network in the Czech Republic.

The company said demand picked up for rental equipment in the Nordic countries, Russia and Ukraine, and business climate improved in Poland during the second quarter. Market activity was affected by the floods in Slovakia, while construction activity continued at a low level in the Czech Republic and Hungary.

Based in Helsinki, Finland, Ramirent does business in 13 European countries.

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