1. european rental association SAMOTER 2008 ERA the European Rental Association The rental industry in Europe Consolidation !

2. european rental association SAMOTER 2008 The European market The European market Drivers of consolidation & acquisitions Drivers of consolidation & acquisitions Which consolidation for the European market Which consolidation for the European market

3. european rental association SAMOTER 2008 European Rental Association Main Goals Share information Build a image of the rental industry

4. european rental association SAMOTER 2008 Data (2006) Data (2006) Total market : 21,9 billion € ( Austria, Belgium, Bulgaria Czech Rep, Denmark, Estonia, Finland, France, Germany, Greece, Hungary Ireland, Italy, Latvia, Lithuania, Luxembourg, Netherlands, Norway, Poland, Portugal, Norway, Romania Slovakia, Spain, Switzerland) The big four (UK,FR,GER,SPA) 15,7 billion € 72% The European market isn’t homogeneous – Mature ( Denmark, Finland, Netherlands, Norway, Sweden ) 18,6 b € 85% – Non mature

5. european rental association SAMOTER 2008 – To gain market share & To sustain growth – To create economies of scale – To get purchasing power – To find skilled work force – To remain profitable – Avoid the reinforcing of the competitors Consolidationwhy? Consolidation why?

6. european rental association SAMOTER 2008 “Acquisitions”What for? “Acquisitions” What for? – Growth strategy – Geographic diversification – all investment affected to development – less expansive to buy small companies – Competition less intensive – Create barriers to avoid entry of new firms But all competitors will have to face with low labour costs and manage different culture and rules

7. european rental association SAMOTER 2008 The future The future when & where? when & where? After a downturn in mature markets Mature markets national consolidators Emergent markets Consolidation battle