INTERIM REPORT 1.1.2012 –30.9 - Cramo Group · Highlights of Q3/2012 and market outlook Interim...

CRAMO PLC

INTERIM REPORT

1.1.2012 – 30.9.2012

CEO Vesa Koivula

POWERING YOUR BUSINESS

CEO Vesa Koivula

CFO Martti Ala-Härkönen

Contents

� Highlights of Q3/2012 and market

outlook

� Interim report Q3/2012

� Group performance

� Business segments

� Joint venture with Ramirent in

2

� Joint venture with Ramirent in

Russia and Ukraine

� Strategy update 2012 and short-term

performance improvement actions

� Appendix

� Additional information

Highlights of Q3/2012Profitability improving

• Q3/2012 Highlights

– Sales EUR 182,4m (181,6m), growth 0,4%. Growth excluding

divested operations 2,2%

– EBITA EUR 31,2m (30,5m); EBITA margin 17,1% (16,8%)

– EPS* EUR 0,44 (0,38)

– After the period under review, Cramo decided to combine its

Russian operations with Ramirent

• 1-9/2012 Highlights

– Sales EUR 503,8m (487,0m), growth 3,4%. Growth excluding

divested operations 5,4 %

Russia

Denmark

Estonia

Norway

Sweden

Finland

St. Petersburg

Moscow Yekaterinburg

3

Number of depots

09/2012: 398

divested operations 5,4 %

– EBITA EUR 56,1m (47,3m); EBITA margin 11,1% (9,7%)

– EPS* EUR 0,59 (0,34)

– Return on equity (rolling 12 m.) 7,0% (5,1%)

– Cash flow from operations EUR 87,8m (77,6m)

– Cash flow after investments EUR 24,5m (-87,9m)

• Outlook for 2012 remains unchanged

– In 2012, the Group’s sales will be approximately at the same

level as in 2011 and the EBITA margin will improve compared

with 2011. Gearing will decrease due to positive cash flow.

GermanyPoland

CzechRepublic

Austria Hungary

Slovakia

Ukraine

Belarus

Lithuania

Latvia

Romania

Moldova

Bulgaria

Slovenia

Croatia

Bosnia and

HerzegovinaSerbia

Macedonia

Albania

Moscow Yekaterinburg

Switzerland

Kalinin-

grad

* Undiluted EPS

20

40

60

80

100

Co

nstru

ctio

n C

on

fid

en

ce

In

dic

ato

r (

me

an

-ad

juste

d)

100

110

120

130

Eco

no

mic

Se

ntim

en

t I

nd

ica

to

r (

ES

I)

Economic and Construction confidence indicatorsEconomic sentiment decreasing in major Cramo markets, Construction

confidence slightly below average in FIN and SWE but above in GER

General Economic Sentiment (FIN, SWE, GER) Construction Confidence (FIN, SWE, GER)

Jan-11

Feb-11

-100

-80

-60

-40

-20

0

Jan

-85

Jan

-86

Jan

-87

Jan

-88

Jan

-89

Jan

-90

Jan

-91

Jan

-92

Jan

-93

Jan

-94

Jan

-95

Jan

-96

Jan

-97

Jan

-98

Jan

-99

Jan

-00

Jan

-01

Jan

-02

Jan

-03

Jan

-04

Jan

-05

Jan

-06

Jan

-07

Jan

-08

Jan

-09

Jan

-10

Jan

-11

Jan

-12

Co

nstru

ctio

n C

on

fid

en

ce

In

dic

ato

r (

me

an

Finland Sweden Germany

60

70

80

90

Jan

-85

Jan

-86

Jan

-87

Jan

-88

Jan

-89

Jan

-90

Jan

-91

Jan

-92

Jan

-93

Jan

-94

Jan

-95

Jan

-96

Jan

-97

Jan

-98

Jan

-99

Jan

-00

Jan

-01

Jan

-02

Jan

-03

Jan

-04

Jan

-05

Jan

-06

Jan

-07

Jan

-08

Jan

-09

Jan

-10

Jan

-11

Jan

-12

Eco

no

mic

Se

ntim

en

t I

nd

ica

to

r (

ES

I)

Finland Sweden Germany

4

Long-term

average

Long-term

averageMar-09

Jun-09

Source: European Commission, October 2012

0

20

40

60

Co

nstru

ctio

n C

on

fid

en

ce

In

dic

ato

r (

me

an

-ad

juste

d)

100

110

120

130

Eco

no

mic

Se

ntim

en

t I

nd

ica

to

r (

ES

I)

Economic and Construction confidence indicatorsBaltic countries either close to or above long-term average confidence

levels, Poland below and decreasing

General Economic Sentiment (EE, LV, LT, PL) Construction Confidence (EE, LV, LT, PL)

Feb-11May-12

-100

-80

-60

-40

-20

Jul-

93

Ap

r-9

4

Jan

-95

Oc

t-9

5

Jul-

96

Ap

r-9

7

Jan

-98

Oc

t-9

8

Jul-

99

Ap

r-0

0

Jan

-01

Oc

t-0

1

Jul-

02

Ap

r-0

3

Jan

-04

Oc

t-0

4

Jul-

05

Ap

r-0

6

Jan

-07

Oc

t-0

7

Jul-

08

Ap

r-0

9

Jan

-10

Oc

t-1

0

Jul-

11

Ap

r-1

2

Co

nstru

ctio

n C

on

fid

en

ce

In

dic

ato

r (

me

an

Estonia Latvia Lithuania Poland

60

70

80

90

Ap

r-9

2

Jan

-93

Oc

t-9

3

Jul-

94

Ap

r-9

5

Jan

-96

Oc

t-9

6

Jul-

97

Ap

r-9

8

Jan

-99

Oc

t-9

9

Jul-

00

Ap

r-0

1

Jan

-02

Oc

t-0

2

Jul-

03

Ap

r-0

4

Jan

-05

Oc

t-0

5

Jul-

06

Ap

r-0

7

Jan

-08

Oc

t-0

8

Jul-

09

Ap

r-1

0

Jan

-11

Oc

t-1

1

Jul-

12

Eco

no

mic

Se

ntim

en

t I

nd

ica

to

r (

ES

I)

Estonia Latvia Lithuania Poland

5

Long-term

average

Long-term

average

Mar-09 Apr-09

Source: European Commission, October 2012

Economic growth projections, 2012-2013Cramo countries increasingly impacted by the euro area crisis,

escalation of the crisis remains a downside risk

Real GDP growth % 2012E 2013F

Finland 0,2% 1,3%

Sweden 1,2% 2,2%

Norway 3,1% 2,3%

Denmark 0,5% 1,2%

Germany 0,9% 0,9%

Poland 2,4% 2,1%

Russia 3,7% 3,8%

Main Cramo

markets

• Growth prospects

have been taken down

due to continued

uncertainty and

predominating

downside risks

• Financial stress in the

euro area periphery is

increasingly spilling

6

Russia 3,7% 3,8%

United Kingdom -0,4% 1,1%

France 0,1% 0,4%

Ireland 0,4% 1,4%

Spain -1,5% -1,3%

Italy -2,3% -0,7%

Portugal -3,0% -1,0%

Greece -6,0% -4,0%

Source: International Monetary Fund (IMF), World Economic Outlook, October 2012

European

countries

with

sovereign

debt issues

Other big

European

economies

increasingly spilling

into other economies

in the region

• However, main Cramo

markets are projected

to experience

moderate growth in

2013 – assuming that

policymakers in the

euro area succeed in

containing the crisis

Construction forecasts 2012-14Latest 2012-13E forecasts for Finland and Denmark reduced

Strong growth predicted for Norway, Sweden to grow moderately

Construction output, % change 2012E 2013E 2014O

Finland-2,6% (-3,0%)

0,0%(-1,0%)

2,6%

Sweden-2,5%(1%)

2,2%(1%)

2,3%

Norway4,0%(5,3%)

4,3%(5,6%)

3,4%(2,5%)

Denmark3,2% 2,3%

2,2%

7

Denmark3,2%(-0,7%)

2,3%(-2,4%)

2,2%

Baltic Countries 11,1% 2,4% -0,9%

Poland 6,0% -2,1% 1,5%

Czech Republic -7,2% -1,9% 0,8%

Slovakia -3,0% 4,8% 3,6%

Russia 5,0% 4,0% 4,0%

Germany 1,6% 2,6% 1,6%

Austria 0,4% 0,6% 0,7%

Sources: Euroconstruct and VTT, June 2012.

Country-specific data in brackets includes: Finland - Rakennusteollisuus RT (October 2012); Sweden - Sveriges Byggindustrier

(October 2012); Norway – Prognosesenteret (September 2012); Denmark - Dansk Byggeri (September 2012)

Confidence among rental companiesBusiness conditions worsening but quarterly activity still positive

Regional variations high, Nordic countries and Russia the most positive

Improving

Current rental activity & conditions in Europe Q3/12

20 %

40 %

60 %

80 %

100 %

8

Source: ERA / IRN Rental Tracker Survey June 2009 – September 2012 (International Rental News/European Rental Association)

Declining-100 %

-80 %

-60 %

-40 %

-20 %

0 %

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

Current business conditions Quarterly activity year-on-year

Q3 / 2012

9

Group performance

107,3

116,4 129,0 143,8

126,8

154,0

155,7

143,3

106,9

109,3

115,1

115,4

101,4 114,0 130,4 146,4

144,2 161,1

181,6

192,9

160,0

161,4

182,4

30%

50%

70%

100

120

140

160

180

200

Quarterly sales growth % (y

Quarterly sales (EUR million, bar graph)

Cramo quarterly sales development Q3/12 y-o-y sales growth 0,4%, excluding divested operations 2,2%

1-9/12 y-o-y sales growth 3,4%, excluding divested operations 5,4%

Q3/12 vs. Q3/11:

0,4% (-3,7%*)

-30%

-10%

10%

0

20

40

60

80

100

Q1/07

Q2/07

Q3/07

Q4/07

Q1/08

Q2/08

Q3/08

Q4/08

Q1/09

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

Quarterly sales growth % (y-o-y), line graph)

Quarterly sales (EUR million, bar graph)

10

* Change in local currencies

Q2/12 vs. Q1/12:

13,0%

Group financial target: Sales growth faster than the market

IRN Europe top 50 � 2007: 16%; 2008: 8%; 2009: -20%; 2010: 4%; 2011: 6%

22,4

30,7

26,1

30,7

34,2

19,8

30,5

23,8

31,2

0%

5%

10%

15%

20%

25%

25

30

35

40

45

50

EBITA % (lin

e graph)

Quarterly EBITA (EUR million, bar graph)

Cramo quarterly EBITA development Quarterly EBITA and EBITA % improved compared with previous year

Group financial target:

EBITA margin > 15%

16,7

22,4

17,4 19,8

1,5

4,8

9,6

1,4

1,5

3,8

15,2

14,1

2,5

14,3

10,6

14,3

-25%

-20%

-15%

-10%

-5%

0%

0

5

10

15

20

25

Q1/07

Q2/07

Q3/07

Q4/07

Q1/08

Q2/08

Q3/08

Q4/08

Q1/09

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

EBITA % (lin

e graph)

Quarterly EBITA (EUR million, bar graph)

11

-0,16

0,25-0,14

0,25

0,43

0,56

0,43

0,23

0,47

0,53

0,20

0,03

0,05

0,24

0,08

0,38

0,39

0,04 0,11

0,43

0,0

0,2

0,4

0,6

0,8

Quarterly diluted EPS (EUR)

Quarterly EPS performance (diluted)Q3/12 EPS increased by 14,9% compared with Q3/11

**

-0,64-0,20

-0,14 -0,03

-0,80

-0,21

-0,14

-0,17

-1,0

-0,8

-0,6

-0,4

-0,2

Q1/07

Q2/07

Q3/07

Q4/07

Q1/08

Q2/08

Q3/08

Q4/08

Q1/09

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

Quarterly diluted EPS (EUR)

Earnings per share, diluted Impact of impairments on goodwill and intangible assets

12

* Q4/2009 includes write-downs on Group goodwill and intangible assets resulting from acquisitions totalling EUR 21,8m

** Q4/2011 includes write-downs on Group goodiwll totalling EUR 5,5m

Of note is that due to the rights issue completed in April 2011, the earnings per share (EPS) figures for the previous periods have been

adjusted by multiplying the numbers of shares used in the calculations by the following adjustment factor: fair value per share before

exercise of rights divided by the theoretical ex-rights value per share.

*

5,3 %

5,5 %

5,3 %

4,4 %

6,7 % 8,5 %

7,9 %

8,1 %

16,7 %

18,5 %

19,5 %

18,4 %

17,7 %

18,0 %

16,9 %

14,9 %

10,4 %

3,9 %

1,9 %

5,1 %

5,4 % 7,3 %

6,8 %

7,0 %

0%

5%

10%

15%

20%

25%

ROE %

Return on Equity ROE (rolling 12 months) improved to 7,0% (excl. GW writedown 8,1%)


ROE % > 12%

-5,3 %

-5,5 %

-5,3 %

-4,4 %

3,9 %

-1,6 %

-12,1 %

-12,4 %

-11,8 %

-10,6 %

-0,6 %

-0,2 % 1,9 %

5,1 %

5,4 %

-20%

-15%

-10%

-5%

0%

Q1/07

Q2/07

Q3/07

Q4/07

Q1/08

Q2/08

Q3/08

Q4/08

Q1/09

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

ROE %

Return on Equity % (adjusted) Return on Equity %

13

* ROE adjusted for goodwill impairments of EUR 21,8m on Eastern Europe in 2009 and EUR 5,5m on Denmark in 2011

*

After a growth period, CapEx level reduced CapEx cut from 2011 levels, according to plan

41,6

53,0

91,394,2

30%

40%

50%

60%

70%

60

80

100

120

140

Gross Capital E

xpenditure to

Quarterly sales (%

)Gross Capital Expenditure (EUR m)

14

Note: Acquisitions in 2011 include Theisen Group completed in Q1/11 and Tidermans and Stavdal completed in Q2/11

12,17,0 5,7 6,6 3,5

12,6 9,0

28,518,6

52,6

38,1 37,8

24,3

40,833,50,4 4,1

4,1

24,5

72,7

-0,3

1,5

0,0

0,0

0,8

12,57,0 5,7 6,6

3,5

16,713,0

53,0

37,8 39,2

24,3

40,8

34,4

-10%

0%

10%

20%

30%

-20

0

20

40

60

Q1/09 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

Gross Capital E

xpenditure to

Quarterly sales (%

)Gross Capital Expenditure (EUR m)

CapEx CapEx, acquisitions

138,7

121,0

76,668,3

138,5148,7

65,457,1

50

100

150

200

month Cas

h Flow (E

UR m

)

Strong cash flow continuing and improving Operative cash flow and cash flow after investments improving clearly from last

year as a result of decreased investments, decreased NWC and other measures

-36,6

-95,6

27,4

-55,3

-150

-100

-50

0

2007 2008 2009 2010 2011 Q3/2012

Rolling 12-month Cas

h Flow (E

UR m

)

Cash flow from operations (R12M) Cash flow after investments (R12M)

15

20 %

25 %

De

pre

cia

tio

n a

nd

im

pa

irm

en

t o

n t

an

gib

le a

sse

ts a

nd

asse

ts

av

ail

ab

le f

or

sa

le a

s %

of

Gro

up

sa

les (

Ro

llin

g 1

2-m

on

th)

25 %

30 %

35 %

40 %

Ma

teri

als

an

d s

erv

ice

s a

s %

of

Gro

up

sa

les (

Ro

llin

g 1

2-m

on

th)

Cost saving actions starting to bear fruit Decreasing trend in direct and other operating costs, personnel and

capital costs react to improvement measures inherently with a delay

Direct costs Indirect costs Capital costs (depreciation)

19

,5 % 22

,8 %

22

,3 %

21

,3 %

20

,1 %

30 %

35 %

40 %

45 %

50 %

Co

st

ite

ms a

s %

of

Gro

up

sa

les (

Ro

llin

g 1

2-m

on

th)

14

,7 % 1

9,9

%

16

,9 %

14

,4 %

14

,8 %

0 %

5 %

10 %

15 %

2008 2009 2010 2011 Q3/2012

De

pre

cia

tio

n a

nd

im

pa

irm

en

t o

n t

an

gib

le a

sse

ts a

nd

asse

ts

av

ail

ab

le f

or

sa

le a

s %

of

Gro

up

sa

les (

Ro

llin

g 1

2

33

,7 %

33

,8 %

37

,3 %

36

,5 %

35

,4 %

0 %

5 %

10 %

15 %

20 %

25 %

2008 2009 2010 2011 Q3/2012

Ma

teri

als

an

d s

erv

ice

s a

s %

of

Gro

up

sa

les (

Ro

llin

g 1

2

16

20

,4 %

23

,1 %

20

,7 %

20

,0 %

20

,9 %

19

,5 %

22

,3 %

21

,3 %

20

,1 %

0 %

5 %

10 %

15 %

20 %

25 %

30 %

2008 2009 2010 2011 Q3/2012

Co

st

ite

ms a

s %

of

Gro

up

sa

les (

Ro

llin

g 1

2

Employee benefit expenses Other operating expenses

106,9 % 118,4 %

109,1 %

109,4 %

126,5 %

151,3 %

147,1 %

149,3 %

155,6 %

121,5 %

113,1 %

113,4 %

108,4 %

111,7 %

107,5 %

103,4 %

124,2 %

91,8 %

88,4 %

78,7 %

77,4 %

79,8 %

73,9 %

80%

100%

120%

140%

160%

600

900

1 200

Gearing %

bearing liabilities (EUR m

)

Stable capital structureGearing continued to decrease according to plan


Gearing < 100%

319356 352 365

433

516 514477 482

429 413384 375 382 381 382

463430 420

389 375 392 387

73,9 %

0%

20%

40%

60%

80%

0

300

600

Q1/07

Q2/07

Q3/07

Q4/07

Q1/08

Q2/08

Q3/08

Q4/08

Q1/09

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

Gearing %

Net interest-bearing liabilities (EUR m

)

Net interest-bearing liabilities Gearing %

17

Q3 / 2012

18

Business segments

FinlandProfitability improvement continued, sales decreased as a consequence of weakening demand and divestment in March 2012

� Sales decreased in Q3/12 as a result of weakening

demand in construction due to economic uncertainty as

well as the divestment in March 2012

� In construction, demand has diminished and the number

Highlights Sales by quarter

Change Change

(EUR 1 000) % %

Sales 29 136 34 067 -14,5 % 84 089 93 528 -10,1 % 127 565

EBITA 7 811 7 667 1,9 % 14 445 14 091 2,5 % 20 238

EBITA-% 26,8 % 22,5 % 17,2 % 15,1 % 15,9 %

1-12/

2011

7-9/

2012

7-9/

2011

1-9/

2012

1-9/

2011

23,3

22,6

23,8

22,4

19,1 22,7 27,4 30,4

28,2 31,3 34,1

34,0

29,3

25,6 29,1

20

25

30

35

40

Quarterly sales (EUR m)

2009

2010

19

� In construction, demand has diminished and the number

of new building permits granted has decreased

� The average rental periods have to a certain extent

become shorter

� In industrial investments, the strongest demand was in

the energy and mining sectors

� Demand for modular space remained at a steady level

� Relative profitability improved year-on-year

� Large modular space delivery to the City of Lahti in Q3

� Euroconstruct1 and RT2 forecast construction growth of

-2,6% and -3% in 2012, respectively

� ERA3 estimates some 2% growth for equipment rental

in 2012 while VTT4 forecasts 3% growth

1. Euroconstruct, June 2012

2. Rakennusteollisuus RT, October 2012

3. European Rental Association, ERA Convention 2012, June 2012, Nominal growth in rental turnover

4. VTT, June 2012

EBITA by quarter

0

5

10

15

20

Q1 Q2 Q3 Q4


2011

2012

0,9

1,8

4,3

3,7

0,6

2,5

6,1

3,3

2,2

4,2

7,7

6,1

2,9

3,7

7,8

0

1

2

3

4

5

6

7

8

9

Q1 Q2 Q3 Q4

Quarterly EBITA (EUR m)

2009

2010

2011

2012

Change Change

(EUR 1 000) % %

Sales 80 994 78 980 2,6 % 234 250 219 569 6,7 % 308 949

EBITA 16 979 17 173 -1,1 % 41 421 40 083 3,3 % 58 047

EBITA-% 21,0 % 21,7 % 17,7 % 18,3 % 18,8 %

7-9/

2012

7-9/

2011

1-9/

2012

1-9/

2011

1-12/

2011

Sweden Profitability improved from previous quarter thanks to adjustments made

� Sales increased by 2,6% compared to Q3/11 (-5,2% in

local currency)

� Decrease in new construction activity was visible in the

demand for equipment rental services


3,4%1

(local curr.)

-5,2%1

(local curr.)

50,1

53,0

55,3

57,4

51,9 60,6

64,8 74,5

68,1

72,5 79,0 89,4

77,5

75,8 81,0

50

60

70

80

90

100


2009

2010

20

demand for equipment rental services

� Demand has remained at a good level in the Stockholm

and Gothenburg areas and in Northern Sweden

� Rental periods have generally become shorter

� Profitability improved from previous quarter thanks to

adjustments made

� Cramo acquired the rental fleet and brand of

Maskincity i Oskarshamn AB and the transaction came

in force on 1 July, 2012

� Euroconstruct2 estimates construction to contract by

3% in 2012 (BI3 +1%)

� ERA4 predicts growth of some 4% for equipment rental

in 20121. Change in sales measured in local currency


3. Sveriges Byggindustrier, October 2012


EBITA by quarter

0

10

20

30

40

50

Q1 Q2 Q3 Q4


2011

2012

7,3

9,8 11,1

7,8

5,4

8,8

12,3 14,6

9,3

13,6

17,2

18,0

12,9

11,6

17,0

0246810121416182022

Q1 Q2 Q3 Q4


2009

2010

2011

2012

Change Change

(EUR 1 000) % %

Sales 20 864 20 687 0,9 % 60 783 58 269 4,3 % 79 265

EBITA 1 865 1 004 85,8 % 3 485 269 1195,5 % 857

EBITA-% 8,9 % 4,9 % 5,7 % 0,5 % 1,1 %

1-12/

2011

7-9/

2012

7-9/

2011

1-9/

2012

1-9/

2011

NorwayProfitability continued to develop favourably

� Sales increased by 0,9% compared to previous year

in Q3/12 (-4,0% in local currency)

� Construction activity will grow this and the good market

situation has attracted new construction companies from


0,4%1

(local curr.)

-4,0%1

(local curr.)

15,8

15,7

15,6

16,3

17,1

15,3 17,0 19,7

20,2

17,4

20,7

21,0

20,8

19,1 20,9

15

20

25


2009

2010

21

situation has attracted new construction companies from

abroad to the market

� EBITA developed favourably in Q3/12 and improved

significantly from the previous year

� Profitability improved thanks to the adjustment plan,

initiated last year, and the improved market situation

� The most significant customer agreement in the

period was signed with AF Gruppen ASA in July

� Euroconstruct2 estimates construction to increase by

4% in 2012 (Prognosesenteret3 +5%)

� ERA4 predicts growth of 7% for equipment rental in

Norway in 2012

1. Change in sales measured in local currency


3. Prognosesenteret, September 2012


EBITA by quarter

0

5

10

Q1 Q2 Q3 Q4


2011

2012

1,2

1,1

0,9

0,9

-0,1

-0,3

0,3 0,4

0,4

-1,2

1,0

0,60,9

0,7

1,9

-2

-1

0

1

2

3

Q1 Q2 Q3 Q4


2009

2010

2011

2012

DenmarkStrong sales growth, EBITA improved

� Sales increased by 36,5% in Q3/12 from Q3/11� Significant modular space sales and long-term rental

agreements signed with the Copenhagen metro project.

Largest installation phase of total delivery taking place in

Q3. Going forward, sales of the project will stabilise


Change Change

(EUR 1 000) % %

Sales 13 248 9 705 36,5 % 28 719 23 712 21,1 % 34 965

EBITA 577 295 95,6 % -1 415 -1 985 28,7 % -2 132

EBITA-% 4,4 % 3,0 % -4,9 % -8,4 % -6,1 %

7-9/

2012

7-9/

2011

1-9/

2012

1-9/

2011

1-12/

2011

8,5 8,8 9,7

9,3

5,7 6,7

8,4 8,6

6,3

7,8

9,7

11,3

8,2

7,3

13,2

8

10

12

14


2009

2010

22

Q3. Going forward, sales of the project will stabilise

� Another significant delivery of modular office and site

space to the Esbjerg harbour area

� EBITA continued to improve year-on-year� Includes EUR 0,2m of non-recurring expenses related to

closing of depots and other adjustments

� Fleet utilisation rates were good but prices for some

product areas are still low

� Cramo seeks profitability improvement by centralising

operations, raising rental rates and strengthening the

modular space business

� Euroconstruct1 estimates construction output to grow

by 3% in 2012 (Dansk Byggeri2 -1%)

� ERA3 predicts growth of 1% for rental in 2012


2. Dansk Byggeri, September 2012


EBITA by quarter

5,7

0

2

4

6

Q1 Q2 Q3 Q4


2011

2012

-1,7 -1,2

-1,6

-4,4

-3,2

-1,3 -0,8

0,0

-1,6

-0,6

0,3

-0,1

-1,4

-0,5

0,6

-5

-4

-3

-2

-1

0

1

Q1 Q2 Q3 Q4


2009

2010

2011

2012

Central Europe1

EBITA improved clearly from the beginning of the year

� Sales decreased by 4,7% in Q3/12 from Q3/11� Economic uncertainty has reduced the demand for civil

engineering services, i.e. the area on which Cramo’sproduct and service portfolio is currently focused

� EBITA improved clearly from the beginning of the


Change Change

(EUR 1 000) % %

Sales 19 973 20 957 -4,7 % 49 992 51 513 -3,0 % 71 213

EBITA 2 324 2 932 -20,7 % -1 062 3 383 -131,4 % 3 708

EBITA-% 11,6 % 14,0 % -2,1 % 6,6 % 5,2 %

1-12/

2011

7-9/

2012

7-9/

2011

1-9/

2012

1-9/

2011

10,6

19,9

21,0

19,7

11,8

18,2 20,0

15

20

25


2009

2010

23

� EBITA improved clearly from the beginning of the year

� Operations will be modified according to the Cramo Concept and centralised according to “Best in town” strategy

� Roll-out of the Cramo Rental Concept proceeded as planned

� Non-recurring costs of the transition program amounted to EUR 0,6m in 1-9/2012

� German organisation was merged into one company

� Euroconstruct2 forecasts construction growth of nearly 2% in 2012 in Germany (civil engineering -2%)

� ERA3 predicts growth of some 6% for equipment rental in Germany in 2012

1. Business Segment Central Europe was formed as of February 1, 2011 as a result of the acquisition of the Theisen Group. The

Business Segment includes Cramo’s operations in Germany, Austria and Hungary. Operations in Switzerland were terminated during

the second quarter of 2012. Comparison period (1-9/2011) data is available for eight months only


3. European Rental Association, ERA Convention 2012, June 2012

EBITA by quarter

10,6

0

5

10

Q1 Q2 Q3 Q4


2011

2012

-1,2

1,6

2,9

0,3

-4,3

0,9

2,3

-5

-4

-3

-2

-1

0

1

2

3

4

Q1 Q2 Q3 Q4


2009

2010

2011

2012

Change Change

(EUR 1 000) % %

Sales 19 773 19 254 2,7 % 50 347 47 122 6,8 % 66 575

EBITA 3 660 2 569 42,5 % 3 531 -1 173 401,0 % 1 708

EBITA-% 18,5 % 13,3 % 7,0 % -2,5 % 2,6 %

7-9/

2012

7-9/

2011

1-9/

2012

1-9/

2011

1-12/

2011

Eastern Europe1

Sales growth continued and profitability improved

� Sales growth in Q3/12 continued at 2,7% compared to Q3/11 (2,0% in local currency)

� Construction activities have developed favourably in Russia, Estonia and Latvia

� In Poland, the Czech Republic and Slovakia, demand


7,4%2

(local curr.)

2,0%2

(local curr.)

10,4

10,4 12,0

11,3

9,0 10,7

14,4 15,8

12,9 15,0

19,3

19,5

13,9 16,7

19,8

15

20

25


2009

2010

24

� In Poland, the Czech Republic and Slovakia, demand has declined clearly and Cramo has adjusted its operations in these markets during 2012

� Quarterly EBITA improved compared to Q3/11� Improvement attributable to adjustments made earlier

and good demand particularly in Estonia and Russia

� After period under review, Cramo decided to combine its Russian operations with Ramirent

� Euroconstruct and VTT3 forecast over 10% growth in the Baltic area in 2012, 5% in Russia, 6% in Poland, -7% in the Czech Republic and -3% in Slovakia

� ERA4 predicts growth of 10% in equipment rental for Poland in 2012

1. Includes Estonia, Latvia, Lithuania, Poland, the Czech Republic, Slovakia and Russia. Until 31 December 2010, the name of the

segment was Central and Eastern Europe

2. Change in sales measured in local currency

3. Euroconstruct, June 2012 and VTT, June 2012

4. European Rental Association, ERA Convention 2012, June 2012

EBITA by quarter

10,4

10,4

9,0 10,7

0

5

10

Q1 Q2 Q3 Q4


2011

2012

-4,9 -4,5

-3,0

-5,2-4,8 -4,0

-1,5 -1,1

-2,2 -1,5

2,6 2,9

-0,8

0,7

3,7

-6-5-4-3-2-1012345

Q1 Q2 Q3 Q4


2009

2010

2011

2012

Cramo and Ramirent joint venture

− Taking the lead in Russian and − Taking the lead in Russian and

Ukrainian equipment rental markets

25

Key transaction facts

� Transaction agreements signed on 30 October 2012

� The parties contribute all their respective subsidiaries in Russia (excl. Kaliningrad) and

Ukraine as contributions-in-kind to a 50/50 owned newly-established Finnish limited

liability company (“joint venture company”)

� Parties have a strong mutual interest and commitment to develop the business further

� Aspiration is to create a financially and operationally strong player to capture the growth

opportunities in target markets

� The parties have agreed not to disclose facts regarding valuations

� Cramo will (due to its smaller operations in the said markets) make a payment of €9.2

million to Ramirent in order to reach equal ownership

� Mr. Anton Artemiev elected as Chairman of the Board: Extensive Russian and

international experience including SVP at Carlsberg Group, President of Baltika Breweries

and Executive VP at Baltic Beverage Holdings

� Other professional board members with strong expertise will complement the board

� Expected closing in January 2013 subject to anti-trust clearance

26

Creating the leading rental company in Russia

and Ukraine

CramoGroup RamirentGroup

RUSSIA

Combining forces in growing markets… …Creates a strong stand-alone company

“50/50 JV”

50%50%

Rationale is to

create strong

player with

increased financial

resources and

excellent

organizational

capabilities to

capture the growth

Key Facts� A stand-alone entity with new corporate identity

� 50/50 ownership between Cramo and Ramirent

� 2012E net sales and EBITDA margin of €52

million and ~35%, respectively

� 400 employees

� Depot locations: St. Petersburg region 7,

Moscow region 6, other regions Russia 3,

Ukraine 6 (+ 6 shop-in-shop outlets)

UKRAINE

Total Sales 2012E: €52m

50%50%capture the growth

opportunities in

target markets

27

Complementary strengths and strong business

foundation Cramo’s unique

strengths

• Fleet and capabilities to

offer modular space to

serve construction and

industrial customers

• Good presence with

Common strengths

• General rental concept

• Broad equipment fleet

• Established presence in

St. Petersburg and

Moscow

Ramirent’s unique

strengths

• Fleet and capabilities in

heavy equipment to serve

infrastructure construction

• Large customer base

• Presence in Ukraine

+ +

• Good presence with

international construction

and industrial customers

• Existing platform location

in Ural region

(Yekaterinburg)

Moscow

• Strong local management

• Modern way-of-working

due to the Western

background

• Presence in Ukraine

• Existing platform location

in South region (Sochi)

• Expanded presence by

utilizing sales agents

Combined company: leading rental

company in Russia and Ukraine=

28

Strong customer value proposition

Complementary

fleet and service

offering

Stronger depot

network

Full general rental

offering

Customers served

on a one-stop-shop

basis

Closer proximity to

customers

Ability to serve

customers on a wider

geographical scope

Higher volumes Complementary

customer base

Resources to take

part in larger

projects and serve

large construction

companies

Limited overlap in

customer base

Opportunities to

leverage best

practices and for

cross-selling

29

Attractive market outlook in Russia and Ukraine

Improving rental

penetration further

supports the growth

in the rental market

The underlying

addressable

construction market

estimated well over

€100bn with forecasted

growth of 8% growth

p.a. Strong Growth

Large MarketImproving

Dynamics

Rental

Penetration

Increase

Combined platform

provides immediate

expansion

opportunities in the

large St. Petersburg

and Moscow regions

Russian and Ukrainian

rental markets are very

fragmented with many

players focusing on a

single product groupSt.P

Mow

Clear Focus Opportunity

Leading

Rental

Company

Note: Addressable construction market comprises six federal districts in Russia (i.e. the

European part) and Ukraine. Estimates regarding market size and growth based on

management assessment.

30

Financial impact of transaction and changes in

reporting

Cash

contribution

� Cramo will (due to its smaller operations in the said markets) make a

payment of €9.2 million to Ramirent in order to reach equal ownership

at the time of closing

Earnings

impact

� The transaction will result in a non-recurring tax-free capital gain of

approximately EUR 0.5 million for Cramo

� The final capital gain will be recorded at closing of the transaction, which

is estimated to take place in January 2013

� Net sales €52 million

� The ownership in the joint venture will be accounted for in Cramo’s

consolidated financial statements using the equity method

� The share of the profit of the joint venture will be booked in the

consolidated Group profit and loss statement above EBITDA with one

line method

� The profit will be reported in the Eastern Europe segment

Reporting

JV 2012E

� Net sales €52 million

� EBITDA margin of ~35%

� 400 employees

31

Strategy update 2012 and short-term

32

performance improvement actions

International growth

m)

New strategic theme: Operational excellenceTarget: Stable earnings growth

€ 680 m

Operational

excellence

2005

€ 77 m

Sales (€

2011 2012 2013

Acquisition of

Cramo Group

(2006)

Acquisition of

Theisen

Group (2011)

33

2006 2007 2008 2009 2010

New financial targets reflect growing focus on

profitability and dividend-paying capacity

Profitability EBITA-% > 15 % of sales over a business cycle

Debt leverage Gearing maximum 100 %

Sales Sales growth faster than the marketSales Sales growth faster than the market

Return on equity ROE > 12 % over a business cycle

Profit distribution Profit distribution policy: stability, with appr. 40 % of EPS

34

Performance improvement actions

2 Implement harmonised performance management down to depot level

1 Secure focus on sales and pricing

REDUCE COSTS

SALES, PRICING AND PERFORMANCE MANAGEMENT

3 Reduce direct costs, improve gross margin

5 Reduce capital costs and increase cash flow

4 Reduce indirect costs

IMPROVE CAPITAL EFFICIENCY AND INCREASE CASH FLOW

35

Cramo’s strategic cornerstones

Best in town

Driver of rental development

Customer’s first choice

Combining mature and growth markets

Operational agility

Customer’s first choice

36

Adjusted Must-win battles: New updated strategy

Implement renewed Cramo Rental Concept in all OpCos, using Best in Town task forces in selected areas

Implement the process organisation, Cramo business platform and core processes in selected OpCos

Develop Cramo People to be passionate rental business champions

Roll out the Cramo Rental Concept

Implement CramoProcesses

Develop CramoPeople

1

2

3Develop Cramo People to be passionate rental business champions

Implement Cramo ‘management by objectives’ performance management system in all depots

Drive profitable modular space growth in Denmarkand Norway

Develop CramoPeople

Implement CramoPerformance Management

Drive Profitable Growth

in Modular Space

3

4

5

37

Future prospectsGrowth in rental slows down in 2012; great market-specific differences

� In Europe, there is still a great deal of uncertainty in the economy. Investment decisions are being postponed to a later date in both industrial and new construction activities

� Despite uncertainty, the demand for equipment rental is growing in Norway, Estonia and Russia

� Generally, the demand situation in Cramo’s main market areas can still be described as satisfactory

38

market areas can still be described as satisfactory

� The equipment rental market normally grows faster than the underlying construction market

� The Group’s guidance for 2012 remains unchanged: “In 2012, the Group’s sales will be approximately at the same level as in 2011 and the EBITA margin will improve compared with 2011. Gearing will decrease due to positive cash flow”

AppendixAppendix

39

Key figuresChange Change

EUR million (unless otherwise stated) % %

INCOME STATEMENT

Sales 182,4 181,6 0,4 % 503,8 487,0 3,4 % 679,9

EBITDA 57,6 55,6 3,7 % 133,3 119,1 12,0 % 168,7

Operating profit (EBITA) before amortisation and impairment

of intangible assets resulting from acquisitions

31,2 30,5 2,2 % 56,1 47,3 18,6 % 71,1

Operating profit/loss (EBIT) 28,2 27,5 2,4 % 47,1 39,0 20,9 % 54,3

Profit/Loss before tax (EBT) 23,7 20,0 18,5 % 32,2 21,9 47,1 % 32,2

Profit/Loss for the period 18,1 15,5 16,6 % 24,5 13,0 89,4 % 23,5

SHARE-RELATED INFORMATION

Earnings per share (EPS), EUR 0,44 0,38 15,8 % 0,59 0,34 73,5 % 0,60

Earnings per share (EPS), diluted, EUR 0,43 0,38 13,2 % 0,59 0,34 73,5 % 0,60

Shareholders' equity per share, EUR 11,43 10,33 10,6 % 10,83

1-12/

2011

7-9/

2012

7-9/

2011

1-9/

2012

1-9/

2011

40

Of note is that due to the rights issue completed in April 2011, the earnings per share (EPS) figures for the previous periods have been

adjusted by multiplying the numbers of shares used in the calculations by the following adjustment factor: fair value per share before exercise

of rights divided by the theoretical ex-rights value per share.

Shareholders' equity per share, EUR 11,43 10,33 10,6 % 10,83

BALANCE SHEET

Equity ratio, % 45,8 % 42,4 % 44,4 %

Gearing, % 73,9 % 88,4 % 78,7 %

Net interest-bearing liabilities 387,1 419,6 -7,7 % 389,4

OTHER INFORMATION

Return on investment, rolling 12-month, % 7,0 % 6,2 % 6,6 %

Return on equity, rolling 12-month, % 7,0 % 5,1 % 5,4 %

Gross capital expenditure (incl. acquisitions) 34,4 37,8 -9,1 % 99,4 223,3 -55,5 % 262,5

of which related to acquisitions and business combinations 0,8 -0,3 337,2 % 0,8 114,0 -99,3 % 115,4

Cash flow after investments 6,4 10,5 -39,2 % 24,5 -87,9 127,9 % -55,3

Average number of personnel, FTE 2 686 2 544 5,6 % 2 580

Number of personnel at end of period, FTE 2 669 2 705 -1,3 % 2 707

Consolidated income statementChange Change

EUR (1 000) % %

SALES 182 378 181 637 0,4 % 503 788 486 989 3,4 % 679 892

Other operating income 2 110 1 106 90,8 % 8 005 4 653 72,0 % 7 697

Change in inventories of finished goods and

work in progress

24 40 -40,0 % 916 141 549,6 % -425

Production for own use 163 3 116 -94,8 % 3 657 6 398 -42,8 % 10 302

Materials and services -60 439 -63 592 5,0 % -174 035 -175 648 0,9 % -248 393

Employee benefit expenses -34 032 -32 812 -3,7 % -106 555 -96 748 -10,1 % -135 751

Other operating expenses -32 602 -33 942 3,9 % -102 429 -106 701 4,0 % -144 628

Depreciation and impairment on tangible

assets and assets available for sale

-26 447 -25 074 -5,5 % -77 289 -71 817 -7,6 % -97 624

1-12/

2011

7-9/

2012

7-9/

2011

1-9/

2012

1-9/

2011

41

assets and assets available for sale

EBITA 31 155 30 479 2,2 % 56 058 47 267 18,6 % 71 071

% of sales 17,1 % 16,8 % 11,1 % 9,7 % 10,5 %

Amortisation and impairment on intangible

assets resulting from acquisitions

-2 981 -2 963 -0,6 % -8 910 -8 256 -7,9 % -16 751

OPERATING PROFIT/LOSS (EBIT) 28 174 27 516 2,4 % 47 149 39 012 20,9 % 54 320

% of sales 15,4 % 15,1 % 9,4 % 8,0 % 8,0 %

Finance costs (net) -4 510 -7 506 39,9 % -14 986 -17 116 12,4 % -22 169

Income from joint ventures 45 45 22

PROFIT/LOSS BEFORE TAXES 23 709 20 010 18,5 % 32 207 21 897 47,1 % 32 173

% of sales 13,0 % 11,0 % 6,4 % 4,5 % 4,7 %

Income taxes -5 644 -4 515 -25,0 % -7 666 -8 943 14,3 % -8 668

PROFIT/LOSS FOR THE PERIOD 18 066 15 495 16,6 % 24 541 12 954 89,4 % 23 505

% of sales 9,9 % 8,5 % 4,9 % 2,7 % 3,5 %

Consolidated balance sheet30.9. 30.9. Change 31.12.

EUR (1 000) 2012 2011 % 2011

ASSETS

NON-CURRENT ASSETS

Tangible assets 641 134 606 751 5,7 % 622 214

Goodwill 171 175 170 006 0,7 % 165 318

Other intangible assets 117 356 124 191 -5,5 % 123 250

Deferred tax assets 14 906 18 179 -18,0 % 15 312

Available-for-sale financial investments 349 362 -3,6 % 350

Shares in joint ventures 97 48

Derivative financial instruments 0 0 0

Trade and other receivables 1 128 3 736 -69,8 % 3 553

TOTAL NON-CURRENT ASSETS 946 146 923 226 2,5 % 930 043

CURRENT ASSETS

Inventories 17 507 18 852 -7,1 % 18 310


30.9. 30.9. Change 31.12.

EUR (1 000) 2012 2011 % 2011

EQUITY AND LIABILITIES

EQUITY

Share capital 24 835 24 835 0,0 % 24 835

Share issue 0 17

Other reserves 302 707 300 718 0,7 % 300 723

Fair value reserve 119 117 1,7 % 119

Hedging fund -7 416 -4 321 -71,6 % -5 168

Translation differences 10 411 -3 156 429,9 % 1 041

Retained earnings 143 182 106 741 34,1 % 123 604

EQUITY ATTRIBUTABLE TO SHARE-

HOLDERS OF THE PARENT COMPANY 473 839 424 934 11,5 % 445 171

Non-controlling interest 0 0

Hybrid capital 49 630 49 630 0,0 % 49 630

TOTAL EQUITY 523 469 474 564 10,3 % 494 802

42


Income tax receivables 9 015 7 408 21,7 % 5 563

Derivative financial instruments 648 2 480 -73,9 % 730

Cash and cash equivalents 20 348 17 028 19,5 % 22 532

TOTAL CURRENT ASSETS 201 151 199 891 0,6 % 190 089

Assets available for sale 6 213 6 227 -0,2 % 6 680

TOTAL ASSETS 1 153 510 1 129 344 2,1 % 1 126 812

NON-CURRENT LIABILITIES

Interest-bearing liabilities 275 078 360 657 -23,7 % 310 511

Derivative financial instruments 10 486 5 539 89,3 % 6 775

Deferred tax liabilities 82 663 87 068 -5,1 % 85 399

Pension obligations 1 246 1 569 -20,6 % 1 448

Other non-current liabilities 725 5 448 -86,7 % 3 369

TOTAL NON-CURRENT LIABILITIES 370 197 460 282 -19,6 % 407 502

CURRENT LIABILITIES

Interest-bearing liabilities 132 347 75 958 74,2 % 101 422

Derivative financial instruments 3 618 180 1910,0 % 1 838

Trade and other payables 117 554 112 708 4,3 % 116 485

Income tax liabilities 6 325 5 653 11,9 % 4 763

TOTAL CURRENT LIABILITIES 259 844 194 499 33,6 % 224 508

TOTAL LIABILITIES 630 041 654 780 -3,8 % 632 010

TOTAL EQUITY AND

LIABILITIES 1 153 510 1 129 344 2,1 % 1 126 812

Cash flow statement1-9/ 1-9/ 1-12/

EUR (1 000) 2012 2011 2011

Net cash flow from operating activities 87 824 77 645 138 496

Net cash flow from investing activities -63 306 -165 518 -193 804

Cash flow from financing activities

Change in interest-bearing receivables 2 518 177 244

Change in finance lease liabilities -31 697 -25 485 -32 944

Change in interest-bearing liabilities 18 385 12 756 -6 964

Hybrid capital -6 000 -6 000 -6 000

43

Hybrid capital -6 000 -6 000 -6 000

Proceeds from share options exercised 1 968 7 262 7 279

Proceeds from share issue 97 397 97 397

Non-controlling interest -76 -76

Dividends paid -12 374 -3 163 -3 163

Net cash flow from financing activities -27 200 82 868 55 773

Change in cash and cash equivalents -2 682 -5 005 465

Cash and cash equivalents at period start 22 532 22 313 22 313

Translation differences 498 -280 -246

Cash and cash equivalents at period end 20 348 17 028 22 532

Segment performanceChange Change

SALES, EUR (1 000) % %

Finland 29 136 34 067 -14,5 % 84 089 93 528 -10,1 % 127 565

Sweden 80 994 78 980 2,6 % 234 250 219 569 6,7 % 308 949

Norway 20 864 20 687 0,9 % 60 783 58 269 4,3 % 79 265

Denmark 13 248 9 705 36,5 % 28 719 23 712 21,1 % 34 965

Central Europe 19 973 20 957 -4,7 % 49 992 51 513 -3,0 % 71 213

Eastern Europe 19 773 19 254 2,7 % 50 347 47 122 6,8 % 66 575

Inter-segment sales -1 610 -2 012 20,0 % -4 393 -6 725 34,7 % -8 640

Group sales 182 378 181 637 0,4 % 503 788 486 989 3,4 % 679 892

Change Change

1-12/

2011

7-9/ 7-9/ 1-9/ 1-9/ 1-12/

7-9/

2012

7-9/

2011

1-9/

2012

1-9/

2011

44

Change Change

EBITA, EUR (1 000) % %

Finland 7 811 7 667 1,9 % 14 445 14 091 2,5 % 20 238

Sweden 16 979 17 173 -1,1 % 41 421 40 083 3,3 % 58 047

Norway 1 865 1 004 85,8 % 3 485 269 1195,5 % 857

Denmark 577 295 95,6 % -1 415 -1 985 28,7 % -2 132

Central Europe 2 324 2 932 -20,7 % -1 062 3 383 -131,4 % 3 708

Eastern Europe 3 660 2 569 42,5 % 3 531 -1 173 401,0 % 1 708

Non-allocated capital gains and other income 2 196

Non-allocated Group activities -2 061 -1 281 -60,9 % -6 862 -7 670 10,5 % -11 756

Eliminations 0 122 -100,0 % 319 270 18,1 % 402

Group EBITA 31 155 30 479 2,2 % 56 058 47 267 18,6 % 71 072

7-9/

2012

7-9/

2011

1-9/

2012

1-9/

2011

1-12/

2011

Finland16,5 %

Central Europe

9,8 %

Eastern Europe

9,9 %Finland18,9 %

Central Europe

10,4 %

Eastern Europe

9,5 %

Sales by business segment

EUR 503,8 million EUR 487,0 million

Sales 1-9/2012 Sales 1-9/2011

* *

Sweden46,1 %

Norway12,0 %

Denmark5,7 %

Sweden44,5 %

Norway11,8 %

Denmark4,8 %

45

* Business Segment Central Europe was formed as of February 1, 2011 as a result of the acquisition of the Theisen Group. The

Business Segment includes Cramo’s operations in Germany, Austria, Switzerland and Hungary. Central Europe figures are included

only for February-June in 2011

Modular space order book Order book decreased slightly from Q2/12

72,6 77,3

78,5 82,0

97,6

93,7

88,9 94,6 99,2

101,0

111,9

106,8

94,5

97,5

96,3 102,8

86,1 92,9

88,7

87,7

87,6

103,2

100,8

102,7

81,6

98,3

95,3

50%

60%

70%

80%

90%

100%

80

100

120

140

Share of re

ntal (%

of to

tal order book)

Order book (EUR m)

46

*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.

0%

10%

20%

30%

40%

0

20

40

60

Q1/06

Q2/06

Q3/06

Q4/06

Q1/07

Q2/07

Q3/07

Q4/07

Q1/08

Q2/08

Q3/08

Q4/08

Q1/09

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

Share of re

ntal (%

of to

tal order book)

Order book (EUR m)

Rental Sales

INTERIM REPORT 1.1.2012 –30.9 - Cramo Group · Highlights of Q3/2012 and market outlook Interim...

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