interim report 1.1.2012 –30.9 - cramo group · highlights of q3/2012 and market outlook interim...
TRANSCRIPT
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%)
Group financial target:
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
Group financial target:
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
Quarterly sales (EUR m)
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
Highlights Sales by quarter
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
Quarterly sales (EUR m)
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
2. Euroconstruct, June 2012
3. Sveriges Byggindustrier, October 2012
4. European Rental Association, ERA Convention 2012, June 2012, Nominal growth in rental turnover
EBITA by quarter
0
10
20
30
40
50
Q1 Q2 Q3 Q4
Quarterly sales (EUR m)
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
Quarterly EBITA (EUR m)
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
Highlights Sales by quarter
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
Quarterly sales (EUR m)
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
2. Euroconstruct, June 2012
3. Prognosesenteret, September 2012
4. European Rental Association, ERA Convention 2012, June 2012, Nominal growth in rental turnover
EBITA by quarter
0
5
10
Q1 Q2 Q3 Q4
Quarterly sales (EUR m)
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
Quarterly EBITA (EUR m)
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
Highlights Sales by quarter
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
Quarterly sales (EUR m)
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
1. Euroconstruct, June 2012
2. Dansk Byggeri, September 2012
3. European Rental Association, ERA Convention 2012, June 2012, Nominal growth in rental turnover
EBITA by quarter
5,7
0
2
4
6
Q1 Q2 Q3 Q4
Quarterly sales (EUR m)
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
Quarterly EBITA (EUR m)
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
Highlights Sales by quarter
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
Quarterly sales (EUR m)
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
2. Euroconstruct, June 2012
3. European Rental Association, ERA Convention 2012, June 2012
EBITA by quarter
10,6
0
5
10
Q1 Q2 Q3 Q4
Quarterly sales (EUR m)
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
Quarterly EBITA (EUR m)
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
Highlights Sales by quarter
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
Quarterly sales (EUR m)
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
Quarterly sales (EUR m)
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
Quarterly EBITA (EUR m)
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
Trade and other receivables 153 633 154 123 -0,3 % 142 954
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
Trade and other receivables 153 633 154 123 -0,3 % 142 954
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