CRAMO PLC
INTERIM
REPORT1.1.2011 – 31.3.2011
POWERING YOUR BUSINESS
2
CEO Vesa Koivula
CFO Martti Ala-Härkönen
3
Contents
� Highlights of Q1/2011 and market
outlook
� Interim report Q1/2011
� Group performance
� Business segments
� Cramo’s strengths in reaching its
strategic targets
� Appendix
� Additional financial information
4
Highlights of Q1/2011Strong sales growth, profitability to improve
Number of depots
3/2011: 381
• Sales and profitability developed favorably in all
segments in Q1/11; profitability impacted by Theisen
acquisition and extraordinarily severe winter season
– Sales EUR 144,2m (101,4m), growth 42,2%
– EBITA EUR 2,5m (1,5m), margin 1,7% (1,5%)
– Excluding non-recurring items in Q1/2011 and Q1/2010
result, EBITA improved by EUR 8,7m
– EPS EUR -0,19 (-0,24)
• Theisen acquisition impacted cash flow and capital
structure
– Cash flow after investments EUR -45,2m in Q1/11
(EUR 18,8m)
– Gearing 124,2% (108,4%)
• Implementation of new strategy continued
– Integration of Theisen Group, acquired in January 2011,
proceeded according to plans
– Rights Issue to support Cramo's growth strategy and to
strengthen balance sheet completed in April; appr. EUR
97,2m of new equity raised after expenses
Russia
Denmark
GermanyPoland
CzechRepublic
Austria Hungary
Slovakia
Ukraine
Belarus
Lithuania
Latvia
Estonia
Norway
Sweden
Finland
Romania
Moldova
St. Petersburg
Bulgaria
Slovenia
Croatia
Bosnia and
HerzegovinaSerbia
Macedonia
Albania
Moscow Yekaterinburg
Switzerland
Kalinin-
grad
5
Broad-based construction recovery in 2011-2012Change in construction output, % 2010E 2011E 2012E
Finland 4,4% (5,8%)
2,9%(5,0%)
2,4% (3,0%)
Sweden 2,4% (4%)
3,9%(7%)
4,4%(4%)
Norway -3,1% 3,3%(4%)
3,8%(6%)
Denmark -7,2%(-10,8%)
3,1%(-1,1%)
5,3%(2,0%)
Baltic Countries -15,9% 6,0% 8,5%
Poland 4,0% 12,7% 12,4%
Czech Republic -10,0% -3,2% 0,2%
Slovakia -6,3% 6,2% 2,5%
Russia 0,0% 5,0% 7,0%
Germany 3,4% 1,3% 1,6%
Austria -3,0% 0,7% 0,8%
Switzerland 2,4% 1,1% 1,1%
Hungary -3,8% 5,2% 7,5%
Sources: Euroconstruct, December 2010. Country-specific data in brackets includes: Finland - Rakennusteollisuus RT (April 2011);
Sweden - Sveriges Byggindustrier (February 2011); Norway – Prognosesenteret (April 2011), figures for Norway include building
construction and exclude civil engineering, which is expected to grow by 6% in 2011 and 15% in 2012 ; Denmark - Dansk Byggeri
(February 2011)
6
Rental recovery gaining speedSolid rates of rental growth expected in 2011 in largest Cramo markets
-30 %
-20 %
-10 %
0 %
10 %
20 %
30 %
2007 2008E 2009E 2010F 2011F
Total rental turnover growth %
Finland Sweden Norway Denmark Germany
Sources: European Rental Association, The European Rental Industry 2009 Report, Spring 2010
-100 %
-80 %
-60 %
-40 %
-20 %
0 %
20 %
40 %
60 %
80 %
100 %
Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11
Balance of positive and negative expectations
7
Increasing confidence among rental companiesEuropean rental recovery sustained in Q1/11
Source: ERA / IRN Rental Tracker Survey June 2009 – April 2011 (International Rental News)
Improving
conditions
Declining
conditions
Current rental business conditions in Europe
8
Q1 / 2011
Group performance
83,6
96,7 105,5 116,6
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
0
20
40
60
80
100
120
140
160
180
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
Quarterly sales (EUR m
illion)
9
Cramo quarterly sales development Q1/11 sales increased over 40% compared to Q1/10
* Change in local currencies
Q1/11 vs.
Q4/10:
-1,5%
Quarter y-o-y:
42,2% (34,0%*)
9,8
15,1
25,0
22,9
16,7
22,4
30,7
26,1
17,4
30,7
34,2
19,8
1,5
4,8
9,6
1,4
1,5
3,8
15,2
14,1
2,5
-15 %
-10 %
-5 %
0 %
5 %
10 %
15 %
20 %
25 %
0
5
10
15
20
25
30
35
40Q1/06
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
EBITA %
(line graph)
Quarterly EBITA (EUR m
illion, bar graph)
10
Cramo quarterly EBITA development EBITA improved compared to Q1/10 despite non-recurring items
Note: EBITA in Q1/11 includes non-recurring costs related to the acquisition of the Theisen Group amounting to EUR 2,1m.
EBITA, EUR million
1-3/
2010
1-3/
2011 Difference
Reported Group EBITA 1,5 2,5 +1,0
Excluding non-recurring items:
Capital gain in Q1/2010* 5,7
Theisen acquisition costs in Q1/2011** -2,1
EBITA excl. non-recurring items -4,2 4,5 +8,7
Impact of Theisen Group*** -1,2
EBITA excl. non-recurring items and Theisen -4,2 5,7 +9,9
11
EBITA impacted by non-recurring items Comparable EBITA improved by about EUR 10m in Q1/11 relative to
previous year
* Non-recurring capital gain in Q1/2010 included capital gains on the sale of certain used modular space
units
** Non-recurring costs in Q1/2011 included approximately EUR 2,1 million of costs related to the
acquisition of the Theisen Group
*** Business Segment Central Europe (Theisen Group) has been consolidated into Cramo Group as of
February 1, 2011
0,28
0,48
0,62
0,48
0,26
0,52 0,59
0,22
-0,22
-0,15 -0,03
-0,88
-0,24 -0,16
0,06
0,26
-0,19
-1,00
-0,80
-0,60
-0,40
-0,20
0,00
0,20
0,40
0,60
0,80
Q1 Q2 Q3 Q4
Quarterly diluted EPS (EUR)
2007
2008
2009
2010
2011
12
Quarterly EPS performance (diluted)Q1/11 EPS improved slightly compared with Q1/10
Note: Q4/09 includes write-downs on Group goodwill and intangible assets resulting from acquisitions totalling EUR 21,8m
13
Capital ExpenditureCapEx increased compared to Q4/10, driven by the Theisen acquisition
12,17,0 5,7 6,6
3,5
12,68,9
27,4
18,6
0,4 4,14,1
25,6
72,7
12,5
7,0 5,7 6,63,5
16,713,0
53,0
91,3
0 %
10 %
20 %
30 %
40 %
50 %
60 %
70 %
0
20
40
60
80
100
Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11
Gross Capita
l Expenditu
re to Quarte
rly sales (%
)Gross Capital Expenditure (EUR m
)
CapEx CapEx, acquisitions
14
Cash flow Cash flow from operations remained positive, while the Theisen
acquisition is reflected in the negative cash flow after investments
Note: Cash flow after investments includes acquisitions
-80
-60
-40
-20
0
20
40
60
80
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
Quarterly cash flow (EUR m
)
Cash flow from operations Cash flow after investments
0 %
20 %
40 %
60 %
80 %
100 %
120 %
0
100
200
300
400
500
600
700
Q4-
2006
Q1-
2007
Q2-
2007
Q3-
2007
Q4-
2007
Q1-
2008
Q2-
2008
Q3-
2008
Q4-
2008
Q1-
2009
Q2-
2009
Q3-
2009
Q4-
2009
Q1-
2010
Q2-
2010
Q3-
2010
Q4-
2010
Q1-
2011
Sales, R
12m / T
angible assets, %
Sales or Tangible assets, E
UR m
Sales, R12m Tangible assets Sales / tangible assets
15
Sales to tangible assets improving Still potential to improve; investments to increase in 2011
319
356 352365
433
516 514
477 482
429413
384 375 382 381 382
463106,9 %
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 %
0 %
20 %
40 %
60 %
80 %
100 %
120 %
140 %
160 %
180 %
0
100
200
300
400
500
600
700
800
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
Gearin
g %
Net interest-bearing liabilities (EUR m
)
Net interest-bearing liabilities Gearing %
16
Strengthening capital structureGearing increased as a result of the Theisen acquisition, but the
balance sheet will strengthen in Q2 as a result of the rights issue
17
� The Rights Issue was completed according to plan in April 2011
� The Issue was oversubscribed
� 97,2% of the offered shares were subscribed for with subscription rights; the
remaining shares were subscribed for without subscription rights
� Total subscription level in the Rights Issue was 175,6%
� As a result of the Rights Issue, the number of Cramo’s shares will
increase by 9,489,877 to 41,439,086 shares
� The total net proceeds of the Rights Issue amounted to approximately
EUR 97,2 million
� Proceeds of the Issue will be used to further support Cramo's growth
strategy and to strengthen its balance sheet
Successful Rights Issue completedA solid base for Cramo’s further growth initiatives
18
Q1 / 2011
Business segments
19
Sales by business segmentTheisen acquisition will balance geographic sales mix
EUR 144,2 million EUR 101,4 million
Sales 1-3/2011 Sales 1-3/2010
Finland19,3 %
Sweden46,6 %
Norway13,8 %
Denmark4,3 %
Central Europe
7,3 %
Eastern Europe
8,8 %Finland18,5 %
Sweden50,5 %
Norway16,6 %
Denmark5,6 %
Eastern Europe
8,8 %
* 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 for
February-March 2011.
*
20
FinlandSales growth above expectations, improving profitability
� Sales growth exceeded expectations in Q1/11
� Construction and rental recovery continued
� Outsourcing agreements signed in 2010 contributed
to growth
� Profitability improved compared to previous year,
but was impacted by non-recurring items
� Non-recurring expenses related to the cooperation
started with Lemminkäinen and the introduction of
the new ERP system
� Fleet utilisation rates were at a good level, fleet
investments increased
� Euroconstruct* construction growth forecast +3% in
2011 (RT** +5%)
Highlights Sales by quarter
*) Change over 100%
* Euroconstruct, December 2010
** Rakennusteollisuus RT, April 2011
EBITA by quarter
Change
(EUR 1 000) %
Sales 28 191 19 056 47,9 % 99 583
EBITA 2 176 550 *) 12 466
EBITA-% 7,7 % 2,9 % 12,5 %
1-12/
2010
1-3/
2011
1-3/
2010
27,7
33,1
34,0
31,5
23,3
22,6
23,8
22,4
19,1 22,7 27,4 30,4
28,2
0
5
10
15
20
25
30
35
40
Q1 Q2 Q3 Q4
Quarterly sales (EUR m
)
2008
2009
2010
2011
3,7
6,1
9,7
6,8
0,9 1,8
4,3
3,7
0,6
2,5
6,1
3,3
2,2
0
2
4
6
8
10
12
Q1 Q2 Q3 Q4
Quarterly EBITA (EUR m
)
2008
2009
2010
2011
Change
(EUR 1 000) %
Sales 68 101 51 895 31,2 % 251 857
EBITA 9 344 5 418 72,5 % 41 186
EBITA-% 13,7 % 10,4 % 16,4 %
1-3/
2011
1-3/
2010
1-12/
2010
21
Sweden Continued sales growth and profitability improvement
� Sales increased by 31% compared to Q1/10 (17%
in local currency)
� Construction activity and the demand for equipment
rental services continued to develop favourably
� Growth was particularly strong in the Stockholm
area and Southern Sweden
� Growth in EUR was boosted by the strengthening
Swedish krona
� Profitability developed favourably and EBITA
improved compared to previous year
� Fleet utilisation rates were at a good level and fleet
investments were increased; rental periods are
expected to return to pre-downturn levels
� Euroconstruct** estimates construction growth to be
approximately 4%** in 2011 (BI*** 7%)
* Change in sales measured in local currency
** Euroconstruct, December 2010
*** Sveriges Byggindustrier, February 2011
Highlights
17,0%*(local curr.)
Sales by quarter
EBITA by quarter
62,7
73,8
70,7
66,7
50,1
53,0
55,3
57,4
51,9 60,6 64,8 74,5
68,1
0
10
20
30
40
50
60
70
80
Q1 Q2 Q3 Q4
Quarterly sales (EUR m
)
2008
2009
2010
2011
13,1
16,9 18,9
14,1
7,3
9,8 11,1
7,8
5,4
8,8
12,3 14,6
9,3
02468
10121416182022
Q1 Q2 Q3 Q4
Quarterly EBITA (EUR m
)
2008
2009
2010
2011
Change
(EUR 1 000) %
Sales 20 204 17 097 18,2 % 69 120
EBITA 415 -103 *) 303
EBITA-% 2,1 % -0,6 % 0,4 %
1-12/
2010
1-3/
2011
1-3/
2010
22
NorwaySales grew and profitability improved in a weaker than expected market
� Sales increased by 18% compared to previous year
in Q1/11 (14% in local currency)
� Recovery in the construction sector has been
weaker than expected; upswing is expected in Q2
� Cramo’s sales improved due to a recovery in price
levels and new customer agreements particularly in
the industrial sector
� EBITA improved compared to previous year
� Measures aimed at improving profitability were
continued through strengthening the organisation
� Euroconstruct** estimates construction to increase
by 3% in 2011. Prognosesenteret*** estimates
building construction to grow by 4% in 2011 and civil
engineering by 6%
*) Change over 100%
* Change in sales measured in local currency
** Euroconstruct, December 2010
*** Prognosesenteret, April 2011
Highlights
14,1%*(local curr.)
Sales by quarter
EBITA by quarter
15,6 18,6
18,2
17,2
15,8
15,7
15,6
16,3
17,1
15,3 17,0 19,7
20,2
0
5
10
15
20
25
Q1 Q2 Q3 Q4
Quarterly sales (EUR m
)
2008
2009
2010
2011
0,9
2,4
2,3
0,6
1,2
1,1
0,9
0,9
-0,1
-0,3
0,3 0,4
0,4
-1
0
1
2
3
Q1 Q2 Q3 Q4
Quarterly EBITA (EUR m
)
2008
2009
2010
2011
23
DenmarkEBITA improved but was still negative
� Sales increased 9% in Q1/11 compared to previous
year but declined 27% compared to Q4/10
� The decrease in construction activity exceeded
expectations in 2010 and the cold winter months
delayed construction starts further
� Recovery in sales was below targeted levels
� EBITA improved compared to previous year but
was still negative
� Fleet utilisation rates improved
� Balance between the demand for and supply of
rental equipment achieved after the downturn
� Profitability is expected to improve during the year
� Euroconstruct* estimates construction output to
improve 3% in 2011. Dansk Byggeri** expects a
further decline of 1% in 2011.
* Euroconstruct, December 2010
** Dansk Byggeri, February 2011
Highlights Sales by quarter
EBITA by quarter
Change
(EUR 1 000) %
Sales 6 257 5 740 9,0 % 29 493
EBITA -1 634 -3 224 49,3 % -5 328
EBITA-% -26,1 % -56,2 % -18,1 %
1-3/
2011
1-3/
2010
1-12/
2010
10,5 11,9
11,8
10,3
8,5 8,8 9,7
9,3
5,7 6,7
8,4 8,6
6,3
0
2
4
6
8
10
12
14
Q1 Q2 Q3 Q4
Quarterly sales (EUR m
)
2008
2009
2010
2011
-0,2
0,5
0,2
-3,4
-1,7 -1
,2
-1,6
-4,4
-3,2
-1,3 -0,8
0,0
-1,6
-5
-4
-3
-2
-1
0
1
Q1 Q2 Q3 Q4
Quarterly EBITA (EUR m
)
2008
2009
2010
2011
24
Central Europe*Sales and EBITA above expectations despite the low season
� Sales in February-March 2011 exceeded expectations and were EUR 10,6m
� Market situation in rental improved compared to the previous year and business volumes were at a higher level in all markets
� EBITA in February-March was negative, amounting to -11,2% of sales
� EBITA nevertheless exceeded Cramo’s expectations
� The segment is more strongly affected by seasonal fluctuations due to its focus on construction equipment
� By the end of the period, fleet utilisation rates had reached a good level; planned fleet investments were continued
� Euroconstruct** forecasts construction growth of some 1 % in 2011 in Germany, Austria and Switzerland, and 5% in Hungary
* 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.
** Euroconstruct, December 2010
Highlights Sales by quarter
EBITA by quarter
Change
(EUR 1 000) %
Sales 10 612 - - -
EBITA -1 189 - - -
EBITA-% -11,2 % - -
1-12/
2010
1-3/
2011
1-3/
2010
10,6
0
2
4
6
8
10
12
Q1 Q2 Q3 Q4
Quarterly sales (EUR m
)
2008
2009
2010
2011
-1,2
-2
-1
0
1
2
Q1 Q2 Q3 Q4Quarterly EBITA (EUR m
)
2008
2009
2010
2011
Change
(EUR 1 000) %
Sales 12 869 9 014 42,8 % 49 886
EBITA -2 218 -4 839 54,2 % -11 464
EBITA-% -17,2 % -53,7 % -23,0 %
1-3/
2011
1-3/
2010
1-12/
2010
25
Eastern Europe*Strong sales growth continued, EBITA improving but still negative
� Sales in Q1/11 continued a strong upturn with a growth of 43% compared to Q1/10 (40% in local currency)
� Construction growth seen in H2/10 continued in most markets; strongest rates of growth seen in Estonia, Poland and Russia
� Cramo’s year-on-year sales increased in all markets
� EBITA improved but remained negative in Q1/11
� Profitability developed favourably in all markets as a result of sales growth and adjustments concluded in previous years
� Favourable profitability development expected to continue during the year
� Euroconstruct*** forecasts double-digit construction growth in 2011 in Estonia and Poland, 4-6% growth in Latvia, Lithuania, Russia and Slovakia, and 3% decline in the Czech Republic
* Includes Estonia, Latvia, Lithuania, Poland, the Czech Republic, Slovakia, and Russia
** Change in sales measured in local currency
*** Euroconstruct, December 2010
Highlights Sales by quarter
EBITA by quarter
40,2%**(local curr.)
14,2
19,9
23,6
19,8
10,4
10,4 12,0
11,3
9,0 10,7
14,4 15,8
12,9
0
5
10
15
20
25
Q1 Q2 Q3 Q4
Quarterly sales (EUR m
)
2008
2009
2010
2011
1,5
2,8
5,4
0,2
-4,9 -4,5
-3,0
-5,2-4,8 -4,0
-1,5 -1,1
-2,2
-6
-4
-2
0
2
4
6
Q1 Q2 Q3 Q4Quarterly EBITA (EUR m
)
2008
2009
2010
2011
26
Cramo’s strengths
in reaching its strategic targets
27
Strategic and financial targets 2010 – 2013
Strategic
targets
2010-13
Strategic
targets
2010-13
• Customer’s first choice
• Best in town: #1 or possibility to become #1
• Grow profitably faster than the market
• Driver of rental development
• Customer’s first choice
• Best in town: #1 or possibility to become #1
• Grow profitably faster than the market
• Driver of rental development
Financial
targets
2010-13
Financial
targets
2010-13
• Sales growth > 10 % p.a.
• EBITA-% > 15 %
• ROE-% > 15 %
• Gearing maximum 100 %
• Profit distribution policy: About one third
• Sales growth > 10 % p.a.
• EBITA-% > 15 %
• ROE-% > 15 %
• Gearing maximum 100 %
• Profit distribution policy: About one third
Well-established brand Growing rental business
Total solution providerModular space opportunities
Operational efficiency
Second largest equipment rental
solution provider in Europe
1.
2.
3.4.
5.
6.
Cramo’s strengths
28
29
Growing rental businessFavourable short and long-term prospects
Increasing rental penetration
Growing construction market
Rental related services
Outsourcing
Technological innovation
Consolidation
Demographic changes
1.
1.
2.
3.
4.
5.
6.
7.
Russia
Denmark
GermanyPoland
CzechRepublic
Austria Hungary
Slovakia
Lithuania
Latvia
Estonia
Norway
Sweden
Finland
St. Petersburg
Moscow
Switzerland
Kalinin-
grad
Yekaterinburg
#2
58
#1
119
#2
29
#2-3
17
n.a.
3
#3
90
n.a.
9
#1**
4
#2
18
#4
2
n.a.
1
#1
8
#1-2
10
#1
16
#2
7
Cramo countries
Theisen countries
Market position*
No. of depots� Well-positioned to gain market share
both organically and through acquisitions across markets
� Strong presence both in more developed and growing rental markets
� Extensive rental depot network
� Strong industry know-how
� Wide customer base
� Ability to leverage existing offering into new markets
� Driver of rental market development
2.Second largest rental solution provider in Europe Platform in place with top 1-3 position in all main markets
30
*Cramo Management estimates, measured by sales
**In access equipment
Modular space (38 000 units)Construction equiment (7 000 units)
Access equiment (12 000 units)Tools (133 000 units)
Extensive rental portfolio…
…and rental-related service offering, enabling early entry in projects
• Drying and heating
• Scaffolding
• Electrification & lighting
• Humidity control
• Dust control
• Site security
• Cramo Energy
• Cramo 24
• Cramo Flexi
• Web depot
• Cramo Safety
3.Total solution providerBalanced fleet portfolio and a wide rental-related service offering
31
Modular space units for intermediate to long-term usage with high standard
Modular space units for short-term usage in general rental
Offices for the manufacturing
industry and the public sector
Construction Site offices,
storage containers
and trailers
Site huts for labour
Sanitation units
Schools and pre-schools for the
public sector
Accommodation
Non-Construction Applications Construction Applications
� Strong underlying growth in the Nordics and attractive roll-out opportunities to other markets
� Brings stability and visibility through long-term agreements and more balanced customer portfolio
� Separates Cramo from its competitors and provides synergies with general rental
4.Modular space opportunitiesThe leading player in the Nordic area*
32
*Cramo Management estimate, measured by sales
5.Operational efficiencyAdvanced fleet management and operating platform
33
� Unified business model covering all market areas
� Stantardised fleet and harmonised fleet management processes
� Fleet optimisation and agility -optimised internal transfer of equipment and flexible adaption to customer needs
� Active investment management and fleet life cycle optimisation
� Strong purchasing power
Fleet
Optimisation
Fleet optimisation cornerstones
Specialised
organisation
KPI reporting
Product pricing
IT systems
Incentive
schemes
Used
equipment sale
Return handling,
repair and
maintenance
Logistics
6.
� One Cramo
� Cramo rental concept
� Cramo processes
� Cramo people
� Quality, safety and environment
� Consistent and transparent governance
Well-established brandCredible supplier with proven track-record
34
35
Future prospectsMarket outlook for 2011 is positive
� The construction and equipment rental service markets are expected to grow stronger in almost all of Cramo’s market areas in 2011
� Cramo anticipates stronger growth in the demand for rental services than in construction
� As a consequence of the improving prospects, Cramo Group’s investments will increase
� The Group’s guidance for 2011 is unchanged: “The market outlook for equipment rental services for 2011 is positive. In 2011, the Group’s sales is expected to grow both as a consequence of the Theisen acquisition and organically. The Group’s EBITA margin will improve compared with 2010.”
Appendix
37
Key figures
*) Change over 100%
Change
EUR (1 000)
INCOME STATEMENT
Sales 144 217 101 400 42 817 492 103
EBITDA 25 345 22 588 2 757 117 623
Non-recurring capital gain in Q1/2010 5 746 -5 746 5 746
Non-recurring costs in Q1/2011 (Theisen acquisition) -2 051 -2 051
EBITDA excluding non-recurring items 27 396 16 842 10 554 111 877
Operating profit (EBITA) before amortisation and impairment of intangible
assets resulting from acquisitions
2 455 1 503 952 34 478
Operating profit (EBITA) before amortisation and impairment of
intangible assets resulting from acquisitions, excluding non-recurring
items
4 506 -4 243 8 749 28 732
Operating profit/loss (EBIT) -237 -114 -123 27 389
Profit/Loss before tax (EBT) -3 962 -6 574 2 612 4 804
Profit/Loss for the period -5 963 -7 400 1 437 -2 203
SHARE-RELATED INFORMATION
Earnings per share (EPS), EUR -0,19 -0,24 0,05 -0,07
Earnings per share (EPS), diluted, EUR -0,19 -0,24 0,05 -0,07
Shareholders' equity per share, EUR 10,21 9,76 0,45 10,52
BALANCE SHEET
Equity ratio, % 35,5 % 38,7 % 38,7 %
Gearing, % 124,2 % 108,4 % 103,4 %
Net interest-bearing liabilities 462 573 375 191 87 382 382 032
OTHER INFORMATION
Return on investment, rolling 12-month, % 3,5 % -1,2 % 3,7 %
Return on equity, rolling 12-month, % -0,2 % -12,4 % -0,6 %
Gross capital expenditure 91 272 3 472 87 800 86 219
of which related to acquisitions and business combinations 72 670 0 72 670 33 821
Cash flow after investments -45 226 18 773 -63 999 27 393
Average number of personnel (FTE) 2 356 2 019 337 2 083
Number of personnel at end of period (FTE) 2 457 2 013 444 2 131
1-3/
2011
1-3/
2010
1-12/
2010
Items affecting
comparability
Items affecting
comparability
38
Consolidated income statement
*) Change over 100%
Change
EUR (1 000) %
SALES 144 217 101 400 42,2 % 492 103
Other operating income 1 294 7 615 -83,0 % 15 110
Change in inventories of finished goods and
work in progress
579 273 *) 1 015
Production for own use 796 0 *) 4 694
Materials and services -54 276 -36 782 -47,6 % -183 479
Employee benefit expenses -30 584 -23 785 -28,6 % -101 939
Other operating expenses -36 682 -26 134 -40,4 % -109 880
Depreciation and impairment on tangible
assets and assets available for sale
-22 890 -21 085 -8,6 % -83 145
EBITA 2 455 1 503 63,3 % 34 478
% of sales 1,7 % 1,5 % 7,0 %
Amortisation and impairment on intangible
assets resulting from acquisitions
-2 692 -1 616 -66,6 % -7 089
OPERATING PROFIT/LOSS (EBIT) -237 -114 *) 27 389
% of sales -0,2 % -0,1 % 5,6 %
Finance costs (net) -3 724 -6 461 42,4 % -22 586
PROFIT/LOSS BEFORE TAXES -3 962 -6 574 39,7 % 4 804
% of sales -2,7 % -6,5 % 1,0 %
Income taxes -2 001 -826 *) -7 007
PROFIT/LOSS FOR THE PERIOD -5 963 -7 400 19,4 % -2 203
% of sales -4,1 % -7,3 % -0,4 %
1-12/
2010
1-3/
2011
1-3/
2010
39
Consolidated balance sheet
*) Change over 100%
31.3. 31.3. Change 31.12.
EUR (1 000) 2011 2010 % 2010
ASSETS
NON-CURRENT ASSETS
Tangible assets 560 423 510 260 9,8 % 526 326
Goodwill 159 411 142 046 12,2 % 147 998
Other intangible assets 121 323 89 621 35,4 % 102 001
Deferred tax assets 15 607 14 001 11,5 % 14 301
Available-for-sale financial investments 349 342 2,0 % 347
Derivative financial instruments 2 554 0 *) 1 053
Trade and other receivables 3 789 3 003 26,2 % 3 613
TOTAL NON-CURRENT ASSETS 863 455 759 274 13,7 % 795 638
CURRENT ASSETS
Inventories 17 698 12 235 44,7 % 13 803
Trade and other receivables 147 633 100 839 46,4 % 125 333
Income tax receivables 6 909 11 037 -37,4 % 5 114
Derivative financial instruments 304 115 *) 825
Cash and cash equivalents 16 753 13 417 24,9 % 22 313
TOTAL CURRENT ASSETS 189 296 137 642 37,5 % 167 388
Assets available for sale 7 075 5 863 20,7 % 2 671
TOTAL ASSETS 1 059 826 902 780 17,4 % 965 697
31.3. 31.3. Change 31.12.
EUR (1 000) 2011 2010 % 2010
EQUITY AND LIABILITIES
EQUITY
Share capital 24 835 24 835 0,0 % 24 835
Other reserves 203 325 186 926 8,8 % 188 797
Fair value reserve 117 117 0,0 % 117
Hedging fund 338 -2 853 *) -1 197
Translation differences 2 639 -5 393 *) 3 426
Retained earnings 91 600 92 402 -0,9 % 103 309
EQUITY ATTRIBUTABLE TO SHARE-
HOLDERS OF THE PARENT COMPANY 322 853 296 034 9,1 % 319 287
Non-controlling interest 503 -100,0 % 503
Hybrid capital 49 630 49 630 0,0 % 49 630
TOTAL EQUITY 372 483 346 167 7,6 % 369 420
NON-CURRENT LIABILITIES
Interest-bearing liabilities 378 467 348 332 8,7 % 346 776
Derivative financial instruments 308 5 137 -94,0 % 2 543
Deferred tax liabilities 84 609 75 059 12,7 % 78 348
Other non-current liabilities 5 455 1 565 *) 4 207
TOTAL NON-CURRENT LIABILITIES 468 839 430 093 9,0 % 431 875
CURRENT LIABILITIES
Interest-bearing liabilities 100 858 40 276 *) 57 569
Derivative financial instruments 662 1 447 -54,3 % 1 853
Trade and other payables 113 962 79 931 42,6 % 100 984
Income tax liabilities 3 021 4 866 -37,9 % 3 997
TOTAL CURRENT LIABILITIES 218 504 126 520 72,7 % 164 403
TOTAL LIABILITIES 687 343 556 613 23,5 % 596 277
TOTAL EQUITY AND
LIABILITIES 1 059 826 902 780 17,4 % 965 697
40
Cash flow statement
1-3/ 1-3/ 1-12/
EUR (1 000) 2011 2010 2010
Net cash flow from operating activities 3 640 510 68 333
Net cash flow from investing activities -48 866 18 263 -40 940
Cash flow from financing activities
Change in interest-bearing receivables 44 34 -610
Change in finance lease liabilities -10 765 -9 623 -35 309
Change in interest-bearing liabilities 43 145 -14 701 15 952
Hybrid capital -6 000
Proceeds from share options exercised 7 262 1 871
Non-controlling interest -76
Net cash flow from financing activities 39 610 -24 290 -24 095
Change in cash and cash equivalents -5 616 -5 517 3 298
Cash and cash equivalents at period start 22 313 18 520 18 520
Translation differences 56 414 495
Cash and cash equivalents at period end 16 753 13 417 22 313
41
Segment performance
*) Change over 100%
Change
SALES, EUR (1 000) %
Finland 28 191 19 056 47,9 % 99 583
Sweden 68 101 51 895 31,2 % 251 857
Norway 20 204 17 097 18,2 % 69 120
Denmark 6 257 5 740 9,0 % 29 493
Central Europe 10 612 - - -
Eastern Europe 12 869 9 014 42,8 % 49 886
Inter-segment sales -2 017 -1 403 -43,8 % -7 837
Group sales 144 217 101 400 42,2 % 492 103
Change
EBITA, EUR (1 000) %
Finland 2 176 550 *) 12 466
Sweden 9 344 5 418 72,5 % 41 186
Norway 415 -103 *) 303
Denmark -1 634 -3 224 49,3 % -5 328
Central Europe -1 189 - - -
Eastern Europe -2 218 -4 839 54,2 % -11 464
Non-allocated capital gains and other income 5 746 -100,0 % 5 746
Non-allocated Group activities -4 485 -2 073 *) -8 380
Eliminations 45 27 66,7 % -52
Group EBITA 2 455 1 503 63,3 % 34 478
1-12/
2010
1-3/
2011
1-3/
2010
1-12/
2010
1-3/
2011
1-3/
2010
42
Modular space order book Order book nearly the same as in Q4/10
*In Q1/2010 there was an external sale of some modules
72,677,3 78,5
82,0
97,693,7
88,9
94,699,2 101,0
111,9
106,8
94,597,5 96,3
102,8
86,1
92,988,7 87,7 87,6
0 %
10 %
20 %
30 %
40 %
50 %
60 %
70 %
80 %
90 %
100 %
0
20
40
60
80
100
120
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
Share of re
ntal (%
of to
tal o
rder b
ook)
Order book (EUR m)
Rental Sales