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CRAMO PLC
INTERIM
REPORT1.1.2009 – 30.9.2009
POWERING YOUR BUSINESS
2
CEO Vesa Koivula
CFO Martti Ala-Härkönen
3
Contents
� Cramo Group in brief and market
outlook
� Interim report Q3/2009
� Group performance
� Business segments
� Actions to secure competitiveness
and development projects going
forward
� Appendix
� Additional financial information
4
Cramo Group in briefDifficult market continued; successful cost cutting, positive cash flow
� Finland� Sweden� Norway� Denmark� Central and Eastern Europe
� Sales 331,3 MEUR (-24,1 %; in local curr. -17,6 %)� EBITDA 80,9 (144,9) MEUR; 24,4 (33,2)% of sales
� EBITA 15,9 MEUR (-80,7 %)
� EPS, diluted EUR -0,40 (EUR 1,37 in 1-9/08)
Business segments
Key financials 1-9 / 2009
Depot network
Personnel
No. of rental equipment
� Approximately 195 000
Russia
Denmark
GermanyPoland
CzechRepublic
AustriaHungary
Slovakia
Ukraine
Belarus
Lithuania
Latvia
Estonia
Norway
Sweden
Finland
Romania
Moldova
St. Petersburg
� Sales and EBITA below previous year in a difficult market
� Successful cost cutting; cost base down EUR 50m year-on-year
� Cash flow after investments strongly positive and balance sheet strengthened
� Markets seen stabilising, early signs of recovery; stringent cost discipline to continue
Highlights of Q3 / 2009
Bulgaria
Slovenia
Croatia
Bosnia and
HerzegovinaSerbia
Macedonia
Albania
Moscow
� 286 depots at end of 9/09 (298 in 9/08)
� 11 countries
� 2 239 FTEs at end of 9/09 (2 832 in 9/08)
Yekaterinburg
5
Signs of stabilization and early recovery Cramo will yet finalise all adjustment activities in 2009 as planned
• After the summer, first signs of stabilisation and early recovery seen
– A number of economic growth projections have been revised upwards
– First positive GDP growth figures seen since the start of the crisis
– Within construction, residential start-ups have started to increase in many
countries
• In the rental business the first part of 2010 is still expected to be challenging
in many markets
– Late cyclical nature of the construction industry
– Construction growth still expected to be negative in many countries in 2010
� Cramo will finalise all adjustment activities in 2009 as planned earlier
in order to secure a sufficiently low cost base going forward
– Some 30% of personnel to be reduced from the August 2008 high
– Cost reductions of approximately EUR 35m targeted in 2009; Year-on-year, the
cost burden will be reduced by approximately EUR 50m in 2010
6
Stabilization in economic prospects2009 world outlook slightly improved, 2010 growth clearly up to 3,1%
-4 %
Total w orld US Euro area Japan CEE CIS
Economic growth 2009E Economic growth 2010E
Source: IMF World Economic Outlook April 2008 – October 2009
-8 %
-6 %
-4 %
-2 %
0 %
2 %
4 %
6 %
8 %
Apr-08
Jun-08
Aug-08
Oct-08
Dec-08
Feb-09
Apr-09
Jun-09
Aug-09
Oct-09
Output growth 2009
-8 %
-6 %
-4 %
-2 %
0 %
2 %
4 %
6 %
8 %
Jan-09
Mar-09
May-09
Jul-09
Sep-09
Output growth 2010
7
Regional variations in the pace of recoveryNordic countries, Central Europe and Russia expected to recover in
2010, growth in the Baltics still negative
GDP growth 2010EGDP growth 2009E-5,2 % -4,3 %
-1,7 %
-4,0 %
-10,0 %
-12,0 %
-10,0 %
-0,7 %
-3,5 %
-2,1 %
-6,0 %
-6,4 %
-4,8 %
-1,9 %
-2,4 %
-14,0 %
-18,0 %
-18,5 %
1,0 %
-4,3 %
-4,7 %
-7,5 %
-20 %
-15 %
-10 %
-5 %
0 %
5 %Finland
Sweden
Norway
Denmark
Estonia
Latvia
Lithuania
Poland
Czech Republic
Slovakia
Russia
Real GDP growth % (2009E)
2009E (Apr-2009) 2009E (Oct-2009)
-1,2 %
0,2 %
0,3 %
0,4 %
-1,0 %
-2,0 %
-3,0 %
1,3 %
0,1 %
1,9 %
0,5 %
0,9 %
1,2 %
1,3 %
0,9 %
-2,6 %
-4,0 %
-4,0 %
2,2 %
1,3 %
3,7 %
1,5 %
-20 %
-15 %
-10 %
-5 %
0 %
5 %
Finland
Sweden
Norway
Denmark
Estonia
Latvia
Lithuania
Poland
Czech Republic
Slovakia
Russia
Real GDP growth (2010E)
2010E (Apr-2009) 2010E (Oct-2009)
Source: IMF World Economic Outlook April 2009 – October 2009
8
36 %
11 %15 %
11 %
20 %13 %
31 %26 %
30 %
56 % 50 %
67 % 50 %
35 %
41 %
40 %
34 % 33 % 35 %
22 %
30 %
52 %
28 %34 %
0 %
10 %
20 %
30 %
40 %
50 %
60 %
70 %
80 %
90 %
100 %
UK & Ireland
Germ
any
France
Italy
Spain
Benelux
Nordic
Total
Higher Same Lower
2 %Balance*: -22 % -20 % -11 % -10 % -39 % 3 % -8 %
18 % 20 %
8 %14 %
0 %6 % 8 %
13 %
41 %
20 %
36 %
14 % 40 %
35 % 31 %
34 %
41 %
60 %56 %
71 %
60 % 58 %62 %
54 %
0 %
10 %
20 %
30 %
40 %
50 %
60 %
70 %
80 %
90 %
100 %
UK & Ireland
Germ
any
France
Italy
Spain
Benelux
Nordic
Total
Improving Stable Deteriorating
-23 %Balance*: -40 % -48 % -57 % -60 % -52 % -54 % -41 %
Rental companies still cautious about 2010However, clear improvement in confidence in Q3 / 2009
Fleet investments 2010 vs. 2009 (Q2/09)General business conditions (Q2/09)
Source: ERA / IRN Rental Tracker Survey June 2009 (International Rental News, September 2009) and October 2009.
* Difference between negative and positive answers
Q3/09 balance improvement from -41% to -15% Q3/09 balance improvement from -8% to -6%
9
Short term reassessment of earlier assumptions
• Market/region-specific variation in
– Growth drivers
– Trends
– Risks
• Different scenarios
PURSUE PROFITABLE
GROWTH
INVEST IN
RIGHT PEOPLE
FOCUS ON CUSTOMER
EXCEL IN FLEET
MANAGEMENT
One
ONE
� COMMON VISION
� COMMON VALUES
� COMMON IDENTITY
� COMMON PROCESSES AND SYSTEMS
� COMMON CONCEPTS AND SERVICES
• Positive cash flow / net debt
reduction
• Profitability at best possible level
• Fleet optimization Group-wide
2009 short term reviewPrevious view
2009 short term focus areasStrategic themes 2009-2011
• Equipment rental is expected to grow faster than the construction market in the long term despite short-term fluctuations in penetration
• In the Nordic countries rental penetration rate estimated to be between 30-40 %, while expected to eventually reach 60 %
• In Central and Eastern Europe rental penetration rate is currently very low, typically under 10 %
Increasing
rental
penetration
Growing
construction
market
Rental related
services
• Major growth potential in rental-related services, e g, in various types of site set-up services
• Service conceptualisation leading to rental companies taking wider responsibility for their clients’ needs
• According to Euroconstruct, most construction markets in which Cramo is present, are expected to start to recover gradually in 2010-11
• Nordic Countries and Central Europe (especially Poland) and Russia are expected to recover more quickly
• The Baltic countries are likely to face a slower recovery
Growth drivers Market trends
Outsourcing
Technological
innovation
• Construction companies outsourcing their rental business to free up capital for other usage
• Service and logistics efficiency
• The greater utilisation rate that equipment rental companies can provide for rental equipment
• General exchange of manpower for technology within construction
• Rental companies becoming experts in various types of even more specialized machinery
10
Strategic priorities and short-term adjustments
2008 2009 2010 2011
Cost adjustments
Adding flexibility and
efficiency
Strategic themes: Profitable growth; Focus on customer; Invest in
right people; Excel in Fleet Management; One Cramo
Constant Development: New offerings to the market; IT platform
Preparations for new
growth phase
11
Q3 / 2009
Group performance
12
83,6
96,7105,5
116,6
107,3116,4
129,0
143,8
126,8
154,0 155,7
143,3
106,9 109,3115,1
0
20
40
60
80
100
120
140
160
180
Q1 Q2 Q3 Q4
Quarterly sales (EUR m
illion)
2006 2007 2008 2009
Cramo quarterly sales development Sales were up from Q2/2009
Y-o-Y growth09 vs. 08
Y-o-Y growth08 vs. 07
* Growth in local currencies
-15,7%
(-6,7%)*
+18,2% +32,3% +20,7%-0,3%
(+6,7%)*
-29,0%
(-22,2%)*
-26,1%
(-22,0%)*
13
9,8
15,1
25,022,9
16,7
22,4
30,7
26,1
17,4
30,7
34,2
19,8
1,5
4,8
9,6
0
5
10
15
20
25
30
35
40
Q1 Q2 Q3 Q4
Quarterly EBITA (EUR m
illion)
2006 2007 2008 2009
Cramo quarterly EBITA development EBITA including reorganisation costs* improved from Q2/2009
EBITA-% 15,6% 19,3% 19,9% 23,7% 23,8% 22,0% 19,7% 18,2% 13,8%11,8% 15,5% 13,7% 1,4% 4,4%
* EBITA includes reorganisation expenses, credit losses and an increase in credit loss provisions totalling EUR 9,3m for 1-9/2009
8,3%
14
28,8 % 32,0 % 36,3 %
30,2 %
28,5 %
33,9 %
36,3 %
29,8 %
21,8 %
24,3 %
27,0 %
-13,3 %
-12,7 %
-12,4 %
-12,0 %
-14,8 %
-14,0 %
-14,4 %
-15,9 %
-20,4 %
-19,9 %
-18,7 %
15,5 % 19,3 % 23,8 %
18,2 %
13,7 %
19,9 %
22,0 %
13,8 %
1,4 % 4,4 %
8,3 %
-30 %
-20 %
-10 %
0 %
10 %
20 %
30 %
40 %
Q1/07 Q2/07 Q3/07 Q4/07 Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09
EBITDA / Depreciation / EBITA (% of quarterly sales)
EBITDA margin Depreciation EBITA margin
EBITDA & EBITA margin by quarter 2007-Q3/09Cost adjustments starting to become visible on the EBITDA level;
EBITA* burdened mainly by fleet depreciation Change 1-9/09 vs. 1-9/08
EBITDA margin: -8,8%
EBITA margin: -14,1%
* EBITA includes reorganisation expenses, credit losses and an increase in credit loss provisions totalling EUR 9,3m for 1-9/2009
Depreciation
burdening EBITA
15
Year 2009 is a ”Building for the Future” year for CramoDespite the downturn, clear resilience in the Group’s EBITDA margin
21,8 %24,3 %
27,0 %24,4 %
1,4 %
1,3 %
1,5 %
1,4 %1,5 %
0,9 %
1,8 %
1,4 %
0 %
5 %
10 %
15 %
20 %
25 %
30 %
35 %
Q1/2009 Q2/2009 Q3/2009 Q1-Q3/2009
% of quarterly sales
EBITDA Restructuring costs Credit losses and changes in credit loss provisions
16
Quarterly EPS performance (diluted)EPS in Q3/2009 remained slightly negative; EBT was positive
Note: 2005 EPS is for Rakentajain Konevuokraamo
0,08
0,21
0,34
0,170,14
0,31
0,43
0,49
0,28
0,48
0,62
0,48
0,26
0,52
0,59
0,22
-0,22
-0,15
-0,03
-0,30
-0,20
-0,10
0,00
0,10
0,20
0,30
0,40
0,50
0,60
0,70
Q1 Q2 Q3 Q4
Quarterly diluted EPS (EUR)
2005 2006 2007 2008 2009
17
0,0
0,5
1,0
1,5
2,0
2,5
3,0
3,5
4,0
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
Quarterly gross CapEx to depreciation or EBITDA
Gross CapEx / EBITDA Gross CapEx / Depreciation
Gross CapEx 2006-09 Gross CapEx / EBITDA & Depr. 2006-09
Capital ExpenditureInvestment holiday continued in Q3; investments mainly in modular space
Note: Gross CapEx does not include operational leasing or acquisitions.
27,6
28,8
27,8
27,7
40,8
52,2
31,7
50,8
58,4
75,7
35,2
31,9
12,1
7,0
5,7
0
10
20
30
40
50
60
70
80
Q1 Q2 Q3 Q4
Quarterly gross capital expenditure (EUR million)
2006 2007 2008 2009
18
-68,1
-38,9
-4,7
12,4 13,2
-1,9
27,6
-80
-60
-40
-20
0
20
40
Q1 Q2 Q3 Q4
Quarterly cash flow after investm
ents (EUR m
illion)
Cash flow after investments 2008 Cash flow after investments 2009
Cash flow from operations 2008-09 Cash flow after investments 2008-09
Cash flow Strong cash flow after investments at EUR 27,6m in Q3/2009
Note: CFO = Cash flow from operating activities
Acquisitions
EUR 28,5m
Acquisitions
EUR 8,6m
16,4
27,7
34,3
42,6
7,2
14,2
28,5
0
5
10
15
20
25
30
35
40
45
Q1 Q2 Q3 Q4
Quarterly cash flow from operations (EUR m
)
0 %
5 %
10 %
15 %
20 %
25 %
30 %
35 %
Quarte
rly cash flo
w fro
m operatio
ns to
sales
CFO 2008 CFO 2009 CFO / Sales 2008 CFO / Sales 2009
19
Cash flow in rental is typically counter-cyclicalThe 2009 downturn has been an ”acid test” to the business model
Note: 2005 is for Rakentajain Konevuokraamo
-100
-50
0
50
100
150
2005 2006 2007 2008 1-9/2009
EUR m
illion
Operating profit Operating cash flow Cash flow after investments
20
116,9 %
124,0 %
115,8 %
104,6 %
106,9 % 118,4 %
109,1 %
109,4 %126,5 %
147,1 %
149,3 %
155,6 %
121,5 %
113,1 %
151,3 %
0 %
20 %
40 %
60 %
80 %
100 %
120 %
140 %
160 %
180 %
Q1 Q2 Q3 Q4
Gearing %
2006 2007 2008 2009
37,1 %
35,2 %
37,0 %
38,2 %
39,1 %
36,9 %
38,2 %
37,3 %
35,9 %
32,0 %
32,4 %
32,4 %
32,2 %
36,4 %
38,0 %
0 %
5 %
10 %
15 %
20 %
25 %
30 %
35 %
40 %
45 %
Q1 Q2 Q3 Q4
Equity ratio %
2006 2007 2008 2009
Gearing 2006-09 Equity ratio 2006-09
Capital structureClear strengthening of capital structure continued in Q3/2009
21
Debt structure 30.9.2009 Debt/facitility maturity 31.12.2008
Debt structure and maturityFacilities further increased from Q2/2009, favorable maturity structure
11,3 13,8 13,8 13,8
112,7
125,0
29,4 28,3 30,0 22,4
20,0
26,5
23,2
71,5
44,8 45,936,7
258,4
27,9
0
50
100
150
200
250
300
2009 2010 2011 2012 2013 2013+
Interest bearing liabilities (EUR m)
Other (Repurchase liabilities, rent advances and other)
Commercial papers
Finance lease liabilities
Current (2009) loans drawn from facilities maturing in 2013
Bank & pension loans
Open commitments current
Open commitments non-current
Repurchase liabilities
Bank & Pension loans
Finance lease liabilities
Other
Rent advances
Other
Commercial papers
*Includes only bank loan facilities, excluding leasing facilities
148,3
2,0
52,374,0
110,0
264,5
6,5
7,5
38,423,8
12,0
428,8
90,7 97,8
122,0
0
50
100
150
200
250
300
350
400
450
500
Interest bearing
liabilities
(30.9.09)
Open
commitments*
(31.3.2009)
Open
commitments*
(30.6.09)
Open
commitments*
(30.9.09)
Interest bearing liabilities (EUR m
)
22
Net working capital and bad debt provisionsNWC under control, increasing provisions for bad debts
Net working capital Provision for bad debts
0
10
20
30
40
50
60
70
Q1/2008 Q2/2008 Q3/2008 Q4/2008 Q1/2009 Q2/2009 Q3/2009
Net working capital (EUR m)
Net w orking capital
0
1
2
3
4
5
6
7
8
9
Q1/2008 Q2/2008 Q3/2008 Q4/2008 Q1/2009 Q2/2009 Q3/2009
Provision for bad debts (EUR m
)0 %
1 %
2 %
3 %
4 %
5 %
6 %
7 %
8 %
9 %
Provision fo
r bad debts (%
of a
ccounts re
ceivable)
Provisions for bad debts Provision / Receivables
Cramo is constantly providing for bad debts according to the Group’s credit policy
23
Q3 / 2009
Business segments
24
Sales by business segment
EUR 331,3 million EUR 436,5 million
Sales 1-9/2009 Sales 1-9/2008
Sweden
47,3 %
Norway
14,1 %
Denmark
8,1 %
Central and
Eastern
Europe
9,8 %
Finland
20,8 %
Sweden
46,4 %
Norway
11,8 %
Denmark
7,7 %
Central and
Eastern
Europe
12,9 %
Finland
21,2 %
25
FinlandSupported by restructuring, profitability rose to a good level in Q3
� Sales declined compared to last year as a
result of lower construction activity and
fewer new project start-ups
� Price pressure and shorter contract periods
in equipment rental
� Demand for rental related services
particularly affected by slow-down
� Modular space continued to develop well
� Profitability up from Q2 but below last year
� Personnel reductions & adjustment of fleet
� Result includes restructuring expenses of
EUR 1,0m in 1-9/2009
� Franchising model implemented
� RT* forecasts a construction decline of 12%
in 2009 in Finland
Highlights Sales by quarter
* Rakennusteollisuus RT, October 2009
EBITA by quarter
Change Change
(EUR 1 000) % %
Sales 23 834 34 004 -29,9 % 69 686 94 792 -26,5 % 126 286
EBITA 4 291 9 672 -55,6 % 7 052 19 545 -63,9 % 26 346
EBITA-% 18,0 % 28,4 % 10,1 % 20,6 % 20,9 %
1-12/
2008
7-9/
2009
7-9/
2008
1-9/
2009
1-9/
2008
27,7
33,1 34,031,5
23,3 22,6 23,8
0
5
10
15
20
25
30
35
40
Q1 Q2 Q3 Q4
Quarterly sales (EUR m
illion)
2008
2009
3,7
6,1
9,7
6,8
0,91,8
4,3
0
2
4
6
8
10
12
Q1 Q2 Q3 Q4
Quarterly EBITA (EUR m
illion)
2008
2009
26
Change Change
(EUR 1 000) % %
Sales 55 296 70 652 -21,7 % 158 302 207 128 -23,6 % 273 849
EBITA 11 084 18 909 -41,4 % 28 197 48 858 -42,3 % 62 909
EBITA-% 20,0 % 26,8 % 17,8 % 23,6 % 23,0 %
7-9/
2009
7-9/
2008
1-9/
2009
1-9/
2008
1-12/
2008
SwedenGood profitability continued despite slow-down
� Sales declined by 22% compared to Q3 last
year (-16% in local currency)
� Continuing low demand and price pressure
� Several large construction projects ongoing
in Northern Sweden & Stockholm area;
signs of improvement in the South
� New agreement signed with NCC
� Profitability was on a good level but below
last year
� Tightened co-operation between Southern
Sweden and Denmark in maintenance and
logistics
� Personnel reductions & adjustments of fleet
� Latest estimates** predict declines of some
-8% in construction in 2009
* Change in sales measured in local currency
** Sveriges Byggindustrier, October 2009
Highlights
-13,8%*(local curr.)
-15,8%*(local curr.)
Sales by quarter
EBITA by quarter
62,7
73,8 70,766,7
50,1 53,0 55,3
0
10
20
30
40
50
60
70
80
Q1 Q2 Q3 Q4
Quarterly sales (EUR m
illion)
2008
2009
13,1
16,9
18,9
14,1
7,3
9,811,1
0
2
4
6
8
10
12
14
16
18
20
Q1 Q2 Q3 Q4
Quarterly EBITA (EUR m
illion)
2008
2009
27
Change Change
(EUR 1 000) % %
Sales 15 615 18 249 -14,4 % 47 108 52 453 -10,2 % 69 684
EBITA 853 2 317 -63,2 % 3 124 5 569 -43,9 % 6 135
EBITA-% 5,5 % 12,7 % 6,6 % 10,6 % 8,8 %
1-12/
2008
7-9/
2009
7-9/
2008
1-9/
2009
1-9/
2008
NorwayProfitability in 2009 has been satisfactory
� Sales decreased by 14% compared to last
year in Q3 (-9% in local currency)
� Successful expansion of customer base
within large and medium size construction
companies and the industry
� New agreement with NCC
� Modular space demand fairly good
� Profitability remained below last year in Q3
and also fell below Q2 / 2009
� Measures aimed at improving profitability to
continue, including reorganisation of
logistics, transport and service network
� Some personnel reductions
� Euroconstruct** estimates construction to
decrease by nearly six percent in 2009
* Change in sales measured in local currency
** Euroconstruct, June 2009
Highlights
-1,7%*(local curr.)
-9,2%*(local curr.)
Sales by quarter
EBITA by quarter
15,6
18,6 18,217,2
15,8 15,7 15,6
0
2
4
6
8
10
12
14
16
18
20
Q1 Q2 Q3 Q4
Quarterly sales (EUR m
illion)
2008
2009
0,9
2,4 2,3
0,6
1,2 1,10,9
0
1
2
3
Q1 Q2 Q3 Q4
Quarterly EBITA (EUR m
illion)
2008
2009
28
DenmarkDue to restructuring measures, profitability still unsatisfactory in Q3
� Sales declined in Q3 compared to previous
year, but the rate of decline was lower than
in previous quarters
� Weak market situation continued combined
with tight competition and price pressure
� Profitability was unsatisfactory in Q3
� The result was strained by reorganisation
expenses of EUR 2,5m in 1-9/09
� Measures to cut costs, reduce rental fleet &
improve operational efficiency continued
� Personnel reduced to correspond with the
new operating model
� Danish crane fleet sold to Ajos A/S
� Euroconstruct estimated the construction
market to decrease by some 8% in 2009
* Euroconstruct, June 2009
*) Change over 100%
Highlights Sales by quarter
EBITA by quarter
Change Change
(EUR 1 000) % %
Sales 9 747 11 807 -17,4 % 27 028 34 135 -20,8 % 44 387
EBITA -1 571 193 *) -4 471 512 *) -2 888
EBITA-% -16,1 % 1,6 % -16,5 % 1,5 % -6,5 %
7-9/
2009
7-9/
2008
1-9/
2009
1-9/
2008
1-12/
2008
10,5
11,9 11,8
10,3
8,5 8,89,7
0
2
4
6
8
10
12
14
Q1 Q2 Q3 Q4
Quarterly sales (EUR million)
2008
2009
-0,2
0,50,2
-3,4
-1,7
-1,2
-1,6
-4
-3
-2
-1
0
1
Q1 Q2 Q3 Q4Quarterly EBITA (EUR m
illion)
2008
2009
29
Change Change
(EUR 1 000) % %
Sales 11 979 23 574 -49,2 % 32 787 57 672 -43,1 % 77 434
EBITA -3 008 5 380 *) -12 440 9 638 *) 9 880
EBITA-% -25,1 % 22,8 % -37,9 % 16,7 % 12,8 %
1-12/
2008
7-9/
2009
7-9/
2008
1-9/
2009
1-9/
2008
Central and Eastern Europe*EBITA still unsatisfactory due to heavy depreciation; clear profitimprovement from Q2/2009
� Sales continued to be depressed, combined
with unsatisfactory profitability
� Heavy depreciation straining EBITA, result
also significantly affected by reorganisation
expenses of EUR 0,8m and credit losses
and an increase in credit loss provisions of
EUR 2,3m in 1-9/09
� EBITA and EBITDA yet improved from Q2.
EBITDA improved by EUR 1,1m, being
EUR 2,6m, or 21,3 per cent of sales in Q3
� The impact of the economic recession has
been heavier than expected in the CEE
area, particularly in the Baltics
� Latest Euroconstruct*** estimates for 2009
show varying performance for CEE
* Includes Estonia, Latvia, Lithuania, Poland, the Czech Republic, Slovakia, and Russia
** Change in sales measured in local currency
*** Euroconstruct, June 2009
*) Change over 100%
Highlights
-36,7%**(local curr.)
-43,9%**(local curr.)
Sales by quarter
EBITA by quarter
14,2
19,9
23,6
19,8
10,4 10,412,0
0
5
10
15
20
25
Q1 Q2 Q3 Q4
Quarterly sales (EUR million)
2008
2009
1,5
2,8
5,4
0,2
-4,9 -4,5
-3,0
-6
-4
-2
0
2
4
6
Q1 Q2 Q3 Q4
Quarterly EBITA (EUR m
illion)
2008
2009
30
Modular space order bookOrder book remained on a good level
72,6
77,3 78,582,0
97,693,7
88,9
94,6
99,2 101,0
111,9
106,8
94,597,5 96,3
0
20
40
60
80
100
120
3/06
6/06
9/06
12/06
3/07
6/07
9/07
12/07
3/08
6/08
9/08
12/08
3/09
6/09
9/09
Order book (EUR m
)
0 %
10 %
20 %
30 %
40 %
50 %
60 %
70 %
80 %
90 %
100 %
Share of re
ntal (%
of to
tal order b
ook)
Rental Sales Share of rental (% of total order book)
31
Actions to secure competitiveness and
development projects going forward
32
44,1
53,2
46,3
51,9
35,5 33,937,5
0
10
20
30
40
50
60
70
Q1 Q2 Q3 Q4
Materials and services (EUR m)
2008 2009
28,4
31,728,6 29,7
26,7 27,125,5
0
5
10
15
20
25
30
35
40
Q1 Q2 Q3 Q4
Employee benefits (EUR m)
2008 2009
25,1
29,727,7
30,5
25,2 24,8 24,8
0
5
10
15
20
25
30
35
40
Q1 Q2 Q3 Q4
Other operating expenses (EUR m)
2008 2009
2 451
2 791 2 832 2 785
2 471 2 4022 239
0
500
1 000
1 500
2 000
2 500
3 000
3 500
Q1 Q2 Q3 Q4
Personnel (end of period, FTE)
2008 2009
Impact of contingency plan actions on EBITDACost adjustments bearing fruit, all savings not yet reflected
Materials and services Personnel costs
-6,3% -14,7%
+0,6% -16,5%
Other operating expenses Number of employees
+0,8% -13,9%
-19,6% -36,4%
Note: 1-9/2009 costs include reorganisation expenses of EUR 4,7m and credit losses and an increase in credit loss provisions of
EUR 4,6m
-19,0% -10,8%
-10,2% -20,9%
33
Cramo actions to secure competitiveness
• Positive cash flow after investments and net debt reduction
– Strong operational cash flow and low level of investments
• Profitability at best possible level
– Increased focus on sales activities, specific focus on growth pocket
segments, e g, public infrastructure investments, renovation, stimulus
program initiatives
– Continuing extensive personnel cost reductions – total headcount to be
reduced by some 30% (FTEs) in 2009 compared to August 2008
– Together with other ongoing cost adjustment measures, the Group aims
at cost savings of approximately EUR 35m in 2009. Year-on-year, in
2010, the cost burden will be reduced by approximately EUR 50m
• Fleet optimisation Group-wide
– Focus expanded from internal transfers also to external sales of fleet
34
Commitment to development and innovationNew initiatives to drive customer value and increase efficiency
• Despite challenging economic times, Cramo has continued an active development
of new rental offerings that drive customer value
• Examples of such offerings and concepts include
– Cramo 24
– Web Depot
– Cramo Flexi
– Cramo Insurance
– Cramo Bonus
– Cramo Safety
– Cramo Smart Energy
– Franchising model
• In addition, Cramo has continued to develop internal efficiency
– Development and implementation of uniform IT platforms
– Common KPIs throughout the organization
� Cramo’s goal is to be the market shaper also in the future
� During the downturn, Cramo has continued to invest in new offering, rental
concepts, systems and processes. The benefits of these investments shall
become more visible when the market turns
35
Development and innovationExamples of new initiatives currently under testing / implementation
• Unmanned depot with a basic assortment
of most commonly used tools
• Accessible around the clock for subscribing
customers
• Additional equipment can be pre-ordered to
Cramo 24 depots
• Maximum flexibility and availability
Cramo 24 – Equipment around
the clock
• Fixed monthly rental fee covering a
minimum of three tools
• Complete freedom to change to or add
another type of machine within the Flexi
product range at any Cramo depot
• Quick replacement of machines in case of
break-down
Cramo Flexi – Flexible rental
alternative to buying tools
36
Future prospectsSummary outlook for the immediate future
� During Q3/09, markets were seen stabilising, and there were some early signs of recovery. However, because of the cyclical nature of the construction industry and low investment levels inindustry, Cramo expects the Group’s economic operating environment to continue on a low level towards year end.
� Government actions to stimulate economic recovery in the varioussectors of construction will balance some of the recessionary effects. In the modular space business, long-term agreements will moderate the cyclical fluctuations in Cramo’s operations.
� Having completed major restructurings, certain cost cuts will still continue. The reduction in headcount will be appr. 30% in 2009, compared with August 2008. Other actions aim at an efficiency increase and better rental equipment fleet utilisation rates.
� The adjustments are expected to generate cost savings of approximately EUR 35m in 2009. Y-o-y, in 2010, the cost burden will be reduced by approximately EUR 50 m.
� The demand for equipment rental services might continue to decrease in many markets in H1/10. Recent reports on signs of early recovery and increasing residential construction, support a forecast according to which the demand for equipment rental might see an upswing in H2/10. However, there are still significant uncertainties associated with 2010 forecasts.
� The Group’s Gross CapEx in 2009 will be appr. EUR 30–35m and mainly allocated to the purchase of modular space. The Group anticipates the low investment level to continue also in 2010.
� The Group’s cash flow after investments will be positive in 2009. We expect H2/09 EBITA to improve over H1/09 EBITA.
Appendix
38
Key figures
*) Change over 100%
Change Change
EUR (1 000) % %
INCOME STATEMENT FIGURES
Sales 115 089 155 697 -26,1 % 331 274 436 486 -24,1 % 579 802
Operating profit before amortisation on intangible assets
resulting from acquisitions (EBITA)
9 577 34 215 -72,0 % 15 899 82 310 -80,7 % 102 153
Operating profit (EBIT) 7 838 32 255 -75,7 % 10 799 77 225 -86,0 % 91 804
Profit before tax (EBT) 2 051 24 517 -91,6 % -6 708 58 926 *) 63 675
Profit for the period -998 18 019 *) -12 373 41 917 *) 48 650
PER-SHARE FIGURES
Earnings per share (EPS) before amort. on intangible
assets resulting from acquisitions, diluted, EUR
0,01 0,64 -98,4 % -0,28 1,49 *) 1,84
Earnings per share (EPS), undiluted, EUR -0,03 0,59 *) -0,40 1,37 *) 1,59
Earnings per share (EPS), diluted, EUR -0,03 0,59 *) -0,40 1,37 *) 1,59
Equity per share, EUR 10,37 11,39 -9,0 % 10,42
BALANCE SHEET FIGURES
Equity ratio, % 38,0 % 32,4 % 32,4 %
Gearing, % 113,1 % 147,1 % 149,3 %
Net interest-bearing liabilities 412 664 513 694 -19,7 % 477 124
OTHER KEY FIGURES
Return on equity, rolling 12-month, % -1,6 % 16,9 % 14,9 %
Gross capital expenditure 24 851 169 270 -85,3 % 201 192
% of sales 7,5 % 38,8 % 34,7 %
Average number of personnel (FTE) 2 443 2 643 -7,6 % 2 688
Number of personnel at end of period (FTE) 2 239 2 832 -20,9 % 2 785
1-12/
2008
7-9/
2009
7-9/
2008
1-9/
2009
1-9/
2008
39
Consolidated income statement
*) Change over 100%
Change Change
EUR (1 000) % %
SALES 115 089 155 697 -26,1 % 331 274 436 486 -24,1 % 579 802
Other operating income 1 046 1 097 -4,6 % 3 140 9 994 -68,6 % 16 855
Change in inventories of finished
goods and work in progress
482 -536 *) -34 446 *) -770
Production for own use 2 330 2 866 -18,7 % 7 539 12 833 -41,3 % 18 725
Materials and services -37 528 -46 305 -19,0 % -106 876 -143 665 -25,6 % -195 596
Employee benefits -25 501 -28 586 -10,8 % -79 231 -88 768 -10,7 % -118 452
Depreciation and impairments -21 510 -22 353 -3,8 % -65 039 -62 567 4,0 % -85 412
Amortisation on intangible assets
resulting from acquisitions
-1 738 -1 961 -11,4 % -5 100 -5 085 0,3 % -10 350
Other operating expenses -24 832 -27 665 -10,2 % -74 874 -82 451 -9,2 % -112 999
OPERATING PROFIT 7 838 32 255 -75,7 % 10 799 77 225 -86,0 % 91 804
% of sales 6,8 % 20,7 % 3,3 % 17,7 % 15,8 %
Finance costs (net) -5 787 -7 739 -25,2 % -17 507 -18 300 -4,3 % -28 128
PROFIT BEFORE TAX 2 051 24 517 -91,6 % -6 708 58 926 *) 63 675
% of sales 1,8 % 15,7 % -2,0 % 13,5 % 11,0 %
Income taxes -3 049 -6 497 -53,1 % -5 665 -17 008 -66,7 % -15 025
PROFIT FOR THE PERIOD -998 18 019 *) -12 373 41 917 *) 48 650
% of sales -0,9 % 11,6 % -3,7 % 9,6 % 8,4 %
1-12/
2008
7-9/
2009
7-9/
2008
1-9/
2009
1-9/
2008
40
Consolidated balance sheet
*) Change over 100%
30.9. 30.9. Change 31.12.
EUR (1 000) 2009 2008 % 2008
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 548 442 621 860 -11,8 % 585 554
Goodwill 154 487 159 390 -3,1 % 147 850
Other intangible assets 97 610 108 651 -10,2 % 97 259
Available-for-sale investments 340 317 7,3 % 314
Receivables 2 880 3 857 -25,3 % 2 964
Derivative financial instruments 369 1 472 -74,9 %
Deferred income tax assets 18 667 9 159 *) 17 391
TOTAL NON-CURRENT ASSETS 822 797 904 707 -9,1 % 851 333
CURRENT ASSETS
Inventories 13 435 20 250 -33,7 % 15 920
Trade and other receivables 105 970 135 975 -22,1 % 113 075
Income tax receivables 9 527 5 007 90,3 % 4 394
Derivative financial instruments 759 *) 4 741
Cash and cash equivalents 16 152 19 200 -15,9 % 8 123
TOTAL CURRENT ASSETS 145 843 180 433 -19,2 % 146 254
Assets available for sale 5 951
TOTAL ASSETS 974 591 1 085 139 -10,2 % 997 587
30.9. 30.9. Change 31.12.
EUR (1 000) 2009 2008 % 2008
EQUITY AND LIABILITIES
EQUITY
Share capital 24 835 24 835 0,0 % 24 835
Share premium fund 186 910 186 910 0,0 % 186 910
Fair value reserve 117 117 0,0 % 117
Hedging fund 1 497 6 877 -78,2 % 6 792
Translation differences -16 086 -8 528 88,6 % -30 289
Retained earnings 117 515 138 905 -15,4 % 131 111
EQUITY ATTRIBUTABLE TO EQUITY
HOLDERS OF THE PARENT COMPANY 314 788 349 116 -9,8 % 319 476
Minority interest 503 *)
Hybrid capital 49 630 *)
TOTAL EQUITY 364 921 349 116 4,5 % 319 476
NON-CURRENT LIABILITIES
Provisions 107 347 -69,2 % 186
Deferred income tax liabilities 78 263 73 545 6,4 % 78 967
Derivative financial instruments 4 315 *)
Interest-bearing liabilities 295 174 321 064 -8,1 % 288 700
Other non-current liabilities 6 465 9 695 -33,3 % 5 622
TOTAL NON-CURRENT LIABILITIES 384 324 404 651 -5,0 % 373 475
CURRENT LIABILITIES
Trade and other payables 81 361 95 425 -14,7 % 93 515
Interest-bearing liabilities 133 642 211 830 -36,9 % 196 546
Derivative financial instruments 2 286 *) 1 720
Income tax liabilities 8 057 24 117 -66,6 % 12 855
TOTAL CURRENT LIABILITIES 225 346 331 371 -32,0 % 304 636
Liabilities related to assets available for sale 0
TOTAL LIABILITIES 609 670 736 023 -17,2 % 678 111
TOTAL EQUITY AND
LIABILITIES 974 591 1 085 139 -10,2 % 997 587
41
Cash flow statement
1-9/ 1-9/ 1-12/
EUR (1 000) 2009 2008 2008
Cash flows from operating activities 49 903 78 373 120 960
Cash flows from investing activities -14 629 -187 215 -216 568
Cash flows from financing activities
Dividends paid -6 132 -19 929 -19 929
Increase (+) / decrease (-) in liabilities -51 331 101 698 68 235
Increase (+) / decrease (-) in lease liabilities -17 153 28 120 39 154
Hybrid capital 49 500
Acquisition of own shares -500
Cash flows from financing activities, total -25 616 109 889 87 460
Net change in cash and cash equivalents 9 658 1 047 -8 149
Cash and cash equivalents at period start 8 123 18 489 18 489
Translation difference -1 629 -336 -2 217
Cash and cash equivalents at period end 16 152 19 200 8 123
42
Segment performance
*) Change over 100%
Change Change
SALES, EUR (1 000) % %
Finland 23 834 34 004 -29,9 % 69 686 94 792 -26,5 % 126 286
Sweden 55 296 70 652 -21,7 % 158 302 207 128 -23,6 % 273 849
Norway 15 615 18 249 -14,4 % 47 108 52 453 -10,2 % 69 684
Denmark 9 747 11 807 -17,4 % 27 028 34 135 -20,8 % 44 387
Central and Eastern Europe 11 979 23 574 -49,2 % 32 787 57 672 -43,1 % 77 434
Intra-segment sales -1 382 -2 590 -46,6 % -3 637 -9 693 -62,5 % -11 838
Sales, total 115 089 155 697 -26,1 % 331 274 436 486 -24,1 % 579 802
Change Change
EBITA, EUR (1 000) % %
Finland 4 291 9 672 -55,6 % 7 052 19 545 -63,9 % 26 346
Sweden 11 084 18 909 -41,4 % 28 197 48 858 -42,3 % 62 909
Norway 853 2 317 -63,2 % 3 124 5 569 -43,9 % 6 135
Denmark -1 571 193 *) -4 471 512 *) -2 888
Central and Eastern Europe -3 008 5 380 *) -12 440 9 638 *) 9 880
Non-allocated capital gains and other income 0 0 0 6 025 10 082
Non-allocated Group activities -2 052 -2 106 -2,6 % -5 579 -7 110 -21,5 % -9 530
Eliminations -21 -150 -86,0 % 17 -727 *) -781
EBITA, total 9 577 34 215 -72,0 % 15 899 82 310 -80,7 % 102 153
1-12/
2008
7-9/
2009
7-9/
2008
1-9/
2009
1-9/
2008
1-12/
2008
7-9/
2009
7-9/
2008
1-9/
2009
1-9/
2008