2007-08-16 08:00:00 CEST

2007-08-16 08:00:00 CEST


REGULATED INFORMATION

English Finnish
Cramo Oyj - Quarterly report

CRAMO'S STRONG HALF-YEAR PERFORMANCE - INTERIM REPORT FOR Q2/2007


CRAMO'S STRONG HALF-YEAR PERFORMANCE - INTERIM REPORT FOR Q2/2007               

- Consolidated sales: EUR 223.7 (180.3) million, up 24.0%                       
- Consolidated operating profit before amortisation on intangible assets        
resulting from acquisitions (EBITA): EUR 39.1 (24.9) million, up 56.9%          
- Consolidated operating profit (EBIT): EUR 37.0 (22.8) million, up 62.3%       
- Undiluted earnings per share EUR 0.77 (0.45) and diluted earnings per share   
EUR 0.76 (0.45)                                                                 
- New target for sales growth more than 18% annually and EBITA more than 18% of 
consolidated sales                                                              
- In 2007, Cramo expects its sales to continue to show solid growth together    
with a steady EBITA-% improvement                                               

--------------------------------------------------------------------------------
| KEY FIGURES AND RATIOS  |  4-6/07 |   4-6/06 |  1-6/07 |   1-6/06 |  1-12/06 |
| (EUR 1,000)             |         |          |         |          |          |
--------------------------------------------------------------------------------
| Sales, EUR 1,000        | 116,396 |   96,746 | 223,693 |  180,337 |  402,425 |
--------------------------------------------------------------------------------
| Operating profit before |  22,426 |   15,078 |  39,083 |   24,914 |   72,834 |
| amortisation on         |         |          |         |          |          |
| intangible assets       |         |          |         |          |          |
| resulting from          |         |          |         |          |          |
| acquisitions(EBITA)     |         |          |         |          |          |
--------------------------------------------------------------------------------
| Operating profit (EBIT) |  21,384 |   13,998 |  36,974 |   22,776 |   68,569 |
--------------------------------------------------------------------------------
| Profit before tax (EBT) |  18,198 |   11,714 |  29,825 |   17,498 |   56,585 |
--------------------------------------------------------------------------------
| Profit for the period   |  14,864 |    9,382 |  23,585 |   13,665 |   41,944 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share      |    0.51 |     0.34 |    0.82 |     0.52 |     1.50 |
| (EPS) before            |         |          |         |          |          |
| amortisation on         |         |          |         |          |          |
| intangible assets       |         |          |         |          |          |
| resulting from          |         |          |         |          |          |
| acquisitions, diluted,  |         |          |         |          |          |
| EUR                     |         |          |         |          |          |
--------------------------------------------------------------------------------
| Earnings per share      |    0.49 |     0.31 |    0.77 |     0.45 |     1.39 |
| (EPS), undiluted, EUR   |         |          |         |          |          |
--------------------------------------------------------------------------------
| Earnings per share      |    0.48 |     0.31 |    0.76 |     0.45 |     1.36 |
| (EPS), diluted, EUR     |         |          |         |          |          |
--------------------------------------------------------------------------------
| Equity per share, EUR   |         |          |    9.81 |     8.67 |     9.66 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity ratio, %         |         |          |    36.9 |     35.2 |     38.2 |
--------------------------------------------------------------------------------
| Gearing, %              |         |          |   118.4 |    124.0 |    104.6 |
--------------------------------------------------------------------------------
| Net interest-bearing    |         |          | 356,186 |  323,076 |  305,643 |
| liabilities             |         |          |         |          |          |
--------------------------------------------------------------------------------
| Gross capital           |         |          |  92,994 |   56,360 |  111,864 |
| expenditure, EUR 1,000  |         |          |         |          |          |
--------------------------------------------------------------------------------
| % of sales              |         |          |    41.6 |     31.3 |     27.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Average personnel       |         |          |   2,063 |    1,768 |    1,828 |
--------------------------------------------------------------------------------

SUMMARY OF FINANCIAL PERFORMANCE IN THE FIRST HALF OF 2007                      

Cramo's consolidated sales continued to develop favourably during the second    
quarter. Consolidated sales and EBITA in January-June increased in all market   
areas. Consolidated sales in January-June were EUR 223.7 million. Compared to   
the corresponding period last year (EUR 180.3 million), consolidated sales      
increased by 24.0 per cent. Sales growth of continuing operations, i e, sales   
excluding the Dutch business operations that were divested on 1 April 2007,     
amounted to 26.7 per cent. Organic growth was 24.5 per cent. Sales were boosted 
by continuing favourable market conditions, positive price development, a higher
rental equipment utilisation rate and successful equipment investments in the   
main market areas.                                                              

Second-quarter performance was affected by a capital gain of EUR 4.0 million    
from the sale of the Dutch business operations recognised in other operating    
income. Costs associated with the change to the Cramo brand were substantial in 
the second quarter as planned, and amounted to EUR 2.9 million (EUR 4.4 million 
in the first half of 2007). The above non-recurring items, as well as EUR 0.7   
million (EUR 1.1 million in the first half of 2007) of costs associated with the
stock option scheme, must be taken into account when comparing the Q2/2007      
performance with the corresponding period last year.                            

In January-June, consolidated operating profit before amortisation on intangible
assets resulting from corporate acquisitions (EBITA) amounted to EUR 39.1 (24.9)
million, accounting for 17.5 (13.8) per cent of consolidated sales. EBITA       
increased by 56.9 per cent year on year, thanks to strong demand and growth in  
rental equipment utilisation rates.                                             

OUTLOOK FOR THE NEXT 12 MONTHS                                                  

Economic development is expected to remain favourable with respect to Cramo's   
business environment. Growth in construction activity coupled with major        
infrastructure projects in industry and the public sector will continue to fuel 
growth in the equipment rental business. The growth in Nordic construction is   
expected to continue, however, on a slightly lower level. Central and Eastern   
Europe are expected to see sustained strong growth in construction. Equipment   
rental services expand at a faster rate compared to general growth in           
construction, due to factors such as increasing penetration rates for these     
services. Demand for modular space is also expected to continue its increase,   
supported by relocations, demographic changes and industry needs for            
increasingly flexible building solutions.                                       

Strong demand in all of the Group's main markets will continue to require       
substantial capital expenditure growth in 2007.                                 

The Group intends to further enhance its position in all of its market areas.   
The company will continue to map out its growth potential.                      

The most significant uncertainties faced by Cramo's business are associated with
general cyclical and economic development, changes in interest and              
foreign-exchange rates as well as the success of the Group's acquisitions.      
                                                                                
In 2007, Cramo expects its sales to continue to show solid growth together with 
a steady EBITA-% improvement.                                                   

SALES AND PROFIT                                                                

Cramo Plc is a service company specialising in equipment rental services, as    
well as the rental and sale of modular space. Its equipment rental services     
comprise construction machinery and equipment rentals and rental-related        
services. These rental-related services include construction-site and           
installation services. As one of the industry's leading service providers in the
Nordic countries and Central and Eastern Europe, Cramo Plc operates in Finland, 
Sweden, Norway, Denmark, Estonia, Latvia, Lithuania, Poland, the Czech Republic 
and Russia.                                                                     

Cramo's consolidated sales and profitability continued to develop favourably in 
January-June.                                                                   

Second-quarter sales amounted to EUR 116.4 million. Year on year, consolidated  
sales increased by 20.3 per cent (from EUR 96.7 million). The equipment rental  
business reported April-June sales of EUR 100.2 (82.5) million, and the modular 
space business reported April-June sales of EUR 18.2 (15.5) million.            
Inter-segment sales (equipment rental and modular space) came to EUR 55 (54)    
thousand during the period.                                                     

Second-quarter operating profit (EBITA) amounted to EUR 22.4 (15.1) million,    
accounting for 19.3 (15.6) per cent of sales. The equipment rental business     
reported an April-June EBITA of EUR 23.6 (14.0) million, while the modular space
business reported an EBITA of EUR 4.4 (2.9) million.                            

Consolidated sales in January-June were EUR 223.7 million. Year on year,        
consolidated sales increased by 24.0 per cent (from EUR 180.3 million). Sales   
growth of continuing operations, i e, sales excluding the Dutch business        
operations that were divested on 1 April 2007, amounted to 26.7 per cent.       
Organic growth was 24.5 per cent. The sales improvement was due to good market  
conditions, the mild winter weather with its favourable effect on construction, 
positive price development, a higher rental equipment utilisation rate and      
successful equipment investments in the main market areas.                      

The equipment rental business reported January-June sales of EUR 191.4 (152.3)  
million, up by 25.7 per cent, with Central and Eastern Europe still showing the 
strongest growth. The modular space business reported January-June sales of EUR 
36.0 (29.6) million, up by 21.4 per cent, fuelled by strong demand, favourable  
price development and substantial sales contracts concluded during the period.  

Inter-segment sales (equipment rental and modular space) in January-June came to
EUR 98 (124) thousand.                                                          

In January-June, consolidated operating profit before amortisation on intangible
assets resulting from corporate acquisitions (EBITA) amounted to EUR 39.1 (24.9)
million, accounting for 17.5 (13.8) per cent of consolidated sales. EBITA       
increased by 56.9 per cent year on year. Excluding the Dutch business           
operations, EBITA increased by 58.6 per cent. Healthy demand and growth in      
rental equipment utilisation rates contributed to this profitability            
improvement.                                                                    

The equipment rental business recorded an EBITA of EUR 39.0 (23.0) million,     
accounting for 20.4 (15.1) per cent of sales, up by 69.5 per cent year on year. 
The modular space business posted an EBITA of EUR 9.2 (5.7) million, or 25.6    
(19.2) per cent of sales, up by 61.7 per cent year on year.                     

Operating profit (EBIT) in January-June was EUR 37.0 (22.8) million,            
representing 16.5 (12.6) per cent of consolidated sales.                        

Profit before tax in January-June amounted to EUR 29.8 (17.5) million. Profit   
for the reporting period stood at EUR 23.6 (13.7) million. Undiluted earnings   
per share came to EUR 0.77 (0.45) and diluted earnings per share EUR 0.76       
(0.45).                                                                         

Return on investment (rolling 12-month ROI) stood at 13.0 per cent and return on
equity (rolling 12-month ROE) at 24.6 per cent.                                 

CAPITAL EXPENDITURE AND DEPRECIATION/AMORTISATION                               

Gross capital expenditure of EUR 93.0 (56.4) million was mainly allocated to the
purchase of rental equipment. Company acquisitions carried out during the       
reporting period are not included in gross capital expenditure.                 

Reported depreciation on property, plant and equipment, and software totalled   
EUR 29.1 (24.9) million. Amortisation on intangible assets resulting from       
acquisitions totalled EUR 2.1 million. At the end of the period, goodwill       
totalled EUR 149.6 million, of which EUR 3.5 million represented preliminary    
goodwill from company acquisitions during the period.                           

FINANCIAL POSITION AND BALANCE SHEET                                            

The Group showed a positive net cash flow of EUR 42.4 (35.5) million from       
operating activities. Net cash flow used in investing activities came to EUR    
-76.0 (-47.8) million. Net cash flow used in financing activities amounted to   
EUR 9.8 (27.7) million. At the end of the period, cash and cash equivalents     
amounted to EUR 17.3 (38.1) million, with the net change coming to EUR -23.7    
(15.4) million.                                                                 

On 30 June 2007, Cramo Group's gross interest-bearing liabilities totalled EUR  
373.5 (361.1) million. The Group has used interest-rate swaps of around EUR     
140.2 million to hedge its non-current loans, and applies hedge accounting to   
that amount.                                                                    

On 30 June 2007, Group net interest-bearing liabilities totalled EUR 356.2      
(323.1) million while gearing stood at 118.4 (124.0) per cent.                  

On the same date, the consolidated balance sheet total came to EUR 823.6 (742.9)
million and the equity ratio was 36.9 (35.2) per cent.                          

Property, plant and equipment amounted to EUR 426.4 million of the balance sheet
total, with equipment rental representing EUR 312.4 million or 73.3 per cent and
modular space representing EUR 114.0 million or 26.7 per cent.                  

Net working capital on 30 June 2007 amounted to EUR 42.9 million, with equipment
rental representing EUR 31.4 million or 73.2 per cent and modular space         
representing EUR 11.5 million or 26.8 per cent. Inventories on 30 June 2007     
amounted to EUR 16.4 million, with modular space representing EUR 12.3 million  
or 74.8 per cent.                                                               

GROUP STRUCTURE                                                                 

At the end of the reporting period, Cramo Group consisted of the following      
operating companies: Cramo Plc (parent company) and its subsidiaries in Finland,
Sweden, Norway, Denmark, Estonia, Latvia, Lithuania and Poland, as well as Cramo
Instant Oy's subsidiaries in Finland and Suomen Tähtivuokraus Oy's subsidiaries 
in Poland, the Czech Republic and Russia.                                       

A network of some 250 depots provides equipment rental services. Cramo Instant  
Oy in Finland and Cramo Instant Ab in Sweden, Norway and Denmark are engaged in 
the modular space business. Cramo Instant Oy operated under the name            
Tilamarkkinat Oy until 31 March 2007.                                           

The Group simplified its legal structure. On 1 April 2007, the parent company   
Cramo Plc's equipment rental operations within Finland was transferred to Cramo 
Finland Oy, a subsidiary wholly owned by the parent company. In April, other    
operating Group subsidiaries outside Finland were transferred to Cramo Plc's    
direct ownership, and actions to reduce the number of Group companies continued.

BUSINESS DEVELOPMENT                                                            

The sale of Cramo Plc's Dutch subsidiary Cramo Nederland B.V. to Jaston Groep   
B.V. became effective on 11 April 2007. The sale generated a capital gain of EUR
4.0 million. This divestment of the Dutch operations is part of the Group's     
strategy of focusing on its core market area in the Nordic countries and on the 
fast growing Central and Eastern European equipment rental services markets.    

Cramo carried out three business acquisitions in the second quarter to improve  
its market position.                                                            
On 2 May 2007, Cramo Plc's Finnish subsidiary Cramo Finland Oy acquired the     
equipment rental business of JM-Alltrans Oy. JM-Alltrans is based in Kirkkonummi
and specialises in the rental of small earth construction equipment. Its sales  
in 2006 amounted to approximately EUR 1.1 million. The business has been        
consolidated with Cramo Group since 1 May 2007.                                 

On 27 June 2007, Cramo Finland Oy acquired the rental and sales business of     
Oskarin Vuokrakone Oy operating in the Jyväskylä region. The company's sales in 
the 12-month accounting period that ended on 28 February 2007 amounted to       
approximately EUR 0.8 million. The business has been consolidated with the Group
since 1 July 2007.                                                              

On 1 June 2007, Cramo Plc's Estonian subsidiary Cramo Estonia AS acquired the   
operations of a Madara service office located in Tallinn from the company Bygg &
Maskin. The service office's net sales in 2006 amounted to approximately EUR 0.1
million. The business will be consolidated with Cramo Group as of 1 June 2007.  

Costs associated with the change to the Cramo brand were most substantial in the
second quarter as planned, and amounted to EUR 2.9 million. In January-June,    
costs associated with the change to the Cramo brand totalled EUR 4.4 million. In
addition to this, depreciation amounting to EUR 0.2 million associated with the 
change to the Cramo brand is expected in the second half of 2007.               

HUMAN RESOURCES                                                                 

During the reporting period, Group staff averaged 2,063 (1,768). The equipment  
rental business had an average of 1,823 (1,581) employees and the modular space 
business 240 (187) employees.                                                   

The geographical distribution of personnel is as follows: Finland 36.3%, Sweden 
30.1%, Western Europe 10.7% and Other Europe 22.9%.                             

The Group's strong growth requires continuous development of staff competence.  
The development of sales and customer service skills will continue. Another     
objective is to improve the skills of staff in utilising new service concepts,  
for example.                                                                    

PERFORMANCE BY BUSINESS SEGMENT                                                 

Cramo Plc's business consists of the following two business segments: equipment 
rental and modular space. The equipment rental business segment is also reported
by geographic segment as follows: Finland, Sweden, Western Europe (Norway and   
Denmark) and Other Europe (Estonia, Latvia, Lithuania, Poland, the Czech        
Republic and Russia).                                                           

EQUIPMENT RENTAL                                                                

The equipment rental business reported January-June sales of EUR 191.4 (152.3)  
million, up by 25.7 per cent. Sales by geographic segment were as follows:      
Finland 17.3 (18.3) per cent, Sweden 51.8 (51.7) per cent, Western Europe 18.4  
(19.9) per cent and Other Europe 12.4 (10.1) per cent.                          

The equipment rental business made an operating profit (EBITA) of EUR 39.0      
(23.0) million, up by 69.5 per cent.                                            

The business segment's major customers operate in the construction sector and   
manufacturing industry. In addition, the segment provides services to the public
sector and private customers. The construction industry is the largest group of 
customers, representing almost 60 per cent of sales on average in the Nordic    
countries in 2006. In Central and Eastern Europe, the construction industry     
accounted for approximately 90 per cent.                                        

The European Rental Association (ERA) published its estimate of the volume of   
the European equipment rental market in June. According to the ERA, the volume  
of the equipment rental market in Finland is approximately EUR 350 million, in  
Sweden EUR 600 million, in Norway EUR 600 million, in Denmark EUR 450 million,  
in Poland EUR 110 million, in the Czech Republic EUR 50 million, in Estonia EUR 
45 million, in Latvia EUR 40 million and in Lithuania EUR 30 million.           

The equipment rental market is growing as rental operations become more common. 
In some market areas, competition is becoming more intense as some equipment    
manufacturers are interested in launching their own rental operations.          

Finland                                                                         

The equipment rental business in Finland reported January-June sales of EUR 33.1
(27.9) million, up by 18.9 per cent, and an operating profit (EBITA) of EUR 4.9 
(4.1) million, accounting for 14.7 (14.6) per cent of sales. EBITA rose by 19.8 
per cent. Second-quarter sales were EUR 18.3 (15.3) million and EBITA 20.0      
(22.6) per cent.                                                                

Sales of the Finnish rental operations developed as planned during the first    
half of the year. Growth of demand has continued across the entire country and, 
as is typical of the industry, demand was strong in the second quarter.         
Acquisitions completed during the first half of the year also increased sales.  

Earnings of the Finnish rental operations fell slightly short of the target in  
the second quarter. Earnings were burdened by costs associated with the further 
development of services, staff training and integration of acquisitions, among  
others. The entire customer service and sales staff in Finland has attended a   
new kind of sales and marketing training in early 2007, and this is expected to 
have a positive effect on sales development in the future.                      

Based on forecasts by the Federation of Finnish Construction Industries RT,     
Finnish construction will grow by 3.5 per cent this year and 2.5 per cent next  
year. Commercial construction is expected to remain very active. RT predicts    
that residential construction will expand by roughly four per cent. Civil       
engineering projects will continue growing, but new road construction projects  
will see their launch towards the end of the year, probably intensifying growth 
in civil engineering projects next year. The availability of skilled labour will
restrain construction growth, especially in growth centres in southern Finland. 

Sweden                                                                          

The Swedish equipment rental business reported January-June sales of EUR 99.2   
(78.8) million, up by 25.9 per cent, and an operating profit (EBITA) of EUR 21.1
(13.3) million, accounting for 21.3 (16.8) per cent of sales. EBITA rose by 58.9
per cent. Second-quarter sales amounted to EUR 52.6 (42.2) million and EBITA was
EUR 11.2 (6.8) million, accounting for 21.4 (16.0) per cent of sales.           

The Swedish rental business continued to develop favourably during the period.  
Demand is strong in Sweden, and the good result was also affected by last year's
successful investments in the development of the equipment stock, the depot     
network and service concepts. Investments have continued in 2007. The rental    
fleet utilisation rate remained high and Cramo decided to increase its prices as
of the beginning of July.                                                       

Cramo's objective is to increase its market share particularly in large cities, 
and the company estimates that it has increased its market share in Sweden      
during the first half of 2007.                                                  

The Swedish Construction Federation (Sveriges Byggindustrier) estimates that    
construction will grow by approximately eight per cent in 2007. According to the
same forecast, this growth will slow down at three per cent in 2008. According  
to the Swedish Construction Federation, residential construction and civil      
engineering projects should show the most vigorous growth during the current    
year. The focus of growth is expected to shift from residential construction to 
other construction in 2008. The availability of labour and equipment,           
particularly access equipment and construction site space, may restrain growth. 

Western Europe                                                                  

Cramo's equipment rental business in Western Europe covers its Norwegian and    
Danish operations. Unless stated otherwise, the comparison figures for last year
and the first quarter of 2007 include the Dutch business that Cramo divested on 
1 April 2007. The capital gain of EUR 4.0 million from the Dutch business is    
recognised in other operating income and included in the EBITA for the Western  
Europe segment.                                                                 

In Western Europe, the equipment rental business reported January-June sales of 
EUR 35.3 (30.3) million, up by 16.6 per cent, and an operating profit (EBITA) of
EUR 6.8 (2.8) million, accounting for 19.2 (9.1) per cent of sales. EBITA rose  
by 145.9 per cent. Sales in Western Europe excluding the Netherlands amounted to
EUR 32.3 (24.1) million for the period, representing an increase of 34.2 per    
cent. EBITA excluding the Netherlands amounted to EUR 6.6 (2.4) million, and    
EBITA excluding the Netherlands and the capital gain from the Dutch rental      
operations amounted to EUR 2.6 (2.4) million.                                   

Second-quarter sales in Western Europe amounted to EUR 16.3 (16.0) million and  
EBITA was EUR 5.1 (1.8) million, accounting for 31.5 (11.2) per cent of sales.  

Both Norway and Denmark showed strong sales development, and Cramo estimates    
that it has increased its market share in both countries during the first half  
of the year. In Norway, residential construction has increased strongly during  
the first half of the year. Extensive infrastructure projects are still in      
progress in Norway particularly in the energy sector, and other construction is 
expected to outperform the growth of residential construction during the next   
few years. Construction is lively in Denmark, with the exception of residential 
construction in the Copenhagen region. Cramo has expanded its network of depots 
during the first half of 2007 both in Norway and Denmark, and expansion will    
continue towards the end of the year. After the second quarter, Cramo has opened
four new depots so far in July-August in Denmark. The opening of new depots will
have some negative impact on profitability in Norway and Denmark in 2007.       

Cramo aims to further increase its market share in Norway and Denmark. Mergers  
and acquisitions are underway in the Danish market, resulting in that there will
be fewer but larger rental service providers in the market in the future.       

Euroconstruct estimates that construction will grow in Norway by 5.9 per cent in
2007 but decline by 0.1 per cent next year. According to Euroconstruct's        
estimate, construction will decline in Denmark by 0.1 per cent this year but    
turn to a 0.5 per cent growth track in 2008.                                    

Other Europe                                                                    

Cramo Group's equipment rental business' sales in Other Europe come from        
Estonia, Latvia, Lithuania, Poland, the Czech Republic and the St. Petersburg   
region in Russia.                                                               

In Central and Eastern Europe, the equipment rental business reported sales of  
EUR 23.8 (15.3) million, up by 55.3 per cent, and an operating profit (EBITA) of
EUR 6.3 (2.9) million, accounting for 26.3 (19.0) per cent of sales. EBITA rose 
by 114.9 per cent. Second-quarter sales amounted to EUR 13.0 (9.0) million and  
EBITA was EUR 3.5 (2.0) million, accounting for 27.2 (22.2) per cent of sales.  

Equipment rental operations in Central and Eastern Europe developed very        
favourably, with the mild and short winter stimulating construction while       
rescheduling the launch of new projects to an earlier date. The demand for      
access equipment and other heavy equipment has increased in particular due to   
major earth construction projects in Poland, Russia and Latvia.                 

The Group increased its supply of access equipment in Poland and the Czech      
Republic during the first half of the year and began the rental of earth        
construction equipment in Poland. The supply of services associated with rental 
has also increased. The Group opened three new depots both in Poland and        
Lithuania in the second quarter. The depot network in Estonia was expanded to   
eighteen depots as Cramo Estonia AS acquired the Tallinn office of the Bygg &   
Maskin company. In Lithuania, the integration of Aukstumines Sistemos acquired  
in the beginning of the year was completed successfully. Cramo estimates that it
has increased its market share in Poland and the Baltics during the first half  
of the year.                                                                    

Demand for rental services in Central and Eastern Europe is being boosted by    
booming construction and a rising rental penetration rate. International        
construction firms' strengthening position in the market has increased demand   
for equipment rental services. Cramo's objective is to increase its sales in    
Central and Eastern Europe by more than 50 per cent annually during the next few
years.                                                                          

According to a report published in June by the VTT Technical Research Centre of 
Finland, construction in Russia is estimated to grow by approximately eight per 
cent in 2007 and by seven per cent in 2008. Euroconstruct's estimate of the     
current year's construction market growth in Russia is 10 per cent, with nine   
per cent expected next year. According to VTT's report, construction in the     
Baltic countries will grow by approximately 10 per cent annually over the same  
period. There is a risk of overheating of the Baltic economy. According to      
Euroconstruct, construction in Poland will grow by approximately 11 per cent    
annually for the next two years, and the Czech market will grow by approximately
six per cent.                                                                   

MODULAR SPACE                                                                   

The modular space business reported January-June sales of EUR 36.0 (29.6)       
million, up by 21.4 per cent, and an operating profit (EBITA) of EUR 9.2 (5.7)  
million, accounting for 25.6 (19.2) per cent of sales. EBITA rose by 61.7 per   
cent. Sales were exceptionally high, due to major sales agreements scheduled for
the reporting period.                                                           

April-June sales of modular space amounted to EUR 18.2 (15.5) million and EBITA 
was EUR 4.4 (2.9) million, accounting for 24.4 (18.9) per cent of sales.        

Increasing demand experienced since late 2006 continued to intensify and Cramo's
modular space utilisation rates continued to increase. The first half of the    
year recorded markedly longer order books over the same period a year ago.      
Higher purchase prices in the construction industry were also reflected in      
increases in Cramo's modular space rental prices. The company has been able to  
improve its sales margin on modular space despite increased costs.              

The vast majority of sales generated by the modular space business come from the
Finnish and Swedish markets. In addition, the company operates in Norway and    
Denmark. While its Finnish operations involve the rental, sale and manufacture  
of modular space, Cramo's Swedish, Norwegian and Danish operations cover only   
their rental and sale. Rental operations account for some 70 per cent of sales. 

The public sector and industry both represent approximately 45 per cent of the  
sales of the modular space business. Last year, the construction industry had a 
share of nine per cent.                                                         

Modular space refers to highly prefabricated and pre-equipped building modules  
that can be moved as space requirements change. The most important applications 
include schools, day-care centres and offices, as well as expansion investments 
in industry. During the reporting period, the public sector in particular showed
an increasing need for new premises.                                            

SALES BY GEOGRAPHIC SEGMENT                                                     

Cramo Group's secondary segment reporting format is based on geographical       
segments. Finland generated EUR 52.2 (41.3) million or 22.7 (22.7) per cent of  
total consolidated sales, Sweden EUR 118.8 (94.6) million or 51.6 (52.0) per    
cent, Western Europe EUR 35.3 (30.6) million or 15.3 (16.9) per cent and Other  
Europe EUR 23.8 (15.3) million or 10.4 (8.4) per cent. These figures include    
both the equipment rental business and the modular space business.              

SHARES AND SHARE CAPITAL                                                        

On 30 June 2007, Cramo Plc had a share capital of EUR 24,834,753.09 and the     
total number of shares was 30,660,189.                                          

The number of shares increased by 74,551 during the period due to subscriptions 
based on the 2002A/B stock option scheme. A share capital increase amounting to 
EUR 54,067.50, due to share subscriptions, was registered in the Trade Register 
on 12 April 2007. This increased the share capital to EUR 24,828,515.28 and the 
number of shares to 30,652,488. These new shares have been traded on the        
Helsinki Stock Exchange since 13 April 2007. A share capital increase amounting 
to EUR 6,237.81 was registered in the Trade Register on 8 May 2007, and these   
new shares have been traded on the Helsinki Stock Exchange since 9 May 2007.    
This increased the share capital to EUR 24,834,753.09 and the number of shares  
to 30,660,189.                                                                  

The subscription period under the stock option scheme established by the Annual 
General Meeting on 4 April 2002 expired on 31 March 2007.                       

ANNUAL GENERAL MEETING                                                          

Cramo Plc's Annual General Meeting (AGM) of 18 April 2007 considered the matters
assigned to the AGM as stipulated in the Articles of Association, and adopted   
the parent company and consolidated financial statements for 2006.              

As proposed by the Board, the AGM decided that a per-share dividend of EUR 0.50 
be distributed.                                                                 

The AGM discharged Board members and the CEO from liability for the financial   
year 2006.                                                                      

The AGM re-elected Gunnar Glifberg, Stig Gustavson, Eino Halonen, Hannu Krogerus
and Juhani Nurminen to the Board of Directors and elected Esko Mäkelä as a new  
Board member. Esko Mäkelä, Teollisuusneuvos (Finnish honorary title), M.Sc.     
(Tech.) and MBA, acted as Executive Vice President and CFO of YIT Corporation   
between 1987 and 2006. Stig Gustavson, Hannu Krogerus, Esko Mäkelä and Juhani   
Nurminen are deemed independent of the company and its major shareholders.      
Gunnar Glifberg is deemed independent of major shareholders, but as the former  
President and CEO of Cramo AB until the autumn of 2005, he is deemed dependent  
of the company until the autumn of 2008. Eino Halonen is independent of the     
company but, as the President and CEO of Suomi Mutual Life Assurance Company, he
is dependent of major shareholders.                                             

At its first meeting on 18 April 2007, the Board elected Stig Gustavson Chairman
and Eino Halonen Vice Chairman. It decided to set up an Audit Committee and a   
Nomination and Compensation Committee, electing Eino Halonen (Chairman), Esko   
Mäkelä and Juhani Nurminen to the Audit Committee and Stig Gustavson (Chairman),
Gunnar Glifberg and Hannu Krogerus to the Nomination and Compensation Committee.

The AGM elected Tomi Englund, Authorised Public Accountant, and the accounting  
firm Ernst & Young Oy as the company's ordinary auditors.                       

CHANGES IN SHAREHOLDINGS                                                        

On 17 April 2007, Suomi Mutual Life Assurance Company notified Cramo Plc that   
its shareholding in Cramo Plc had lowered to less than three-twentieths on 16   
April 2007. Following this notification, it held 4,590,440 Cramo Plc shares,    
accounting for 14.98 per cent of shares and votes.                              

VALID BOARD AUTHORISATIONS                                                      

The Board has no valid authorisations to issue convertible bonds, increase share
capital or buy back treasury shares.                                            

EVENTS AFTER THE BALANCE SHEET DATE                                             

On 11 July 2007, Suomi Mutual Life Assurance Company notified Cramo Plc that its
shareholding in Cramo Plc had lowered to less than one-tenth on 11 July 2007.   
Following this notification, it held 3,027,658 Cramo Plc shares, accounting for 
9.87 per cent of shares and votes.                                              

In its August meeting, the Board revised the Group's financial targets. The     
annual sales growth target was increased from “more than 10 per cent” annually  
to “more than 18 per cent”. The EBITA target was increased from “more than 15   
per cent” to “more than 18 per cent” of sales. The return on equity (ROE) target
was set to “more than 22 per cent”, up from the equivalent of more than 18 per  
cent as derived from the previous return on investment target of “more than 13  
per cent”. The Board left the dividend policy unchanged.                        

Cramo aims to rank among the two largest industry players in each of its market 
areas, to develop into the preferred supplier from the customer's perspective   
and to be one of the most profitable companies in the industry. Growth is       
targeted through both organic growth and acquisitions.                          

OUTLOOK FOR THE NEXT 12 MONTHS                                                  

Economic development is expected to remain favourable with respect to Cramo's   
business environment. Growth in construction activity coupled with major        
infrastructure projects in industry and the public sector will continue to fuel 
growth in the equipment rental business. The growth in Nordic construction is   
expected to continue its growth and to stabilise on a slightly lower level      
compared to the level of 2006. Central and Eastern Europe are expected to see   
sustained strong growth in construction. Equipment rental services expands at a 
faster rate compared to general growth in construction, due to factors such as  
increasing penetration rates for these services. Demand for modular space is    
also expected to continue its increase supported by relocations, demographic    
changes and industry needs for increasingly flexible building solutions.        

Strong demand in all of the Group's main markets will continue to require       
substantial investment growth in 2007.                                          

The Group intends to further enhance its position in all of its market areas.   
The company will continue to map out its growth potential in the Nordic         
countries and Central and Eastern Europe.                                       

The most significant uncertainties faced by Cramo's business are associated with
general cyclical and economic development, changes in interest and              
foreign-exchange rates as well as the success of company acquisitions.          
                                                                                
In 2007, Cramo expects its sales to continue to show solid growth together with 
a steady EBITA-% improvement.                                                   

The data in this Interim Report is based on unaudited figures.                  

TABLES                                                                          

This Financial Report has been prepared in accordance with IAS 34: Interim      
Financial Reporting. The same accounting policies and definitions of key        
financial figures have been adopted as in Cramo Plc´s annual financial report.  
The Group has applied the following standards, amendments and interpretations:  
IAS 1, Presentation of Financial Statements, IFRS 7, Financial Instruments:     
Disclosures, IFRS 8, Operating Segments, IFRIC 8, 11 and 12. Changes are not    
assessed to be significant on Cramo's financial figures.                        


--------------------------------------------------------------------------------
| CONSOLIDATED BALANCE SHEET           |    30.6.07 |    30.6.06 |    31.12.06 |
| (EUR 1,000)                          |            |            |             |
--------------------------------------------------------------------------------
| ASSETS                               |            |            |             |
--------------------------------------------------------------------------------
| NON-CURRENT ASSETS                   |            |            |             |
--------------------------------------------------------------------------------
| Property, plant and equipment        |    426,366 |    351,336 |     367,950 |
--------------------------------------------------------------------------------
| Goodwill                             |    149,563 |    150,405 |     152,802 |
--------------------------------------------------------------------------------
| Other intangible assets              |     90,641 |     93,600 |      95,452 |
--------------------------------------------------------------------------------
| Available-for-sale investments       |        333 |        304 |         320 |
--------------------------------------------------------------------------------
| Receivables                          |      1,682 |        646 |         559 |
--------------------------------------------------------------------------------
| Deferred income tax assets           |      4,320 |     11,534 |       2,423 |
--------------------------------------------------------------------------------
| TOTAL NON-CURRENT ASSETS             |    672,905 |    607,826 |     619,506 |
--------------------------------------------------------------------------------
| CURRENT ASSETS                       |            |            |             |
--------------------------------------------------------------------------------
| Inventories                          |     16,410 |     14,440 |      15,788 |
--------------------------------------------------------------------------------
| Trade and other receivables          |    116,936 |     82,604 |      93,779 |
--------------------------------------------------------------------------------
| Cash and cash equivalents            |     17,346 |     38,052 |      41,823 |
--------------------------------------------------------------------------------
| TOTAL CURRENT ASSETS                 |    150,692 |    135,096 |     151,390 |
--------------------------------------------------------------------------------
| TOTAL ASSETS                         |    823,597 |    742,922 |     770,896 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES               |            |            |             |
--------------------------------------------------------------------------------
| EQUITY                               |            |            |             |
--------------------------------------------------------------------------------
| Share capital                        |     24,835 |     24,342 |      24,508 |
--------------------------------------------------------------------------------
| Share issue                          |          0 |         28 |         143 |
--------------------------------------------------------------------------------
| Share premium fund                   |    186,910 |    185,379 |     185,836 |
--------------------------------------------------------------------------------
| Fair value reserve                   |        117 |        117 |         117 |
--------------------------------------------------------------------------------
| Hedging fund                         |      5,163 |      4,429 |       3,301 |
--------------------------------------------------------------------------------
| Translation differences              |       -734 |     -1,078 |       2,818 |
--------------------------------------------------------------------------------
| Retained earnings                    |     84,609 |     47,283 |      75,521 |
--------------------------------------------------------------------------------
| TOTAL EQUITY                         |    300,900 |    260,500 |     292,244 |
--------------------------------------------------------------------------------
| RESERVES                             |            |            |             |
--------------------------------------------------------------------------------
| Reserves                             |        303 |        574 |         348 |
--------------------------------------------------------------------------------
| NON-CURRENT LIABILITIES              |            |            |             |
--------------------------------------------------------------------------------
| Deferred income tax liabilities      |     58,397 |     50,566 |      51,829 |
--------------------------------------------------------------------------------
| Interest bearing liabilities         |    300,583 |    325,076 |     306,968 |
--------------------------------------------------------------------------------
| CURRENT LIABILITIES                  |            |            |             |
--------------------------------------------------------------------------------
| Trade and other payables             |     90,466 |     70,154 |      79,008 |
--------------------------------------------------------------------------------
| Interest bearing liabilities         |     72,948 |     36,051 |      40,499 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES                    |    522,394 |    481,847 |     478,304 |
--------------------------------------------------------------------------------
| TOTAL EQUITY AND LIABILITIES         |    823,597 |    742,922 |     770,896 |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| CONSOLIDATED           |   4-6/07 |   4-6/06 |  1-6/07 |  1-6/06 |   1-12/06 |
| INCOME STATEMENT       |          |          |         |         |           |
| 1 January -            |          |          |         |         |           |
| 30 June 2007           |          |          |         |         |           |
| (EUR 1,000)            |          |          |         |         |           |
--------------------------------------------------------------------------------
| SALES                  |  116,396 |   96,746 | 223,693 | 180,337 |   402,425 |
--------------------------------------------------------------------------------
| Other operating income |    5,552 |      439 |   6,546 |     830 |     3,507 |
--------------------------------------------------------------------------------
| Change in inventories  |      863 |     -700 |   1,637 |      79 |      -184 |
| in finished goods and  |          |          |         |         |           |
| in work in progress    |          |          |         |         |           |
--------------------------------------------------------------------------------
| Production for own use |    3,317 |      997 |   6,441 |   1,618 |     7,754 |
--------------------------------------------------------------------------------
| Materials and services |  -22,839 |  -19,454 | -46,322 | -35,927 |   -74,256 |
--------------------------------------------------------------------------------
| Employee benefits      |  -25,005 |  -21,005 | -48,702 | -40,298 |   -83,773 |
--------------------------------------------------------------------------------
| Depreciation           |  -14,773 |  -12,933 | -29,064 | -24,857 |   -51,060 |
--------------------------------------------------------------------------------
| Amortisation on        |   -1,042 |   -1,080 |  -2,109 |  -2,138 |    -4,265 |
| intangible assets      |          |          |         |         |           |
| resulting from         |          |          |         |         |           |
| acquisitions           |          |          |         |         |           |
--------------------------------------------------------------------------------
| Other operating        |  -41,085 |  -29,012 | -75,146 | -56,868 |  -131,579 |
| expenses               |          |          |         |         |           |
--------------------------------------------------------------------------------
| OPERATING PROFIT       |   21,384 |   13,998 |  36,974 |  22,776 |    68,569 |
--------------------------------------------------------------------------------
| % of sales             |     18.4 |     14.5 |    16.5 |    12.6 |      17.0 |
--------------------------------------------------------------------------------
| Finance costs (net)    |   -3,186 |   -2,285 |  -7,149 |  -5,279 |   -11,984 |
--------------------------------------------------------------------------------
| PROFIT BEFORE TAXES    |   18,198 |   11,714 |  29,825 |  17,498 |    56,585 |
--------------------------------------------------------------------------------
| % of sales             |     15.6 |     12.1 |    13.3 |     9.7 |      14.1 |
--------------------------------------------------------------------------------
| Income taxes           |   -3,334 |   -2,331 |  -6,240 |  -3,832 |   -14,641 |
--------------------------------------------------------------------------------
| PROFIT FOR THE PERIOD  |   14,864 |    9,382 |  23,585 |  13,665 |    41,944 |
--------------------------------------------------------------------------------
| % of sales             |     12.8 |      9.7 |    10.5 |     7.6 |      10.4 |
--------------------------------------------------------------------------------
| Earnings per share,    |     0.49 |     0.31 |    0.77 |    0.45 |      1.39 |
| undiluted, EUR         |          |          |         |         |           |
--------------------------------------------------------------------------------
| Earnings per share,    |     0.48 |     0.31 |    0.76 |    0.45 |      1.36 |
| diluted, EUR           |          |          |         |         |           |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| CHAN- |   Share | Sha- |   Share | Fair |  Hed- | Trans- |     Re- |   Total |
| GES   | capital |   re | premium |  va- |  ging | lation |  tained |         |
| IN    |         |  is- |         |  lue |  fund | diffe- |    ear- |         |
| GROUP |         |  sue |         |  re- |       |  rence |   nings |         |
| 'S    |         |      |         | ser- |       |        |         |         |
| EQUI- |         |      |         |   ve |       |        |         |         |
| TY    |         |      |         |      |       |        |         |         |
| (EUR  |         |      |         |      |       |        |         |         |
| 1,000 |         |      |         |      |       |        |         |         |
| )     |         |      |         |      |       |        |         |         |
--------------------------------------------------------------------------------
| Share |  24,234 |   32 |   1,607 |  117 |     0 |    114 |  28,027 |  54,131 |
| capi- |         |      |         |      |       |        |         |         |
| tal   |         |      |         |      |       |        |         |         |
| 1.1.  |         |      |         |      |       |        |         |         |
| 2006  |         |      |         |      |       |        |         |         |
--------------------------------------------------------------------------------
| Trans |         |      |         |      |       | -1,192 |         |  -1,192 |
| -     |         |      |         |      |       |        |         |         |
| la-   |         |      |         |      |       |        |         |         |
| tion  |         |      |         |      |       |        |         |         |
| dif-  |         |      |         |      |       |        |         |         |
| fe-   |         |      |         |      |       |        |         |         |
| ren-  |         |      |         |      |       |        |         |         |
| ce    |         |      |         |      |       |        |         |         |
--------------------------------------------------------------------------------
| Hed-  |         |      |         |      | 4,429 |        |         |   4,429 |
| ging  |         |      |         |      |       |        |         |         |
| fund  |         |      |         |      |       |        |         |         |
--------------------------------------------------------------------------------
| Pro-  |         |      |         |      |       |        |  13,665 |  13,665 |
| fit   |         |      |         |      |       |        |         |         |
| for   |         |      |         |      |       |        |         |         |
| the   |         |      |         |      |       |        |         |         |
| pe-   |         |      |         |      |       |        |         |         |
| riod  |         |      |         |      |       |        |         |         |
--------------------------------------------------------------------------------
| Exer- |      32 |  -32 |     193 |      |       |        |         |     193 |
| cise  |         |      |         |      |       |        |         |         |
| of    |         |      |         |      |       |        |         |         |
| op-   |         |      |         |      |       |        |         |         |
| tions |         |      |         |      |       |        |         |         |
| ,     |         |      |         |      |       |        |         |         |
| re-   |         |      |         |      |       |        |         |         |
| gis-  |         |      |         |      |       |        |         |         |
| tered |         |      |         |      |       |        |         |         |
--------------------------------------------------------------------------------
| Exer- |         |   28 |         |      |       |        |         |      28 |
| cise  |         |      |         |      |       |        |         |         |
| of    |         |      |         |      |       |        |         |         |
| op-   |         |      |         |      |       |        |         |         |
| tions |         |      |         |      |       |        |         |         |
| ,     |         |      |         |      |       |        |         |         |
| un-   |         |      |         |      |       |        |         |         |
| re-   |         |      |         |      |       |        |         |         |
| gis-  |         |      |         |      |       |        |         |         |
| te-   |         |      |         |      |       |        |         |         |
| red   |         |      |         |      |       |        |         |         |
--------------------------------------------------------------------------------
| Com-  |     560 |      |         |      |       |        |         |     560 |
| bi-   |         |      |         |      |       |        |         |         |
| ning  |         |      |         |      |       |        |         |         |
| of    |         |      |         |      |       |        |         |         |
| share |         |      |         |      |       |        |         |         |
| clas- |         |      |         |      |       |        |         |         |
| ses   |         |      |         |      |       |        |         |         |
--------------------------------------------------------------------------------
| Sha-  |  12,135 |      | 184,159 |      |       |        |         | 196,294 |
| res   |         |      |         |      |       |        |         |         |
| of    |         |      |         |      |       |        |         |         |
| Cramo |         |      |         |      |       |        |         |         |
| Hol-  |         |      |         |      |       |        |         |         |
| ding  |         |      |         |      |       |        |         |         |
| B.V.  |         |      |         |      |       |        |         |         |
--------------------------------------------------------------------------------
| Share |         |      |    -580 |      |       |        |         |    -580 |
| issue |         |      |         |      |       |        |         |         |
| costs |         |      |         |      |       |        |         |         |
| of    |         |      |         |      |       |        |         |         |
| Cramo |         |      |         |      |       |        |         |         |
| Hol-  |         |      |         |      |       |        |         |         |
| ding  |         |      |         |      |       |        |         |         |
| B.V.  |         |      |         |      |       |        |         |         |
--------------------------------------------------------------------------------
| Re-   | -12,619 |      |         |      |       |        |  12,619 |       0 |
| duc-  |         |      |         |      |       |        |         |         |
| tion  |         |      |         |      |       |        |         |         |
| of    |         |      |         |      |       |        |         |         |
| par   |         |      |         |      |       |        |         |         |
| value |         |      |         |      |       |        |         |         |
--------------------------------------------------------------------------------
| Divi- |         |      |         |      |       |        |  -7,504 |  -7,504 |
| dend  |         |      |         |      |       |        |         |         |
| dis-  |         |      |         |      |       |        |         |         |
| tri-  |         |      |         |      |       |        |         |         |
| bu-   |         |      |         |      |       |        |         |         |
| tion  |         |      |         |      |       |        |         |         |
--------------------------------------------------------------------------------
| Other |         |      |         |      |       |        |     476 |     476 |
| chan- |         |      |         |      |       |        |         |         |
| ges   |         |      |         |      |       |        |         |         |
--------------------------------------------------------------------------------
| Total |  24,342 |   28 | 185,379 |  117 | 4,429 | -1,078 |  47,283 | 260,500 |
| equi- |         |      |         |      |       |        |         |         |
| ty    |         |      |         |      |       |        |         |         |
| at    |         |      |         |      |       |        |         |         |
| 30.6. |         |      |         |      |       |        |         |         |
| 2006  |         |      |         |      |       |        |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Share |  24,508 |  143 | 185,836 |  117 | 3,301 |  2,818 |  75,521 | 292,244 |
| capi- |         |      |         |      |       |        |         |         |
| tal   |         |      |         |      |       |        |         |         |
| 1.1.  |         |      |         |      |       |        |         |         |
| 2007  |         |      |         |      |       |        |         |         |
--------------------------------------------------------------------------------
| Trans |         |      |         |      |       | -3,552 |         |  -3,552 |
| -     |         |      |         |      |       |        |         |         |
| la-   |         |      |         |      |       |        |         |         |
| tion  |         |      |         |      |       |        |         |         |
| dif-  |         |      |         |      |       |        |         |         |
| fe-   |         |      |         |      |       |        |         |         |
| rence |         |      |         |      |       |        |         |         |
--------------------------------------------------------------------------------
| Hed-  |         |      |         |      | 1,862 |        |         |   1,862 |
| ging  |         |      |         |      |       |        |         |         |
| fund  |         |      |         |      |       |        |         |         |
--------------------------------------------------------------------------------
| Pro-  |         |      |         |      |       |        |  23,585 |  23,585 |
| fit   |         |      |         |      |       |        |         |         |
| for   |         |      |         |      |       |        |         |         |
| the   |         |      |         |      |       |        |         |         |
| pe-   |         |      |         |      |       |        |         |         |
| riod  |         |      |         |      |       |        |         |         |
--------------------------------------------------------------------------------
| Exer- |     327 | -143 |   1,074 |      |       |        |         |   1,258 |
| cise  |         |      |         |      |       |        |         |         |
| of    |         |      |         |      |       |        |         |         |
| op-   |         |      |         |      |       |        |         |         |
| tions |         |      |         |      |       |        |         |         |
| ,     |         |      |         |      |       |        |         |         |
| re-   |         |      |         |      |       |        |         |         |
| gis-  |         |      |         |      |       |        |         |         |
| te-   |         |      |         |      |       |        |         |         |
| red   |         |      |         |      |       |        |         |         |
--------------------------------------------------------------------------------
| Divi- |         |      |         |      |       |        | -15,326 | -15,326 |
| dend  |         |      |         |      |       |        |         |         |
| dis-  |         |      |         |      |       |        |         |         |
| tri-  |         |      |         |      |       |        |         |         |
| bu-   |         |      |         |      |       |        |         |         |
| tion  |         |      |         |      |       |        |         |         |
--------------------------------------------------------------------------------
| Share |         |      |         |      |       |        |     830 |     830 |
| based |         |      |         |      |       |        |         |         |
| pay-  |         |      |         |      |       |        |         |         |
| ments |         |      |         |      |       |        |         |         |
--------------------------------------------------------------------------------
| Total |  24,835 |    0 | 186,910 |  117 | 5,163 |   -734 |  84,609 | 300,900 |
| equi- |         |      |         |      |       |        |         |         |
| ty    |         |      |         |      |       |        |         |         |
| at    |         |      |         |      |       |        |         |         |
| 30.6. |         |      |         |      |       |        |         |         |
| 2007  |         |      |         |      |       |        |         |         |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| CONSOLIDATED CASH FLOW STATEMENT           |   1-6/07 |   1-6/06 |   1-12/06 |
| (EUR 1,000)                                |          |          |           |
--------------------------------------------------------------------------------
| CASH FLOW FROM OPERATING ACTIVITIES        |   42,416 |   35,540 |   103,880 |
--------------------------------------------------------------------------------
| CASH FLOW FROM INVESTING ACTIVITIES        |  -75,963 |  -47,829 |   -96,254 |
--------------------------------------------------------------------------------
| CASH FLOW FROM FINANCING ACTIVITIES        |          |          |           |
--------------------------------------------------------------------------------
| Proceeds from issue of share capital       |    1,258 |      560 |       787 |
--------------------------------------------------------------------------------
| Dividends paid                             |  -15,326 |   -7,504 |    -7,513 |
--------------------------------------------------------------------------------
| Increase(+)/decrease(-) in liabilities     |   29,505 |   45,212 |   -17,066 |
--------------------------------------------------------------------------------
| Increase(+)/decrease(-) in lease           |   -2,972 |  -10,559 |    34,610 |
| liabilities                                |          |          |           |
--------------------------------------------------------------------------------
| Translation difference                     |   -2,640 |          |           |
--------------------------------------------------------------------------------
| CASH FLOW FROM FINANCING ACTIVITIES, TOTAL |    9,826 |   27,709 |    10,818 |
--------------------------------------------------------------------------------
| NET CHANGE IN CASH AND CASH EQUIVALENTS    |  -23,721 |   15,420 |    18,444 |
--------------------------------------------------------------------------------
| CASH AND CASH EQUIVALENTS AT PERIOD-START  |   41,823 |    1,850 |     1,850 |
--------------------------------------------------------------------------------
| Translation difference                     |     -478 |          |       302 |
--------------------------------------------------------------------------------
| CASH AND CASH EQUIVALENTS FROM             |      532 |   20,782 |    21,227 |
| ACQUISITIONS                               |          |          |           |
--------------------------------------------------------------------------------
| CASH AND CASH EQUIVALENTS FROM DISPOSALS   |     -811 |          |           |
--------------------------------------------------------------------------------
| CASH AND CASH EQUIVALENTS AT PERIOD-END    |   17,346 |   38,052 |    41,823 |
--------------------------------------------------------------------------------

The cash flow from investing activities includes the cash flow from the sale of 
operations in the Netherlands.                                                  


--------------------------------------------------------------------------------
| CONTINGENT LIABILITIES             |    30.6.07 |     30.6.06 |     31.12.06 |
| (EUR 1,000)                        |            |             |              |
--------------------------------------------------------------------------------
| On own behalf                      |            |             |              |
--------------------------------------------------------------------------------
| Mortgages on real estates          |      5,663 |       5,663 |        5,663 |
--------------------------------------------------------------------------------
| Mortgages on companies             |     77,487 |      75,578 |       77,487 |
--------------------------------------------------------------------------------
| Pledges                            |    107,212 |      71,386 |      107,212 |
--------------------------------------------------------------------------------
| Other contingent liabilities       |      7,065 |       3,740 |        9,795 |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| DERIVATIVE    | 30.6.07 | 30.6.07 |  30.6.06 | 30.6.06 | 31.12.06 | 31.12.06 |
| FINANCIAL     |         |         |          |         |          |          |
| INSTRUMENTS   |         |         |          |         |          |          |
| (EUR 1,000)   |         |         |          |         |          |          |
--------------------------------------------------------------------------------
| NV = nominal  |      NV |      FV |       NV |      FV |       NV |       FV |
| value         |         |         |          |         |          |          |
--------------------------------------------------------------------------------
| FV = fair     |         |         |          |         |          |          |
| value         |         |         |          |         |          |          |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest rate |         |         |          |         |          |          |
| derivatives   |         |         |          |         |          |          |
--------------------------------------------------------------------------------
| Swaps         | 140,180 |  +6,976 |  150,000 |  +4,429 |  152,803 |   +4,461 |
--------------------------------------------------------------------------------
| Options       |         |         |          |         |          |          |
--------------------------------------------------------------------------------
| Bought        |         |         |          |         |          |          |
--------------------------------------------------------------------------------
| Written       |         |         |          |         |          |          |
--------------------------------------------------------------------------------
| Foreign       |         |         |          |         |          |          |
| exchange      |         |         |          |         |          |          |
| contracts     |         |         |          |         |          |          |
--------------------------------------------------------------------------------
| Forwards      |         |         |          |         |   19,911 |     +113 |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| KEY FIGURES           |     30.6.07 |    30.6.06 |   Change % |     31.12.06 |
--------------------------------------------------------------------------------
| Value of outstanding  |      93,698 |     77,341 |       21.1 |       81,959 |
| orders for modular    |             |            |            |              |
| space, EUR 1,000      |             |            |            |              |
--------------------------------------------------------------------------------
| Value of orders for   |      84,113 |     69,889 |       20.4 |       74,507 |
| modular space rental, |             |            |            |              |
| EUR 1,000             |             |            |            |              |
--------------------------------------------------------------------------------
| Value of orders for   |       9,585 |      7,452 |       28.6 |        7,452 |
| sale of modular       |             |            |            |              |
| space, EUR 1,000      |             |            |            |              |
--------------------------------------------------------------------------------
| Gross capital         |      92,994 |     56,360 |       65.0 |      111,864 |
| expenditure, EUR      |             |            |            |              |
| 1,000                 |             |            |            |              |
--------------------------------------------------------------------------------
| % sales               |        41.6 |       31.3 |            |         27.8 |
--------------------------------------------------------------------------------
| Average personnel     |       2,063 |      1,768 |       16.7 |        1,828 |
--------------------------------------------------------------------------------
| Earnings per share,   |        0.77 |       0.45 |       71.1 |         1.39 |
| undiluted, EUR        |             |            |            |              |
--------------------------------------------------------------------------------
| Earnings per share,   |        0.76 |       0.45 |       68.9 |         1.36 |
| diluted 1), EUR       |             |            |            |              |
--------------------------------------------------------------------------------
| Shareholders' equity  |        9.81 |       8.67 |       13.1 |         9.66 |
| per share 2), EUR     |             |            |            |              |
--------------------------------------------------------------------------------
| Equity ratio, %       |        36.9 |       35.2 |            |         38.2 |
--------------------------------------------------------------------------------
| Net interest-bearing  |     356,186 |    323,076 |       10.2 |      305,643 |
| liabilities, EUR      |             |            |            |              |
| 1,000                 |             |            |            |              |
--------------------------------------------------------------------------------
| Gearing, %            |       118.4 |      124.0 |            |        104.6 |
--------------------------------------------------------------------------------
| Issue-adjusted        |  30,511,890 | 30,074,968 |        1.5 |   30,121,137 |
| average number of     |             |            |            |           3) |
| shares                |             |            |            |              |
--------------------------------------------------------------------------------
| Issue-adjusted number |  30,660,189 | 30,087,101 |        1.9 |   30,332,793 |
| of shares at the      |             |            |            |           4) |
| period-end            |             |            |            |              |
--------------------------------------------------------------------------------
| Number of shares      |  31,156,268 | 30,512,345 |        2.1 |   30,811,395 |
| adjusted              |             |            |            |              |
| by the dilution       |             |            |            |              |
| effect of share       |             |            |            |              |
| options               |             |            |            |              |
--------------------------------------------------------------------------------


1) Adjusted by the dilution effect of shares entitled by warrants               
2) Number of shares registered at the end of the period                         
3) A and B Series shares                                                        
4) B Series shares                                                              

INFORMATION BY BUSINESS SEGMENT (EUR 1,000)                                     

The Group's primary segments comprise the equipment rental business and the     
modular space business. The secondary, geographical segments consist of Finland,
Sweden, Western Europe and Other Europe. The equipment rental business' sales   
are also stated by geographical segment. Netherlands' share of Western Europe is
reported separately, as the business of Netherlands is consolidated into the    
Cramo Group only until 31 March 2007.                                           


--------------------------------------------------------------------------------
| Sales by business segment, |   4-6/07 | 4-6/06 |  1-6/07 |  1-6/06 | 1-12/06 |
| (EUR 1,000)                |          |        |         |         |         |
--------------------------------------------------------------------------------
| Equipment rental           |          |        |         |         |         |
--------------------------------------------------------------------------------
| - Finland                  |   18,317 | 15,315 |  33,131 |  27,869 |  60,227 |
--------------------------------------------------------------------------------
| - Sweden                   |   52,564 | 42,177 |  99,200 |  78,812 | 174,721 |
--------------------------------------------------------------------------------
| - Western Europe           |   16,292 | 16,005 |  35,292 |  30,260 |  66,319 |
--------------------------------------------------------------------------------
| - Other Europe             |   13,004 |  9,031 |  23,818 |  15,338 |  38,446 |
--------------------------------------------------------------------------------
| Equipment rental, total    |  100,177 | 82,528 | 191,441 | 152,279 | 339,713 |
--------------------------------------------------------------------------------
| - between the segments     |      -55 |    -54 |     -98 |    -124 |    -421 |
--------------------------------------------------------------------------------
| Modular space              |   18,167 | 15,453 |  35,974 |  29,641 |  65,513 |
--------------------------------------------------------------------------------
| - between the segments     |   -1,893 | -1,181 |  -3,623 |  -1,459 |  -2,382 |
--------------------------------------------------------------------------------
| Eliminations               |   -1,948 | -1,236 |  -3,721 |  -1,583 |  -2,803 |
--------------------------------------------------------------------------------
| Sales, total               |  116,396 | 96,746 | 223,693 | 180,337 | 402,425 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Netherlands' share of      |          |  3,316 |   2,954 |   6,164 |  12,607 |
| Western Europe             |          |        |         |         |         |
--------------------------------------------------------------------------------



--------------------------------------------------------------------------------
| Operating profit       |  4-6/07 |   4-6/06 |   1-6/07 |   1-6/06 |  1-12/06 |
| (EBITA) before         |         |          |          |          |          |
| amortisation on        |         |          |          |          |          |
| intangible assets      |         |          |          |          |          |
| resulting from         |         |          |          |          |          |
| acquisitions by        |         |          |          |          |          |
| business segment,      |         |          |          |          |          |
| (EUR 1,000)            |         |          |          |          |          |
--------------------------------------------------------------------------------
| Equipment rental       |         |          |          |          |          |
--------------------------------------------------------------------------------
| - Finland              |   3,669 |    3,455 |    4,858 |    4,056 |   10,370 |
--------------------------------------------------------------------------------
| - Sweden               |  11,238 |    6,756 |   21,095 |   13,273 |   35,875 |
--------------------------------------------------------------------------------
| - Western Europe       |   5,137 |    1,794 |    6,775 |    2,755 |    8,447 |
--------------------------------------------------------------------------------
| - Other Europe         |   3,542 |    2,001 |    6,259 |    2,913 |   11,991 |
--------------------------------------------------------------------------------
| Equipment rental,      |  23,586 |   14,005 |   38,987 |   22,996 |   66,683 |
| total                  |         |          |          |          |          |
--------------------------------------------------------------------------------
| Modular space          |   4,441 |    2,921 |    9,196 |    5,687 |   14,949 |
--------------------------------------------------------------------------------
| Non-allocated Group    |  -5,546 |   -1,848 |   -8,775 |   -3,769 |   -8,614 |
| activities             |         |          |          |          |          |
--------------------------------------------------------------------------------
| Eliminations           |     -55 |          |     -325 |          |     -183 |
--------------------------------------------------------------------------------
| Operating profit,      |  22,426 |   15,078 |   39,083 |   24,914 |   72,834 |
| total                  |         |          |          |          |          |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Netherlands' share of  |   4,026 |      351 |    4,219 |      395 |    1,788 |
| Western Europe         |         |          |          |          |          |
--------------------------------------------------------------------------------

The second-quarter EBITA for Western Europe in 2007 includes EUR 4.0 million of 
capital gain from the divestment of rental operations in the Netherlands.       

Unallocated Group functions include expenses resulting from Group management,   
Group financial management and financing, as well as other Group-level expenses 
related to projects. In the first half of 2007 the non-allocated Group          
activities include also costs related to the change of the Cramo brand amounting
to EUR 4.4 million as well as costs associated with the stock option scheme     
amounting to EUR 1.0 million.                                                   

--------------------------------------------------------------------------------
| EBITA-% by business segment  | 4-6/07 | 4-6/06 | 1-6/07 |  1-6/06 |  1-12/06 |
--------------------------------------------------------------------------------
| Equipment rental             |        |        |        |         |          |
--------------------------------------------------------------------------------
| - Finland                    |   20.0 |   22.6 |   14.7 |    14.6 |     17.2 |
--------------------------------------------------------------------------------
| - Sweden                     |   21.4 |   16.0 |   21.3 |    16.8 |     20.5 |
--------------------------------------------------------------------------------
| - Western Europe             |   31.5 |   11.2 |   19.2 |     9.1 |     12.7 |
--------------------------------------------------------------------------------
| - Other Europe               |   27.2 |   22.2 |   26.3 |    19.0 |     31.2 |
--------------------------------------------------------------------------------
| Equipment rental, total      |   23.5 |   17.0 |   20.4 |    15.1 |     19.6 |
--------------------------------------------------------------------------------
| Modular space                |   24.4 |   18.9 |   25.6 |    19.2 |     22.8 |
--------------------------------------------------------------------------------
| Non-allocated Group          |        |        |        |         |          |
| activities                   |        |        |        |         |          |
--------------------------------------------------------------------------------
| EBITA-%, total               |   19.3 |   15.6 |   17.5 |    13.8 |     18.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Western Europe without       |    6.8 |   11.4 |    7.9 |     9.8 |     12.4 |
| Netherlands                  |        |        |        |         |          |
--------------------------------------------------------------------------------

The second-quarter EBITA percentage for Western Europe in 2007 includes EUR 4.0 
million of capital gain from the divestment of rental operations in the         
Netherlands.                                                                    


--------------------------------------------------------------------------------
| Sales by geographical   |   4-6/07 |   4-6/06 |  1-6/07 |  1-6/06 |  1-12/06 |
| segment (EUR 1,000);    |          |          |         |         |          |
| sales generated by both |          |          |         |         |          |
| the equipment rental    |          |          |         |         |          |
| business and the        |          |          |         |         |          |
| modular space business  |          |          |         |         |          |
| are included in the     |          |          |         |         |          |
| geographical segments.  |          |          |         |         |          |
--------------------------------------------------------------------------------
| Finland                 |   27,023 |   22,274 |  52,186 |  41,279 |   91,671 |
--------------------------------------------------------------------------------
| Sweden                  |   64,027 |   50,579 | 118,837 |  94,611 |  206,094 |
--------------------------------------------------------------------------------
| Western Europe          |   16,292 |   16,387 |  35,292 |  30,642 |   70,803 |
--------------------------------------------------------------------------------
| Other Europe            |   13,004 |    9,008 |  23,818 |  15,315 |   38,451 |
--------------------------------------------------------------------------------
| Eliminations            |   -3,949 |   -1,502 |  -6,439 |  -1,510 |   -4,595 |
--------------------------------------------------------------------------------
| Sales, total            |  116,396 |   96,746 | 223,693 | 180,337 |  402,425 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Netherlands' share of   |          |    3,316 |   2,954 |   6,164 |   12,607 |
| Western Europe          |          |          |         |         |          |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| FINANCIAL   |  4-6/07 |  1-3/07 | 10-12/06 |   7-9/06 | 7/06-6/07 |  1-12/06 |
| PERFORMANCE |         |         |          |          |           |          |
| BY QUARTERS |         |         |          |          |           |          |
--------------------------------------------------------------------------------
| Sales       | 116,396 | 107,297 |  116,588 |  105,500 |   445,781 |  402,425 |
--------------------------------------------------------------------------------
| EBITA       |  22,426 |  16,657 |   22,914 |   25,007 |    87,004 |   72,834 |
--------------------------------------------------------------------------------
| EBITA-%     |    19.3 |    15.5 |     19.7 |     23.7 |      19.5 |     18.1 |
--------------------------------------------------------------------------------

RELATED PARTY TRANSACTIONS                                                      

During the reporting period there were no material transactions with related    
parties.                                                                        

BRIEFING                                                                        

Cramo will hold a briefing for equity analysts, investors and the media at      
Restaurant Palace, Eteläranta 10, Helsinki, on 16 August 2007 starting at 11:00 
a.m.                                                                            

A conference call for financial analysts and investors will be held on Thursday 
16 August 2007 at 2.30 pm (EET). The conference call will be in English. To     
participate via a conference call, please dial before beginning of the event:   
+358 9 8248 5551. The password is Cramo.                                        

Cramo will publish its Q3/2007 Interim Report on Thursday 15 November 2007.     

The data in this Interim Report is based on unaudited figures.                  

CRAMO PLC                                                                       

Vesa Koivula                                                                    
President and CEO, telephone +358 10 66110, +358 40 510 5710                    

Martti Ala-Härkönen                                                             
CFO, telephone +358 10 66110, +358 40 737 6633                                  

DISCLAIMER                                                                      
This report includes certain forward-looking statements based on the            
management's expectations at the time they are made. These involve risks and    
uncertainties and are subject to change due to changes in general economic and  
industry conditions.                                                            

DISTRIBUTION                                                                    
OMX Nordic Exchange Helsinki Oy                                                 
Major media                                                                     
www.cramo.com