2013-02-08 08:00:02 CET
2013-02-08 08:02:16 CET
REGULATED INFORMATION
This message has been corrected. Click here to view the corrected message
Cramo Oyj - Financial Statement Release
Cramo’s Financial Statements Bulletin for January–December 2012
Strong cash flow, result targets achieved
Vantaa, Finland, 2013-02-08 08:00 CET (GLOBE NEWSWIRE) -- Cramo Plc Financial
Statements Bulletin 8 February 2013, at 9.00 am (EET)
Cramo's Financial Statements Bulletin for January-December 2012
Strong cash flow, result targets achieved
1-12/2012 highlights (year-on-year comparison in brackets):
-- Sales EUR 688.4 (679.9) million, up 1.3%. Sales growth excluding divested
operations 3.3%
-- EBITA EUR 78.0 (71.1) million and EBITA margin 11.3% (10.5%)
-- Earnings per share EUR 0.93 (0.60)
-- Return on equity (rolling 12 months) 7.5% (5.4%)
-- Cash flow from operating activities EUR 146.0 (138.5) million, cash flow
after investments EUR 62.2 (-55.3) million
-- Gearing 65.1% (78.7%)
-- The Board proposes a dividend of EUR 0.42 per share
10-12/2012 highlights:
-- Sales EUR 184.6 (192.9) million, down 4.3%. Sales decrease excluding
divested operations 2.0%
-- EBITA EUR 21.9 (23.8) million and EBITA margin 11.9% (12.3%); EBITA
excluding non-recurring items EUR 23.3 (23.8) million and EBITA margin
12.6% (12.3%)
-- Earnings per share were EUR 0.34 (0.26)
-- The issue of a EUR 100 million bond
-- Streamlining the Danish depot network
-- A decision on a joint venture with Ramirent in Russia was made during the
period under review
-- Business acquisitions in Norway and long-term agreements with Peab
Guidance for 2013: Referring to the market outlook, which pictures a high
uncertainty in Cramo's market areas, the Board does not consider it prudent
to give a guidance on Group sales either growing or declining in 2013. However,
the Group's business demonstrates a good continuity over time. In 2013, already
implemented and on-going efficiency measures are likely to yield an improvement
in EBITA margin percentage compared with the previous year.
KEY FIGURES AND RATIOS (MEUR) 10-12/ 10-12/ Change 1-12/1 1-12/1 Change
12 11 % 2 1 %
--------------------------------------------------------------------------------
Income statement
--------------------------------------------------------------------------------
Sales 184.6 192.9 -4.3 % 688.4 679.9 1.3 %
--------------------------------------------------------------------------------
EBITDA 46.2 49.6 -6.8 % 179.6 168.7 6.4 %
--------------------------------------------------------------------------------
EBITA 21.9 23.8 -7.8 % 78.0 71.1 9.8 %
--------------------------------------------------------------------------------
% of sales 11.9% 12.3% 11.3% 10.5%
--------------------------------------------------------------------------------
Operating profit / loss (EBIT) 17.3 15.3 12.9 % 64.4 54.3 18.6 %
--------------------------------------------------------------------------------
Profit / loss before tax (EBT) 11.8 10.3 15.2 % 44.0 32.2 36.9 %
--------------------------------------------------------------------------------
Profit / loss for the period 14.0 10.6 32.7 % 38.5 23.5 64.0 %
--------------------------------------------------------------------------------
Share related information
--------------------------------------------------------------------------------
Earnings per share (EPS), EUR 0.34 0.26 30.8 % 0.93 0.60 55.0 %
--------------------------------------------------------------------------------
Earnings per share (EPS), 0.34 0.25 36.0 % 0.93 0.60 55.3 %
diluted, EUR
--------------------------------------------------------------------------------
Shareholders' equity per share, 12.77 10.83 18.0 %
EUR
--------------------------------------------------------------------------------
Other information
--------------------------------------------------------------------------------
Return on investment, % 1), 2) 7.3 % 6.6 %
--------------------------------------------------------------------------------
Return on equity, % 1), 2) 7.5 % 5.4 %
--------------------------------------------------------------------------------
Equity ratio, % 1) 48.6 % 44.4 %
--------------------------------------------------------------------------------
Gearing, % 1) 65.1 % 78.7 %
--------------------------------------------------------------------------------
Net interest-bearing liabilities 346.9 389.4 -10.9
1) %
--------------------------------------------------------------------------------
Gross capital expenditure (incl. 25.6 39.2 -34.7 125.1 262.5 -52.4
acquisitions) % %
--------------------------------------------------------------------------------
of which acquisition/business 0.0 1.5 0.8 115.4 -99.3
combinations %
--------------------------------------------------------------------------------
Cash flow after investments 37.7 32.6 15.8 % 62.2 -55.3 212.5
%
--------------------------------------------------------------------------------
Average number of personnel 2,664 2,580 3.3 %
(FTE)
--------------------------------------------------------------------------------
Number of personnel at period 2,555 2,707 -5.6 %
end (FTE)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
-
1) Key figures have been calculated before reclassification of Russian business
as assets and liabilities to be transferred to a joint venture according to
IFRS 5
2) Rolling 12 months
SUMMARY OF FINANCIAL PERFORMANCE IN 2012
Cramo Group's consolidated sales for 2012 were EUR 688.4 (679.9) million,
showing an increase of 1.3 per cent. In local currencies, sales declined by 1.0
per cent. In the fourth quarter, sales decreased by 4.3 per cent and were EUR
184.6 (192.9) million. In local currencies, sales decreased in the fourth
quarter by 7.4 per cent. Full-year sales figures were affected by the
divestment of Cramo's modular space production and customised space rental
businesses in Finland at the end of March. Full-year sales growth excluding the
divested businesses was 3.3 per cent. In the fourth quarter, sales excluding
the divested businesses showed a decrease of 2.0 per cent.
Prolonged economic uncertainty has decreased construction activity and demand
for rental services in many of Cramo's operating countries, especially during
the second half of the year. Fourth-quarter sales figures were also affected by
the number of working days in December, which was clearly less than in the
previous year.
Full-year EBITA was EUR 78.0 (71.1) million, or 11.3 (10.5) per cent of sales.
In the fourth quarter, EBITA was EUR 21.9 (23.8) million, or 11.9 (12.3) per
cent of sales, and EBITA excluding non-recurring items EUR 23.3 (23.8) million,
or 12.6 (12.3) per cent of sales. The fourth quarter included EUR 1.8 million
of non-recurring expenses related to the streamlining of the Danish depot
network, EUR 0.9 million related to the reorganisation of the German operations
and adjustments in Eastern Europe and Finland, and non-recurring earnings of
EUR 1.4 million related to the price adjustment of the Theisen acquisition in
2011. In addition, the fourth quarter included a EUR 1.8 million non-recurring
impairment of intangible assets resulting from acquisitions in Denmark as well
as non-recurring tax entries.
Full-year EBITDA was EUR 179.6 (168.7) million, or 26.1 (24.8) per cent of
sales. Full-year earnings per share were EUR 0.93 (0.60) and fourth-quarter
earnings per share were EUR 0.34 (0.26). The decrease in the Swedish corporate
income tax rate and other non-recurring tax entries affected the fourth-quarter
earnings per share. In the fourth quarter, the net effect of all non-recurring
items on earnings per share was EUR 0.08 positive.
A good result was achieved in Finland, Sweden and Eastern Europe in the fourth
quarter, considering the market situation. In Norway, profitability continued
to develop favourably. Non-recurring expenses impaired the results of the
Danish operations; however, significant adjustments are expected to improve the
results in 2013. In Central Europe, changes related to the roll-out of the
Cramo Rental Concept proceeded as planned.
Cash flow developed strongly throughout the year. Cash flow from operating
activities was EUR 146.0 (138.5) million, gross capital expenditure was EUR
125.1 (262.5) million and net cash flow from investing activities EUR -83.8
(-193.8) million. Cash flow after investments was EUR 62.2 (-55.3) million, a
clear improvement year-on-year.
The Group's gearing continued to decrease as planned and was 65.1 (78.7) per
cent at the end of the year. In order to extend its funding sources and the
maturity of its debt portfolio, Cramo issued a domestic senior unsecured bond
of EUR 100 million in November.
After a period of strong growth, Cramo's focus in 2012 was on optimising its
profitability and cash flow. Profitability and cash flow was improved, for
instance, by adjusting fixed costs and capital costs and by improving
operational efficiency. This work will be continued in 2013.
In September, Cramo updated its financial targets. The target is to improve
profitability and enhance efficient use of capital through operational agility
and excellence. Cramo aims to optimise its operations in both mature and
growing markets and to grow faster than the market. Cramo's policy is to pursue
stable profit distribution.
The Board proposes to convene the Annual General Meeting on Tuesday 26 March
2013. The stock exchange release on the notice to convene the Annual General
Meeting was published on 8 February 2013. The Board will propose a dividend of
EUR 0.42 per share to the Annual General Meeting.
MARKET OUTLOOK
The economic uncertainty in Europe still continues. In both industrial and new
construction activities, investment decisions are being postponed to a later
date. The growth predictions for construction activities and equipment rental
were adjusted downwards during 2012 in nearly all of Cramo's market areas and
market-specific differences increased.
Euroconstruct, the construction market analysts, predicted in December 2012
that construction activity in Finland and Sweden declined approximately three
per cent in 2012. In addition, there was a clear decline in construction
activity in the Czech Republic and Slovakia. In other markets, construction
activity remained nearly at the previous year's level or increased.
Construction market forecasts for 2013 are slightly more positive. In Poland,
construction market growth is estimated to take a negative turn, and the
Finnish construction market is expected to decline by approximately two per
cent. However, in Denmark, Norway, Germany, Russia and the Baltic countries,
the markets are expected to grow. The Swedish market is predicted to remain at
the 2012 level.
The equipment rental market normally grows faster than the underlying
construction market, but changes in demand follow those in construction with a
small delay. In November, the European Rental Association ERA estimated that in
2013 equipment rental will grow moderately in Finland, Sweden, Norway, Denmark
and Germany but will decline in Poland. According to ERA, in many countries the
growth results from renovation and industrial projects. VTT Technical Research
Centre of Finland predicts a decline of approximately one per cent for
equipment rental in Finland.
Cramo takes a cautious approach to 2013. The equipment rental market will be
challenging particularly during the first part of the year, but the economic
situation in Cramo's main markets is forecasted to improve towards the end of
the year.
(All construction market forecasts presented in this review are estimates by
Euroconstruct, unless stated otherwise.)
GUIDANCE ON GROUP OUTLOOK
Referring to the market outlook, which pictures a high uncertainty in Cramo's
market areas, the Board does not consider it prudent to give a guidance on
Group sales either growing or declining in 2013. However, the Group's business
demonstrates a good continuity over time.
In 2013, already implemented and on-going efficiency measures are likely to
yield an improvement in EBITA margin percentage compared with the previous
year.
CEO'S COMMENT
“The year 2012 started on a positive note but during the spring concern for the
overall economic situation in Europe started to show.
After strong growth, we decided to focus on profitability and our ability to
achieve good results. Still, our aim is to grow faster than the market, which
we have succeeded in doing in several markets during the past year. In
addition, our profitability and return on equity improved, although they did
not yet reach the targeted level. Our cash flow was strong and gearing
decreased as planned.
Considering the market situation, we can be satisfied with our results. They
indicate that at Cramo we have the skills and ability required for succeeding
in difficult circumstances.
The focus on ensuring profitability has meant that investments and personnel
have been reduced in those markets where demand has declined most radically.
The differences in market development have been striking. In our main markets
of Finland and Sweden, construction activity turned negative, whereas in
Norway, Russia and Estonia it grew quite strongly.
I am especially satisfied with the good development of profitability in
Finland, Norway and Eastern Europe. In Sweden, profitability also remained at a
good level. In Central Europe, the theme for 2012 was still harmonisation of
operations. However, we expect results in Central Europe to improve gradually.
In Denmark, the significant streamlining of the cost structure offers an
opportunity for profitability improvement.
When it comes to economy, construction or equipment rental, there is no strong
growth in sight yet. Nevertheless, I believe that the efficiency improvements
carried out in 2012 form a good foundation for succeeding in a challenging
operating environment,” says Vesa Koivula, President and CEO of Cramo Group.
SALES AND PROFIT
Cramo Group's consolidated sales for 2012 were EUR 688.4 (679.9) million,
showing an increase of 1.3 per cent. In local currencies, sales decreased by
1.0 per cent. In the fourth quarter, sales decreased by 4.3 per cent and was
EUR 184.6 (192.9) million. In local currencies, sales decreased in the fourth
quarter by 7.4 per cent. Full-year sales figures were affected by the
divestment of Cramo's modular space production and customised space rental
businesses in Finland. Full-year sales growth excluding the businesses divested
at the end of March was 3.3 per cent. In the fourth quarter, sales excluding
the divested businesses showed a decrease of 2.0 per cent.
Prolonged economic uncertainty decreased construction activity and demand for
rental services in many of Cramo's operating countries, especially during the
second half of the year. Fourth-quarter sales figures were also affected by the
number of working days in December, which was clearly less than in the previous
year.
Cramo Group presents the net capital gain from the sale of used rental
equipment in other operating income. The net capital gain from the sale of used
rental equipment was EUR 2.9 (3.4) million during the financial year. Other
operating income also includes a non-recurring net capital gain from the
divestment of the modular space production and customised modular space rental
businesses in Finland, totalling EUR 2.2 million, as well as a EUR 1.4 million
purchase price adjustment related to the Theisen acquisition. In addition, the
fourth quarter included a EUR 1.8 million impairment of intangible assets
resulting from acquisitions in Denmark as well as non-recurring tax entries.
Full-year EBITA was EUR 78.0 (71.1) million, or 11.3 (10.5) per cent of sales.
In the fourth quarter, EBITA was EUR 21.9 (23.8) million, or 11.9 (12.3) per
cent of sales, and EBITA excluding non-recurring items EUR 23.3 million, or
12.6 per cent of sales. The fourth quarter included EUR 1.8 million of
non-recurring expenses related to the streamlining of the Danish depot network,
EUR 1.0 million related to the reorganisation of the German operations and
adjustments in Eastern Europe and Finland, and non-recurring earnings of EUR
1.4 million related to the price adjustment of the Theisen acquisition in 2011.
Towards the end of the year, the Danish depot network was streamlined from 18
to 7 depots in line with Cramo's “Best in town” strategy.
Full-year EBITDA was EUR 179.6 (168.7) million, or 26.1 (24.8) per cent of
sales.
A good result was achieved in Finland, Sweden and Eastern Europe in the fourth
quarter, considering the market situation. In Norway, profitability continued
to develop favourably. Non-recurring expenses impaired the results of the
Danish operations; however, significant adjustments are expected to improve the
results in 2013. In Central Europe, the roll-out of the Cramo Rental Concept
proceeded as planned.
EBIT for 2012 was EUR 64.4 (54.3) million, or 9.4 (8.0) per cent of sales.
Profit before taxes was EUR 44.0 (32.2) million and profit for the period EUR
38.5 (23.5) million.
The Group's credit losses and credit loss provisions in 2012 were EUR 6.0 (5.6)
million. The result includes impairment losses on fleet totalling EUR 2.1 (1.1)
million.
Expenses associated with share-based payments totalled EUR 2.6 (2.8) million.
Net finance costs in 2012 were EUR -20.4 (-22.2) million.
Earnings per share were EUR 0.93 (0.60) and diluted earnings per share were EUR
0.93 (0.60). In the fourth quarter, earnings per share were EUR 0.34 (0.26) and
diluted earnings per share were EUR 0.34 (0.25). The decrease in the Swedish
corporate income tax rate from 26.3 per cent to 22 percent contributed to the
growth of fourth-quarter earnings per share. This change came into force on 1
January 2013 but it already decreased deferred taxes in the fourth quarter of
2012. In the fourth quarter, the net effect of all non-recurring items on
earnings per share was EUR 0.08 positive.
Return on investment (rolling 12 months) was 7.3 (6.6) per cent and return on
equity (rolling 12 months) 7.5 (5.4) per cent.
CAPITAL EXPENDITURE AND DEPRECIATION/ AMORTISATION
Gross capital expenditure for 2012 was EUR 125.1 (262.5) million, of which EUR
0.8 (115.4) million relates to acquisitions and business combinations. The
investment level was decreased as planned.
Reported depreciation on equipment and intangible assets was EUR 101.6 (97.6)
million.
During the financial year, amortization and impairment of intangible assets
resulting from acquisitions totalled EUR 13.6 (16.8) million.
At the end of the financial year, goodwill totalled EUR 169.7 (165.3) million.
FINANCIAL POSITION AND BALANCE SHEET
In 2012, cash flow from operating activities was EUR 146.0 (138.5) million.
Cash flow from investing activities was EUR -83.8 (-193.8) million and cash
flow from financing activities EUR 73.2 (55.8) million. The Group's cash flow
after investments was EUR 62.2 (-55.3) million.
At the end of the period, the Group's balance sheet included EUR 33.9 (6.7)
million of assets available for sale, which includes net assets worth EUR 27,4
million related to operations in Russia to be transferred to a joint venture.
On 31 December 2012, Cramo Group's net interest-bearing liabilities totalled
EUR 346.9 (389.4) million. At the end of the financial year, gearing was 65.1
(78.7) per cent.
Of the Group's variable rate loans, EUR 91.0 (181.6) million were hedged by way
of interest rate swaps on 31 December 2012. Hedge accounting is applied to EUR
91.0 (145.2) million of these interest rate hedges. On 31 December 2012, Cramo
Group had undrawn committed credit facilities (excluding leasing facilities)
totalling EUR 230.8 (166.2) million, of which non-current facilities
represented EUR 200.0 (143.0) million and current facilities EUR 30.8 (23.2)
million.
At the end of the period under review, property, plant and equipment amounted
to EUR 615.0 (622.2) million of the balance sheet total. The balance sheet
total on 31 December was EUR 1,108.1 (1,126.8) million. The equity ratio was
48.6 (44.4) per cent.
Rental liabilities associated with off-balance sheet operational leasing
agreements totalled EUR 36.1 (45.1) million on 31 December 2012. Off-balance
sheet liabilities for office and depot rents totalled EUR 116.7 (130.9)
million. The off-balance sheet interest liability associated with the Group's
hybrid bond totalled EUR 4.0 (4.0) million at the end of the financial year.
The Group's investment commitments amounted to EUR 12.2 (10.4) million, the
majority of which is related to the acquisition of modular space.
On 16 November 2012, Cramo Plc announced that it would issue a domestic senior
unsecured bond of EUR 100 million. The more than five-year bond matures on 23
February 2018 and it carries a fixed annual interest at a rate of 4.500 per
cent. The offering was oversubscribed and it was allocated to approximately 50
investors. Trading in the bond began on NASDAQ OMX Helsinki Ltd on 27 November
2012. The bond extends Cramo's funding sources and the maturity of Cramo's debt
portfolio. The proceeds from the bond offering will be used to repay existing
debt and for general corporate purposes.
GROUP STRUCTURE
Cramo Plc is a service company specialising in equipment rental services, as
well as the rental 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.
Cramo Plc is one of the industry's leading service providers in the Nordic
countries and Central and Eastern Europe.
At the end of the financial year, Cramo Group consisted of the parent company
Cramo Plc, which provides group-level services, and, as operating companies,
its wholly-owned subsidiaries in Finland, Sweden, Norway, Denmark, Estonia,
Latvia, Lithuania, Poland, the Czech Republic, Slovakia, Russia, Germany,
Austria and Hungary. Cramo Plc also owns a financing company in Belgium, a
company in Sweden which offers group-level services and Cramo Management Oy,
which owns 316,288 Cramo Plc shares.
At the end of the year, equipment rental services were provided through a
network of 376 (409) depots. A total of 69 (75) of these were
entrepreneur-managed.
STRATEGIC TARGETS
On 11 September 2012, Cramo published its long-term strategic cornerstones and
financial targets. Cramo's strategic cornerstones include being the customer's
first choice, being “Best in town” in rental business, acting as a driver in
rental development and operational agility. Another cornerstone is combining
the operational models and best practices of mature and growth markets.
Cramo's long-term financial targets are as follows: EBITA margin above 15 per
cent of sales over a business cycle, a maximum gearing of 100 per cent, a
faster growth of sales than that of the market and return on equity higher than
12 per cent over a business cycle. In profit distribution, the target is to
follow stable profit distribution policy and to pay approximately 40 per cent
of earnings per share (EPS) of a period as dividends.
Achieving the targets requires the roll-out of a uniform Cramo Rental Concept
and harmonised key processes in all markets, as well as expanding the modular
space business outside Finland and Sweden more strongly than before.
BUSINESS DEVELOPMENT
In the first quarter of the year, Cramo sold its modular space production in
Finland and Cramo Finland Oy's customised modular space rental businesses to MB
Funds. The transaction came into effect on 30 March 2012. The sales of the
production business in 2011 were approximately EUR 26 million and the sales of
the customised modular space rental business were approximately EUR 5 million.
According to its strategy, Cramo continues the standardised modular space
rental business and its expansion in the Nordic countries as well as Central
and Eastern Europe.
During the second quarter, Cramo closed its three Swiss depots and strengthened
its position in Sweden by acquiring the rental fleet and brand of Maskincity i
Oskarshamn AB. The sales forecast for the company for 2012 was approximately
EUR 0.8 million. The agreement came into force on 1 July 2012.
In December, Cramo agreed to acquire all rental business operations of
Lambertsson AS and Kranpunkten AS in Norway. The transaction was closed after
the period under review, on 1 February 2013. The combined annual sales of the
acquired operations are approximately EUR 17,0 million. This transaction will
also strengthen Cramo's cooperation with Peab in Norway, Finland and Sweden.
The responsibility of Cramo's operations received acknowledgement when the
activities in Sweden were granted the OHSAS 18001 certificate for occupational
health and safety management systems and the activities in Finland received the
ISO 14001 environmental certification.
In 2012, the implementation of the new group-wide enterprise resource planning
and reporting system proceeded to Norway. The system is already in use in
Finland and Sweden, and the next location where it will be implemented is
Germany.
In the harmonisation of the Group's financial steering, a new depot-level
Performance Management model was implemented. In 2012, the model was rolled out
in Finland, Norway and Germany. In 2013, the implementation will be continued
in other Cramo countries.
MANAGEMENT TEAM
At the end of the financial year, Cramo Group's Executive Committee was
composed of the following persons: Mr Vesa Koivula, President and CEO of Cramo
Group; Mr Göran Carlson, Deputy CEO, with added responsibility for the Group's
operations in Denmark, Poland, the Czech Republic and Slovakia; and Mr Martti
Ala-Härkönen, CFO, with added responsibility for the Group's business
development, legal function and human resource development. The other members
of the Group Management Team at the end of the financial year were: Mr Tatu
Hauhio, Senior Vice President, Finland; Mr Erik Bengtsson, Senior Vice
President, Sweden; Mr Jarmo Laasanen, Senior Vice President, Baltic countries
and Russia; Mr Dirk Schlitzkus, Senior Vice President, Central Europe; Mr
Martin Holmgren, Vice President, Fleet Management/Equipment Rental; and Mr Per
Lundquist, Vice President, CIO.
In December, Mr Göran Carlson, Deputy CEO, announced that he has accepted a
position outside the Cramo Group and will resign. He will leave the company
during spring 2013. In spring 2012, Mr Finn Løkken, Managing Director of Cramo
Norway and member of the Cramo Group Management Team, accepted a position
outside Cramo Group. In addition, Mr Ossi Alastalo left the Group in the spring
as a result of the modular space sales agreement.
HUMAN RESOURCES
During the period under review, Group staff averaged 2,664 (2,580). In
addition, the Group employed some 167 (228) persons as work force hired from a
staffing service. At the end of the period, Group staff numbered 2,555 (2,707)
as full time equivalent (FTE).
During the financial year, personnel reductions were carried out in Finland,
Denmark, Poland, the Czech Republic and Slovakia.
Cramo Group's flexible operational model includes the utilisation of not only
permanent personnel but also work force hired from a staffing service. The
proportion of permanent personnel to work force hired from a staffing service
as well as their numbers are constantly adjusted on the basis of the market
situation.
The geographical distribution of personnel at the end of the period was as
follows: 453 (648) of personnel in Finland, 832 (830) in Sweden, 223 (221) in
Norway, 97 (124) in Denmark, 327 (295) in Central Europe and 623 (589) in
Eastern Europe.
In personnel development, training and career development models were
harmonised.
PERFORMANCE BY BUSINESS SEGMENT
Cramo Group's business segments consist of Finland, Sweden, Norway, Denmark,
Central Europe (which includes Germany, Austria and Hungary) and Eastern Europe
(which includes Estonia, Latvia, Lithuania, Poland, the Czech Republic,
Slovakia and Russia). In addition to segment information, Cramo also reports on
the order book value for modular space.
Finland generated 16.2 (18.5) per cent of the total consolidated sales for 2012
(excluding elimination of inter-segment sales), Sweden 46.4 (44.9) per cent,
Norway 12.1 (11.5) per cent, Denmark 5.4 (5.1) per cent, Central Europe 9.6
(10.3) per cent and Eastern Europe 10.1 (9.7) per cent. The Central European
business segment consisting of Theisen Group became part of Cramo Group on 1
February 2011.
Finland
Finland (EUR 1,000) 10-12/12 10-12/11 Change % 1-12/12 1-12/11 Change %
-------------------------------------------------------------------------------
Sales 28,576 34,036 -16.0 % 112,666 127,565 -11.7 %
-------------------------------------------------------------------------------
EBITA 6,530 6,147 6.2 % 20,975 20,238 3.6 %
-------------------------------------------------------------------------------
EBITA-% 22.9 % 18.1 % 18.6 % 15.9 %
-------------------------------------------------------------------------------
No of employees (FTE) 428 623 -31.3 %
-------------------------------------------------------------------------------
No of depots 55 55 0.0 %
-------------------------------------------------------------------------------
Cramo is the second largest equipment rental company in Finland. In addition to
two strong players, there are several small equipment rental entrepreneurs on
the Finnish market. Both Euroconstruct and the Confederation of Finnish
Construction Industries RT estimate that construction activity declined by some
three per cent in Finland in 2012. Most of this decline took place in
residential construction. However, construction activity in renovation projects
has increased. According to the estimate by the European Rental Association
ERA, in 2012 the equipment rental market in Finland remained at the previous
year's level.
The Finnish operations reported sales of EUR 112.7 (127.6) million in 2012.
Fourth-quarter sales were EUR 28.6 (34.0) million. Sales decreased as a result
of weakening demand in construction and of the divestment of Cramo's modular
space production and customised space rental businesses at the end of March.
The capital gain from the divestment is presented in the Group's non-allocated
capital gains and has no impact on the profit of the Finnish operations.
EBITA was EUR 21.0 (20.2) million, or 18.6 (15.9) per cent of sales.
Fourth-quarter EBITA was EUR 6.5 (6.1) million, or 22.9 (18.1) per cent of
sales. The fourth quarter result includes EUR 0.2 million of non-recurring
costs related to restructuring.
Despite the decrease in sales, relative profitability improved year-on-year,
thanks to cost adjustments and efficiency improvements. Operations were
developed by improving processes, implementing the Performance Management model
at the depot level and expanding the product and service offering in
standardised modular space, for instance.
In addition, the fact that average rental periods have become shorter also had
an impact on sales. In industrial investments, demand has been good in the
energy and mining sectors. Demand for standardised modular space continued at a
high level throughout the year.
During the fourth quarter, Cramo and the resource management company Enersense
signed a cooperation agreement on the delivery of complete rental solutions for
accommodation and offices as well as construction equipment to companies in the
building of large-scale power plants. Other significant customer deliveries in
2012 included the largest temporary school facilities entity in Finland
delivered to the City of Lahti in the summer and the fleet management agreement
signed with Metso Corporation.
According to a forecast published by Euroconstruct, the Finnish construction
market will decline by slightly over 2 per cent in 2013. Equipment rental is
expected to grow moderately. The number of Cramo depots at the end of the
period under review was 55 (55). Cramo's target in Finland is to continue
profitable growth and to increase its market share, both in the construction
industry and in the industrial maintenance sector.
Sweden
Sweden (EUR 1,000) 10-12/12 10-12/11 Change % 1-12/12 1-12/11 Change %
-------------------------------------------------------------------------------
Sales 88,109 89,380 -1.4 % 322,359 308,949 4.3 %
-------------------------------------------------------------------------------
EBITA 16,157 17,964 -10.1 % 57,578 58,047 -0.8 %
-------------------------------------------------------------------------------
EBITA-% 18.3 % 20.1 % 17.9 % 18.8 %
-------------------------------------------------------------------------------
No of employees (FTE) 793 791 0.3 %
-------------------------------------------------------------------------------
No of depots 124 128 -3.1 %
-------------------------------------------------------------------------------
Cramo is the clear market leader in the Swedish equipment rental business. In
Sweden, equipment rental services are provided by five major companies. In
addition, there are numerous small players in the industry.
According to the estimate published by Euroconstruct in December, construction
activity in Sweden decreased by
slightly over two per cent in 2012. The most evident decrease occurred in new
residential construction. However, the Swedish Construction Federation (Svensk
Byggindustrier) estimated that construction activity increased by 2.5 per cent.
Cramo's operations in Sweden reported sales of EUR 322.4 (308.9) million. Sales
showed an increase of 4.3 per cent. In the local currency, growth was 0.6 per
cent. In the fourth quarter, sales decreased by 1.4 per cent and were EUR 88.1
(89.4) million. In local currencies, sales decreased in the fourth quarter by
6.3 per cent.
Full-year EBITA remained nearly at the previous year's level and was EUR 57.6
(58.0) million, or 17.9 (18.8) per cent of sales. Fourth-quarter EBITA was EUR
16.2 (18.0) million, or 18.3 (20.1) per cent of sales.
Demand has remained at a good level in the Stockholm area and in Northern
Sweden in particular due to investments made by the mining sector.
Nevertheless, rental periods have become shorter as customers have optimised
their operations. In the second quarter, Cramo initiated cost reductions and
other efficiency improvements, the impact of which started to show during the
second half of the year. The impact on personnel reductions will be fully
visible from the beginning of 2013.
A LEAN system was rolled out for improving operations, with the aim of
continuous efficiency improvements in daily operations at depots.
During the second quarter, Cramo acquired the rental fleet and brand of
Maskincity i Oskarshamn AB, and the transaction came into force on 1 July 2012.
The sales forecast for the company for 2012 is approximately EUR 0.8 million.
Among the most significant new agreements for 2012 were the equipment rental
agreements in power plant projects in Växjö and Malmö.
Both Euroconstruct and the Swedish Construction Federation predict that in 2013
the overall construction market will remain at the previous year's level. ERA
predicts growth of some 3 per cent for equipment rental.
At the end of the period, Cramo had 124 (128) depots in Sweden. Cramo's targets
in Sweden are the improvement of efficiency and profitability in particular, as
well as achieving the “Best in town” position in all areas.
Norway
Norway (EUR 1,000) 10-12/12 10-12/11 Change % 1-12/12 1-12/11 Change %
-------------------------------------------------------------------------------
Sales 23,384 20,996 11.4 % 84,167 79,265 6.2 %
-------------------------------------------------------------------------------
EBITA 1,790 588 204.4 % 5,276 857 515.6 %
-------------------------------------------------------------------------------
EBITA-% 7.7 % 2.8 % 6.3 % 1.1 %
-------------------------------------------------------------------------------
No of employees (FTE) 223 221 0.9 %
-------------------------------------------------------------------------------
No of depots 31 34 -8.8 %
-------------------------------------------------------------------------------
In Norway, equipment rental services are provided by two major companies. In
addition, there are several small players in the industry. According to Cramo's
estimate, it is the second largest equipment rental service provider in Norway.
Euroconstruct estimates that construction activity in Norway increased by
nearly five per cent in 2012, and the European Rental Association ERA estimates
that equipment rental grew by nine per cent. The good market situation has
attracted new construction companies from abroad to the market.
The Norwegian operations reported sales of EUR 84.2 (79.3) million, up 6.2 per
cent. In the local currency, the change was 1.8 per cent. During the fourth
quarter, sales increased by 11.4 per cent, totalling EUR 23.4 (21.0) million.
In local currencies, sales growth was 5.9 per cent.
Profitability continued to develop favourably. Full-year EBITA was EUR 5.3
(0.9) million, or 6.3 (1.1) per cent of sales. Fourth-quarter EBITA was EUR 1.8
(0.6) million, or 7.7 (2.8) per cent of sales. Profitability improved thanks to
the adjustment plan, initiated last year, efficiency improvements in processes
and the improved market situation. Restructuring in modular space also improved
profitability. Reformation is expected to further improve profitability in
2013.
In December, Cramo agreed to acquire all rental business operations of
Lambertsson AS and Kranpunkten AS in Norway. These transactions consist of
outsourcing rental fleet and personnel to Cramo and long-term delivery
agreements with Peab Group in Norway. The transaction was closed after the
period under review, on 1 February 2013. The combined annual sales of the
acquired operations are about EUR 17 million. Lambertsson, owned by Peab Norge
AS, is one of the largest equipment rental companies in Norway and focuses
primarily on site huts, tools and machinery and equipment needed for temporary
electrical installations. Kranpunkten is a leading company in access equipment
rental and, in addition to Peab, it serves a wide range of customers. Both
business transactions strengthen Cramo's cooperation with Peab and increase
Cramo's market share in Norway.
In the construction industry, significant customer agreements signed during the
year include agreements with AF Gruppen ASA and Mesta ASA.
The market outlook in Norway is positive. Euroconstruct estimates that
construction activity in Norway will grow by more than 5 per cent in 2013.
Strong construction activity is expected to continue in the oil and gas
industry. Residential construction and civil engineering are also expected to
grow. ERA predicts growth of some 4 per cent for equipment rental.
At the end of the period under review, Cramo had 31 (34) depots in Norway.
Cramo's strategic targets are to improve its profitability, be the “Best in
town” and achieve growth both organically and through outsourcing and
acquisitions.
Denmark
Denmark (EUR 1,000) 10-12/12 10-12/11 Change % 1-12/12 1-12/11 Change %
-------------------------------------------------------------------------------
Sales 8,965 11,253 -20.3 % 37,684 34,965 7.8 %
-------------------------------------------------------------------------------
EBITA -3,607 -147 -5,022 -2,132
-------------------------------------------------------------------------------
EBITA-% -40.2 % -1.3 % -13.3 % -6.1 %
-------------------------------------------------------------------------------
No of employees (FTE) 97 124 -21.9 %
-------------------------------------------------------------------------------
No of depots 7 20 -65.0 %
-------------------------------------------------------------------------------
The Danish equipment rental market is highly fragmented. According to Cramo's
estimate, it is the second largest player in the industry.
Euroconstruct estimates that construction activity in Denmark increased by
approximately 0.5 per cent in 2012. The equipment rental market is also
estimated to have remained at the previous year's level (ERA). Industrial
construction investments remained at a good level but residential construction
and civil engineering declined towards the end of the year.
The Danish operations reported sales of EUR 37.7 (35.0) million, an increase of
7.8 per cent. Fourth-quarter sales decreased and were EUR 9.0 (11.3) million.
In the comparison period, fourth-quarter sales included exceptionally large
modular space deliveries. Full-year sales increased in particular as a result
of significant modular space sales and long-term rental agreements signed with
the Copenhagen metro project. During the fourth quarter, a long-term equipment
rental agreement was signed with the civil engineering company MSE A/S. These
equipment rental activities will begin in 2013.
Full-year EBITA was EUR -5.0 (-2.1) million, or -13.3 (-6.1) per cent of
sales. Fourth-quarter EBITA was EUR -3.6 (-0.1) million, or -40.2 (-1.3) per
cent of sales. This includes EUR 2.1 million of non-recurring expenses related
to the closing of depots and other adjustments. Of these, EUR 1.8 million falls
to the fourth quarter.
In Denmark, the market situation has been difficult for years. During the
fourth quarter, Cramo decided to streamline its Danish depot network from 18 to
7 depots in line with Cramo's “Best in town” strategy. The aim is to improve
profitability by concentrating depots to those large towns where Cramo already
has a strong position in the market and by strengthening modular space
business. The streamlining of the depot network was completed by the end of the
year, and related expenses are included in the 2012 result. Cramo believes that
the decrease in the number of depots will not substantially reduce sales in
2013 but will clearly improve profitability. The streamlining of the network
has no impact on Cramo's current customer relationships.
According to Euroconstruct's estimate, construction activity will increase by
approximately two per cent in 2013. Equipment rental is estimated to grow
slightly.
At the end of the year, Cramo had 7 (20) depots in Denmark.
Cramo's key objectives in Denmark are to increase profitability and to achieve
the “Best in town” position in selected areas. The Group will seek growth in
the modular space business in particular.
Central Europe
Central Europe (EUR 10-12/12 10-12/11 Change 1-12/12 1-12/11 Change %
1,000) %
--------------------------------------------------------------------------------
Sales 16,981 19,700 -13.8 % 66,973 71,213 -6.0 %
--------------------------------------------------------------------------------
EBITA 826 326 153.4 % -236 3,708
--------------------------------------------------------------------------------
EBITA-% 4.9 % 1.7 % -0.4 % 5.2 %
--------------------------------------------------------------------------------
No of employees (FTE) 327 295 10.8 %
--------------------------------------------------------------------------------
No of depots 88 96 -8.3 %
--------------------------------------------------------------------------------
At the end of the period under review, Cramo Group's equipment rental business
sales in Central Europe came from the German and Austrian markets. There is
also one depot in Hungary. There are several small regional players operating
on the German equipment rental market. Cramo estimates that it is the third
largest company in the industry in Germany.
According to Euroconstruct's forecast, construction activity in Germany
remained nearly at the previous year's level. The equipment rental market is
estimated to have increased by approximately four per cent (ERA).
In 2012, the Central European operations reported sales of EUR 67.0 (71.2)
million, down 6.0 per cent. Fourth-quarter sales decreased by 13.8 per cent and
were EUR 17.0 (19.7) million. Economic uncertainty has decreased the demand for
civil engineering services in particular, i.e. the area on which Cramo's
product and service portfolio is currently focused.
EBITA decreased and was EUR -0.2 (3.7) million, or -0.4 (5.2) per cent of
sales. The result was impaired by weak demand resulting from economic
uncertainty as well as the exceptionally cold early winter. As the business
segment was established on 1 February 2011, comparison period data could be
obtained only for eleven months.
Fourth-quarter EBITA was EUR 0.8 (0.3) million, or 4.9 (1.7) per cent of sales.
The fourth quarter included non-recurring earnings of EUR 1.4 million related
to the price adjustment of the Theisen acquisition in 2011 and EUR 0.4 million
of non-recurring expenses related to the restructuring of operations.
Cramo will modify its operations throughout Central Europe according to the
Cramo Rental Concept and centralise its operations according to its “Best in
town” strategy. This includes closing several small depots, opening new depots
in selected areas, reshaping the product and service offering, developing fleet
optimisation and harmonisation of reporting and monitoring. These changes will
have an adverse effect on both sales and profitability during the transition
period. In 2012, the non-recurring costs of the transition program were
approximately EUR 1.0 million. In the third quarter, the German organisation
was merged into one company. The roll-out of the Cramo Rental Concept has
proceeded as planned. The Group terminated its operations in Switzerland
during the second quarter.
The roll-out of the Cramo Rental Concept will be continued in 2013.
According to Euroconstruct's forecast, construction activity in Germany will
take an upwards turn and increase by 2.5 per cent in 2013. ERA estimates that
the equipment rental market will grow by 3 per cent.
At the end of the period, the number of Cramo depots in Central Europe was 88
(96). Cramo's strategic target in Central Europe is to expand its product and
service offering in stages, according to the Cramo Concept, as well as to
improve profitability.
Eastern Europe
Eastern Europe (EUR 10-12/12 10-12/11 Change 1-12/12 1-12/11 Change %
1,000) %
--------------------------------------------------------------------------------
Sales 19,916 19,453 2.4 % 70,263 66,575 5.5 %
--------------------------------------------------------------------------------
EBITA 3,191 2,880 10.8 % 6,722 1,708 293.6 %
--------------------------------------------------------------------------------
EBITA-% 16.0 % 14.8 % 9.6 % 2.6 %
--------------------------------------------------------------------------------
No of employees (FTE) 623 589 5.7 %
--------------------------------------------------------------------------------
No of depots 71 76 -6.6 %
--------------------------------------------------------------------------------
Cramo Group's equipment rental business sales in Eastern Europe come from
Estonia, Latvia, Lithuania, Poland, the Czech Republic, Slovakia and Russia.
In their forecast in December, Euroconstruct estimated that in 2012
construction activities grew by more than 20 per cent in Estonia, by three per
cent in Russia and by almost two per cent in Poland. Construction activity also
increased in Lithuania and Latvia, whereas in the Czech Republic and Slovakia,
it declined radically.
Cramo's operations in Eastern Europe reported sales of EUR 70.3 (66.6) million,
an increase of 5.5 per cent. In local currencies, the change in sales was 5.2
per cent. Fourth-quarter sales increased by 2.4 per cent, totalling EUR 19.9
(19.5) million. In local currencies, fourth-quarter sales decreased by 0.2 per
cent.
Full-year EBITA improved and was EUR 6.7 (1.7) million, or 9.6 (2.6) per cent
of sales. EBITA also developed favourably in the fourth quarter and was EUR 3.2
(2.9) million, or 16.0 (14.8) per cent of sales. The improvements in
profitability were due to adjustments made earlier and good demand particularly
in Estonia and Russia. During the second half of the year, Cramo made
significant adjustments to its operations in Poland, the Czech Republic and
Slovakia in order to respond to the weakening market situation. Non-recurring
expenses related to these adjustments are included in the 2012 result. In the
fourth quarter, non-recurring expenses totalled approximately EUR 0.4 million.
In Russia, Cramo focuses on the Saint Petersburg area, Moscow and Kaluga, and
business in these areas developed favourably. Residential construction is
expected to continue growing in Russia. The need for new apartments is
intensified by heavy migration flows within the country and the deterioration
of existing housing stock. Expected growth is supported by improved granting of
loans. Modular space rental has also increased strongly and the growth
opportunities in modular space business are good. In 2013, construction
activity in Russia is expected to increase by some four per cent.
In October, Cramo and Ramirent signed an agreement on forming a joint venture
for their Russian and Ukrainian operations (excluding Cramo's operations in
Kaliningrad).. Each party will own 50 per cent of the joint venture. The merger
of operations is expected to come into force during the first quarter of 2013.
Income from the joint venture will be accounted under the equity method and
will be presented above EBITA, and Cramo will continue to report it as part of
the Eastern Europe business segment. In 2012, the consolidated combined net
sales of the joint venture amounts to approximately EUR 52 million and an
EBITDA of circa 35 per cent of sales. In 2012, sales from Cramo's Russian
operations were approximately EUR 19 million. With the joint venture, sales
from the Russian operations will no longer be included in the sales of Cramo
Group. The joint venture has 22 depots and approximately 400 employees.
In Estonia, the growth of construction activity was driven by energy and
infrastructure investments and renovation projects in particular. However,
renovation is forecasted to decline in 2013 and, as a result, growth in
construction activity is estimated to remain at approximately two per cent. In
Latvia and Lithuania, construction activity is predicted to increase by 3-4 per
cent.
In Poland, construction activity is forecasted to take a downwards turn in 2013
as especially civil engineering declines and is predicted to decrease by more
than three per cent. According to ERA's estimate, equipment rental sales in
Poland will also decrease by approximately four per cent. Construction
activities are predicted to decrease by some two per cent in the Czech Republic
and by approximately one per cent in Slovakia.
Cramo's strategic target in Eastern Europe is to grow profitably at a faster
rate than the overall market and to be the “Best in town” rental service
provider in each market.
At the end of the period, the number of depots in Eastern Europe was 71 (76).
SHARES AND SHARE CAPITAL
On 31 December 2012, Cramo Plc's share capital as registered in the Finnish
Trade Register was EUR 24,834,753.09 and the number of shares was 42,024,675.
Cramo Plc holds 316,288 of these shares through its subsidiary, Cramo
Management Oy.
As a result of option programme 2006C, the number of Cramo Plc shares increased
by a total of 585,589 new shares during 2012. A total of 265,360 shares were
subscribed with stock option rights 2006C in the fourth quarter. Of these,
7,900 shares were registered in the Trade Register on 22 October 2012 and
257,560 shares on 21 December 2012. In the third quarter, a total of 45,266
shares were subscribed for with stock option rights 2006C. In the second
quarter, the corresponding figure was 152,308 shares, and in the first quarter,
120,055 shares. The subscription prices have been marked under the invested
unrestricted equity fund.
On 14 September 2012, Cramo announced that it applied for listing of stock
options 2009 on NASDAQ OMX Helsinki as of 1 October 2012. A total of 1,000,000
stock options 2009 were issued. At the end of 2012, 816,500 of these stock
options were held by 87 key employees and 183,500 by a wholly-owned subsidiary
of Cramo Plc. The share subscription period commenced on 1 October 2012 and
will end on 31 December 2013. Each stock option 2009 entitles its holder to
subscribe for 1.3 Cramo Plc's shares. The subscription price is EUR 10.55 when
dividends distributed in 2009-2011 have been taken into account. The amount of
any dividends decided before share subscription will be deducted from the
subscription price.
CURRENT OPTION PROGRAMMES AND INCENTIVE SCHEMES
On 31 December 2012, Cramo Group had granted to the key personnel a total of
816,500 stock options 2009, 889,500 stock options 2010 and 928,000 stock
options 2011. Additionally, on 31 December 2012 a total of 428,046 stock
options 2006C were outstanding, whose subscription period ended on 31 January
2013.
The share-specific subscription price after dividends distributed in 2012 (EUR
0.30) is as follows: for stock options 2006C, EUR 6.17; for stock options 2009,
EUR 10.55; for stock options 2010, EUR 13.42; and for stock options 2011, EUR
7.00. In the 2006, 2009 and 2010 option programmes each stock option entitles
the holder to subscribe for 1.3 new Cramo Plc shares. In the 2011 option
programme each stock option entitles the holder to subscribe for one new share.
In May, the Board of Directors decided on a new incentive scheme for the
Group's permanent employees. The incentive scheme is an employee share savings
plan (ESSP), in which employees are offered an opportunity to save a maximum of
5 per cent of their salary and the accumulated savings are used for share
purchases. The plan was joined by 520 employees, approximately 22 per cent of
the Group's permanent personnel. The savings period began on 1 October 2012 and
terminates on 30 September 2013. A person participating in the plan acquires
one additional share for free for every two savings shares purchased. Shares
will be acquired with accrued savings at market price once a quarter after the
release date of Cramo's Interim Reports.
In addition, the Board of Directors of Cramo Plc decided on a share-based
incentive plan for the Group's key employees in May. The new Performance Share
Plan consists of three discretionary periods, the calendar years 2012, 2013 and
2014. The reward from the Plan for the discretionary period 2012 will be based
on Cramo Group's earnings per share (EPS) key indicator and the potential
reward will be paid in spring 2015 and consists partly of company shares and
partly of money. The total value of the rewards based on the first
discretionary period will be worth approximately 50,000 shares of Cramo Plc.
TRADING ON NASDAQ OMX HELSINKI
Cramo Plc has been listed on the Helsinki Stock Exchange since 1988. The share
code is CRA1V. On the Nordic list, Cramo Plc is classified as a Mid Cap company
in the industrials sector.
In the financial year from 1 January to 31 December 2012, the lowest trading
price for Cramo Plc stock was EUR 7.04 and the highest was EUR 13.03. The
trading-weighted average share price for Cramo Plc stock was EUR 9.77. The
closing price for the share on 31 December 2012 was EUR 7.92 and the company's
market value was EUR 332.8 million.
ANNUAL GENERAL MEETING 2012 AND BOARD AUTHORISATIONS
Cramo Plc's Annual General Meeting was held in Helsinki on 23 March 2012. The
Annual General Meeting adopted the consolidated financial statements and the
parent company's financial statements for the financial year 2011 and
discharged the members of the Board of Directors and the President and CEO from
liability. The Annual General Meeting decided, as proposed by the Board of
Directors, that a dividend of EUR 0.30 per share be paid from the distributable
funds.
Mr Stig Gustavson, Mr Eino Halonen, Mr Jari Lainio, Mr Esko Mäkelä, Mr Victor
Hartwall, Mr J.T. Bergqvist and Ms Helene Biström were re-elected as Board
members.
The Annual General Meeting confirmed the remuneration payable to the chairman
of the Board of Directors as EUR 70,000, to the deputy chairman as EUR 45,000
and to the other members of the Board as EUR 35,000 per annum. It was further
resolved that 50 per cent of the annual remuneration will be paid in Cramo Plc
shares purchased on the market on behalf of the Board members. In addition, it
was decided that all Board members are entitled to a compensation of EUR 1,000
per attended Board committee meeting. Reasonable travel expenses will be
refunded.
Ernst & Young Oy, a firm of authorised public accountants, was appointed as
Cramo Plc's auditor, with Mr Erkka Talvinko as the responsible auditor.
The Annual General Meeting authorised the Board of Directors to decide on the
repurchase of the company's own shares and/or their acceptance as pledge. The
number of own shares to be acquired and/or accepted as pledge shall not exceed
4,100,000 shares in total. Own shares may only be acquired using the company's
unrestricted equity and at a price formed in public trading on the date of the
repurchase or otherwise formed on the market. Own shares can be acquired
otherwise than in proportion to the shareholdings of the shareholders. No more
than 400,000 shares acquired by the company under this authorisation may be
used in the company's incentive schemes. The authorisation is effective until
the close of the next Annual General Meeting of Shareholders, or no later than
23 September 2013.
The Annual General Meeting authorised the Board of Directors to decide on a
share issue which includes the right to decide on the transfer of the company's
own shares, as well as on the granting of option rights and other special
rights entitling to shares, pursuant to Chapter 10 of the Finnish Limited
Liability Companies Act, as follows: The shares issued will be new shares of
the company, and a maximum of 4,100,000 shares may be issued. These shares
cannot be used for incentive schemes. The authorisation is valid for five years
from the decision of the Annual General Meeting.
The Annual General Meeting authorised the Board of Directors to decide on
donations in the total maximum amount of EUR 20,000 for charitable or
corresponding purposes, and on the donation recipients, purposes of use and
other terms of the donations. The authorisation is effective until the close of
the next Annual General Meeting of Shareholders.
CHANGES IN SHAREHOLDINGS
During the financial year, the company did not receive any notifications about
changes in shareholdings as defined in Chapter 2 Section 9 of the Securities
Market Act.
CORPORATE GOVERNANCE AND AUDITORS
At the end of the financial year, Cramo Plc's Board of Directors was composed
of Mr Stig Gustavson, Mr Eino Halonen, Mr Jari Lainio, Mr Esko Mäkelä, Mr
Victor Hartwall, Mr J.T. Bergqvist and Ms Helene Biström were re-elected as
Board members. The Audit Committee members were Mr Eino Halonen (Chairman), Mr
J.T. Bergqvist and Mr Esko Mäkelä. The members of the Nomination and
Compensation Committee were Mr Stig Gustavson (Chairman), Ms Helene Biström, Mr
Victor Hartwall and Mr Jari Lainio.
Until the Annual General Meeting held on 23 March 2012, Cramo Plc's Board of
Directors consisted of the persons mentioned above.
On 31 December 2012, the Board members, the President and CEO and his deputy
held, either directly or through companies in which they exercise control, a
total of 2,694,059 Cramo Plc shares, which represents 6.41 per cent of the
company's shares and votes, and a total of 31,875 stock options.
The company's auditors were Ernst & Young Oy, Authorised Public Accountants,
with Mr Erkka Talvinko, APA, as the responsible auditor.
Cramo Plc observes the Finnish Corporate Governance Code, which entered into
force on 1 October 2010. Cramo Plc's insider guidelines are based on the
Finnish Securities Market Act, rules and regulations issued by the Financial
Supervision Authority, and the insider guidelines of the stock exchange.
Euroclear Finland Ltd maintains an insider register of Cramo Plc's permanent
insiders, whose holdings are also available on Cramo Plc's website.
The Corporate Governance statement for the year 2012 and the Remuneration
Statement for the year 2012 issued by Cramo Plc's Board of Directors can be
found on the Cramo Plc website.
ESSENTIAL RISKS AND UNCERTAINTIES
In addition to global economic developments, the main sources of uncertainty in
Cramo's business are related to the economic cycles and financial development
of each country, fluctuations in interest and exchange rates, availability of
financing, credit loss risks, the success of the Group's acquisitions and
information system projects, personnel-related risks, availability of competent
management and recruitment-related risks, tax risks and other business risks.
The recent debt crisis in certain euro zone countries has increased the
uncertainty of near-term economic development in Europe, which has increased
the levels of risks associated with Cramo's business operations. The increasing
economic uncertainty may be seen in Cramo's operations as a weakening demand on
one or several market areas, fiercer competition, lower rental prices, higher
finance costs or customers experiencing financial difficulties and increasing
credit losses. In addition, the economic uncertainty increases the impairment
risks to the balance sheet values.
PROFIT DISTRIBUTION POLICY AND BOARD OF DIRECTORS' PROPOSAL FOR PROFIT
DISTRIBUTION
In accordance with the company's profit distribution policy, Cramo Plc's goal
is to follow a stable profit distribution policy and to pay approximately 40
per cent of earnings per share (EPS) of a period as dividends.
The Board of Directors proposes to the Annual General Meeting that a dividend
of EUR 0.42 be paid for the financial year 1 January-31 December 2012.
SIGNIFICANT EVENTS AFTER THE BALANCE SHEET DATE
Cramo informed on 25 January, 2013 of a new organization in order to support
more efficiently the Group's strategic and financial targets under the theme
“operational excellence”. Operationally, the new organisation has three market
areas: Scandinavia (Sweden, Norway, Denmark), Eastern Europe (Finland, Estonia,
Latvia, Lithuania, Poland) and Central Europe (Germany, Austria, Hungary, Czech
Republic, Slovakia). Cramo's business segments, as reported externally, will
remain unchanged, that is Finland, Sweden, Norway, Denmark, Central Europe and
Eastern Europe.
The new organisation became effective as from 1 February 2013. Within new Group
management the following persons were appointed responsible for the market
areas: Mr Erik Bengtsson, Executive Vice President, Scandinavia; Mr Tatu
Hauhio, Executive Vice President, Eastern Europe; and Mr Dirk Schlitzkus,
Executive Vice President, Central Europe. Mr Per Lundquist was appointed Senior
Vice President, Operations. In addition to the IT function, he will be
responsible of human resources, marketing and communications and the
harmonization of the Group's business concepts and processes. Mr Martin
Holmgren was appointed Senior Vice President, Fleet Management. Mr Martti
Ala-Härkönen continues as CFO, responsible also for the Group's business
planning, M&A, legal function and investor relations. New appointments in Group
management were Mr Aku Rumpunen, Senior Vice President, Group Business Control
and Mr Petri Moksén, Senior Vice President, Modular Space. Leaving Group
management were Mr Göran Carlson, Deputy CEO who, as earlier announced, has
accepted a position outside the Cramo Group; and Mr Jarmo Laasanen, who will
retire during spring 2013.
ACCOUNTING PRINCIPLES
This Financial Statements Bulletin has been prepared in accordance with IAS 34:
Interim Financial Reporting. In the preparation of this Financial Statements
Bulletin, Cramo has applied the same accounting principles as in its financial
statements for 2011.
The figures in this Financial Statements Bulletin are unaudited.
CONSOLIDATED BALANCE SHEET (EUR 1,000) 31 Dec 31 Dec 2011
2012
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
ASSETS
Non-current assets
Tangible assets 615,034 622,214
--------------------------------------------------------------------------------
Goodwill 169,736 165,318
--------------------------------------------------------------------------------
Other intangible assets 111,751 123,250
--------------------------------------------------------------------------------
Deferred tax assets 14,604 15,312
--------------------------------------------------------------------------------
Available-for-sale financial investments 349 350
--------------------------------------------------------------------------------
Shares in joint ventures 97 48
--------------------------------------------------------------------------------
Trade and other receivables 1,071 3,553
--------------------------------------------------------------------------------
Total non-current assets 912,641 930,043
--------------------------------------------------------------------------------
Current assets
--------------------------------------------------------------------------------
Inventories 13,902 18,310
--------------------------------------------------------------------------------
Trade and other receivables 132,222 142,954
--------------------------------------------------------------------------------
Income tax receivables 4,794 5,563
--------------------------------------------------------------------------------
Derivative financial instruments 303 730
--------------------------------------------------------------------------------
Cash and cash equivalents 10,340 22,532
--------------------------------------------------------------------------------
Total current assets 161,562 190,089
--------------------------------------------------------------------------------
Assets available for sale 3,540 6,680
--------------------------------------------------------------------------------
Assets to be transferred to joint venture 30,392
--------------------------------------------------------------------------------
TOTAL ASSETS 1,108,1 1,126,812
36
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EQUITY AND LIABILITIES
Equity
Share capital 24,835 24,835
--------------------------------------------------------------------------------
Share issue 17
--------------------------------------------------------------------------------
Other reserves 304,373 300,723
--------------------------------------------------------------------------------
Fair value reserve 119 119
--------------------------------------------------------------------------------
Hedging fund -8,144 -5,168
--------------------------------------------------------------------------------
Translation differences 7,710 1,041
--------------------------------------------------------------------------------
Retained earnings 154,115 122,654
--------------------------------------------------------------------------------
Equity attributable to shareholders 483,007 444,221
of the parent company
--------------------------------------------------------------------------------
Hybrid capital 49,630 49,630
--------------------------------------------------------------------------------
Total equity 532,637 493,851
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Non-current liabilities
Interest-bearing liabilities 271,713 311,461
--------------------------------------------------------------------------------
Derivative financial instruments 8,861 6,775
--------------------------------------------------------------------------------
Deferred tax liabilities 80,188 85,399
--------------------------------------------------------------------------------
Pension obligations 1,574 1,448
--------------------------------------------------------------------------------
Other non-current liabilities 752 3,369
--------------------------------------------------------------------------------
Total non-current liabilities 363,087 408,452
--------------------------------------------------------------------------------
Current liabilities
--------------------------------------------------------------------------------
Interest-bearing liabilities 87,577 101,422
--------------------------------------------------------------------------------
Derivative financial instruments 1,347 1,838
--------------------------------------------------------------------------------
Trade and other payables 119,460 116,485
--------------------------------------------------------------------------------
Income tax liabilities 1,055 4,763
--------------------------------------------------------------------------------
Total current liabilities 209,439 224,508
--------------------------------------------------------------------------------
Liabilities to be transferred to joint venture 2,974
--------------------------------------------------------------------------------
Total liabilities 575,499 632,960
--------------------------------------------------------------------------------
TOTAL EQUITY AND LIABILITIES 1,108,1 1,126,812
36
--------------------------------------------------------------------------------
CONSOLIDATED INCOME STATEMENT 10-12/ 10-12/1 1-12/12 1-12/1
1 Jan 12 1 1
2012 - 30 Jun 2012 (EUR 1,000)
--------------------------------------------------------------------------------
Sales 184,60 192,903 688,391 679,89
3 2
--------------------------------------------------------------------------------
Other operating income 3,316 3,044 11,321 7,697
--------------------------------------------------------------------------------
Change in inventories of finished goods and -81 -566 836 -425
work in progress
--------------------------------------------------------------------------------
Production for own use 0 3,904 3,657 10,302
--------------------------------------------------------------------------------
Materials and services -68,10 -72,745 -242,13 -248,3
1 7 93
--------------------------------------------------------------------------------
Employee benefit expense -37,17 -39,003 -143,72 -135,7
3 8 51
--------------------------------------------------------------------------------
Other operating expenses -36,33 -37,926 -138,76 -144,6
4 3 28
--------------------------------------------------------------------------------
Depreciation and impairment on tangible assets -24,28 -25,806 -101,57 -97,62
and assets available for sale 3 1 4
--------------------------------------------------------------------------------
EBITA 21,946 23,804 78,005 71,071
--------------------------------------------------------------------------------
% of sales 11.9 % 12.3 % 11.3 % 10.5 %
--------------------------------------------------------------------------------
Amortisation and impairment on intangible -4,659 -8,496 -13,569 -16,75
assets resulting from acquisitions 1
--------------------------------------------------------------------------------
Operating profit / loss (EBIT) 17,287 15,308 64,436 54,320
--------------------------------------------------------------------------------
% of sales 9.4 % 7.9 % 9.4 % 8.0 %
--------------------------------------------------------------------------------
Finance costs (net) -5,445 -5,054 -20,432 -22,16
9
--------------------------------------------------------------------------------
Income from joint ventures -2 - 43 22
--------------------------------------------------------------------------------
Profit / loss before taxes 11,841 10,277 44,048 32,173
--------------------------------------------------------------------------------
% of sales 6.4 % 5.3 % 6.4 % 4.7 %
--------------------------------------------------------------------------------
Income taxes 2,158 275 -5,508 -8,668
--------------------------------------------------------------------------------
Profit / loss for the period 13,999 10,551 38,540 23,505
--------------------------------------------------------------------------------
% of sales 7.6 % 5.5 % 5.6 % 3.5 %
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Attributable to:
Equity holder of parent 13,999 10,551 38,540 23,505
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Non-controlling interest
Profit / loss attributable to equity holders'
of parent
Earnings per share, undiluted, EUR 0.34 0.26 0.93 0.60
--------------------------------------------------------------------------------
Earnings per share, diluted, EUR 0.34 0.25 0.93 0.60
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
COMPREHENSIVE INCOME STATEMENT 10-12/ 10-12/1 1-12/12 1-12/1
1 Jan 2012 - 30 Jun 2012 (EUR 1,000) 12 1 1
--------------------------------------------------------------------------------
Profit / loss for the period 13,999 10,551 38,540 23,505
--------------------------------------------------------------------------------
Other comprehensive income
--------------------------------------------------------------------------------
-Change in hedging fund, net of tax -1,295 -4,859 -2,976 -3,971
--------------------------------------------------------------------------------
-Change in exchange rate differences, net of 14,447 -4,732 15,387 301
tax
--------------------------------------------------------------------------------
Total other comprehensive income 13,152 -9,591 12,411 -3,670
--------------------------------------------------------------------------------
Comprehensive income for the period 27,151 960 50,951 19,835
--------------------------------------------------------------------------------
CHANGES IN Share Share Fair Retained Attributa Non-co Hybrid Total
CONSOLIDA capita issue value earnings, ble to ntroll capita equity
TED l and reserv translati equity ing l
STATEMENT other e on holders intere
OF EQUITY reserv differenc of the st
(EUR es es, parent
1,000) hedging company
fund
--------------------------------------------------------------------------------
At 1 Jan 24,835 188,79 117 104,588 318,337 503 49,630 368,47
2011 7 0
--------------------------------------------------------------------------------
Total 19,834 19,834 19,834
comprehensive
income
--------------------------------------------------------------------------------
Dividend -3,163 -3,163 -3,163
distribut
ion
--------------------------------------------------------------------------------
Exercise of share 7,279 7,279 7,279
options
--------------------------------------------------------------------------------
Share 97,398 97,398 97,398
issue
--------------------------------------------------------------------------------
Issue of shares 7,266 7,266 7,266
related to
business
combination
--------------------------------------------------------------------------------
Share-base 2,843 2,843 2,843
d payments
--------------------------------------------------------------------------------
Non-controlling 427 427 -503 -76
interest
--------------------------------------------------------------------------------
Hybrid -6,000 -6,000 -6,000
capital
--------------------------------------------------------------------------------
Changes 2 -2
within
equity
--------------------------------------------------------------------------------
At 31 Dec 24,835 300,74 119 118,527 444,222 49,630 493,85
2011 0 1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
At 1 Jan 24,835 300,74 119 118,527 444,222 49,630 493,85
2012 0 1
--------------------------------------------------------------------------------
Total 50,951 50,951 50,951
comprehensive
income
--------------------------------------------------------------------------------
Dividend -12,374 -12,374 -12,37
distribut 4
ion
--------------------------------------------------------------------------------
Exercise of share 3,633 3,633 3,633
options
--------------------------------------------------------------------------------
Share-base 2,576 2,576 2,576
d payments
--------------------------------------------------------------------------------
Hybrid -6,000 -6,000 -6,000
capital
--------------------------------------------------------------------------------
At 31 Dec 24,835 304,37 119 153,681 483,007 49,630 532,63
2012 3 7
--------------------------------------------------------------------------------
CONSOLIDATED CASH FLOW STATEMENT 1-12/12 1-12/11
1 Jan 2012 - 31 Dec
2012 (EUR 1,000)
--------------------------------------------------------------------------------
Net cash flow from operating activities 145,992 138,496
--------------------------------------------------------------------------------
Net cash flow from investing activities -83,776 -193,804
--------------------------------------------------------------------------------
Cash flow from financing activities
--------------------------------------------------------------------------------
Change in interest-bearing receivables 2,528 244
--------------------------------------------------------------------------------
Change in finance lease liabilities -39,353 -32,944
--------------------------------------------------------------------------------
Change in interest-bearing liabilities -21,591 -6,964
--------------------------------------------------------------------------------
Hybrid capital -6,000 -6,000
--------------------------------------------------------------------------------
Proceeds from share options exercised 3,633 7,279
--------------------------------------------------------------------------------
Proceeds from share issue - 97,397
--------------------------------------------------------------------------------
Non-controlling interest - -76
--------------------------------------------------------------------------------
Dividends paid -12,374 -3,163
--------------------------------------------------------------------------------
Net cash flow from financing activities -73,157 55,773
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change in cash and cash equivalents -10,941 465
--------------------------------------------------------------------------------
Cash and cash equivalents at period start 22,532 22,313
--------------------------------------------------------------------------------
Cash to be transferred to joint venture -2,005
--------------------------------------------------------------------------------
Translation differences 754 -246
--------------------------------------------------------------------------------
Cash and cash equivalents at period end 10,340 22,532
--------------------------------------------------------------------------------
COMMITMENTS AND CONTINGENT LIABILITIES 31 Dec 2012 31 Dec 2011
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Pledges, finance lease 109,314 148,502
--------------------------------------------------------------------------------
Interest on hybrid capital 4,027 4,022
--------------------------------------------------------------------------------
Investment commitments 12,220 10,431
--------------------------------------------------------------------------------
Commitments to office and depot rents 116,734 130,880
--------------------------------------------------------------------------------
Operational lease payments 36,069 45,084
--------------------------------------------------------------------------------
Other commitments 15 643
--------------------------------------------------------------------------------
DERIVATIVE FINANCIAL INSTRUMENTS 31 Dec 2012 31 Dec 2011
(EUR 1,000)
----------------------------------------------------------
Fair value
----------------------------------------------------------
Interest rate swaps -8,862 -6,775
----------------------------------------------------------
Currency forwards -956 -1,107
----------------------------------------------------------
----------------------------------------------------------
Nominal value
----------------------------------------------------------
Interest rate swaps 90,000 181,645
----------------------------------------------------------
Currency forwards 184,809 202,932
----------------------------------------------------------
MODULAR SPACE ORDER BOOK (EUR 1,000) 31 Dec 2012 31 Dec 2011
-----------------------------------------------------------------------
Value of outstanding orders for modular space 89,509 102,660
-----------------------------------------------------------------------
Value of orders for modular space rental 87,596 95,615
-----------------------------------------------------------------------
Value of orders for sale of modular space 1,913 7,044
-----------------------------------------------------------------------
SHARE RELATED KEY FIGURES 10-12/1 10-12/1 1-12/12 1-12/11
2 1
--------------------------------------------------------------------------------
Earnings per share (EPS), EUR 1) 0.34 0.26 0.93 0.60
--------------------------------------------------------------------------------
Earnings per share (EPS), diluted, EUR 0.34 0.25 0.93 0.60
2)
--------------------------------------------------------------------------------
Shareholders' equity per share, EUR 3) 11.58 10.83
--------------------------------------------------------------------------------
Number of shares, end of period 42,024,67 41,439,08
5 6
--------------------------------------------------------------------------------
Number of shares, issue-adjusted, 41,356,34 39,098,75
average 4) 7 1
--------------------------------------------------------------------------------
Number of shares, issue-adjusted, end of 41,708,38 41,122,79
period 4) 7 8
--------------------------------------------------------------------------------
Number of shares, diluted by share 41,587,10 39,380,52
options, average 0 7
--------------------------------------------------------------------------------
1. Calculated from issue-adjusted average number of shares
2. Calculated from diluted average number of shares
3. Calculated from issue-adjusted number of shares at the end of the period
4. Number of shares deducted by own shares held by Cramo Group
INFORMATION PRESENTED BY BUSINESS SEGMENT
The Group's segments are divided geographically and consist of Finland, Sweden,
Norway, Denmark, Central Europe and Eastern Europe.
-------------------------------------------------
Sales (EUR 1,000) 10-12/ 10-12/ 1-12/1 1-12/1
12 11 2 1
-------------------------------
Finland 28,576 34,036 112,66 127,56
6 5
--------------------------------------------------------------------------------
Sweden 88,109 89,380 322,35 308,94
9 9
--------------------------------------------------------------------------------
Norway 23,384 20,996 84,167 79,265
--------------------------------------------------------------------------------
Denmark 8,965 11,253 37,684 34,965
--------------------------------------------------------------------------------
Central Europe 16,981 19,700 66,973 71,213
--------------------------------------------------------------------------------
Eastern Europe 19,916 19,453 70,263 66,575
--------------------------------------------------------------------------------
Inter-segment sales -1,328 -1,916 -5,720 -8,640
--------------------------------------------------------------------------------
Group sales 184,60 192,90 688,39 679,89
3 3 1 2
--------------------------------------------------------------------------------
-------------------------------------------------
EBITA (EUR 1,000) 10-12/ 10-12/ 1-12/1 1-12/1
12 11 2 1
-------------------------------
Finland 6,530 6,147 20,975 20,238
--------------------------------------------------------------------------------
% of sales 22.9 % 18.1 % 18.6 % 15.9 %
--------------------------------------------------------------------------------
Sweden 16,157 17,964 57,578 58,047
--------------------------------------------------------------------------------
% of sales 18.3 % 20.1 % 17.9 % 18.8 %
--------------------------------------------------------------------------------
Norway 1,790 588 5,276 857
--------------------------------------------------------------------------------
% of sales 7.7 % 2.8 % 6.3 % 1.1 %
--------------------------------------------------------------------------------
Denmark -3,607 -147 -5,022 -2,132
--------------------------------------------------------------------------------
% of sales -40.2 -1.3 % -13.3 -6.1 %
% %
--------------------------------------------------------------------------------
Central Europe 826 326 -236 3,708
--------------------------------------------------------------------------------
% of sales 4.9 % 1.7 % -0.4 % 5.2 %
--------------------------------------------------------------------------------
Eastern Europe 3,191 2,880 6,722 1,708
--------------------------------------------------------------------------------
% of sales 16.0 % 14.8 % 9.6 % 2.6 %
--------------------------------------------------------------------------------
Non-allocated capital gains and other income 2,196
--------------------------------------------------------------------------------
Non-allocated Group activities -2,900 -4,086 -9,761 -11,75
6
--------------------------------------------------------------------------------
Eliminations -42 132 277 402
--------------------------------------------------------------------------------
Group EBITA 21,946 23,805 78,005 71,072
--------------------------------------------------------------------------------
% of sales 11.9 % 12.3 % 11.3 % 10.5 %
--------------------------------------------------------------------------------
-------------------------------------------------
Reconciliation of Group EBITA to Earnings before 10-12/ 10-12/ 1-12/1 1-12/1
taxes (EUR 1,000) 12 11 2 1
-------------------------------
Group EBITA 21,946 23,805 78,005 71,072
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Amortisation and impairment on intangible assets -4,659 -8,496 -13,56 -16,75
resulting from acquisitions 9 1
Net finance items -5,445 -5,054 -20,43 -22,16
2 9
--------------------------------------------------------------------------------
Share of profit from associate -2 22 43 22
--------------------------------------------------------------------------------
Earnings before taxes 11,841 10,277 44,048 32,173
--------------------------------------------------------------------------------
----------------------------------------------
Depreciation and impairment on tangible 10-12/1 10-12/1 1-12/12 1-12/1
assets (EUR 1,000) 2 1 1
----------------------------------
Finland -3,881 -4,962 -16,958 -17,87
3
--------------------------------------------------------------------------------
Sweden -10,138 -9,434 -41,258 -36,57
3
--------------------------------------------------------------------------------
Norway -3,099 -2,959 -11,517 -10,80
8
--------------------------------------------------------------------------------
Denmark -1,434 -888 -5,073 -3,988
--------------------------------------------------------------------------------
Central Europe -2,295 -2,798 -9,598 -8,991
--------------------------------------------------------------------------------
Eastern Europe -3,547 -4,740 -17,494 -19,51
2
--------------------------------------------------------------------------------
Non-allocated items and eliminations 112 -24 327 121
--------------------------------------------------------------------------------
Total -24,283 -25,806 -101,57 -97,62
1 4
--------------------------------------------------------------------------------
----------------------------------------------
Capital expenditure (EUR 1,000) 10-12/1 10-12/1 1-12/12 1-12/1
2 1 1
----------------------------------
Finland 7,488 7,439 23,585 27,594
--------------------------------------------------------------------------------
Sweden 9,175 19,918 55,206 93,519
--------------------------------------------------------------------------------
Norway 3,748 4,184 10,900 26,174
--------------------------------------------------------------------------------
Denmark 245 2,308 2,433 5,460
--------------------------------------------------------------------------------
Central Europe 2,873 2,109 19,566 90,043
--------------------------------------------------------------------------------
Eastern Europe 1,891 2,569 12,527 17,989
--------------------------------------------------------------------------------
Non-allocated items and eliminations 217 710 860 1,727
--------------------------------------------------------------------------------
Total 25,637 39,238 125,078 262,50
6
--------------------------------------------------------------------------------
-------------------------------------
Assets (EUR 1,000) 31 Dec 2012 31 Dec 2011
-------------------------
Finland 153,423 176,307
--------------------------------------------------------------
Sweden 516,589 507,339
--------------------------------------------------------------
Norway 124,866 112,042
--------------------------------------------------------------
Denmark 43,859 44,376
--------------------------------------------------------------
Central Europe 97,505 95,965
--------------------------------------------------------------
Eastern Europe 130,615 139,431
--------------------------------------------------------------
Non-allocated items and eliminations 41,278 51,352
--------------------------------------------------------------
Total 1,108,136 1,126,812
--------------------------------------------------------------
---------------------------------------------
Non-interest bearing liabilities (EUR 1,000) 31 Dec 2012 31 Dec 2011
-------------------------
Finland 20 822 30 329
----------------------------------------------------------------------
Sweden 111 379 115 490
----------------------------------------------------------------------
Norway 28 105 15 335
----------------------------------------------------------------------
Denmark 9 935 7 388
----------------------------------------------------------------------
Central Europe 14 374 17 520
----------------------------------------------------------------------
Eastern Europe 11 915 14 272
----------------------------------------------------------------------
Non-allocated items and eliminations 19 678 19 745
----------------------------------------------------------------------
Total 216 210 220 078
----------------------------------------------------------------------
QUARTERLY SEGMENT INFORMATION
-------------------------
Sales by segment (EUR 10-12/ 7-9/12 4-6/12 1-3/12 10-12/ 7-9/11 4-6/11
1,000) 12 11
-------------------------------------------------------
Finland 28 576 29 136 25 606 29 348 34 036 34 067 31 271
--------------------------------------------------------------------------------
Sweden 88 109 80 994 75 799 77 457 89 380 78 980 72 488
--------------------------------------------------------------------------------
Norway 23 384 20 864 19 121 20 798 20 996 20 687 17 378
--------------------------------------------------------------------------------
Denmark 8 965 13 248 7 281 8 189 11 253 9 705 7 750
--------------------------------------------------------------------------------
Central Europe 16 981 19 973 18 238 11 782 19 700 20 957 19 945
--------------------------------------------------------------------------------
Eastern Europe 19 916 19 773 16 704 13 870 19 453 19 254 14 999
--------------------------------------------------------------------------------
Inter-segment sales -1 328 -1 610 -1 329 -1 453 -1 916 -2 012 -2 695
--------------------------------------------------------------------------------
Group sales 184 182 161 159 192 181 161
603 378 420 991 903 637 135
--------------------------------------------------------------------------------
-------------------------
EBITA by segment (EUR 10-12/ 7-9/12 4-6/12 1-3/12 10-12/ 7-9/11 4-6/11
1,000) 12 11
-------------------------------------------------------
Finland 6 530 7 811 3 685 2 949 6 147 7 667 4 248
--------------------------------------------------------------------------------
% of sales 22,9 % 26,8 % 14,4 % 10,0 % 18,1 % 22,5 % 13,6 %
--------------------------------------------------------------------------------
Sweden 16 157 16 979 11 561 12 881 17 964 17 173 13 566
--------------------------------------------------------------------------------
% of sales 18,3 % 21,0 % 15,3 % 16,6 % 20,1 % 21,7 % 18,7 %
--------------------------------------------------------------------------------
Norway 1 790 1 865 697 923 588 1 004 -1 150
--------------------------------------------------------------------------------
% of sales 7,7 % 8,9 % 3,6 % 4,4 % 2,8 % 4,9 % -6,6 %
--------------------------------------------------------------------------------
Denmark -3 607 577 -547 -1 445 -147 295 -646
--------------------------------------------------------------------------------
% of sales -40,2 4,4 % -7,5 % -17,6 -1,3 % 3,0 % -8,3 %
% %
--------------------------------------------------------------------------------
Central Europe 826 2 324 929 -4 314 326 2 932 1 640
--------------------------------------------------------------------------------
% of sales 4,9 % 11,6 % 5,1 % -36,6 1,7 % 14,0 % 8,2 %
%
--------------------------------------------------------------------------------
Eastern Europe 3 191 3 660 672 -801 2 880 2 569 -1 524
--------------------------------------------------------------------------------
% of sales 16,0 % 18,5 % 4,0 % -5,8 % 14,8 % 13,3 % -10,2
%
--------------------------------------------------------------------------------
Non-allocated capital 0 0 0 2 196 0 0 0
gains and other income
--------------------------------------------------------------------------------
Non-allocated Group -2 900 -2 061 -2 719 -2 083 -4 086 -1 281 -1 904
activities
--------------------------------------------------------------------------------
Eliminations -42 0 70 249 132 122 103
--------------------------------------------------------------------------------
Group EBITA 21 946 31 155 14 348 10 555 23 805 30 479 14 334
--------------------------------------------------------------------------------
% of sales 11,9 % 17,1 % 8,9 % 6,6 % 12,3 % 16,8 % 8,9 %
--------------------------------------------------------------------------------
LARGEST SHAREHOLDERS
TEN LARGEST SHAREHOLDERS 31 Dec 2012 SHARES %
-------------------------------------------------------------------------------
1 Hartwall Capital Oy Ab 6,491,702 15.45
-------------------------------------------------------------------------------
2 K. Hartwall Invest Oy 2,132,000 5.07
-------------------------------------------------------------------------------
3 Rakennusmestarien Säätiö (Construction engineers' fund) 2,129,422 5.07
-------------------------------------------------------------------------------
4 Mariatorp Oy 1,400,000 3.33
-------------------------------------------------------------------------------
5 Wipunen varainhallinta Oy 1,200,000 2.86
-------------------------------------------------------------------------------
6 Nordea Nordenfund 902,997 2.15
-------------------------------------------------------------------------------
7 Odin Finland 841,518 2.00
-------------------------------------------------------------------------------
8 Fondita Nordic Micro Cap 670,000 1.59
-------------------------------------------------------------------------------
9 Investment fund Aktia Capital 550,000 1.31
-------------------------------------------------------------------------------
10 Nordea Life Assurance Finland Ltd. 400,000 0.95
-------------------------------------------------------------------------------
Ten largest owners, total 16,717,639 39.78
-------------------------------------------------------------------------------
Nominee registered 7,082,955 16.85
-------------------------------------------------------------------------------
Others 18,224,081 43.37
-------------------------------------------------------------------------------
Total 42,024,675 100.00
-------------------------------------------------------------------------------
There were no material transactions with related parties during the period
under review.
This report includes certain forward-looking statements based on the
management's expectations at the time they were made. These involve risks and
uncertainties and are subject to change due to changes in general economic and
industry conditions.
Vantaa 7 February 2013
Cramo Plc
Board of Directors
BRIEFING
Cramo will hold a briefing and a live webcast at Kämp Kansallissali, address:
Aleksanterinkatu 44 A, 2nd floor, Helsinki, on Friday, 8 February 2013 at 11:00
am. The briefing will be in English.
To watch the briefing live on the Internet, go to www.cramo.com. A replay of
the webcast will be available at www.cramo.com from 8 February 2013 in the
afternoon.
PUBLICATION OF FINANCIAL INFORMATION 2013
The Annual Report containing the full financial statements for 2012 will be
published in electronic format in week 10/2013.
The 2013 Annual General Meeting will take place on Tuesday, 26 March 2013, in
Helsinki.
Cramo will publish three Interim Reports in 2013.
The January-March Interim Report will be published on Friday, 3 May 2013.
The January-June Interim Report will be published on Tuesday, 13 August 2013.
The January-September Interim Report will be published on Wednesday, 30 October
2013.
FURTHER INFORMATION
Vesa Koivula
President and CEO, tel. +358 10 661 10, +358 40 510 5710
Martti Ala-Härkönen
CFO, tel. +358 10 661 10, +358 40 737 6633
Distribution
NASDAQ OMX Helsinki Ltd.
Major media
www.cramo.com
Cramo is Europe's second largest rental services company specialising in
construction machinery and equipment rental and rental-related services as well
as the rental of modular space. Cramo operates in fourteen countries with 380
depots. With a group staff around 2.550, Cramo's consolidated sales in 2012 was
EUR 690 million. Cramo shares are listed on the NASDAQ OMX Helsinki Ltd.
Further information: www.cramo.com
© 2024 Nasdaq, Inc. All Rights Reserved |