2012-02-14 08:00:00 CET
2012-02-14 08:00:20 CET
REGULATED INFORMATION
Cramo Oyj - Financial Statement Release
Cramo’s Financial Statements for January–December 2011
Sales and profits up
Vantaa, Finland, 2012-02-14 08:00 CET (GLOBE NEWSWIRE) -- Cramo Plc Financial
Statement Release 14 February 2012 at 9.00 am Finnish time (GMT+2)
Cramo's Financial Statements for January-December 2011
Sales and profits up
Q4/2011 highlights (year-on-year comparison in brackets):
-- Sales EUR 192.9 (146.4) million, up 31.8%
-- EBITA EUR 23.8 (14.1) million, EBITA margin 12.3% (9.6%)
-- Earnings per share EUR 0.26 (0.25), before non-recurring goodwill writedown
EUR 0.39
-- Cash flow from operations EUR 60.9 (38.8) million, after investments EUR
32.6 (0.7) million
-- Non-recurring goodwill writedown of EUR 5.5 million related to Danish
operations
1-12/2011 highlights:
-- Sales: EUR 679.9 (492.1) million, up 38.2%, of which organic growth 20.9%
-- EBITA EUR 71.1 (34.5) million, EBITA margin 10.5% (7.0%)
-- EBITA before non-recurring items EUR 73.1 (28.7) million, EBITA margin
10.7% (5.8) %
-- Earnings per share EUR 0.60 (-0.06), before non-recurring goodwill
writedown EUR 0.74
-- Cash flow from operations EUR 138.5 (68.3) million, after investments EUR
-55.3 (27.4) million
-- Gearing 78.7% (103.4%)
-- Acquisition of Theisen Group in January
-- The Board proposes a dividend of EUR 0.30 per share
Outlook for 2012:
-- In 2012, the Group's sales will grow and the EBITA margin will improve
compared with 2011. Gearing will decrease due to positive cash flow.
KEY FIGURES AND RATIOS (MEUR) 10-12/ 10-12/ Change 1-12/1 1-12/1 Change
11 10 % 1 0 %
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Income statement
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Sales 192.9 146.4 31.8 % 679.9 492.1 38.2 %
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EBITDA 49.6 33.7 47.1 % 168.7 117.6 43.4 %
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EBITA 1) 23.8 14.1 69.4 % 71.1 34.5 106.1
%
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% of sales 12.3% 9.6% 10.5% 7.0%
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Operating profit / loss (EBIT) 15.3 12.1 26.4 % 54.3 27.4 98.3 %
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Profit / loss before tax (EBT) 10.3 8.4 22.8 % 32.2 4.8
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Profit / loss for the period 10.6 8.4 26.2 % 23.5 -2.2
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Share related information
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Earnings per share (EPS), EUR 2) 0.26 0.25 4.0 % 0.60 -0.06
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Earnings per share (EPS), 0.25 0.24 4.2 % 0.60 -0.06
diluted, EUR 2)
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Shareholders' equity per share, 10.83 9.50 13.9 %
EUR
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Other information
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Return on investment, % 3) 6.6 % 3.7 %
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Return on equity, % 3) 5.4 % -0.6 %
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Equity ratio, % 44.4 % 38.7 %
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Gearing, % 78.7 % 103.4
%
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Net interest-bearing liabilities 389.4 382.0 1.9 %
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Gross capital expenditure (incl. 39.2 53.0 -26.0 262.5 86.2 204.5
acquisitions) % %
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of which acquisition/business 1.5 24.5 115.4 32.7
combinations
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Cash flow after investments 32.6 0.7 -55.3 27.4
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Average number of personnel (FTE) 2,580 2,083 23.8 %
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Number of personnel at period end (FTE) 2,707 2,131 27.0 %
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1) EBITA is operating profit before amortisation and impairment of intangible
assets resulting from acquisitions
2) Due to the rights issue completed in April 2011, the earnings per share (EPS)
figures for the previous periods have been adjusted according to IFRS
3) Rolling 12 month
SUMMARY OF FINANCIAL PERFORMANCE IN 2011
Cramo Group's consolidated sales grew in 2011. Sales were EUR 679.9 (492.1)
million, up 38.2 per cent compared to the previous year. In local currencies,
sales growth was 34.5 per cent, while the organic growth was 20.9 per cent.
Growth was achieved in all markets.
In October-December, sales grew by 31.8 per cent to EUR 192.9 (146.4) million.
In local currencies, sales increased by 30.3 per cent in the fourth quarter.
Full-year EBITA more than doubled to EUR 71.1 (34.5) million, or 10.5 (7.0) per
cent of sales. EBITDA was EUR 168.7 (117.6) million, or 24.8 (23.9) per cent of
sales. Full-year earnings per share were EUR 0.60 (-0.06).
Full-year EBITA before non-recurring items was EUR 73.1 (28.7) million, or 10.7
(5.8) per cent of sales. EBITDA before non-recurring items was EUR 170.7
(111.9) million, or 25.1 (22.7) per cent of sales. In the first quarter of
2011, non-recurring items included expenses of EUR 2.1 million relating to the
acquisition of Theisen Group, while non-recurring items in the first quarter of
2010 included a net capital gain of EUR 5.7 million.
A non-recurring writedown totalling EUR 5.5 million in Group goodwill relating
to the Danish operations was made in the fourth quarter. The writedown has no
cash flow effect. Before the writedown, full-year earnings per share were EUR
0.74.
Profitability developed positively also in the fourth quarter. EBITA for
October-December totalled EUR 23.8 (14.1) million, or 12.3 (9.6) per cent of
sales. Fourth-quarter earnings per share were EUR 0.26 (0.25), before the
non-recurring goodwill writedown EUR 0.39.
The Group's cash flow after investments was EUR -55.3 (27.4) million. Gross
capital expenditure was EUR 262.5 (86.2) million, of which acquisitions
accounted for EUR 115.4 (32.7) million. Excluding acquisitions the Group's cash
flow after investments was positive in 2011. Because of the market uncertainty,
Cramo cut its investments from the planned level in the second half of the
year. In the second half of 2011, cash flow after investments was EUR 43.0
(9.3) million, of which EUR 32.6 (0.7) occurred in the fourth quarter. Cramo
Group's investment level will continue to be modest in 2012 with a view to
maintaining utilisation rates at a good level in all market conditions.
Gearing continued to decrease, amounting to 78.7 per cent (103.4%) at the end
of the year.
After a period of strong growth, Cramo's focus in 2012 is on optimising its
profitability and cash flow.
The Board proposes to convene the Annual General Meeting on Friday 23 March
2012. The stock exchange release on the notice to convene the Annual General
Meeting will be published on 14.2.2012. The Board will propose a dividend of
EUR 0.30 per share to the Annual General Meeting.
MARKET REVIEW: MODERATE GROWTH EXPECTED IN THE RENTAL SECTOR IN 2012
The general economic uncertainty is still at a high level in Europe. So far the
uncertainty has not had any significant effects on Cramo's business.
Euroconstruct, the construction market analyst, predicted in its
November-December market forecast a two per cent decline for construction
activity in Finland in 2012. However, VTT Technical Research Centre of Finland
predicts a growth rate of four per cent for equipment rental in Finland. For
construction in Sweden, Norway, Denmark and Germany, Euroconstruct forecasts
growth ranging between two and six per cent in 2012. Consequently, also
equipment rental is expected to grow. In Eastern Europe, the outlook is
positive, particularly in Russia, Poland and Estonia.
Cramo is maintaining contingency plans for the event of a weaker market in the
second half of 2012.
Cramo believes that in spite of the general economic uncertainty, rental
services continue to be a growth industry. Arrangements whereby companies
outsource their equipment fleet to a rental service company are attractive to
many companies, especially in periods of uncertainty.
GUIDANCE ON GROUP OUTLOOK
The Group's guidance for 2012 is: “In 2012, the Group's sales will grow and the
EBITA margin will improve compared with 2011. Gearing will decrease due to
positive cash flow.”
CEO'S COMMENT
“Although 2011 was a challenging year, our operations developed favourably. At
the beginning of the year, we expanded our operations in Central Europe by
acquiring the Theisen rental services company in Germany. In June we advanced
our positions in Norway and Sweden through further acquisitions.
Increasing economic uncertainty made it necessary to shift focus from growth to
profit protection during H2/2011. We cut our fleet investments and put emphasis
on fleet optimisation, in particular between our market areas. We also updated
our contingency plans.
We successfully responded to market changes and achieved the objectives we had
set for 2011. Our sales grew both organically and through acquisitions. Our
EBITA more than doubled. Profit development was particularly strong in Eastern
Europe. In April, we strengthened our balance sheet and improved our gearing
through a successful rights issue. The successful integration of Theisen Group
helped Cramo establish a strong position in the European markets.
During the past few years, we have increased our modular space presence and
improved the flexibility of our service network, thus minimising the impact of
economic fluctuations. Outsourcing agreements also yield business stability.
Going forward, business visibility is not very clear. However, rental is
expected to remain a growth business,” says Vesa Koivula, President and CEO of
Cramo Group.
SALES AND PROFIT
Cramo is a service company specialising in equipment rental services, as well
as the rental and sale of modular space. Its equipment rental services comprise
construction machinery and equipment rentals and rental-related services. These
rental-related services include construction site and installation services. As
one of the industry's leading service providers in the Nordic countries and
Central and Eastern Europe, at the end of 2011, Cramo Plc operated in Finland,
Sweden, Norway, Denmark, Estonia, Latvia, Lithuania, Poland, the Czech
Republic, Slovakia, Russia, Germany, Austria, Switzerland and Hungary.
Cramo Group's consolidated sales grew strongly in 2011. Sales were EUR 679.9
(492.1) million, up 38.2 per cent on the previous year. In local currencies,
sales growth was 34.5 per cent. while organic growth was 20.9 per cent. Strong
growth was achieved in all markets.
In October-December, sales grew by 31.8 per cent to EUR 192.9 (146.4) million.
In local currencies, fourth-quarter growth in sales was 30.3 per cent.
Compared with the previous year, full-year EBITA more than doubled to EUR 71.1
(34.5) million, or 10.5 (7.0) per cent of sales. EBITDA was EUR 168.7 (117.6)
million, or 24.8 (23.9) per cent of sales.
Profitability developed positively even in the fourth quarter. EBITA for
October-December totalled EUR 23.8 (14.1) million, or 12.3 (9.6) per cent of
sales, In Finland, Sweden and Eastern Europe the result was good, and
profitability improved on the previous year. Profitability also continued to
improve in Norway, and Central Europe. In Denmark, fourth-quarter result
weakened slightly against the previous year, but full-year result was clearly
better than in the previous year.
Full-year EBITA before non-recurring items was EUR 73.1 (28.7) million, or 10.7
(5.8) per cent of sales. EBITDA before non-recurring items was EUR 170.7
(111.9) million, or 25.1 (22.7) per cent of sales. In the first quarter of
2011, non-recurring items included expenses of EUR 2.1 million relating to the
acquisition of Theisen Group, while non-recurring items in the first quarter of
2010 included a net capital gain of EUR 5.7 million.
Operating profit (EBIT) for 2011 was EUR 54.3 (27.4) million, or 8.0 (5.6) per
cent of sales. The fourth-quarter result includes a non-recurring writedown of
EUR 5.5 million of Group goodwill relating to the Danish operations. The
writedown has no cash flow effect. After the writedown the Group has no
goodwill left related its Danish operations.
The Group's credit losses and credit loss provisions in 2011 were EUR 5.6 (5.0)
million. The result also includes impairment losses on the fleet totalling EUR
1.1 (0.8) million.
Expenses associated with options totalled EUR 2.8 (2.3) million.
Net finance costs in 2011 were EUR -22.2 (-22.6) million.
Profit before taxes was EUR 32.2 (4.8) million and profit for the period EUR
23.5 (-2.2) million.
In accordance with the prudence principle, Cramo did not recognise a deferred
tax asset for all of its loss-making companies.
Earnings per share were EUR 0.60 (-0.06) and diluted earnings per share were
EUR 0.60 (-0.06). Before the non-recurring goodwill writedown, earnings per
share were EUR 0.74. Earnings per share for the fourth quarter were EUR 0.26
(0.25) and diluted earnings per share were EUR 0.25 (0.24). Before the
non-recurring goodwill writedown, earnings per share for the fourth quarter
were EUR 0.39.
Return on investment (rolling 12 months) was 6.6 (3.7) per cent and return on
equity (rolling 12 months) 5.4 (0.6) per cent. The non-recurring goodwill
writedown weakened these figures in the fourth quarter.
CAPITAL EXPENDITURE AND DEPRECIATION/AMORTISATION
Gross capital expenditure for the period was EUR 262.5 (86.2) million, of which
EUR 115.4 (32.7) million relates to acquisitions and business combinations.
Company and business acquisitions consist of the acquisition of Theisen Group
as well as of Tidermans and Stavdal.
The investment level was decreased from the planned level in the second half of
the year. In the fourth quarter, gross capital expenditure was EUR 39.2 (53.0)
million.
Reported depreciation and impairment on property, plant and equipment and
software were EUR 97.6 (83.1) million for the period.
Depreciation and amortisation on intangible assets resulting from acquisitions
were EUR 11.2 (7.1) million for the period. Additionally there was also made an
impairment loss of EUR 5.5 million relating to goodwill in Danish operations.
At the end of the period, goodwill totalled EUR 165.3 (148.0) million.
FINANCIAL POSITION AND BALANCE SHEET
In 2011, cash flow from operating activities was EUR 138.5 (68.3) million. Cash
flow from investing activities was EUR -193.8 (-40.9) million and cash flow
from financing activities was EUR 55.8 (-24.1) million. The Group's cash flow
after investments was EUR -55.3 (27.4) million.
In the fourth quarter, cash flow from operating activities was EUR 60.9 (38.8)
million. Cash flow after investments was EUR 32.6 (0.7) million.
At the end of the period, the Group's balance sheet included EUR 6.7 (2.7)
million of assets available for sale.
After consolidating Theisen Group, Cramo has recognised a pension liability
from Germany (EUR 1.4 million on 31 December 2011), which is presented in
provisions in the balance sheet.
On 31 December 2011, Cramo Group's net interest-bearing liabilities totalled
EUR 389.4 (382.0) million. In the fourth quarter, net interest-bearing
liabilities decreased from the previous quarter thanks the positive cash flow.
At the end of the financial year, gearing was 78.7 (103.4) per cent.
Of the variable-rate loans, EUR 181.6 (181.3) million were hedged by way of
interest rate swaps on 31 December 2011. Hedge accounting is applied to EUR
145.2 (104.9) million of these interest rate hedges.
On 31 December 2011, Cramo Group had undrawn committed credit facilities
(excluding leasing facilities) of EUR 166.2 (135.6) million, of which
non-current facilities represented EUR 143.0 (118.0) million and current
facilities EUR 23.2 (17.6) million.
Property, plant and equipment amounted to EUR 622.2 (526.3) million of the
balance sheet total. Growth is due to organic investments and business
combinations. The balance sheet total on 31 December 2011 was EUR 1,126.8
(965.7) million and the equity ratio was 44.4 (38.7) per cent.
Rental liabilities associated with off-balance sheet operational leasing
agreements totalled EUR 45.1 (37.6) million on 31 December 2011. Off-balance
sheet liabilities for office and depot rents totalled EUR 130.9 (98.3) million.
The Group's investment commitments amounted to EUR 10.4 (1.2) million, of which
about 75 per cent is related to the acquisition of modular space. At the end of
the financial year, the hybrid bond-related off-balance sheet interest
liability was EUR 4.0 (4.0) million.
GROUP STRUCTURE
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,
Switzerland 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 409 (288) depots, Growth is almost entirely due to acquisitions. 75
(77) of the depots were entrepreneur-managed.
BUSINESS DEVELOPMENT AND STRATEGIC TARGETS
Cramo strengthened its market position during the year, both internationally
and regionally. In January, Cramo expanded its operations to Central Europe by
way of acquiring 100 per cent of the share capital of the German rental group
Theisen Baumaschinen AG. Theisen Group was consolidated into Cramo Group on 1
February 2011. Some 90 per cent of Theisen Group's sales are generated in
Germany. The Group also has operations in Austria, Switzerland and Hungary.
Cramo expects the acquisition to be earnings-accretive from 2012 onwards.
In June, Cramo reinforced its regional market position with the acquisition of
Tidermans, a Swedish rental operator in the Gothenburg region, and Stavdal, a
Norwegian rental company operating in the Oslo region. Both companies were
consolidated into Cramo Group from 30 June 2011 onwards.
The integration of all companies acquired in 2011 into Cramo Group has
progressed as planned.
Cramo's strategic targets for 2010-2013 are to be the customers' first choice
as well as the “best in town” in the rental business. Other strategic targets
are to grow profitably faster than the market and to act as a driver of rental
development.
Cramo Group's financial targets for 2010-2013 are as follows: sales growth
above 10 per cent per annum, EBITA margin above 15 per cent of sales, return on
equity (ROE) above 15 per cent and maximum gearing at 100 per cent.
Achieving the strategic targets requires the roll-out of a uniform Cramo
Concept and harmonised key processes in all markets, the roll-out of the “best
in town” strategy in existing and new geographical areas in Europe and
expanding the modular space business outside Finland and Sweden more strongly
than before. Success naturally also requires the input of competent and
committed personnel.
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 Finn Løkken, Senior Vice President, Norway; Mr Dirk Schlitzkus,
Senior Vice President, Central Europe; Mr Ossi Alastalo, Senior Vice President,
Fleet Management/Modular Space; Mr Martin Holmgren, Vice President, Fleet
Management/Equipment Rental; and Mr Per Lundquist, Vice President, CIO.
Mr Dirk Schlitzkus, Attorney, was appointed Senior Vice President, Central
Europe, and member of the Cramo Group management team as of 9 May 2011.
Mr Finn Løkken, Managing Director of Cramo Norway AS and Senior Vice President
in the Cramo Group management team, announced in December that he would resign
from his position to pursue career opportunities outside the rental industry.
Mr Løkken will continue in his current position until a successor has been
appointed; however, no later than June 2012.
HUMAN RESOURCES
During the period under review, Group personnel averaged 2,580 (2,083). In
addition, the Group employed at year end some 228 (158) persons as temporary
staff. At the end of the period, Group personnel numbered 2,707 (2,131).
The geographical distribution of personnel at the end of the period was as
follows: Finland, 648 (591) employees; Sweden, 830 (699); Norway, 221 (189);
Denmark, 124 (120); Central Europe, 295; and Eastern Europe, 589 (532).
In human resources development, the focus was on the implementation of
Group-wide development projects, launched in the previous year. The most
important project concerns Cramopol, a communication tool in the form of a
game, designed to ensure successful implementation of the Group's common values
and strategy. Projects concerned with the development of customer service and
sales skills and increasing the efficiency of fleet management processes were
continued on a country-specific basis.
PERFORMANCE BY BUSINESS SEGMENT
Cramo Group's business segments consist of Finland, Sweden, Norway, Denmark,
Central Europe, which includes Germany, Switzerland, 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 18.5 (19.9) per cent of the total consolidated sales for 2011
(Excluding inter-segment sales), Sweden 44.9 (50.4) per cent, Norway 19.9
(13.8) per cent, Denmark 5.1 (5.9) per cent, Central Europe 10.3 per cent and
Eastern Europe 9.7 (10.0) 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) 10-12/11 10-12/10 Change % 1-12/11 1-12/10 Change %
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Sales 34,036 30,403 12.0 % 127,565 99,583 28.1 %
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EBITA 6,147 3,265 88.3 % 20,238 12,466 62.3 %
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EBITA-% 18.1 % 10.7 % 15.9 % 12.5 %
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No of employees (FTE) 623 570 9.3 %
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No of depots 55 58 -5.2 %
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According to the estimate published by Euroconstruct in November, construction
growth in Finland in 2011 was 2.6 per cent, while the Confederation of Finnish
Construction Industries RT estimates the growth at four per cent. According to
these estimates, both residential construction and commercial and office
construction increased while civil engineering activity declined. VTT and the
European Rental Association (ERA) estimate growth in the equipment rental
sector at about 10 per cent.
Finnish operations reported sales of EUR 127.6 (99.6) million in 2011, for an
increase of 28.1 per cent. EBITA was EUR 20.2 (12.5) million, or 15.9 (12.5)
per cent of sales.
Fourth-quarter sales were EUR 34.0 (30.4) million, up 12.0 per cent.
Fourth-quarter EBITA was EUR 6.1 (3.3) million, or 18.1 (10.7) per cent of
sales.
Sales increased as a result of the strong recovery in the markets, particularly
in the residential construction segment, and the significant outsourcing
agreements signed at the end of 2010. Among industry customers, demand was the
highest in the energy and mining sectors. Demand for modular spaces has
continued to be steady. Cramo launched a new service on the market based on a
solution for improving site air quality. An enterprise resource planning system
covering all Finnish depots was launched in February.
Euroconstruct anticipates that construction activity in Finland will decline by
about two per cent in 2012. The Confederation of Finnish Construction
Industries RT expects that construction investments will remain at the previous
year's level. Construction activity is expected to continue at a moderately
good level in the first half of 2012, thanks to projects already underway. In
the second half of the year, construction activity will probably start to
decline, except in renovation projects. VTT's estimate for growth in equipment
rental in 2012 is four per cent and ERA's estimate is some nine per cent.
Cramo successfully reinforced its market position in Finland as the second
largest equipment rental operator. The number of depots at the end of the
period under review was 55 (58). Cramo's strategic target in Finland is to
increase its market share, both in the construction industry and in the
industrial maintenance sector, and to restore profitability to the pre-downturn
level.
Sweden
Sweden (EUR 1,000) 10-12/11 10-12/10 Change % 1-12/11 1-12/10 Change %
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Sales 89,380 74,521 19.9 % 308,949 251,857 22.7 %
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EBITA 17,964 14,600 23.0 % 58,047 41,186 40.9 %
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EBITA-% 20.1 % 19.6 % 18.8 % 16.4 %
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No of employees (FTE) 791 665 18.9 %
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No of depots 128 119 7.6 %
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The demand for construction and equipment rental services in Sweden continued
to grow. Growth continued to be particularly strong in the Stockholm region and
in southern Sweden. According to the estimate published by Euroconstruct in
November, construction activity in Sweden increased by 3.5 per cent. The
Swedish Construction Federation (Sveriges Byggindustrier) estimated in December
that driven by residential construction, construction activity increased by
nine per cent. According to the estimate published by the European Rental
Association (ERA) in November, equipment rental increased by 12 per cent in
2011.
Swedish operations reported sales of EUR 308.9 (251.9) million in 2011, for an
increase of 22.7 per cent. In the local currency, sales growth was 16.1 per
cent. Sales increased as a result of strong construction growth and industrial
investments.
Fourth-quarter sales were EUR 89.4 (74.5) million, up 19.9 per cent. In the
local currency, the fourth-quarter growth in sales was 17.4 per cent.
Profitability continued to develop favourably. Full-year EBITA was EUR 58.0
(41.2) million, or 18.8 (16.4) per cent of sales. EBITA in the fourth quarter
was EUR 18.0 (14.6) million, or 20.1 (19.6) per cent of sales.
In June, Cramo acquired Tidermans, the leading rental operator in western
Sweden. The company's net sales were around EUR 14.2 million in 2010. The
company was consolidated into Cramo Group on 30 June 2011. The acquisition
reinforced Cramo's position as the market leader in equipment rental in Sweden.
One of the most significant new projects launched during the year was the mine
project in Pajala in northern Sweden.
The general uncertainty of the European economy has not yet been experienced in
the Swedish construction market. The Swedish government has announced it will
invest in both building construction and civil engineering projects in 2012 to
support the country's economic growth. The full-year forecast for construction
growth in 2012, published by Euroconstruct in November, is slightly over two
per cent. The Swedish Construction Federation expects construction activity to
remain at the level of 2011. Residential construction is expected to decline,
while growth is expected in commercial and office construction. ERA predicts
growth of some seven per cent for equipment rental.
Cramo is the clear market leader in the Swedish equipment rental business. At
the end of the period, Cramo had 128 (119) depots in Sweden. Cramo's strategic
targets in Sweden for 2010-2013 are efficiency and profitability improvement in
particular, as well as achieving the “best in town” position in all areas.
Norway
Norway (EUR 1,000) 10-12/11 10-12/10 Change % 1-12/11 1-12/10 Change %
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Sales 20,996 19,667 6.8 % 79,265 69,120 14.7 %
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EBITA 588 399 47.4 % 857 303 183.0 %
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EBITA-% 2.8 % 2.0 % 1.1 % 0.4 %
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No of employees (FTE) 221 189 16.9 %
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No of depots 34 29 17.2 %
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In the first half of the year, the rate of recovery in construction in Norway
was below expectations, but a clear upswing occurred during the summer.
According to the estimate published by Euroconstruct in November, construction
activity in Norway increased by 6.3 per cent in 2011. However, the Norwegian
analysis company Prognosesenteret estimates that the market declined by about
four per cent. According to the European Rental Association (ERA), equipment
rental increased by 11 per cent in 2011.
Norwegian operations reported sales of EUR 79.4 (69.1) million, up 14.7 per
cent. In the local currency, the change in sales was 11.7 per cent.
Fourth-quarter sales were EUR 21.0 (19.7) million, up 6.8 per cent. In the
local currency, the fourth-quarter growth in sales was 3.0 per cent.
Full-year EBITA was EUR 0.9 (0.3) million, or 1.1 (0.4) per cent of sales.
After a weak first half of the year, profitability turned positive in the
second half. EBITA in the fourth quarter was EUR 0.6 (0.4) million, or 2.8
(2.0) per cent of sales. The fourth-quarter result includes non-recurring
reorganisation expenses of EUR 0.3 million, in addition to which the result was
affected by the deployment of a new hub for modular space operations.
Cramo has carried out a reorganisation of operations and process improvements
with a view to improving profitability. For example, the logistics, transport
and service network was reformed during the year.
In June, Cramo acquired the rental operator Stavdal Utleiesenter AS, which
became part of Cramo Group on 30 June 2011. Stavdal's sales were around EUR 7.3
million in 2010.
Euroconstruct and Prognosesenteret estimate that construction activity will
grow by 6-7 per cent in Norway in 2012. Both residential construction and civil
engineering are expected to grow strongly. ERA predicts growth of eight per
cent for equipment rental.
Cramo estimates that, in terms of market position, it is the second largest
service provider in the sector in Norway. During the year, Cramo successfully
reinforced its position, particularly as a service provider for small and
medium-sized construction companies. At the end of the period under review,
Cramo had 34 (29) depots in Norway. Cramo's strategic targets in Norway are to
improve its profitability, be the “best in town” and achieve growth both
organically and through acquisitions.
Denmark
Denmark (EUR 1,000) 10-12/11 10-12/10 Change % 1-12/11 1-12/10 Change %
-------------------------------------------------------------------------------
Sales 11,253 8,630 30.4 % 34,965 29,493 18.6 %
-------------------------------------------------------------------------------
EBITA -147 -6 -2,132 -5,328 60.0 %
-------------------------------------------------------------------------------
EBITA-% -1.3 % -0.1 % -6.1 % -18.1 %
-------------------------------------------------------------------------------
No of employees (FTE) 124 120 3.3 %
-------------------------------------------------------------------------------
No of depots 20 17 17.6 %
-------------------------------------------------------------------------------
After two difficult quarters, construction activity in Denmark began to
increase in the second half of the year. According to the estimate published by
Euroconstruct in November, growth in the Danish construction market was
slightly over three per cent in 2011. Dansk Byggeri estimated growth to be 1.5
per cent. According to the European Rental Association (ERA), equipment rental
increased by eight per cent.
Danish operations reported sales of EUR 35.0 (29.5) million, for an increase of
18.6 per cent. Fourth-quarter sales were EUR 11.3 (8.6) million, up 30.4 per
cent.
Full-year EBITA was EUR -2.1 (-5.3) million, or -6.1 (-18.1) per cent of sales.
The business swung into profit in the third quarter, but EBITA in the fourth
quarter remained somewhat behind expectations and was slightly negative at EUR
-0.1 (-0.0) million.
Although not yet meeting its profit target, Cramo succeeded in 2011 in
increasing its fleet utilisation rates and the efficiency of its business
processes in Denmark. Business development measures included strengthening the
tools offering targeted at small and medium-sized enterprises.
Cramo also successfully increased its market position in the modular space
business, both in construction and in other sectors. A new project launched in
the second half of the year concerns the expansion of the Copenhagen Metro.
Cramo's key target for Denmark in 2012 is to convert the result into profit.
Euroconstruct estimates that the Danish construction market will grow by almost
four per cent in 2012 and that growth will be relatively evenly divided between
residential construction, commercial and office construction, and civil
engineering. Dansk Byggeri anticipates that growth will remain at the previous
year's level. ERA predicts growth of some six per cent for equipment rental.
Cramo estimates that in terms of market position, it is the second largest
service provider in the sector in Denmark. At the end of the period under
review, Cramo had 20 (17) depots in Denmark.
Cramo's key targets in Denmark are to improve profitability and to achieve the
“best in town” position in selected areas. The Group will seek growth in the
modular spaces business in particular.
Central Europe
Central Europe (EUR 10-12/11 10-12/10 Change 1-12/11 1-12/10 Change %
1,000) %
--------------------------------------------------------------------------------
----------
Sales 19,700 71,213
---------------------------------- ------------------------------------
EBITA 326 3,708
--------------------------------------------------------------------------------
EBITA-% 1.7 % 5.2 %
--------------------------------------------------------------------------------
No of employees (FTE) 295
--------------------------------------------------------------------------------
No of depots 96
--------------------------------------------------------------------------------
Cramo Group's equipment rental business sales in Central Europe come from the
German, Swiss and Austrian markets. There is also one depot in Hungary. The
business segment was formed when Theisen Group, which was acquired in January
2011, was consolidated into Cramo Group on 1 February 2011.
In Central Europe, the market situation in equipment rental developed
favourably compared with the first half of the year. According to the estimate
published by Euroconstruct in November, construction activity increased in
Germany by almost four per cent, in Switzerland by almost three per cent, and
in Austria by just below one per cent. According to the European Rental
Association (ERA), equipment rental increased in Germany by 11 per cent in
2011.
Central European operations reported sales of EUR 71.2 million in the period
from 1 February to 31 December 2011, of which EUR 19.7 million were generated
in the fourth quarter.
EBITA was EUR 3.7 million, or 5.2 per cent of sales, Profitability continued to
improve in the second half as expected. EBITA for the fourth quarter was EUR
0.3 million, representing 1.7 per cent of sales.
Since the focus of the rental fleet in Central Europe is on construction
machinery, the segment is more strongly affected by seasonal fluctuations than
Cramo's other business segments. The fleet offering was increased and
diversified during the year, through internal transfers as well as investments,
in accordance with Cramo's rental concept.
The depot network was reorganised during the year, and new service depots were
opened in Frankfurt and Vienna. The implementation of the ”best in town”
strategy also began in these cities.
According to the estimate published by Euroconstruct, construction activity in
Germany will increase by some two per cent in 2012. In Switzerland and Austria,
market growth is estimated at one to three per cent. ERA predicts growth of
five to six per cent for equipment rental in Germany in 2012.
Cramo estimates that, in terms of market position, it is the third largest
service provider in the sector in Germany and that it has achieved a leading
position also in Austria. At the end of the period, the number of depots in
Central Europe was xx. Cramo's strategic target in Central Europe is to expand
its product and service offering in stages according to the Cramo concept and
to improve profitability.
Eastern Europe
Eastern Europe (EUR 10-12/11 10-12/10 Change 1-12/11 1-12/10 Change %
1,000) %
--------------------------------------------------------------------------------
Sales 19,453 15,812 23.0 % 66,575 49,886 33.5 %
--------------------------------------------------------------------------------
EBITA 2,880 -1,089 364.4 % 1,708 -11,464 114.9 %
--------------------------------------------------------------------------------
EBITA-% 14.8 % -6.9 % 2.6 % -23.0 %
--------------------------------------------------------------------------------
No of employees (FTE) 589 532 10.8 %
--------------------------------------------------------------------------------
No of depots 76 65 16.9 %
--------------------------------------------------------------------------------
Cramo Group's equipment rental business sales in Eastern Europe come from
Estonia, Latvia, Lithuania, Poland, the Czech Republic, Slovakia and Russia.
Until 31 December 2010, the name of the segment was Central and Eastern Europe.
Construction activity increased in most Eastern European markets in 2011. In
December, VTT estimated that construction activity had increased in the Baltic
countries by almost 17 per cent, in Poland by some 13 per cent and in Russia by
five per cent. In the Baltic countries, construction growth was the strongest
in Estonia. In the Czech Republic and in Slovakia, investments in construction
decreased by some six per cent. According to the European Rental Association
(ERA), equipment rental in Poland increased by 30 per cent in 2011.
Cramo's Eastern European operations reported sales of EUR 66.6 (49.9) million
in 2011, for an increase of 33.5 per cent. In local currencies, the change in
sales was 26.0 per cent. Fourth-quarter sales were EUR 19.5 (15.8) million, up
23.0 per cent. In local currencies, the fourth-quarter growth in sales was 34.6
per cent.
Full-year EBITA was EUR 1.7 (-11.5) million, or 2.6 (-23.0) per cent of sales.
Profitability improved in all markets. EBITA for the fourth quarter totalled
EUR 2.9 (-1.1) million, or 14.8 (-6.9) per cent of sales. The improvements in
profitability were due to higher fleet utilisation rates, the recovery of the
markets and price levels, and adjustments made earlier. In Russia, a
reorganisation of the operations was also carried out.
In Russia, Cramo's business developed favourably in all geographical areas (St.
Petersburg, Moscow, Kaluga and Yekaterinburg). Cramo has chosen the rapidly
growing St. Petersburg and Moscow areas as its main markets, and international
construction companies as its key customers. Several master agreements, which
are still rare in Russia, were signed during the year. The tools rental
services launched in Russia have also been well received. The demand for
modular space increased both in Russia and in the Baltic countries.
Business development was favourable also in the Baltic countries, Poland, the
Czech Republic and Slovakia. Price levels recovered and fleet utilisation rates
were at a good level at the end of the year. In the Baltic countries, the rate
of recovery in construction exceeded expectations. In Poland, demand was
boosted further by civil engineering and other public investments.
VTT expects construction activity in Estonia to grow by eight per cent in 2012
but to decline by some four per cent in Latvia and Lithuania. In Russia and
Poland, the construction market is expected to grow by about four per cent and
by three per cent in Slovakia. In the Czech Republic, the forecasted decline in
construction activity is estimated at four per cent. ERA predicts growth of 14
per cent for equipment rental in Poland in 2012.
Cramo's strategic target in Eastern Europe is to grow profitably and faster
than the market and to be the best rental services provider at the local level
in each market.
At the end of the period, the number of depots in Eastern Europe was 76 (65).
New depots were opened in Estonia, for example, as well in St. Petersburg and
at the nuclear power plant construction site in the Kaliningrad region in
Russia. New depots were also opened in Poland and the Czech Republic as part of
the service network reform.
SHARES AND SHARE CAPITAL
On 31 December 1011, Cramo Plc's share capital as registered in the Finnish
Trade Register was EUR 24,834,753.09 and the number of shares was 41,439,086.
Cramo Plc holds 316,288 of these shares through its subsidiary Cramo Management
Oy.
As a result of subscriptions made under the stock option rights 2006A, the
number of Cramo Plc shares increased by 694,000 new shares in the first
quarter. The share subscription period for these stock options ended on 31
January 2011. In the first quarter, the number of shares also increased by
374,532 new shares issued to Arrex Beteiligungs-GmbH, a shareholder of Theisen
Baumaschinen AG, in a directed issue, and by a further 220,488 new shares due
to a share swap in which Cramo acquired all of the shares in Cramo Management
Oy from the Cramo Executive Committee.
As a result of the rights offering carried out in the second quarter, the
number of Cramo Plc shares increased by 9,489,877 new shares. The subscription
price was EUR 10.50 per share, and the subscription right was three new shares
for every ten shares held. The share subscription period was 1 April-15 April
2011, and all shares offered were subscribed for. The shares were registered in
the trade register on 26 April 2011. Cramo's net proceeds from the rights
offering amounted to approximately EUR 97.4 million.
On 23 September 2011, Cramo announced it would apply for listing of stock
options 2006C on NASDAQ OMX Helsinki to commence on 3 October 2011. A total of
1,000,000 stock option rights 2006C have been issued, of which 878,500 are held
by 86 key employees. A wholly-owned subsidiary of Cramo Plc currently holds
121,500 stock option rights. The share subscription period is 1 October 2011 to
31 January 2013. Each stock option 2006C entitles its holder to subscribe for
1.3 shares in Cramo Plc. The subscription price is EUR 6.47, after taking into
account the dividends for 2006-2010. Other possible dividends to be decided
before the share subscription shall be deducted from the share subscription
price.
CURRENT OPTION PROGRAMMES AND INCENTIVE SCHEMES
On 31 December 2011, Cramo Group's key personnel held a total of 737,000 stock
options 2006B, 876,500 stock options 2006C, 857,000 stock options 2009, 934,500
stock options 2010 and 964,000 stock options 2011.
Stock options 2006B, 2006C, 2009 and 2010 did not entitle their holders to
participate in the rights offering decided on by the Board of Directors on 24
March 2011. Therefore, the subscription price and subscription ratio of the
stock options was amended in accordance with the terms and conditions of stock
options so that the share-specific subscription price is as follows: for stock
options 2006B, EUR 22.05; stock options 2006C, EUR 6.47; stock options 2009,
EUR 10.85; and stock options 2010, EUR 13.72. The subscription ratio will be
amended so that each stock option entitles the holder to subscribe for 1.3 new
Cramo Plc shares.
The Annual General Meeting held on 24 March 2011 decided that a maximum of
1,000,000 stock options be issued to the key personnel (stock options 2011).
The stock options entitle their owners to subscribe for a maximum of 1,000,000
new shares in the company or existing shares held by the company in total. The
share subscription price will be EUR 7.3 and it will be based on the prevailing
market price of the Cramo Plc share on the NASDAQ OMX Helsinki Ltd in October
2011. The share subscription period will be 1 October 2014 to 31 December 2015.
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 2011, the lowest trading
price for Cramo Plc stock was EUR 5.68 and the highest was EUR 20.23. The
trading-weighted average share price for Cramo Plc stock was EUR 11.89. The
closing price for the share on 31 December 2011 was EUR 7.91 and the company's
market value was EUR 327.8 million.
ANNUAL GENERAL MEETING 2011 AND BOARD AUTHORISATIONS
Cramo Plc's Annual General Meeting was held in Helsinki on 24 March 2011. The
Annual General Meeting adopted the consolidated financial statements and the
parent company's financial statements for 2010 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 0.10 per share be paid from the distributable funds.
The number of members of the Board of Directors was confirmed as seven. Mr Stig
Gustavson, Mr Eino Halonen, Mr Jari Lainio, Mr Esko Mäkelä and Mr Victor
Hartwall were re-elected, and Mr J.T. Bergqvist and Ms Helene Biström were
elected as new 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. Forty per cent
of the annual remuneration shall be paid in Cramo plc shares purchased on the
market on behalf of the Board members. In case such a purchase of shares cannot
be carried out, the annual remuneration shall be paid entirely in cash. In
addition, it was decided to pay all Board members an attendance fee of EUR
1,000 for attendance at each Board committee meeting and to refund reasonable
travel expenses.
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
3,000,000. 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. The Board of Directors decides on how own
shares will be acquired and/or accepted as pledge. Own shares can be acquired
otherwise than in proportion to the shareholdings of the shareholders. Ownshares can be acquired, among other things, to limit the dilutive effects of
share issues carried out in connection with possible acquisitions, to develop
the company's capital structure, to be transferred in connection with possible
acquisitions or to be cancelled, provided that the acquisition is in the
interests of the company and its shareholders. The authorisation is effective
until the close of the next Annual General Meeting of Shareholders, or no later
than 24 September 2012.
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 as referred to Chapter 10 of the Finnish Limited
Liability Companies Act, as follows: The shares issued will be new shares in
the company or shares owned by the company. Under the authorisation, a maximum
of 12,000,000 shares may be issued. Shares or special rights entitling to
shares may be issued in one or more tranches. The Board of Directors was
authorised to decide on all terms for the share issue and the granting of
special rights entitling to shares. The authorisation is effective five years
from the date of the decision of the Annual General Meeting.
The Annual General Meeting decided that stock options be issued to the key
personnel of Cramo Group. The maximum total number of the stock options issued
will be 1,000,000 and they will be issued gratuitously. The subscription price
will be credited in its entirety to the reserve for invested unrestricted
equity.
CHANGES IN SHAREHOLDINGS 2011
On 27 April 2011, Cramo Plc received a notification according to which the
combined share of the following companies and individuals of Cramo Plc shares
and voting rights had on 26 April 2011 fallen below one-quarter: Hartwall
Capital Oy (6,491,702 shares, or 15.67 per cent of shares and votes), K.
Hartwall Invest Oy (2,732,000 shares, or 6.59 per cent of shares and votes) and
Kusinkapital Ab, Gustav Tallqvist, Pinewood Invest OÜ, Christel Hartwall,
Pallas Capital Oy, Fyrklöver-Invest Oy Ab, Antonia Hartwall, Emma Hartwall,
Axel Hartwall, Gulle Therman, Josefina Tallqvist, Victor Hartwall, Peter
Therman and Mats Therman. At the time of the announcement, the combined holding
of the parties listed above was 10,001,681 shares or 24.14 per cent of Cramo
Plc shares and votes.
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. 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 Jari Lainio and Mr Victor Hartwall.
Until the Annual General Meeting held on 24 March 2011, Cramo Plc's Board of
Directors consisted of Mr Stig Gustavson, Mr Eino Halonen, Mr Jari Lainio, Mr
Esko Mäkelä, Mr Fredrik Cappelen, Mr Victor Hartwall and Mr Thomas von Hertzen.
On 31 December 2011, the Board members, the President and CEO and his deputy
held, either directly or through companies in which they exercise control, a
total of 2,770,443 Cramo Plc shares, which represents 6.69 per cent of the
company's shares and votes, and a total of 318,000 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 Markets 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 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, the availability of
competent management and recruitment-related risks, tax risks and other
business risks.
As a result of the economic downturn, the risks related to rental prices in
different markets as well as credit loss risks have increased. In addition, the
downturn increased the impairment risks to the balance sheet values resulting
from acquisitions.
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 economic
uncertainty may be visible in Cramo's operations as a weakening demand on one
or several market areas, lower rental prices, higher finance costs or customers
experiencing financial difficulties.
PROFIT DISTRIBUTION POLICY AND BOARD OF DIRECTORS' PROPOSAL FOR PROFIT
DISTRIBUTION
In accordance with the company's profit distribution policy, Cramo Plc's profit
distribution goal is to distribute around one-third of the Group's annual
profit in terms of share buybacks and/or dividends. The aim is to maintain a
steadily improving flow of dividends, while taking into account the Group's
investment requirements for growth.
The Board of Directors proposes to the Annual General Meeting that a dividend
of EUR 0.30 be paid for the financial year 1 January-31 December 2011.
SIGNIFICANT EVENTS AFTER THE BALANCE SHEET DATE
No significant events have occurred after the balance sheet date.
ACCOUNTING PRINCIPLES
This Interim Report has been prepared in accordance with IAS 34: Interim
Financial Reporting. In the preparation of this Interim Report, Cramo has
applied the same accounting principles as in its financial statements for 2010,
except for the revised IFRS standard IAS 24 (Related Party Disclosures), which
the company adopted on 1 January 2011, as well as other changes in other
standards attributable to this change.
The above-mentioned changes in standards have not had a significant impact on
the reported balance sheet, income statement and notes to the Interim Report.
The information in this Financial Statements Bulletin is based on unaudited
figures.
CONSOLIDATED BALANCE SHEET (EUR 1,000) 31 Dec 2011 31 Dec 2010
------------------------------------------------------------------
------------------------------------------------------------------
ASSETS
Non-current assets
Tangible assets 622,214 526,326
------------------------------------------------------------------
Goodwill 165,318 147,998
------------------------------------------------------------------
Other intangible assets 123,250 102,001
------------------------------------------------------------------
Deferred tax assets 15,312 14,301
------------------------------------------------------------------
Available-for-sale financial investments 350 347
------------------------------------------------------------------
Shares in joint ventures 48 -
------------------------------------------------------------------
Derivative financial instruments 0 1,053
------------------------------------------------------------------
Trade and other receivables 3,553 3,613
------------------------------------------------------------------
Total non-current assets 930,043 795,638
------------------------------------------------------------------
Current assets
------------------------------------------------------------------
Inventories 18,310 13,803
------------------------------------------------------------------
Trade and other receivables 142,954 125,333
------------------------------------------------------------------
Income tax receivables 5,563 5,114
------------------------------------------------------------------
Derivative financial instruments 730 825
------------------------------------------------------------------
Cash and cash equivalents 22,532 22,313
------------------------------------------------------------------
Total current assets 190,089 167,388
------------------------------------------------------------------
Assets available for sale 6,680 2,671
------------------------------------------------------------------
TOTAL ASSETS 1,126,812 965,697
------------------------------------------------------------------
------------------------------------------------------------------
EQUITY AND LIABILITIES
Equity
Share capital 24,835 24,835
------------------------------------------------------------------
Share issue 17 -
------------------------------------------------------------------
Other reserves 300,723 188,797
------------------------------------------------------------------
Fair value reserve 119 117
------------------------------------------------------------------
Hedging fund -5,168 -1,197
------------------------------------------------------------------
Translation differences 1,041 3,426
------------------------------------------------------------------
Retained earnings 123,604 103,309
------------------------------------------------------------------
Equity attributable to shareholders 445,172 319,287
of the parent company
------------------------------------------------------------------
Non-controlling interest 0 503
------------------------------------------------------------------
Hybrid capital 49,630 49,630
------------------------------------------------------------------
Total equity 494,802 369,420
------------------------------------------------------------------
------------------------------------------------------------------
Non-current liabilities
Interest-bearing liabilities 310,511 346,776
------------------------------------------------------------------
Derivative financial instruments 6,775 2,543
------------------------------------------------------------------
Deferred tax liabilities 85,399 78,348
------------------------------------------------------------------
Provisions 1,448 0
------------------------------------------------------------------
Other non-current liabilities 3,369 4,207
------------------------------------------------------------------
Total non-current liabilities 407,502 431,875
------------------------------------------------------------------
Current liabilities
------------------------------------------------------------------
Interest-bearing liabilities 101,422 57,569
------------------------------------------------------------------
Derivative financial instruments 1,838 1,853
------------------------------------------------------------------
Trade and other payables 116,485 100,984
------------------------------------------------------------------
Income tax liabilities 4,763 3,997
------------------------------------------------------------------
Total current liabilities 224,508 164,403
------------------------------------------------------------------
Total liabilities 632,010 596,277
------------------------------------------------------------------
TOTAL EQUITY AND LIABILITIES 1,126,812 965,697
------------------------------------------------------------------
CONSOLIDATED INCOME STATEMENT 10-12/ 10-12/ 1-12/1 1-12/1
1 Jan 2011 11 10 1 0
- 31 Sep 2011 (EUR 1,000)
--------------------------------------------------------------------------------
Sales 192,90 146,38 679,89 492,10
3 4 2 3
--------------------------------------------------------------------------------
Other operating income 3,627 4,254 9,042 15,110
--------------------------------------------------------------------------------
Change in inventories of finished goods and work -566 -860 -425 1,015
in progress
--------------------------------------------------------------------------------
Production for own use 3,904 2,119 10,302 4,694
--------------------------------------------------------------------------------
Materials and services -72,74 -58,97 -248,3 -183,4
5 2 93 79
--------------------------------------------------------------------------------
Employee benefit expense -39,00 -28,35 -135,7 -101,9
3 4 51 39
--------------------------------------------------------------------------------
Other operating expenses -38,51 -30,83 -145,9 -109,8
0 6 72 80
--------------------------------------------------------------------------------
Depreciation and impairment on tangible assets -25,80 -19,67 -97,62 -83,14
and assets available for sale 6 9 4 5
--------------------------------------------------------------------------------
EBITA 23,804 14,056 71,071 34,478
--------------------------------------------------------------------------------
% of sales 12.3 % 9.6 % 10.5 % 7.0 %
--------------------------------------------------------------------------------
Amortisation and impairment on intangible assets -8,496 -1,945 -16,75 -7,089
resulting from acquisitions 1
--------------------------------------------------------------------------------
Operating profit / loss (EBIT) 15,308 12,111 54,320 27,389
--------------------------------------------------------------------------------
% of sales 7.9 % 8.3 % 8.0 % 5.6 %
--------------------------------------------------------------------------------
Finance costs (net) -5,054 -3,743 -22,16 -22,58
9 6
--------------------------------------------------------------------------------
Income from joint ventures 22 - 22 -
--------------------------------------------------------------------------------
Profit / loss before taxes 10,277 8,368 32,173 4,804
--------------------------------------------------------------------------------
% of sales 5.3 % 5.7 % 4.7 % 1.0 %
--------------------------------------------------------------------------------
Income taxes 275 -4 -8,668 -7,007
--------------------------------------------------------------------------------
Profit / loss for the period 10,551 8,364 23,505 -2,203
--------------------------------------------------------------------------------
% of sales 5.5 % 5.7 % 3.5 % -0.4 %
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Attributable to:
Equity holder of parent 10,551 8,379 23,505 -2,142
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Non-controlling interest -15 -61
Profit / loss attributable to equity holders' of
parent
Earnings per share, undiluted, EUR 0.38 0.05 0.60 -0.06
--------------------------------------------------------------------------------
Earnings per share, diluted, EUR 0.38 0.05 0.60 -0.06
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
COMPREHENSIVE INCOME STATEMENT 10-12/ 10-12/ 1-12/1 1-12/1
1 Jan 2011 - 31 Sep 2011 (EUR 1,000) 11 10 1 0
--------------------------------------------------------------------------------
Profit / loss for the period 10,551 8,364 23,505 -2,203
--------------------------------------------------------------------------------
Other comprenhesive income
--------------------------------------------------------------------------------
-Change in hedging fund, net of tax -4,859 202 -3,971 1,099
--------------------------------------------------------------------------------
-Change in exchange rate differences, net of tax -4,732 10,083 301 33,956
--------------------------------------------------------------------------------
Total other comprehensive income -9,591 10,285 -3,670 35,055
--------------------------------------------------------------------------------
Comprehensive income for the period 960 18,649 19,835 32,852
--------------------------------------------------------------------------------
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 24,835 186,91 117 76,390 288,252 503 49,630 338,38
2010 0 5
--------------------------------------------------------------------------------
Total 32,852 32,852 32,852
comprehensive
income
--------------------------------------------------------------------------------
Issue of shares 1,871 1,871 1,871
related to
business
combination
--------------------------------------------------------------------------------
Share-base 2,312 2,312 2,312
d payments
--------------------------------------------------------------------------------
Non-controlling
interest
--------------------------------------------------------------------------------
Hybrid -6,000 -6,000 -6,000
capital
--------------------------------------------------------------------------------
Changes 16 -16
within
equity
--------------------------------------------------------------------------------
At 31 Dec 24,835 188,79 117 105,539 319,287 503 49,630 369,42
2010 7 0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
At 1 Jan 24,835 188,79 117 105,538 319,287 503 49,630 369,42
2011 7 0
--------------------------------------------------------------------------------
Total 19,835 19,835 19,835
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 24,835 300,74 119 119,478 445,172 49,630 494,80
2011 0 2
--------------------------------------------------------------------------------
CONSOLIDATED CASH FLOW STATEMENT 1-12/11 1-12/10
1 Jan 2011 - 31 Dec
2011 (EUR 1,000)
--------------------------------------------------------------------------------
Net cash flow from operating activities 138,496 68,333
--------------------------------------------------------------------------------
Net cash flow from investing activities -193,807 -40,940
--------------------------------------------------------------------------------
Cash flow from financing activities
--------------------------------------------------------------------------------
Change in interest-bearing receivables 244 -610
--------------------------------------------------------------------------------
Change in finance lease liabilities -32,944 -35,309
--------------------------------------------------------------------------------
Change in interest-bearing liabilities -6,964 15,952
--------------------------------------------------------------------------------
Hybrid capital -6,000 -6,000
--------------------------------------------------------------------------------
Proceeds from share options exercised 7,279 1,871
--------------------------------------------------------------------------------
Proceeds from share issue 97,397
--------------------------------------------------------------------------------
Non-controlling interest -76
--------------------------------------------------------------------------------
Dividends paid -3,163
--------------------------------------------------------------------------------
Net cash flow from financing activities 55,773 -24,095
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change in cash and cash equivalents 463 3,298
--------------------------------------------------------------------------------
Cash and cash equivalents at period start 22,313 18,520
--------------------------------------------------------------------------------
Translation differences -254 495
--------------------------------------------------------------------------------
Cash and cash equivalents at period end 22,522 22,313
--------------------------------------------------------------------------------
COMMITMENTS AND CONTINGENT LIABILITIES 31 Dec 2011 31 Dec 2010
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
On own behalf
--------------------------------------------------------------------------------
Mortgages on company assets - -
--------------------------------------------------------------------------------
Pledges - -
--------------------------------------------------------------------------------
Pledges, finance lease 148,502 154,091
--------------------------------------------------------------------------------
Interest on hybrid capital 4,022 4,044
--------------------------------------------------------------------------------
Investment commitments 10,431 1,226
--------------------------------------------------------------------------------Commitments to office and depot rents 130,880 98,271
--------------------------------------------------------------------------------
Operational lease payments 45,084 37,602
--------------------------------------------------------------------------------
Other commitments 643 580
--------------------------------------------------------------------------------
DERIVATIVE FINANCIAL INSTRUMENTS 31 Dec 2011 31 Dec 2010
(EUR 1,000)
----------------------------------------------------------
Fair value
----------------------------------------------------------
Interest rate swaps -6,775 -1,490
----------------------------------------------------------
Currency forwards -1,107 -1,028
----------------------------------------------------------
----------------------------------------------------------
Nominal value
----------------------------------------------------------
Interest rate swaps 181,645 181,331
----------------------------------------------------------
Currency forwards 202,932 177,380
----------------------------------------------------------
MODULAR SPACE ORDER BOOK (EUR 1,000) 31 Dec 2011 31 Dec 2010
-----------------------------------------------------------------------
Value of outstanding orders for modular space 102,660 87,685
-----------------------------------------------------------------------
Value of orders for modular space rental 95,615 83,261
-----------------------------------------------------------------------
Value of orders for sale of modular space 7,044 4,424
-----------------------------------------------------------------------
SHARE RELATED KEY FIGURES 10-12/1 10-12/1 1-12/11 1-12/10
1 0
--------------------------------------------------------------------------------
Earnings per share (EPS), EUR 1) 0.26 0.25 0.60 -0.06
--------------------------------------------------------------------------------
Earnings per share (EPS), diluted, EUR 0.25 0.24 0.60 -0.06
2)
--------------------------------------------------------------------------------
Shareholders' equity per share, EUR 3) 10.83 9.50
--------------------------------------------------------------------------------
Number of shares, end of period 41,439,08 30,660,18
6 9
--------------------------------------------------------------------------------
Number of shares, issue-adjusted, 39,098,75 33,596,87
average 4) 1 0
--------------------------------------------------------------------------------
Number of shares, issue-adjusted, end of 41,122,79 33,596,87
period 4) 8 0
--------------------------------------------------------------------------------
Number of shares, diluted by share 39,380,52 35,003,71
options, average 7 0
--------------------------------------------------------------------------------
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 shares held by Cramo Management Oy
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) 10-12/11 10-12/10 1-12/11 1-12/10
-------------------------------------
Finland 34,036 30,403 127,565 99,583
---------------------------------------------------------
Sweden 89,380 74,521 308,949 251,857
---------------------------------------------------------
Norway 20,996 19,667 79,265 69,120
---------------------------------------------------------
Denmark 11,253 8,630 34,965 29,493
---------------------------------------------------------
Central Europe 19,700 71,213
---------------------------------------------------------
Eastern Europe 19,453 15,812 66,575 49,886
---------------------------------------------------------
Inter-segment sales -1,916 -2,649 -8,640 -7,837
---------------------------------------------------------
Group sales 192,903 146,384 679,892 492,103
---------------------------------------------------------
-------------------------------------------
EBITA (EUR 1,000) 10-12/11 10-12/10 1-12/11 1-12/10
-------------------------------------
Finland 6,147 3,265 20,238 12,466
--------------------------------------------------------------------------------
% of sales 18.1 % 10.7 % 15.9 % 12.5 %
--------------------------------------------------------------------------------
Sweden 17,964 14,600 58,047 41,186--------------------------------------------------------------------------------
% of sales 20.1 % 19.6 % 18.8 % 16.4 %
--------------------------------------------------------------------------------
Norway 588 399 857 303
--------------------------------------------------------------------------------
% of sales 2.8 % 2.0 % 1.1 % 0.4 %
--------------------------------------------------------------------------------
Denmark -147 -6 -2,132 -5,328
--------------------------------------------------------------------------------
% of sales -1.3 % -0.1 % -6.1 % -18.1 %
--------------------------------------------------------------------------------
Central Europe 326 3,708
--------------------------------------------------------------------------------
% of sales 1.7 % 5.2 %
--------------------------------------------------------------------------------
Eastern Europe 2,880 -1,089 1,708 -11,464
--------------------------------------------------------------------------------
% of sales 14.8 % -6.9 % 2.6 % -23.0 %
--------------------------------------------------------------------------------
Non-allocated capital gains and other 5,746
income
--------------------------------------------------------------------------------
Non-allocated Group activities -4,086 -3,072 -11,756 -8,380
--------------------------------------------------------------------------------
Eliminations 132 -42 402 -52
--------------------------------------------------------------------------------
Group EBITA 23,805 14,056 71,072 34,478
--------------------------------------------------------------------------------
% of sales 12.3 % 9.6 % 10.5 % 7.0 %
--------------------------------------------------------------------------------
-------------------------------------
Depreciation (EUR 1,000) 10-12/11 10-12/10 1-12/11 1-12/10
-------------------------------------
Finland -4,962 -3,439 -17,873 -14,566
--------------------------------------------------------------------------
Sweden -9,434 -7,913 -36,573 -31,916
--------------------------------------------------------------------------
Norway -2,959 -2,280 -10,808 -9,613
--------------------------------------------------------------------------
Denmark -888 -1,006 -3,988 -5,692
--------------------------------------------------------------------------
Central Europe -2,798 -8,991
--------------------------------------------------------------------------
Eastern Europe -4,740 -5,085 -19,512 -21,399
--------------------------------------------------------------------------
Non-allocated items and eliminations -24 43 121 41
--------------------------------------------------------------------------
Total -25,806 -19,679 -97,624 -83,145
--------------------------------------------------------------------------
-------------------------------------------------
Reconciliation of Group EBITA to earnings before 10-12/ 10-12/ 1-12/1 1-12/1
taxes (EUR 1,000) 11 10 1 0
-------------------------------
Group EBITA 23,805 14,056 71,072 34,478
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Amortisation and impairment on intangible assets -8,496 -1,945 -16,75 -7,088
resulting from acquisitions 1
Net finance items -5,054 -3,743 -22,16 -22,58
9 6
--------------------------------------------------------------------------------
Share of profit from associate 22 22
--------------------------------------------------------------------------------
Earnings before taxes 10,277 8,368 32,173 4,804
--------------------------------------------------------------------------------
-------------------------------------
Capital expenditure (EUR 1,000) 10-12/11 10-12/10 1-12/11 1-12/10
-------------------------------------
Finland 7,439 26,728 27,594 34,854
--------------------------------------------------------------------------
Sweden 19,918 17,085 93,519 35,133
--------------------------------------------------------------------------
Norway 4,184 3,665 26,174 8,453
--------------------------------------------------------------------------
Denmark 2,308 679 5,460 690
--------------------------------------------------------------------------
Central Europe 2,109 90,043
--------------------------------------------------------------------------
Eastern Europe 2,569 3,788 17,989 5,143
--------------------------------------------------------------------------
Non-allocated items and eliminations 710 1,071 1,727 1,946
--------------------------------------------------------------------------
Total 39,238 53,015 262,506 86,219
--------------------------------------------------------------------------
-------------------------------------
Assets (EUR 1,000) 31 Dec 2011 31 Dec 2010
-------------------------
Finland 176,307 164,906
--------------------------------------------------------------
Sweden 507,339 449,591
--------------------------------------------------------------
Norway 112,042 98,415
--------------------------------------------------------------
Denmark 44,376 49,150
--------------------------------------------------------------
Central Europe 95,965
--------------------------------------------------------------
Eastern Europe 139,431 146,903
--------------------------------------------------------------
Non-allocated items and eliminations 51,352 56,732
--------------------------------------------------------------
Total 1,126,812 965,697
--------------------------------------------------------------
---------------------------------------------
Non-interest bearing liabilities (EUR 1,000) 31 Dec 2011 31 Dec 2010
-------------------------
Finland 30,329 33,653
----------------------------------------------------------------------
Sweden 115,490 106,344
----------------------------------------------------------------------
Norway 15,335 13,538
----------------------------------------------------------------------
Denmark 7,388 7,106
----------------------------------------------------------------------
Central Europe 17,520
----------------------------------------------------------------------
Eastern Europe 14,272 13,074
----------------------------------------------------------------------
Non-allocated items and eliminations 19,745 18,216
----------------------------------------------------------------------
Total 220,078 191,932
----------------------------------------------------------------------
QUARTERLY SEGMENT INFORMATION
-------------------------
Sales by segment (EUR 10-12/ 7-9/11 4-6/11 1-3/11 10-12/ 7-9/10 4-6/10
1,000) 11 10
-------------------------------------------------------
Finland 34,036 34,067 31,271 28,191 30,403 27,430 22,694
--------------------------------------------------------------------------------
Sweden 89,380 78,980 72,488 68,101 74,521 64,839 60,602
--------------------------------------------------------------------------------
Norway 20,996 20,687 17,378 20,204 19,667 17,023 15,332
--------------------------------------------------------------------------------
Denmark 11,253 9,705 7,750 6,257 8,630 8,395 6,728
--------------------------------------------------------------------------------
Central Europe 19,700 20,957 19,945 10,612 0 0 0
--------------------------------------------------------------------------------
Eastern Europe 19,453 19,254 14,999 12,869 15,812 14,361 10,698
--------------------------------------------------------------------------------
Inter-segment sales -1,916 -2,012 -2,695 -2,017 -2,649 -1,693 -2,092
--------------------------------------------------------------------------------
Group sales 192,90 181,63 161,13 144,21 146,38 130,35 113,96
3 7 5 7 4 6 4
--------------------------------------------------------------------------------
-------------------------
EBITA by segment (EUR 10-12/ 7-9/11 4-6/11 1-3/11 10-12/ 7-9/10 4-6/10
1,000) 11 10
-------------------------------------------------------
Finland 6,147 7,667 4,248 2,176 3,265 6,105 2,546
--------------------------------------------------------------------------------
% of sales 18.1 % 22.5 % 13.6 % 7.7 % 10.7 % 22.3 % 11.2 %
--------------------------------------------------------------------------------
Sweden 17,964 17,173 13,566 9,344 14,600 12,332 8,835
--------------------------------------------------------------------------------
% of sales 20.1 % 21.7 % 18.7 % 13.7 % 19.6 % 19.0 % 14.6 %
--------------------------------------------------------------------------------
Norway 588 1,004 -1,150 415 399 310 -303
--------------------------------------------------------------------------------
% of sales 2.8 % 4.9 % -6.6 % 2.1 % 2.0 % 1.8 % -2.0 %
--------------------------------------------------------------------------------
Denmark -147 295 -646 -1,634 -6 -831 -1,268
--------------------------------------------------------------------------------
% of sales -1.3 % 3.0 % -8.3 % -26.1 -0.1 % -9.9 % -18.8
% %
--------------------------------------------------------------------------------
Central Europe 326 2,932 1,640 -1,189
--------------------------------------------------------------------------------
% of sales 1.7 % 14.0 % 8.2 % -11.2
%
--------------------------------------------------------------------------------
Eastern Europe 2,880 2,569 -1,524 -2,218 -1,089 -1,488 -4,047
--------------------------------------------------------------------------------
% of sales 14.8 % 13.3 % -10.2 -17.2 -6.9 % -10.4 -37.8
% % % %
--------------------------------------------------------------------------------
Non-allocated capital 0 0 0 0 0 0 0
gains and other income
--------------------------------------------------------------------------------
Non-allocated Group -4,086 -1,281 -1,904 -4,485 -3,072 -1,304 -1,931
activities
--------------------------------------------------------------------------------
Eliminations 132 122 103 45 -42 29 -66
--------------------------------------------------------------------------------
Group EBITA 23,805 30,479 14,334 2,455 14,056 15,153 3,766
--------------------------------------------------------------------------------
% of sales 12.3 % 16.8 % 8.9 % 1.7 % 9.6 % 11.6 % 3.3 %
--------------------------------------------------------------------------------
LARGEST SHAREHOLDERS
TEN LARGEST SHAREHOLDERS 31 Dec 2011 SHARES %
-------------------------------------------------------------------------------
1 Hartwall Capital Oy Ab 6 491 702 15,67
-------------------------------------------------------------------------------
2 K. Hartwall Invest Oy 2 232 000 5,39
-------------------------------------------------------------------------------
3 Rakennusmestarien Säätiö (Construction engineers' fund) 2 129 422 5,14
-------------------------------------------------------------------------------
4 Mariatorp Oy 1 400 000 3,38
-------------------------------------------------------------------------------
5 Wipunen varainhallinta Oy 850 000 2,05
-------------------------------------------------------------------------------
6 Odin Finland 843 188 2,03
-------------------------------------------------------------------------------
7 Nordea Nordenfund 773 530 1,87
-------------------------------------------------------------------------------
8 Fondita Nordic Micro Cap 640 000 1,54
-------------------------------------------------------------------------------
9 Investment fund Aktia Capital 457 458 1,10
-------------------------------------------------------------------------------
10 Fennia Life Insurance Company Ltd 401 500 0,97
-------------------------------------------------------------------------------
Ten largest owners, total 16 218 800 39,14
-------------------------------------------------------------------------------
Nominee registered 7 467 002 18,02
-------------------------------------------------------------------------------
Others 17 753 284 42,84
-------------------------------------------------------------------------------
Total 41 439 086 100,00
-------------------------------------------------------------------------------
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 13 February 2012
Cramo Plc
Board of Directors
BRIEFING
Cramo will hold a briefing and live webcast in the Kämp Kansallissali, address:
Aleksanterinkatu 44 A, 2nd floor, Helsinki, on 14 February 2012 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 14 February 2012 in the
afternoon.
PUBLICATION OF FINANCIAL INFORMATION 2012
The Annual Report containing the full financial statements for 2011 will be
published in electronic format in week 9/2012.
The 2012 Annual General Meeting will take place on Friday, 23 March 2012, in
Helsinki.
Cramo will publish three Interim Reports in 2012.
The January-March Interim Report will be published on Friday 4 May 2012.
The January-June Interim Report will be published on Wednesday 8 August 2012.
The January-September Interim Report will be published on Wednesday 31 October
2012.
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.
Principal 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 and sale of modular space. Cramo operates in fifteen
countries with over 400 depots. With a group staff close to 2.700, Cramo's
consolidated sales in 2011 was EUR 680 million. Cramo shares are listed on the
NASDAQ OMX Helsinki Ltd. Further information: www.cramo.com
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