2010-02-10 08:00:00 CET
2010-02-10 08:00:07 CET
REGULATED INFORMATION
Cramo Oyj - Financial Statement Release
Cramo Financial Statements for January-December 2009
Cramo Plc Financial Statement Release 10 February 2010 at 9.00 am Finnish time (GMT+2) CRAMO FINANCIAL STATEMENTS FOR JANUARY-DECEMBER 2009 SUCCESSFUL RESTRUCTURING, STRONG POSITIVE CASH FLOW - Consolidated sales EUR 446.7 (579.8) million, down 23.0%; in local currencies, down 18.5% - EBITA EUR 17.3 (102.2) million; EBITA margin 3.9% - Non-recurring items totalling EUR 30.3 million in 2009 - EBIT before non-recurring items EUR 18.8 (87.5) million - Undiluted earnings per share EUR -1.30 (1.59); and diluted earnings per share EUR -1.28 (1.59) - Cash flow after investments EUR 65.4 (-95.6) million - EBITDA EUR 106.0 (187.6) million, 23.7 (32.3) per cent of sales - Gearing, 113.4 (149.3) % - Restructuring concluded according to plan - The Board proposes to the AGM not to pay a dividend for the financial year 2009. However, the Board has resolved to consider calling an EGM to decide on a possible dividend payment during H2/2010. - The Group sees gradual market improvement. Gearing to continue down based on steady cash flow. EBITA margin to improve compared with 2009. -------------------------------------------------------------------------------- | KEY FIGURES AND RATIOS (EUR | 10-12/09 | 10-12/08 | 1-12/09 | 1-12/08 | | 1,000) | | | | | -------------------------------------------------------------------------------- | Sales | 115,402 | 143,316 | 446,676 | 579,802 | -------------------------------------------------------------------------------- | Operating profit (EBITA) | 1,387 | 19,843 | 17,286 | 102,153 | | before amortisation and | | | | | | impairment of intangible | | | | | | assets resulting from | | | | | | acquisitions | | | | | -------------------------------------------------------------------------------- | Operating profit (EBIT) before | 3,417 | 16,315 | 18,818 | 87,549 | | non-recurring items | | | | | -------------------------------------------------------------------------------- | Operating profit (EBIT) | -22,267 | 14,578 | -11,467 | 91,804 | -------------------------------------------------------------------------------- | Profit / loss before tax (EBT) | -27,494 | 4,749 | -34,202 | 63,675 | -------------------------------------------------------------------------------- | Profit / loss for the period | -27,485 | 6,732 | -39,858 | 48,650 | -------------------------------------------------------------------------------- | Earnings per share (EPS) | -0.32 | 0.35 | -0.60 | 1.84 | | before amortisation and | | | | | | impairment of intangible | | | | | | assets resulting from | | | | | | acquisitions, diluted, EUR | | | | | -------------------------------------------------------------------------------- | Earnings per share (EPS), EUR | -0.90 | 0.22 | -1.30 | 1.59 | -------------------------------------------------------------------------------- | Earnings per share (EPS), | -0.88 | 0.22 | -1.28 | 1.59 | | diluted, EUR | | | | | -------------------------------------------------------------------------------- | Shareholders' equity per | | | 9.50 | 10.42 | | share, EUR | | | | | -------------------------------------------------------------------------------- | Return on equity, rolling 12 | | | -12.1 % | 14.9 % | | month ROE, % | | | | | -------------------------------------------------------------------------------- | Equity ratio, % | | | 37.4 % | 32.3 % | -------------------------------------------------------------------------------- | Gearing, % | | | 113.4 % | 149.3 % | -------------------------------------------------------------------------------- | Net interest-bearing | | | 383,682 | 477,124 | | liabilities | | | | | -------------------------------------------------------------------------------- | Gross capital expenditure | | | 31,465 | 201,192 | -------------------------------------------------------------------------------- | % sales | | | 7.0 % | 34.7 % | -------------------------------------------------------------------------------- | Average number of personnel | | | 2,356 | 2,688 | | (FTE) | | | | | -------------------------------------------------------------------------------- | Number of personnel at end of | | | 2,018 | 2,785 | | period (FTE) | | | | | -------------------------------------------------------------------------------- SUMMARY OF FINANCIAL PERFORMANCE IN 2009 Cramo Group's consolidated sales were EUR 446.7 (579.8) million in 2009, showing a decrease of 23.0 per cent. In local currencies, sales decreased by 18.5 per cent. The change in sales in the last quarter was -19.5 per cent, and -21.1 per cent in local currencies. Despite the weakening demand, the aim remained to strengthen the market position, in which Cramo succeeded in most markets. EBITA was EUR 17.3 (102.2) million in 2009, 3.9 (17.6) per cent of sales. EBITDA was EUR 106.0 (187.6) million, 23.7 (32.3) per cent of sales. EBITA for the last quarter was EUR 1.4 (19.8) million, 1.2 (13.8) per cent of sales. Non-recurring items for 2009 totalled EUR 30.3 million (reorganisation expenses EUR 6.1 million, write-downs EUR 21.8 million on Group goodwill and intangible assets, and write-downs EUR 2.4 million on fleet). EBIT before non-recurring items was EUR 18.8 (87.5) million in 2009, and for the last quarter EUR 3.4 (16.3) million. Sales were down in all market areas. EBITA was positive in Sweden, Finland and Norway. In Sweden, profitability has remained on a good level. In Finland, profitability improved due to adjustments to a good level in the second half of the year. In Norway, profitability has been satisfactory. In Denmark and Central and Eastern Europe, profitability continued to be unsatisfactory. Sales and profit in 2009 were negatively affected by the market situation, which remained weak throughout the year, and by the Group's reorganisation expenses, credit losses and credit loss provisions as well as by significant impairments. The Group reacted firmly to the market situation, and restructuring expenses totalled EUR 6.1 million of which EUR 1.4 million in Q4/09. Credit losses and -provisions were EUR 6.7 million of which EUR 2.0 million in Q4/09. Profit in the last quarter also includes write-downs of EUR 21.8 million on Group goodwill and intangible assets resulting from acquisitions as well write-downs of EUR 2.4 million on fleet. Q4/09 EBITDA and cash flow developed in accordance with expectations. The company embarked on an EUR 50 million fixed cost reduction program of which over EUR 35 million was realised in 2009. In 2010, the cost burden will be approximately EUR 50 million below the level of 2008. Cramo's main objectives in 2009 were to achieve a positive cash flow after investments, a decreasing gearing and the best possible profitability in a weakening market. These objectives were successfully achieved. However, the profitability in Denmark and Central and Eastern Europe remained unsatisfactory. The Group's gearing was 113.4 (149.3) per cent at the end of the year. The equity ratio was 37.4 (32.3) per cent, and cash flow after investments was EUR 65.4 (-95.6) million. Earnings per share in 2009 were EUR -1.30 (1.59) and diluted earnings per share EUR -1.28 (1.59). The Board proposes to the AGM not to pay a dividend for the financial year 2009. However, the Board has resolved to consider calling an EGM to decide on a possible dividend payment during H2/2010. Outlook for 2010 Overall, there is still considerable uncertainty related to the general economic climate in 2010. Market sentiment stabilised during the second half of 2009, and certain signs of recovery could be observed in the construction industry. Predicted by Euroconstruct, a recovery in construction is predicted for 2010 in Sweden, Denmark, Slovakia, and possibly also in Russia. While growth in Poland will continue, the construction markets in Norway, the Czech Republic and the Baltic countries are expected to decline further. For Finland, absent a general increase, signs of increasing construction activity are seen. Because of the cyclical nature of the construction industry and the low investments level in the industrial sector, demand for the equipment rental services may continue to decrease in several markets in the first half of 2010. In the beginning of the year, extraordinary winter conditions also slow down construction starts in Central and Eastern Europe in particular. Cramo expects the first quarter in 2010 to be challenging. The benefit of cost adjustments of 2008 and 2009 will be realised in 2010. In 2010, the Group's capital expenditure will be approximately EUR 30-40 million. Fleet management activities will continue to be focused on optimising equipment utilisation between Cramo's market areas. The Group sees gradual market improvement. Gearing to continue down based on steady cash flow. EBITA margin to improve compared with 2009. 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, Cramo Plc operates in Finland, Sweden, Norway, Denmark, Estonia, Latvia, Lithuania, Poland, the Czech Republic, Slovakia and Russia. While the number of new housing, commercial and office starts fell markedly in the first half of the year, new residential construction has shown signs of picking up in several markets. Renovation projects and civil engineering have increased in various markets. Decision-making periods concerning other industrial and public sector procurement became longer in 2009. In order to adjust to the changed market situation, Cramo increased the efficiency of its processes and decreased the number of personnel. Adjustments were concluded by the end of the financial year as planned, resulting in the targeted level of fixed cost savings of over EUR 35 million in 2009. The 2010 cost burden will be approximately EUR 50 million below the level of 2008. Efficiency in the use of the rental fleet was also improved by reducing fleet size and optimising equipment utilization between different countries. Cramo Group's consolidated sales in 2009 were down 23.0 per cent, totalling EUR 446.7 (579.8) million. Sales were down in all market areas. In local currencies, the change in sales was -18.5 per cent. Sales in the last quarter were EUR 115.4 (143.3) million. The change in sales in the last quarter was -19.5 per cent, and -21.1 per cent in local currencies. EBITA in 2009 was EUR 17.3 (102.2) million, representing 3.9 (17.6) per cent of sales. As measured in euro, EBITA was down 83.1 per cent. EBITA for the last quarter amounted to EUR 1.4 (19.8) million, representing 1.2 (13.8) per cent of sales. As measured in euros, EBITA for the last quarter was down 93.0 per cent. The 2009 sales and profit were negatively affected by the market situation, which remained weak throughout the year, and by the Group's reorganisation expenses, credit losses and credit loss provisions and significant impairments. Reorganisation expenses due to adjustments were EUR 6.1 million, of which EUR 1.4 million occurred in the last quarter. Credit losses and credit loss provisions were EUR 6.7 million, of which EUR 2.0 million occurred in the last quarter. Cramo recognised an impairment loss or EUR 21.8 million on the goodwill and intangible assets of the Central and Eastern Europe segment in the last quarter. The write-down was due to the current low level of business volumes in Latvia, Lithuania and the Czech Republic. Cramo sees potential for business growth in these market areas in the long run. Profit for the last quarter also includes write-downs of EUR 2.4 million on fleet. Expense entries associated with options totalled EUR 2.3 (2.8) million in 2009. Consolidated operating profit (EBIT) in 2009 was EUR -11.5 (91.8) million, representing -2.6 (15.8) per cent of sales. The 2009 net finance costs were EUR 22.7 (28.1) million. Profit before taxes was EUR -34.2 (63.7) million and profit for the year EUR -39.9 (48.7) million. In accordance with the prudence principle, Cramo has not recognised deferred income tax assets for any loss-making group companies which have not showed a clear profit in the past few years. Unrecognised deferred tax assets for 2009 total EUR 7.9 (1.4) million. Earnings per share were EUR -1.30 (1.59). Diluted earnings per share were EUR -1.28 (1.59). Return on investment (rolling 12-months) was -1.2 (12.0) per cent and return on equity (rolling 12-months) -12.1 (14.9) per cent. CAPITAL EXPENDITURE AND DEPRECIATION/AMORTISATION Gross capital expenditure for the period was EUR 31.5 (201.2) million. The investment level was decreased as planned, and the majority of investments were made in the modular space product area. Acquisitions carried out during the period under review are not included in gross capital expenditure. Reported depreciation and impairment on tangible assets and software were EUR 88.7 (85.4) million. This includes write-downs of EUR 2.4 million of the Group's tangible assets and on equipment available for sale. These write-downs occurred in the last quarter. The Group's depreciation policy, which is based on linear time-based depreciations, has not been changed to reflect the fleet's lower utilisation rates. In 2010 the Cramo will continue to focus on optimising fleet utilization throughout the Group instead of on new fleet investments. Amortisation and impairment on intangible assets resulting from acquisitions were EUR 28.8 (10.4) million. This includes write-downs of Group goodwill and acquisitions totalling EUR 21.8 million, which occurred in the last quarter. At the end of the year, goodwill totalled EUR 137.3 (147.9) million. FINANCIAL POSITION AND BALANCE SHEET The Group showed a positive net cash flow of EUR 76.6 (121.0) million from operating activities. In the last quarter, the cash flow from operating activities was EUR 26.7 (42.6) million. Cash flow from investing activities was EUR -11.2 (-216.6) million. Cash flow from financing activities was EUR -53.6 (87.5) million. At the end of the period, cash and cash equivalents amounted to EUR 18.5 (8.1) million, with the net change amounting to EUR 11.9 (-8.1) million. The Group's cash flow after investments was EUR 65.4 (-95.6) million. In the last quarter, the cash flow from after investments was EUR 30.1 (13.2) million. Asset sales amounted to EUR 22.6 million, of which EUR 9.9 million was generated in the last quarter. Net capital gains from asset sales were EUR 3.1 million, of which EUR 1.9 million was generated in the last quarter. At the end of the period the Group had EUR 6.1 million assets available for sale in its balance sheet. In addition to intra-group transfers, equipment sales are an important way for Cramo to adjust its fleet size to the market situation. At the end of the period Cramo Group's gross interest-bearing liabilities totalled EUR 402.2 (485.2) million. EUR 144.2 of variable-rate liabilities were hedged with interest rate swaps. Hedge accounting is applied to EUR 98.2 million of these interest rate hedges. On 31 December 2009, Cramo Group had undrawn committed credit facilities (excluding leasing facilities) of EUR 130.1 million, of which non-current facilities totalled EUR 95.0 million and current facilities EUR 35.1 million. On 29 April 2009, Cramo Plc issued a EUR 50 million hybrid bond in order to strengthen the Group's capital structure and repay existing interest-bearing debt. The coupon rate for the bond is 12.0% per annum. The bond has no maturity date but the company may call the bond after four years. The bond was sold to Finnish investors. A hybrid bond is a bond that is subordinated to the company's other debt obligations and treated as equity in the IFRS financial statements. Hybrid bonds do not confer to holders the right to vote at shareholder meetings or dilute the holdings of current shareholders. On 31 December 2009, Cramo Group's net interest-bearing liabilities totalled EUR 383.7 (477.1) million. Gearing remained at the same level as at the end of last quarter, despite of write-downs made in the last quarter. Gearing amounted to EUR 113.4 (149.3) at the end of the financial year. Tangible assets amounted to EUR 522.2 (585.6) million. The balance sheet total on 31 December 2009 was EUR 918.4 (998.4) million and the equity ratio was 37.4 (32.3) per cent. Off-balance sheet operating lease liabilities totalled EUR 40.2 (68.9) million on 31 December 2009. Off-balance sheet hybrid bond-related interest liabilities totalled EUR 4.0 million. GROUP STRUCTURE At the end of the period under review, 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, Denmark, Estonia, Latvia, Lithuania, Poland, the Czech Republic, Slovakia and Russia. Cramo Plc also owns a financing company in Belgium and a company in Sweden which offers group-level services. Cramo Management Oy, owned by the members of the Executive Committee, has been consolidated into the group according to SIC-12 as a Special Purpose Entity. At the end of the year, equipment rental services were provided through a network of 284 (303) depots. BUSINESS DEVELOPMENT AND ACQUISITIONS AND DIVESTMENTS Cramo's key objectives in 2009 were a positive cash flow after investments, a decreasing gearing and the best possible profitability in a weakening market. Except for profitability in Denmark and Central and Eastern Europe, these objectives were successfully achieved. Despite the weakening demand, the aim also remained to strengthen the market position, and this was successfully achieved in most market areas Cramo is also looking to expand into new market areas in the future. In the interest of securing its profitability and a positive cash flow, Cramo's cost structure was adjusted heavily to the changed market situation. Besides personnel reductions, adjustments included equipment sales, equipment transfers between countries and depots, and enhancing the efficiency of the depot network. The share of entrepreneur-managed depots was increased in Finland, Latvia and Lithuania. This arrangement is expected to decrease the fixed costs related to the depot network. Despite the economising measures, Cramo has continued investing in developing its IT systems, operating processes and service concepts as planned. The Group's new joint enterprise resource planning system was launched in Sweden in June. System introduction in other parts of the group will begin in 2010. At the beginning of 2009, Cramo Group expanded its operations in Stockholm, Sweden, as Cramo Sverige AB acquired the business operations of Lidingö Hyrcenter, which operates in the strongly developing former harbour area of Värtan. In Finland, Cramo Finland Oy informed in December of selling its diamond drilling and floor grinding business to Kuusakoski Oy. The sold business consisted of 45 employees, and its sales totalled approximately EUR 3.7 million in 2009. Following the divestment, Cramo concentrates increasingly on equipment rental and closely related services. Cramo's vision is to be the preferred rental solutions provider in the eyes of customers. Cramo aims to be one of the two largest industry players in every market in which it operates, and to be one of the most profitable companies in the industry. HUMAN RESOURCES During the period under review, Group staff averaged 2,356 (2,688). In addition, the Group employed 49 (85) persons as hired work force. The number of staff is reported as full time equivalent (FTE). The distribution of personnel is as follows: Finland, 492 employees (24.4 per cent of the Group); Sweden, 700 (34.7 per cent); Norway, 178 (8.8 per cent); Denmark, 115 (5.7 per cent) and Central and Eastern Europe, 533 (26.4 per cent). The relative share of personnel reductions was the highest the Baltic countries. Due to the adjustment measures, the number of personnel was reduced by approximately 770 during 2009. This figure includes employment relationships that have already ended and those employees that are not within the workforce at year end due to dismissals. The number of personnel has decreased by over 30 per cent, compared with August 2008, at which time the number of personnel was at its highest (3,006 employees including the hired work force). HR development programmes continued as planned. Staff training focussed particularly on developing customer service and sales skills. Cramo also supported its staff in completing competence-based qualifications. Management coaching through Cramo Academy was continued. GROUP MANAGEMENT Cramo streamlined the structure of its Group management team at the beginning of September. The Group management team consists 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 business development, the Group's legal function and human resource development. Mr Koivula, Mr Carlson and Mr Ala-Härkönen comprise the Group's Executive Committee. 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, appointed as new member; Mr Ossi Alastalo, Senior Vice President, Fleet Management/Modular Space, Mr Martin Holmgren, Vice President, Fleet Management/Equipment Rental, and Ms Eva Harström, Vice President, CIO. PERFORMANCE BY BUSINESS SEGMENT Cramo Group's business segments consist of Finland, Sweden, Norway, Denmark, and Central and Eastern Europe. In addition to segment information, Cramo also reports on the order book value for modular space. As of the beginning of 2009, Cramo Group only reports by geographic segment. In the comparison year 2008, Cramo's business consisted of two business segments: equipment rental and modular space. The equipment rental business was divided into geographical segments, of which Norway and Denmark were reported jointly as a single segment. The 2008 comparison figures have been adjusted to correspond to 2009 segment reporting. In 2009, Finland generated EUR 92.1 (126.3) million or 20.4 (21.3) per cent of the total consolidated sales, Sweden EUR 215.7 (273.9) million or 47.8 (46.3) per cent, Norway EUR 63.4 (69.7) million or 14.0 (11.8) per cent, and Denmark EUR 36.3 (44.4) million or 8.0 (7.5) per cent. EUR 44.1 (77.4) million or 9.8 (13.1) per cent of sales were generated in Central and Eastern Europe. Finland Cramo is one of the two largest players in the equipment rental market in Finland. There are also many small and specialised competitors in Finland. The number of depots at the end of the period under review was 57 (61). The equipment rental business in Finland reported sales of EUR 92.1 (126.3) million during the year, for a decrease of 27.1 per cent. EBITA was EUR 10.7 million, or 11.6 (20.9) per cent of sales, Reorganisation expenses for the year amounted to EUR 1.4 million, of which EUR 0.4 million was generated in the last quarter. Sales in the last quarter were EUR 22.4 (31.5) million, down 28.9 per cent. EBITA for the last quarter totalled EUR 3.7 (6.8) million, or 16.3 (21.6) per cent of sales. Full-year profitability improved due to adjustments to a good level in the second half of the year. The number of new projects started in the construction sector in 2009 remained clearly below the level of completed projects. In residential construction, the bottom was probably reached in the summer, after which there have been signs of both new housing starts and renovation projects picking up slightly. Government support measures play an important role in the construction of new rental apartments and renovation projects. The level of commercial and office construction continues to be very low. In civil engineering, government measures to stimulate economic recovery are particularly targeted in 2010. Price competition was tough in several product areas within the equipment rental service. Cramo also offers extensive site and installation services related to rental services in Finland, and their demand and price development has been hit even harder by the recession than the actual rental services. The recession has also been visible as shorter rental periods. In the modular space product area, demand and the order book have remained on a good level. Demand is maintained by the municipal authorities' needs for various spaces. Cramo continued the personnel reduction measures initiated at the end of 2008. The full effects of the reductions will not be visible until 2010. Adjustments in the rental equipment fleet have been made by selling old equipment. Some 10 depots now operate as franchise outlets, which reduces the level of fixed costs. In December, Cramo informed of selling its Finnish diamond drilling and floor grinding business to Kuusakoski Oy. The sold business consisted of 45 employees, and its sales totalled approximately EUR 3.7 million in 2009. The construction of a centralised repairs network consisting of 9 depots was completed in 2009, and a customer segment-based sales organisation was introduced. Customer service was improved based on customer satisfaction surveys. Cramo successfully gained new customers in industrial maintenance projects. Among the most important new customer agreements were those signed with NCC and Destia. In October, the Confederation of Finnish Construction Industries RT estimated that the growth in construction would decrease by 12 per cent in Finland in 2009 and by three per cent in 2010. According the estimate published by Euroconstruct in November, construction decreased in Finland by some 14 per cent in 2009. Euroconstruct predicts a further decrease of some five per cent in construction in 2010. Residential construction is expected to pick up from the previous year, but commercial and office construction will continue to decrease clearly. Civil engineering is also expected to decrease slightly. Sweden Cramo is the clear market leader in the Swedish equipment rental business. It competes with one national and several regional players and a large number of local rental companies. At the end of the year, Cramo had 116 (111) depots in Sweden. The equipment rental business in Sweden reported sales of EUR 215.7 (273.8) million, Sales were down 21.2 per cent. In local currencies the change in sales was -13.9 per cent. EBITA was EUR 36.0 (62.9) million, or 16.7 (23.0) per cent of sales. While EBITA was down 42.7 per cent, profitability remained on a good level throughout the year. Sales in the last quarter amounted to EUR 57.4 (66.7) million, showing a decrease of 14.0 per cent. EBITA was EUR 7.8 (14.1) million, or 13.6 (21.1) per cent of sales. Construction and the demand for equipment rental services declined markedly in Sweden. While there are several major ongoing construction and industrial investment projects in northern Sweden and the Stockholm area, price competition in the Stockholm area has nevertheless increased. In southern Sweden, construction started to pick up in the second half of the year. The market situation in the modular space product area has remained good. Due to long-term agreements Cramo has been able to maintain a reasonable price level, and profitability remained at a good level. Among the most important customer agreements was the agreement signed with NCC, which made Cramo one of NCC's five suppliers of rental services in Sweden. Personnel reductions and machine and equipment fleet sales were implemented in order to adjust to the weaker demand. The organisation was revised with the aim of enhancing customer service and increasing sales functions at different levels of the organisation. Cramo expanded its operations by acquiring the rental operations of Lidingö Hyrcenter, which operates in the Värtan harbour area in Stockholm. Cramo's operations in southern Sweden and Denmark have increased their cooperation in maintenance and logistics. The Swedish Construction Federation (Sveriges Byggindustrier) estimated that construction had declined by seven per cent in 2009 but would pick up by three per cent in 2010. A significant share of the growth will be seen in civil engineering. Residential construction is expected to remain unchanged or increase slightly. Commercial and office construction is expected to decrease slightly. In November, Euroconstruct estimated that the Swedish construction market had decreased by almost four per cent in 2009, but will pick up by four per cent in 2010. Euroconstruct's growth forecast for residential construction is slightly higher than that of the Swedish Construction Federation. Norway Cramo estimates that in terms of market position, it has now become the second largest service provider in the sector in Norway. There are four major rental companies and several small local rental companies operating in the Norwegian equipment rental market. At the end of the period under review, Cramo had 27 (27) depots in Norway. The Norwegian operations reported sales of EUR 63.4 (69.7) million in 2009, down 9.0 per cent. In the local currency, the change in sales was -4.5 per cent. EBITA was EUR 4.0 (6.1) million, or 6.3 (8.8) per cent of sales. Sales in the last quarter were EUR 16.3 (17.2) million, and EBITA was EUR 0.9 (0.6) million, or 5.3 (3.3) per cent of sales. The Norwegian government's investments in recovery measures targeted at the construction sector have been the highest throughout the Nordic region, and this can also be seen in Cramo's operations. The recovery measures are particularly directed at civil engineering and public services. The strong performance of the oil industry has also partially offset the effects of the recession in Norway. Cramo was able to successfully exploit its Norwegian deport network, expanded in 2008, and further increased its market share. Cramo has been able to expand its customer base among large and medium-sized construction companies and the industrial sector in particular. Significant agreements were signed with NCC, Statoil and AF Group, among others. Demand in the modular space product area has also continued at a fairly good level. Through the modular space business, Cramo has been able to expand its customer base to the industrial sector and also to the public sector. Cramo will continue the measures aimed at improving the profitability of the Norwegian operations in 2010. These measures include a reorganisation of logistics and transport, and the service and maintenance network. In November, Euroconstruct estimated that construction had decreased in Norway by over four per cent in 2009. However, as construction volumes on the Norwegian market have been high for a long time, the impact of the drop has not been as marked as elsewhere in the Nordic region. A decrease of some five per cent is predicted for 2010. While a moderate upturn is expected in residential construction, primarily due to renovation projects, a clear decline is predicted in commercial and office construction. Civil engineering will decrease slightly as the government reduces its measures to stimulate economic recovery. Denmark Cramo estimates that in terms of market position, it is the third largest service provider in the sector in Denmark. It competes with two international and several local equipment rental companies. Despite the difficult market situation, Cramo estimates that it has successfully increased its market share as a supplier of rental services to the industrial and public sectors, in the modular spaces product area in particular. At the end of 2009, Cramo had 17 (22) depots in Denmark. Danish sales were EUR 36.3 (44.4) million in 2009, showing a decrease of 18.2 per cent. In the local currency, the change in sales was -18.3 per cent. EBITA totalled EUR -8.9 (-2.9) million, or -24.4 (-6.5) per cent of sales. Profit for the entire year was unsatisfactory, falling clearly below the targeted level. Reorganisation expenses of EUR 3.5 million, credit losses and credit loss provisions of EUR 1.7 million and fleet writedowns of EUR 1.3 million had a negative impact on profit throughout the year. Sales in the last quarter were EUR 9.3 (10.3) million, showing a decrease of 9.5 per cent. EBITA for the last quarter amounted to EUR -4.4 (-3.4) million, representing -47.3 (-33.2) per cent of sales. The profit for the last quarter includes EUR 0.9 million of reorganisation expenses, EUR 0.9 million of credit losses and credit loss provisions and fixed asset write-downs of EUR 1.3 million. Cramo believes that the reorganisation of the Danish operations was completed in 2009. The downswing in construction hit Denmark harder than the other Nordic countries. The marked decline in construction, which had begun in 2008, continued in 2009. The market situation in the rental industry continued to be weak throughout the year, and heavy competition in a fragmented marked led to a clear fall in prices. Measures initiated in 2008 to cut costs, reduce fleet size and increase efficiency were continued in 2008. The Danish operations have increased the efficiency of their transportation, customer service and equipment service, and cooperation with Cramo's operations in southern Sweden has also increased. The number of personnel has also been reduced. During the third quarter, Cramo sold its Danish crane fleet to the rental service company Ajos A/S, an equipment company owned by MT Højgaard. The most significant customer agreement was the agreement signed in December, whereby all of the existing rental agreements with Herlev hospital were extended until 1 January 2018. The new agreement secures Cramo a total firm order backlog of approximately EUR 11 million and strengthens Cramo's position as the leading supplier of modular spaces in the health care industry. Improving profitability will be the key objective in 2010. According to the estimate published by Euroconstruct in November, construction declined by almost eight per cent in Denmark in 2009. An increase of two per cent is predicted for 2010. Residential construction is expected to continue at its current level, while growth is predicted in commercial and office construction as well as civil engineering. Central and Eastern Europe Cramo Group's equipment rental business sales in Central and Eastern Europe come from Estonia, Latvia, Lithuania, Poland, the Czech Republic, Slovakia and Russia. At the end of 2009, the number of depots was 67 (82). Rental business sales in Central and Eastern Europe amounted to EUR 44.1 (77.3) million in 2009. Sales were down 43.0 per cent. In local currencies, the change in sales was -39.4 per cent. EBITA was EUR -17.6 (10.0) million, or -40.0 (12.6) per cent of sales. This includes EUR 1.0 million in reorganisation expenses, of which EUR 0.2 million occurred in the last quarter. The profit for the period also includes credit losses and credit loss provisions of EUR 3.0 (1.4) million, of which EUR 0.7 (0.6) million occurred in the last quarter. Sales in the last quarter were EUR 11.3 (19.8) million, and EBITA was EUR -5.2 (0.2) million, or -45.8 (1.2) per cent of sales. The profit for the last quarter also includes fleet-related write-downs of EUR 1.0 million. EBITDA (including credit losses, credit loss provisions and reorganisation expenses) was EUR 6.2 million in 2009, 14.1 per cent of sales. Profit for the entire year was unsatisfactory, falling below the targeted level. The negative EBITA is due to a significant weakening in demand, lower rental prices, high credit losses, expenses arising from the reorganisation and, in particular, depreciation and write-downs related to fleet investments made during the operational growth phase. Cramo believes that the reorganisation of the Central and Eastern European operations was completed in 2009. The impact of the economic recession arising from the credit crunch has been stronger than expected in Central and Eastern Europe. Demand decreased especially heavily in the Baltic countries. The decline in demand due to the recession was also stronger than expected in the Czech Republic, Slovakia and Russia. In Poland, demand for rental services was maintained due to significant civil engineering projects and investments related to the upcoming European Football Championships. Cramo continued its adjustments throughout the year by streamlining its depot network structure, cutting costs and reducing the number of personnel, selling equipment and further optimising the utilisation of the rental fleet between markets. The main impact of these measures focused on the business in the Baltic countries, where the number of personnel was reduced by over 60 per cent. The Latvian and Lithuanian operations were merged, and half of the 20 depots in the joint depot network now operate as entrepreneur-managed depots. In Estonia, adjustments were targeted at fleet size and reducing fixed costs. Fixed costs were also cut in other Central and Eastern European markets. At the same time, Cramo has enhanced its sales control by developing its sales monitoring and pricing systems and by expanding its customer base to new customer segments. Cramo successfully increased site hut rental in Poland and also started offering site huts on the Czech market. In Russia, construction site electricity-related services were introduced as a new service. The key objectives for 2010 are improving profitability and utilizing opportunities for growth, in Poland and Russia in particular. The long-term outlook for the rental business remains favourable throughout Central and Eastern Europe. According to the estimate published by Euroconstruct in November, construction decreased in Estonia by 30 per cent in 2009, and a decrease of 14 per cent is predicted for 2010. The corresponding estimates for Latvia are -7 and -31 per cent, and for Lithuania, -37 and -18 per cent. In Russia, the decrease in construction in 2009 is estimated at over 20 per cent, but an upswing may already occur in 2010. Residential construction accounts for a significant share of the Russian construction market, and government measures in the field of social residential construction are a major factor. According to Euroconstruct, Poland was the only EU Member State to achieve economic growth in 2009. In the Czech Republic and Slovakia, construction decreased in 2009, but an upswing is expected in 2010, particularly in Slovakia. SHARES AND SHARE CAPITAL On 31 December 2009, Cramo Plc's share capital was EUR 24,834,753.09 and the number of shares was 30,660,189 including Cramo Management Oy's holding of 316,288 shares. There were no changes in the share capital or the number of shares during the financial year. Current option programmes and incentive schemes The Extraordinary General Meeting held on 20 November 2006 decided on an option scheme under which a maximum of 3,000,000 stock options will be issued, entitling their holders to subscribe for a maximum of 3,000,000 new company shares. The subscription period for stock options 2006A, subscribed for under the option scheme 2006, began on 1 October 2009 and ends on 31 January 2011. The subscription period for stock options 2006B is from 1 October 2010 to 31 January 2012, and for stock options 2006C, from 1 October 2011 to 31 January 2013. The subscription price for stock options 2006A is EUR 13.16, in other words, the trading-weighted average share price between 1 October and 31 October less the dividend distributed annually. The subscription price for stock options 2006B is EUR 26.47 and for stock options 2006C EUR 5.56 less the dividend distributed annually. Trading in stock options 2006A began on NASDAQ OMX Helsinki Ltd on 20 October 2009. A total of 1,000,000 stock options 2006A have been issued, of which 674,000 were held by 29 key employees at the end of the financial year. The remaining 326.000 stock options 2006A were held by a wholly-owned subsidiary of Cramo Plc. As a result of subscriptions made pursuant to these stock options, the number of Cramo Plc shares may increase by a maximum of 674,000 new shares, which will represent 2.2% of Cramo Plc shares and voting rights after a potential share capital increase. The Annual General Meeting held on 1 April 2009 resolved the issue of stock options 2009 to the key personnel of the company and its subsidiaries. The maximum total number of the stock options is 1,000,000. The share subscription price will be the market price of the Cramo Plc share on the NASDAQ OMX Helsinki Ltd in October 2009, which was EUR 11.06. The share subscription period will be from 1 October 2012 to 31 December 2013. Dividends paid before the subscription price will be deducted from the subscription price. On 31 December 2009, Cramo Group's key personnel held a total of 674,000 stock options 2006A, 820,000 stock options 2006B, 949,500 stock options 2006C and 955,000 stock options 2009. The 2006 option scheme covers about 100 of the company's key employees; the 2009 option scheme covers 112 key employees. On 8 June 2009, Cramo Plc's Board of Directors announced a new share ownership program for Cramo's Executive Committee, the purpose of which is to commit the Committee members to the company. For the purpose of the share ownership, the Executive Committee members established a company called Cramo Management Oy, which had, by 20 September, acquired a total of 316,288 Cramo Plc shares from the market, for a total of approximately EUR 2.48 million. The arrangement will be valid until autumn 2012. The transfer of Cramo Plc shares held by Cramo Management Oy is restricted during the validity of the arrangement. TRADING ON NASDAQ OMX IN 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-31 December 2009, the lowest trading price for Cramo Plc stock was EUR 4.78 and the highest was EUR 13.07. The trading-weighted average share price was EUR 7.72. The closing price for the share on 31 December 2009 was EUR 11.99 and the company's market value EUR 367.6 million. ANNUAL GENERAL MEETING AND VALID BOARD AUTHORISATIONS On 1 April 2009, Cramo Plc's Annual General Meeting (AGM) adopted the consolidated financial statements and parent company's financial statements for the financial year 2008 and discharged the members of the Board of Directors and the President and CEO from personal liability. The AGM confirmed the dividend to be EUR 0.20 per share as proposed by the Board of Directors. The Board was to separately reassess the possibilities for an additional dividend and, if necessary, convene an Extraordinary General meeting to resolve the matter. After due consideration of all relevant factors, Cramo Plc's Board of Directors decided on 2 November 2009 not to propose an additional dividend to be paid during 2009. The number of the members of the Board of Directors was confirmed as seven (7). Mr Stig Gustavson, Mr Gunnar Glifberg, Mr Eino Halonen, Mr Hannu Krogerus, Mr Esko Mäkelä and Mr Fredrik Cappelen were re-elected and Mr Jari Lainio, CEO of Rakennustoimisto Lainio & Laivoranta Oy, was elected as a new member of the Board of Directors. The Annual General Meeting confirmed the remuneration payable to the Chairman of the Board of Directors as EUR 60,000, to the Vice-Chairman as EUR 40,000 and to the other members of the Board as EUR 30,000 annually. It was further resolved that 40 per cent of the annual remuneration be paid in Cramo shares purchased on the market on behalf of the Board members. In addition, it was decided to pay an attendance fee of EUR 1,000 for attendance at each Board committee meeting and to refund reasonable travel expenses according to invoice. Ernst & Young Oy, a firm of authorised public accountants, were appointed as the company's auditors, with Mr Erkka Talvinko, APA, as the responsible auditor. The Annual General Meeting authorised the Board of Directors to decide on the acquisition of a maximum of 3,066,000 of the company's own shares in one or several tranches. The shares will be acquired in public trading as a directed acquisition through NASDAQ OMX Helsinki Ltd. The Board of Directors shall decide on the means of acquisition and other terms. Derivatives may be used in the acquisition. Under the authorisation, own shares may only be acquired using the company's unrestricted equity. Thus, the acquisition of own shares will reduce the company's distributable equity. The Board of Directors did not act on the authorisation to acquire own shares during the financial year 2009. The Annual General Meeting authorised the Board of Directors to decide on the transfer of treasury shares in one or several tranches and to decide on the terms for the transfer. The transfer may be carried out as a directed share issue, provided that a weighty financial reason exists for the company to do so. The Board of Directors may also act on this authorisation in order to grant stock option rights and other special rights entitling to shares, pursuant to Chapter 10 of the Finnish Limited Liability Companies Act. The authorisations shall remain in force until the next Annual General Meeting of Shareholders, but no later than 1 October 2010. The Annual General Meeting resolved on the issue of stock options 2009 to key personnel of the company and its subsidiaries. The maximum number of stock options to be issued will be 1,000,000 and they will entitle the holders to subscribe for a maximum of 1,000,000 company shares. CORPORATE GOVERNANCE AND AUDITORS As of 1 April 2009, the Cramo Plc Board of Directors consists of Mr Stig Gustavson (Chairman), Mr Eino Halonen (Vice-Chairman), Mr Fredrik Cappelen, Mr Gunnar Glifberg, Mr Hannu Krogerus, Mr Jari Lainio and Mr Esko Mäkelä. The Audit Committee members are Mr Eino Halonen (Chairman), Mr Fredrik Cappelen, Mr Jari Lainio and Mr Esko Mäkelä. Members of the Nomination and Compensation Committee are Mr Stig Gustavson (Chairman), Mr Gunnar Glifberg and Mr Hannu Krogerus; and Mr Erik Hartwall as a non-Board member. The Board members until 1 April 2009 were Mr Stig Gustavson (Chairman), Mr Eino Halonen (Vice-Chairman), Mr Fredrik Cappelen, Mr Gunnar Glifberg, Mr Hannu Krogerus, Mr Juhani Nurminen and Mr Esko Mäkelä. The Board met 9 times during the financial year. The average attendance rate of Board members was 93.7 per cent. The Audit Committee met 4 times and the Nomination and Compensation Committee met 4 times. On 31 December 2009, the Board members, the President and CEO and his deputy held, either directly or through companies in which they exercise control, a total of 429,257 Cramo Plc shares, which represents 1.40 per cent of the company's shares and votes, and a total of 593,000 stock options. The company's auditors were Ernst & Young Oy, Authorised Public Accountants, with Mr Erkka Talvinko, APA, as responsible auditor. As of 1 January 2009, Cramo Plc observes the Finnish Corporate Governance Code that entered into force on 1 January 2009. 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. Finnish Central Securities Depository 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 from Cramo Plc's web pages. CHANGES IN SHAREHOLDINGS During the period under review, Cramo Plc received the following notifications pursuant to Chapter 2, section 9 of the Finnish Securities Markets Act: The combined holding of the following companies and private individuals of Cramo Plc shares and votes exceeded one-fourth (1/4) on 26 October 2009: Hartwall Capital Oy, K. Hartwall Invest Oy Ab, Kusinkapital Ab, Pinewood Invest OÜ, Gustav Tallqvist, Christel Hartwall, Pallas Capital Oy, Fyrklöver-Invest Oy, Antonia Hartwall, Emma Hartwall, Axel Hartwall and Gulle Therman. The combined holding of these parties at the time was 7,665,172 shares, representing 25 per cent of Cramo Plc shares and votes. UBS AG's total holding of shares and voting rights in Cramo Plc fell below the 5% threshold on 28 July 2009. At the time, USB AG held a total of 1,240,506 shares, representing 4.05 per cent of Cramo Plc shares and votes. UBS AG's holding of shares and voting rights in Cramo Plc increased on 24 July 2009, being at the time 1,391,679 or 4.54 per cent of Cramo Plc shares and votes UBS AG also announced an arrangement according to which it had a contractual right to recall 182,835 shares. Following the arrangement, USB AG's shareholding in Cramo Plc would be 1,574,514 shares, representing 5.14 per cent of Cramo Plc shares and votes. UBS AG's total holding of shares and votes in Cramo Plc fell below the 5% threshold on 23.7.2009. UBS AG's holding at the time was 1,216,087 shares, representing .97 per cent of Cramo Plc's shares and votes. UBS AG's total holding of shares and votes in Cramo Plc fell below the 5% threshold on 12 June 2009. At the time, USB AG held a total of 1,524,824 shares, representing 4.97 per cent of Cramo Plc's share capital and votes. UBS AG also announced an arrangement according to which it had a contractual right to recall 173,394 shares. Following the arrangement, USB AG's shareholding in Cramo Plc would be 1,698,218 shares, representing 5.54 per cent of Cramo Plc shares and votes. The combined holding of the following companies and private individuals of Cramo Plc shares and votes exceeded one-fifth (1/5) on 25 May 2009: Hartwall Capital Oy (3,444,794 shares, or 11.24 per cent of shares and votes), K. Hartwall Invest Oy (2,432,000 shares, or 7.93 per cent of shares and votes) and Kusinkapital Ab, Pinewood Invest OÜ, Gustav Tallqvist, Christel Hartwall, Pallas Capital Oy, Fyrklöver-Invest Oy Ab, Antonia Hartwall, Emma Hartwall, Axel Hartwall and Gulle Therman. The combined holding of these parties on the date of the announcement was 6,477,779 shares, representing 21.13 per cent of Cramo Plc shares and votes. The total holding of Suomi Mutual Life Assurance Company of Cramo Plc shares and votes fell below one twentieth (1/20) on 25 May 2009. Suomi Mutual Life Assurance Company's total holding at the time was 1,510,176 shares, representing 4.93 per cent of Cramo Plc shares and votes. UBS AG's total holding of shares and votes in Cramo Plc fell exceeded the 5% threshold on 3 April 2009. UBS AG's holding at the time was 1,848,175 shares or 6.03 per cent of Cramo Plc's shares and votes. The combined holding of the following companies and private individuals of Cramo Plc shares and votes exceeded three twentieths (3/20) on 2 April 2009: K. Hartwall Invest Oy Ab, Hartwall Capital Oy Ab, Kusinkapital Ab, Pinewood Invest OÜ, Gustav Tallqvist, Christel Hartwall, Pallas Capital Oy Ab, Antonia Hartwall, Emma Hartwall and Axel Hartwall. The combined holding of these parties at the time was 4,689,594 shares, representing 15.30 per cent of Cramo Plc shares and votes. UBS AG's total holding of shares and votes in Cramo Plc fell below the 5% threshold on 27 March 2009. UBS AG's holding at the time was 313,915 shares, representing 1.02 per cent of Cramo Plc's shares and votes. The combined holding of the following companies and private individuals of Cramo Plc shares and votes exceeded one-tenth (1/10) on 13 March 2009: K. Hartwall Invest Oy Ab, Hartwall Capital Oy Ab, Pinewood Invest OÜ, Christel Hartwall, Pallas Capital Oy Ab, Antonia Hartwall, Emma Hartwall and Axel Hartwall. The combined holding of these parties at the time was 4,264,292 shares, representing 13.91 per cent of Cramo Plc shares and votes. The combined holding of Highfields Capital I LP, Highfields Capital II LP and Highfields Capital III L.P, the funds managed by Highfields Capital Management LP, of Cramo Plc shares and votes fell below one twentieth (1/20) on 13 March 2009. The combined holding of these parties at the time was 1,154,036 shares, representing 3.76 per cent of Cramo Plc shares and votes. The combined holding of the following companies and private individuals of Cramo Plc shares and votes exceeded one twentieth (1/20) on 2 March 2009: K. Hartwall Invest Oy Ab, Hartwall Capital Oy Ab, Pallas Capital Oy Ab, Antonia Hartwall, Emma Hartwall and Axel Hartwall. The combined holding of these parties at the time was 1,916,292 shares, representing 6.25 per cent of Cramo Plc shares and votes. ESSENTIAL RISKS AND UNCERTAINTIES The main sources of uncertainty in Cramo's business are related to global economic developments, as well as the economic cycle and financial development of each country, fluctuations in interest and exchange rates, availability of financing, credit loss risks and the success of the Group's acquisitions, personnel-related risks, availability of competent management and recruitment-related risks, tax risks, and other different kinds of business risks. Economic recession has increased the risks involved with the business. The risks associated with the reorganisation of the Group's operations, fleet management related risks, the availability and price of financing, risks related to financial covenants of loan terms, exchange rate risks, risks related to the implementation of the Group's ERP system, risks related to franchising arrangements, risks related to rental prices in different markets and credit loss risks, have in particular increased in 2009. In addition, the weakened market situation increased the Group's impairment risks related to the balance sheet values of acquisitions. Cramo has further heightened the level of attention paid on the Group's risk management in the changed operating environment. SIGNIFICANT EVENTS AFTER THE BALANCE SHEET DATE Ms Eva Harström, CIO, announced in January 2010 that she will leave the company for a position outside Cramo Group. PROFIT DISTRIBUTION POLICY AND BOARD OF DIRECTORS' PROPOSAL FOR PROFIT DISTRIBUTION In accordance with the company's profit distribution policy specified in February 2007, 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 not to grant a dividend for the financial year 1 January-31 December 2009. However, the Board has resolved to consider calling an Extraordinary General Meeting to decide on a possible dividend payment during H2/2010. The information in this Financial Statements Bulletin is based on unaudited figures. TABLES This financial report has been prepared in accordance with IAS 34: Interim Financial Reporting. The same accounting policies and definitions of key financial figures have been adopted as in Cramo Plc's annual financial report. The Group has applied the following standards, amendments and interpretations: IAS 1, Presentation of Financial Statements; IFRS 8, Operating Segments; IAS 23, Borrowing Costs; and SIC-12, Consolidation - Special Purpose Entities. The company has published a separate communiqué on the application of IFRS 8, Operating Segments. Other amendments are not assessed as being significant within Cramo's financial figures. -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET | 31 Dec | 31 Dec 2008 | Change-% | | | (EUR 1,000) | 2009 | | | | -------------------------------------------------------------------------------- | ASSETS | | | | | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | | | | -------------------------------------------------------------------------------- | Tangible assets | 522,191 | 585,554 | -10.8 | | -------------------------------------------------------------------------------- | Goodwill | 137,339 | 147,850 | -7.1 | | -------------------------------------------------------------------------------- | Other intangible assets | 90,843 | 97,259 | -6.6 | | -------------------------------------------------------------------------------- | Deferred tax assets | 19,137 | 17,391 | 10.0 | | -------------------------------------------------------------------------------- | Available-for-sale financial | 340 | 314 | 8.3 | | | investments | | | | | -------------------------------------------------------------------------------- | Derivative financial | 238 | 956 | -75.1 | | | instruments | | | | | -------------------------------------------------------------------------------- | Trade and other receivables | 4,990 | 2,964 | 68.4 | | -------------------------------------------------------------------------------- | TOTAL NON-CURRENT ASSETS | 775,079 | 852,289 | -9.1 | | -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | | -------------------------------------------------------------------------------- | Inventories | 11,591 | 15,920 | -27.2 | | -------------------------------------------------------------------------------- | Trade and other receivables | 99,526 | 113,075 | -12.0 | | -------------------------------------------------------------------------------- | Income tax receivables | 6,599 | 4,394 | 50.2 | | -------------------------------------------------------------------------------- | Derivative financial | 898 | 4,625 | -80.6 | | | instruments | | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 18,520 | 8,123 | *) | | -------------------------------------------------------------------------------- | TOTAL CURRENT ASSETS | 137,134 | 146,138 | -6.2 | | -------------------------------------------------------------------------------- | Assets available for sale | 6,148 | | | | -------------------------------------------------------------------------------- | TOTAL ASSETS | 918,360 | 998,427 | -8.0 | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | | -------------------------------------------------------------------------------- | EQUITY | | | | | -------------------------------------------------------------------------------- | Share capital | 24,835 | 24,835 | 0.0 | | -------------------------------------------------------------------------------- | Share premium fund | 186,910 | 186,910 | 0.0 | | -------------------------------------------------------------------------------- | Fair value reserve | 117 | 117 | 0.0 | | -------------------------------------------------------------------------------- | Hedging fund | -2,296 | -1,373 | 67.2 | | -------------------------------------------------------------------------------- | Translation differences | -12,431 | -22,124 | -43.8 | | -------------------------------------------------------------------------------- | Retained earnings | 91,117 | 131,111 | -30.5 | | -------------------------------------------------------------------------------- | Equity attributable to | 288,252 | 319,476 | -9.8 | | | shareholders | | | | | | of the parent | | | | | | company | | | | | -------------------------------------------------------------------------------- | Non-controlling interest | 503 | | | | -------------------------------------------------------------------------------- | Hybrid capital | 49,630 | | | | -------------------------------------------------------------------------------- | TOTAL EQUITY | 338,385 | 319,476 | 5.9 | | -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | | | | | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 351,606 | 413,700 | -15.0 | | -------------------------------------------------------------------------------- | Derivative financial | 3,809 | 2,312 | 64.7 | | | instruments | | | | | -------------------------------------------------------------------------------- | Deferred tax liabilities | 79,036 | 78,967 | 0.1 | | -------------------------------------------------------------------------------- | Provisions | 0 | 186 | -100.0 | | -------------------------------------------------------------------------------- | Other non-current liabilities | 6,816 | 5,622 | 21.2 | | -------------------------------------------------------------------------------- | TOTAL NON-CURRENT LIABILITIES | 441,267 | 500,787 | -11.9 | | -------------------------------------------------------------------------------- | CURRENT LIABILITIES | | | | | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 50,596 | 71,546 | -29.3 | | -------------------------------------------------------------------------------- | Derivative financial | 680 | 248 | *) | | | instruments | | | | | -------------------------------------------------------------------------------- | Trade and other payables | 82,855 | 93,515 | -11.4 | | -------------------------------------------------------------------------------- | Income tax liabilities | 4,576 | 12,855 | -64.4 | | -------------------------------------------------------------------------------- | TOTAL CURRENT LIABILITIES | 138,707 | 178,164 | -22.1 | | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 579,975 | 678,951 | -14.6 | | -------------------------------------------------------------------------------- | TOTAL EQUITY AND LIABILITIES | 918,360 | 998,427 | -8.0 | | -------------------------------------------------------------------------------- | CONSOLIDATED INCOME | 10-12/09 | 10-12/08 | 1-12/09 | 1-12/08 | | STATEMENT | | | | | | 1 Jan 2009 - 31 Dec | | | | | | 2009 (EUR 1,000) | | | | | -------------------------------------------------------------------------------- | SALES | 115,402 | 143,316 | 446,676 | 579,802 | -------------------------------------------------------------------------------- | Other operating income | 4,122 | 6,861 | 7,262 | 16,855 | -------------------------------------------------------------------------------- | Change in inventories | -1,452 | -1,216 | -1,486 | -770 | | of finished goods and | | | | | | work in progress | | | | | -------------------------------------------------------------------------------- | Production for own use | 1,609 | 5,892 | 9,148 | 18,725 | -------------------------------------------------------------------------------- | Materials and services | -44,007 | -51,931 | -150,882 | -195,596 | -------------------------------------------------------------------------------- | Employee benefit | -23,831 | -29,684 | -103,062 | -118,452 | | expense | | | | | -------------------------------------------------------------------------------- | Other operating | -26,826 | -30,548 | -101,700 | -112,999 | | expenses | | | | | -------------------------------------------------------------------------------- | Depreciation and | -23,630 | -22,845 | -88,669 | -85,412 | | impairment on tangible | | | | | | assets and assets | | | | | | available for sale | | | | | -------------------------------------------------------------------------------- | EBITA | 1,387 | 19,843 | 17,286 | 102,153 | -------------------------------------------------------------------------------- | % of sales | 1.2 | 13.8 | 3.9 | 17.6 | -------------------------------------------------------------------------------- | Amortisation and | -23,654 | -5,265 | -28,754 | -10,350 | | impairment on | | | | | | intangible assets | | | | | | resulting from | | | | | | acquisitions | | | | | -------------------------------------------------------------------------------- | OPERATING PROFIT (EBIT) | -22,267 | 14,578 | -11,467 | 91,804 | -------------------------------------------------------------------------------- | % of sales | -19.3 | 10.2 | -2.6 | 15.8 | -------------------------------------------------------------------------------- | Finance costs (net) | -5,227 | -9,828 | -22,734 | -28,128 | -------------------------------------------------------------------------------- | PROFIT / LOSS BEFORE | -27,494 | 4,749 | -34,202 | 63,675 | | TAXES | | | | | -------------------------------------------------------------------------------- | % of sales | -23.8 | 3.3 | -7.7 | 11.0 | -------------------------------------------------------------------------------- | Income taxes | 9 | 1,983 | -5,657 | -15,025 | -------------------------------------------------------------------------------- | PROFIT/LOSS FOR THE | -27,485 | 6,732 | -39,858 | 48,650 | | PERIOD | | | | | -------------------------------------------------------------------------------- | % of sales | -23.8 | 4.7 | -8.9 | 8.4 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Attributable to: | | | | | -------------------------------------------------------------------------------- | Equity holder of parent | -27,471 | 6,732 | -39,831 | 48,650 | -------------------------------------------------------------------------------- | Non-controlling | -14 | 0 | -27 | 0 | | interest | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Profit attributable to | | | | | | equity holders' of | | | | | | parent | | | | | -------------------------------------------------------------------------------- | Earnings per share, | -0.90 | 0.22 | -1.30 | 1.59 | | undiluted, EUR | | | | | -------------------------------------------------------------------------------- | Earnings per share, | -0.88 | 0.22 | -1.28 | 1.59 | | diluted, EUR | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | COMPREHENSIVE INCOME | 10-12/09 | 10-12/08 | 1-12/09 | 1-12/08 | | STATEMENT | | | | | | 1 Jan 2009 - 31 Dec | | | | | | 2009 (EUR 1,000) | | | | | -------------------------------------------------------------------------------- | PROFIT/LOSS FOR THE | -27,485 | 6,732 | -39,858 | 48,650 | | PERIOD | | | | | -------------------------------------------------------------------------------- | Other comprehesive | | | | | | income | | | | | -------------------------------------------------------------------------------- | -Change in hedging | 126 | -4,407 | -923 | -5,437 | | fund, net of tax | | | | | -------------------------------------------------------------------------------- | -Change in exchange | 339 | -32,460 | 15,915 | -40,256 | | rate differences, net | | | | | | of tax | | | | | -------------------------------------------------------------------------------- | Total other | 465 | -36,867 | 14,992 | -45,693 | | comprehensive income | | | | | -------------------------------------------------------------------------------- | TOTAL COMPREHENSIVE | -27,020 | -30,135 | -24,866 | 2,957 | | INCOME | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Changes in | Shar | Share | Fair | Retain | Total | Non-c | Hybrid | Total | | consolidate | e | premi | val | ed | | ont- | capita | equity | | d statement | capi | um | ue | earnin | | rolli | l | | | of equity | tal | | rese | gs, | | ng | | | | (EUR | | | rve | transl | | inter | | | | 1,000) | | | | ation | | est | | | | | | | | differ | | | | | | | | | | ences | | | | | | | | | | and | | | | | | | | | | hedgin | | | | | | | | | | g fund | | | | | -------------------------------------------------------------------------------- | At 1 Jan | 24,8 | 186,9 | 117 | 121,81 | 333,6 | | | 333,68 | | 2008 | 35 | 10 | | 8 | 80 | | | 0 | -------------------------------------------------------------------------------- | Total | | | | 2,957 | 2,957 | | | 2,957 | | comprehensi | | | | | | | | | | ve | | | | | | | | | | income | | | | | | | | | -------------------------------------------------------------------------------- | Share-based | | | | 2,768 | 2,768 | | | 2,768 | | payments | | | | | | | | | -------------------------------------------------------------------------------- | Dividend | | | | -19,92 | -19,9 | | | -19,92 | | distributio | | | | 9 | 29 | | | 9 | | n | | | | | | | | | -------------------------------------------------------------------------------- | At 31 Dec | 24,8 | 186,9 | 117 | 107,61 | 319,4 | 0 | 0 | 319,47 | | 2008 | 35 | 10 | | 4 | 76 | | | 6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | At 1 Jan | 24,8 | 186,9 | 117 | 107,61 | 319,4 | | | 319,47 | | 2009 | 35 | 10 | | 4 | 76 | | | 6 | -------------------------------------------------------------------------------- | Total | | | | -24,86 | -24,8 | | | -24,86 | | comprehensi | | | | 6 | 66 | | | 6 | | ve | | | | | | | | | | income | | | | | | | | | -------------------------------------------------------------------------------- | Share-based | | | | 2,254 | 2,254 | | | 2,254 | | payments | | | | | | | | | -------------------------------------------------------------------------------- | Dividend | | | | -6,132 | -6,13 | | | -6,132 | | distributio | | | | | 2 | | | | | n | | | | | | | | | -------------------------------------------------------------------------------- | Non-control | | | | -2,480 | -2,48 | 503 | | -1,977 | | ling | | | | | 0 | | | | | interest | | | | | | | | | -------------------------------------------------------------------------------- | Hybrid | | | | | 0 | | 49,630 | 49,630 | | capital | | | | | | | | | -------------------------------------------------------------------------------- | At 31 Dec | 24,8 | 186,9 | 117 | 76,390 | 288,2 | 503 | 49,630 | 338,38 | | 2009 | 35 | 10 | | | 52 | | | 5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW STATEMENT (EUR 1,000) | 1-12/09 | 1-12/08 | -------------------------------------------------------------------------------- | CASH FLOW FROM OPERATING ACTIVITIES | 76,565 | 120,960 | -------------------------------------------------------------------------------- | CASH FLOW FROM INVESTING ACTIVITIES | -11,162 | -216,568 | -------------------------------------------------------------------------------- | CASH FLOW FROM FINANCING ACTIVITIES | | | -------------------------------------------------------------------------------- | Dividends paid | -6,132 | -19,929 | -------------------------------------------------------------------------------- | Increase (-) / decrease (+) in | 94 | -47 | | interest-bearing receivables | | | -------------------------------------------------------------------------------- | Increase (+) / decrease (-) in | -69,209 | 68,282 | | interest-bearing liabilities | | | -------------------------------------------------------------------------------- | Increase (+) / decrease (-) in lease | -25,806 | 39,154 | | liabilities | | | -------------------------------------------------------------------------------- | Hybrid capital | 49,500 | | -------------------------------------------------------------------------------- | Acquisition of own shares | -2,480 | | -------------------------------------------------------------------------------- | Related party investments | 503 | | -------------------------------------------------------------------------------- | CASH FLOW FROM FINANCING ACTIVITIES, TOTAL | -53,530 | 87,460 | -------------------------------------------------------------------------------- | NET CHANGE IN CASH AND CASH EQUIVALENTS | 11,873 | -8,149 | -------------------------------------------------------------------------------- | CASH AND CASH EQUIVALENTS AT PERIOD-START | 8,123 | 18,489 | -------------------------------------------------------------------------------- | Translation difference | -1,476 | -2,217 | -------------------------------------------------------------------------------- | CASH AND CASH EQUIVALENTS AT PERIOD-END | 18,520 | 8,123 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | COMMITMENTS AND CONTINGENT LIABILITIES (EUR | 31 Dec 09 | 31 Dec 08 | | 1,000) | | | -------------------------------------------------------------------------------- | On own behalf | | | -------------------------------------------------------------------------------- | Mortgages on companies | 83,317 | 83,317 | -------------------------------------------------------------------------------- | Pledges | 169,424 | 161,364 | -------------------------------------------------------------------------------- | Interest on hybrid capital | 4,044 | | -------------------------------------------------------------------------------- | Investment commitments | 93 | 800 | -------------------------------------------------------------------------------- | Commitments to office and depot rents | 83,401 | 86,750 | -------------------------------------------------------------------------------- | Operating lease liabilities | 40,226 | 68,898 | -------------------------------------------------------------------------------- | Other commitments | 355 | 425 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | DERIVATIVE FINANCIAL | 31 Dec 09 | 31 Dec 09 | 31 Dec 08 | 31 Dec 08 | | INSTRUMENTS (EUR 1,000) | | | | | -------------------------------------------------------------------------------- | | NV | FV | NV | FV | -------------------------------------------------------------------------------- | NV = nominal value | | | | | -------------------------------------------------------------------------------- | FV = fair value | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Interest rate swaps | 144,178 | -3,622 | 142,310 | -1,637 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Currency forwards | 129,588 | +263 | 134,880 | +5,293 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KEY FIGURES | 1-12/09 | 1-12/08 | Change-% | -------------------------------------------------------------------------------- | Value of outstanding orders for | 102,773 | 106,833 | -3.8 % | | modular space EUR 1,000 | | | | -------------------------------------------------------------------------------- | Value of orders for modular space | 101,285 | 102,606 | -1.3 % | | rental EUR 1,000 | | | | -------------------------------------------------------------------------------- | Value of orders for sale of modular | 1,488 | 4,228 | -64.8 % | | space, EUR 1,000 | | | | -------------------------------------------------------------------------------- | Gross capital expenditure, EUR 1,000 | 31,465 | 201,192 | -84.4 % | -------------------------------------------------------------------------------- | % of sales | 7.0 % | 34.7 % | | -------------------------------------------------------------------------------- | Average number of personnel (FTE) | 2,356 | 2,688 | -12.4 % | -------------------------------------------------------------------------------- | Number of personnel at end of period | 2,018 | 2,785 | -27.5 % | | (FTE) | | | | -------------------------------------------------------------------------------- | Earnings per share, undiluted, EUR 1) | -1.30 | 1.59 | *) | -------------------------------------------------------------------------------- | Earnings per share, diluted EUR 2) | -1.28 | 1.59 | *) | -------------------------------------------------------------------------------- | Shareholders' equity per share, EUR | 9.50 | 10.42 | -8.8 % | | 3) | | | | -------------------------------------------------------------------------------- | Equity ratio | 37.4 % | 32.3 % | | -------------------------------------------------------------------------------- | Net interest-bearing liabilities, EUR | 383,682 | 477,124 | -19.6 % | | 1,000 | | | | -------------------------------------------------------------------------------- | Gearing | 113.4 % | 149.3 % | | -------------------------------------------------------------------------------- | Issue-adjusted average number of | 30,522,534 | 30,660,189 | -0.4 % | | shares | | | | -------------------------------------------------------------------------------- | Issue-adjusted number of shares at | 30,343,901 | 30,660,189 | -1.0 % | | the period-end | | | | -------------------------------------------------------------------------------- | Number of shares adjusted by the | 31,121,644 | 30,660,189 | 1.5 % | | dilution effect of share options | | | | -------------------------------------------------------------------------------- *) Change over 100 per cent The shares acquired by Cramo Management Oy have been deducted from the registered number of shares. Adjusted by the dilution effect of shares with entitlement by warrants The number of shares adjusted by the share issue at the end of the period. INFORMATION PRESENTED BY BUSINESS SEGMENT The Group's segments are divided geographically and consist of Finland, Sweden, Norway, Denmark and Central and Eastern Europe. -------------------------------------------------------------------------------- | Sales by segment (EUR 1,000) | 10-12/09 | 10-12/08 | 1-12/09 | 1-12/08 | -------------------------------------------------------------------------------- | Finland | 22,381 | 31,494 | 92,067 | 126,286 | -------------------------------------------------------------------------------- | Sweden | 57,373 | 66,721 | 215,675 | 273,849 | -------------------------------------------------------------------------------- | Norway | 16,319 | 17,231 | 63,427 | 69,684 | -------------------------------------------------------------------------------- | Denmark | 9,275 | 10,252 | 36,303 | 44,387 | -------------------------------------------------------------------------------- | Central and Eastern Europe | 11,332 | 19,762 | 44,119 | 77,434 | -------------------------------------------------------------------------------- | Intra-segment sales | -1,278 | -2,144 | -4,915 | -11,838 | -------------------------------------------------------------------------------- | Group sales | 115,402 | 143,316 | 446,676 | 579,802 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit (EBITA) | 10-12/09 | 10-12/08 | 1-12/09 | 1-12/08 | | before amortisation and | | | | | | impairment on intangible | | | | | | assets resulting from | | | | | | acquisitions, by segment | | | | | | (EUR 1,000) | | | | | -------------------------------------------------------------------------------- | Finland | 3,652 | 6,801 | 10,704 | 26,346 | -------------------------------------------------------------------------------- | Sweden | 7,830 | 14,051 | 36,026 | 62,909 | -------------------------------------------------------------------------------- | Norway | 871 | 566 | 3,995 | 6,135 | -------------------------------------------------------------------------------- | Denmark | -4,389 | -3,400 | -8,860 | -2,888 | -------------------------------------------------------------------------------- | Central and Eastern Europe | -5,192 | 243 | -17,631 | 9,880 | -------------------------------------------------------------------------------- | Non-allocated capital gains | 1,031 | 4,057 | 1,031 | 10,082 | | and other income | | | | | -------------------------------------------------------------------------------- | Non-allocated Group | -2,433 | -2,420 | -8,013 | -9,530 | | activities | | | | | -------------------------------------------------------------------------------- | Eliminations | 17 | -54 | 34 | -781 | -------------------------------------------------------------------------------- | Group EBITA | 1,387 | 19,843 | 17,286 | 102,153 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | % EBITA, by segment | 10-12/09 | 10-12/08 | 1-12/09 | 1-12/08 | -------------------------------------------------------------------------------- | Finland | 16.3 | 21.6 | 11.6 | 20.9 | -------------------------------------------------------------------------------- | Sweden | 13.6 | 21.1 | 16.7 | 23.0 | -------------------------------------------------------------------------------- | Norway | 5.3 | 3.3 | 6.3 | 8.8 | -------------------------------------------------------------------------------- | Denmark | -47.3 | -33.2 | -24.4 | -6.5 | -------------------------------------------------------------------------------- | Central and Eastern Europe | -45.8 | 1.2 | -40.0 | 12.8 | -------------------------------------------------------------------------------- | Group EBITA-% | 1.2 | 13.8 | 3.9 | 17.6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | FINANCIAL PERFORMANCE | 10-12 | 7-9/09 | 4-6/09 | 1-3/09 | 1-12/0 | 1-12/0 | | BY QUARTER | /09 | | | | 9 | 8 | -------------------------------------------------------------------------------- | Sales | 115,4 | 115,08 | 109,31 | 106,86 | 446,67 | 579,80 | | | 02 | 9 | 9 | 6 | 6 | 2 | -------------------------------------------------------------------------------- | EBITA | 1,387 | 9,577 | 4,838 | 1,485 | 17,286 | 102,15 | | | | | | | | 3 | -------------------------------------------------------------------------------- | % of sales | 1.2 | 8.3 | 4.4 | 1.4 | 3.9 | 17.6 | -------------------------------------------------------------------------------- LARGEST SHAREHOLDERS -------------------------------------------------------------------------------- | TEN LARGEST SHAREHOLDERS 31 Dec 2009 | SHARES | % | -------------------------------------------------------------------------------- | 1 | Hartwall Capital Oy Ab | 4,794,687 | 15.64 | -------------------------------------------------------------------------------- | 2 | K. Hartwall Invest Oy | 2,432,000 | 7.93 | -------------------------------------------------------------------------------- | 3 | Rakennusmestarien Säätiö (Construction engineers' | 1,862,620 | 6.08 | | | fund) | | | -------------------------------------------------------------------------------- | 4 | Suomi Mutual Life Assurance Company | 1,510,176 | 4.93 | -------------------------------------------------------------------------------- | 5 | Mariatorp Oy | 912,818 | 2.98 | -------------------------------------------------------------------------------- | 6 | Odin Finland | 664,247 | 2.17 | -------------------------------------------------------------------------------- | 7 | Wipunen Varainhallinta Oy | 600,000 | 1.96 | -------------------------------------------------------------------------------- | 8 | Nordea Nordenfund | 396,446 | 1.29 | -------------------------------------------------------------------------------- | 9 | Ilmarinen Mutual Pension Insurance Company | 352,256 | 1.15 | -------------------------------------------------------------------------------- | 10 | Cramo Management Oy | 316,288 | 1.03 | -------------------------------------------------------------------------------- | | Ten largest owners, total | 13,841,53 | 45.14 | | | | 8 | | -------------------------------------------------------------------------------- | | Nominee registered | 3,172,619 | 10.35 | -------------------------------------------------------------------------------- | | Others | 13,646,03 | 44.51 | | | | 2 | | -------------------------------------------------------------------------------- | | Total | 30,660,18 | 100.00 | | | | 9 | | -------------------------------------------------------------------------------- RELATED PARTY TRANSACTIONS In the second quarter, Cramo Plc signed an agreement on a EUR 2,000,000 interest-bearing loan with Cramo Management Oy, owned by Cramo's Executive Committee members. By 30 September 2009, EUR 2,000,000 had been withdrawn from the loan. The aim of Cramo Management Oy is to motivate the members of the Executive Committee to stay with the company by motivating them to purchase and own Cramo Plc shares. BRIEFING Cramo will hold a briefing and a live webcast in the conference room of the Palace Gourmet restaurant, Eteläranta 10, Helsinki, on Wednesday 10 February 2010, at 11:00 a.m. 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 as of 10 February 2010 in the afternoon. PUBLICATION OF FINANCIAL INFORMATION 2010 The Annual Report containing the full financial statements for 2009 will be published in electronic format in week 10/2010. The 2010 Annual General Meeting will take place on Tuesday, 13 April 2010, in Helsinki. Cramo will publish three Interim Reports in 2010. The January-March Interim Report will be published on Friday, 7 May 2010. The January-June Interim Report will be published on Thursday, 29 July 2010. The January-September Interim Report will be published on Friday, 29 October 2010. The information in this Financial Statement Bulletin is based on unaudited figures. CRAMO PLC 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 DISCLAIMER This report includes certain forward-looking statements based on the management's expectations at the time they are made. These involve risks and uncertainties and are subject to change due to changes in general economic and industry conditions. In the current exceptional environment, the statements of this release are subject to higher than normal risks and uncertainties. DISTRIBUTION NASDAQ OMX Helsinki Ltd. Principal media www.cramo.com
© 2024 Nasdaq, Inc. All Rights Reserved |