2008-02-15 08:00:00 CET
2008-02-15 08:00:04 CET
REGULATED INFORMATION
Cramo Oyj - Financial Statement Release
CRAMO FINANCIAL STATEMENTS BULLETIN JANUARY-DECEMBER 2007 - STRONG AND PROFITABLE GROWTH
CRAMO FINANCIAL STATEMENTS BULLETIN JANUARY-DECEMBER 2007 STRONG AND PROFITABLE GROWTH - Consolidated sales EUR 496.4 (402.4) million, up 23.4% - EBITA EUR 96.0 (72.8) million, up 31.8 %; EBIT EUR 91.8 (68.6) million, up 33.9% - Undiluted earnings per share EUR 1.88 (1.39) and diluted earnings per share EUR 1.87 (1.36) - Strong growth during the year, both organically and through acquisitions - A clear year-on-year improvement in the Group's performance - Board proposes a dividend of EUR 0.65 (0.50) per share - The Group's internal, as well as market indicators support a sales growth above 18 % and EBITA above 18 % of sales in 2008, in line with the Group's financial targets. However, macroeconomic development may change this picture. -------------------------------------------------------------------------------- | KEY FIGURES AND RATIOS | 10-12/07 | 10-12/06 | 1-12/07 | 1-12/06 | | (EUR 1,000) | | | | | -------------------------------------------------------------------------------- | Sales, EUR 1,000 | 143,773 | 116,588 | 496,428 | 402,425 | -------------------------------------------------------------------------------- | Operating profit before | 26,144 | 22,913 | 95,963 | 72,834 | | amortisation on intangible | | | | | | assets resulting from | | | | | | acquisitions (EBITA) | | | | | -------------------------------------------------------------------------------- | Operating profit (EBIT) | 25,131 | 21,821 | 91,844 | 68,569 | -------------------------------------------------------------------------------- | Profit before tax (EBT) | 20,532 | 19,714 | 75,808 | 56,585 | -------------------------------------------------------------------------------- | Profit for the period | 14,679 | 15,091 | 57,485 | 41,944 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share (EPS) | 0.51 | 0.53 | 2.00 | 1.50 | | before amortisation on | | | | | | intangible assets resulting | | | | | | from acquisitions, diluted, | | | | | | EUR | | | | | -------------------------------------------------------------------------------- | Earnings per share (EPS), | 0.48 | 0.50 | 1.88 | 1.39 | | undiluted, EUR | | | | | -------------------------------------------------------------------------------- | Earnings per share (EPS), | 0.48 | 0.49 | 1.87 | 1.36 | | diluted, EUR | | | | | -------------------------------------------------------------------------------- | Equity per share, EUR | | | 10.88 | 9.66 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on equity, rolling | | | 18.4 | 15.5 | | 12-month ROE, % | | | | | -------------------------------------------------------------------------------- | Equity ratio, % | | | 37.3 | 38.2 | -------------------------------------------------------------------------------- | Gearing, % | | | 109.4 | 104.6 | -------------------------------------------------------------------------------- | Net interest-bearing | | | 364,985 | 305,643 | | liabilities, EUR 1,000 | | | | | -------------------------------------------------------------------------------- | Gross capital expenditure, | | | 175,494 | 111,864 | | EUR 1,000 | | | | | -------------------------------------------------------------------------------- | % of sales | | | 35.4 | 27.8 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Average personnel | | | 2,270 | 1,828 | -------------------------------------------------------------------------------- SUMMARY OF FINANCIAL PERFORMANCE IN 2007 The Cramo Group enjoyed a year of strong growth in 2007, while at the same time the Group laid foundations for its future growth. All Cramo's business activities were brought under one Cramo brand, and the Group's key processes and policies were strongly unified. Cramo's consolidated sales and operating profit before amortisation on intangible assets resulting from corporate acquisitions (EBITA) continued to develop favourably during the final quarter. Continuing high demand, the expansion of the depot network and outsourcing agreement with Skanska in Denmark boosted sales. The Group's strong pursuit of growth resulted in additional costs particularly in Denmark, Norway and Other Europe, which affected profitability to a certain extent in the final quarter. Consolidated sales in 2007 totalled EUR 496.4 million. Compared to the previous year (EUR 402.4 million), consolidated sales increased by 23.4 per cent. Sales growth from continuing operations, i e, sales excluding the Dutch business operations that were divested on 1 April 2007, amounted to 26.6 per cent. Organic growth, including outsourcing agreements, was 24.1 per cent. Sales were boosted by continuing favourable market conditions, a higher rental equipment penetration rate, positive price developments, strong expansion through the opening of new depots and through acquisitions, and successful equipment investments. Cramo estimates that it has enhanced its position in most of its markets in 2007. EBITA in 2007 amounted to EUR 96.0 (72.8) million, accounting for 19.3 (18.1) per cent of consolidated sales. EBITA increased by 31.8 per cent year on year. Undiluted earnings per share came to EUR 1.88 (1.39) per share in 2007, up by 35.3 per cent on the previous year, and diluted earnings per share to EUR 1.87 (1.36), up by 37.5 per cent. Performance was enhanced by continuing favourable demand and higher rental equipment penetration rates across all of Cramo's market areas, and the synergy benefits from the combination of Rakentajain Konevuokraamo and Cramo. During the year, the Group's financial targets were raised and the dividend policy was revised. Key events in terms of expansion included the opening of new depots in Norway, Denmark and in Central and East Europe, the launch of a joint venture in Russia, acquisitions in Finland, Sweden, Norway and Lithuania, and outsourcing agreements in Finland and Denmark. A decision was made to expand the modular space business to the Baltic countries. Significant future growth markets for the Group include Russia, Poland and new Central and Eastern European markets. OUTLOOK FOR 2008 In spite of the instability of the financial markets and US economic development, brisk demand for rental services is expected to continue in Cramo's main markets. Growth in construction activity coupled with major infrastructure projects in the industry and the public sector will continue to fuel growth in the equipment rental business. Nordic construction is expected to continue its growth, but at a slightly lower rate than in previous years. Although overall growth in construction is hampered by the decline in residential construction, industrial and commercial construction as well as civil engineering projects will continue to grow. Central and Eastern Europe are expected to see sustained strong growth in construction, although this growth is decelerating in the Baltic countries. Equipment rental services will expand at a faster rate compared to general growth in construction, due to factors such as increasing penetration rates for these services, increased equipment outsourcing, and growth in the demand for rental-related services. Continued growth is also anticipated in the demand for modular space. This demand is supported by relocations, demographic changes, and the industry's needs for increasingly flexible building solutions. Growing demand in all of the Group's main markets will require continued capital expenditure growth in 2008. In line with its strategy, the Group intends to further enhance its position in all of its market areas. The Group will continue to map out its growth potential in the Nordic countries and Central and Eastern Europe, with the objective of being one of the top two service providers in each market. The supply of modular space in Central and Eastern Europe is seen as a new growth opportunity. Besides global economic development, the most significant uncertainties faced by Cramo's business are associated with general cyclical and economic development in each country, changes in interest and foreign-exchange rates as well as the success of the Group's acquisitions. So far, the growing uncertainty in the financial markets and the US economy have had little impact on Cramo's business. The Group's internal, as well as market indicators support a sales growth above 18 % and EBITA above 18 % of sales in 2008, in line with the Group's financial targets. However, macroeconomic development may change this picture. SALES AND PROFIT Cramo Plc is a service company specialising in equipment rental services, as well as the rental and sale of modular space. Its equipment rental services comprise construction machinery and equipment rentals and rental-related services. These rental-related services include construction-site and installation services. As one of the industry's leading service providers in the Nordic countries and Central and Eastern Europe, Cramo Plc operates in Finland, Sweden, Norway, Denmark, Estonia, Latvia, Lithuania, Poland, the Czech Republic and Russia. Cramo's consolidated sales and EBITA developed favourably throughout the year 2007. Consolidated sales in the final quarter amounted to EUR 143.8 million. Compared to the corresponding period last year (EUR 116.6 million), consolidated sales increased by 23.3 per cent. Continuing high demand, the expansion of the depot network and the Skanska outsourcing agreement in Denmark had a positive impact on sales in the final quarter. Central and Eastern Europe continued to account for the strongest sales growth. The equipment rental business reported sales of EUR 122.3 million (97.7) in the final quarter, while the modular space business recorded sales of EUR 22.4 million (19.2). EBITA in the final quarter amounted to EUR 26.1 (22.9) million, accounting for 18.2 (19.7) per cent of sales. The Group's pursuit of strong growth resulted in additional costs particularly in Denmark and Norway, which affected to a certain extent the profitability in the final quarter. For the equipment rental business, EBITA came to EUR 23.4 million (21.8) and for modular space business EUR 5.3 (4.7) million. Consolidated sales in 2007 totalled EUR 496.4 (402.4) million. Sales increased by 23.4 per cent year on year. Sales growth of continuing operations, i.e., sales excluding the Dutch business operations that were divested on 1 April 2007, amounted to 26.6 per cent. Sales for the equipment rental business amounted to EUR 425.9 (339.7) million in 2007 and for the modular space business EUR 76.7 (65.5) million. Sales were boosted by continuing favourable market conditions, a higher rental equipment penetration rate, positive price development, strong expansion through the opening of new depots and through acquisitions, and successful equipment investments. EBITA in 2007 amounted to EUR 96.0 (72.8) million, accounting for 19.3 (18.1) per cent of consolidated sales. EBITA increased by 31.8 per cent year on year. Healthy demand, the growth in rental equipment utilisation rates, and the synergy benefits derived from the combination of Rakentajain Konevuokraamo and Cramo boosted profitability. The most significant synergy benefits came, as targeted, from the rationalisation of overlapping operations, larger order volumes in purchasing, the optimised production of modular space, and more effective fleet management. In addition, all Cramo's business activities were brought under one Cramo brand, and the Group's key processes and policies were strongly unified using best practices. EBITA for the equipment rental business amounted to EUR 90.0 (66.7) million, or 21.1 (19.6) per cent of sales, up by 35.0 per cent year on year. For the modular space business, EBITA totalled EUR 19.4 (14.9) million, or 25.2 (22.8) per cent of sales, up by 29.5 per cent year on year. Consolidated operating profit (EBIT) for 2007 was EUR 91.8 (68.6) million, representing 18.5 (17.0) of sales. Profit before tax in 2007 was EUR 75.8 (56.6) million while profit for the year was EUR 57.5 (41.9) million. Undiluted earnings per share were EUR 1.88 (1.39) and diluted earnings per share EUR 1.87 (1.36). Profit for 2007 includes a EUR 4.0 million non-recurring capital gain from the divestment of the Dutch business recognised in other operating income, and expenses worth EUR 4.2 million and amortisations worth EUR 0.2 million associated with the Cramo brand change. Option-related expenses totalled EUR 1.9 million in 2007. Return on investment (rolling 12-month ROI) stood at 13.7 (11.7) per cent and return on equity (rolling 12-month ROE) at 18.4 (15.5) per cent. CAPITAL EXPENDITURE AND DEPRECIATION/AMORTISATION Gross capital expenditure of EUR 175.5 (111.9) million was mainly allocated to the purchase of rental equipment. Company acquisitions carried out during the reporting period are not included in gross capital expenditure. Reported depreciation on property, plant and equipment, and software totalled EUR 62.4 (51.1) million. Amortisation on intangible assets resulting from acquisitions totalled EUR 4.1 million. At the end of the period, goodwill totalled EUR 152.4 million. FINANCIAL POSITION AND BALANCE SHEET The Group showed a positive net cash flow of EUR 138.7 (103.9) million from operating activities. Net cash flow used in investing activities was EUR -175.2 (-96.3) million, while that used in financing activities amounted to EUR 13.7 (10.8) million. At the end of the period, cash and cash equivalents amounted to EUR 18.5 (41.8) million, with the net change coming to EUR -22.8 (18.4) million. On 31 December 2007, Cramo Group's gross interest-bearing liabilities totalled EUR 383.5 (347.5) million. The Group has used interest-rate swaps of around EUR 138.4 million to hedge its non-current loans, and applies hedge accounting to that amount. On 28 September 2007, Cramo signed an agreement for additional long-term financing of EUR 50 million in order to finance its growth strategy. On 31 December 2007, Cramo Group's net interest-bearing liabilities totalled EUR 365.0 (305.6) million with gearing at 109.4 (104.6) per cent. Consolidated balance sheet total on 31 December 2007 stood at EUR 895.0 (770.9) million and the equity ratio was 37.3 (38.2) per cent. Property, plant and equipment amounted to EUR 487.0 million, with equipment rental representing EUR 367.7 million, or 75.5 per cent, and modular space representing EUR 119.3 million, or 24.5 per cent. Off-balance sheet operating lease liabilities totalled EUR 54.2 (30.3) million on 31 December 2007. Net working capital on 31 December 2007 amounted to EUR 28.0 million, with equipment rental representing EUR 24.6 million, or 87.8 per cent, and modular space representing EUR 3.4 million, or 12.2 per cent. Inventories amounted to EUR 16.9 million, with modular space representing EUR 10.8 million, or 64.0 per cent. GROUP STRUCTURE At the end of the reporting period, Cramo Group consisted of the parent company Cramo Plc and its operating subsidiaries in Finland, Sweden, Norway, Denmark, Estonia, Latvia, Lithuania and Poland, as well as Cramo Instant Oy's subsidiaries in Finland and Suomen Tähtivuokraus Oy's subsidiaries in Poland, the Czech Republic and Russia. In addition, Cramo Plc has a 75-per cent holding in Cramo JV Oy, whose subsidiary in Russia is ZAO Cramo Rentakran. Cramo Instant Oy operated under the name Tilamarkkinat Oy until 31 March 2007. The Group's legal structure was simplified by taking measures such as reducing the number of subsidiaries. On 1 April 2007, the parent company Cramo Plc's equipment rental operations within Finland were transferred to Cramo Finland Oy, a subsidiary wholly owned by the parent company. On the same date, the majority of the Group's operating subsidiaries outside Finland were transferred under Cramo Plc's direct ownership. Non-operating subsidiaries were closed down in Sweden, and operating subsidiaries were combined. The Dutch operations were discontinued on 1 April 2007 by selling Cramo Plc's Dutch subsidiary Cramo Nederland B.V. to the Dutch Jaston Groep B.V. Equipment rental services are provided through a network of 268 depots. Cramo Instant Oy in Finland and Cramo Instant Ab in Sweden, Norway and Denmark are engaged in the modular space business. BUSINESS DEVELOPMENT AND ACQUISITIONS AND DIVESTMENTS Cramo's key objective for 2007 was to fuel its international growth and to improve profitability. During the year, measures were taken to pursue the development work started on 1 January 2006 to exploit the synergies derived from the combination of Rakentajain Konevuokraamo and Cramo's operations. Measures were taken to improve the consistency and efficiency of the Group's internal processes and policies, and to develop the Group's shared IT systems. To benefit from the synergies between the business segments, a decision was made in September to combine the operations and service ranges of equipment rental and modular space businesses, giving the directors of geographic segments responsibility for both equipment rental and modular space in their respective market areas. The objective is to increase the sales of the modular space business, particularly in Norway, Denmark, the Baltic countries and Poland. Measures associated with the change in the Cramo brand were completed as planned during the autumn. All of Cramo's subsidiaries and depots in different countries now operate under the same Cramo brand. The objective is to develop the total service provider concept further in the rental business, and to make use of the synergy benefits derived from equipment rental and modular space businesses. On 9 November 2007, Cramo announced that it was exploring its opportunities to sell its real estate facilities in Finland. After the potential sale, Cramo would continue as a tenant in most of the properties placed for sale. The possible sale is expected to take place in the first half of 2008. In August, Cramo Plc's Board revised the Group's financial targets. The sales growth target was increased from “more than 10 per cent” annually to “more than 18 per cent”. The EBITA target was increased from “more than 15 per cent” to “more than 18 per cent” of sales. The return on equity (ROE) target was set to “more than 22 per cent”, up from the equivalent of more than 18 per cent as derived from the previous return on investment (ROI) target of “more than 13 per cent”. The Board confirmed that Cramo's strategic objectives are to rank among the two largest industry players in each of its market areas, to develop into the preferred supplier from the customer's perspective and to be one of the most profitable companies in the industry. Growth is targeted through both organic growth and acquisitions. Acquisitions and divestments In the final quarter, Cramo expanded its business operations in Sweden and Denmark through acquisitions. On 14 November 2007, Cramo's wholly-owned Swedish subsidiary Cramo Sverige AB acquired the entire share capital of two companies specialising in access equipment rental, Kumla Lift AB and Hyrcenter i Skövde AB. The estimated aggregate sales of these two companies amounted to about EUR 3.2 million in 2007, and the companies have 11 employees. The acquisition took effect on 1 December 2007. On 30 October 2007, Cramo and Skanska Denmark agreed on outsourcing Skanska's rental machinery and equipment to Cramo in Denmark. The deal includes Skanska's personnel, the existing machine fleet and the related external rental contracts. This acquisition took effect on 1 November 2007. Cramo estimates that the acquisition will increase its sales by at least EUR 13.5 million a year. The integration of operations has convened as planned. The transaction includes a cooperation agreement, the objective of which is to increase Cramo's rental service provision to Skanska also in other Nordic countries. In September, Cramo's Finnish subsidiary Cramo Finland Oy concluded an agreement on outsourcing Rakennusosakeyhtiö Hartela's building site huts to Cramo. The five-year agreement, covering approximately 200 site huts, is one of the first outsourcing agreements in the industry in Finland. In August, Cramo Plc and the leading heavy lifting rental service company in Russia, ZAO Rentakran, agreed to establish a joint venture in Russia. While Cramo Plc owns 75 per cent and ZAO Rentakran 25 per cent of the new company, Cramo has an option to buy the minority share in the spring of 2011. The company began operating in Moscow in November, and its expansion to other major Russian cities such as Yekaterinburg and Kransnodar is scheduled to take place in 2008. In June, Cramo Finland Oy acquired the rental and sales business of Oskarin Vuokrakone Oy operating in the Jyväskylä region. The company's sales in the 12-month accounting period that ended on 28 February 2007 amounted to approximately EUR 0.8 million. The business was consolidated with the Group on 1 July 2007. On 1 June 2007, Cramo Plc's Estonian subsidiary Cramo Estonia AS acquired the operations of Madara service office located in Tallinn, from the company Bygg & Maskin. The service office's net sales in 2006 amounted to approximately EUR 0.1 million. The business was consolidated with the Cramo Group on 1 May 2007. In May, Cramo Finland Oy acquired the equipment rental business of JM-Alltrans Oy. JM-Alltrans is based in Kirkkonummi, Finland, and specialises in the rental of small earth construction equipment. Its sales in 2006 amounted to approximately EUR 1.1 million. The business was consolidated with the Cramo Group on 1 May 2007. In March, Cramo Sverige AB, the Swedish wholly-owned subsidiary of Cramo Plc, signed an agreement to acquire the entire share capital of Göby AB, a rental service company based in Sundsvall in the north of Sweden. Göby specialises in the rental of site huts, work platforms and electricity equipment. The company's sales in 2006 amounted to approximately EUR 3.5 million. Göby's two depots in Sundsvall were integrated with Cramo as of 1 May 2007. On 1 March 2007, Cramo Plc acquired the rental and sales business of Jyväskylän Konevuokraamo Oy. Jyväskylän Konevuokraamo has one depot, and the acquired business was consolidated into the Cramo Group on 1 March 2007. In Norway, Cramo expanded its operations with two business acquisitions in early 2007. Cramo's Norwegian subsidiary Cramo AS acquired the entire share capital of Hamar Liftutleie AS on 2 January 2007, and of Kongsberg Maskinutleie AS on 4 January 2007. The aggregate sales of these companies in 2006 amounted to approximately EUR 2.65 million. Both companies were consolidated into the Cramo Group as of 1 January 2007. Similarly, Lithuania's leading lifting equipment rental company UAB Aukstumines Sistemos (AS), acquired by Cramo's Lithuanian subsidiary UAB Cramo in December 2006, was consolidated into the Cramo Group on 1 January 2007. In March, Cramo divested its Dutch operations. With an agreement dated on 21 March 2007, Jaston Groep B.V. acquired the Group's Dutch subsidiary Cramo Nederland B.V. The acquisition took effect on 11 April 2007. Cramo Nederland is a general equipment rental company active in the Dutch rental market with sales amounting to approximately EUR 12.6 million in 2006, and a staff of 90. This divestment of the Dutch operations is in line with the Group's strategy of focusing on its core Nordic markets, and its emerging Central and Eastern European equipment rental services markets. HUMAN RESOURCES During the reporting period, Group staff averaged 2,270 (1,828). The equipment rental business had an average of 2,031 (1,634) employees and the modular space business 239 (194) employees. The divestment of the Dutch operations involved the loss of 90 employees. The geographical distribution of personnel is as follows: Finland 34.5%, Sweden 28.8%, Western Europe 13.5%, and Other Europe 23.2%. The Group's strong growth requires the continuous development of staff skills. In 2007, human resources development focused on local needs in the market areas. Priority areas included sales and customer service skills and supervisory skills improvement, as well as mastering the technical skills related to rental equipment. More attention will be paid to targeting human resources development programmes more clearly to the entire Group personnel. In 2007, the management and personnel compensation systems were harmonised, and the bonus system was extended to cover almost the entire personnel. GROUP MANAGEMENT At the year-end, the Group's Executive Committee comprised Vesa Koivula, President and CEO, Göran Carlson, Deputy CEO, and Martti Ala-Härkönen, CFO. The Group Management Team further consisted of Senior Vice Presidents Tatu Hauhio (Finland), Magnus Rosén (Scandinavia), Jarmo Laasanen (Other Europe) and Ossi Alastalo (Modular Space), as well as Anders Collman, VP Marketing and Communications, Mats Stenholm, VP Fleet Management, and Eva Harstöm, CIO. The Group's deputy CEO Göran Carlson was appointed responsible Director for business development and strategic planning as of 1 January 2008. Göran Carlson will continue as deputy CEO and report to CEO Vesa Koivula. Senior Vice President, Scandinavia, who previously reported to Göran Carlson, will now report directly to CEO Vesa Koivula. PERFORMANCE BY BUSINESS SEGMENT Cramo Plc's business consists of the following two business segments: equipment rental and modular space. The equipment rental business segment is also reported by geographic segment as follows: Finland, Sweden, Western Europe (Norway, Denmark and until 1 March 2007 the Netherlands) and Other Europe (Estonia, Latvia, Lithuania, Poland, the Czech Republic and Russia). Equipment rental The equipment rental business reported sales of EUR 425.9 (339.7) million in 2007, showing an increase of 25.4 per cent. Sales by geographic segment were as follows: Finland 17.8 (17.7), Sweden 50.4 (51.5), Western Europe 18.2 (19.5) and Other Europe 13.6 (11.3) per cent. EBITA for equipment rental business amounted to EUR 90.0 (66.7) million, up by 35.0 per cent. The business segment's major customers operate in the construction sector and manufacturing industry. In addition, the segment provides services to the public sector and private customers. The construction industry is the largest group of customers, representing almost 60 per cent of sales on average in the Nordic countries. In Central and Eastern Europe, the construction industry accounted for approximately 90 per cent of sales. According to the ERA (European Rental Association), the volume of the equipment rental market in 2006 amounted to approximately EUR 350 million in Finland, EUR 600 million in Sweden, EUR 600 million in Norway, EUR 450 million in Denmark, EUR 110 million in Poland, EUR 50 million in the Czech Republic, EUR 45 million in Estonia, EUR 40 million in Latvia and EUR 30 million in Lithuania. Finland The equipment rental business in Finland reported sales of EUR 75.8 (60.2) million in the review period, showing an increase of 25.8 per cent. EBITA totalled EUR 14.5 million, or 19.1 (17.2) per cent of sales, up by 39.8 per cent year on year. Healthy demand, Cramo's acquisitions and the successful reorganisation of its operations contributed to increased sales and profitability. Sales in the final quarter totalled EUR 20.9 (15.8) million, showing an increase of 32.5 per cent. EBITA in the final quarter amounted to EUR 4.2 (1.9) million, accounting for 19.9 (12.3) per cent of sales. Sales and profitability grew in the final quarter in line with the targets. Cramo is one of the leading two players in the Finnish equipment rental markets. There is also a large number of small and specialised competitors in Finland. Cramo estimates that its market share grew, especially in the second half of the year. In the final quarter, an asset transfer agreement was signed with Sisu Diesel Oy on the procurement of diesel generators. During the period, a network of logistics centres was under construction to improve heavy equipment transport and maintenance, and the first logistics centre outside the Helsinki region was opened in Oulu. The objective is to build a nation-wide network during 2008. A strong emphasis was also placed on improving the personnel's sales and customer service skills. Based on forecasts published by the Federation of Finnish Construction Industries (RT) in October, Finnish construction will grow by five per cent in 2007, which is much higher than the 2.5 growth forecast published in the first half of the year. Civil engineering projects grew more strongly in 2007 than was anticipated. RT estimates that total construction growth in 2008 will be about three per cent and predicts that housing construction will grow by about six per cent in 2007 and by three per cent in 2008. Commercial construction is expected to remain very active, as is civil engineering. Renovation is expected to show steady continued growth. Sweden In Sweden, the equipment rental business recorded sales of EUR 214.5 (174.7) million in the review period, showing an increase of 22.8 per cent. EBITA totalled EUR 48.0 million (35.9), or 22.4 (20.5) per cent of sales, up by 33.7 per cent year on year. Sales in the final quarter grew by 16.5 percent to EUR 60.2 (51.6) million, and EBITA totalled EUR 12.6 (12.0) million, or 21.0 (23.2) per cent of sales. Sales in the Swedish rental business continued to develop favourably during the period. Demand has been strong in Sweden, and the good full-year result was also affected by successful investments in the development of the equipment fleet, the depot network and service concepts. Price development during the year was also favourable, and the rental fleet utilisation rate continued to be high at the year-end. In the final quarter, costs associated with the development of the maintenance and logistics network, subrental costs and as well as the annual maintenance of heavy equipment somewhat strained the financial performance. During 2007, Cramo also focused on sharpening its future competitive edge in Sweden. A new logistics centre was opened to optimise heavy equipment transport and maintenance, and light machinery maintenance was centralised in one national maintenance centre. Cramo is the leading equipment rental company in the Swedish market. Competitors include one national player, a few regional players, and a large number of local, partly specialised rental firms. Cramo estimates that it has increased its market share, particularly in Northern Sweden as well as in Stockholm and Gothenburg. In December, the Swedish Construction Federation (Sveriges Byggindustrier) estimated the construction growth rate in 2007 at approximately seven per cent. According to the same forecast, this growth will stabilise at four per cent in 2008. The Swedish Construction Federation estimates that residential construction and civil engineering projects accounted for the strongest growth in the review period. The focus of growth is expected to shift from residential construction to other construction in 2008. The availability of labour and equipment may continue to hold back growth. Western Europe Cramo's equipment rental business in Western Europe covers its Norwegian and Danish operations. Unless stated otherwise, the comparison figures for last year and the first quarter of 2007 include the Dutch business that Cramo divested on 1 April 2007. The capital gain of EUR 4.0 million from the Dutch business is recognised in other operating income and included in the EBITA for Western Europe. In Western Europe, the equipment rental business reported sales of EUR 77.5 (66.3) million in the review period, showing an increase of 16.8 per cent. EBITA totalled EUR 10.5 (8.4) million, or 13.6 (12.7) per cent of sales, up by 24.5 per cent year on year. Sales in Western Europe excluding the Netherlands were up by 38.7 per cent and totalled EUR 74.5 (53.7) million. EBITA excluding the Netherlands and the capital gain from the sale of the Dutch rental operations came to EUR 6.2 (7.6) million. Final quarter sales in Western Europe excluding the Netherlands were up by 53.6 per cent and totalled EUR 23.1 (15.1) million. Sales growth reflects the outsourcing of Skanska's rental business in Denmark as of 1 November 2007. EBITA excluding the Netherlands totalled EUR 1.7 (2.8) million, or 7.4 (18.9) per cent of sales. The performance in the final quarter was affected by costs from the fast opening of new depots in Denmark and Norway, while also the takeover of Skanska's rental business burdened the result. Full-year sales were boosted by brisk demand and increased use of rental services as well as the strong expansion of the depot network and the acquisitions made in Norway early in the year. The opening of several new depots had a negative impact on profitability in Norway and Denmark in 2007. At the year-end, Cramo had 26 (19) depots in Norway and 17 (10) in Denmark. Business expansion progressed in line with targets in both countries. Norwegian equipment rental markets are dominated by one clear market leader, a few mid-sized companies and several small local rental firms. Cramo estimates that in terms of its market position, it is the third largest service provider in Norway. The Danish equipment rental market saw significant consolidation during 2007. In this new competitive environment, Cramo's strong organic growth and the Skanska outsourcing agreement helped it strengthen its competitive position. According to company estimates, Cramo is the fourth largest service provider in Denmark. Cramo intends to continue its expansion in Norway and Denmark in 2008, but the target is also to improve profitability. Development work will focus on Cramo's total service provider concept and on tapping into the synergies generated between the equipment rental and modular space businesses. In November, Euroconstruct estimated that construction would grow by 5.9 per cent in Norway in 2007 but by only 0.6 per cent in 2008. Extensive infrastructure projects involving Cramo, especially projects in the energy sector, will continue. According to Euroconstruct's estimate, construction declined in Denmark by 1.2 per cent in 2007 but will recover to a 0.5 per cent growth track in 2008. Construction in Denmark is expected to recover, with the exception of residential construction in the Copenhagen region. Other Europe Cramo Group's equipment rental business' sales in Other Europe come from Estonia, Latvia, Lithuania, Poland, the Czech Republic and Russia. The equipment rental business in Central and Eastern Europe reported sales of EUR 58.2 (38.4) million in the review period, up by 51.4 per cent. EBITA totalled EUR 17.1 (12.0) million, or 29.3 (31.2) per cent of sales. EBITA increased 42.5 per cent. Sales in the final quarter totalled EUR 18.1 (11.7) million, representing an increase of 55.3 per cent. EBITA amounted to EUR 4.9 (4.6) million, or 27.2 (39.3) per cent of sales. Equipment rental operations in Central and Eastern Europe developed favourably in 2007. Demand for rental services was fuelled by booming construction and a rising rental penetration rate as international construction companies expanded their activities in Central and Eastern Europe. The strong growth of civil engineering projects in Poland, Russia and Latvia boosted demand for heavy equipment in particular. Demand for site huts picked up considerably in all markets. Profitability in the final quarter was somewhat affected by the expansion of the business, and was lower than the exceptional level a year ago. Cramo's equipment utilisation rate remained high throughout the year, and the company increased its investments. During the period, Cramo diversified its service range and also focused on improving its delivery reliability, since service quality has become an increasingly important competitive factor in Central and Eastern Europe. Sales and customer service training as well as supervisor coaching programmes launched during the year will continue, and the full-service concept will be further developed. Cramo estimates that it has increased its market share in all Central and Eastern European markets during the year. The size of the depot network grew from 38 to 55. In Estonia, Cramo continues to be the market leader. In Lithuania Cramo attained market leadership, and in Latvia it is the third largest rental service provider. In Poland and in the St. Petersburg region in Russia, Cramo is among the top three providers. In Russia, Cramo strengthened its presence in St. Petersburg through a renewed organisation, larger service range, and focus on customer relationships. The first depot in Moscow was opened in November, and the opening of new depots in Yekaterinburg and Krasnodar is scheduled for 2008. The joint venture established at the end of 2007, ZAO Cramo Rentakran, will offer Cramo good opportunities for future expansion across Russia. Cramo's target is to achieve an annual sales growth of more than 50 per cent in Central and Eastern Europe in the next few years. Euroconstruct's November estimate of the construction market growth in Russia in 2007 was 10.4 per cent, with 9.5-per cent growth expected in 2008. Sectors showing growth in Russia include road construction and civil engineering as well as residential and commercial construction. According to the estimate of the VTT Technical Research Centre of Finland, construction in the Baltic countries grew by approximately 13-19 per cent in 2007, but growth is expected to slow down to 2-8 per cent in 2008, primarily due to slower residential construction. According to an estimate prepared by VTT for Euroconstruction, the Polish market grew by 13.1 per cent in 2007 and the growth estimate for 2008 is 15.2 per cent. The growth rate in Poland is driven by major infrastructure projects. According to the same estimate, growth in the Czech construction markets was six per cent in 2007 and was expected to be 3.7 per cent in 2008. MODULAR SPACE The modular space business reported sales of EUR 76.7 (65.5) million in the review period. Sales were up by 17.1 per cent. EBITA totalled EUR 19.4 (14.9) million, or 25.2 (22.8) per cent of sales, showing an increase of 29.5 per cent. Sales of the modular space business increased by 16.9 per cent in the final quarter to EUR 22.4 (19.2) million. EBITA amounted to EUR 5.3 (4.7) million, representing 23.7 (24.8) per cent of sales. A large number of sales contracts were signed in the final quarter, which had a positive impact on sales. Strong demand for Cramo's modular space solutions continued. Modular space utilisation rates remained high, as did the order book value for rental year on year, while the order book value for sales was lower than a year earlier. As defined in its strategy, Cramo will focus more sharply on long-term rental services for modular space in the future, and believes that rental periods will become longer. A positive sales development and good financial performance in 2007 could be attributed to healthy demand as well as increased production capacity, better sales margins and the upward trend in prices, as well as effective fleet management. The vast majority of sales in the modular space business are generated in the Finnish and Swedish markets. There are also operations in Norway and Denmark. While the Finnish operations involve the rental, sale and manufacture of modular space, the Swedish, Norwegian and Danish operations cover only their rental. Rental operations account for more than 70 per cent of sales. With a market share of some 80 per cent, Cramo has been the unrivalled Finnish market leader for a long time. However, competition will intensify, since a major international competitor has began operating in Finland and in Central and Eastern Europe. In Sweden, there are four major providers of modular space solutions, with Cramo holding a market share of about 30 per cent. There are a few large providers of modular space in Norway, and several relatively small providers in Denmark. Cramo estimates that it has been able to increase its market share in Norway to about 30 per cent. Meanwhile, in Denmark, Cramo's market share is currently fairly small. The operations and service ranges of equipment rental and modular space businesses were combined in the autumn, giving the directors of geographic segments responsibility for both modular space as well as equipment rental in their respective market areas. The objective was to increase the synergy benefits between modular space and equipment rental, and to increase sales for the modular space business, particularly in Norway, Denmark, the Baltic countries and Poland. The objective in 2008 is to maintain a high utilisation rate in Finland and Sweden, and to increase market shares in Norway and Denmark. Cramo will launch a modular space business in the Baltic countries. Modular space refers to highly prefabricated and pre-equipped building modules that can be moved as space requirements change. The most important applications include schools, day-care centres and offices, as well as expansion investments in industry. In particular, the public sector showed an increasing need for new premises as the result of heavy relocation. The public sector and industry both represent approximately 45 per cent of the sales of the modular space business, and the construction industry about 10 per cent. SALES BY GEOGRAPHIC SEGMENT Cramo Group's secondary segment reporting format is based on geographic segments. Finland generated EUR 113.4 (91.7) million or 22.4 (22.5) per cent of total consolidated sales, Sweden EUR 248.5 (206.1) million or 49.2 (50.7) per cent, Western Europe EUR 85.2 (70.8) million or 16.9 (17.4) per cent and Other Europe EUR 58.3 (38.5) million or 11.5 (9.4) per cent. These figures include both the equipment rental business and the modular space business. RISK MANAGEMENT The Cramo Group adopted a new risk management policy in 2007. The objective of risk management is to ensure that the Group identifies its business-related risks, and assesses and monitors them on an ongoing basis. Risk management refers to continuous and systematic activities aimed at preventing personal injuries, safeguarding the assets of the Cramo Group, and ensuring a steady and profitable business growth. As part of its risk management policy, Cramo adopted internal and external indicators for assessing future market developments. The Group monitors these indicators on a monthly basis by country. The Group Management Team also defined and prioritised the Group's main risks. To manage these main risks, action plans and risk indicators were developed, and a contingency plan was devised for a potential economic downturn. The Group also adopted renewed corporate governance guidelines and a new treasury policy in 2007. ENVIRONMENT Environmental responsibility is an increasingly important part of Cramo's business model. Cramo's environmental responsibility includes ensuring that its rental equipment and modular space solutions are of high quality and carefully serviced and overhauled. The environmental load caused by equipment manufacture and use is a key criterion in purchasing. Long equipment service life is ensured through careful maintenance. Cramo's processes in Sweden, Denmark and Norway are based on the ISO 14001 environmental certificate and the ISO 9001 quality management system certificate. In Finland, the Group's quality management system is based on the ISO 9001:2000 quality management certificate granted by Det Norske Veritas. The Group aims to minimise environmental harm by recycling equipment and modular space solutions from one user to another. It also seeks to reduce environmental load by handing its equipment to customers fully tested and without unnecessary packaging. Regional profit centres are responsible for the appropriate storage and reprocessing of chemicals and hazardous waste. All material from equipment going out of use is recycled as effectively as possible. The Group also seeks to reduce the environmental load of construction by maintaining high utilisation rates for its equipment. SHARES, SHARE CAPITAL AND SUBSCRIPTIONS WITH STOCK OPTIONS On 31 December 2007, Cramo Plc had a share capital of EUR 24,834,753.09 and the total number of shares was 30,660,189. No changes occurred in the share capital or total number of shares during the period. Share capital and the number of shares were increased during the year as follows: A total of 362,596 Cramo shares were subscribed with 2002A/B stock options rights between January and March. The resulting increases of the share capital, a total of EUR 293,702.76, were entered into the Trade Register on 8 March, 12 April and 8 May 2007. Trading in the shares on the OMX Nordic Exchange in Helsinki began on 9 March, 13 April and 9 May 2007. Subscriptions for 74,551 shares under Cramo's 2002A/B option scheme were approved in April-June. A share capital increase amounting to EUR 54,067.50, due to share subscriptions, was registered in the Trade Register on 12 April 2007. This increased the share capital to EUR 24,828,515.28 and the number of shares to 30,652,488. The new shares have been traded on the OMX Nordic Exchange since 13 April 2007. A share capital increase amounting to EUR 6,237.81 was registered in the Trade Register on 8 May 2007, and the new shares have been traded since 9 May 2007. The subscription period under the stock option scheme established by the Annual General Meeting on 4 April 2002 expired on 31 March 2007. The 2002 stock option scheme involved issuing 670,000 stock options to the company's key personnel, which entitled them to subscribe for 670,000 Cramo Plc shares. The maximum increase in share capital resulting from the option scheme was EUR 1,132,300.00. The actual increase was EUR 1,132,279.70. The share subscription price was the trading-weighted average price of the company's B share between 5 April and 4 June 2002 plus 10 per cent, in other words EUR 5.27, deducted by the dividends to be distributed before share subscription on the record date. As a result of dividend payment, the subscription price was decreased by EUR 0.50 on 7 April 2003, by EUR 0.50 on 7 April 2004, by EUR 0.30 on 13 December 2004, by EUR 0.25 on 11 April 2005 and on 11 April 2006, resulting in a subscription price of EUR 3.47 per share. The B stock options associated with the 2002 stock option scheme have been listed for trading together with the 2002 A stock options since 2 May 2006. VALID OPTION SCHEMES The Extraordinary General Meeting held on 20 November 2006 decided on an option scheme under which 3,000,000 stock options will be issued, entitling their holders to subscribe for a maximum of 3,000,000 new shares in the company. The subscription period for stock options 2006A is from 1 October 2009 to 31 January 2011, for options 2006B from 1 October 2010 to 31 January 2012, and for options 2006C from 1 October 2011 to 31 January 2013. The subscription price for stock options 2006A is EUR 14.51, in other words the trading-weighted average price of the Cramo Plc share between 1 and 31 October 2006. Subscription price for stock options 2006B is the trading-weighted average share price between 1 and 31 October 2007, or EUR 26.47, and for stock options 200C the trading-weighted average share price between 1 and 31 October 2008. Annual dividends will be deducted from the subscription price. On 31 December 2007, Cramo Group's key personnel held a total of 813,000 2006A stock options and 904,000 2006B stock options. The 2006 option scheme covers approximately 80 key persons of the Group. TRADING OF SHARES ON THE OMX NORDIC EXCHANGE IN HELSINKI Cramo Plc has been listed on the Helsinki Stock Exchange since 1988. The share code is CRA1V. In 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 2007, the lowest price of a Cramo Plc share was EUR 16.75 and the highest was EUR 38.80. Trading-weighted average share price was EUR 26.66. The closing price on 28 December 2007 was EUR 17.32 and the company's market value EUR 531.0 million. ANNUAL GENERAL MEETING Cramo Plc's Annual General Meeting (AGM) of 18 April 2007 discussed the matters assigned to the AGM in the Articles of Association, and approved the financial statements of the company and the Group for 2006. Based on the proposal of the Board of Directors, the AGM decided that a dividend of 0.50 EUR per share be distributed. The AGM discharged the members of the Board of Directors and the President and CEO from liability for the financial year 2006. The AGM re-elected Gunnar Glifberg, Stig Gustavson, Eino Halonen, Hannu Krogerus and Juhani Nurminen to the Board of Directors. Esko Mäkelä was elected as a new member to the Board. Esko Mäkelä (M.Sc. Eng., MBA) served as the Executive Vice President and CFO of YIT Corporation between 1987 and 2006. The AGM elected Tomi Englund, Authorised Public Accountant, and the auditing firm Ernst & Young Oy as the company's auditors. VALID BOARD AUTHORISATIONS The Board has no valid authorisations to issue stock options, convertible bonds, increase share capital or buy back treasury shares. CORPORATE GOVERNANCE AND AUDITORS As of 19 April 2007, Cramo Plc's Board of Directors consists of Stig Gustavson (Chairman), Eino Halonen (Vice Chairman), Gunnar Glifberg, Hannu Krogerus, Juhani Nurminen and Esko Mäkelä. The Audit Committee members are Eino Halonen (Chairman), Esko Mäkelä and Juhani Nurminen. Members of the Nomination and Compensation Committee are Stig Gustavson (Chairman), Gunnar Glifberg and Hannu Krogerus. Board members Stig Gustavson, Hannu Krogerus, Esko Mäkelä and Juhani Nurminen are deemed independent of the company and its major shareholders. Gunnar Glifberg is deemed independent of major shareholders, but as the former President and CEO of Cramo AB until the autumn of 2005, he is deemed dependent of the company until the autumn of 2008. Eino Halonen is independent of the company but as the President and CEO of Suomi Mutual Life Assurance Company he is dependent of major shareholders until 31 December 2007. The Board members until 18 April 2007 were Gunnar Glifberg, Stig Gustavson, Phil van Haarlem, Eino Halonen, Pekka Heusala, Hannu Krogerus and Juhani Nurminen. Until 18 April 2007, the Audit Committee members were Pekka Heusala (Chairman), Eino Halonen and Phil van Haarlem. Members of the Nomination and Compensation Committee were Stig Gustavson (Chairman), Pekka Heusala and Hannu Krogerus. All Board members except for Gunnar Glifberg are independent of the company. Glifberg, Gustavson, Heusala, Nurminen, Krogerus and Phil van Haarlem are independent of major shareholders. In 2007, the Board met nine times, the Audit Committee four times, and the Nomination and Compensation Committee three times. On 31 December 2007, the Board members, the President and CEO, and his deputy held, either directly or through companies in which they exercise control, a total of 111,549 Cramo Plc shares, representing 0.36 per cent of the company's shares and votes, and a total of 0 stock options. The company's auditors were Tomi Englund, Authorised Public Accountant, and Ernst & Young Oy Authorised Public Accountants, with Erkka Talvinko as the main responsible auditor. Cramo Plc observes the Corporate Governance Recommendation for Listed Companies issued by the OMX Nordic Exchange Helsinki, the Central Chamber of Commerce of Finland and the Confederation of Finnish Industry and Employers. Cramo Plc's insider guidelines are based on the Securities Market Act, rules and regulations issued by the Financial Supervision Authority, as well as the insider guidelines of the Helsinki Stock Exchange effective since 1 January 2006. 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. CHANGES IN SHAREHOLDINGS During the review period, Cramo received a notification pursuant to chapter 2, section 9 of the Securities Market Act from Fidelity International Limited stating that the number of shares held directly by Fidelity International Limited and by its directly or indirectly owned subsidiaries in Cramo Plc had fallen below the five per cent limit on 14 November 2007. After the notification, the company held 1,520,760 shares, which represents 4.96 per cent of Cramo Plc shares and votes. On August 22 2007, Fidelity International Limited notified Cramo that shares held directly by Fidelity International Limited and by its directly or indirectly owned subsidiaries in Cramo Plc had exceeded the five per cent limit on 16 August 2007. After the notification, the company held 1,587,777 shares, which represents 5.18 per cent of Cramo Plc shares and votes. On 11 July 2007, Suomi Mutual Life Assurance Company notified Cramo Plc that its shareholding in Cramo Plc had lowered to less than one-tenth on 11 July 2007. Following this notification, the company held 3,027,658 shares, accounting for 9.87 per cent of Cramo Plc shares and votes. On 17 April 2007, Suomi Mutual Life Assurance Company notified Cramo Plc that its shareholding in Cramo Plc had lowered to less than three twentieths on 16 April 2007. Following this notification, the company held 4,590,440 shares, accounting for 14.98 per cent of Cramo Plc shares and votes. PROFIT DISTRIBUTION POLICY AND THE BOARD OF DIRECTORS' PROPOSAL FOR PROFIT DISTRIBUTION In February 2007, the Board of Directors specified the company's new profit distribution policy as follows: “Cramo Plc's profit distribution goal is to distribute around a third of the Group's annual profit in terms of share buybacks and/or dividends. The target is to maintain a steadily improving flow of dividends, however 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 0.65 per share be paid for the financial year 1 January - 31 December 2007. The Board of Directors has assessed the company's future business operations and considers that the proposed dividend distribution does not constitute a risk to the company's solvency. EVENTS AFTER THE BALANCE SHEET DATE On 10 January 2008, Cramo announced an agreement between its Swedish subsidiary Cramo Sverige AB and Skanska Sverige AB making Cramo Skanska's preferred supplier of lifting equipment. At this stage, the agreement applies to Sweden, but it may be extended to cover Skanska's other Nordic companies. The contracting parties estimated the annual volume of the agreement to be in the region of EUR 6.5 million. Magnus Rosén, Senior Vice President for the Scandinavian operations, announced his resignation on 14 January 2008. On 21 January 2008, UBS AG notified Cramo that shares held by UBS AG (Switzerland) and UBS AG London Branch in Cramo Plc had exceeded the five per cent limit on 28 January 2008. After the notification, the company held 1,677,610 shares, accounting for 5.47 percent of Cramo Plc shares and votes. OUTLOOK FOR 2008 In spite of the instability of the financial markets and US economic development, brisk demand for rental services is expected to continue in Cramo's business environment. Growth in construction activity coupled with major infrastructure projects in industry and the public sector will continue to fuel growth in the equipment rental business. Nordic construction is expected to continue its growth, but at a slightly lower rate than in previous years. Although overall growth in construction is hampered by the decline in residential construction, industrial and commercial construction as well as civil engineering projects will continue to grow. Central and Eastern Europe are expected to see sustained strong growth in construction, although this growth is decelerating in the Baltic countries. Equipment rental services will expand at a faster rate compared to general growth in construction, due to factors such as increasing penetration rates for these services, increased equipment outsourcing, and growth in the demand for rental-related services. Continued growth is also anticipated in demand for modular space. This demand is supported by relocations, demographic changes, and industry needs for increasingly flexible building solutions. Growing demand in all of the Group's main markets will require continued capital expenditure growth in 2008. In line with its strategy, the Group intends to further enhance its position in all of its market areas. The Group will continue to map out its growth potential in the Nordic countries and Central and Eastern Europe, with the objective of being one of the top two service providers in each market. The supply of modular space in Central and Eastern Europe is seen as a new growth opportunity. Besides global economic development, the most significant uncertainties faced by Cramo's business are associated with general cyclical and economic development in each country, changes in interest and foreign-exchange rates as well as the success of the Group's acquisitions. So far, the growing uncertainty in the financial markets and the US economy has had little impact on Cramo's business. The Group's internal, as well as market indicators support a sales growth above 18 % and EBITA above 18 % of sales in 2008, in line with the Group's financial targets. However, macroeconomic development may change this picture. The data in this Interim Report is based on unaudited figures. TABLES This Financial Report has been prepared in accordance with IAS 34: Interim Financial Reporting. The same accounting policies and definitions of key financial figures have been adopted as in Cramo Plc's annual financial report. The Group has applied the following standards, amendments and interpretations: IAS 1, Presentation of Financial Statements, IFRS 7, Financial Instruments: Disclosures, IFRS 8, Operating Segments, IFRIC 8, 11 and 12. Changes are not assessed to be significant on Cramo's financial figures. -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET | 31.12.07 | 31.12.06 | | (EUR 1,000) | | | -------------------------------------------------------------------------------- | ASSETS | | | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | | -------------------------------------------------------------------------------- | Property, plant and equipment | 487,038 | 367,950 | -------------------------------------------------------------------------------- | Goodwill | 152,367 | 152,802 | -------------------------------------------------------------------------------- | Other intangible assets | 95,359 | 95,452 | -------------------------------------------------------------------------------- | Available-for-sale investments | 332 | 320 | -------------------------------------------------------------------------------- | Receivables | 3,954 | 559 | -------------------------------------------------------------------------------- | Deferred income tax assets | 2,974 | 2,423 | -------------------------------------------------------------------------------- | TOTAL NON-CURRENT ASSETS | 742,024 | 619,506 | -------------------------------------------------------------------------------- | CURRENT ASSETS | | | -------------------------------------------------------------------------------- | Inventories | 16,903 | 15,788 | -------------------------------------------------------------------------------- | Trade and other receivables | 117,548 | 93,779 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 18,489 | 41,823 | -------------------------------------------------------------------------------- | TOTAL CURRENT ASSETS | 152,940 | 151,390 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 894,964 | 770,896 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | -------------------------------------------------------------------------------- | EQUITY | | | -------------------------------------------------------------------------------- | Share capital | 24,835 | 24,508 | -------------------------------------------------------------------------------- | Share issue | | 143 | -------------------------------------------------------------------------------- | Share premium fund | 186,910 | 185,836 | -------------------------------------------------------------------------------- | Fair value reserve | 117 | 117 | -------------------------------------------------------------------------------- | Hedging fund | 6,334 | 3,301 | -------------------------------------------------------------------------------- | Translation differences | -1,867 | 2,818 | -------------------------------------------------------------------------------- | Retained earnings | 117,351 | 75,521 | -------------------------------------------------------------------------------- | TOTAL EQUITY | 333,680 | 292,244 | -------------------------------------------------------------------------------- | RESERVES | | | -------------------------------------------------------------------------------- | Reserves | 363 | 348 | -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | | | -------------------------------------------------------------------------------- | Deferred income tax liabilities | 62,200 | 51,829 | -------------------------------------------------------------------------------- | Interest bearing liabilities | 274,087 | 306,968 | -------------------------------------------------------------------------------- | CURRENT LIABILITIES | | | -------------------------------------------------------------------------------- | Trade and other payables | 115,247 | 79,008 | -------------------------------------------------------------------------------- | Interest bearing liabilities | 109,387 | 40,499 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 560,921 | 478,304 | -------------------------------------------------------------------------------- | TOTAL EQUITY AND LIABILITIES | 894,964 | 770,896 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED INCOME STATEMENT | 10-12/07 | 10-12/06 | 1-12/07 | 1-12/06 | | 1 January - 31 December 2007 | | | | | | (EUR 1,000) | | | | | -------------------------------------------------------------------------------- | SALES | 143,773 | 116,588 | 496,428 | 402,425 | -------------------------------------------------------------------------------- | Other operating income | 367 | 2,142 | 7,798 | 3,507 | -------------------------------------------------------------------------------- | Change in inventories in | -2,003 | -954 | 966 | -184 | | finished goods and in work in | | | | | | progress | | | | | -------------------------------------------------------------------------------- | Production for own use | 4,922 | 2,950 | 15,379 | 7,754 | -------------------------------------------------------------------------------- | Materials and services | -31,523 | -20,479 | -106,396 | -74,256 | -------------------------------------------------------------------------------- | Employee benefits | -27,174 | -22,924 | -101,608 | -83,773 | -------------------------------------------------------------------------------- | Depreciation | -17,237 | -13,581 | -62,356 | -51,060 | -------------------------------------------------------------------------------- | Amortisation on intangible | -1,013 | -1,092 | -4,119 | -4,265 | | assets resulting from | | | | | | acquisitions | | | | | -------------------------------------------------------------------------------- | Other operating expenses | -44,981 | -40,829 | -154,248 | -131,579 | -------------------------------------------------------------------------------- | OPERATING PROFIT | 25,131 | 21,821 | 91,844 | 68,569 | -------------------------------------------------------------------------------- | % of sales | 17.5 | 18.7 | 18.5 | 17.0 | -------------------------------------------------------------------------------- | Finance costs (net) | -4,599 | -2,107 | -16,036 | -11,984 | -------------------------------------------------------------------------------- | PROFIT BEFORE TAXES | 20,532 | 19,714 | 75,808 | 56,585 | -------------------------------------------------------------------------------- | % of sales | 14.3 | 16.9 | 15.3 | 14.1 | -------------------------------------------------------------------------------- | Income taxes | -5,853 | -4,623 | -18,323 | -14,641 | -------------------------------------------------------------------------------- | PROFIT FOR THE PERIOD | 14,679 | 15,091 | 57,485 | 41,944 | -------------------------------------------------------------------------------- | % of sales | 10.2 | 12.9 | 11.6 | 10.4 | -------------------------------------------------------------------------------- | Earnings per share, | 0.48 | 0.50 | 1.88 | 1.39 | | undiluted, EUR | | | | | -------------------------------------------------------------------------------- | Earnings per share, diluted, | 0.48 | 0.49 | 1.87 | 1.36 | | EUR | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CHAN- | Share | Sha- | Share | Fair | Hed- | Trans- | Re- | Total | | GES | capital | re | premium | va- | ging | lation | tained | | | IN | | is- | | lue | fund | diffe- | ear- | | | GROUP | | sue | | re- | | rence | nings | | | 'S | | | | ser- | | | | | | EQUI- | | | | ve | | | | | | TY | | | | | | | | | | (EUR | | | | | | | | | | 1,000 | | | | | | | | | | ) | | | | | | | | | -------------------------------------------------------------------------------- | Share | 24,234 | 32 | 1,607 | 117 | 0 | 114 | 28,027 | 54,131 | | capi- | | | | | | | | | | tal | | | | | | | | | | 1.1. | | | | | | | | | | 2006 | | | | | | | | | -------------------------------------------------------------------------------- | Trans | | | | | | 2,704 | 2 | 2,706 | | - | | | | | | | | | | la- | | | | | | | | | | tion | | | | | | | | | | dif- | | | | | | | | | | fe- | | | | | | | | | | ren- | | | | | | | | | | ce | | | | | | | | | -------------------------------------------------------------------------------- | Hed- | | | | | 3,301 | | | 3,301 | | ging | | | | | | | | | | fund | | | | | | | | | -------------------------------------------------------------------------------- | Pro- | | | | | | | 41,944 | 41,944 | | fit | | | | | | | | | | for | | | | | | | | | | the | | | | | | | | | | pe- | | | | | | | | | | riod | | | | | | | | | -------------------------------------------------------------------------------- | Exer- | 196 | -32 | 650 | | | | | 814 | | cise | | | | | | | | | | of | | | | | | | | | | op- | | | | | | | | | | tions | | | | | | | | | | , | | | | | | | | | | re- | | | | | | | | | | gis- | | | | | | | | | | tered | | | | | | | | | -------------------------------------------------------------------------------- | Exer- | | 143 | | | | | | 143 | | cise | | | | | | | | | | of | | | | | | | | | | op- | | | | | | | | | | tions | | | | | | | | | | , | | | | | | | | | | un- | | | | | | | | | | re- | | | | | | | | | | gis- | | | | | | | | | | te- | | | | | | | | | | red | | | | | | | | | -------------------------------------------------------------------------------- | Com- | 560 | | | | | | | 560 | | bi- | | | | | | | | | | ning | | | | | | | | | | of | | | | | | | | | | share | | | | | | | | | | clas- | | | | | | | | | | ses | | | | | | | | | -------------------------------------------------------------------------------- | Sha- | 12,137 | | 184,159 | | | | | 196,296 | | res | | | | | | | | | | of | | | | | | | | | | Cramo | | | | | | | | | | Hol- | | | | | | | | | | ding | | | | | | | | | | B.V. | | | | | | | | | -------------------------------------------------------------------------------- | Share | | | -580 | | | | | -580 | | issue | | | | | | | | | | costs | | | | | | | | | | of | | | | | | | | | | Cramo | | | | | | | | | | Hol- | | | | | | | | | | ding | | | | | | | | | | B.V. | | | | | | | | | -------------------------------------------------------------------------------- | Re- | -12,619 | | | | | | 12,619 | 0 | | duc- | | | | | | | | | | tion | | | | | | | | | | of | | | | | | | | | | par | | | | | | | | | | value | | | | | | | | | -------------------------------------------------------------------------------- | Sha- | | | | | | | 442 | 442 | | re | | | | | | | | | | based | | | | | | | | | | pay- | | | | | | | | | | ments | | | | | | | | | -------------------------------------------------------------------------------- | Divi- | | | | | | | -7,513 | -7,513 | | dend | | | | | | | | | | dis- | | | | | | | | | | tri- | | | | | | | | | | bu- | | | | | | | | | | tion | | | | | | | | | -------------------------------------------------------------------------------- | Total | 24,508 | 143 | 185,836 | 117 | 3,301 | 2,818 | 75,521 | 292,244 | | equi- | | | | | | | | | | ty | | | | | | | | | | at | | | | | | | | | | 31.12 | | | | | | | | | | . | | | | | | | | | | 2006 | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Share | 24,508 | 143 | 185,836 | 117 | 3,301 | 2,818 | 75,521 | 292,244 | | capi- | | | | | | | | | | tal | | | | | | | | | | 1.1. | | | | | | | | | | 2007 | | | | | | | | | -------------------------------------------------------------------------------- | Trans | | | | | | -4,685 | -2,134 | -6,819 | | - | | | | | | | | | | la- | | | | | | | | | | tion | | | | | | | | | | dif- | | | | | | | | | | fe- | | | | | | | | | | rence | | | | | | | | | -------------------------------------------------------------------------------- | Hed- | | | | | 3,033 | | | 3,033 | | ging | | | | | | | | | | fund | | | | | | | | | -------------------------------------------------------------------------------- | Pro- | | | | | | | 57,485 | 57,485 | | fit | | | | | | | | | | for | | | | | | | | | | the | | | | | | | | | | pe- | | | | | | | | | | riod | | | | | | | | | -------------------------------------------------------------------------------- | Exer- | 327 | -143 | 1,074 | | | | | 1,258 | | cise | | | | | | | | | | of | | | | | | | | | | op- | | | | | | | | | | tions | | | | | | | | | | , | | | | | | | | | | re- | | | | | | | | | | gis- | | | | | | | | | | te- | | | | | | | | | | red | | | | | | | | | -------------------------------------------------------------------------------- | Divi- | | | | | | | -15,326 | -15,326 | | dend | | | | | | | | | | dis- | | | | | | | | | | tri- | | | | | | | | | | bu- | | | | | | | | | | tion | | | | | | | | | -------------------------------------------------------------------------------- | Share | | | | | | | 1,805 | 1,805 | | based | | | | | | | | | | pay- | | | | | | | | | | ments | | | | | | | | | -------------------------------------------------------------------------------- | Total | 24,835 | 0 | 186,910 | 117 | 6,334 | -1,867 | 117,351 | 333,680 | | equi- | | | | | | | | | | ty | | | | | | | | | | at | | | | | | | | | | 31.12 | | | | | | | | | | . | | | | | | | | | | 2007 | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW STATEMENT | 1-12/07 | 1-12/06 | | (EUR 1,000) | | | -------------------------------------------------------------------------------- | CASH FLOW FROM OPERATING ACTIVITIES | 138,653 | 103,880 | -------------------------------------------------------------------------------- | CASH FLOW FROM INVESTING ACTIVITIES | -175,234 | -96,254 | -------------------------------------------------------------------------------- | CASH FLOW FROM FINANCING ACTIVITIES | | | -------------------------------------------------------------------------------- | Proceeds from issue of share capital | 1,258 | 787 | -------------------------------------------------------------------------------- | Dividends paid | -15,326 | -7,513 | -------------------------------------------------------------------------------- | Increase(+)/decrease(-) in liabilities | 34,393 | -17,066 | -------------------------------------------------------------------------------- | Increase(+)/decrease(-) in lease | -6,590 | 34,610 | | liabilities | | | -------------------------------------------------------------------------------- | CASH FLOW FROM FINANCING ACTIVITIES, | 13,735 | 10,818 | | TOTAL | | | -------------------------------------------------------------------------------- | NET CHANGE IN CASH AND CASH EQUIVALENTS | -22,846 | 18,444 | -------------------------------------------------------------------------------- | CASH AND CASH EQUIVALENTS AT | 41,823 | 1,850 | | PERIOD-START | | | -------------------------------------------------------------------------------- | Translation difference | -488 | 302 | -------------------------------------------------------------------------------- | CASH AND CASH EQUIVALENTS FROM | | 21,227 | | ACQUISITIONS | | | -------------------------------------------------------------------------------- | CASH AND CASH EQUIVALENTS AT PERIOD-END | 18,489 | 41,823 | -------------------------------------------------------------------------------- The cash flow from investing activities includes the cash flow from the sale of operations in the Netherlands. -------------------------------------------------------------------------------- | CONTINGENT LIABILITIES (EUR 1,000) | 31.12.07 | 31.12.06 | -------------------------------------------------------------------------------- | On own behalf | | | -------------------------------------------------------------------------------- | Mortgages on real estates | 5,663 | 5,663 | -------------------------------------------------------------------------------- | Mortgages on companies | 77,489 | 77,487 | -------------------------------------------------------------------------------- | Pledges | 159,759 | 107,212 | -------------------------------------------------------------------------------- | Other contingent liabilities | 9,541 | 9,795 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | DERIVATIVE FINANCIAL | 31.12.07 | 31.12.07 | 31.12.06 | 31.12.06 | | INSTRUMENTS (EUR 1,000) | | | | | -------------------------------------------------------------------------------- | NV = nominal value | NV | FV | NV | FV | -------------------------------------------------------------------------------- | FV = fair value | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Interest rate derivatives | | | | | -------------------------------------------------------------------------------- | Swaps | 138,395 | +5,492 | 152,803 | +4,461 | -------------------------------------------------------------------------------- | Options | | | | | -------------------------------------------------------------------------------- | Bought | | | | | -------------------------------------------------------------------------------- | Written | | | | | -------------------------------------------------------------------------------- | Foreign exchange | 87,150 | -194 | | | | contracts | | | | | -------------------------------------------------------------------------------- | Forwards | | | 19,911 | +113 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KEY FIGURES | 31.12.07 | 31.12.06 | -------------------------------------------------------------------------------- | Value of outstanding orders for modular | 94,559 | 81,959 | | space, EUR 1,000 | | | -------------------------------------------------------------------------------- | Value of orders for modular space | 89,250 | 74,507 | | rental, EUR 1,000 | | | -------------------------------------------------------------------------------- | Value of orders for sale of modular | 5,309 | 7,452 | | space, EUR 1,000 | | | -------------------------------------------------------------------------------- | Gross capital expenditure, EUR 1,000 | 175,494 | 111,864 | -------------------------------------------------------------------------------- | % sales | 35.4 | 27.8 | -------------------------------------------------------------------------------- | Average personnel | 2,270 | 1,828 | -------------------------------------------------------------------------------- | Earnings per share, undiluted, EUR | 1.88 | 1.39 | -------------------------------------------------------------------------------- | Earnings per share, diluted 1), EUR | 1.87 | 1.36 | -------------------------------------------------------------------------------- | Shareholders' equity per share 2), EUR | 10.88 | 9.66 | -------------------------------------------------------------------------------- | Equity ratio, % | 37.3 | 38.2 | -------------------------------------------------------------------------------- | Net interest-bearing liabilities, EUR | 364,985 | 305,643 | | 1,000 | | | -------------------------------------------------------------------------------- | Gearing, % | 109.4 | 104.6 | -------------------------------------------------------------------------------- | Issue-adjusted average number of shares | 30,586,040 | 30,121,137 | -------------------------------------------------------------------------------- | Issue-adjusted number of shares at the | 30,660,189 | 30,332,793 | | period-end | | | -------------------------------------------------------------------------------- | Number of shares adjusted by the | 30,815,560 | 30,811,395 | | dilution effect of share options | | | -------------------------------------------------------------------------------- 1) Adjusted by the dilution effect of shares entitled by warrants 2) Number of shares registered at the end of the period INFORMATION BY BUSINESS SEGMENT (EUR 1,000) The Group's primary segments comprise the equipment rental business and the modular space business. The secondary, geographical segments consist of Finland, Sweden, Western Europe and Other Europe. The equipment rental business' sales are also stated by geographical segment. Netherlands' share of Western Europe is reported separately, since this business is consolidated with that of the Cramo Group only until 31 March 2007. -------------------------------------------------------------------------------- | Sales by business segment, | 10-12/07 | 10-12/06 | 1-12/07 | 1-12/06 | | (EUR 1,000) | | | | | -------------------------------------------------------------------------------- | Equipment rental | | | | | -------------------------------------------------------------------------------- | - Finland | 20,897 | 15,772 | 75,761 | 60,227 | -------------------------------------------------------------------------------- | - Sweden | 60,177 | 51,644 | 214,515 | 174,721 | -------------------------------------------------------------------------------- | - Western Europe | 23,117 | 18,592 | 77,462 | 66,319 | -------------------------------------------------------------------------------- | - Other Europe | 18,121 | 11,672 | 58,202 | 38,446 | -------------------------------------------------------------------------------- | Equipment rental, total | 122,312 | 97,681 | 425,940 | 339,713 | -------------------------------------------------------------------------------- | - between the segments | -94 | -80 | -227 | -421 | -------------------------------------------------------------------------------- | Modular space | 22,383 | 19,152 | 76,733 | 65,513 | -------------------------------------------------------------------------------- | - between the segments | -827 | -166 | -6,017 | -2,382 | -------------------------------------------------------------------------------- | Eliminations | -921 | -246 | -6,244 | -2,803 | -------------------------------------------------------------------------------- | Sales, total | 143,773 | 116,588 | 496,428 | 402,425 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Netherlands' share of Western | 0 | 3,540 | 2,954 | 12,607 | | Europe | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit (EBITA) | 10-12/07 | 10-12/06 | 1-12/07 | 1-12/06 | | before amortisation on | | | | | | intangible assets resulting | | | | | | from acquisitions by business | | | | | | segment, | | | | | | (EUR 1,000) | | | | | -------------------------------------------------------------------------------- | Equipment rental | | | | | -------------------------------------------------------------------------------- | - Finland | 4,157 | 1,943 | 14,493 | 10,370 | -------------------------------------------------------------------------------- | - Sweden | 12,609 | 11,958 | 47,952 | 35,875 | -------------------------------------------------------------------------------- | - Western Europe | 1,710 | 3,266 | 10,513 | 8,447 | -------------------------------------------------------------------------------- | - Other Europe | 4,936 | 4,583 | 17,082 | 11,991 | -------------------------------------------------------------------------------- | Equipment rental, total | 23,411 | 21,751 | 90,040 | 66,683 | -------------------------------------------------------------------------------- | Modular space | 5,311 | 4,743 | 19,358 | 14,949 | -------------------------------------------------------------------------------- | Non-allocated Group activities | -2,532 | -3,397 | -12,859 | -8,614 | -------------------------------------------------------------------------------- | Eliminations | -47 | -183 | -576 | -183 | -------------------------------------------------------------------------------- | Operating profit, total | 26,144 | 22,913 | 95,963 | 72,834 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Netherlands' share of Western | 0 | 970 | 193 | 1,788 | | Europe | | | | | -------------------------------------------------------------------------------- The second-quarter EBITA for Western Europe in 2007 includes EUR 4.0 million of capital gain from the divestment of rental operations in the Netherlands. Unallocated Group functions include expenses resulting from Group management, Group financial management and financing, as well as other Group-level expenses related to projects. For the first half of 2007, non-allocated Group activities include costs related to the change of the Cramo brand amounting to EUR 4.2 million. For the full year 2007, non-allocated Group activities include also option-related costs totalling EUR 1.9 million. -------------------------------------------------------------------------------- | EBITA-% by business segment | 10-12/07 | 10-12/06 | 1-12/07 | 1-12/06 | -------------------------------------------------------------------------------- | Equipment rental | | | | | -------------------------------------------------------------------------------- | - Finland | 19.9 | 12.3 | 19.1 | 17.2 | -------------------------------------------------------------------------------- | - Sweden | 21.0 | 23.2 | 22.4 | 20.5 | -------------------------------------------------------------------------------- | - Western Europe | 7.4 | 17.6 | 13.6 | 12.7 | -------------------------------------------------------------------------------- | - Other Europe | 27.2 | 39.3 | 29.3 | 31.2 | -------------------------------------------------------------------------------- | Equipment rental, total | 19.1 | 22.3 | 21.1 | 19.6 | -------------------------------------------------------------------------------- | Modular space | 23.7 | 24.8 | 25.2 | 22.8 | -------------------------------------------------------------------------------- | Non-allocated Group activities | | | | | -------------------------------------------------------------------------------- | EBITA-%, total | 18.2 | 19.7 | 19.3 | 18.1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Western Europe without | 7.4 | 15.3 | 13.9 | 12.4 | | Netherlands | | | | | -------------------------------------------------------------------------------- The second-quarter EBITA percentage for Western Europe in 2007 includes EUR 4.0 million of capital gains from the divestment of rental operations in the Netherlands. -------------------------------------------------------------------------------- | Sales by geographical segment | 10-12/07 | 10-12/06 | 1-12/07 | 1-12/06 | | (EUR 1,000); sales generated by | | | | | | both the equipment rental | | | | | | business and the modular space | | | | | | business are included in the | | | | | | geographical segments. | | | | | -------------------------------------------------------------------------------- | Finland | 31,617 | 24,911 | 113,416 | 91,671 | -------------------------------------------------------------------------------- | Sweden | 63,878 | 59,275 | 248,456 | 206,094 | -------------------------------------------------------------------------------- | Western Europe | 30,832 | 23,076 | 85,117 | 70,803 | -------------------------------------------------------------------------------- | Other Europe | 18,197 | 11,677 | 58,278 | 38,451 | -------------------------------------------------------------------------------- | Eliminations | -749 | -2,351 | -8,897 | -4,595 | -------------------------------------------------------------------------------- | Sales, total | 143,773 | 116,588 | 496,428 | 402,425 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Netherlands' share of Western | 0 | 3,540 | 2,954 | 12,607 | | Europe | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | FINANCIAL | 10-12/07 | 7-9/07 | 4-6/07 | 1-3/07 | 1-12/07 | 1-12/06 | | PER- | | | | | | | | FORMANCE | | | | | | | | BY | | | | | | | | QUARTERS | | | | | | | -------------------------------------------------------------------------------- | Sales | 143,773 | 128,962 | 116,396 | 107,297 | 496,428 | 402,425 | -------------------------------------------------------------------------------- | EBITA | 26,144 | 30,736 | 22,426 | 16,657 | 95,963 | 72,834 | -------------------------------------------------------------------------------- | EBITA-% | 18.2 | 23.8 | 19.3 | 15.5 | 19.3 | 18.1 | -------------------------------------------------------------------------------- RELATED PARTY TRANSACTIONS During the reporting period there were no material transactions with related parties. BRIEFING Cramo will hold a briefing and a live webcast at the conference room of the Palace Gourmet restaurant, Eteläranta 10, Helsinki, on Friday 15 February 2008 at 11 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 15 February 2008 in the afternoon. PUBLICATION OF FINANCIAL INFORMATION 2008 The Annual Report 2007 will be published in week 12, 2008. The 2008 Annual General Meeting will take place on Wednesday, 23 April 2008 in Helsinki. Cramo will publish three Interim Reports in 2008. The January-March Interim Report will be published on Tuesday, 13 May 2008. The January-June Interim Report will be published on Tuesday, 12 August 2008. The January-September Interim Report will be published on Tuesday, 11 November 2008. The data in this Interim Report 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. +35810 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. DISTRIBUTION OMX Nordic Exchange Helsinki Major media www.cramo.com
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