CRAMO PLC

INTERIM REPORT1.1.2010 – 30.9.2010

POWERING YOUR BUSINESS

2

CEO Vesa Koivula

CFO Martti Ala-Härkönen

3

Contents

� Highlights of Q3/2010 and

update on the rental industry

� Interim report Q3/2010

� Group performance

� Business segments

� New strategy and outlook

� Appendix

� Additional financial information

4

Highlights of Q3/2010Stronger markets, improving profitability

Russia

Denmark

GermanyPoland

CzechRepublic

AustriaHungary

Slovakia

Ukraine

Belarus

Lithuania

Latvia

Estonia

Norway

Sweden

Finland

Romania

Moldova

St. Petersburg

Bulgaria

Slovenia

Croatia

Bosnia and

HerzegovinaSerbia

Macedonia

Albania

Moscow Yekaterinburg

Number of depots

09/2010: 288

• The market turn that started at the end of Q2 continued in

all of Cramo’s markets

• Cramo Group’s sales and profitability improved in Q3 as a

result of the market turn and the cost-saving measures

implemented in 2009

• Sales & EBITA developed positively in all segments in Q3

– In Q3, y-o-y, sales grew by 13,3% and EBITA by 58,2 %

– Profitability was on a good level in Finland and Sweden

– In Norway the business swung to profit

– In Denmark and CEE, EBITA continued to be negative but

improved clearly from the beginning of the year

• Continued strong cash flow and strengthening balance

sheet

– Cash flow after investments of EUR 26,7m in Q1-Q3/2010

(EUR 35,3m)

– Equity ratio 38,5% (38,0%), gearing 107,5% (113,1%)

• New strategy, renewed strategic and financial targets

5

-10 %

-5 %

0 %

5 %

10 %

15 %

20 %

25 %

30 %

35 %

-60 % -50 % -40 % -30 % -20 % -10 % 0 % 10 %

Construction output loss, cumulative % from peak to trough

Co

nstr

uctio

n o

utp

ut g

row

th 2

01

0-1

2, cu

mu

lative

%

Growing construction marketRecovery in European construction

Higher extent of construction output loss in recession

Faste

rspeed

of re

covery

from

recessio

n

Poland

Russia

Sweden

Slovakia

Hungary

Denmark

GermanySwitzerland

Belgium

AustriaThe Netherlands

FranceFinland

UK

Italy Norway

Czech

Rep.

Estonia

Latvia

Lithuania

Portugal

SpainIreland

”Star performer”

Fast recovery

Slow recovery Modest recovery /

mild recession

Prolonged

contraction

Fast-modest recovery

after very severe

recession

Source: Euroconstruct, June 2010

*Poland: historical output change calculated for 2008-09, ie. the year of lowest growth

6

-40 %

-30 %

-20 %

-10 %

0 %

10 %

20 %

Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 /

07/10*

% c

hange fro

m p

revio

us y

ear

Cramo sales growth Construction output growth

Recovery in rental follows construction with a lagRental recovery generally comes with a lag, but rate of recovery is fasterIn normal business conditions, rental growth surpasses construction growth

Source: Construction growth rates from Eurostat (quarterly) and Euroconstruct, June 2010 (annual). Rental growth rates and

estimates from European Rental Association, Spring 2010

*Construction growth rates include only July 2010 for Q3

Construction and rental by quarter (Finland) Construction and rental by year (Finland)

1-2 quarter lag

Faster rate of

recovery

-20 %

-15 %

-10 %

-5 %

0 %

5 %

10 %

15 %

20 %

25 %

2007 2008E 2009E 2010F 2011F

% c

hange fro

m p

revio

us y

ear

Rental market growth Construction output growth

7

Increasing confidence among rental companiesImprovement in confidence continued in Q2/2010

Source: ERA / IRN Rental Tracker Survey June 2009 – June 2010 (International Rental News)

Improving

conditions

Declining

conditions

-100 %

-80 %

-60 %

-40 %

-20 %

0 %

20 %

40 %

60 %

80 %

100 %

Q2/09 Q3/09 Q4/09 Q1/10 Q2/10

Bala

nce o

f positiv

e a

nd n

egative e

xpecta

tions

Current rental business conditions in Europe

8

Increasing outsourcing activity since Q2/2010• In October, Cramo Finland acquired a significant portion of the rental business of

Lambertsson Oy, the rental operation of Peab in Finland. At the same time, in Sweden, Cramo sold its heavy equipment driving and operating services business to Peab and renewed its equipment rental contract

– Five-year equipment rental agreements with Peab both in Finland and Sweden

• In September, Cramo Norway signed an agreement with Nordic Crane Group– Five-year co-operation agreement gives Cramo access to a broader customer base within the

industrial segment and enables Cramo to offer a broader product selection to customers

– Cramo buys Hego Maskinutleie AS from Nordic Crane Group

• In July, Cramo Sweden acquired the rental operations of AB Svensk Byggleasing in the Stockholm area

– The deal strengthens Cramo’s regional position and adds a new depot in Upplands Väsby

• In June, Cramo Finland signed an outsourcing agreement with a subsidiary of Lemminkäinen in Central and South-West Finland

– Cramo acquired fleet and depots in Turku and Tampere

– Five-year equipment rental agreement

• In June, Cramo Sweden signed an outsourcing agreement with Frijo AB– Cramo acquired Frijo’s fleet

– Five-year equipment rental agreement

• In April, Cramo Finland signed an outsourcing agreement with a subsidiary of Lemminkäinen in Eastern Finland

– Cramo acquired fleet of Savocon Oy, Lemminkäinen’s Eastern Finland operations

– Five-year equipment rental agreement

9

Q3 / 2010Group performance

10

83

,6

96

,7 10

5,5 11

6,6

10

7,3 11

6,4 1

29

,0 14

3,8

12

6,8

15

4,0

15

5,7

14

3,3

10

6,9

10

9,3

11

5,1

11

5,4

10

1,4 1

14

,0

13

0,4

0

20

40

60

80

100

120

140

160

180

Q1

/06

Q2

/06

Q3

/06

Q4

/06

Q1

/07

Q2

/07

Q3

/07

Q4

/07

Q1

/08

Q2

/08

Q3

/08

Q4

/08

Q1

/09

Q2

/09

Q3

/09

Q4

/09

Q1

/10

Q2

/10

Q3

/10

Quart

erly s

ale

s (EU

R m

illion)

Cramo quarterly sales development Q3/10 second quarter of year-on-year sales growth since Q3/08

* Change in local currencies

Cumulative y-o-y:

4,4% (-2,6%*)

Q3 vs. Q2

2010: 14,4%

Periodic y-o-y:

13,3% (6,7%*)

11

9,8

15

,1

25

,0

22

,9

16

,7

22

,4

30

,7

26

,1

17

,4

30

,7

34

,2

19

,8

1,5

4,8

9,6

1,4

1,5

3,8

15

,2

0

5

10

15

20

25

30

35

40Q

1/0

6

Q2

/06

Q3

/06

Q4

/06

Q1

/07

Q2

/07

Q3

/07

Q4

/07

Q1

/08

Q2

/08

Q3

/08

Q4

/08

Q1

/09

Q2

/09

Q3

/09

Q4

/09

Q1

/10

Q2

/10

Q3

/10

Quarterly E

BIT

A (EUR m

illion, bar gra

ph)

-15 %

-10 %

-5 %

0 %

5 %

10 %

15 %

20 %

25 %

EBIT

A %

(line g

raph)

Cramo quarterly EBITA development EBITA improved clearly compared to last year and Q2/10

Note: EBITA includes reorganisation expenses, credit losses and an increase in credit loss provisions totalling EUR 5,7m and an

impairment loss on fleet of EUR 1,7m in Q1-Q3/2010.

+58,2%

12

Quarterly EPS performance (diluted)EPS turned positive in Q3/10

0,14

0,31

0,430,49

0,28

0,48

0,62

0,48

0,26

0,520,59

0,22

-0,22-0,15

-0,03

-0,88

0,06

-0,16-0,24

-1,00

-0,80

-0,60

-0,40

-0,20

0,00

0,20

0,40

0,60

0,80

Q1 Q2 Q3 Q4

Quarterly d

ilute

d E

PS (EUR)

2006 2007 2008 2009 2010

13

Capital ExpenditureCapital expenditure was EUR 13,0m in Q3/2010; In 2010, the Group’s CapEx (excl. acquisitions) will be approximately EUR 40m

Note: Gross CapEx includes acquisitions

12,1

7,0 5,7 6,63,5

12,68,9

4,1

4,1

0,412,5

7,05,7

6,6

3,5

16,7

13,0

0

10

20

30

40

50

Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10

Gro

ss C

apital Expenditure

(EUR m

)

0 %

2 %

4 %

6 %

8 %

10 %

12 %

14 %

16 %

Gro

ss C

apita

l Expenditu

re to

Quarte

rly s

ale

s (%

)

CapEx CapEx, acquisitions Gross CapEx to sales

14

-80

-60

-40

-20

0

20

40

60

80

Q1/06 Q2/06 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 Q4/07 Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10

Quarterly c

ash flo

w (EUR m

)

Cash flow from operations Cash flow after investments

Cash flow Positive cash flow after investments of 26.7 m€ in Q1-Q3/2010

Note: Cash flow after investments includes acquisitions

Acquisitions EUR 28,5m

Acquisitions EUR 8,6m

15

319

356 352365

433

516 514

477 482

429413

384 375 382 381

106,9 %

118,4 %

109,1 % 109,4 %

126,5 %

151,3 %147,1 % 149,3 %

155,6 %

121,5 %

113,1 % 113,4 %108,4 %

111,7 %107,5 %

0

100

200

300

400

500

600

700

800

Q1/07 Q2/07 Q3/07 Q4/07 Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10

Net in

tere

st-bearing lia

bilitie

s (EUR m

)

0 %

20 %

40 %

60 %

80 %

100 %

120 %

140 %

160 %

180 %

Gearin

g %

Net interest-bearing liabilities Gearing %

Strengthening capital structureGearing improving

16

0

100

200

300

400

500

600

700

Q4-

2006

Q1-

2007

Q2-

2007

Q3-

2007

Q4-

2007

Q1-

2008

Q2-

2008

Q3-

2008

Q4-

2008

Q1-

2009

Q2-

2009

Q3-

2009

Q4-

2009

Q1-

2010

Q2-

2010

Q3-

2010

Sale

s o

r Tangib

le a

ssets

, EUR m

0 %

20 %

40 %

60 %

80 %

100 %

120 %Sale

s, R

12m

/ Tangib

le a

ssets

, %

Sales, R12m Tangible assets Sales / tangible assets

Current fleet enables growthSales to tangible assets ratio has started to improve

Sales to tangible assets from

~90% to 100-110%

� EUR 45-90m higher sales

with current fleet

17

Q3 / 2010Business segments

18

Sales by business segment

EUR 345,7 million EUR 331,3 million

Sales 1-9/2010 Sales 1-9/2009

Sweden

50,5 %

Norway

14,1 %

Denmark

5,9 %

Central and

Eastern

Europe

9,7 %

Finland

19,7 %

Sweden

47,3 %

Norway

14,1 %

Denmark

8,1 %

Central and

Eastern

Europe

9,8 %

Finland

20,8 %

19

FinlandClear sales growth, further improved profitability

� Clear sales growth in Q3/2010

� Economic and construction recovery visible in a high

number of housing starts

� Increase in renovation projects in H1 exceeding

typical seasonal variation

� Commercial and office construction starts low

� Further improved profitability in Q3/2010

� EBITA margin 22,3% compared with 18,0% a year

earlier; recovery in demand together with completed

adjustments contributed to profit

� Good profitability in modular space

� Integration of outsourcing arrangements made in Q2

proceeding as planned

� Euroconstruct* construction growth forecast +1,2%

in 2010 and +0,2% in 2011 (RT** +2% & +3% resp.)

Highlights Sales by quarter

* Euroconstruct, June 2010

** Rakennusteollisuus RT, October 2010

EBITA by quarter

27,7

33,1 34,031,5

23,3 22,623,8

22,419,1

22,7

27,4

0

5

10

15

20

25

30

35

40

Q1 Q2 Q3 Q4

Quarterly s

ale

s (EUR m

illion)

2008

2009

2010

3,7

6,1

9,7

6,8

0,91,8

4,33,7

0,6

2,5

6,1

0

2

4

6

8

10

12

Q1 Q2 Q3 Q4

Quarterly E

BIT

A (EUR m

illion)

2008

2009

2010

Change Change

(EUR 1 000) % %

Sales 27 430 23 834 15,1 % 69 181 69 686 -0,7 % 92 067

EBITA 6 105 4 291 42,3 % 9 201 7 052 30,5 % 10 704

EBITA-% 22,3 % 18,0 % 13,3 % 10,1 % 11,6 %

1-12/

2009

7-9/

2010

7-9/

2009

1-9/

2010

1-9/

2009

20

Change Change

(EUR 1 000) % %

Sales 64 839 55 296 17,3 % 177 337 158 302 12,0 % 215 675

EBITA 12 332 11 084 11,3 % 26 586 28 197 -5,7 % 36 026

EBITA-% 19,0 % 20,0 % 15,0 % 17,8 % 16,7 %

7-9/

2010

7-9/

2009

1-9/

2010

1-9/

2009

1-12/

2009

SwedenGrowing sales, good level of profitability

� Sales increased by 17% compared to Q3/2009 (7%

in local currency)

� Construction and the demand for equipment rental

services continued to be favorable

� Growth has been strong in the Stockholm area and

Southern Sweden and is expected to expand to the

whole country

� Fleet utilisation rates at a good level

� EBITA improved further from H1

� Acquisition of AB Svensk Byggleasing rental

business in Stockholm area in July

� Euroconstruct** estimates construction growth to be

2%** in 2010 and 8%** in 2011 (BI*** 3% and 5%,

respectively)

* Change in sales measured in local currency

** Euroconstruct, June 2010

*** Sveriges Byggindustrier, October 2010

Highlights

1,4%*(local curr.)

Sales by quarter

EBITA by quarter

7,2%* (local curr.)

62,7

73,8 70,766,7

50,1 53,0 55,3 57,451,9

60,664,8

0

10

20

30

40

50

60

70

80

Q1 Q2 Q3 Q4

Quarterly s

ale

s (EUR m

illion)

2008

2009

2010

13,1

16,9

18,9

14,1

7,3

9,811,1

7,8

5,4

8,8

12,3

0

2

4

6

8

10

12

14

16

18

20

Q1 Q2 Q3 Q4

Quarterly E

BIT

A (EUR m

illion)

2008

2009

2010

21

Change Change

(EUR 1 000) % %

Sales 17 023 15 615 9,0 % 49 453 47 108 5,0 % 63 427

EBITA 310 853 -63,7 % -96 3 124 *) 3 995

EBITA-% 1,8 % 5,5 % -0,2 % 6,6 % 6,3 %

1-12/

2009

7-9/

2010

7-9/

2009

1-9/

2010

1-9/

2009

NorwayEBITA swung back to profit in Q3/2010

� Sales increased by 9% compared to previous year

in Q3 (1% in local currency)

� Declining construction market in H1; pick up in

construction expected before year-end

� Intense price competition in H1/2010; price levels

gradually improving during Q3

� Weak market & price pressure reflected in EBITA

� Measures aimed at improving profitability continue

� EBITA in Q1-Q3 includes credit losses & credit loss

provisions of EUR 0,6m (EUR 0,2m)

� Co-operation started with Nordic Crane Group AS;

acquisition of Hego Maskinutleie AS

� Euroconstruct** estimates construction to decrease

by 4% in 2010 and to increase by 2% in 2011

* Change in sales measured in local currency

** Euroconstruct, June 2010

*) Change over 100%

Highlights

-4,5%*(local curr.)

Sales by quarter

EBITA by quarter

0,9%*(local curr.)

15,6

18,6 18,217,2

15,8 15,7 15,6 16,317,115,3

17,0

0

2

4

6

8

10

12

14

16

18

20

Q1 Q2 Q3 Q4

Quarterly s

ale

s (EUR m

illion)

2008

2009

2010

0,9

2,4 2,3

0,6

1,2 1,10,9 0,9

-0,1-0,3

0,3

-1

0

1

2

3

Q1 Q2 Q3 Q4

Quarterly E

BIT

A (EUR m

illion)

2008

2009

2010

22

DenmarkEBITA improving from H1 but still negative, outlook improving

� Sales declined 14% in Q3 compared to 2009 but

grew 25% compared to Q2/10

� Construction activity low in Denmark in H1/2010

� Slight improvement in utilisation rates; price

competition slightly subsiding

� Outlook for the rest of 2010 and particularly 2011

more positive

� Profitability remained unsatisfactory in Q3� The result includes reorganisation costs and credit

losses and change in credit loss provisions of EUR

1,6m (EUR 3,3m) and an impairment loss of EUR

0,4m on fleet

� Increasing profitability is the key objective in 2010

� Euroconstruct* estimates construction output to

decrease by 3% in 2010 but to improve 4% in 2011

* Euroconstruct, June 2010

Highlights Sales by quarter

EBITA by quarter

10,5

11,9 11,8

10,3

8,5 8,89,7 9,3

5,76,7

8,4

0

2

4

6

8

10

12

14

Q1 Q2 Q3 Q4

Quarterly s

ale

s (EUR m

illion)

2008

2009

2010

-0,2

0,50,2

-3,4

-1,7

-1,2-1,6

-4,4

-3,2

-1,3-0,8

-5

-4

-3

-2

-1

0

1

Q1 Q2 Q3 Q4

Quarterly E

BIT

A (EUR m

illion)

2008

2009

2010

Change Change

(EUR 1 000) % %

Sales 8 395 9 747 -13,9 % 20 863 27 028 -22,8 % 36 303

EBITA -831 -1 571 47,1 % -5 322 -4 471 -19,0 % -8 860

EBITA-% -9,9 % -16,1 % -25,5 % -16,5 % -24,4 %

7-9/

2010

7-9/

2009

1-9/

2010

1-9/

2009

1-12/

2009

23

Change Change

(EUR 1 000) % %

Sales 14 361 11 979 19,9 % 34 073 32 787 3,9 % 44 119

EBITA -1 488 -3 008 50,5 % -10 374 -12 440 16,6 % -17 631

EBITA-% -10,4 % -25,1 % -30,4 % -37,9 % -40,0 %

1-12/

2009

7-9/

2010

7-9/

2009

1-9/

2010

1-9/

2009

Central and Eastern Europe*Sales increasing in Russia and Poland, restructuring starting to bear fruit

� Sales in Q3 showed a strong upturn of 19,9% compared to Q3/2009 (15,1% in local currency)

� Growth was particularly strong in Russia in Q3, but sales improved in nearly all countries

� Fleet utilisation rates improved to a good level in almost all of the CEE countries, the impact of price increases is not yet visible in the result

� EBITA continued to be negative in Q3

� Result affected by reorganisation costs, credit losses and an increase in credit loss provisions of EUR 2,2m (EUR 3,0m) in Q1-Q3

� Profitability improvement and utilising opportunities for growth are key targets for 2010

� Euroconstruct*** forecasts growth in 2010 for Poland, Slovakia and possibly Russia and further improvement in 2011 in all CEE markets

* Includes Estonia, Latvia, Lithuania, Poland, the Czech Republic, Slovakia, and Russia

** Change in sales measured in local currency

*** Euroconstruct, June 2010

Highlights

15,1%**(local curr.)

Sales by quarter

EBITA by quarter

-1,6%**(local curr.)

14,2

19,9

23,6

19,8

10,4 10,412,0 11,3

9,010,7

14,4

0

5

10

15

20

25

Q1 Q2 Q3 Q4

Quarterly s

ale

s (EUR m

illion)

2008

2009

2010

1,5

2,8

5,4

0,2

-4,9 -4,5

-3,0

-5,2-4,8-4,0

-1,5

-6

-4

-2

0

2

4

6

Q1 Q2 Q3 Q4Quarterly E

BIT

A (EUR m

illion)

2008

2009

2010

24

New strategy and short-term outlook

25

Strategic and operational development 2006-

2006-08 2009-H1/2010 H2/2010-

• High profitable growth

• Focus on:

– integration of the Cramo acquisition

– growth into Eastern Europe while exiting Netherlands, both organically and through acquisitions

– grow market shares while maintaining good profitability

– achieve leadership in rental business development

• Recognition: Rental company of the year in 2008 (ERA price given for the first time)

• Economic downturn

• Focus on:

– strong cash flow after

investments and clear

net debt reduction

– cost adjustments in all

OpCos, while maintaining

best possible profitability

– adding flexibility and

efficiency

– group-wide fleet

optimisation

• Maintain innovativeness:

Continuous development

of new offerings and

concepts

• Maintain strong market

position on which to

capitalise when the new

growth phase begins

• New growth phase

• New strategy 2010-13

– focus on further optimising

on Group synergies and

Cramo’s unified business

model

– focus on further profitable

growth while rolling out

Cramo’s core competences,

and in winning next markets

26

New mission, vision and strategy 2010-13

Mission = why we exist, which business are we in

“Building flexibility and efficiency

through rental solutions”

Vision = what do we want to be

“The role model in rental”

Strategy = how do we compete and achieve our targets

“Rolling out the Cramo Concept with Cramo Processesand Cramo People”

27

Strategic and financial targets 2010 – 2013

Strategic

targets

2010-13

Strategic

targets

2010-13

• Customer’s first choice

• Best in town: #1 or possibility to become #1

• Grow profitably faster than the market

• Driver of rental development

• Customer’s first choice

• Best in town: #1 or possibility to become #1

• Grow profitably faster than the market

• Driver of rental development

Financial

targets

2010-13

Financial

targets

2010-13

• Sales growth > 10 % p.a.

• EBITA-% > 15 %

• ROE-% > 15 %

• Gearing maximum 100 %

• Profit distribution policy: About one third

• Sales growth > 10 % p.a.

• EBITA-% > 15 %

• ROE-% > 15 %

• Gearing maximum 100 %

• Profit distribution policy: About one third

28

0 %

20 %

40 %

60 %

80 %

100 %

120 %

140 %

160 %

180 %

Q1/0

7

Q2/0

7

Q3/0

7

Q4/0

7

Q1/0

8

Q2/0

8

Q3/0

8

Q4/0

8

Q1/0

9

Q2/0

9

Q3/0

9

Q4/0

9

Q1/1

0

Q2/1

0

Q3/1

0

Gearing %

Gearing % New target 2010-13

0 %

5 %

10 %

15 %

20 %

25 %

Q1/0

7

Q2/0

7

Q3/0

7

Q4/0

7

Q1/0

8

Q2/0

8

Q3/0

8

Q4/0

8

Q1/0

9

Q2/0

9

Q3/0

9

Q4/0

9

Q1/1

0

Q2/1

0

Q3/1

0

R12M E

BITA m

arg

in %

EBITA % R12M New target 2010-13

Financial targets in historical perspectiveGrowth, EBITA and ROE targets were met before the downturnNew gearing target guides towards a stronger balance sheet

Sales growth EBITA margin

Return on equity Gearing

New target: >10% New target: >15%

New target: >15%New target:

max.100%

-30 %

-20 %

-10 %

0 %

10 %

20 %

30 %

Q1/0

7

Q2/0

7

Q3/0

7

Q4/0

7

Q1/0

8

Q2/0

8

Q3/0

8

Q4/0

8

Q1/0

9

Q2/0

9

Q3/0

9

Q4/0

9

Q1/1

0

Q2/1

0

Q3/1

0

R12M sales g

rowth

, y-o

-y %

Sales growth R12M New target 2010-13

-15 %

-10 %

-5 %

0 %

5 %

10 %

15 %

20 %

25 %

Q1/0

7

Q2/0

7

Q3/0

7

Q4/0

7

Q1/0

8

Q2/0

8

Q3/0

8

Q4/0

8

Q1/0

9

Q2/0

9

Q3/0

9

Q4/0

9

Q1/1

0

Q2/1

0

Q3/1

0

ROE %

ROE % New target 2010-13

29

Must-Win Battles for 2010-13

11• Renew Cramo Concept: Roll out the renewed

Cramo Concept to all Cramo markets• Renew Cramo Concept: Roll out the renewed

Cramo Concept to all Cramo markets

22• Implement Cramo Processes: Implement

unified Cramo Processes throughout the Group• Implement Cramo Processes: Implement

unified Cramo Processes throughout the Group

33• Develop Cramo People: Develop Cramo

People to be passionate rental business champions

• Develop Cramo People: Develop Cramo People to be passionate rental business champions

44• Be “Best in Town”, Win Next Markets:

Penetrate successfully new geographic markets

• Be “Best in Town”, Win Next Markets: Penetrate successfully new geographic markets

55• Drive Modular Space Growth: Drive profitable

growth in non-construction modular space outside Finland and Sweden

• Drive Modular Space Growth: Drive profitable growth in non-construction modular space outside Finland and Sweden

30

Future prospectsShort-term outlook: Markets are improving

� The construction and equipment rental service markets are expected to grow in Cramo’s market areas in the fourth quarter of 2010 and in 2011.

� According to market forecasts, construction activity started to increase in 2010 in Finland, Sweden and possibly also in Russia. In Poland, growth is expected to continue. However, construction activity in Norway, Denmark, the Czech Republic and the Baltic countries is expected to decline on an annual level. The outlook for construction growth is positive for 2011 in all of Cramo’sbusiness segments.

� The demand for rental services is expected to increase during the fourth quarter of 2010 and continuing into 2011.

� The Group's gross capital expenditure, excluding acquisitions and business combinations, will be approximately EUR 40 million in 2010.

� The Group has modified its guidance concerning the outlook. The new guidance reads: ”The equipment rental market is improving. Gearing to go down in 2010 based on steady positive cash flow. EBITA margin to improve compared with 2009.”

Appendix

32

Key figures

*) Change over 100%

Change Change

EUR (1 000) % %

INCOME STATEMENT

Sales 130 356 115 089 13,3 % 345 719 331 274 4,4 % 446 676

EBITDA 36 461 31 087 17,3 % 83 889 80 938 3,6 % 105 955

Operating profit (EBITA) before amortisation and impairment of

intangible assets resulting from acquisitions

15 153 9 577 58,2 % 20 422 15 899 28,4 % 17 286

Operating profit/loss (EBIT) 13 315 7 838 69,9 % 15 278 10 799 41,5 % -11 467

Profit/Loss before tax (EBT) 7 186 2 051 *) -3 564 -6 708 46,9 % -34 202

Profit/Loss for the period 1 786 -998 *) -10 567 -12 373 14,6 % -39 858

SHARE-RELATED INFORMATION

Earnings per share (EPS), EUR 0,06 -0,03 *) -0,35 -0,40 12,5 % -1,30

Earnings per share (EPS), diluted, EUR 0,06 -0,03 *) -0,34 -0,40 15,0 % -1,28

Shareholders' equity per share, EUR 10,03 10,37 -3,3 % 9,50

BALANCE SHEET

Equity ratio, % 38,5 % 38,0 % 37,4 %

Gearing, % 107,5 % 113,1 % 113,4 %

Net interest-bearing liabilities 381 050 412 664 -7,7 % 383 682

OTHER INFORMATION

Return on investment, rolling 12-month, % -0,7 % 3,0 % -1,2 %

Return on equity, rolling 12-month, % -10,6 % -1,6 % -12,1 %

Gross capital expenditure (incl. acquisitions) 33 204 25 318 31,1 % 31 931

% of sales 9,6 % 7,6 % 7,1 %

Cash flow after investments 26 732 35 274 -24,2 % 65 403

Average number of personnel (FTE) 2 070 2 443 -15,3 % 2 356

Number of personnel at end of period (FTE) 2 131 2 239 -4,8 % 2 018

1-12/

2009

7-9/

2010

7-9/

2009

1-9/

2010

1-9/

2009

33

Consolidated income statement

*) Change over 100%

Change Change

EUR (1 000) % %

SALES 130 356 115 089 13,3 % 345 719 331 274 4,4 % 446 676

Other operating income 1 432 1 046 36,9 % 10 856 3 140 *) 7 262

Change in inventories of finished goods and

work in progress

1 156 482 *) 1 875 -34 *) -1 486

Production for own use 1 811 2 330 -22,3 % 2 575 7 539 -65,8 % 9 148

Materials and services -48 343 -37 528 -28,8 % -124 507 -106 876 -16,5 % -150 882

Employee benefit expenses -23 953 -25 501 6,1 % -73 585 -79 231 7,1 % -103 062

Other operating expenses -25 998 -24 832 -4,7 % -79 044 -74 874 -5,6 % -101 700

Depreciation and impairment on tangible assets

and assets available for sale

-21 308 -21 510 0,9 % -63 467 -65 039 2,4 % -88 669

EBITA 15 153 9 577 58,2 % 20 422 15 899 28,4 % 17 286

% of sales 11,6 % 8,3 % 5,9 % 4,8 % 3,9 %

Amortisation and impairment on intangible

assets resulting from acquisitions

-1 838 -1 738 -5,8 % -5 144 -5 100 -0,9 % -28 754

OPERATING PROFIT/LOSS (EBIT) 13 315 7 838 69,9 % 15 278 10 799 41,5 % -11 467

% of sales 10,2 % 6,8 % 4,4 % 3,3 % -2,6 %

Finance costs (net) -6 130 -5 787 -5,9 % -18 842 -17 507 -7,6 % -22 734

PROFIT/LOSS BEFORE TAXES 7 186 2 051 *) -3 564 -6 708 46,9 % -34 202

% of sales 5,5 % 1,8 % -1,0 % -2,0 % -7,7 %

Income taxes -5 399 -3 049 -77,1 % -7 002 -5 665 -23,6 % -5 657

PROFIT/LOSS FOR THE PERIOD 1 786 -998 *) -10 567 -12 373 14,6 % -39 858

% of sales 1,4 % -0,9 % -3,1 % -3,7 % -8,9 %

1-12/

2009

7-9/

2010

7-9/

2009

1-9/

2010

1-9/

2009

34

Consolidated balance sheet

*) Change over 100%

30.9. 30.9. Change 31.12.

EUR (1 000) 2010 2009 % 2009

ASSETS

NON-CURRENT ASSETS

Tangible assets 505 976 548 442 -7,7 % 522 191

Goodwill 146 740 154 487 -5,0 % 137 339

Other intangible assets 91 881 97 610 -5,9 % 90 843

Deferred tax assets 14 904 18 667 -20,2 % 19 137

Available-for-sale financial investments 344 340 1,2 % 340

Derivative financial instruments 0 369 -100,0 % 238

Trade and other receivables 2 954 2 880 2,6 % 4 990

TOTAL NON-CURRENT ASSETS 762 800 822 797 -7,3 % 775 079

CURRENT ASSETS

Inventories 15 786 13 435 17,5 % 11 591

Trade and other receivables 122 402 105 970 15,5 % 99 526

Income tax receivables 11 063 9 527 16,1 % 6 599

Derivative financial instruments 1 054 759 38,9 % 898

Cash and cash equivalents 14 541 16 152 -10,0 % 18 520

TOTAL CURRENT ASSETS 164 846 145 843 13,0 % 137 134

Assets available for sale 2 838 5 951 -52,3 % 6 148

TOTAL ASSETS 930 484 974 591 -4,5 % 918 360

30.9. 30.9. Change 31.12.

EUR (1 000) 2010 2009 % 2009

EQUITY AND LIABILITIES

EQUITY

Share capital 24 835 24 835 0,0 % 24 835

Share premium fund 186 926 186 910 0,0 % 186 910

Fair value reserve 117 117 0,0 % 117

Hedging fund -2 571 -2 422 -6,2 % -2 296

Translation differences 583 -17 301 *) -12 431

Retained earnings 94 567 122 649 -22,9 % 91 117

EQUITY ATTRIBUTABLE TO SHARE-

HOLDERS OF THE PARENT COMPANY 304 456 314 788 -3,3 % 288 252

Non-controlling interest 503 503 0,0 % 503

Hybrid capital 49 630 49 630 0,0 % 49 630

TOTAL EQUITY 354 589 364 921 -2,8 % 338 385

NON-CURRENT LIABILITIES

Interest-bearing liabilities 324 568 295 174 10,0 % 351 606

Derivative financial instruments 5 284 4 315 22,5 % 3 809

Deferred tax liabilities 76 435 78 263 -2,3 % 79 036

Provisions 0 107 -100,0 % 0

Other non-current liabilities 1 729 6 465 -73,3 % 6 816

TOTAL NON-CURRENT LIABILITIES 408 016 384 324 6,2 % 441 267

CURRENT LIABILITIES

Interest-bearing liabilities 71 024 133 642 -46,9 % 50 596

Derivative financial instruments 1 146 2 286 -49,9 % 680

Trade and other payables 90 611 81 361 11,4 % 82 855

Income tax liabilities 5 098 8 057 -36,7 % 4 576

TOTAL CURRENT LIABILITIES 167 879 225 346 -25,5 % 138 707

TOTAL LIABILITIES 575 895 609 670 -5,5 % 579 975

TOTAL EQUITY AND

LIABILITIES 930 484 974 591 -4,5 % 918 360

35

Cash flow statement

1-9/ 1-9/ 1-12/

EUR (1 000) 2010 2009 2009

Net cash flow from operating activities 29 501 49 903 76 565

Net cash flow from investing activities -2 769 -14 629 -11 162

Cash flow from financing activities

Change in interest-bearing receivables 100 92 94

Change in finance lease liabilities -28 552 -17 153 -25 806

Change in interest-bearing liabilities 3 389 -51 423 -69 209

Hybrid capital -6 000 49 500 49 500

Acquisition of own shares -500 -2 480

Related-party investments 503

Dividends paid -6 132 -6 132

Net cash flow from financing activities -31 062 -25 616 -53 530

Change in cash and cash equivalents -4 330 9 658 11 873

Cash and cash equivalents at period start 18 520 8 123 8 123

Translation differences 351 -1 629 -1 476

Cash and cash equivalents at period end 14 541 16 152 18 520

36

Segment performance

*) Change over 100%

Change Change

SALES, EUR (1 000) % %

Finland 27 430 23 834 15,1 % 69 181 69 686 -0,7 % 92 067

Sweden 64 839 55 296 17,3 % 177 337 158 302 12,0 % 215 675

Norway 17 023 15 615 9,0 % 49 453 47 108 5,0 % 63 427

Denmark 8 395 9 747 -13,9 % 20 863 27 028 -22,8 % 36 303

Central and Eastern Europe 14 361 11 979 19,9 % 34 073 32 787 3,9 % 44 119

Inter-segment sales -1 693 -1 382 -22,5 % -5 187 -3 637 -42,6 % -4 915

Group sales 130 356 115 089 13,3 % 345 719 331 274 4,4 % 446 676

Change Change

EBITA, EUR (1 000) % %

Finland 6 105 4 291 42,3 % 9 201 7 052 30,5 % 10 704

Sweden 12 332 11 084 11,3 % 26 586 28 197 -5,7 % 36 026

Norway 310 853 -63,7 % -96 3 124 *) 3 995

Denmark -831 -1 571 47,1 % -5 322 -4 471 -19,0 % -8 860

Central and Eastern Europe -1 488 -3 008 50,5 % -10 374 -12 440 16,6 % -17 631

Non-allocated capital gains and other income 5 746 1 031

Non-allocated Group activities -1 304 -2 052 36,5 % -5 308 -5 579 4,9 % -8 013

Eliminations 29 -21 *) -10 17 *) 34

Group EBITA 15 153 9 577 58,2 % 20 422 15 899 28,4 % 17 286

1-12/

2009

7-9/

2010

7-9/

2009

1-9/

2010

1-9/

2009

1-12/

2009

7-9/

2010

7-9/

2009

1-9/

2010

1-9/

2009

37

Modular space order bookOrder book declined slightly from Q2/2010; share of rental increased

*In Q1/2010 there was an external sale of some modules

72,6

77,3 78,582,0

97,693,7

88,9

94,699,2

101,0

111,9

106,8

94,597,5 96,3

102,8

86,1

92,988,7

0

20

40

60

80

100

120Q

1/0

6

Q2

/06

Q3

/06

Q4

/06

Q1

/07

Q2

/07

Q3

/07

Q4

/07

Q1

/08

Q2

/08

Q3

/08

Q4

/08

Q1

/09

Q2

/09

Q3

/09

Q4

/09

Q1

/10

Q2

/10

Q3

/10

Ord

er book (EUR m

)

0 %

10 %

20 %

30 %

40 %

50 %

60 %

70 %

80 %

90 %

100 %

Share

of re

nta

l (% o

f tota

l ord

er b

ook)

Rental Sales Share of rental (% of total order book)