Capital markets day Helsinki, June 14, 2007 Cramo Plc Cramo - - PDF document

Cramo Plc Capital markets day

Helsinki, June 14, 2007

p 2

Cramo capital markets day – Agenda

13.00 Introduction Vesa Koivula, CEO 13.05 Cramo Group overview and vision Vesa Koivula, CEO 13.30 Highlights of Cramo Group strategy Göran Carlson, Deputy CEO Business segment overviews 13.55 Scandinavia Magnus Rosén, SVP 14.25 Finland Tatu Hauhio, SVP 14.45 Coffee break 15.00 Other Europe Jarmo Laasanen, SVP 15.25 Modular space Ossi Alastalo, SVP 15.50 Financial overview, investments, KPIs Martti Ala-Härkönen, CFO 16.15 Summary, Q&A Vesa Koivula, CEO 16.30 Evening program, sailing tour in the Helsinki archipelago, dinner 19.30 Closing

Cramo Plc Capital markets day

Cramo Group overview and vision Vesa Koivula, CEO

Helsinki, June 14, 2007

p 4

Cramo Group overview and vision

• Overview of the Cramo Group
• Cramo Group vision
• Follow-up on the sources of synergy as a result of the RK – Cramo

combination

• Summary
• Appendix: Construction and rental market information

p 5

Cramo Group in brief

Equipment rental Modular space rental and sales Net sales 107,3 MEUR (+28,4 %) EBITA 16,7 MEUR (+69,3 %) EPS, diluted EUR 0,28 (+100,0 %) ~250 depots 10 countries 2.000 (average 1-3/07)

Business segments Key financials Q1 / 2007 Depot network Personnel

• No. of

equipment for rent

Approximately 140.000

Russia Denmark Germany Poland Czech Republic Austria Hungary Slovakia Ukraine Belarus Lithuania Latvia Estonia Norway Sweden Finland Romania Moldova

• St. Petersburg

Founded in 1953 Listed on the Helsinki Stock Exchange since 1988, on the main list since 1998 Modular space as the second business segment since 2000 Acquisition of Cramo on January 1, 2006; Name change to Cramo plc on November 24, 2006

History

Bulgaria Slovenia Croatia Bosnia and Herzegovina Serbia Macedonia Albania

p 6

1953 1975 2005 2000 1990 1995 Local growth

OTC listing (1988) Listing on the Helsinki Exchanges main list (1998) Acquisition of Cramo Group (2006) Acquisition of Suomen Projektivuokraus (2003), internationalisation starts with Russia Estonia and Poland Acquisition of Tilamarkkinat (2000)

Cramo development stages Domestic growth Domestic consolidation / start internationalisation Further international growth € 334 m € 54 m € 17 m € 1 m Sales (€ m)

Company founded (1953) Early 1990s recession

Cramo Group growth history

€ 402 m 2006

p 7

Building machinery Aerials/Forklifts Building site facilities Construction machinery

Our business: Equipment rental and rental-related services

p 8

Our business: Modular space services

p 9

Cramo Group overview and vision

• Overview of the Cramo Group
• Cramo Group vision
• Follow-up on the sources of synergy as a result of the RK – Cramo

combination

• Summary
• Appendix: Construction and rental market information

p 10

A group with long experience in equipment rental

Presently:

RK and Cramo merger, creating: One of the leading equipment rental and modular space service providers in Northern Europe Finland, Sweden, Norway, Denmark, the Netherlands, Estonia, Latvia, Lithuania, Poland, the Czech Republic and Russia

Vision:

To be a top 3 European player and #1 or #2 in each market of presence To be the rental company of choice for all local and international customers in markets of presence To be one of the most profitable companies in rental business

p 11

• Top 3 European player and #1 or #2 in each market of presence
• Customers first choice
• One of the most profitable

Vision Business model Distinctive capabilities Mission Values

• Partnership
• Glocal
• Understanding customer needs
• Service conceptualization
• Innovation leader
• Create shareholder value
• Enhance customers’ competitiveness
• Promote professional growth
• Focused on customer value
• Innovativeness
• Result orientation

Technical and functional expertise Efficient fleet management Personal growth Credibility

Cramo’s vision

Cramo’s vision is to be #1 or #2 in each market of presence

p 12

Cramo Group overview and vision

• Overview of the Cramo Group
• Cramo Group vision
• Follow-up on the sources of synergy as a result of the RK – Cramo

combination

• Summary
• Appendix: Construction and rental market information

p 13

”Low hanging fruits” Value enhancement potential

Facts / Potential

• Combining existing
• perations in Finland,

Estonia and Poland

• Procurement and asset

management benefits, economies of scale

• Fully utilizing

production capacity at Cramo Instant

• Streamlining legal &
• perative structure

TIME

€

Facts / Potential

• Apply best practices
• Growth potential in

Eastern Europe

• Sharing mgt resources

across borders

• Increase of sales and

marketing resources

• Wider use of Cramo

concepts Facts / Potential

• Transition state of the rental

industry – outsourcing and

• ther growth drivers
• Stronger cash flow with the

stronger market position

• Possibilities for future

consolidation 12 months Year 2006 1-3 years Years 2006-2008 3+ years Year 2009-

Impact on strategic position

Minimum synergies 5 MEUR/year from 2007

Synergy road map

Complete In progress Not started *

*Integration in Poland ongoing, timetable moved to coincide with rebranding

1 2 3 4

p 14

Combining existing operations

1

Finland Estonia Poland

Suomen Projektivuokraus Oy Rakentajain Konevuokraamo Oyj* Cramo Suomi Oy

Cramo Finland Oy

Old structure (main entities) Country New structure

RK Ehitustöörist OÛ AS Cramo Estonia

AS Cramo Estonia Cramo Sp.zo.o

(in progress) Säve Sp.zo.o Cramo Sp.zo.o Maropol Sp.zo.o

*Equipment rental operations of RK Oyj.

BENEFITS OF COMBINING OPERATIONS:

• Increased transparency, unified and uniform presence within countries
• Less administration, easier reporting and follow-up

p 15

2005 2006 3/2007 4/2007 Finland 78 62 63 63 Sweden 104 106 105 105 Norway 15 19 22 23 Denmark 9 10 10 10 Other Europe 31 38 43 45 The Netherlands 8 10 10 Total 245 245 253 246

Integration and changes in depot network

Establishing a better geographic balance

Number of depots by region Share of depots by region, 2005 Share of depots by region, 4/2007

Finland 32 % Sweden 42 % Norway 6 % Denmark 4 % Other Europe 13 % The Netherlands 3 % Finland 26 % Sweden 43 % Norway 9 % Denmark 4 % Other Europe 18 %

Divestment of Cramo Nederland B.V. Elimination of

• verlaps in the

Finnish depot network

1

Increase of depot network in Norway, Denmark and Central and Eastern Europe

p 16

• 1. Spot market strategy
• 2. “ABC” brand strategy
• 3. One brand strategy
• 1. Spot market strategy
• Price focus
• Small synergy effects
• Limited learning curve effects
• Total cost of ownership not in focus
• Short term focus
• Limited supplier brand values gaining the

Cramo brand

• Only local effects
• 2. “ABC” brand strategy
• Total cost of ownership in focus
• Long term focus
• Synergy effects between markets
• Direct contacts with OEM:s
• Supplier brand values gaining the Cramo

brand

• Competition between suppliers
• Both local and central effects
• 3. One brand strategy
• Total cost of ownership in focus
• No competition between suppliers leads to

suboptimised performance

• Purchasing synergies
• Unhealthy dependencies
• Only central preferences
• Major learning effects
• Major synergies between markets

Procurement strategy

• ”A” – suppliers: One primary supplier in

each product group with the strongest brand and most competitive offering

• ”B” – suppliers: One-two secondary

supplier(s) in each product group with strong brand and competitive offering

• ”C” – suppliers: Suppliers fulfilling

certain local needs, ie. in areas where A & B suppleirs cannot fulfil demands or alternative is required due to local needs

2

Price increases not realised

p 17

Increased utilization of production capacity

Broader internal market for site huts and modulars 3

20 40 60 80 100 120 140 160 180 200 12/05 01/06 02/06 03/06 04/06 05/06 06/06 07/06 08/06 09/06 10/06 11/06 12/06 01/07 02/07 03/07 04/07 Sales, rolling 12 mo, indexed (12/2005 total sales = 100) Sales, external Sales, internal

Modular space and site hut production value (indexed) Comments

Theoretical maximum capacity => current production capacity utilization ~ 80%

• Cramo Instant’s site hut and

modular space production currently supplies site huts throughout the Nordic markets

• The synergies related to own

production capacity include

– Increased utilization of production capacity, resulting in increased efficiency and cost savings – Reduced dependency on external suppliers, critical in a period of high demand in order to meet customer orders

• The length of the order book

has nearly doubled from the historical 2-3 month level, substantially improving the ability to plan production

Integration, efficiency improvement measures Volume production to

• ther Nordic Countries

started

p 18

Streamlining legal & operative structure

• After the RK – Cramo transaction, several activities have been undertaken

to streamline legal and operative structure and to eliminate any non-

• perative entities deemed redundant
• The activities include

– Combination of operations within markets in which RK and Cramo had

• verlapping operations (described in earlier pages)

– Separation of operations and administration into different entities – Combination of Modular space into a single reporting unit – Concentration of subsidiary ownership into a single entity

4

p 19

Cramo Oyj,

Group functions

Cramo Sverige AB, Sweden Cramo AB, Sweden, Group functions SIA Cramo, Latvia Cramo UAB, Lithuania Cramo Estonia AS, Estonia Cramo Sp.Z.o.o., Poland Cramo A/S, Denmark Cramo Srl, Czech Republic Zao Cramo, Russia Cramo Finland Oy, Finland Cramo Instant AB, Sweden Cramo Instant Oy, Finland Subs Subs

Equipment rental business Modular space business

Targeted final structure of Cramo Group in 2007

Subs

4

Cramo AS, Norway

p 20

Cramo Group overview and vision

• Overview of the Cramo Group
• Cramo Group vision
• Follow-up on the sources of synergy as a result of the RK – Cramo

combination

• Summary
• Appendix: Construction and rental market information

p 21

Summary

• Our vision

– #1 or #2 in each market of presence – Customers’ first choice – One of the most profitable

• After successful integration, we are on track to realize the planned

synergies from the RK Cramo combination

p 22

Cramo Group overview and vision

• Overview of the Cramo Group
• Cramo Group vision
• Follow-up on the sources of synergy as a result of the RK – Cramo

combination

• Summary
• Appendix: Construction and rental market information

p 23

GDP growth 2005 BEUR Growth %

• vs. previous

forecast Growth %

• vs. previous

forecast Growth %

• vs. previous

forecast Finland 157 4,5 % #ARVO! 2,8 % #ARVO! 2,5 % #ARVO! Sweden 288 4,1 % 0,4 % 3,3 % 0,1 % 2,9 % 0,6 % Norway 237 2,1 % 0,8 % 2,9 % 0,4 % 2,8 % 0,1 % Denmark 209 3,5 % 0,7 % 2,3 %

• 0,2 %

2,3 %

• 0,2 %

Poland 244 5,2 % 0,7 % 5,1 % 0,5 % 5,3 % 0,3 % Estonia 11 11,8 % 3,7 % 9,5 % 1,9 % 7,6 % 0,7 % Latvia 13 11,0 % 2,5 % 8,9 % 0,9 % 8,0 % 2,5 % Lithuania 21 8,0 % 1,0 % 6,7 % 0,3 % 6,6 % 0,1 % Russia 620 6,5 % 6,5 % 6,5 % 6,5 % 6,0 % 6,0 % Czech Republic 98 5,6 % 1,3 % 5,0 % 0,6 % 4,8 % 0,4 % Source: Euroconstruct, December 2006 and June 2006 2006E 2007F 2008F

GDP growth in Cramo countries

• 0,3% – +0,3%

+0,4 – +1,0%

• 0,4 – -1,0%

>+1,0% <-1,0% Change vs. previous Euroconstruct estimate

n.a. n.a. n.a.

p 24

Economies in the CEE is growing fast but population is declining

GDP growth Population growth GDP / capita growth

0 % 2 % 4 % 6 % 8 % 10 % 12 % Latvia Estonia Ukraine Lithuania Russia Slovakia Poland Czech Republic Ireland Spain Hungary Sw eden UK Finland Norw ay Denmark Austria The Netherlands Belgium France Portugal Italy Sw itzerland Germany Annual GDP / capita growth 2003-06E 2006E-09E

• 1,0 %
• 0,5 %

0,0 % 0,5 % 1,0 % 1,5 % 2,0 % 2,5 % Latvia Estonia Ukraine Lithuania Russia Slovakia Poland Czech Republic Ireland Spain Hungary Sw eden UK Finland Norw ay Denmark Austria The Netherlands Belgium France Portugal Italy Sw itzerland Germany Annual population growth 2003-06E 2006E-09E 0 % 2 % 4 % 6 % 8 % 10 % 12 % Latvia Estonia Ukraine Lithuania Russia Slovakia Poland Czech Republic Ireland Spain Hungary Sw eden UK Finland Norw ay Denmark Austria The Netherlands Belgium France Portugal Italy Sw itzerland Germany Annual GDP growth 2003-06E 2006E-09E

Countries with current Cramo presence

Source: Euroconstruct, December 2006

p 25

Construction market growth in Cramo countries

• 0,3% – +0,3%

+0,4 – +1,0%

• 0,4 – -1,0%

>+1,0% <-1,0% Change vs. previous Euroconstruct estimate

Poland 23 945 9,9 % 1,0 % 8,5 % 1,3 % 12,0 % 3,7 % Estonia 2 000 20,0 % 6,0 % 13,0 % 3,0 % 8,0 %

• 2,0 %

Latvia 1 650 20,0 % 4,0 % 11,0 % 1,0 % 8,0 %

• 2,0 %

Lithuania 2 100 13,0 % 1,0 % 8,0 %

• 2,0 %

6,0 % 1,0 % Russia 55 000 8,0 % 8,0 % 6,0 % 6,0 % 5,0 % 5,0 % Czech Republic 15 289 5,5 % 0,7 % 4,4 %

• 0,6 %

3,8 %

• 1,5 %

Source: Euroconstruct, December 2006 and June 2006 Construction volumes 2005 MEUR Growth %

• vs. previous

forecast Growth %

• vs. previous

forecast Growth %

• vs. previous

forecast Finland 22 240 4,1 % 0,5 % 1,4 % 0,9 %

• 1,4 %
• 0,5 %

Sweden 21 194 6,9 % 0,1 % 5,5 % 1,1 % 2,1 % 0,7 % Norway 26 396 6,2 % 0,8 % 2,3 %

• 0,3 %

0,3 % 0,2 % Denmark 24 767 2,3 % 0,8 % 0,2 %

• 1,1 %

2,0 % 0,1 % 2006E 2007F 2008F

n.a. n.a. n.a.

p 26

• 4 %
• 2 %

0 % 2 % 4 % 6 % 8 % 10 % 12 % 0,0 1,0 2,0 3,0 4,0 5,0 6,0 7,0 8,0 9,0 Construction / capita (2006E) Average annual change in construction per capita (2006-09E)

Room for substantial further construction growth in the CEE area

Average Western & Northern Europe Average Central & Eastern Europe

IRE NOR SPA FIN DEN SWI SWI AUT UK SWE BEL GER FRA ITA POR EST POL LAT LIT RUS* HUN SLO CZE UKR*

Countries with current Cramo presence Source: Euroconstruct December 2006 *2006-08E

p 27

2003-06E 2006E-08E 2003-06E 2006E-08E 2003-06E 2006E-08E Finland 6,7 % 0,4 % 4,0 %

• 0,5 %
• 0,7 %

0,1 % Sweden 10,2 % 2,9 % 2,5 % 4,3 % 1,8 % 4,5 % Norway 10,6 % 1,7 % 8,0 % 0,0 % 5,6 % 2,7 % Denmark 7,2 %

• 1,0 %

0,3 % 2,4 %

• 1,1 %

4,0 % Poland 5,0 % 7,3 % 5,0 % 4,9 % 11,0 % 18,8 % Estonia 28,5 % 12,5 % 11,0 % 7,5 % 19,1 % 12,5 % Latvia 42,3 % 12,5 % 7,6 % 7,5 % 14,3 % 10,0 % Lithuania 16,2 % 10,0 % 6,2 % 5,0 % 13,5 % 7,5 % Russia n.a. n.a. n.a. n.a. n.a. n.a. Czech Republic 9,7 % 3,2 %

• 1,2 %

3,4 % 13,3 % 5,0 % Civil engineering Non-residential construction Residential construction

Differing growth rates within construction

Differences between the construction subsegments

• Different areas of construction (residential, non-residential, civil engineering) develop in slightly different cycles over time
• Customers have differing equipment needs depending on the type of construction project

Implications for equipment rental

• Construction subsegment growth expectations taken into account in fleet investment and allocation decisions
• Cross-border mobility of rental fleet is important to meet customer needs and reach optimal utilization levels

Flattening or declining market Continuing or increasing growth Construction growth rates (p.a.)

Source: Euroconstruct December 2006

Market growth estimate 2006-08E vs. 2003-06E:

p 28

European equipment rental market

6,0 4,0 3,5 2,3 1,3 0,6 0,6 0,5 0,5 0,4 0,4 0,3 0,3 0,2 0,1 0,0 0,0 1 2 3 4 5 6 UK France Germany Spain Italy Norway Sweden Netherlands Denmark Belgium Finland Austria Switzerland Ireland Poland Hungary Lithuania Total rental turnover 2006 (EUR m)

Total European equipment rental market 2006 = EUR 21,5 billion

Source: European Rental Association best estimates, June 2007

p 29

Equipment rental penetration rate

Source: Cramo estimates, International Rental News

Cramo estimates the Nordic countries to eventually reach a penetration rate of 60%

Rental Penetration Development Rental Penetration Rate

0 % 10 % 20 % 30 % 40 % 50 % 60 % 70 % 80 % 90 % Great Britain Sweden Denmark Norway Finland Baltic Countries Poland Russia (St. Petersburg) Estimated rental penetration rate 0 % 20 % 40 % 60 % 80 % 100 % Great Britain Japan North America Europe (excl. U.K.) Estimated rental penetration rate 2005 2010E

Cramo Plc Capital markets day

Highlights of Cramo Group strategy Göran Carlson, Deputy CEO

Helsinki, June 14, 2007

p 31

Cramo Group strategy

Process Update

• Immediately after the combination of RK and Cramo in early 2006, the

work on the new common strategy commenced

• In August 2006, the strategy was communicated and implementation

started throughout the Group. Business plans were made for each country, aligned with overall Group strategy and vision

• Cramo will perform annual updates and revisions of the Group strategy

– The 2007 update process is currently ongoing – The current strategy is solid and no significant changes are foreseen

• Updated strategy planned to be launched Q3 2007

p 32

From Vision to Actionable Strategy

Key strategic issues 1. Portfolio strategy and geographic market prioritization 2. Customer focus 3. Growth opportunities 4. Profit improvement opportunities 1 2 3 4

p 33

Outcome of portfolio strategy

A dynamic approach

Core areas Emerging core areas Supporting areas Independent areas Finland Sweden Estonia Norway Latvia Lithuania Poland Russia Czech Republic Netherlands Denmark

Core Emerging core Supporting business

Geographical markets

Independent business

Equipment rental Modular Space Rental and sales Industrial halls Modular space production

Business prioritization

Russia Denmark Germany Poland Czech Republic Austria Hungary Slovakia Ukraine Belarus Lithuania Latvia Estonia Norway Sweden Finland Romania Moldova

• St. Petersburg

Bulgaria Slovenia Croatia Bosnia and Herzegovina Serbia Macedonia Albania Belgium Netherlands

1

p 34

From current to new market opportunities

Ongoing investigation of new geographic markets on several fronts

Source: Cramo estimates

Market leader Top 2 player Top 3 player Small player Under investigation No activity currently

Belgium Russia Denmark Netherlands Germany Poland Czech. Rep Austria Hungary Slovakia Ukraine Belarus Lithuania Latvia Estonia Norway Sweden Finland Romania Moldova Slovenia Bulgaria Russia Denmark Netherlands Germany Poland Czech. Rep Austria Hungary Slovakia Ukraine Belarus Lithuania Latvia Estonia Norway Sweden Finland Romania Moldova Slovenia Bulgaria

1

Equipment rental Modular space

p 35

Sales per customer segment (2006) Strategic priorities

• Strong customer relations built on trust,

knowledge and close contact segment in the customer equipment planning and process development

• The total sales driven organization meeting the

customer in a number of ways for prioritized segments – Construction industry – Industry (incl. manufacturing) – Public sector – Professional service

• Structured sales process and segmentation

including an up to date rental system

• CRM applications and data warehouse are

tools making it possible to quickly analyze and respond to changes in customer behavior

Customer focus

Loyal customer base as a result of superior customer relations 2

Construction industry 54 % (58 %) Public sector 17 % (13 %) Households 3 % (4 %) Other 2 % (7 %) Other industry 24 % (18%)

p 36

Site services Erection, cleaning IT, telephony Material handling Education Transports Electrical system Construction equipment Aerial equipment Heating equipment Site huts and

• ffice space

Building machinery Fences, safety, Hoist, container..

Product and customer focus

Construction site demand curve 3

Create and use synergies between product groups

p 37

“Total Solution” concept for equipment rental

Based on a broad product and service offering

Building Machinery Construction Machinery Aerials and Forklifts Cramo Equipment Rental Total Solution Building Site Facilities Product areas Service range Customized rental concepts Construction Site Services Customer Support Business Support

3

p 38

Cramo’s growth strategy

Implementation continues according to plan

• Cramo continues to execute its new growth strategy
• Cramo made three acquisitions around year-end 2006

– UAB Aukstumines Sistemos, Lithuania, acquired in December 2006 – Hamar Liftutleie AS, Norway, acquired in January 2007 – Kongsberg Maskinutleie AS, Norway, acquired in January 2007

• Three new acquisitions made subsequently in the first few months of the year

– The rental assets of Jyväskylän Konevuokraamo Oy, Finland, acquired in March 2007 – Göby Ab, Sweden, a specialist in site huts, work platforms and electricity equipment, acquired in March 2007 – The rental assets of JM-Alltrans Oy, Finland, a specialist in compact construction machinery, acquired in May 2007

• Cramo divested its Dutch subsidiary, Cramo Nederland B.V. in March as part of

the strategy to focus resources on the core Nordic and CEE markets

• The possibility to enter new markets in Central and Eastern Europe is being

investigated

3

p 39

Profit improvement opportunities

Some on-going activities 4

• 1. Improved fleet performance
• 2. Improved financial flexibility
• 3. Group purchasing of non-rental equipment
• 4. Effective pricing
• 5. Management incentive plans aligned with strategic targets

p 40

Cramo Group strategy

Summary

• The current Cramo Group strategy, as formulated during 2006, is built

around the following four strategic issues:

– Portfolio strategy and geographic market prioritization – Customer focus – Growth opportunities – Profit improvement opportunities

• The implementation of the strategy has proceeded according to plan and

focus has been shifted from integration to growth

• Cramo Group is currently performing the annual updating process of the

Group strategy. The outcome will be communicated separately later in the year

Cramo Plc Capital markets day

Equipment rental Scandinavia Magnus Rosén, SVP

Helsinki, June 14, 2007

p 42

Cramo Scandinavia overview

Cramo Scandinavia

Magnus Rosén, SVP

Sales (2006): EUR 241,0 m Employees (2006): 827 Depots (2006): 145

Cramo Sweden

Magnus Rosén

Western Europe

Region South Region West Region East Region North Support functions Cramo Norway Finn Løkken Cramo Denmark Ole Wamsler

Cramo Scandinavia organization Share of Group sales (2006) Share of Group EBITA (2006)

Western Europe 10 % Sweden 44 % Sweden 43 % Western Europe 16 %

p 43

Overview of products and services in Scandinavia

Equipment rental Other services

Scaffolding Electrification Heating

Other services, including

• Long-term rental
• Used machine trading
• Education
• Snow clearance
• Web-based business support

Building machinery Construction machinery Aerials and forklifts Building site facilities

Construction with drivers

p 44

Sales mix

Split by product group and customer segment

Sales by customer segment, 2006 Sales by product group, 2006

Building machinery rentals 33 % Construction machinery rentals 18 % Site set-up infrastructure and services 23 % Aerial and forklift rentals 18 % Merchandise sales and other 8 %

*

*Includes approximately 10% of construction equipment with operators Note: Figures include the Netherlands

Construction industry 59 % Other industry 26 % Public sector 10 % Households 2 % Other 3 %

p 45

Equipment rental operations in Scandinavia

Scandinavia – 137 depots (3/2007) Key activities 2006 - 2007

105 depots (30 franchise) 22 depots 10 depots

• Strengthening of sales organisation
• Implementation of one major repair

center in Sweden for building machinery

• Development and integration of a new

rental system

• Further investments in the most

demanded and profitable product areas to secure full deliveries to customers

• Opening of 5 greenfield depots in

Norway, 3 in Denmark and 3 in Sweden

• Acqusitions needed for more market

share in Norway and Denmark in particular, but also in Sweden mainly in order to secure the markets in the major cities

• Keep focus on cost levels in each and

every depot

p 46

Financial performance

Equipment rental Sweden

Quarterly sales, 2005-07 Quarterly EBITA, 2005-07

29,7 37,9 39,4 38,6 36,6 42,2 44,3 51,6 46,6 10 20 30 40 50 60 Q1 Q2 Q3 Q4 Quarterly sales (EUR m) 2005 2006 2007 1,3 5,4 7,3 6,0 6,5 6,8 10,6 12,0 9,9 2 4 6 8 10 12 14 Q1 Q2 Q3 Q4 Quarterly EBITA (EUR m) 2005 2006 2007

Y-o-Y growth

06/05 +11,4%

Y-o-Y growth

07/06 +12,3% +33,8% +23,2% +27,3%

EBITA % 2006

16,0% 24,0% 23,2% 17,8%

EBITA % 2007

21,1%

p 47

Financial performance

Equipment rental Western Europe

Quarterly sales, 2005-07 Quarterly EBITA, 2005-07

10,2 12,7 13,3 15,3 14,3 16,0 17,5 18,6 19,0 2 4 6 8 10 12 14 16 18 20 Q1 Q2 Q3 Q4 Quarterly sales (EU R m) 2005 2006 2007

• 0,9

0,4 0,8 1,1 1,0 1,8 2,4 3,3 1,6

• 2
• 1

1 2 3 4 Q1 Q2 Q3 Q4 Quarterly EB ITA (EUR m) 2005 2006 2007

Y-o-Y growth

06/05 +26,2%

Y-o-Y growth

07/06 +31,6% +21,8% +39,5% +33,3% / +40,7%*

EBITA % 2006

11,2% 13,9% 17,6% 6,7% / 8,0%*

EBITA % 2007

8,6% / 9,0%*

*Excluding the divested Netherlands operations

p 48

Key market trends

Construction market trends Construction growth indicators

• After a 12% increase in the volume of construction investments

in 2006, Sveriges Byggindustrier** forecasts a continuing but slower growth in 2007, at approximately 7% – Residential construction in Sweden is expected to continue to develop strongly in 2007, but focus is expected to shift increasingly to non-residential by 2008

• In Norway, the residential market has developed strongly in the

beginning of the year. Non-residential and civil engineering are expected to gain share in the future

• The Danish market is performing strongly overall, except for

residential construction in the Copenhagen area, which is experiencing a decline. Non-residential segment is strong.

Equipment rental trends

• General increase of rental penetration expected to continue but

at lower pace

• Building companies internal capacity is fully used which will

drive rental of equipment

• The lack of machines for construction companies, especially for

site huts and cranes impacts the market

*Euroconstruct, December 2006 **BI, Confederation of Swedish Contruction Industries, April 2007 ***Statistics Norway ****Statistics Denmark

5,5 % 7,0 % 2,3 % 22,0 % 0,2 % 18,6 % 0 % 5 % 10 % 15 % 20 % 25 % Sweden - Euroconstruct construction value growth estimate for 2007* Sweden - Revised BI construction value growth estimate for 2007** Norway - Euroconstruct construction value growth estimate for 2007* Norway - Construction sector turnover growth in Q1/07 vs. Q1/06*** Denmark - Euroconstruct construction value growth estimate for 2007* Denmark - Construction sector turnover growth in Q1/07 vs. Q1/06**** Change %

p 49

Competitive position in Sweden

Company Market position* Company type Coverage

General rental National, 105 depots Cramo 1. General rental National, 48 depots Ramirent 2. PEAB’s internal rental Lambertsson 3. Skanska’s internal rental Skanska 4. General Rental Southern Sweden, 7 depots Hyrman 5. Access equipment specialist Stavdal 6. Southern and Central Sweden

* Cramo management estimate of the market positions on the general equipment rental market.

Cramo is a strong # 1 on the Swedish equipment rental market

p 50

Competitive position in Norway

Company Market position* Company type Coverage

General rental National 37 Depots Bautas (Ramirent) 1. General rental National 21 Depots UCO 2. General Rental Cramo 3. Site hut specialist, turning into generalist Malthus 4. National 22 Depots National 12 Depots Cramo is a strong follower at # 3 position on the Norwegian equipment rental market

* Cramo management estimate of the market positions on the general equipment rental market.

p 51

Competitive position in Denmark

Company Market position* Company type Coverage

Crane and access equipment specialist National 7 Depots BMS 1. General rental National 16 Depots Ramirent 2. General rental Ajos 3. General rental National 8 Depots DNE 4. General rental National 6 Depots JJ Maskin 5. General rental Cramo 6. National 10 depots National 3 Depots Cramo is ~# 6 on the Danish equipment rental market

* Cramo management estimate of the market positions on the general equipment rental market.

p 52

Opportunities and challenges in Scandinavia

Opportunities Challenges

• Be the largest total solution provider

in Scandinavia

• Increase the depot network in

Denmark and Norway, both by

• rganic and acqusition-based growth
• Growth potential in rental-related

services

• Be the leading rental company in

environmental issues in order to meet customers’ demands and certifications

• Be one of the 2 largest rental

companies in Denmark and Norway

• Further strengthen the position as the

largest rental provider in Sweden

• Increase market share in Stockholm,

Gothenbourg and Malmo

p 53

Strategic priorities and targets

• Pursure growth

– Strenghen the structured sales process with well-defined roles, responsibilities, activities and metrics to pursue strong organic growth – Pursue tactical acqusitions and outsourcing deals to further accelerate growth

• Excel in fleet management

– Define, monitor and drive the rental fleet and depots to meet performance targets – Implement one national Building Machinery Repair Center

• Improve profit

– Further develop effective pricing and discount policy – Prioritize investments to product areas where the profitability opportunities are greatest – Sharp cost control and defined KPIs Strategic priorities Targets

• Grow in a balanced

manner into a market leadership position (Scandinavia)

• Grow both through
• rganic measures as

well as outsourcing and acquisitions

• Improve profitability

and return on investment

p 54

Scandinavia customer case example No. 1:

Kiruna LKAB

• Cramo is helping to construct a new iron

pellets factory for LKAB in Kiruna.

• Cramo’s contract includes the rental of

machines and equipment to NCC, PEAB and subcontractors.

• Temporary depot established with a

large sortiment of building machinery.

• Products / services offered

– Site huts – 300 units – Project offices – 80 modulars – Access equipment – about 120 units – Heavy scaffolding – 800 tons – Logistics of incoming material – Responsibility regarding heating

• Depot open 7 days a week from 06:00

to 18:00 and also 24 hour on-duty support

• Project extends from 2005 into 2008

p 55

Scandinavia customer case example No. 2:

JM

• Cramo is helping JM, the fourth largest construction company in

Sweden in all of its equipment rental needs

• Cramo made an equipment fleet outsourcing deal in 2000 with JM

– Cramo delivers all equipment in use by JM

• JM is a demanding customer with a high focus for example on

environmental consciousness – Cramo must be able to offer superior customer service and be at the forefront of environmental issues.

p 56

Equipment rental Scandinavia – Summary

• Although construction growth is expected to level off somewhat

compared to 2006, the positive market position is expected to continue

• Continuous focus in efficient fleet management and in further

developing the customer-driven organisation

• Be a forerunner in further developing rental concepts and services
• Targets:

– Strengthen the market leadership position in Sweden, while growing into #1 or #2 position in Norway and Denmark – Improve profitability especially in Norway and Denmark

Cramo Plc Capital markets day

Equipment rental Finland Tatu Hauhio, SVP

Helsinki, June 14, 2007

p 58

Cramo Finland overview

Cramo Finland

Tatu Hauhio, SVP

Sales (2006): EUR 60,2 m Employees (2006): 449 Depots (2006): 62

Equipment rental

Olli Heire

Site services

Mika Helenius

District South District East District West District Middle District North-West District North Diamond sawing & drilling Drying & heating Floor grinding and milling Electrification

Cramo Finland organization Share of Group sales (2006) Share of Group EBITA (2006)

Finland 15 % Finland 13 %

Finance

Pirjo Wuorenheimo

Support

Scaffolding Concrete placing

p 59

Overview of products and services in Finland

Equipment rental Site services

Drying & Heating Scaffolding Electrification Diamond drilling Floor grinding and milling Concrete placing Other services, including

• Dust control
• Infrared photography
• Assembly

Building machinery Construction machinery Aerials and forklifts Site infrastructure

p 60

Sales mix

Split by product group and customer segment

Sales by customer segment, 2006 Sales by product group, 2006

Construction industry 60 % Other industry 7 % Public sector 7 % Households 18 % Other 8 % Building machinery rentals 16 % Construction machinery rentals 2 % Site set-up infrastructure and services 33 % Aerial and forklift rentals 28 % Merchandise sales and other 21 %

p 61

Equipment rental operations in Finland

Finland – 63 depots (3/2007) Key activities 2006 - 2007

• Integration of RK, SPV and Cramo Suomi
• Launch of the new Cramo brand in Finland
• Equipment rental operations transferred to

Cramo Finland Oy

• Two acquisitions (asset transfers) in 2007

– Jyväskylän Konevuokraamo – JM-Alltrans

• Heating installation rolled out to the whole

country

• Electrification services being started up
• Sales process and sales training for the

whole personnel dealing with customers

• Specific focus area: Other industry sales

63 depots (5 franchise)

p 62

Financial performance

Equipment rental Finland

Quarterly sales, 2005-07 Quarterly EBITA, 2005-07

11,1 14,9 16,6 14,5 12,6 15,3 16,6 15,8 14,8 2 4 6 8 10 12 14 16 18 Q1 Q2 Q3 Q4 Quarterly sales (EU R m) 2005 2006 2007

• 0,2

3,0 4,9 2,1 0,6 3,5 4,4 1,9 1,2

• 1

1 2 3 4 5 6 Q1 Q2 Q3 Q4 Quarterly EB ITA (EUR m) 2005 2006 2007

Y-o-Y growth

06/05 +2,5%

Y-o-Y growth

07/06

• 0,4%

+8,4% +13,5% +18,0%

EBITA % 2006

22,6% 26,4% 12,3% 4,8%

EBITA % 2007

8,0%

p 63

Key market trends

Construction market trends Residential vs. non-residential constr.

• Year 2006 marked a third consecutive year of solid construction

growth in Finland

• Estimates for construction in 2007 differ: Euroconstruct 1,4%

growth rate; RT* updated its growth forecast to 3,5% in April

• Residential construction growth is expected to stabilize in 2007

– Highest growth period expected to be over – Strong economy and migration keep up a good level of activity

• Non-residential construction is expected to continue developing

favourably in 2007, driven by office and storage buildings

• New construction growth rate expected to decline due to

residential construction and civil engineering, but renovation activity expected to develop favourably

Equipment rental trends

8,7 % 7,5 % 5,5 % 7,1 % 0,8 %

• 5,5 %

0,9 % 7,0 % 4,4 % 2,9 %

• 8 %
• 6 %
• 4 %
• 2 %

0 % 2 % 4 % 6 % 8 % 10 % 2003 2004 2005 2006E 2007F Year-on-year change in construction output Residential construction Non-residential construction

New construction vs. renovation

• 0,6 %

3,4 % 6,5 % 4,9 % 0,8 % 2,9 % 3,2 % 2,4 % 2,9 % 2,3 %

• 1 %

0 % 1 % 2 % 3 % 4 % 5 % 6 % 7 % 2003 2004 2005 2006E 2007F Year-on-year change in construction output New construction Renovation

• Growth in equipment rental expected to remain higher than in

the construction industry

– Rental penetration rates are increasing moderately – Rental-related services expected to continue growing

Office buildings +23% Storage buildings +7% Source: Euroconstruct, December 2006 *RT, Confederation of Finnish Contruction Industries, change in total construction volume RT*: +3,5% in 2007

p 64

Competitive position in Finland

Company Market position* Company type Coverage

General rental National, 94 depots Ramirent 1. General rental National, 63 depots Cramo 2. Scaffolding specialist 6 depots across the country Telinekataja 3. Lifting equipment specialist 13 depots across the country Pekkaniska 4. General rental 4 depots around Tampere, 1 in Lahti and 1 in Tuusula Hämeen Rakennuskone 5. General rental Vatupassi 6. 4 depots in Eastern Finland and 1 in Espoo Cramo is a strong # 2 on the Finnish equipment rental market

* Cramo management estimate of the market positions on the general equipment rental market

p 65

Opportunities and challenges in Finland

Opportunities Challenges

• Inorganic growth opportunities exist

– Outsourcing of machine fleets held by construction companies – Acquisitions of local / regional equipment rental companies

• Growth potential in rental-related

services, including

– Electrification – Scaffolding

• Possibility to improve rental utilization

rates

– Increased focus on fleet management

• Construction market growth may

stabilise somewhat after several good years

– Residential construction showing signs of slowing down – Healthy increases in commercial construction off-setting weakening residential segment

• In the current positive market

environment, construction companies tend to also build up own equipment fleet

– Limits the growth of rental penetration

p 66

Strategic priorities and targets

• Grow and increase market share

– Both organically and through selected acquisitions – Grow in rental-related services by improving the service offering – Complete the rental product offering

• Implement world-class fleet management

– Create a hub structure – Implement fleet management / optimization projects – Take advantage of cutting-edge technologies which facilitate fleet management, such as RFID and GPS

• Improve customer orientation

– Roll out a new sales process – Roll out a new employee competence development model – Develop segment-based offerings Strategic priorities Targets

• Improve profitability

from year 2006 level

• Solid growth both

through organic measures as well as

• utsourcing and

acquisitions

• Increase market share

p 67

Finland customer case example:

Peab-Seicon

• Cramo Finland has a long relationship with Peab Seicon

– In 2006, Cramo and Peab Seicon deepened their business relationship within equipment rental in order to achieve a streamlined rental process and efficient equipment deliveries

• 2006 Peab Seicon and Cramo agreed on a new delivery model already

applied in Sweden – In April 2006, Cramo bought Peab Seicon’s equipment in Northern Finland and became their only rental equipment supplier in the area – In Southern Finland, Cramo is the sole supplier for Peab in addition to their own machinery fleet

• The agreement is in place for 5 years

p 68

Equipment rental Finland – Summary

• After 2006 integration work Finland is now back on the growth path

– Growth faster than the market – Two acquisitions completed in early 2007, further targets investigated – Profitability improving

• Improved customer orientation

– New sales process – Training for personnel – Marketing efforts on specific segments

• New products and services introduced, for example

– Electrification – Compact construction equipment

• Focus on fleet management

– Improving utilization rates – Investigating and piloting new technologies

Cramo Plc Capital markets day

Equipment rental Other Europe Jarmo Laasanen, SVP

Helsinki, June 14, 2007

p 70

Equipment rental other Europe overview

Other Europe

Jarmo Laasanen, SVP

Sales (2006): EUR 38,4 m Employees (2006): 358 Depots (2006): 38

Cramo Estonia Ivar Valdmaa Cramo Latvia Uldis Rungevics Cramo Lithuania Darius Norkus Cramo Poland Bernard Michalczewski ZAO Cramo (St. Petersburg) Alexander Pigoltsin

Equipment rental Other Europe organization Share of Group sales (2006) Share of Group EBITA (2006)

Business development Maropol Cz s.r.o. (Czech Republic) Bogdan Lenda

Other Europe 9 % Other Europe 15 %

p 71

Overview of products in Other Europe

Equipment rental

Building machinery Aerials Building site facilities Construction machinery

p 72

Sales mix

Split by product group and customer segment

Sales by customer segment, 2006 Sales by product group, 2006

Construction industry 91 % Households 3 % Public sector 3 % Other industry 2 % Other 1 %

Building machinery rentals 45 % Construction machinery rentals 8 % Site infrastructure and setup services 15 % Aerial and forklift rentals 25 % Merchandise sales and other 6 %

p 73

Equipment rental operations in Other Europe

Other Europe – 43 depots (3/2007) Key activities 2006 - 2007

• St.Petersburg prepared to catch the growth

– New management and sales in place – Investments more than doubled – Second depot will be opened this summer

• Estonia integrated and gaining more growth

– Solid market leadership position – Asset purchase from B&MM in Tallinn completed, one more depot added

• Latvian depot network has grown through

greenfield so far

• Lithuania achieved market leadership

– Acquisition of Aukstumines Sistemos completed – Coverage more than doubled to 11 depots in six months, heavy equipment HUB started – Company winning market continuously

17 depots 4 depots 10 depots 10 depots 1 depot 1 depot

p 74

Equipment rental operations in Other Europe

Other Europe – 43 depots (3/2007) Key activities 2006 - 2007

• Poland integration and development proceeding

– Access equipment rental market leadership position achieved – Maropol operation (acquired 03/2006) integrated into Cramo Access division (Säve) – Three new depots opened in 2007 so far – Integration of three companies started

• Czech market opened by Maropol acquisition

– New access equipment depot established, new big projects awarded (e.g. Hyundai) ____________________________________________

• Cramo Rebranding progressing in all countries

– Particular impact in St. Petersburg and Poland

• Expansion opportunity search in existing and new

markets ongoing

• Equipment investment levels increased from 2006

significantly in all CEE markets

17 depots 4 depots 10 depots 10 depots 1 depot 1 depot

p 75

Financial performance

Equipment rental Other Europe

Quarterly sales, 2005-07 Quarterly EBITA, 2005-07

3,7 5,0 6,9 7,4 6,3 9,0 11,4 11,7 10,8 2 4 6 8 10 12 14 Q1 Q2 Q3 Q4 Quarterly sales (EU R m) 2005 2006 2007 0,8 1,1 2,2 2,0 0,9 2,0 4,5 4,6 2,7 1 2 3 4 5 Q1 Q2 Q3 Q4 Quarterly EB ITA (EU R m) 2005 2006 2007

Y-o-Y growth

06/05 +80,4%

Y-o-Y growth

07/06 +65,2% +57,1% +71,2% +71,5%

EBITA % 2006

22,2% 39,3% 39,3% 14,5%

EBITA % 2007

25,1%

p 76

Key market trends

Construction market trends Construction growth rates

• Year 2006 was a year of strong construction growth in all

CEE markets where Cramo operates

• In St. Petersburg, construction is expected to develop

strongly – Residential segment still strong – Major commercial/industrial projects announced and underway, including several automotive factories

• Poland continues strong growth

– Lot of civil engineering projects underway – Residential construction increasing

• EU funding in the new EU member countries facilitates

the financing of construction projects

• Cramo is watching potential overheating in the Baltics

– Latvian government taking action to cool down the economy

Equipment rental trends

• Demand for equipment rental in the CEE area is boosted

by the strongly growing construction segment

• Particularly the presence of international construction

firms increasing the usage of rental – Western companies more used to equipment rental

• Equipment rental penetration rate is increasing in all

markets within CEE

Source: Euroconstruct, December 2006

30,0 % 40,0 % 15,0 % 4,4 % 7,1 % 8,0 % 15,0 % 15,0 % 10,0 % 5,2 % 5,4 % 6,0 % 0 % 20 % 40 % Estonia Latvia Lithuania Poland Czech Republic Russia* 2006E 2007F

Residential Non-residential

30,0 % 15,0 % 15,0 % 18,7 % 10,0 % 8,0 % 15,0 % 10,0 % 10,0 % 17,3 % 5,9 % 6,0 % 0 % 10 % 20 % 30 % a a a d c * 2006E 2007F 10,0 % 10,0 % 10,0 % 7,2 % 8,0 % 10,0 % 10,0 % 5,0 % 3,0 % 2,0 % 6,0 % 0 % 5 % 10 % 2006E 2007F

• 0,3%

Civil engineering

p 77

Competitive position in Other Europe (1/3)

Company Market pos.* Company type Coverage

General rental 17 depots across the country Cramo 1. General rental 13 depots across the country Ramirent 2. Construction machinery specialist 1 depot Kaurits 3. General rental 17 depots across the country Ramirent 1. General rental 8 depots in major cities STATS 2. General rental Cramo 3. 3 depots in Riga and 1 in Liepaja Cramo is a strong # 1 in Estonia and # 3 in Latvia

* Cramo management estimate of the market positions on the general equipment rental market.

Estonia Latvia

p 78

Competitive position in Other Europe (2/3)

Company Market pos.* Company type Coverage

General rental 10 depots across the country Cramo 1. General rental 8 depots across the country Ramirent 2. General rental and sales 3 depots Kurt Koenig 3. General rental 25 depots across the country Ramirent 1. Construction machinery specialist 14 depots across the country Bergerat M. (CAT) 2. General rental Cramo 3. 10 depots across the country Cramo is # 1 in Lithuania and # 3 in Poland

* Cramo management estimate of the market positions on the general equipment rental market.

Lithuania Poland

p 79

Competitive position in Other Europe (3/3)

Company Market pos.* Company type Coverage

General rental 3 depots Ramirent 1. General rental 1 depot Cramo 2. Powered access rental 1 depot Pekkaniska 3. Cramo is # 2 in St. Petersburg

* Cramo management estimate of the market positions on the general equipment rental market.

• St. Petersburg

p 80

Opportunities and challenges in Other Europe

Opportunities Challenges

• Increased investments in all the Baltic

countries and Poland to boost our growth and to strengthen our market position

• Good development in the Czech continues
• Rebranding Cramo in Q2 gives good

market visibility

– Increased sales activities in St. Petersburg and Poland

• Large demand for site huts continues in all

markets

• Market window is open in Russia

– Organisation strengthened and investments increased – Second depot will be opened during 2007 in

• St. Petersburg

– Entries planned into new Russian cities

• New general rental depots opened in 2007

– 3 in Poland – 4 in Baltics

• New markets under study
• Competition increasing in certain countries

– Possible impact on price levels

• Lack of good acquisition candidates

constraining growth through acquisitions

• Low rental penetration rates

– Knowledge and acceptance of the benefits

• f rental limited in some areas

– Inefficient and unsafe working methods still acceptable to some extent, but not for long

• Ability to find good, motivated resources

– Salary levels increasing quickly

p 81

Other Europe customer case example 1:

MEGA-IKEA, Saint Petersburg

• CRAMO Business:

– Total rented equipment 250 units – Total rental revenue > 660.000 US dollars – Rental agreements with 12 customers who worked in this project

• Main contractor

Renaissance Construction

• Russian and Turkish

subcontractors

• The best known shopping mall in Saint Petersburg

– Project investment – 500 million US dollars – Shopping area – 220.000 square meters: IKEA, OBI, ASHAN

p 82

Other Europe customer case example 2:

ProLogis logistic centres, Wroclaw and Chorzów, POLAND

• ProLogis is the world’s largest owner,

manager and developer of distribution facilities

– More than 40 million square meters of industrial space in 103 markets across NA, Asia and Europe

• CRAMO relationship:

– Since many years the market leader SAVE Sp. z o.o. has participated in ProLogis projects in Poland – Continuous delivery of access equipment in volumes to the customer and its subcontractors

p 83

Equipment rental Other Europe – Summary

• Favourable business environment expected to continue
• CEE area is expected to experience sustained, strong growth
• Excellent opportunities to increase market share in Central and

Eastern Europe

• The whole Group CEE organisation is tuned to look for growth,

supported by group management and support functions

• Main targets

– To maintain strong profitable growth – To become in #1 or #2 in each of the CEE markets entered – To enter into new growth markets within CEE – To be the first choice rental company to our customers – Continue to be the best rental company to work for

p 84

Key to success: Cramo Other Europe Team

With a Passion to grow !

Cramo Plc Capital markets day

Modular space Ossi Alastalo, SVP

Helsinki, June 14, 2007

p 86

Cramo Modular Space overview

Cramo Modular Space

Ossi Alastalo, SVP

Sales (2006): EUR 65,5 m Employees (2006): 194 Locations (2006): 13

Rental Production

Cramo Instant Finland Cramo Master manufacturing plant Parmaco manufacturing plant

Cramo Modular Space Organization Share of Group sales Share of Group EBITA

Cramo Instant Sweden Modular space 16 % Modular space 18 %

Modular Space Management Group

Ossi Alastalo Camilla Hensäter Jan Lundberg

Cramo Instant Denmark Cramo Instant Norway

p 87

Overview of products and services

Modular Space

Related services, such as facilities management, customer support and architectural design services

Schools Offices Day care and care homes Manufacture and sales of site huts and halls

p 88

Sales split by application group and customer segment

Sales by customer segment, 2006 Sales by application group, 2006

Construction industry 9 % Industry 46 % Public sector 45 % Rental 74 % Selling halls 11 % Selling modules 15 %

Sales of site huts and modules Sales of halls Rental of modules 74%

p 89

Operations in the Nordic countries

Cramo Modular Space – 13 locations Key activities 2006 - 2007

• New business structure for modular space
• Increased co-operation between units

– Benchmarking, best practises – Development of new common fleet

• Development of new rental services and

concepts

• Improved utilization rate, resulting in

improved profitability

• Increased manufacturing capacity
• Re-organization of manufacturing to better

serve rental business

• Increased sales of halls
• Intensifying operations in Norway and

Denmark

Sales offices, depots and factories

p 90

Financial performance

Quarterly sales, 2005-07 Quarterly EBITA, 2005-07

12,8 15,1 13,8 16,6 14,2 15,5 16,7 19,2 17,8 5 10 15 20 25 Q1 Q2 Q3 Q4 Quarterly sales (EUR m) 2005 2006 2007 2,8 3,2 3,4 3,6 2,8 2,9 4,5 4,7 4,8 1 2 3 4 5 Q1 Q2 Q3 Q4 Quarterly EBITA (EUR m) 2005 2006 2007

Y-o-Y growth

06/05 +2,4%

Y-o-Y growth

07/06 +21,2% +15,1% +11,0% +25,5%

EBITA % 2006

18,9% 27,0% 24,8% 19,6%

EBITA % 2007

26,7%

p 91

Key market trends

Summary of markets Order Book

Population (Mln.) GDP (Bln. €) Estimated market size (Mln. €) Finland 5,2 164,5 15 Sweden 9,1 300,1 65 Norway 4,7 241,6 25 Denmark 5,4 215,8 20 Baltic countries 7,2 44,5

• Poland

38,5 256,3

• Modular Space rental trends
• Growth and ”creation” of market due to pro-active

approach to marketing and sales

• Effects of globalization visible

– Personnel in customer organizations moving from ”blue collar” to ”white collar” – Migration to larger cities and towns continues, need for flexible space solutions increases in both ends

• Changes in demographic structure, large portion of

population in need of secure accomodation and care- home services

• Need for flexibility increases in use of facilities

24,2 65,7 69,9 70,2 74,5 87,2 6,9 7,0 7,5 8,3 10,4 7,5 77,9 % 90,4 % 90,4 % 89,5 % 90,9 % 89,4 % 20 40 60 80 100 120 12/05* 3/06 6/06 9/06 12/06 3/07 Order book (EUR m) 0 % 10 % 20 % 30 % 40 % 50 % 60 % 70 % 80 % 90 % 100 % Share of rental (% of total order book) Rental Sales Share of rental

*RK figure

p 92

Modular Space – Nordic countries

Country/competitors Our position* Our offering Our coverage

1. Cramo’s Modular Space is #1 in the market in the Nordic countries

* Cramo management estimate of the market positions on the modular space rental market.

FINLAND: Marginal competitors mainly focusing on sales operations SWEDEN: Temporent Expandia Indus NORWAY: Indus Temporent Malthus DENMARK: Temporent Bilsby

1. 2. 3.

Customized buildings Rental of modular space Manufacturing Rental of standardized modular space systems Rental of standardized modular space systems Rental of standardized modular space systems National: 1 office 2 manufactures National: 6 sales offices 1 ware house 1 depot National: 1 sales office 1 depot National: 1 sales office

p 93

Opportunities and challenges in Modular Space

Opportunities Challenges

• Organic growth

– New applications – Increased penetration rate

• Creating markets,

conversion – Profiling business as a service

• Developed product-service

potfolio

• New markets

– Baltic countries, Poland etc.

• Acquisitions
• Increased co-operation between units

– Benchmarking, best practises – Development of new common fleet

• Fullfilling all technical requirements

regarding building permits etc.

• Organisation

– Creating a coherent culture within Modular Space – Fully utilising best practices

p 94

Strategic priorities and targets

• Increase rental business

– Create new markets, conversion of customers – Increase share of existing markets – Gradually reduce module sales to customers replaced by rental contracts – Development of product and service offering to different segments

• Content of product/service portfolio
• Efficient fleet management

Strategic priorities Targets

• Realise sustained

profitable growth

• Keep the current

market position

• Create new markets
• Create new customer

value

p 95

Modular Space customer case example No. 1:

Nycomed - Denmark

• Cramo Instant in Denmark solved office

space problems of Nycomed Denmark A/S, the Danish subsidiary of a large international pharmaceuticals company

• Nycomed currently rents two modular office

buildings consisting of

• A total of 96 modules
• 2,600 sqm of office space
• First contract was signed in 2001 and the

contracts are expected to expand into 2008

p 96

Modular Space customer case No. 2 :

Kongsberg - Norway

• Cramo Instant in Norway solved office space

shortage problems of Kongsberg Næringspark AS, which is responsible for all real estate matters and maintenance for the Kongsberg Group.

• In total, Kongsberg Næringspark AS rents

currently three office buildings from Cramo Instant

– Currently 164 modules – The latest project with 96 modules is being assembled – 7,000 sqm of office space

• Contract periods vary between 24 and 60

months.

p 97

• In 2006, Cramo Instant’s project team in

Stockholm helped Uppsala Municipality to fulfil the demand for schools

• Two new pre-schools were assembled

– Consisting of 100 modules – Hosting approximately 300 children and pre- school teachers.

• Along with these new projects, Uppsala is also

renting another six modular buildings used for school and pre-school premises, i.e. 224 modules in total (6,700 sqm).

• Uppsala Municipality is now one of Cramo's

largest modular space customers in Sweden.

• Most contracts were signed for 60 months and

will not be returned until 2011-2012.

Modular Space customer case No. 3 :

Uppsala Municipality - Sweden

p 98

• Cramo Instant in Finland helped the

Department of Social Services in Helsinki to solve the following problems

– Housing for elderly people during a major renovation at the Kustaankartano care-home facility – Flexible way of obtaining more space for the rapidly growing number of occupants

• 1,600 sqm of Cramo Instant Patina-system

buildings were assembled.

– Fully equipped for use with bedpatients and connected with other buildings in the area.

• The first rental contract for 5 years was signed

in march 2003.

– Contract extended by 10 years in March 2007, currently ending in 2018 – Another 5 years as an option for the customer.

Modular Space customer case No. 4 :

City of Helsinki - Finland

p 99

Modular Space – Summary

Modular Space – Powering your business

• Rental of flexible space; just tell us when, where and for how long?
• Wide-range product/service portfolio for different kinds of needs
• Frees up customers’ capital and assets to core business and activities
• Target: Sustained profitable growth in the Nordics, evaluation of potential

entry into the CEE area

Cramo Plc Capital markets day

Financial overview, investments and KPIs Martti Ala-Härkönen, CFO

Helsinki, June 14, 2007

p 101

Financial overview, investments and KPIs

• Review of Q1 2007 financial performance
• Current focus areas in Cramo financial management

– Investments – KPIs – steering of rental business – Cramo business risk management approach

• Summary
• Appendix: Detailed Q1 2007 financials

p 102

67,2 85,0 89,7 92,4 83,6 96,7 105,5 116,6 107,3 20 40 60 80 100 120 140 Q1 Q2 Q3 Q4 Quarterly sales (EUR million) 2005 pro forma 2006 actual 2007 actual

Cramo quarterly sales development

Accelerating growth in Q1/2007

+28,4% Y-o-Y growth

07/06

Y-o-Y growth

06/05

+24,4% +13,9% +17,6% +26,2%

p 103

2,9 11,9 17,6 8,4 9,8 15,1 25,0 22,9 16,7 5 10 15 20 25 30 Q1 Q2 Q3 Q4 Quarterly EBITA (EUR million) 2005 pro forma 2006 actual 2007 actual

Cramo quarterly EBITA development

Improving profitability in Q1/2007

4,3%

EBITA %

11,8% 14,0% 15,6% 19,7% 23,7% 9,0% 19,7% 15,5%

p 104

Quarterly EPS performance (diluted)

EPS doubled in Q1/2007 compared to Q1/2006

Note: 2003-05 RK EPS, 2006 RK Cramo EPS. 2003-04 based on Finnish GAAP, 2005-07 IFRS.

0,07 0,12 0,21 0,16 0,07 0,13 0,24 0,11 0,08 0,21 0,34 0,17 0,14 0,31 0,43 0,49 0,28 0,00 0,10 0,20 0,30 0,40 0,50 0,60 Q1 Q2 Q3 Q4 Quarterly diluted EPS (EUR) 2003 2004 2005 2006 2007

p 105

Gearing 2006-07 Equity ratio 2006-07

Capital structure

Balance sheet improving despite continuing investments for growth

116,9 % 124,0 % 115,8 % 104,6 % 106,9 % 0 % 20 % 40 % 60 % 80 % 100 % 120 % 140 % Q1 Q2 Q3 Q4 Gearing % 2006 2007 37,1 % 35,2 % 37,0 % 38,2 % 39,1 % 0 % 5 % 10 % 15 % 20 % 25 % 30 % 35 % 40 % 45 % Q1 Q2 Q3 Q4 Equity ratio % 2006 2007

p 106

Financial overview, investments and KPIs

• Review of Q1 2007 financial performance
• Current focus areas in Cramo financial management

– Investments – KPIs – steering of rental business – Cramo business risk management approach

• Summary
• Appendix: Detailed Q1 2007 financials

p 107

Gross CapEx 2005-07 Gross CapEx / EBITDA & Depr. 2005-07

Capital Expenditure

The impact of new growth strategy reflected in investments

16,6 29,4 19,1 27,1 27,6 28,8 28,5 27,7 40,8 5 10 15 20 25 30 35 40 45 Q1 Q2 Q3 Q4 Quarterly gross capital expenditure (EUR million) 2005 2006 2007 0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07 Quarterly gross CapEx to depreciation or EBITDA Gross CapEx / EBITDA Gross CapEx / Depreciation

p 108

Financial overview, investments and KPIs

• Review of Q1 2007 financial performance
• Current focus areas in Cramo financial management

– Investments – KPIs – steering of rental business – Cramo business risk management approach

• Summary
• Appendix: Detailed Q1 2007 financials

p 109

• ROI / ROCE
• Growth
• Time utilization
• Financial utilization
• Cash flow
• Gearing

Cramo’s key KPI’s and relevance at different

• rganisation levels

KPI’s Group OPCO Product

• MARR*

*Minimum Annual Rental Revenue

p 110

Utilization rate / ROI framework

Useful implications for rental management

ROI % Time utilization High Low High

Source: Adapted from Daniel I. Kaplan and Karl Rieser: Service success!

• Highly demanded product
• Attractive pricing
• Invest more
• Investigate possibility to increase

prices further

• Highly demanded product
• Low pricing or machine breaking

down too much

• Analyze direct costs
• Increase prices incrementally
• Seasonal or otherwise infrequently

rented product

• Attractive pricing
• Investigate background, e g, seasonality
• Be careful not to overinvest
• Delete items with lowest time utilization
• Increase prices if possible
• Loss-making product
• Consider relocating the asset
• Consider selling or scrapping the asset

p 111

Financial overview, investments and KPIs

• Review of Q1 2007 financial performance
• Current focus areas in Cramo financial management

– Investments – KPIs – steering of rental business – Cramo business risk management approach

• Summary
• Appendix: Detailed Q1 2007 financials

p 112

Risk management at Cramo Group

• Active identification, assessment and

monitoring of risks

– Business risks – Financial risks – Environmental risks – Insurance coverage

• Continuous and systematic activities

aimed at preventing risks from materializing to secure Cramo Group’s long-term competitiveness Risk management principles Business risk management

• Proactive monitoring

– Early-warning signals

• Operational hedges

– Control of business exposure – Modular space – Control of customer exposure – Expansion of customer base – Control of geographic exposure – Expansion in the CEE area – Control of asset intensity

• Asset management strategy
• Asset financing strategy
• Contingency planning

1 2 3 4 5 6

p 113

The need for forward-looking indicators and early warning signals

• Although it is important to analyze past

performance in order to know what went wrong and what worked out well… …you should not only drive by looking into the rear view mirror

• It is at least equally important to try to

anticipate what may be waiting ahead…

• These indicators should help us

anticipate changes in the market and our internal operations in a way that will enable us to make proactive actions to adjust for the changes

1

p 114

Proactive monitoring of business environment

Early-warning signals

• Cramo Group follows actively a defined set of early-warning signals to give

early indication of any changes in the market environment or the operations

• f the company
• The early warning signals can be divided into two main groups

– External indicators, such as

• GDP growth in operating countries
• Construction growth in operating countries

– Internal indicators, such as

• Time utilisation of the rental fleet
• In addition to the formalized indicators, Cramo Group follows a number of

weak signals originating in the day-to-day rental business

1

p 115

If correctly managed, the return curve in modular space will have less volatility over a cycle and will peak later compared to equipment rental Time

Control of business exposure

Modular space as an important operational hedge

Return on investment (illustrative) Comments

• Modular space demand is cyclical in nature
• Contract times in modular space are longer than

in equipment rental

– Initial contracts typically 2-5 years – After prolongation of contract, ”true” contract period 5-8 years – In the public sector, recent contracts have extended beyond 10 years in length

• Strategy for an optimal return in the modular

space business

– Invest heavily in the beginning of an up-turn in

• rder to lock in as many new contracts during a

period of increasing prices – Stop investments in the beginning of a down-turn and limit new contracts in a period of declining prices - work to maximise returns on existing contracts

Modular space rental Equipment rental “Economy” “Demand” + –

2

p 116

Control of customer exposure

Expansion, broadening and balancing of customer base

Customer mix 2005 (% of sales) Customer mix 2006 (% of sales)

• Number of active customers*: >75,000
• Share of top-10 customers: typically 15-35% per country, substantially less on the Group level

3

Other industry 24 % Other 2 % Households 3 % Public sector 17 % Construction industry 54 % Construction industry 58 % Public sector 13 % Households 4 % Other 7 % Other industry 18 %

p 117

Control of geographic exposure

Geographic expansion in current and new CEE markets 4

CEE share of group sales (%) CEE share of group EBITA (%) CEE share of total employees (%) CEE share of total depots (%)

4,4 % 6,9 % 9,5 % 7,5 % 9,9 % 0 % 2 % 4 % 6 % 8 % 10 % 12 % 2004PF 2005PF 2006 Q1/2006 Q1/2007 Share of group sales 12,0 % 14,7 % 7,8 % 13,5 % 0 % 2 % 4 % 6 % 8 % 10 % 12 % 14 % 16 % 2005PF 2006 Q1/2006 Q1/2007 Share of group EBITA 15,5 % 19,6 % 21,1 % 0 % 5 % 10 % 15 % 20 % 25 % 2005PF 2006 Q1/2007 Share of group employees 12,7 % 15,5 % 17,0 % 0 % 2 % 4 % 6 % 8 % 10 % 12 % 14 % 16 % 18 % 2005PF 2006 Q1/2007 Share of group depots

p 118

Control of asset intensity

High capital efficiency and utilizations and flexible financing mix 5

Asset management strategy Financing mix

• Asset transfer / relocation strategy

based on changes in demand enabled by – International network of depots – Centralized asset management – Standardized equipment fleet

• Continuous asset clean-up process

based on utilization rates – Estimated optimal point of scrapping / selling equipment – Actively managed and used sales channels for used equipment

• Create and monitor the fulfillment of
• ptimal financing mix at the Group

level – Cash flow and debt financing and financial leases represent stronger commitment to the

• wnership of assets

– Operational leasing and sub- rental present alternatives, flexible ways of financing growth with no commitment to the

• wnership of assets
• Particularly suitable for

meeting short-term peaks in demand

p 119

Contingency planning

What if? 6

• Cramo has a contingency plan in place, which determines the actions to

be taken in a market downturn

• Normal downturn

– Reduction in CAPEX level – Possibly returning fleet financed by operational leasing – Possibly selling/shifting equipment – Cutting subcontracting

• ”Crisis” in the market

– Substantial reduction in CAPEX level – Returning fleet financed by operational leasing – Selling/shifting equipment – Also fixed cost reductions taken into consideration

p 120

Financial overview, investments and KPIs

• Review of Q1 2007 financial performance
• Current focus areas in Cramo financial management

– Investments – KPIs – steering of rental business – Cramo business risk management approach

• Summary
• Appendix: Detailed Q1 2007 financials

p 121

Summary

• In the first quarter of 2007, Cramo’s financial performance improved further

– Both sales growth and profitability are improving – Cramo is investing for further growth, but with a stronger balance sheet

• Three focus areas for Cramo’s financial management in 2007 include

– Investments and capital allocation – KPIs and steering of rental business – Risk management

p 122

Financial overview, investments and KPIs

• Review of Q1 2007 financial performance
• Current focus areas in Cramo financial management

– Investments – KPIs – steering of rental business – Cramo business risk management approach

• Summary
• Appendix: Detailed Q1 2007 financials

p 123

Key figures

Change EUR (1 000) % INCOME STATEMENT FIGURES Sales 107 297 83 591 28,4 % 402 425 Operating profit (EBITA) before amortisation on intangible assets resulting from acquisitions 16 657 9 836 69,3 % 72 834 Operating profit (EBIT) 15 590 8 778 77,6 % 68 569 Profit before tax (EBT) 11 627 5 784 101,0 % 56 585 Profit for the period 8 721 4 283 103,6 % 41 944 PER-SHARE FIGURES Earnings per share (EPS) before amortisation on intangible assets resulting from acquisitions, EUR 0,32 0,18 75,4 % 1,50 Earnings per share (EPS), undiluted, EUR 0,29 0,14 101,0 % 1,39 Earnings per share (EPS), diluted, EUR 0,28 0,14 100,0 % 1,36 Equity per share, EUR 9,75 8,57 13,8 % 9,66 BALANCE SHEET FIGURES Equity ratio, % 39,1 % 37,1 % 38,2 % Gearing, % 106,9 % 116,9 % 104,6 % Net interest-bearing liabilities 318 867 301 074 5,9 % 305 643 OTHER KEY FIGURES Gross capital expenditure 40 834 27 594 48,0 % 111 864 % of sales 38,1 % 33,0 % 27,8 % Average personnel 2 000 1 648 21,4 % 1 828 1-12/ 2006 1-3/ 2007 1-3/ 2006

p 124

Consolidated income statement

Change EUR (1 000) % SALES 107 297 83 591 28,4 % 402 425 Other operating income 994 391 154,2 % 3 507 Change in inventories 774 779

• 0,6 %
• 184

Production for own use 3 124 621 403,1 % 7 754 Materials and services

• 23 483
• 16 473

42,6 %

• 74 256

Employee benefits

• 23 697
• 19 293

22,8 %

• 83 773

Amortisation on intangible assets resulting from acquisitions

• 1 067
• 1 058

0,9 %

• 4 265

Depreciation

• 14 291
• 11 924

19,9 %

• 51 060

Other operating expenses

• 34 061
• 27 856

22,3 %

• 131 579

OPERATING PROFIT 15 590 8 778 77,6 % 68 569 % of sales 14,5 % 10,5 % 17,0 % Finance costs (net)

• 3 963
• 2 994

32,4 %

• 11 984

PROFIT BEFORE TAX 11 627 5 784 101,0 % 56 585 % of sales 10,8 % 6,9 % 14,1 % Income taxes

• 2 906
• 1 501

93,6 %

• 14 641

PROFIT FOR THE PERIOD 8 721 4 283 103,6 % 41 944 % of sales 8,1 % 5,1 % 10,4 % 1-12/ 2006 1-3/ 2007 1-3/ 2006

p 125

Consolidated balance sheet

31.3. 31.3. Change 31.12. EUR (1 000) 2007 2006 % 2006 ASSETS NON-CURRENT ASSETS Property, plant and equipment 391 833 332 457 17,9 % 367 950 Goodwill 150 731 150 404 0,2 % 152 802 Other intangible assets 93 588 94 681

• 1,2 %

95 452 Available-for-sale investments 318 313 1,6 % 320 Receivables 1 606 649 147,5 % 559 Deferred income tax assets 3 039 10 181

• 70,2 %

2 423 TOTAL NON-CURRENT ASSETS 641 115 588 685 8,9 % 619 506 CURRENT ASSETS Inventories 16 669 14 297 16,6 % 15 788 Trade and other receivables 97 736 66 818 46,3 % 93 779 Cash and cash equivalents 14 387 38 110

• 62,2 %

41 823 TOTAL CURRENT ASSETS 128 792 119 225 8,0 % 151 390 TOTAL ASSETS 769 907 707 910 8,8 % 770 896 31.3. 31.3. Change 31.12. EUR (1 000) 2007 2006 % 2006 EQUITY AND LIABILITIES EQUITY Share capital 24 774 24 342 1,8 % 24 508 Share issue 258 143 Share premium fund 186 712 185 285 0,8 % 185 836 Fair value reserve 117 117 0,0 % 117 Hedging fund 3 718 2 472 50,4 % 3 301 Translation differences

• 1 873

310 -704,2 % 2 818 Retained earnings 84 640 44 936 88,4 % 75 521 TOTAL EQUITY 298 346 257 462 15,9 % 292 244 RESERVES Reserves 323 610

• 47,0 %

348 NON-CURRENT LIABILITIES Deferred income tax liabilities 54 193 47 685 13,6 % 51 829 Interest-bearing liabilities 300 212 303 851

• 1,2 %

306 968 CURRENT LIABILITIES Trade and other payables 83 791 62 971 33,1 % 79 008 Interest-bearing liabilities 33 042 35 331

• 6,5 %

40 499 TOTAL LIABILITIES 471 238 449 838 4,8 % 478 304 TOTAL EQUITY AND LIABILITIES 769 907 707 910 8,8 % 770 896

p 126

Cash flow statement

1-3/07 1-3/06 1-12/06 EUR (1 000) Cash flows from operating activities 27 412 12 932 103 880 Cash flows from investing activities

• 40 599
• 23 478
• 96 254

Cash flows from financing activities Proceeds from issue of share capital 1 258 787 Dividends paid

• 7 513

Increase (+) / decrease (-) in liabilities

• 14 212
• 17 066

Increase (+) / decrease (-) in lease liabilities

• 384

34 610 Cash flows from financing activities, total

• 13 338

26 024 10 818 Net change in cash and cash equivalents

• 26 525

15 478 18 444 Cash and cash equivalents at period-start 41 283 1 850 1 850 Translation difference

• 514

302 Cash and cash equivalents from acquisitions 143 20 782 21 227 Cash and cash equivalents at period-end 14 387 38 110 41 823

p 127

Cash flow from operations 2006-07 Cash flow after investing act. 2006-07

Cash flow

Cash flow improving but negative after investments in Q1

• 10,5
• 1,7

5,4 14,5

• 13,2
• 15
• 10
• 5

5 10 15 20 Q1 Q2 Q3 Q4 Quarterly cash flow after investments (EUR million) Cash flow after investments 2006 Cash flow after investments 2007

12,9 22,6 27,1 41,3 27,4 5 10 15 20 25 30 35 40 45 Q1 Q2 Q3 Q4 Quarterly cash flow from operations (EUR million) 0 % 5 % 10 % 15 % 20 % 25 % 30 % 35 % 40 % 45 % Quarterly cash flow from operations to sales

CFO 2006 CFO 2007 CFO / Sales 2006 CFO / Sales 2007

p 128

Segment performance

1-3/07 1-3/06 Change 1-12/06 SALES, EUR (1 000) Actual Actual % Actual Equipment rental Finland 14 814 12 554 18,0 % 60 227 Sweden 46 636 36 635 27,3 % 174 721 Western Europe 19 000 14 255 33,3 % 66 319 Other Europe 10 814 6 307 71,5 % 38 446 Equipment rental, total 91 264 69 751 30,8 % 339 713

• between the segments
• 43
• 70
• 38,6 %
• 421

Modular space 17 807 14 188 25,5 % 65 513

• between the segments
• 1 730
• 278

522,3 %

• 2 382

Eliminations

• 1 773
• 348

411,0 %

• 2 802

Sales, total 107 297 83 591 28,4 % 402 425 1-3/07 1-3/06 Change 1-12/06 EBITA, EUR (1 000) Actual Actual % Actual Equipment rental

• Finland

1 189 601 97,8 % 10 370

• Sweden

9 857 6 517 51,3 % 35 875

• Western Europe

1 638 961 70,4 % 8 447

• Other Europe

2 717 912 197,9 % 11 991 Equipment rental, total 15 401 8 991 71,3 % 66 683 Modular space 4 755 2 766 71,9 % 14 949 Non-allocated Group activ.

• 3 229
• 1 921

68,1 %

• 8 614

Eliminatons

• 270
• 183

EBITA, total 16 657 9 836 69,3 % 72 834

Cramo Plc Capital markets day

Summary, Q&A Vesa Koivula, CEO

Helsinki, June 14, 2007

p 130

Sales CAGR > 10 % EBITA-% > 15 % ROI > 13 % Gearing appr. 100 %

Cramo Group financial targets

New Group financial targets in the making

p 131

Future prospects – Summary

• In 2007, the Group expects its sales to show solid

growth together with a steady EBITA-% improvement

• Favourable business environment expected to
• continue. Nordic construction growth expected to

stabilize on a slightly lower level, CEE area is expected to experience sustained, strong growth

• Equipment rental market is growing faster than the

construction market, on an increasing penetration rate

• Excellent opportunities to increase market share in

the Nordic countries and Central and Eastern Europe

• Successful integration of Cramo provides a

foundation for further expansion and greater efficiency

• Further consolidation opportunities exist

p 132

Cramo Group

In the making of a great rental company!

p 133

Q&A