Cramo Plc CEO Vesa Koivula CFO Martti Ala-Hrknen Contents Cramo - - PDF document

Cramo Plc

Financial Statements 1.1.2006 – 31.12.2006

CEO Vesa Koivula CFO Martti Ala-Härkönen

Contents

• Cramo Group in brief
• Interim report 1-12/2006
• European rental market
• Appendices

Additional financial information Group organisation

Cramo Group in brief

Business segments

Equipment rental Modular space

Key financials 2006

Net sales 402.4 MEUR (+20.4 %) EBITA 72.8 MEUR (+78.7 %) EPS, diluted, EUR 1.36 (+67.9 %)

Depot network

250 depots 11 countries

Personnel

(average 1-12/06) 1.828

• No. of

equipment for rent

Approximately 140.000

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

• St. Petersburg

Our business: Equipment rental and rental-related services

Our business: Modular space services

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

Cramo’s business prioritization

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

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

Core Emerging core Supporting business

Geographical markets

Independent business

Belgium

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

• St. Petersburg

Business prioritization

Q4/2006

Cramo’s Q4/2006: Strong performance continues

• Consolidated year 2006 sales EUR 402.4 (77.0) million, up by 20.4 per cent on year 2005 pro

forma sales (EUR 334.3 million)

• Consolidated operating profit before amortisation on intangible assets resulting from

acquisitions (EBITA) EUR 72.8 (18.0) million, up by 78.7 per cent on full year 2005 pro forma EBITA (EUR 40.8 million)

• Consolidated operating profit (EBIT) EUR 68.6 (18.0) million, up by 87.9 per cent on full year

2005 pro forma operating profit (EUR 36.5 million)

• Earnings per share, undiluted EUR 1.39 (0.83), diluted, EUR 1.36 (0.81)
• The Board of Directors proposes a dividend of EUR 0.50 (0.25) per share
• Following the successful integration of RK and Cramo, the company has started to execute

its growth strategy and to seek opportunities for both organic and acquisitive growth

• The company’s name was changed to Cramo Plc on November 24, 2006
• Favourable market development is expected to continue into year 2007, providing a solid base

for further profitable growth

Key figures

Change Change EUR (1 000) % % INCOME STATEMENT FIGURES Sales* 116 588 92 418 26,2 % 402 425 334 302 20,4 % Operating profit (EBITA) before amortisation on intangible assets resulting from acquisitions* 22 913 8 358 174,1 % 72 834 40 751 78,7 % Operating profit (EBIT)* 21 821 7 300 198,9 % 68 569 36 521 87,8 % Profit before tax (EBT)* 19 714 4 940 299,1 % 56 585 25 567 121,3 % Profit for the period* 15 091 3 445 338,0 % 41 944 18 679 124,6 % PER-SHARE FIGURES Earnings per share (EPS) before amortisation on intangible assets resulting from acquisitions, EUR 0,53 0,17 211,8 % 1,50 0,83 80,7 % Earnings per share (EPS), undiluted, EUR 0,50 0,17 194,1 % 1,39 0,83 67,5 % Earnings per share (EPS), diluted, EUR 0,49 0,17 188,2 % 1,36 0,81 67,9 % Shareholders’ equity per share, EUR 9,66 3,77 156,2 % BALANCE SHEET FIGURES Equity ratio, % 38,2 % 49,0 % Gearing, % 104,6 % 89,7 % Net interest-bearing liabilities 305 643 48 556 529,5 % OTHER KEY FIGURES Gross investment on non-current assets* 111 864 92 172 21,4 % % of sales* 27,8 % 27,6 % Average personnel* 1 828 1 646 11,1 %

* 10-12/2005 and 1-12/2005 based on pro forma figures

10-12/ 2006 10-12/ 2005 1-12/ 2006 1-12/ 2005

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

Cramo Group quarterly sales development 2006

Accelerating growth in Q4

+24,4% +13,9% +17,6% Y-o-Y growth +26,2%

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

Cramo Group quarterly EBITA development 2006

Strong Q4

4,3% EBITA % 11,8% 14,0% 15,6% 19,7% 23,7% 9,0% 19,7%

Quarterly EPS performance (diluted)

Note: 2003-05 RK EPS, 2006 RK Cramo EPS. 2003-04 based on Finnish GAAP, 2005-06 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 0,00 0,10 0,20 0,30 0,40 0,50 0,60 Q1 Q2 Q3 Q4 Quarterly diluted EPS (EUR) 2003 2004 2005 2006

Cash flow statement

1-12/06 EUR (1 000) Cash flows from operating activities 103 880 Cash flows from investing activities

• 96 254

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

• 7 513

Increase (+) / decrease (-) in liabilities

• 17 066

Increase (+) / decrease (-) in lease liabilities 34 610 Cash flows from financing activities, total 10 818 Net change in cash and cash equivalents 18 444 Cash and cash equivalents at period-start 1 850 Translation difference 302 Cash and cash equivalents from acquisitions 21 227 Cash and cash equivalents at period-end 41 823

Sales by segment

Equipment rental 83.8 % EUR 402.4 million Equipment rental 82.6 % EUR 334.3 million Sales 1-12/2006 Actual Sales 1-12/2005 Pro Forma

Sweden 43,1 % Finland 14,9 %

Modular space 16,2 %

Other Europe 9,5 % Western Europe 16,4 % Finland 17,0 % Sweden 43,4 % Western Europe 15,3 % Other Europe 6,9 %

Modular space 17,4 %

EBITA by segment

Equipment rental 81.7 % EUR 72.8 million Equipment rental 74.1 % EUR 40.8 million EBITA 1-12/2006 Actual EBITA 1-12/2005 Pro Forma

Sweden 43,9 % Western Europe 10,3 % Other Europe 14,7 %

Modular space 18,3 %

Finland 12,7 % Finland 19,5 % Sweden 39,6 %

Modular space 25,9 %

Other Europe 12,0 % Western Europe 3,0 %

Sales by product and customer group

Sales by product group 2006 vs. 2005 Sales by customer segm. 2006 vs. 2005

Construction industry 54 % (58 %) Public sector 17 % (13 %) Households 3 % (4 %) Other 2 % (7 %) Other industry 24 % (18%) Merchandise sales and other 7 % (10 %) Building machinery rentals 28 % (30 %) Construction machinery rentals 12 % (11 %) Modular space services 17 % (17 %) Aerial and forklift rentals 17 % (15 %) Site set-up infrastructure and services 19 % (17 %)

Note: 2005 figures in parenthesis

The share of other industry and public sector increasing according to plan Aerials, construction machinery rentals and site set-up infrastructure & services increasing

Equipment rental – Finland

• Equipment rental operations in Finland did not meet expectations in Q4 and 2006
• Sales grew more slowly than the market in 2006 due to
• Decline in new construction in Cramo’s main market in Finland, the Helsinki

Metropolitan Area

• Integration effort had an impact on the Finnish operations in particular
• Profitability in 2006 weakened slightly compared to previous year but remained at a

healthy level

• Construction activity is expected to continue growing in the next few years
• RT* estimate on the construction sector growth in 2007 is 2.5%
• Growth expected to take place in all fields of construction
• Several large projects about to begin in the Helsinki region
• Demand for services associated with equipment rental, such as heating, is clearly

increasing and Cramo aims to strengthen position in these services

• Cramo expects the equipment rental market and the demand for associated services

to grow faster than the construction market

• Cramo’s 2007 objective is to improve growth rate and profitability in Finland

Q4 and 2006 highlights Outlook Finland – 62 depots

*The Confederation of Finnish Construction Industries

62

10-12/06 10-12/05 Change 1-12/06 1-12/05 Change (EUR 1 000) Actual Pro forma % Actual Pro forma % Sales 15 772 14 546 8,4 % 60 227 57 200 5,3 % EBITA 1 943 2 135

• 9,0 %

10 370 9 870 5,1 % EBITA-% 12,3 % 14,7 % 17,2 % 17,3 %

Equipment rental – Sweden

• Accelerating growth and profitability in Q4
• The Swedish operations continued to develop favourably throughout the year, mainly

due to

• Previous investments into rental fleet, depot network and service concepts
• Focus on product categories with the best possible return on investment
• Rental fleet utilisation rate was high throughout the year
• Strong growth continued and profitability exceeded expectations in Q4 due to, among
• thers, the mild early winter
• The Swedish construction market is going into year 2007 after two years of strong

improvement

• Towards the end of 2006, the Swedish Construction Federation* updated its

estimate of the 2006 construction growth from 7% to 10%

• Construction is expected to grow by approximately 4% in 2007
• The strongest growth so far has been experienced in housing construction, which is

expected to slow down in 2007

• Cramo is confident that the demand for equipment rental services will remain brisk in

the next few years in Sweden

Outlook Sweden – 107 depots 107

*Sveriges Byggindustrier

Q4 and 2006 highlights

10-12/06 10-12/05 Change 1-12/06 1-12/05 Change (EUR 1 000) Actual Pro forma % Actual Pro forma % Sales 51 644 38 591 33,8 % 174 721 145 609 20,0 % EBITA 11 958 6 008 99,0 % 35 875 19 985 79,5 % EBITA-% 23,2 % 15,6 % 20,5 % 13,7 %

Equipment rental – Western Europe

(Norway, Denmark, the Netherlands)

• Continued favourable development in growth and profitability in the quarter
• Good market situation
• Organisational changes and development measures taken are bearing fruit
• Well-timed investments
• Particularly strong performance in Norway
• Cramo has been able to strengthen market position
• Involvement in large ongoing infrastructure projects
• A year of dedicated organisational and depot network development in Denmark
• Greater operational efficiency
• Substantially improved profitability towards year-end
• Positive development continued in the Netherlands
• Cramo expects the conditions in the Norwegian, Danish and Dutch markets for

equipment rental services to remain good, resulting in higher sales growth compared to the overall construction market and rental equipment services market

• The objective is to expand Cramo’s depot network and improve offerings,

particularly in major cities

• Favourable development is also expected to continue in the Netherlands in 2007

Outlook Western Europe – 38 depots 19 10 9 Q4 and 2006 highlights

10-12/06 10-12/05 Change 1-12/06 1-12/05 Change (EUR 1 000) Actual Pro forma % Actual Pro forma % Sales 18 592 15 261 21,8 % 66 319 51 435 28,9 % EBITA 3 266 1 130 189,0 % 8 447 1 490 466,9 % EBITA-% 17,6 % 7,4 % 12,7 % 2,9 %

Equipment rental – Other Europe

(Estonia, Latvia, Lithuania, Poland, Czech Republic, Russia/St. Petersburg)

• Strong sales growth continued in Other Europe throughout the year
• Demand for equipment rental services increased in all of Cramo’s Central and

Eastern European operating regions

• Profitability improved substantially compared to previous year, with the absolute

EBITA almost doubling

• In general, demand for rental services in the area is being boosted by the fast growing

construction industry and rising rental penetration rates

• Construction is booming in Russia
• Housing construction expected to grow >10% per year, fueled by internal migration

and increasing income levels

• In Russia, Cramo is monitoring not only the St. Petersburg region but also other

growing areas

• Construction growth rates around 10% per year in the other countries in the region,

giving a solid base for even faster growth in equipment rental services

• In accordance with its strategy, Cramo aims to strengthen its position in the growing

CEE markets both through acquisitions and by opening new depots.

• Cramo is also investigating the possibility to enter new markets within CEE

Outlook Other Europe – 38 depots Q4 and 2006 highlights 17 3 7 9 1 1

10-12/06 10-12/05 Change 1-12/06 1-12/05 Change (EUR 1 000) Actual Pro forma % Actual Pro forma % Sales 11 672 7 431 57,1 % 38 446 23 044 66,8 % EBITA 4 583 1 972 132,4 % 11 991 6 070 97,5 % EBITA-% 39,3 % 26,5 % 31,2 % 26,3 %

Modular space

(Finland, Sweden, Norway, Denmark)

• Sales and profitability developed favourably throughout the year. Q4 results were

better than expected

• Profitability improved as a result of
• Solid demand in all markets, contributing to high utilisation and good price levels
• Streamlining measures taken in Sweden during the first half-year
• Demand for modular space is strong in Finland, Sweden and Norway
• Particularly the Norwegian market is expected to develop strongly due to, among
• thers, strong construction market and new legislative requirements for space
• Cramo expects demand to increase in the Nordic Countries by appr. 10% in 2007
• Cramo has a very strong order book for 2007 in modular space
• Cramo aims to increase its rental business in particular
• Long-term rental agreements less vulnerable to industrial and economic fluctuations
• Demand for long-term rental rose in 2006 and Cramo forecasts that agreements

exceeding 10 years in length will become more common

Outlook Modular space order book Q4 and 2006 highlights

10-12/06 10-12/05 Change 1-12/06 1-12/05 Change (EUR 1 000) Actual Pro forma % Actual Pro forma % Sales 19 152 16 635 15,1 % 65 513 58 300 12,4 % EBITA 4 743 3 586 32,3 % 14 949 13 074 14,3 % EBITA-% 24,8 % 21,6 % 22,8 % 22,4 %

24,2 65,7 69,9 70,2 74,5 6,9 7,0 7,5 8,3 7,5 77,9 % 90,4 % 90,4 % 89,5 % 90,9 % 10 20 30 40 50 60 70 80 90 12/05* 3/06 6/06 9/06 12/06 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

The European rental market

Growth drivers in rental business

• Equipment rental is expected to grow faster than the construction market
• In the Nordic countries rental penetration rate estimated to be between 30-40 %, while expected to

eventually reach 60 %

• In Central and Eastern Europe rental penetration rate is currently very low, typically under 10 %

Increasing rental penetration Growing construction market Rental related services

• Major growth potential in rental-related services, e g, in various types of site set-up services
• Service conceptualisation leading to rental companies taking wider responsibility for their clients’ needs
• Estimated market growth in the Nordic countries between 0-5 % according to Euroconstruct in 2007
• In Central and Eastern Europe market growth rates are substantially stronger, 8-15 %
• In Russia middle class boosts housing construction, especially in larger cities

Growth drivers Market trends

Outsourcing Technological innovation

• Construction companies outsourcing their rental business to free up capital for other usage
• Service and logistics efficiency
• The greater utilisation rate that equipment rental companies can provide for rental equipment
• General exchange of manpower for technology within construction
• Rental companies becoming experts in various types of even more specialized machinery

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 % The Netherlands 63 615 5,5 % 1,5 % 4,8 % 2,1 % 3,2 % 1,1 % 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 2006E 2007F 2008F

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

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

Construction output increases with level of GDP

Cramo forecasts the equipment rental market to outgrow overall construction market

GDP / capita and construction output 2003-06E GDP / capita and construction output 2006E-09E

Current Cramo presence No Cramo presence currently

0,0 % 1,0 % 2,0 % 3,0 % 4,0 % 5,0 % 6,0 % 7,0 % 8,0 % 9,0 % 0,0 % 2,0 % 4,0 % 6,0 % 8,0 % 10,0 % 12,0 % Annual change of GDP / capita (2003-06E) Annual change of construction output (2003-06E)

Median = 2,5% Median = 2,4%

LV EST LT SVK CZ PL HUN IRE ITA POR FRA SWI GER NOR NED BEL AUT DK SE FI SPA UK

Source: Euroconstruct, Economist Intelligence Unit, Cramo estimates

Median = 2,5% Median = 2,0%

0,0 % 1,0 % 2,0 % 3,0 % 4,0 % 5,0 % 6,0 % 7,0 % 8,0 % 9,0 % 0,0 % 2,0 % 4,0 % 6,0 % 8,0 % 10,0 % 12,0 % Annual change of GDP / capita (2006E-09F) Annual change of construction output (2006E-09F) LV EST LT SVK PL CZ IRE HUN SPA SE UK FI NOR GER SWI ITA POR FRA DK AUT BEL RUS

Cramo presence in fast-growing CEE markets

Estimated market shares of available rental market

Market Rental revenues, MEUR Finland 250 Sweden 500 Norway 405 Denmark 370 Poland 100 Baltic 115 Netherlands 600 Russia (St. Petersburg) 30 UK 5,000 Germany 3,000 France 3,000 Spain 800 Total Europe 15,000-16,000

Source: Cramo estimates, construction companies’ internal rental revenue not included in market size/share estimates

25% 35% 9% 5% 2% 41% 7% 20% 7%

Cramo market share estimate

(% of available market)

9%

European rental market

Leading players by sales

Source: European Rental News June 2006, company reports

Type of operation

Construction equipment, Tool Hire, Powered Access Tool Hire Equipment/Construction Plant, Tool Hire, Party/Events, Accommodation, Powered Access Pumps Groundcare, Trenchless Technology Equipment/Tool Hire General Rental Accommodation Equipment/Construction Plant, Tool Hire, Party/Events Equipment/Construction Plant Equipment/Construction Plant, Tool Hire, Cranes, Accommodation, Hoists, Power, Services Equipment/Construction Plant, Tool Hire

Cramo Group (FIN) Loxam (F) Hewden (UK) Ramirent (FIN) Speedy Hire Plc (UK) Algeco (F) Select Plant Hire (IRL) Ashtead Plant Hire (UK) HSS (UK) Kiloutou (F)

500 100 200 300 400 MEUR

2005 2006

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’s new growth strategy

• After the successful integration of RK and Cramo, the company has

started to execute its growth strategy and the search for new acquisition targets has been initiated

• Cramo has recently made three acquisitions

– UAB Aukstumines Sistemos (Lithuania) acquired in December 2006

• Specialized in demanding aerial equipment and work platforms in Lithuania
• Cramo achieved market leadership in Lithuania
• Consolidated as of January 1, 2007

– Hamar Liftutleie AS (Norway) acquired in January 2007

• Specialized in lifting equipment
• Strengthens Cramo’s position in the Norwegian market, particularly in the

Ostlandet area

– Kongsberg Maskinutleie AS (Norway) acquired in January 2007

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

also being investigated

Future prospects – Summary

• In 2007, Cramo expects its sales growth to exceed

10 % and profitability (EBITA-%) to increase against year 2006

• 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

• Integration synergies yield stronger earnings
• Further consolidation opportunities

Cramo’s financial targets

Sales CAGR > 10 % EBITA-% > 15 % ROI > 13 % Gearing

• appr. 100 %

Cramo – New name on 24.11.2006

• One name – one brand
• Strong visibility in all market areas
• Internationalisation
• Streamlined image

Appendices

Consolidated income statement

Change Change EUR (1 000) % % SALES 116 588 92 418 26,2 % 402 425 334 302 20,4 % Other operating income 2 142 4 120 3 507 5 252 Change in inventories

• 954
• 502
• 184
• 861

Production for own use 2 950 776 7 754 6 230 Materials and services

• 20 479
• 16 079
• 74 256
• 66 137

Employee benefits

• 22 924
• 19 647
• 83 773
• 74 026

Amortisation on intangible assets resulting from acquisitions

• 1 092
• 1 058
• 4 265
• 4 230

Depreciation

• 13 581
• 11 839
• 51 060
• 45 416

Other operating expenses

• 40 829
• 40 889
• 131 579
• 118 593

OPERATING PROFIT 21 821 7 300 198,9 % 68 569 36 521 87,8 % % of sales 18,7 % 7,9 % 17,0 % 10,9 % Finance costs (net)

• 2 107
• 2 360
• 11 984
• 10 954

PROFIT BEFORE TAX 19 714 4 940 299,1 % 56 585 25 567 121,3 % % of sales 16,9 % 5,3 % 14,1 % 7,6 % Income taxes

• 4 623
• 1 494
• 14 641
• 6 888

PROFIT FOR THE PERIOD 15 091 3 445 338,0 % 41 944 18 679 124,6 % % of sales 12,9 % 3,7 % 10,4 % 5,6 % 10-12/ 2006 10-12/ 2005 1-12/ 2006 1-12/ 2005

Consolidated balance sheet

31.12.2006 EUR (1 000) ASSETS NON-CURRENT ASSETS Property, plant and equipment 367 950 Goodwill 152 802 Other intangible assets 95 452 Available-for-sale investments 320 Receivables 559 Deferred income tax assets 2 423 TOTAL NON-CURRENT ASSETS 619 506 CURRENT ASSETS Inventories 15 788 Trade and other receivables 93 779 Cash and cash equivalents 41 823 TOTAL CURRENT ASSETS 151 390 TOTAL ASSETS 770 896 31.12.2006 EUR (1 000) EQUITY AND LIABILITIES EQUITY Share capital 24 508 Share issue 33 Share premium fund 186 388 Fair value reserve 117 Hedging fund 3 301 Translation differences 961 Retained earnings 76 936 TOTAL EQUITY 292 244 RESERVES Reserves 348 NON-CURRENT LIABILITIES Deferred income tax liabilities 51 829 Interest-bearing liabilities 306 968 CURRENT LIABILITIES Trade and other payables 79 008 Interest-bearing liabilities 40 499 TOTAL LIABILITIES 478 304 TOTAL EQUITY AND LIABILITIES 770 896

Segment performance

10-12/06 10-12/05 Change 1-12/06 1-12/05 Change SALES, EUR (1 000) Actual Pro forma % Actual Pro forma % Equipment rental Finland 15 772 14 546 8,4 % 60 227 57 200 5,3 % Sweden 51 644 38 591 33,8 % 174 721 145 609 20,0 % Western Europe 18 592 15 261 21,8 % 66 319 51 435 28,9 % Other Europe 11 672 7 431 57,1 % 38 446 23 044 66,8 % Equipment rental, total 97 681 75 829 28,8 % 339 713 277 287 22,5 %

• between the segments
• 80
• 18
• 421
• 367

Modular space 19 152 16 635 15,1 % 65 513 58 300 12,4 %

• between the segments
• 166
• 29
• 2 382
• 919

Eliminations

• 246
• 47
• 2 803
• 1 286

Sales, total 116 588 92 417 26,2 % 402 425 334 302 20,4 % 10-12/06 10-12/05 Change 1-12/06 1-12/05 Change EBITA, EUR (1 000) Actual Pro forma % Actual Pro forma % Equipment rental

• Finland

1 943 2 135

• 9,0 %

10 370 9 870 5,1 %

• Sweden

11 958 6 008 99,0 % 35 875 19 985 79,5 %

• Western Europe

3 266 1 130 189,0 % 8 447 1 490 466,9 %

• Other Europe

4 583 1 972 132,4 % 11 991 6 070 97,5 % Equipment rental, total 21 751 11 245 93,4 % 66 683 37 415 78,2 % Modular space 4 743 3 586 32,3 % 14 949 13 074 14,3 % Non-allocated Group activ.

• 3 397
• 6 472
• 8 614
• 9 738

Eliminatons

• 183
• 183

EBITA, total 22 913 8 358 174,1 % 72 834 40 751 78,7 %

Group organization

Equipment rental

Asset Management Board of directors

Scandinavia Finland Other Markets

CEO Deputy CEO CFO IT Communications Finance & Control

Sweden Norway Denmark Finland Estonia Latvia Lithuania Poland Russia The Netherlands The Czech Republic Cramo Instant Tilamarkkinat Business area Business units

Modular space All markets

Markets