CRAMO PLC

INTERIM

REPORT1.1.2011 – 31.3.2011

POWERING YOUR BUSINESS

2

CEO Vesa Koivula

CFO Martti Ala-Härkönen

3

Contents

� Highlights of Q1/2011 and market

outlook

� Interim report Q1/2011

� Group performance

� Business segments

� Cramo’s strengths in reaching its

strategic targets

� Appendix

� Additional financial information

4

Highlights of Q1/2011Strong sales growth, profitability to improve

Number of depots

3/2011: 381

• Sales and profitability developed favorably in all

segments in Q1/11; profitability impacted by Theisen

acquisition and extraordinarily severe winter season

– Sales EUR 144,2m (101,4m), growth 42,2%

– EBITA EUR 2,5m (1,5m), margin 1,7% (1,5%)

– Excluding non-recurring items in Q1/2011 and Q1/2010

result, EBITA improved by EUR 8,7m

– EPS EUR -0,19 (-0,24)

• Theisen acquisition impacted cash flow and capital

structure

– Cash flow after investments EUR -45,2m in Q1/11

(EUR 18,8m)

– Gearing 124,2% (108,4%)

• Implementation of new strategy continued

– Integration of Theisen Group, acquired in January 2011,

proceeded according to plans

– Rights Issue to support Cramo's growth strategy and to

strengthen balance sheet completed in April; appr. EUR

97,2m of new equity raised after expenses

Russia

Denmark

GermanyPoland

CzechRepublic

Austria Hungary

Slovakia

Ukraine

Belarus

Lithuania

Latvia

Estonia

Norway

Sweden

Finland

Romania

Moldova

St. Petersburg

Bulgaria

Slovenia

Croatia

Bosnia and

HerzegovinaSerbia

Macedonia

Albania

Moscow Yekaterinburg

Switzerland

Kalinin-

grad

5

Broad-based construction recovery in 2011-2012Change in construction output, % 2010E 2011E 2012E

Finland 4,4% (5,8%)

2,9%(5,0%)

2,4% (3,0%)

Sweden 2,4% (4%)

3,9%(7%)

4,4%(4%)

Norway -3,1% 3,3%(4%)

3,8%(6%)

Denmark -7,2%(-10,8%)

3,1%(-1,1%)

5,3%(2,0%)

Baltic Countries -15,9% 6,0% 8,5%

Poland 4,0% 12,7% 12,4%

Czech Republic -10,0% -3,2% 0,2%

Slovakia -6,3% 6,2% 2,5%

Russia 0,0% 5,0% 7,0%

Germany 3,4% 1,3% 1,6%

Austria -3,0% 0,7% 0,8%

Switzerland 2,4% 1,1% 1,1%

Hungary -3,8% 5,2% 7,5%

Sources: Euroconstruct, December 2010. Country-specific data in brackets includes: Finland - Rakennusteollisuus RT (April 2011);

Sweden - Sveriges Byggindustrier (February 2011); Norway – Prognosesenteret (April 2011), figures for Norway include building

construction and exclude civil engineering, which is expected to grow by 6% in 2011 and 15% in 2012 ; Denmark - Dansk Byggeri

(February 2011)

6

Rental recovery gaining speedSolid rates of rental growth expected in 2011 in largest Cramo markets

-30 %

-20 %

-10 %

0 %

10 %

20 %

30 %

2007 2008E 2009E 2010F 2011F

Total rental turnover growth %

Finland Sweden Norway Denmark Germany

Sources: European Rental Association, The European Rental Industry 2009 Report, Spring 2010

-100 %

-80 %

-60 %

-40 %

-20 %

0 %

20 %

40 %

60 %

80 %

100 %

Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11

Balance of positive and negative expectations

7

Increasing confidence among rental companiesEuropean rental recovery sustained in Q1/11

Source: ERA / IRN Rental Tracker Survey June 2009 – April 2011 (International Rental News)

Improving

conditions

Declining

conditions

Current rental business conditions in Europe

8

Q1 / 2011

Group performance

83,6

96,7 105,5 116,6

107,3

116,4 129,0 143,8

126,8

154,0

155,7

143,3

106,9

109,3

115,1

115,4

101,4 114,0

130,4

146,4

144,2

0

20

40

60

80

100

120

140

160

180

Q1/06

Q2/06

Q3/06

Q4/06

Q1/07

Q2/07

Q3/07

Q4/07

Q1/08

Q2/08

Q3/08

Q4/08

Q1/09

Q2/09

Q3/09

Q4/09

Q1/10

Q2/10

Q3/10

Q4/10

Q1/11

Quarterly sales (EUR m

illion)

9

Cramo quarterly sales development Q1/11 sales increased over 40% compared to Q1/10

* Change in local currencies

Q1/11 vs.

Q4/10:

-1,5%

Quarter y-o-y:

42,2% (34,0%*)

9,8

15,1

25,0

22,9

16,7

22,4

30,7

26,1

17,4

30,7

34,2

19,8

1,5

4,8

9,6

1,4

1,5

3,8

15,2

14,1

2,5

-15 %

-10 %

-5 %

0 %

5 %

10 %

15 %

20 %

25 %

0

5

10

15

20

25

30

35

40Q1/06

Q2/06

Q3/06

Q4/06

Q1/07

Q2/07

Q3/07

Q4/07

Q1/08

Q2/08

Q3/08

Q4/08

Q1/09

Q2/09

Q3/09

Q4/09

Q1/10

Q2/10

Q3/10

Q4/10

Q1/11

EBITA %

(line graph)

Quarterly EBITA (EUR m

illion, bar graph)

10

Cramo quarterly EBITA development EBITA improved compared to Q1/10 despite non-recurring items

Note: EBITA in Q1/11 includes non-recurring costs related to the acquisition of the Theisen Group amounting to EUR 2,1m.

EBITA, EUR million

1-3/

2010

1-3/

2011 Difference

Reported Group EBITA 1,5 2,5 +1,0

Excluding non-recurring items:

Capital gain in Q1/2010* 5,7

Theisen acquisition costs in Q1/2011** -2,1

EBITA excl. non-recurring items -4,2 4,5 +8,7

Impact of Theisen Group*** -1,2

EBITA excl. non-recurring items and Theisen -4,2 5,7 +9,9

11

EBITA impacted by non-recurring items Comparable EBITA improved by about EUR 10m in Q1/11 relative to

previous year

* Non-recurring capital gain in Q1/2010 included capital gains on the sale of certain used modular space

units

** Non-recurring costs in Q1/2011 included approximately EUR 2,1 million of costs related to the

acquisition of the Theisen Group

*** Business Segment Central Europe (Theisen Group) has been consolidated into Cramo Group as of

February 1, 2011

0,28

0,48

0,62

0,48

0,26

0,52 0,59

0,22

-0,22

-0,15 -0,03

-0,88

-0,24 -0,16

0,06

0,26

-0,19

-1,00

-0,80

-0,60

-0,40

-0,20

0,00

0,20

0,40

0,60

0,80

Q1 Q2 Q3 Q4

Quarterly diluted EPS (EUR)

2007

2008

2009

2010

2011

12

Quarterly EPS performance (diluted)Q1/11 EPS improved slightly compared with Q1/10

Note: Q4/09 includes write-downs on Group goodwill and intangible assets resulting from acquisitions totalling EUR 21,8m

13

Capital ExpenditureCapEx increased compared to Q4/10, driven by the Theisen acquisition

12,17,0 5,7 6,6

3,5

12,68,9

27,4

18,6

0,4 4,14,1

25,6

72,7

12,5

7,0 5,7 6,63,5

16,713,0

53,0

91,3

0 %

10 %

20 %

30 %

40 %

50 %

60 %

70 %

0

20

40

60

80

100

Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11

Gross Capita

l Expenditu

re to Quarte

rly sales (%

)Gross Capital Expenditure (EUR m

)

CapEx CapEx, acquisitions

14

Cash flow Cash flow from operations remained positive, while the Theisen

acquisition is reflected in the negative cash flow after investments

Note: Cash flow after investments includes acquisitions

-80

-60

-40

-20

0

20

40

60

80

Q1/06

Q2/06

Q3/06

Q4/06

Q1/07

Q2/07

Q3/07

Q4/07

Q1/08

Q2/08

Q3/08

Q4/08

Q1/09

Q2/09

Q3/09

Q4/09

Q1/10

Q2/10

Q3/10

Q4/10

Q1/11

Quarterly cash flow (EUR m

)

Cash flow from operations Cash flow after investments

0 %

20 %

40 %

60 %

80 %

100 %

120 %

0

100

200

300

400

500

600

700

Q4-

2006

Q1-

2007

Q2-

2007

Q3-

2007

Q4-

2007

Q1-

2008

Q2-

2008

Q3-

2008

Q4-

2008

Q1-

2009

Q2-

2009

Q3-

2009

Q4-

2009

Q1-

2010

Q2-

2010

Q3-

2010

Q4-

2010

Q1-

2011

Sales, R

12m / T

angible assets, %

Sales or Tangible assets, E

UR m

Sales, R12m Tangible assets Sales / tangible assets

15

Sales to tangible assets improving Still potential to improve; investments to increase in 2011

319

356 352365

433

516 514

477 482

429413

384 375 382 381 382

463106,9 %

118,4 %

109,1 %109,4 %

126,5 %

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

155,6 %

121,5 %

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

111,7 %107,5 %

103,4 %

124,2 %

0 %

20 %

40 %

60 %

80 %

100 %

120 %

140 %

160 %

180 %

0

100

200

300

400

500

600

700

800

Q1/07 Q2/07 Q3/07 Q4/07 Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11

Gearin

g %

Net interest-bearing liabilities (EUR m

)

Net interest-bearing liabilities Gearing %

16

Strengthening capital structureGearing increased as a result of the Theisen acquisition, but the

balance sheet will strengthen in Q2 as a result of the rights issue

17

� The Rights Issue was completed according to plan in April 2011

� The Issue was oversubscribed

� 97,2% of the offered shares were subscribed for with subscription rights; the

remaining shares were subscribed for without subscription rights

� Total subscription level in the Rights Issue was 175,6%

� As a result of the Rights Issue, the number of Cramo’s shares will

increase by 9,489,877 to 41,439,086 shares

� The total net proceeds of the Rights Issue amounted to approximately

EUR 97,2 million

� Proceeds of the Issue will be used to further support Cramo's growth

strategy and to strengthen its balance sheet

Successful Rights Issue completedA solid base for Cramo’s further growth initiatives

18

Q1 / 2011

Business segments

19

Sales by business segmentTheisen acquisition will balance geographic sales mix

EUR 144,2 million EUR 101,4 million

Sales 1-3/2011 Sales 1-3/2010

Finland19,3 %

Sweden46,6 %

Norway13,8 %

Denmark4,3 %

Central Europe

7,3 %

Eastern Europe

8,8 %Finland18,5 %

Sweden50,5 %

Norway16,6 %

Denmark5,6 %

Eastern Europe

8,8 %

* Business Segment Central Europe was formed as of February 1, 2011 as a result of the acquisition of the Theisen Group. The

Business Segment includes Cramo’s operations in Germany, Austria, Switzerland and Hungary. Central Europe figures are included for

February-March 2011.

*

20

FinlandSales growth above expectations, improving profitability

� Sales growth exceeded expectations in Q1/11

� Construction and rental recovery continued

� Outsourcing agreements signed in 2010 contributed

to growth

� Profitability improved compared to previous year,

but was impacted by non-recurring items

� Non-recurring expenses related to the cooperation

started with Lemminkäinen and the introduction of

the new ERP system

� Fleet utilisation rates were at a good level, fleet

investments increased

� Euroconstruct* construction growth forecast +3% in

2011 (RT** +5%)

Highlights Sales by quarter

*) Change over 100%

* Euroconstruct, December 2010

** Rakennusteollisuus RT, April 2011

EBITA by quarter

Change

(EUR 1 000) %

Sales 28 191 19 056 47,9 % 99 583

EBITA 2 176 550 *) 12 466

EBITA-% 7,7 % 2,9 % 12,5 %

1-12/

2010

1-3/

2011

1-3/

2010

27,7

33,1

34,0

31,5

23,3

22,6

23,8

22,4

19,1 22,7 27,4 30,4

28,2

0

5

10

15

20

25

30

35

40

Q1 Q2 Q3 Q4

Quarterly sales (EUR m

)

2008

2009

2010

2011

3,7

6,1

9,7

6,8

0,9 1,8

4,3

3,7

0,6

2,5

6,1

3,3

2,2

0

2

4

6

8

10

12

Q1 Q2 Q3 Q4

Quarterly EBITA (EUR m

)

2008

2009

2010

2011

Change

(EUR 1 000) %

Sales 68 101 51 895 31,2 % 251 857

EBITA 9 344 5 418 72,5 % 41 186

EBITA-% 13,7 % 10,4 % 16,4 %

1-3/

2011

1-3/

2010

1-12/

2010

21

Sweden Continued sales growth and profitability improvement

� Sales increased by 31% compared to Q1/10 (17%

in local currency)

� Construction activity and the demand for equipment

rental services continued to develop favourably

� Growth was particularly strong in the Stockholm

area and Southern Sweden

� Growth in EUR was boosted by the strengthening

Swedish krona

� Profitability developed favourably and EBITA

improved compared to previous year

� Fleet utilisation rates were at a good level and fleet

investments were increased; rental periods are

expected to return to pre-downturn levels

� Euroconstruct** estimates construction growth to be

approximately 4%** in 2011 (BI*** 7%)

* Change in sales measured in local currency

** Euroconstruct, December 2010

*** Sveriges Byggindustrier, February 2011

Highlights

17,0%*(local curr.)

Sales by quarter

EBITA by quarter

62,7

73,8

70,7

66,7

50,1

53,0

55,3

57,4

51,9 60,6 64,8 74,5

68,1

0

10

20

30

40

50

60

70

80

Q1 Q2 Q3 Q4

Quarterly sales (EUR m

)

2008

2009

2010

2011

13,1

16,9 18,9

14,1

7,3

9,8 11,1

7,8

5,4

8,8

12,3 14,6

9,3

02468

10121416182022

Q1 Q2 Q3 Q4

Quarterly EBITA (EUR m

)

2008

2009

2010

2011

Change

(EUR 1 000) %

Sales 20 204 17 097 18,2 % 69 120

EBITA 415 -103 *) 303

EBITA-% 2,1 % -0,6 % 0,4 %

1-12/

2010

1-3/

2011

1-3/

2010

22

NorwaySales grew and profitability improved in a weaker than expected market

� Sales increased by 18% compared to previous year

in Q1/11 (14% in local currency)

� Recovery in the construction sector has been

weaker than expected; upswing is expected in Q2

� Cramo’s sales improved due to a recovery in price

levels and new customer agreements particularly in

the industrial sector

� EBITA improved compared to previous year

� Measures aimed at improving profitability were

continued through strengthening the organisation

� Euroconstruct** estimates construction to increase

by 3% in 2011. Prognosesenteret*** estimates

building construction to grow by 4% in 2011 and civil

engineering by 6%

*) Change over 100%

* Change in sales measured in local currency

** Euroconstruct, December 2010

*** Prognosesenteret, April 2011

Highlights

14,1%*(local curr.)

Sales by quarter

EBITA by quarter

15,6 18,6

18,2

17,2

15,8

15,7

15,6

16,3

17,1

15,3 17,0 19,7

20,2

0

5

10

15

20

25

Q1 Q2 Q3 Q4

Quarterly sales (EUR m

)

2008

2009

2010

2011

0,9

2,4

2,3

0,6

1,2

1,1

0,9

0,9

-0,1

-0,3

0,3 0,4

0,4

-1

0

1

2

3

Q1 Q2 Q3 Q4

Quarterly EBITA (EUR m

)

2008

2009

2010

2011

23

DenmarkEBITA improved but was still negative

� Sales increased 9% in Q1/11 compared to previous

year but declined 27% compared to Q4/10

� The decrease in construction activity exceeded

expectations in 2010 and the cold winter months

delayed construction starts further

� Recovery in sales was below targeted levels

� EBITA improved compared to previous year but

was still negative

� Fleet utilisation rates improved

� Balance between the demand for and supply of

rental equipment achieved after the downturn

� Profitability is expected to improve during the year

� Euroconstruct* estimates construction output to

improve 3% in 2011. Dansk Byggeri** expects a

further decline of 1% in 2011.

* Euroconstruct, December 2010

** Dansk Byggeri, February 2011

Highlights Sales by quarter

EBITA by quarter

Change

(EUR 1 000) %

Sales 6 257 5 740 9,0 % 29 493

EBITA -1 634 -3 224 49,3 % -5 328

EBITA-% -26,1 % -56,2 % -18,1 %

1-3/

2011

1-3/

2010

1-12/

2010

10,5 11,9

11,8

10,3

8,5 8,8 9,7

9,3

5,7 6,7

8,4 8,6

6,3

0

2

4

6

8

10

12

14

Q1 Q2 Q3 Q4

Quarterly sales (EUR m

)

2008

2009

2010

2011

-0,2

0,5

0,2

-3,4

-1,7 -1

,2

-1,6

-4,4

-3,2

-1,3 -0,8

0,0

-1,6

-5

-4

-3

-2

-1

0

1

Q1 Q2 Q3 Q4

Quarterly EBITA (EUR m

)

2008

2009

2010

2011

24

Central Europe*Sales and EBITA above expectations despite the low season

� Sales in February-March 2011 exceeded expectations and were EUR 10,6m

� Market situation in rental improved compared to the previous year and business volumes were at a higher level in all markets

� EBITA in February-March was negative, amounting to -11,2% of sales

� EBITA nevertheless exceeded Cramo’s expectations

� The segment is more strongly affected by seasonal fluctuations due to its focus on construction equipment

� By the end of the period, fleet utilisation rates had reached a good level; planned fleet investments were continued

� Euroconstruct** forecasts construction growth of some 1 % in 2011 in Germany, Austria and Switzerland, and 5% in Hungary

* Business Segment Central Europe was formed as of February 1, 2011 as a result of the acquisition of the Theisen Group. The Business

Segment includes Cramo’s operations in Germany, Austria, Switzerland and Hungary.

** Euroconstruct, December 2010

Highlights Sales by quarter

EBITA by quarter

Change

(EUR 1 000) %

Sales 10 612 - - -

EBITA -1 189 - - -

EBITA-% -11,2 % - -

1-12/

2010

1-3/

2011

1-3/

2010

10,6

0

2

4

6

8

10

12

Q1 Q2 Q3 Q4

Quarterly sales (EUR m

)

2008

2009

2010

2011

-1,2

-2

-1

0

1

2

Q1 Q2 Q3 Q4Quarterly EBITA (EUR m

)

2008

2009

2010

2011

Change

(EUR 1 000) %

Sales 12 869 9 014 42,8 % 49 886

EBITA -2 218 -4 839 54,2 % -11 464

EBITA-% -17,2 % -53,7 % -23,0 %

1-3/

2011

1-3/

2010

1-12/

2010

25

Eastern Europe*Strong sales growth continued, EBITA improving but still negative

� Sales in Q1/11 continued a strong upturn with a growth of 43% compared to Q1/10 (40% in local currency)

� Construction growth seen in H2/10 continued in most markets; strongest rates of growth seen in Estonia, Poland and Russia

� Cramo’s year-on-year sales increased in all markets

� EBITA improved but remained negative in Q1/11

� Profitability developed favourably in all markets as a result of sales growth and adjustments concluded in previous years

� Favourable profitability development expected to continue during the year

� Euroconstruct*** forecasts double-digit construction growth in 2011 in Estonia and Poland, 4-6% growth in Latvia, Lithuania, Russia and Slovakia, and 3% decline in the Czech Republic

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

** Change in sales measured in local currency

*** Euroconstruct, December 2010

Highlights Sales by quarter

EBITA by quarter

40,2%**(local curr.)

14,2

19,9

23,6

19,8

10,4

10,4 12,0

11,3

9,0 10,7

14,4 15,8

12,9

0

5

10

15

20

25

Q1 Q2 Q3 Q4

Quarterly sales (EUR m

)

2008

2009

2010

2011

1,5

2,8

5,4

0,2

-4,9 -4,5

-3,0

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

-1,5 -1,1

-2,2

-6

-4

-2

0

2

4

6

Q1 Q2 Q3 Q4Quarterly EBITA (EUR m

)

2008

2009

2010

2011

26

Cramo’s strengths

in reaching its strategic targets

27

Strategic and financial targets 2010 – 2013

Strategic

targets

2010-13

Strategic

targets

2010-13

• Customer’s first choice

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

• Grow profitably faster than the market

• Driver of rental development

• Customer’s first choice

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

• Grow profitably faster than the market

• Driver of rental development

Financial

targets

2010-13

Financial

targets

2010-13

• Sales growth > 10 % p.a.

• EBITA-% > 15 %

• ROE-% > 15 %

• Gearing maximum 100 %

• Profit distribution policy: About one third

• Sales growth > 10 % p.a.

• EBITA-% > 15 %

• ROE-% > 15 %

• Gearing maximum 100 %

• Profit distribution policy: About one third

Well-established brand Growing rental business

Total solution providerModular space opportunities

Operational efficiency

Second largest equipment rental

solution provider in Europe

1.

2.

3.4.

5.

6.

Cramo’s strengths

28

29

Growing rental businessFavourable short and long-term prospects

Increasing rental penetration

Growing construction market

Rental related services

Outsourcing

Technological innovation

Consolidation

Demographic changes

1.

1.

2.

3.

4.

5.

6.

7.

Russia

Denmark

GermanyPoland

CzechRepublic

Austria Hungary

Slovakia

Lithuania

Latvia

Estonia

Norway

Sweden

Finland

St. Petersburg

Moscow

Switzerland

Kalinin-

grad

Yekaterinburg

#2

58

#1

119

#2

29

#2-3

17

n.a.

3

#3

90

n.a.

9

#1**

4

#2

18

#4

2

n.a.

1

#1

8

#1-2

10

#1

16

#2

7

Cramo countries

Theisen countries

Market position*

No. of depots� Well-positioned to gain market share

both organically and through acquisitions across markets

� Strong presence both in more developed and growing rental markets

� Extensive rental depot network

� Strong industry know-how

� Wide customer base

� Ability to leverage existing offering into new markets

� Driver of rental market development

2.Second largest rental solution provider in Europe Platform in place with top 1-3 position in all main markets

30

*Cramo Management estimates, measured by sales

**In access equipment

Modular space (38 000 units)Construction equiment (7 000 units)

Access equiment (12 000 units)Tools (133 000 units)

Extensive rental portfolio…

…and rental-related service offering, enabling early entry in projects

• Drying and heating

• Scaffolding

• Electrification & lighting

• Humidity control

• Dust control

• Site security

• Cramo Energy

• Cramo 24

• Cramo Flexi

• Web depot

• Cramo Safety

3.Total solution providerBalanced fleet portfolio and a wide rental-related service offering

31

Modular space units for intermediate to long-term usage with high standard

Modular space units for short-term usage in general rental

Offices for the manufacturing

industry and the public sector

Construction Site offices,

storage containers

and trailers

Site huts for labour

Sanitation units

Schools and pre-schools for the

public sector

Accommodation

Non-Construction Applications Construction Applications

� Strong underlying growth in the Nordics and attractive roll-out opportunities to other markets

� Brings stability and visibility through long-term agreements and more balanced customer portfolio

� Separates Cramo from its competitors and provides synergies with general rental

4.Modular space opportunitiesThe leading player in the Nordic area*

32

*Cramo Management estimate, measured by sales

5.Operational efficiencyAdvanced fleet management and operating platform

33

� Unified business model covering all market areas

� Stantardised fleet and harmonised fleet management processes

� Fleet optimisation and agility -optimised internal transfer of equipment and flexible adaption to customer needs

� Active investment management and fleet life cycle optimisation

� Strong purchasing power

Fleet

Optimisation

Fleet optimisation cornerstones

Specialised

organisation

KPI reporting

Product pricing

IT systems

Incentive

schemes

Used

equipment sale

Return handling,

repair and

maintenance

Logistics

6.

� One Cramo

� Cramo rental concept

� Cramo processes

� Cramo people

� Quality, safety and environment

� Consistent and transparent governance

Well-established brandCredible supplier with proven track-record

34

35

Future prospectsMarket outlook for 2011 is positive

� The construction and equipment rental service markets are expected to grow stronger in almost all of Cramo’s market areas in 2011

� Cramo anticipates stronger growth in the demand for rental services than in construction

� As a consequence of the improving prospects, Cramo Group’s investments will increase

� The Group’s guidance for 2011 is unchanged: “The market outlook for equipment rental services for 2011 is positive. In 2011, the Group’s sales is expected to grow both as a consequence of the Theisen acquisition and organically. The Group’s EBITA margin will improve compared with 2010.”

Appendix

37

Key figures

*) Change over 100%

Change

EUR (1 000)

INCOME STATEMENT

Sales 144 217 101 400 42 817 492 103

EBITDA 25 345 22 588 2 757 117 623

Non-recurring capital gain in Q1/2010 5 746 -5 746 5 746

Non-recurring costs in Q1/2011 (Theisen acquisition) -2 051 -2 051

EBITDA excluding non-recurring items 27 396 16 842 10 554 111 877

Operating profit (EBITA) before amortisation and impairment of intangible

assets resulting from acquisitions

2 455 1 503 952 34 478

Operating profit (EBITA) before amortisation and impairment of

intangible assets resulting from acquisitions, excluding non-recurring

items

4 506 -4 243 8 749 28 732

Operating profit/loss (EBIT) -237 -114 -123 27 389

Profit/Loss before tax (EBT) -3 962 -6 574 2 612 4 804

Profit/Loss for the period -5 963 -7 400 1 437 -2 203

SHARE-RELATED INFORMATION

Earnings per share (EPS), EUR -0,19 -0,24 0,05 -0,07

Earnings per share (EPS), diluted, EUR -0,19 -0,24 0,05 -0,07

Shareholders' equity per share, EUR 10,21 9,76 0,45 10,52

BALANCE SHEET

Equity ratio, % 35,5 % 38,7 % 38,7 %

Gearing, % 124,2 % 108,4 % 103,4 %

Net interest-bearing liabilities 462 573 375 191 87 382 382 032

OTHER INFORMATION

Return on investment, rolling 12-month, % 3,5 % -1,2 % 3,7 %

Return on equity, rolling 12-month, % -0,2 % -12,4 % -0,6 %

Gross capital expenditure 91 272 3 472 87 800 86 219

of which related to acquisitions and business combinations 72 670 0 72 670 33 821

Cash flow after investments -45 226 18 773 -63 999 27 393

Average number of personnel (FTE) 2 356 2 019 337 2 083

Number of personnel at end of period (FTE) 2 457 2 013 444 2 131

1-3/

2011

1-3/

2010

1-12/

2010

Items affecting

comparability

Items affecting

comparability

38

Consolidated income statement

*) Change over 100%

Change

EUR (1 000) %

SALES 144 217 101 400 42,2 % 492 103

Other operating income 1 294 7 615 -83,0 % 15 110

Change in inventories of finished goods and

work in progress

579 273 *) 1 015

Production for own use 796 0 *) 4 694

Materials and services -54 276 -36 782 -47,6 % -183 479

Employee benefit expenses -30 584 -23 785 -28,6 % -101 939

Other operating expenses -36 682 -26 134 -40,4 % -109 880

Depreciation and impairment on tangible

assets and assets available for sale

-22 890 -21 085 -8,6 % -83 145

EBITA 2 455 1 503 63,3 % 34 478

% of sales 1,7 % 1,5 % 7,0 %

Amortisation and impairment on intangible

assets resulting from acquisitions

-2 692 -1 616 -66,6 % -7 089

OPERATING PROFIT/LOSS (EBIT) -237 -114 *) 27 389

% of sales -0,2 % -0,1 % 5,6 %

Finance costs (net) -3 724 -6 461 42,4 % -22 586

PROFIT/LOSS BEFORE TAXES -3 962 -6 574 39,7 % 4 804

% of sales -2,7 % -6,5 % 1,0 %

Income taxes -2 001 -826 *) -7 007

PROFIT/LOSS FOR THE PERIOD -5 963 -7 400 19,4 % -2 203

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

1-12/

2010

1-3/

2011

1-3/

2010

39

Consolidated balance sheet

*) Change over 100%

31.3. 31.3. Change 31.12.

EUR (1 000) 2011 2010 % 2010

ASSETS

NON-CURRENT ASSETS

Tangible assets 560 423 510 260 9,8 % 526 326

Goodwill 159 411 142 046 12,2 % 147 998

Other intangible assets 121 323 89 621 35,4 % 102 001

Deferred tax assets 15 607 14 001 11,5 % 14 301

Available-for-sale financial investments 349 342 2,0 % 347

Derivative financial instruments 2 554 0 *) 1 053

Trade and other receivables 3 789 3 003 26,2 % 3 613

TOTAL NON-CURRENT ASSETS 863 455 759 274 13,7 % 795 638

CURRENT ASSETS

Inventories 17 698 12 235 44,7 % 13 803

Trade and other receivables 147 633 100 839 46,4 % 125 333

Income tax receivables 6 909 11 037 -37,4 % 5 114

Derivative financial instruments 304 115 *) 825

Cash and cash equivalents 16 753 13 417 24,9 % 22 313

TOTAL CURRENT ASSETS 189 296 137 642 37,5 % 167 388

Assets available for sale 7 075 5 863 20,7 % 2 671

TOTAL ASSETS 1 059 826 902 780 17,4 % 965 697

31.3. 31.3. Change 31.12.

EUR (1 000) 2011 2010 % 2010

EQUITY AND LIABILITIES

EQUITY

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

Other reserves 203 325 186 926 8,8 % 188 797

Fair value reserve 117 117 0,0 % 117

Hedging fund 338 -2 853 *) -1 197

Translation differences 2 639 -5 393 *) 3 426

Retained earnings 91 600 92 402 -0,9 % 103 309

EQUITY ATTRIBUTABLE TO SHARE-

HOLDERS OF THE PARENT COMPANY 322 853 296 034 9,1 % 319 287

Non-controlling interest 503 -100,0 % 503

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

TOTAL EQUITY 372 483 346 167 7,6 % 369 420

NON-CURRENT LIABILITIES

Interest-bearing liabilities 378 467 348 332 8,7 % 346 776

Derivative financial instruments 308 5 137 -94,0 % 2 543

Deferred tax liabilities 84 609 75 059 12,7 % 78 348

Other non-current liabilities 5 455 1 565 *) 4 207

TOTAL NON-CURRENT LIABILITIES 468 839 430 093 9,0 % 431 875

CURRENT LIABILITIES

Interest-bearing liabilities 100 858 40 276 *) 57 569

Derivative financial instruments 662 1 447 -54,3 % 1 853

Trade and other payables 113 962 79 931 42,6 % 100 984

Income tax liabilities 3 021 4 866 -37,9 % 3 997

TOTAL CURRENT LIABILITIES 218 504 126 520 72,7 % 164 403

TOTAL LIABILITIES 687 343 556 613 23,5 % 596 277

TOTAL EQUITY AND

LIABILITIES 1 059 826 902 780 17,4 % 965 697

40

Cash flow statement

1-3/ 1-3/ 1-12/

EUR (1 000) 2011 2010 2010

Net cash flow from operating activities 3 640 510 68 333

Net cash flow from investing activities -48 866 18 263 -40 940

Cash flow from financing activities

Change in interest-bearing receivables 44 34 -610

Change in finance lease liabilities -10 765 -9 623 -35 309

Change in interest-bearing liabilities 43 145 -14 701 15 952

Hybrid capital -6 000

Proceeds from share options exercised 7 262 1 871

Non-controlling interest -76

Net cash flow from financing activities 39 610 -24 290 -24 095

Change in cash and cash equivalents -5 616 -5 517 3 298

Cash and cash equivalents at period start 22 313 18 520 18 520

Translation differences 56 414 495

Cash and cash equivalents at period end 16 753 13 417 22 313

41

Segment performance

*) Change over 100%

Change

SALES, EUR (1 000) %

Finland 28 191 19 056 47,9 % 99 583

Sweden 68 101 51 895 31,2 % 251 857

Norway 20 204 17 097 18,2 % 69 120

Denmark 6 257 5 740 9,0 % 29 493

Central Europe 10 612 - - -

Eastern Europe 12 869 9 014 42,8 % 49 886

Inter-segment sales -2 017 -1 403 -43,8 % -7 837

Group sales 144 217 101 400 42,2 % 492 103

Change

EBITA, EUR (1 000) %

Finland 2 176 550 *) 12 466

Sweden 9 344 5 418 72,5 % 41 186

Norway 415 -103 *) 303

Denmark -1 634 -3 224 49,3 % -5 328

Central Europe -1 189 - - -

Eastern Europe -2 218 -4 839 54,2 % -11 464

Non-allocated capital gains and other income 5 746 -100,0 % 5 746

Non-allocated Group activities -4 485 -2 073 *) -8 380

Eliminations 45 27 66,7 % -52

Group EBITA 2 455 1 503 63,3 % 34 478

1-12/

2010

1-3/

2011

1-3/

2010

1-12/

2010

1-3/

2011

1-3/

2010

42

Modular space order book Order book nearly the same as in Q4/10

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

72,677,3 78,5

82,0

97,693,7

88,9

94,699,2 101,0

111,9

106,8

94,597,5 96,3

102,8

86,1

92,988,7 87,7 87,6

0 %

10 %

20 %

30 %

40 %

50 %

60 %

70 %

80 %

90 %

100 %

0

20

40

60

80

100

120

Q1/06

Q2/06

Q3/06

Q4/06

Q1/07

Q2/07

Q3/07

Q4/07

Q1/08

Q2/08

Q3/08

Q4/08

Q1/09

Q2/09

Q3/09

Q4/09

Q1/10

Q2/10

Q3/10

Q4/10

Q1/11

Share of re

ntal (%

of to

tal o

rder b

ook)

Order book (EUR m)

Rental Sales