CRAMO PLC

INTERIM

REPORT1.1.2009 – 30.9.2009

POWERING YOUR BUSINESS

2

CEO Vesa Koivula

CFO Martti Ala-Härkönen

3

Contents

� Cramo Group in brief and market

outlook

� Interim report Q3/2009

� Group performance

� Business segments

� Actions to secure competitiveness

and development projects going

forward

� Appendix

� Additional financial information

4

Cramo Group in briefDifficult market continued; successful cost cutting, positive cash flow

� Finland� Sweden� Norway� Denmark� Central and Eastern Europe

� Sales 331,3 MEUR (-24,1 %; in local curr. -17,6 %)� EBITDA 80,9 (144,9) MEUR; 24,4 (33,2)% of sales

� EBITA 15,9 MEUR (-80,7 %)

� EPS, diluted EUR -0,40 (EUR 1,37 in 1-9/08)

Business segments

Key financials 1-9 / 2009

Depot network

Personnel

No. of rental equipment

� Approximately 195 000

Russia

Denmark

GermanyPoland

CzechRepublic

AustriaHungary

Slovakia

Ukraine

Belarus

Lithuania

Latvia

Estonia

Norway

Sweden

Finland

Romania

Moldova

St. Petersburg

� Sales and EBITA below previous year in a difficult market

� Successful cost cutting; cost base down EUR 50m year-on-year

� Cash flow after investments strongly positive and balance sheet strengthened

� Markets seen stabilising, early signs of recovery; stringent cost discipline to continue

Highlights of Q3 / 2009

Bulgaria

Slovenia

Croatia

Bosnia and

HerzegovinaSerbia

Macedonia

Albania

Moscow

� 286 depots at end of 9/09 (298 in 9/08)

� 11 countries

� 2 239 FTEs at end of 9/09 (2 832 in 9/08)

Yekaterinburg

5

Signs of stabilization and early recovery Cramo will yet finalise all adjustment activities in 2009 as planned

• After the summer, first signs of stabilisation and early recovery seen

– A number of economic growth projections have been revised upwards

– First positive GDP growth figures seen since the start of the crisis

– Within construction, residential start-ups have started to increase in many

countries

• In the rental business the first part of 2010 is still expected to be challenging

in many markets

– Late cyclical nature of the construction industry

– Construction growth still expected to be negative in many countries in 2010

� Cramo will finalise all adjustment activities in 2009 as planned earlier

in order to secure a sufficiently low cost base going forward

– Some 30% of personnel to be reduced from the August 2008 high

– Cost reductions of approximately EUR 35m targeted in 2009; Year-on-year, the

cost burden will be reduced by approximately EUR 50m in 2010

6

Stabilization in economic prospects2009 world outlook slightly improved, 2010 growth clearly up to 3,1%

-4 %

Total w orld US Euro area Japan CEE CIS

Economic growth 2009E Economic growth 2010E

Source: IMF World Economic Outlook April 2008 – October 2009

-8 %

-6 %

-4 %

-2 %

0 %

2 %

4 %

6 %

8 %

Apr-08

Jun-08

Aug-08

Oct-08

Dec-08

Feb-09

Apr-09

Jun-09

Aug-09

Oct-09

Output growth 2009

-8 %

-6 %

-4 %

-2 %

0 %

2 %

4 %

6 %

8 %

Jan-09

Mar-09

May-09

Jul-09

Sep-09

Output growth 2010

7

Regional variations in the pace of recoveryNordic countries, Central Europe and Russia expected to recover in

2010, growth in the Baltics still negative

GDP growth 2010EGDP growth 2009E-5,2 % -4,3 %

-1,7 %

-4,0 %

-10,0 %

-12,0 %

-10,0 %

-0,7 %

-3,5 %

-2,1 %

-6,0 %

-6,4 %

-4,8 %

-1,9 %

-2,4 %

-14,0 %

-18,0 %

-18,5 %

1,0 %

-4,3 %

-4,7 %

-7,5 %

-20 %

-15 %

-10 %

-5 %

0 %

5 %Finland

Sweden

Norway

Denmark

Estonia

Latvia

Lithuania

Poland

Czech Republic

Slovakia

Russia

Real GDP growth % (2009E)

2009E (Apr-2009) 2009E (Oct-2009)

-1,2 %

0,2 %

0,3 %

0,4 %

-1,0 %

-2,0 %

-3,0 %

1,3 %

0,1 %

1,9 %

0,5 %

0,9 %

1,2 %

1,3 %

0,9 %

-2,6 %

-4,0 %

-4,0 %

2,2 %

1,3 %

3,7 %

1,5 %

-20 %

-15 %

-10 %

-5 %

0 %

5 %

Finland

Sweden

Norway

Denmark

Estonia

Latvia

Lithuania

Poland

Czech Republic

Slovakia

Russia

Real GDP growth (2010E)

2010E (Apr-2009) 2010E (Oct-2009)

Source: IMF World Economic Outlook April 2009 – October 2009

8

36 %

11 %15 %

11 %

20 %13 %

31 %26 %

30 %

56 % 50 %

67 % 50 %

35 %

41 %

40 %

34 % 33 % 35 %

22 %

30 %

52 %

28 %34 %

0 %

10 %

20 %

30 %

40 %

50 %

60 %

70 %

80 %

90 %

100 %

UK & Ireland

Germ

any

France

Italy

Spain

Benelux

Nordic

Total

Higher Same Lower

2 %Balance*: -22 % -20 % -11 % -10 % -39 % 3 % -8 %

18 % 20 %

8 %14 %

0 %6 % 8 %

13 %

41 %

20 %

36 %

14 % 40 %

35 % 31 %

34 %

41 %

60 %56 %

71 %

60 % 58 %62 %

54 %

0 %

10 %

20 %

30 %

40 %

50 %

60 %

70 %

80 %

90 %

100 %

UK & Ireland

Germ

any

France

Italy

Spain

Benelux

Nordic

Total

Improving Stable Deteriorating

-23 %Balance*: -40 % -48 % -57 % -60 % -52 % -54 % -41 %

Rental companies still cautious about 2010However, clear improvement in confidence in Q3 / 2009

Fleet investments 2010 vs. 2009 (Q2/09)General business conditions (Q2/09)

Source: ERA / IRN Rental Tracker Survey June 2009 (International Rental News, September 2009) and October 2009.

* Difference between negative and positive answers

Q3/09 balance improvement from -41% to -15% Q3/09 balance improvement from -8% to -6%

9

Short term reassessment of earlier assumptions

• Market/region-specific variation in

– Growth drivers

– Trends

– Risks

• Different scenarios

PURSUE PROFITABLE

GROWTH

INVEST IN

RIGHT PEOPLE

FOCUS ON CUSTOMER

EXCEL IN FLEET

MANAGEMENT

One

ONE

� COMMON VISION

� COMMON VALUES

� COMMON IDENTITY

� COMMON PROCESSES AND SYSTEMS

� COMMON CONCEPTS AND SERVICES

• Positive cash flow / net debt

reduction

• Profitability at best possible level

• Fleet optimization Group-wide

2009 short term reviewPrevious view

2009 short term focus areasStrategic themes 2009-2011

• Equipment rental is expected to grow faster than the construction market in the long term despite short-term fluctuations in penetration

• 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

• According to Euroconstruct, most construction markets in which Cramo is present, are expected to start to recover gradually in 2010-11

• Nordic Countries and Central Europe (especially Poland) and Russia are expected to recover more quickly

• The Baltic countries are likely to face a slower recovery

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

10

Strategic priorities and short-term adjustments

2008 2009 2010 2011

Cost adjustments

Adding flexibility and

efficiency

Strategic themes: Profitable growth; Focus on customer; Invest in

right people; Excel in Fleet Management; One Cramo

Constant Development: New offerings to the market; IT platform

Preparations for new

growth phase

11

Q3 / 2009

Group performance

12

83,6

96,7105,5

116,6

107,3116,4

129,0

143,8

126,8

154,0 155,7

143,3

106,9 109,3115,1

0

20

40

60

80

100

120

140

160

180

Q1 Q2 Q3 Q4

Quarterly sales (EUR m

illion)

2006 2007 2008 2009

Cramo quarterly sales development Sales were up from Q2/2009

Y-o-Y growth09 vs. 08

Y-o-Y growth08 vs. 07

* Growth in local currencies

-15,7%

(-6,7%)*

+18,2% +32,3% +20,7%-0,3%

(+6,7%)*

-29,0%

(-22,2%)*

-26,1%

(-22,0%)*

13

9,8

15,1

25,022,9

16,7

22,4

30,7

26,1

17,4

30,7

34,2

19,8

1,5

4,8

9,6

0

5

10

15

20

25

30

35

40

Q1 Q2 Q3 Q4

Quarterly EBITA (EUR m

illion)

2006 2007 2008 2009

Cramo quarterly EBITA development EBITA including reorganisation costs* improved from Q2/2009

EBITA-% 15,6% 19,3% 19,9% 23,7% 23,8% 22,0% 19,7% 18,2% 13,8%11,8% 15,5% 13,7% 1,4% 4,4%

* EBITA includes reorganisation expenses, credit losses and an increase in credit loss provisions totalling EUR 9,3m for 1-9/2009

8,3%

14

28,8 % 32,0 % 36,3 %

30,2 %

28,5 %

33,9 %

36,3 %

29,8 %

21,8 %

24,3 %

27,0 %

-13,3 %

-12,7 %

-12,4 %

-12,0 %

-14,8 %

-14,0 %

-14,4 %

-15,9 %

-20,4 %

-19,9 %

-18,7 %

15,5 % 19,3 % 23,8 %

18,2 %

13,7 %

19,9 %

22,0 %

13,8 %

1,4 % 4,4 %

8,3 %

-30 %

-20 %

-10 %

0 %

10 %

20 %

30 %

40 %

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

EBITDA / Depreciation / EBITA (% of quarterly sales)

EBITDA margin Depreciation EBITA margin

EBITDA & EBITA margin by quarter 2007-Q3/09Cost adjustments starting to become visible on the EBITDA level;

EBITA* burdened mainly by fleet depreciation Change 1-9/09 vs. 1-9/08

EBITDA margin: -8,8%

EBITA margin: -14,1%

* EBITA includes reorganisation expenses, credit losses and an increase in credit loss provisions totalling EUR 9,3m for 1-9/2009

Depreciation

burdening EBITA

15

Year 2009 is a ”Building for the Future” year for CramoDespite the downturn, clear resilience in the Group’s EBITDA margin

21,8 %24,3 %

27,0 %24,4 %

1,4 %

1,3 %

1,5 %

1,4 %1,5 %

0,9 %

1,8 %

1,4 %

0 %

5 %

10 %

15 %

20 %

25 %

30 %

35 %

Q1/2009 Q2/2009 Q3/2009 Q1-Q3/2009

% of quarterly sales

EBITDA Restructuring costs Credit losses and changes in credit loss provisions

16

Quarterly EPS performance (diluted)EPS in Q3/2009 remained slightly negative; EBT was positive

Note: 2005 EPS is for Rakentajain Konevuokraamo

0,08

0,21

0,34

0,170,14

0,31

0,43

0,49

0,28

0,48

0,62

0,48

0,26

0,52

0,59

0,22

-0,22

-0,15

-0,03

-0,30

-0,20

-0,10

0,00

0,10

0,20

0,30

0,40

0,50

0,60

0,70

Q1 Q2 Q3 Q4

Quarterly diluted EPS (EUR)

2005 2006 2007 2008 2009

17

0,0

0,5

1,0

1,5

2,0

2,5

3,0

3,5

4,0

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

Quarterly gross CapEx to depreciation or EBITDA

Gross CapEx / EBITDA Gross CapEx / Depreciation

Gross CapEx 2006-09 Gross CapEx / EBITDA & Depr. 2006-09

Capital ExpenditureInvestment holiday continued in Q3; investments mainly in modular space

Note: Gross CapEx does not include operational leasing or acquisitions.

27,6

28,8

27,8

27,7

40,8

52,2

31,7

50,8

58,4

75,7

35,2

31,9

12,1

7,0

5,7

0

10

20

30

40

50

60

70

80

Q1 Q2 Q3 Q4

Quarterly gross capital expenditure (EUR million)

2006 2007 2008 2009

18

-68,1

-38,9

-4,7

12,4 13,2

-1,9

27,6

-80

-60

-40

-20

0

20

40

Q1 Q2 Q3 Q4

Quarterly cash flow after investm

ents (EUR m

illion)

Cash flow after investments 2008 Cash flow after investments 2009

Cash flow from operations 2008-09 Cash flow after investments 2008-09

Cash flow Strong cash flow after investments at EUR 27,6m in Q3/2009

Note: CFO = Cash flow from operating activities

Acquisitions

EUR 28,5m

Acquisitions

EUR 8,6m

16,4

27,7

34,3

42,6

7,2

14,2

28,5

0

5

10

15

20

25

30

35

40

45

Q1 Q2 Q3 Q4

Quarterly cash flow from operations (EUR m

)

0 %

5 %

10 %

15 %

20 %

25 %

30 %

35 %

Quarte

rly cash flo

w fro

m operatio

ns to

sales

CFO 2008 CFO 2009 CFO / Sales 2008 CFO / Sales 2009

19

Cash flow in rental is typically counter-cyclicalThe 2009 downturn has been an ”acid test” to the business model

Note: 2005 is for Rakentajain Konevuokraamo

-100

-50

0

50

100

150

2005 2006 2007 2008 1-9/2009

EUR m

illion

Operating profit Operating cash flow Cash flow after investments

20

116,9 %

124,0 %

115,8 %

104,6 %

106,9 % 118,4 %

109,1 %

109,4 %126,5 %

147,1 %

149,3 %

155,6 %

121,5 %

113,1 %

151,3 %

0 %

20 %

40 %

60 %

80 %

100 %

120 %

140 %

160 %

180 %

Q1 Q2 Q3 Q4

Gearing %

2006 2007 2008 2009

37,1 %

35,2 %

37,0 %

38,2 %

39,1 %

36,9 %

38,2 %

37,3 %

35,9 %

32,0 %

32,4 %

32,4 %

32,2 %

36,4 %

38,0 %

0 %

5 %

10 %

15 %

20 %

25 %

30 %

35 %

40 %

45 %

Q1 Q2 Q3 Q4

Equity ratio %

2006 2007 2008 2009

Gearing 2006-09 Equity ratio 2006-09

Capital structureClear strengthening of capital structure continued in Q3/2009

21

Debt structure 30.9.2009 Debt/facitility maturity 31.12.2008

Debt structure and maturityFacilities further increased from Q2/2009, favorable maturity structure

11,3 13,8 13,8 13,8

112,7

125,0

29,4 28,3 30,0 22,4

20,0

26,5

23,2

71,5

44,8 45,936,7

258,4

27,9

0

50

100

150

200

250

300

2009 2010 2011 2012 2013 2013+

Interest bearing liabilities (EUR m)

Other (Repurchase liabilities, rent advances and other)

Commercial papers

Finance lease liabilities

Current (2009) loans drawn from facilities maturing in 2013

Bank & pension loans

Open commitments current

Open commitments non-current

Repurchase liabilities

Bank & Pension loans

Finance lease liabilities

Other

Rent advances

Other

Commercial papers

*Includes only bank loan facilities, excluding leasing facilities

148,3

2,0

52,374,0

110,0

264,5

6,5

7,5

38,423,8

12,0

428,8

90,7 97,8

122,0

0

50

100

150

200

250

300

350

400

450

500

Interest bearing

liabilities

(30.9.09)

Open

commitments*

(31.3.2009)

Open

commitments*

(30.6.09)

Open

commitments*

(30.9.09)

Interest bearing liabilities (EUR m

)

22

Net working capital and bad debt provisionsNWC under control, increasing provisions for bad debts

Net working capital Provision for bad debts

0

10

20

30

40

50

60

70

Q1/2008 Q2/2008 Q3/2008 Q4/2008 Q1/2009 Q2/2009 Q3/2009

Net working capital (EUR m)

Net w orking capital

0

1

2

3

4

5

6

7

8

9

Q1/2008 Q2/2008 Q3/2008 Q4/2008 Q1/2009 Q2/2009 Q3/2009

Provision for bad debts (EUR m

)0 %

1 %

2 %

3 %

4 %

5 %

6 %

7 %

8 %

9 %

Provision fo

r bad debts (%

of a

ccounts re

ceivable)

Provisions for bad debts Provision / Receivables

Cramo is constantly providing for bad debts according to the Group’s credit policy

23

Q3 / 2009

Business segments

24

Sales by business segment

EUR 331,3 million EUR 436,5 million

Sales 1-9/2009 Sales 1-9/2008

Sweden

47,3 %

Norway

14,1 %

Denmark

8,1 %

Central and

Eastern

Europe

9,8 %

Finland

20,8 %

Sweden

46,4 %

Norway

11,8 %

Denmark

7,7 %

Central and

Eastern

Europe

12,9 %

Finland

21,2 %

25

FinlandSupported by restructuring, profitability rose to a good level in Q3

� Sales declined compared to last year as a

result of lower construction activity and

fewer new project start-ups

� Price pressure and shorter contract periods

in equipment rental

� Demand for rental related services

particularly affected by slow-down

� Modular space continued to develop well

� Profitability up from Q2 but below last year

� Personnel reductions & adjustment of fleet

� Result includes restructuring expenses of

EUR 1,0m in 1-9/2009

� Franchising model implemented

� RT* forecasts a construction decline of 12%

in 2009 in Finland

Highlights Sales by quarter

* Rakennusteollisuus RT, October 2009

EBITA by quarter

Change Change

(EUR 1 000) % %

Sales 23 834 34 004 -29,9 % 69 686 94 792 -26,5 % 126 286

EBITA 4 291 9 672 -55,6 % 7 052 19 545 -63,9 % 26 346

EBITA-% 18,0 % 28,4 % 10,1 % 20,6 % 20,9 %

1-12/

2008

7-9/

2009

7-9/

2008

1-9/

2009

1-9/

2008

27,7

33,1 34,031,5

23,3 22,6 23,8

0

5

10

15

20

25

30

35

40

Q1 Q2 Q3 Q4

Quarterly sales (EUR m

illion)

2008

2009

3,7

6,1

9,7

6,8

0,91,8

4,3

0

2

4

6

8

10

12

Q1 Q2 Q3 Q4

Quarterly EBITA (EUR m

illion)

2008

2009

26

Change Change

(EUR 1 000) % %

Sales 55 296 70 652 -21,7 % 158 302 207 128 -23,6 % 273 849

EBITA 11 084 18 909 -41,4 % 28 197 48 858 -42,3 % 62 909

EBITA-% 20,0 % 26,8 % 17,8 % 23,6 % 23,0 %

7-9/

2009

7-9/

2008

1-9/

2009

1-9/

2008

1-12/

2008

SwedenGood profitability continued despite slow-down

� Sales declined by 22% compared to Q3 last

year (-16% in local currency)

� Continuing low demand and price pressure

� Several large construction projects ongoing

in Northern Sweden & Stockholm area;

signs of improvement in the South

� New agreement signed with NCC

� Profitability was on a good level but below

last year

� Tightened co-operation between Southern

Sweden and Denmark in maintenance and

logistics

� Personnel reductions & adjustments of fleet

� Latest estimates** predict declines of some

-8% in construction in 2009

* Change in sales measured in local currency

** Sveriges Byggindustrier, October 2009

Highlights

-13,8%*(local curr.)

-15,8%*(local curr.)

Sales by quarter

EBITA by quarter

62,7

73,8 70,766,7

50,1 53,0 55,3

0

10

20

30

40

50

60

70

80

Q1 Q2 Q3 Q4

Quarterly sales (EUR m

illion)

2008

2009

13,1

16,9

18,9

14,1

7,3

9,811,1

0

2

4

6

8

10

12

14

16

18

20

Q1 Q2 Q3 Q4

Quarterly EBITA (EUR m

illion)

2008

2009

27

Change Change

(EUR 1 000) % %

Sales 15 615 18 249 -14,4 % 47 108 52 453 -10,2 % 69 684

EBITA 853 2 317 -63,2 % 3 124 5 569 -43,9 % 6 135

EBITA-% 5,5 % 12,7 % 6,6 % 10,6 % 8,8 %

1-12/

2008

7-9/

2009

7-9/

2008

1-9/

2009

1-9/

2008

NorwayProfitability in 2009 has been satisfactory

� Sales decreased by 14% compared to last

year in Q3 (-9% in local currency)

� Successful expansion of customer base

within large and medium size construction

companies and the industry

� New agreement with NCC

� Modular space demand fairly good

� Profitability remained below last year in Q3

and also fell below Q2 / 2009

� Measures aimed at improving profitability to

continue, including reorganisation of

logistics, transport and service network

� Some personnel reductions

� Euroconstruct** estimates construction to

decrease by nearly six percent in 2009

* Change in sales measured in local currency

** Euroconstruct, June 2009

Highlights

-1,7%*(local curr.)

-9,2%*(local curr.)

Sales by quarter

EBITA by quarter

15,6

18,6 18,217,2

15,8 15,7 15,6

0

2

4

6

8

10

12

14

16

18

20

Q1 Q2 Q3 Q4

Quarterly sales (EUR m

illion)

2008

2009

0,9

2,4 2,3

0,6

1,2 1,10,9

0

1

2

3

Q1 Q2 Q3 Q4

Quarterly EBITA (EUR m

illion)

2008

2009

28

DenmarkDue to restructuring measures, profitability still unsatisfactory in Q3

� Sales declined in Q3 compared to previous

year, but the rate of decline was lower than

in previous quarters

� Weak market situation continued combined

with tight competition and price pressure

� Profitability was unsatisfactory in Q3

� The result was strained by reorganisation

expenses of EUR 2,5m in 1-9/09

� Measures to cut costs, reduce rental fleet &

improve operational efficiency continued

� Personnel reduced to correspond with the

new operating model

� Danish crane fleet sold to Ajos A/S

� Euroconstruct estimated the construction

market to decrease by some 8% in 2009

* Euroconstruct, June 2009

*) Change over 100%

Highlights Sales by quarter

EBITA by quarter

Change Change

(EUR 1 000) % %

Sales 9 747 11 807 -17,4 % 27 028 34 135 -20,8 % 44 387

EBITA -1 571 193 *) -4 471 512 *) -2 888

EBITA-% -16,1 % 1,6 % -16,5 % 1,5 % -6,5 %

7-9/

2009

7-9/

2008

1-9/

2009

1-9/

2008

1-12/

2008

10,5

11,9 11,8

10,3

8,5 8,89,7

0

2

4

6

8

10

12

14

Q1 Q2 Q3 Q4

Quarterly sales (EUR million)

2008

2009

-0,2

0,50,2

-3,4

-1,7

-1,2

-1,6

-4

-3

-2

-1

0

1

Q1 Q2 Q3 Q4Quarterly EBITA (EUR m

illion)

2008

2009

29

Change Change

(EUR 1 000) % %

Sales 11 979 23 574 -49,2 % 32 787 57 672 -43,1 % 77 434

EBITA -3 008 5 380 *) -12 440 9 638 *) 9 880

EBITA-% -25,1 % 22,8 % -37,9 % 16,7 % 12,8 %

1-12/

2008

7-9/

2009

7-9/

2008

1-9/

2009

1-9/

2008

Central and Eastern Europe*EBITA still unsatisfactory due to heavy depreciation; clear profitimprovement from Q2/2009

� Sales continued to be depressed, combined

with unsatisfactory profitability

� Heavy depreciation straining EBITA, result

also significantly affected by reorganisation

expenses of EUR 0,8m and credit losses

and an increase in credit loss provisions of

EUR 2,3m in 1-9/09

� EBITA and EBITDA yet improved from Q2.

EBITDA improved by EUR 1,1m, being

EUR 2,6m, or 21,3 per cent of sales in Q3

� The impact of the economic recession has

been heavier than expected in the CEE

area, particularly in the Baltics

� Latest Euroconstruct*** estimates for 2009

show varying performance for CEE

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

** Change in sales measured in local currency

*** Euroconstruct, June 2009

*) Change over 100%

Highlights

-36,7%**(local curr.)

-43,9%**(local curr.)

Sales by quarter

EBITA by quarter

14,2

19,9

23,6

19,8

10,4 10,412,0

0

5

10

15

20

25

Q1 Q2 Q3 Q4

Quarterly sales (EUR million)

2008

2009

1,5

2,8

5,4

0,2

-4,9 -4,5

-3,0

-6

-4

-2

0

2

4

6

Q1 Q2 Q3 Q4

Quarterly EBITA (EUR m

illion)

2008

2009

30

Modular space order bookOrder book remained on a good level

72,6

77,3 78,582,0

97,693,7

88,9

94,6

99,2 101,0

111,9

106,8

94,597,5 96,3

0

20

40

60

80

100

120

3/06

6/06

9/06

12/06

3/07

6/07

9/07

12/07

3/08

6/08

9/08

12/08

3/09

6/09

9/09

Order book (EUR m

)

0 %

10 %

20 %

30 %

40 %

50 %

60 %

70 %

80 %

90 %

100 %

Share of re

ntal (%

of to

tal order b

ook)

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

31

Actions to secure competitiveness and

development projects going forward

32

44,1

53,2

46,3

51,9

35,5 33,937,5

0

10

20

30

40

50

60

70

Q1 Q2 Q3 Q4

Materials and services (EUR m)

2008 2009

28,4

31,728,6 29,7

26,7 27,125,5

0

5

10

15

20

25

30

35

40

Q1 Q2 Q3 Q4

Employee benefits (EUR m)

2008 2009

25,1

29,727,7

30,5

25,2 24,8 24,8

0

5

10

15

20

25

30

35

40

Q1 Q2 Q3 Q4

Other operating expenses (EUR m)

2008 2009

2 451

2 791 2 832 2 785

2 471 2 4022 239

0

500

1 000

1 500

2 000

2 500

3 000

3 500

Q1 Q2 Q3 Q4

Personnel (end of period, FTE)

2008 2009

Impact of contingency plan actions on EBITDACost adjustments bearing fruit, all savings not yet reflected

Materials and services Personnel costs

-6,3% -14,7%

+0,6% -16,5%

Other operating expenses Number of employees

+0,8% -13,9%

-19,6% -36,4%

Note: 1-9/2009 costs include reorganisation expenses of EUR 4,7m and credit losses and an increase in credit loss provisions of

EUR 4,6m

-19,0% -10,8%

-10,2% -20,9%

33

Cramo actions to secure competitiveness

• Positive cash flow after investments and net debt reduction

– Strong operational cash flow and low level of investments

• Profitability at best possible level

– Increased focus on sales activities, specific focus on growth pocket

segments, e g, public infrastructure investments, renovation, stimulus

program initiatives

– Continuing extensive personnel cost reductions – total headcount to be

reduced by some 30% (FTEs) in 2009 compared to August 2008

– Together with other ongoing cost adjustment measures, the Group aims

at cost savings of approximately EUR 35m in 2009. Year-on-year, in

2010, the cost burden will be reduced by approximately EUR 50m

• Fleet optimisation Group-wide

– Focus expanded from internal transfers also to external sales of fleet

34

Commitment to development and innovationNew initiatives to drive customer value and increase efficiency

• Despite challenging economic times, Cramo has continued an active development

of new rental offerings that drive customer value

• Examples of such offerings and concepts include

– Cramo 24

– Web Depot

– Cramo Flexi

– Cramo Insurance

– Cramo Bonus

– Cramo Safety

– Cramo Smart Energy

– Franchising model

• In addition, Cramo has continued to develop internal efficiency

– Development and implementation of uniform IT platforms

– Common KPIs throughout the organization

� Cramo’s goal is to be the market shaper also in the future

� During the downturn, Cramo has continued to invest in new offering, rental

concepts, systems and processes. The benefits of these investments shall

become more visible when the market turns

35

Development and innovationExamples of new initiatives currently under testing / implementation

• Unmanned depot with a basic assortment

of most commonly used tools

• Accessible around the clock for subscribing

customers

• Additional equipment can be pre-ordered to

Cramo 24 depots

• Maximum flexibility and availability

Cramo 24 – Equipment around

the clock

• Fixed monthly rental fee covering a

minimum of three tools

• Complete freedom to change to or add

another type of machine within the Flexi

product range at any Cramo depot

• Quick replacement of machines in case of

break-down

Cramo Flexi – Flexible rental

alternative to buying tools

36

Future prospectsSummary outlook for the immediate future

� During Q3/09, markets were seen stabilising, and there were some early signs of recovery. However, because of the cyclical nature of the construction industry and low investment levels inindustry, Cramo expects the Group’s economic operating environment to continue on a low level towards year end.

� Government actions to stimulate economic recovery in the varioussectors of construction will balance some of the recessionary effects. In the modular space business, long-term agreements will moderate the cyclical fluctuations in Cramo’s operations.

� Having completed major restructurings, certain cost cuts will still continue. The reduction in headcount will be appr. 30% in 2009, compared with August 2008. Other actions aim at an efficiency increase and better rental equipment fleet utilisation rates.

� The adjustments are expected to generate cost savings of approximately EUR 35m in 2009. Y-o-y, in 2010, the cost burden will be reduced by approximately EUR 50 m.

� The demand for equipment rental services might continue to decrease in many markets in H1/10. Recent reports on signs of early recovery and increasing residential construction, support a forecast according to which the demand for equipment rental might see an upswing in H2/10. However, there are still significant uncertainties associated with 2010 forecasts.

� The Group’s Gross CapEx in 2009 will be appr. EUR 30–35m and mainly allocated to the purchase of modular space. The Group anticipates the low investment level to continue also in 2010.

� The Group’s cash flow after investments will be positive in 2009. We expect H2/09 EBITA to improve over H1/09 EBITA.

Appendix

38

Key figures

*) Change over 100%

Change Change

EUR (1 000) % %

INCOME STATEMENT FIGURES

Sales 115 089 155 697 -26,1 % 331 274 436 486 -24,1 % 579 802

Operating profit before amortisation on intangible assets

resulting from acquisitions (EBITA)

9 577 34 215 -72,0 % 15 899 82 310 -80,7 % 102 153

Operating profit (EBIT) 7 838 32 255 -75,7 % 10 799 77 225 -86,0 % 91 804

Profit before tax (EBT) 2 051 24 517 -91,6 % -6 708 58 926 *) 63 675

Profit for the period -998 18 019 *) -12 373 41 917 *) 48 650

PER-SHARE FIGURES

Earnings per share (EPS) before amort. on intangible

assets resulting from acquisitions, diluted, EUR

0,01 0,64 -98,4 % -0,28 1,49 *) 1,84

Earnings per share (EPS), undiluted, EUR -0,03 0,59 *) -0,40 1,37 *) 1,59

Earnings per share (EPS), diluted, EUR -0,03 0,59 *) -0,40 1,37 *) 1,59

Equity per share, EUR 10,37 11,39 -9,0 % 10,42

BALANCE SHEET FIGURES

Equity ratio, % 38,0 % 32,4 % 32,4 %

Gearing, % 113,1 % 147,1 % 149,3 %

Net interest-bearing liabilities 412 664 513 694 -19,7 % 477 124

OTHER KEY FIGURES

Return on equity, rolling 12-month, % -1,6 % 16,9 % 14,9 %

Gross capital expenditure 24 851 169 270 -85,3 % 201 192

% of sales 7,5 % 38,8 % 34,7 %

Average number of personnel (FTE) 2 443 2 643 -7,6 % 2 688

Number of personnel at end of period (FTE) 2 239 2 832 -20,9 % 2 785

1-12/

2008

7-9/

2009

7-9/

2008

1-9/

2009

1-9/

2008

39

Consolidated income statement

*) Change over 100%

Change Change

EUR (1 000) % %

SALES 115 089 155 697 -26,1 % 331 274 436 486 -24,1 % 579 802

Other operating income 1 046 1 097 -4,6 % 3 140 9 994 -68,6 % 16 855

Change in inventories of finished

goods and work in progress

482 -536 *) -34 446 *) -770

Production for own use 2 330 2 866 -18,7 % 7 539 12 833 -41,3 % 18 725

Materials and services -37 528 -46 305 -19,0 % -106 876 -143 665 -25,6 % -195 596

Employee benefits -25 501 -28 586 -10,8 % -79 231 -88 768 -10,7 % -118 452

Depreciation and impairments -21 510 -22 353 -3,8 % -65 039 -62 567 4,0 % -85 412

Amortisation on intangible assets

resulting from acquisitions

-1 738 -1 961 -11,4 % -5 100 -5 085 0,3 % -10 350

Other operating expenses -24 832 -27 665 -10,2 % -74 874 -82 451 -9,2 % -112 999

OPERATING PROFIT 7 838 32 255 -75,7 % 10 799 77 225 -86,0 % 91 804

% of sales 6,8 % 20,7 % 3,3 % 17,7 % 15,8 %

Finance costs (net) -5 787 -7 739 -25,2 % -17 507 -18 300 -4,3 % -28 128

PROFIT BEFORE TAX 2 051 24 517 -91,6 % -6 708 58 926 *) 63 675

% of sales 1,8 % 15,7 % -2,0 % 13,5 % 11,0 %

Income taxes -3 049 -6 497 -53,1 % -5 665 -17 008 -66,7 % -15 025

PROFIT FOR THE PERIOD -998 18 019 *) -12 373 41 917 *) 48 650

% of sales -0,9 % 11,6 % -3,7 % 9,6 % 8,4 %

1-12/

2008

7-9/

2009

7-9/

2008

1-9/

2009

1-9/

2008

40

Consolidated balance sheet

*) Change over 100%

30.9. 30.9. Change 31.12.

EUR (1 000) 2009 2008 % 2008

ASSETS

NON-CURRENT ASSETS

Property, plant and equipment 548 442 621 860 -11,8 % 585 554

Goodwill 154 487 159 390 -3,1 % 147 850

Other intangible assets 97 610 108 651 -10,2 % 97 259

Available-for-sale investments 340 317 7,3 % 314

Receivables 2 880 3 857 -25,3 % 2 964

Derivative financial instruments 369 1 472 -74,9 %

Deferred income tax assets 18 667 9 159 *) 17 391

TOTAL NON-CURRENT ASSETS 822 797 904 707 -9,1 % 851 333

CURRENT ASSETS

Inventories 13 435 20 250 -33,7 % 15 920

Trade and other receivables 105 970 135 975 -22,1 % 113 075

Income tax receivables 9 527 5 007 90,3 % 4 394

Derivative financial instruments 759 *) 4 741

Cash and cash equivalents 16 152 19 200 -15,9 % 8 123

TOTAL CURRENT ASSETS 145 843 180 433 -19,2 % 146 254

Assets available for sale 5 951

TOTAL ASSETS 974 591 1 085 139 -10,2 % 997 587

30.9. 30.9. Change 31.12.

EUR (1 000) 2009 2008 % 2008

EQUITY AND LIABILITIES

EQUITY

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

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

Fair value reserve 117 117 0,0 % 117

Hedging fund 1 497 6 877 -78,2 % 6 792

Translation differences -16 086 -8 528 88,6 % -30 289

Retained earnings 117 515 138 905 -15,4 % 131 111

EQUITY ATTRIBUTABLE TO EQUITY

HOLDERS OF THE PARENT COMPANY 314 788 349 116 -9,8 % 319 476

Minority interest 503 *)

Hybrid capital 49 630 *)

TOTAL EQUITY 364 921 349 116 4,5 % 319 476

NON-CURRENT LIABILITIES

Provisions 107 347 -69,2 % 186

Deferred income tax liabilities 78 263 73 545 6,4 % 78 967

Derivative financial instruments 4 315 *)

Interest-bearing liabilities 295 174 321 064 -8,1 % 288 700

Other non-current liabilities 6 465 9 695 -33,3 % 5 622

TOTAL NON-CURRENT LIABILITIES 384 324 404 651 -5,0 % 373 475

CURRENT LIABILITIES

Trade and other payables 81 361 95 425 -14,7 % 93 515

Interest-bearing liabilities 133 642 211 830 -36,9 % 196 546

Derivative financial instruments 2 286 *) 1 720

Income tax liabilities 8 057 24 117 -66,6 % 12 855

TOTAL CURRENT LIABILITIES 225 346 331 371 -32,0 % 304 636

Liabilities related to assets available for sale 0

TOTAL LIABILITIES 609 670 736 023 -17,2 % 678 111

TOTAL EQUITY AND

LIABILITIES 974 591 1 085 139 -10,2 % 997 587

41

Cash flow statement

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

EUR (1 000) 2009 2008 2008

Cash flows from operating activities 49 903 78 373 120 960

Cash flows from investing activities -14 629 -187 215 -216 568

Cash flows from financing activities

Dividends paid -6 132 -19 929 -19 929

Increase (+) / decrease (-) in liabilities -51 331 101 698 68 235

Increase (+) / decrease (-) in lease liabilities -17 153 28 120 39 154

Hybrid capital 49 500

Acquisition of own shares -500

Cash flows from financing activities, total -25 616 109 889 87 460

Net change in cash and cash equivalents 9 658 1 047 -8 149

Cash and cash equivalents at period start 8 123 18 489 18 489

Translation difference -1 629 -336 -2 217

Cash and cash equivalents at period end 16 152 19 200 8 123

42

Segment performance

*) Change over 100%

Change Change

SALES, EUR (1 000) % %

Finland 23 834 34 004 -29,9 % 69 686 94 792 -26,5 % 126 286

Sweden 55 296 70 652 -21,7 % 158 302 207 128 -23,6 % 273 849

Norway 15 615 18 249 -14,4 % 47 108 52 453 -10,2 % 69 684

Denmark 9 747 11 807 -17,4 % 27 028 34 135 -20,8 % 44 387

Central and Eastern Europe 11 979 23 574 -49,2 % 32 787 57 672 -43,1 % 77 434

Intra-segment sales -1 382 -2 590 -46,6 % -3 637 -9 693 -62,5 % -11 838

Sales, total 115 089 155 697 -26,1 % 331 274 436 486 -24,1 % 579 802

Change Change

EBITA, EUR (1 000) % %

Finland 4 291 9 672 -55,6 % 7 052 19 545 -63,9 % 26 346

Sweden 11 084 18 909 -41,4 % 28 197 48 858 -42,3 % 62 909

Norway 853 2 317 -63,2 % 3 124 5 569 -43,9 % 6 135

Denmark -1 571 193 *) -4 471 512 *) -2 888

Central and Eastern Europe -3 008 5 380 *) -12 440 9 638 *) 9 880

Non-allocated capital gains and other income 0 0 0 6 025 10 082

Non-allocated Group activities -2 052 -2 106 -2,6 % -5 579 -7 110 -21,5 % -9 530

Eliminations -21 -150 -86,0 % 17 -727 *) -781

EBITA, total 9 577 34 215 -72,0 % 15 899 82 310 -80,7 % 102 153

1-12/

2008

7-9/

2009

7-9/

2008

1-9/

2009

1-9/

2008

1-12/

2008

7-9/

2009

7-9/

2008

1-9/

2009

1-9/

2008