map - 3 - a-rakennusmies (ramirent) in brief - 4 - ceo’s ... · a-rakennusmies (ramirent) in...

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Map

- 3 -

A-Rakennusmies (Ramirent) in Brief

- 4 -

CEO’s review

- 6 -

Domestic Product Lines and Subsidiaries

- 8 -

Organization, Operating and Group Structures

- 10 -

Domestic Operations

- 12 -

International Operations

- 14 -

Board of Directors’ Report

- 17 -

Consolidated Income Statement

- 18 -

Consolidated Balance Sheet

- 20 -

Consolidated Cash Flow Statement

- 21 -

Parent Company Income Statement

- 22 -

Parent Company Balance Sheet

- 24 -

Parent Company Cash Flow Statement

- 25 -

Notes

- 38 -

Key Figures and Calculation of Key Figures

- 40 -

Board of Directors’ Proposal

- 41 -

Signing of Accounts and Auditor’s Report

- 42 -

Corporate Governance and Managemet

- 44 -

Share Turnover and Performance (monthly)

- 45 -

Outlet Network

A-Rakennusmies vsk 29.3.2001, 08:291

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Kuvateksti kuvateksti kuvateksti kuvateksti

kuvateksti kuvateksti kuvateksti kuvateksti

kuvateksti kuvateksti kuvateksti.


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A-Rakennusmies (to be renamed Ramirent as of

April 2001) is the largest company in Finland rentingand selling machinery and equipment for construc-tion and industry. Ramirent has the most extensive

rental fleet in the Finnish market. With the exceptionof contracting machinery (earthmoving machines,mobile cranes, etc.) it provides customers with all

the machinery and equipment used on constructionsites, ranging from tower cranes to drills.The Ramirent Group’s core product lines are

Small Machinery, Equipment and Personnel Hoists,Scaffolding and Weather Covers, Formwork andSupporting Equipment, Portable Spacial Units and

Containers, and Tower Cranes and Hoists.The Group also offers related planning, erection,transportation and advisory services. In addition to

its rental operations, Ramirent is also involved in thetechnical trade, and in this capacity imports andmarkets key construction machines and equipment.

The Group’s main customer segments are construc-tion companies, installation companies, industrialplants, shipyards, national and local authorities, and

private persons. The Group has some 20,000customers.Ramirent has a network of over 75 rental outlets

throughout Finland, most of them owned by thecompany and the remainder being dealer outlets.Ramirent also owns 65% of A-Rakennusmies East

Oy (to be renamed Ramirent Europe Oy) which,through its subsidiaries, rents out constructionmachinery and equipment in Russia, Estonia,

Latvia, Lithuania and Poland. Ramirent Europecurrently has a network of 16 rental outlets inthese countries.

A-RAKENNUSMIES (RAMIRENT) IN BRIEF

KEY FIGURES

Net sales and other operating income FIM mill.Profit before extraordinary items FIM mill.Earnings per share FIMReturn on investmentPersonnel 31.12.

320.9 67.711.64

32.4%524

224.0 46.08.55

29.2%317

209.745.09.06

32.2%322

172.8 32.56.95

28.3%291

2000 1999 1998 1997

144.312.02.94

13.9%271

1996


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REVIEW OF 2000

Construction continued to be brisk in Finland in

2000. New construction and renovation work bothgrew in comparison to the previous year. Additional-ly, there was increased demand for rental equipment

for shipyards and industrial maintenance. Concern-ing the Baltic countries, construction picked up inEstonia and Latvia but was lower than expected in

Lithuania. Construction growth tapered off in Polandand actually decreased by 2%. Following sharpdrops in construction in Russia over recent years,

the situation began to improve slightly, although2000 was still very quiet.2000 was the first operating year in which

A-Rakennusmies (renamed Ramirent) functioned asa Group. The Ramirent Group consists of its 100%owned subsidiaries Rami-Cranes Oy, Uudenmaan

Telineykköset Oy, Teline-Rami Oy, Rami-Service Oyand its 65% owned subsidiary A-RakennusmiesEast Oy (renamed Ramirent Europe).

The Group’s net sales and profit improved consider-ably in 2000. Net sales were up 45% to FIM 320million and the profit before extraordinary items,

reserves and taxes was up 47% to FIM 68 million, in

comparison to the figures for A-Rakennusmies Oyjfor the previous year. Domestically, there was growthin all product groups and the highest increases in

net sales were in scaffolding (90%), portable spacialunits (73%) and formwork (39%). Growth of 25%was achieved in tower cranes and 20% in small

machinery and equipment.International operations (Ramirent Europe) grew by43% in comparison to the previous year, at which

time the net sales figures were not included withA-Rakennusmies Oyj figures. The profit afterfinancial items of international operations turned

positive during the year. Despite strong growth theRamirent Group’s equity ratio remained over 50%,and gearing was also at a good level of 56% despite

extremely high investments (FIM 130 million).

In accordance with the Group’s growth strategy,

acquisitions were made in Finland and abroad(in Poland, Latvia and Estonia), new outlets wereopened and substantial investments were made in

the rental fleet. The development of rental outletswas continued both domestically and abroad.The Group has a Finnish network of 77 rental

outlets and a network of 16 rental outlets in Estonia,Latvia, Lithuania, Poland and Russia. In Finland,tower crane operations were incorporated into

Rami-Cranes Oy at the beginning of March 2000and the total stock of Uudenmaan Telineykköset Oyand Etelä-Suomen Telinepiste Oy was acquired in

June. A decision on the incorporation of the scaffold-ing product range was also made in summer andimplemented practically on January 1, 2001.

Since that date all of the Group’s Finnish scaffoldingoperations have taken place through UudenmaanTelineykköset Oy and Teline-Rami Oy.

A quality system in accordance with the ISO 9001standard, introduced in the Finnish operations in1999, received certification during 2000.

In order to expand international operations, theshare capital of A-Rakennusmies East Oy (RamirentEurope Oy following the name change) was in-

creased, with the holding of the parent companyA-Rakennusmies Oy (renamed Ramirent Oy)accordingly increasing to 65%. The ScanEast Fund

L.P., which is managed by CapMan Capital Manage-ment Oy, continues to have a 35% holding. RamirentOyj has the option to purchase the remaining 35%

of shares in Ramirent Europe Oy.

REVIEW BY THE PRESIDENT & CEO


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The operations of AS Scanlift in Estonia and SIA

Scanlift in Latvia were acquired. In Lithuania newoutlets were established in Klaipeda and in Kaunas.Ramirent Polska was established in Poland, as were

other companies carrying the Rami Polska name,and the majority of shares in Rema-Rental S.A., acompany renting machinery and equipment, were

acquired.

OUTLOOK FOR 2001

The favourable development of the Group is expect-ed to continue in 2001. Growth and improved

profitability are expected in rental activities andtechnical trade in both the domestic and internation-al markets. The outlook is based on presented

estimates of the growth of the construction andindustrial maintenance markets in Finland, and onthe favourable outlook for development in machinery

and equipment rental in the Baltic countries and inPoland. The investments in the rental fleet andacquisitions both domestically and abroad during

2000 will support favourable growth in 2001.During the present financial year the RamirentGroup will continue investments in rental fleet and

acquisitions, in accordance with its internationalisa-tion and growth strategy

INTERNATIONALISATION ANDGROWTH STRATEGY OF RAMIRENT

The Ramirent Group aims at strong growth for the

coming years. The Group’s target is to grow by atleast 20% annually. The aim is also to maintain,concurrently, the Group’s present good level of

profitability; i.e. for the profit before taxes andextraordinary items to be at least 20% of net sales.Growth will mainly take place through internationali-

sation, but there will also be continued efforts fordomestic growth. In addition to the Finnish market,the Group’s main market area is the developing

European countries. The Group will invest in rentalfleet, in acquisitions and new outlets in Poland andthe Baltic countries with the aim of building a rental

outlet network in these countries equivalent to theone in Finland. The potential for expanding opera-tions into Hungary, the Czech Republic and Slovakia

will also be studied.The Group’s net sales target is FIM 400 million forthis year and FIM 500 million for 2002.

March 2001

Erkki NorvioPresident and CEO

OPERATING PROFIT1996-2000

5050

40

21

60

50

40

30

20

10

FIM million

96 97 98 99 00

70

80

72

NET SALES1996-2000

0

50

100

150

200

250

220203

167

139

320

FIM million

96 97 98 99 00

300

PROFIT BEFOREEXTRAORDINARY ITEMS

1996-2000

4645

32,5

60

50

40

30

20

10

FIM million

96 97 98 99 00

70

80

67,7

12


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SMALL MACHINERY, EQUIPMENT ANDPERSONNEL HOISTS

The product line covers the renting of small machin-ery, equipment, personnel hoists and tools forconstruction sites and industrial maintenance

services, and sales of related accessories andequipment. The products range in size from simplesewer opening springs to electricity generators

weighing more than a ton and large personnelhoists. Small Machinery, Equipment and PersonnelHoists is Ramirent’s largest product line. It includes

machinery and equipment for concrete casting, soilcompaction, hoisting, heating, sanding, grinding,welding, drilling and nailing. The product range also

includes various cutting machines, pneumaticmachinery and equipment, electrical and lightingequipment, pumps, and testing and measuring

equipment.

FORMWORK ANDSUPPORTING EQUIPMENT

The product line covers the renting and sales of

shuttering forms required for on-site concrete

PRODUCT LINES AND SUBSIDIARIES IN FINLAND

casting, and the related planning, erection andsupervision services. Shuttering forms are used tocast vertical and horizontal structures such as walls

and vaults. The renting of shuttering forms takesplace in accordance with the special features ofeach construction project, the construction schedule

and the resources of the contractor. The machineryand equipment in the product line are well-knownEuropean brands.

TELINE-RAMI OY ANDUUDENMAAN TELINEYKKÖSET OY

Teline-Rami Oy and Uudenmaan Telineykköset Oyare wholly owned subsidiaries of Ramirent Oyj,

responsible for renting and selling scaffolding andweather covers. The companies’ comprehensiveservice also includes planning, erection, transfers,

disassembly and transportation. In addition to theabove, Teline-Rami imports and sells various brandsof scaffolding. Uudenmaan Telineykköset focuses

mainly on buildings and facades in the Helsinkimetropolitan area, while Teline-Rami deals with therest of Finland and also supplies the scaffolding

needs of industry.


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Scaffolding and weather covers are necessary in

renovation and new building projects, in shipyardsand in industrial maintenance.

PORTABLE SPACIAL UNITS ANDCONTAINERS

The product line rents and sells portable spacialunits and containers for new building and renovationsites and for several other purposes. The products

include office, changing room, canteen, storage andaccommodation units. In addition to ready-furnishedunits, the product line also designs and furnishes

tailored solutions for construction site buildings,schools, day care centers and offices.

RAMI-CRANES OY

Rami-Cranes Oy is a wholly owned subsidiary of

Ramirent Oyj, responsible for renting and sellingtower cranes and hoists and the related mainte-nance and spare parts services. Rami-Cranes also

repairs and provides spare parts for other kinds ofconstruction machinery.

TECHNICAL TRADE

Ramirent Oyj imports and markets a variety ofconstruction machines and equipment. The techni-cal trade is conducted by the product lines and

subsidiaries, using the network of rental outlets fortheir sales activities. The Group sells the samebrands as it rents out. The main products in the

technical trade are hoists, heaters, tower cranes,containers, scaffolding, formwork, portable spacialunits, and various small machines, equipment and

accessories needed on construction sites.


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Network of outlets and regional salesSmall machineryand equipment

Formwork and supportingequipment

Portable spacial unitsand containers

Tower cranes and hoists(Rami-Cranes Oy)

RamirentEurope, 65%

ZAO TechrrentMoscow

ZAO PeterrentSt. Petersburg

A-Ramirent ASEstonia

A-Ramirent SIALatvia

A-Ramirent UABLithuania

Rema Rental SAPoland

Southeast Finland

Kotka region

South Savolax

East Finland

Keski-Pohja

North Finland

Turku region

West Finland

Central Finland

Pirkanmaa

Päijät-Häme

Helsinki region

PRODUCT LINES OPERATING STRUCTURE

Scaffolding and weather covers(Telineykköset Oy)(Teline-Rami Oy)

Over 75 outlets Over 15 outlets

OPERATING STRUCTURE

FINLAND

Ramirent has a matrix organization in Finland, withoperations organized by product line and region. Theproduct lines are: Small Machinery and Equipment &

Personnel Hoists, Formwork and Supporting Equip-ment, Scaffolding and Weather Covers (Teline-RamiOy and Uudenmaan Telineykköset Oy), Portable

Spacial Units and Containers, and Tower Cranes andHoists (Rami-Cranes Oy). Operations are geographi-cally divided into 12 regions and over 75 outlets.

The formwork, scaffolding (Teline-Rami Oy andUudenmaan Telineykköset Oy), portable spacial unitsand tower crane products (Rami-Cranes Oy) are

rented and sold by their respective product lines andsubsidiaries and through the company’s network ofoutlets. The renting of small machinery and equip-

ment & personnel hoists and the sales of accesso-ries and equipment are handled by the outlets.

ORGANIZATION AND OPERATING STRUCTURE


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RAMIRENT OYJ

RAMIRENT EUROPE 65%

RAMI-CRANES OY (100%)

UUDENMAAN TELINEYKKÖSET OY (100%)

TELINE-RAMI OY (100%)

ZAO TECHRENT (MOSCOW, 100%)

ZAO PETERRENT (ST. PETERSBURG, 100%)

A-RAMIRENT AS (ESTONIA, 100%)

A-RAMIRENT SIA (LATVIA, 67%)

A-RAMIRENT UAB (LITHUANIA, 100%)

RAMI POLSKA Sp.zo.o (POLAND, 100%)

RAMIRENT POLSKA Sp.zo.o (POLAND, 100%)

VIA TEH SIA (LATVIA, 100%) letter of intent

REMA-RENTAL S.A. (POLAND about 70%)

MASTRENT Sp.zo.o (POLAND, 100%) letter of intent

JURIDICAL STRUCTURE (inoperative companies excluded)


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FINNISH OPERATIONS

HISTORY

The history of Ramirent dates back to 1955 and theestablishment of a partnership called Rakennus-

mies. At that time new construction machinery andequipment were in great demand in Finland with thepost-war reconstruction at its height. The import,

manufacture, and trading of construction machineryand equipment were defined as the company’s lineof business. In the 1960s and 1970s the product

range expanded, and the company also took on thedevelopment and manufacture of various prefabri-cated units. At the time, the company was called

A-Elementti Oy Rakennusmies.In 1983, Oy Partek Ab acquired the whole stock ofthe company, and in the following 2–3 years Partek

largely transferred the prefabricated unit productionto its own similar group. After the company’s ownproduction came to an end, its name was changed

to A-Rakennusmies Oy. Through this change thecompany returned to its roots and focused on theimport, sales and renting of construction machinery

and equipment.In the late 1980s, business grew again, and theproduct range expanded. Further growth was sought

mainly through acquisitions. In 1989, A-Rakennus-mies acquired Rakennuslaite Oy, which had beenrenting construction machinery for 15 years.

Hytec Oy, a leading seller and renter of formworkand personnel hoists, was merged with the companyin 1991. In 1992, the major part of Monivuokraus

Ky’s business and network of rental outlets was

acquired, which significantly increased A-Rakennus-mies’ construction machinery rental operations.In 1993, the construction machinery operations of

Starckjohann-Telko Oy were joined to the company,and in 1994 A-Rakennusmies acquired TallbergRakennustekniikka Oy’s business. In 1995, the

business of Betox Oy was purchased.In December 1995, the business operations ofA-Rakennusmies were transferred to a new compa-

ny held by key persons in A-Rakennusmies Oythrough the holding company Gaspar Oy Ab,together with funds managed by CapMan Capital

Management Oy and MB Finance Group Oy. Of theprevious owners, Oy Julius Tallberg Ab, Oy PartekAb and Starckjohann Oy, retained their holdings in

the company until November 1997, when the lattertwo sold their shares to the company’s other share-holders. In 1998, A-Rakennusmies was listed on the

main list of the Helsinki Exchanges and the publicquotation of its shares began on April 30, 1998.In conjunction with this, the capital investors,

CapMan Capital Management and MB FinanceGroup, sold most of their holdings.A-Rakennusmies continued its acquisitions. The

equipment rental operations of Kehä-Vuokraus andCranes-Sampo were purchased in 1998 and twoscaffolding rental companies, Uudenmaan Te-

lineykköset Oy and Etelä-Suomen Telinepiste Oy,were purchased in 2000.The Tower Crane operations were incorporated as a

subsidiary company called Rami-Cranes Oy at thebeginning of March 2000. During 2000 a decisionwas made to incorporate the scaffolding operations

into Teline-Rami Oy, which came into effect at thebeginning of 2001.It was also decided to change the name A-Raken-

nusmies Oyj to Ramirent Oy as of April 2001.

MARKET DEVELOPMENT IN FINLAND

According to the estimates of Ramirent, Finland’srental market for construction machinery and

equipment grew by approximately 15–20% in 2000.Nevertheless, the use of rental machinery andequipment for construction is still low in Finland by

international standards. As construction companiesand industry focus on improving profitability andproductivity, a further increase is expected in the

use of rental services in Finland. Construction

NET SALES BY PRODUCT LINE

FIM million 2000 1999 1998 1997 1996

Small Machinery and

Equipment and

Personnel Hoists 188 156 137 108 90

Formwork and

Supporting Equipment 32 23 25 22 18

Scaffolding and

Weather Covers 55 29 29 28 15

Portable Spacial Units

and Containers 19 11 13 11 9

Tower Cranes and Hoists 25 20 19 13 12

Intragroup sales -34 -19 -20 -15 -5

Total 285 220 203 167 139

Other operating income 2 4 7 6 5

Total 287 224 210 173 144


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companies also have their own machinery andequipment, which they will need to renew in thefuture. This heightens the prospects for technical

trade.

OPERATIONS AND MARKET SITUATION

The combined net sales of the outlets in the SmallMachinery and Equipment and Personnel Hoists

product line were FIM 188 million in 2000, whichwas 20% more than in the previous year.The increase was mainly due to increased activity

throughout the market and the new outlets estab-lished during the year.Renting of small machinery and personnel hoists is

expected to further increase mainly because of the

overall growth in the construction market and the

trend for increased use of rental machinery andequipment. In 2001, the network of outlets will befurther expanded.

The net sales of the Formwork and SupportingEquipment product line amounted to FIM 32 millionin 2000, an increase of 39% compared with 1999.

This was mainly due to an increase in new construc-tion and the increasing occurrence of on-sitebuilding and renovations. The year 2001 will most

likely be busy and the net sales of the product groupare expected to grow further.The net sales of Scaffolding and Weather Covers,

including installations, were FIM 55 million in 2000,which was 90% more than the previous year. Thevigorous growth was mainly affected by the increase

in scaffolding usage by industry and shipyards andthe appearance of Uudenmaan Telineykköset Oyand Etelä-Suomen Telinepiste Oy in the Group’s

figures starting from July, 2000. The rental, salesand installion of scaffoldings will in the future beconducted by Ramirent’s subsidiaries: Teline-Rami

Oy and Uudenmaan Telineykköset Oy. The net salesof the subsidiary companies are expected to furtherincrease in 2001.

The net sales of Portable Spacial Units and Contain-ers amounted to FIM 19 million, an increase of 73%compared with 1999. The growth was largely due to

the increase in the number of industrial projects andlarge investments in rental fleet.Growth is expected to continue also during the year

2001.The net sales of the Tower Cranes and Hoists(Rami-Cranes Oy) product group totaled FIM 25

million in 2000, an increase of 25% over the previ-ous year. The main reason for growth was the saleof new and second-hand tower cranes. A favorable

demand situation is expected to continue alsoin 2001.The basic idea of Technical Trade is to sell the

same products that are used in the Group’s rentalbusiness, which enables the company to gainadvantage from common maintenance and spare

parts activities and relations with internationalsuppliers. The net sales of Technical Trade wereFIM 45 million in 2000, an increase of 15% over the

previous year. The Group continues to be committedto the technical trade and its ‘Rami’ sales.The growth of Technical Trade is expected to

continue also in 2001.


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The Group began its international machinery rentalbusiness in Moscow in 1989 by founding a joint

venture with two local partners in the former SovietUnion. In 1993, the Moscow business was trans-ferred to a wholly-owned subsidiary, ZAO Techrent.

In 1994, international operations were expanded byestablishing subsidiaries in St. Petersburg (Russia)and Tallinn (Estonia). A-Rakennusmies East Oy

began operations in 1997, as a result of forming theeastern operations of A-Rakennusmies into aseparate company. 50% of the equity of the new

company was put up by the Alliance ScanEast FundL.P. managed by CapMan Capital Management Oy.At the moment, the Group’s international operations

are handled through Ramirent Europe Oy (the newname for A-Rakennusmies East Oy) and its subsidi-aries. Ramirent Europe has subsidiaries in five

countries; ZAO Techrent (Moscow) and ZAO Peter-rent (St. Petersburg) in Russia, A-Ramirent AS inEstonia, A-Ramirent SIA in Latvia, UAB A-Ramirent

in Lithuania and Ramirent Polska Sp.zo.o, Rami

KEY FINANCIAL STATEMENT FIGURES(EAST SUB GROUP)

INCOME STATEMENT FIGURES

(FIM 1,000) 2000 1999 1998 1997

Net sales 34,888 24,386 23,656 14,465

Operating profit

before depreciation 6,821 4,479 4,870 2,377

Depreciation -6,582 -4,482 -4,039 -2,139

Operating pofit / loss 239 -3 831 238

Financial income and

expenses 145 -2,928 -1,824 -613

Profit after financial items 384 -2,931 -993 -375

BALANCE SHEET FIGURES

(FIM 1,000) 2000 1999 1998 1997

Fixed assets 42,304 20,376 18,603 14,736

Inventories 3,364 1,942 1,295 2,826

Receivables 8,864 4,766 4,193 5,548

Cash and bank 9,741 1,055 2,834 5,906

Non-interest bearing debt 11,551 4,823 2,341 6,719

Interest-bearing debt 4,681 5,458 6,204

Minority interests 2,732 1,212 768 603

Shareholders’ equity 45,309 16,646 20,529 21,694

Balance sheet total 64,273 28,139 29,842 29,016

INTERNATIONAL OPERATIONS

Polska Sp.Zo.o, Rema-Rental S.A. and Mastrent

Sp.zo.o in Poland.As a result of the share issue in 2000, RamirentOyj’s holding in Ramirent Europe rose to 65% and

the Alliance ScanEast Fund’s holding decreasedcorrespondingly to 35%. Ramirent Oyj also has theright of redemption of the minority holding.

The internationalization of the Group has proceededaccording to the strategy. In 2000, the net sales ofRamirent Europe grew by 43% compared to the

previous year, and the profit after financial itemsincreased. All the subsidiaries of Ramirent Europemade a profit in 2000, except for ZAO Peterrent,

which recorded a loss of FIM 2 million. The loss wasmainly due to the unfavorable market situation. ThePolish companies had negligible effect on the figures

for 2000 as they joined the Group so late in the yearand were burdened by the initial investments.In 2001, the operations of the Ramirent Europe

Group will experience strong growth and profitabili-ty is expected to improve due to the acquisitionsand investments in rental fleet made in 2000.

The internationalization and growth strategy willcontinue in 2001 through investments in new rentalfleet, the opening of new outlets primarily in Poland

and the Baltic countries and acquisitions in accord-ance with the strategy.

ESTONIA (A-RAMIRENT AS)

Construction in Tallinn returned to a better level in

2000 after a slower year in 1999. After A-RamirentAS acquired the rental business and real estate ofScanlift AS in the spring of 2000, the Tallinn

operations were handled by two outlets.The company’s profit was good and the merger ofthe acquired businesses with A-Ramirent AS was

carried out without any problems.The result for 2001 is also expected to be good andthe company plans to expand its operations in the

Estonian market.

LATVIA (A-RAMIRENT SIA)

Construction continued to be buoyant in Riga,which was beneficial to the rental business. In the

spring, A-Ramirent SIA acquired the constructionmachinery and equipment rental business ofScanlift SIA, and subsequently operations in Riga

were handled by two outlets. The company’s profit


13

for the year was good and the merger of the ac-quired businesses with A-Ramirent SIA was carriedout without any problems. The profit for 2001 is

expected to continue to be good. The companyplans to expand its businesses by opening a newoutlet in the port city of Ventspils.

In January 2001 the company signed a letter ofintent to acquire the leading Latvian formwork rentalcompany, Viateh SIA. The final deed of sale is to be

signed in April 2001 by the latest.

LITHUANIA (UAB A-RAMIRENT )

Construction was less lively than expected inVilnius, and in Lithuania in general, during the year

under review. Nevertheless, UAB A-Ramirent’s profitwas satisfactory. During the year, a new outlet wasfounded in the port city of Klaipeda, and a decision

was made to open an outlet and depot in Kaunas.The profit for 2001 is expected to improve over theprevious year.

POLAND(REMA-RENTAL S.A., RAMIRENT POLSKASP.ZO.O AND RAMI POLSKA SP.ZO.O.)

Ramirent Europe founded two wholly-owned subsidiar-ies in Poland during the year under review: RamirentPolska Sp.zo.o and Rami Polska Sp.zo.o. Ramirent

Polska operates as a holding company only andRami Polska plans to begin machinery and equip-ment importing and selling activities during 2001.

Ramirent Europe’s subsidiary, Ramirent Polska,acquired a majority in the Polish machinery rentalcompany, Rema-Rental S.A., towards the end of the

year. The operating management of the companyacquired a minority holding.

The companies in Poland had little effect in Ram-irent Europe’s profit for 2000.As notable investments only occurred in Poland in

the latter half of the year, their benefits will not bereflected in the figures until 2001. At the time ofsigning the financial statements, there was a

network of 6 outlets in Poland. The target is tosignificantly expand this network during the comingyears when the Polish market is expected to grow.

By combining Ramirent’s experience in the rentalbusiness and in building rental networks with thelocal knowledge and contacts of the Polish owners,

there will be a good opportunity to create a growingand profitable rental business in Poland.Ramirent Polska Sp.zo.o has signed a letter of intent

to acquire the whole share capital of the Polish hoistrental company Mastrent Sp. zo.o. The final deed willbe signed after the Polish competition authorities

have approved the acquisition.

RUSSIA, MOSCOW (ZAO TECHRENT)

Construction was at a low level in Moscow due tothe overall economic situation in Russia. Techrent

improved its result towards the end of the year,however, and the final result for 2000 was satisfacto-ry. In 2001, the company expects moderate growth

and, above all, improved profitability.

RUSSIA, ST. PETERSBURG(ZAO PETERRENT)

Construction was at a very low level in St. Peters-

burg due to the overall situation in Russia. Peterrentrecorded a loss in 2000. The outlook for 2001 isbetter and the target is to put Peterrent into profit

again, which is considered to be realistic.


1414

GENERAL

The Group’s rental operations and technical tradecontinued to grow strongly in Finland and abroad inthe year under review, and the net sales target was

exceeded. In compliance with its growth strategy,the Group made acquisitions, opened new outletsand invested in new rental fleet both in Finland and

abroad (in Poland, Latvia and Estonia). The growthwas profitable and the Group’s operating profit andprofit after financial items increased substantially.

Despite the strong growth, the equity ratio andgearing remained good. The network of outlets wasfurther expanded both domestically and abroad with

the result that the Group now has a network of 77outlets in Finland and 16 outlets in Estonia, Latvia,Lithuania, Poland and Russia.

At the beginning of March 2000 in Finland, theTower Cranes and Hoists product line was incorpo-rated into Rami-Cranes Oy. In the summer of 2000,

the stock of Uudenmaan Telineykköset Oy andEtelä-Suomen Telinepiste Oy was acquired as partof the growth strategy for the Scaffolding product

line. The transaction was partly financed with thecompany’s own shares, for which purpose a specialissue was organized. A decision was also made in

the summer of 2000 to incorporate the Scaffoldingand Weather Covers product line and this was putinto effect on January 1, 2001. Since then, the

Group’s domestic scaffolding business has beenorganized through Uudenmaan Telineykköset Oyand Teline-Rami Oy.

A quality system conforming with the SFS-EN ISO9001 standard, which had been introduced in

Finland during 1999, was certified in 2000.In order to prepare for further growth in internationaloperations, the share capital of A-Rakennusmies

East Oy (to be renamed Ramirent Europe Oy) wasincreased. This also meant that the holding of theGroup’s parent company in A-Rakennusmies East

Oy was increased to 65%. The Alliance ScanEastFund L.P. managed by CapMan Capital Manage-ment Oy will continue for the time being as the

minority shareholder, but A-Rakennusmies Oyj hasan option to buy the fund’s 35% holding.

The business operations of Scanlift AS in Estoniaand Scanlift SIA in Latvia were acquired during thefinancial year. In Lithuania, new outlets were opened

BOARD OF DIRECTORS’ REPORT

in Klaipeda and Kaunas. The Ramirent Polska

Sp.Zo.o and Rami Polska Sp.Zo.o companies werefounded in Poland and a majority holding of Rema-Rental S.A. was acquired.

CHANGES IN GROUP STRUCTURE

The year under review is the first for the Groupstructure. The A-Rakennusmies (to be renamedRamirent) Group consists of the following wholly

owned Finnish subsidiaries: Uudenmaan Teline-ykköset Oy, Teline-Rami Oy, Rami-Cranes Oy, Rami-Service Oy and a few companies with no business

activities, plus the 65% owned A-RakennusmiesEast Oy (to be renamed Ramirent Europe Oy).

A-Rakennusmies East Oy wholly owns the followingcompanies: A-Ramirent AS (Estonia, two outlets),UAB A-Ramirent (Lithuania, three outlets), ZAO

Techrent (Russia, Moscow, two outlets), ZAOPeterrent (Russia, St. Petersburg, one outlet),Ramirent Polska (Poland) and Rami Polska

(Poland). It also owns 2/3 of A-Ramirent SIA(Latvia, two outlets) and 52% of Rema-Rental S.A.(six outlets). The minority shareholders are a local

partner in Latvia and the operating management ofthe Polish company.

PROFIT DEVELOPMENTDURING THE 2000 FINANCIAL YEAR

The figures for 2000 are the Group’s figures unlessotherwise stated. The figures from the previous year(in brackets) are A-Rakennusmies Oyj’s figures, and

hence are not in all respects comparable.The Group’s net sales for 2000 were FIM 319.7(219.6) million which is 45.6% more than in the

previous year. Other operating income was FIM 1.1(4.4) million.

The operating profit before depreciation (operatingmargin) was FIM 108.0 (75.5) million, which is43.1% more than in the previous year. Due to the

growth in investments and acquisitions, depreciationincreased to FIM 36.0 (25.7) million and the operat-ing profit thus totaled FIM 72.0 (49.8) million. The

operating profit was 22.5 (22.7) % of net sales.Net financial costs increased to FIM 4.3 (3.8) milliondue to an increase in interest-bearing liabilities and

a rise in interest rates. Interest-bearing liabilities


1515

were used for investments in Finland and abroad, in

accordance with the growth strategy. Profit beforeextraordinary items and taxes was FIM 67.7 (46.0)million, equaling 21.2 (21.0) % of net sales.

Taxes increased to FIM 20.8 (10.7) million due to

NET SALES AND NET PROFIT BY MARKET AREA IN 2000

(FIM millions) Net sales Operating margin Depreciation Operating profit

Finnish operations 300.2 101.2 29.4 71.8International operations 34.9 6.8 6.6 0.2

Intra-Group transactions -15.4 –

Total 319.7 108.0 36.0 72.0

When compared to the previous year, net sales increased 37% in Finnish operations and43% in international operations.

INVESTMENTS

The Group’s gross investments totaled FIM 130.0(41.9) million which is 40.7 (19.1) % of net sales.

This figure includes FIM 99 million in variousmachine and equipment investments, FIM 13 millionin real estate and business premise purchases and

FIM 18 million in intellectual property rights andincrease in corporate goodwill.

FINANCING ANDBALANCE SHEET STATUS

The Group’s interest-bearing net debt increased toFIM 92.4 (52.9) million, owing to the strong growthin investments. Correspondingly, gearing was 55.9

(45.1) %. The Group aims to keep gearing below50% in the long term, but to allow it to moderatelyexceed that level in periods of active investment.

The equity ratio was 50.1 (54.6) %. The Group aimsto keep the equity ratio over 50% in the long term,but to allow it to moderately fall short of that level in

periods of active investment.The Group’s liquidity during the year under reviewwas good.

On December 31 2000, the consolidated balancesheet total was FIM 329.8 million and the sharehold-ers’ equity was FIM 147.8 million.

the increase in profit, the decrease in excess

depreciation possibilities and the increase in thedeferred tax liability. The net profit for the year wasFIM 49.1 (30.2) million.

Earnings per share were FIM 11.64 (8.55).

PERSONNEL

The average number of personnel employed by theGroup during the financial year was 487 (329), 388

of whom were employed in Finland and 99 abroad.The Group has a profit bonus scheme which appliesto all personnel. The size of the bonus depends on

the achievement of each unit’s key profit targets.More than 50 of the Group’s executives and keypersonnel are included in the 1998 and 2000 option

programs.

EURO

The Group’s financial statements will be denominat-ed in FIM until the end of 2001. Transition to the

euro will be completed in all operations by January1, 2002. The Group’s companies are currently ableto invoice and receive invoices denominated in

euros.

OUTLOOK FOR 2001

The Group is expected to continue its favorablebusiness development in 2001. Growth and im-

proved profitability are expected in rental activitiesand the technical trade both in Finland and abroad.The outlook is based on the presented estimates


1616

concerning the growth of the construction and

industrial maintenance markets in Finland and thepositive development prospects for machine rentalmarkets in the Baltic countries and Poland.

Investments in the rental fleet during 2000 and theacquisitions in Finland and abroad will supportfavorable development in 2001.

In accordance to its growth and internationalizationstrategy, the Group will continue its investments inrental fleet and acquisitions also in the current

financial year.

INCREASE IN THE SHARE CAPITALBY AN ALLOTTED ISSUE

As authorized by the Annual General Meeting of

April 13, 2000, the Board of Directors decided toincrease the share capital by an allotted share issuein connection with the acquisition of the stock of

Uudenmaan Telineykköset Oy and Etelä-SuomenTelinepiste Oy. 57,904 new shares of A-Rakennus-mies Oyj (to be renamed Ramirent Oyj) were issued

to the former owners of Uudenmaan TelineykkösetOy and Etelä-Suomen Telinepiste Oy and enteredinto the trade register on July 3, 2000. As a result,

the share capital increased by FIM 289,520 and thenumber of shares to 4,187,904.

SIGNIFICANT EVENTS AFTERTHE YEAR UNDER REVIEW

In Finland, the Scaffolding product line was incorpo-

rated into Teline-Rami Oy on January 1, 2001.In international operations, preliminary agreementshave been made for the acquisition of VIA TEH SIA

(Latvia) and Mastrent Sp. zo.o. (Poland). The finalagreements will probably be signed by the end ofApril, 2001.

BOARD OF DIRECTORS, PRESIDENT &CEO, AND AUDITORS

The Annual General Meeting held on April 13, 2000,elected Mr. Raimo Taivalkoski (Chairman), Mr.

Thomas Tallberg (Vice Chairman), Mr. Erkki Norvioand Ms Tuire Mannila as members of the company’sBoard of Directors.

The firm of Authorized Public Accountants, KPMG-Wideri Oy Ab, was elected as the auditor, with theresponsible auditor being Ms. Solveig Törnroos-

Huhtamäki, Authorized Public Accountant.The President and CEO is Mr. Erkki Norvio.


1717

CONSOLIDATED

Note 2000 2000(EUR 1000) (FIM 1000)

NET SALES 2 53 773 319 720Other operating income 3 194 1 152

Materials and services 4 11 678 69 436

Personnel expenses 5 12 740 75 751Depreciation and writedown 6 6 058 36 020Other operating expenses 11 379 67 657

41 856 248 864

OPERATING PROFIT 12 111 72 008

Financial income and expenses 7 -728 -4 327

PROFIT BEFORE EXTRAORDINARY ITEMS 11 383 67 682

Extraordinary items 8 389 2 312

PROFIT BEFOREAPPROPRIATIONS AND TAXES 11 772 69 994

Income taxes 10 -3 504 -20 832Minority interests -10 -57

NET PROFIT FOR THE YEAR 8 259 49 105

INCOME STATEMENT


1818

CONSOLIDATED

Note 31.12.2000 31.12.2000(EUR 1000) (FIM 1000)

ASSETS

NON-CURRENT ASSETSIntangible assets 11 4 042 24 032Goodwill 11 1 996 11 868

Tangible assets 11 37 046 220 264Investments Other investments 13 329 1 955

NON-CURRENT ASSETS TOTAL 43 413 258 119

CURRENT ASSETSInventories 16 3 107 18 476Current receivables Sales receivables 6 268 37 269

Other receivables 99 586 Prepayments and accrued income 836 4 971Cash in hand and at the banks 1 746 10 382

TOTAL CURRENT ASSETS 12 056 71 684

TOTAL ASSETS 55 469 329 803

BALANCE SHEET


1919

CONSOLIDATED

Note 31.12.2000 31.12.2000(EUR 1000) (FIM 1000)

LIABILITIES

CAPITAL AND RESERVESShare capital 19 3 522 20 940Share premium account 19 4 369 25 979

Legal reserve 19 6 36Retained earnings 19 8 704 51 754Net profit for the year 19 8 259 49 105

CAPITAL AND RESERVES TOTAL 24 860 147 813

MINORITY INTERESTS 2 945 17 510

CREDITORSDeferred tax 22 2 047 12 173

Non-current liabilities Debenture loans 23 824 4 900 Loans from financial institutions 28, 29 3 131 18 614

Pension loans 24 3 657 21 7457 612 45 259

Current liabilities Loans from financial institutions 27, 28, 29 9 020 53 628 Pension loans 649 3 859

Advances received 104 616 Trade payables 2 732 16 242 Other payables 1 309 7 784

Accruals and deferred income 4 191 24 91818 004 107 047

CREDITORS TOTAL 27 663 164 480

TOTAL LIABILITIES 55 469 329 803


2020

CONSOLIDATED

2000 2000

(EUR 1000) (FIM 1000)

Cash flow from operating activities:Profit before extraordinary items 11 383 67 682

Adjustments:Depreciation and writedown 6 058 36 020Other income and expenses, not involving payment 227 1 350

Financial income and expenses 728 4 327Other adjustments -44 -262Cash flow before change in net working capital 18 352 109 117

Change in net working capital:Non interest-bearing short-term business receivables

increase (-) / decrease (+) -1 663 -9 887 Inventories increase (-) / decrease (+) -620 -3 688 Non interest-bearing debt increase (+) / decrease (-) 1 833 10 898

Cash flow before financing activities and taxes 17 902 106 439

Paid interests and payments of other business financing costs -1 089 -6 476

Interests received from business activities 384 2 281Direct taxes paid -2 809 -16 699Cash flow from operating activities (A) 14 388 85 545

Cash flow from investing activities:Investments in tangible and intangible assets -12 730 -75 688

Proceeds from sale of tangible and intangible assets 2 663 15 831Other investments -273 -1 625Loans granted 0 0

Purchased shares of subsidiaries -8 091 -48 104Dividends received from investments 1 4Cash flow from investing activities (B) -18 430 -109 582

Cash flow from financing activities:Paid share issue 1 009 6 000

Raising of short-term loans 6 058 36 019Repayment of short-term loans -1 531 -9 100Raising of long-term loans 3 465 20 600

Repayment of long-term loans -1 403 -8 345Dividends paid -2 778 -16 520Cash flow from financing activities C 4 819 28 655

Change in liquid assets, increase (+) / decrease (-) (A+B+C) 777 4 618

Liquid assets at the beginning of the financial year 969 5 764Liquid assets at the end of the financial year 1 746 10 382

CASH FLOW STATEMENT


2121

PARENT COMPANY

Note 2000 2000 1999(EUR 1000) (FIM 1000) (FIM 1000)

NET SALES 1, 2 43 629 259 408 219 593

Other operating income 3 300 1 784 4 362

Materials and services 4 -9 256 -55 037 -39 050Personnel expenses 5 -10 064 -59 840 -56 718Depreciation and writedown 6 -4 766 -28 338 -25 709

Other operating expenses -9 397 -55 870 -52 672-33 484 -199 085 -174 149

OPERATING PROFIT 10 446 62 107 49 806

Financial income and expenses 7 -683 -4 058 -3 773

PROFIT BEFORE EXTRAORDINARY ITEMS 9 763 58 049 46 033

Extraordinary items 8 629 3 742 0

PROFIT BEFORE APPROPRIATIONSAND TAXES 10 393 61 791 46 033

Appropriations 9 -737 -4 380 -5 095

Income taxes 10 -2 796 -16 624 -10 725

NET PROFIT FOR THE YEAR 6 860 40 788 30 212

INCOME STATEMENT


2222

PARENT COMPANY

Note 31.12.2000 31.12.2000 31.12.1999(EUR 1000) (FIM 1000) (FIM 1000)

ASSETS

NON-CURRENT ASSETSIntangible assets Intangible rights 11 88 525 591

Goodwill 11 2 635 15 668 18 946 Other capitalised long-term expenditure 11 1 005 5 978 3 819

3 729 22 171 23 355

Tangible assets Land and water 11 76 453 453

Buildings 11 1 318 7 839 4 734 Machinery and equipment 11 24 367 144 882 131 423

25 762 153 173 136 609

Investments Holdings in Group companies 12, 14 8 029 47 738 100

Participating interests 12 0 0 11 276 Other shares and holdings 13, 15 326 1 941 315

8 355 49 679 11 692

NON-CURRENT ASSETS TOTAL 37 846 225 023 171 656

CURRENT ASSETSInventories 16 2 023 12 026 12 461Non-current receivables Receivables from Group companies 17 3 583 21 305 0

Receivables from participating interest undertakings 18 0 0 1 585Current receivables Sales receivables 4 633 27 548 21 419

Receivables from Group companies 17 1 915 11 388 0 Receivables from participating interest undertakings 18 0 0 1 487 Other receivables 2 11 15

Prepayments and accrued incom 434 2 583 787Cash in hand and at the banks 97 576 5 764TOTAL CURRENT ASSETS 12 687 75 436 43 519

TOTAL ASSETS 50 534 300 459 215 175

BALANCE SHEET


2323

PARENT COMPANY

Liite 31.12.2000 31.12.2000 31.12.1999(EUR 1000) (FIM 1000) (FIM 1000)

LIABILITIES

CAPITAL AND RESERVESShare capital 19 3 522 20 940 20 650Share premium account 19 4 369 25 978 21 268

Retained earnings 19 4 995 29 701 16 008Net profit for the year 19 6 860 40 788 30 212CAPITAL AND RESERVES TOTAL 19 746 117 406 88 138

APPROPRIATIONSDepreciation reserve 21 7 060 41 976 40 479

CREDITORSNon-current liabilities Debenture loans 23 824 4 900 9 800 Loans from financial institutions 28, 29 2 789 16 585 22 927

Pension loans 24 3 657 21 745 7 0337 271 43 230 39 760

Current liabilities Loans from financial institutions 27, 28, 29 8 739 51 962 8 842 Pension loans 649 3 859 1 002

Advances received 104 616 475 Trade payables 1 837 10 923 6 687 Liabilities to Group companies 26 1 072 6 374 0

Liabilities to participating interest undertakings 25 0 0 75 Other liabilities 1 017 6 048 15 490 Accruals and deferred income 3 038 18 065 14 226

16 457 97 847 46 798CREDITORS TOTAL 23 727 141 077 86 558

TOTAL LIABILITIES 50 534 300 459 215 175


2424

PARENT COMPANY

2000 2000 1999(EUR 1000) (FIM 1000) (FIM 1000)

Cash flow from operating activities:Profit before extraordinary items 9 763 58 049 46 033Adjustments:Depreciation and writedown 4 766 28 338 25 709

Other income and expenses, not involving payment 227 1 350 1 118Financial income and expenses 683 4 058 3 773Other adjustments -44 -262 -3 891

Cash flow before change in net working capital 15 395 91 534 72 743

Change in net working capital:Non interest-bearing short-term business receivables

increase (-) / decrease (+) -2 631 -15 643 -1 087

Inventories increase (-) / decrease (+) -267 -1 587 -1 668Non interest-bearing short-term debt

increase (+) / decrease (-) 1 141 6 787 978

Cash flow before financing activities and taxes 13 638 81 090 70 967

Paid interests and paymentsof other business financing costs -792 -4 706 -4 838

Interests received from business activities 70 414 235

Direct taxes paid -2 522 -14 996 -8 656Cash flow from operating activities (A) 10 394 61 802 57 708

Cash flow from investing activities:Investments in tangible and intangible assets -9 011 -53 574 -40 798

Proceeds from sale of tangible and intangible assets 1 548 9 205 11 120Other investments -5 548 -32 987 -100Loans granted -3 721 -22 125 0

Repayments of loans 0 0 300Proceeds from sale of other investments 0 0 214Dividends received from investments 1 4 3

Cash flow from investing activities (B) -16 731 -99 478 -29 261

Cash flow from financing activities:Paid share issue 0 0 0Raising of short-term loans 7 509 44 649 9 100

Repayment of short-term loans -1 531 -9 100 0Raising of long-term loans 3 123 18 571 0Repayment of long-term loans -860 -5 113 -8 345

Capital loan increase (+) / decrease (-) 0 0 -10 000Dividends paid -2 778 -16 520 -16 520Cash flow from financing activities C 5 464 32 488 -25 765

Change in liquid assets, increase (+) / decrease (-) (A+B+C) -873 -5 188 2 682

Liquid assets at the beginning of the financial year 969 5 764 3 082

Liquid assets at the end of the financial year 97 576 5 764

CASH FLOW STATEMENT


2525

NOTES TO THE FINANCIAL STATEMENTS

GENERAL

The financial statements have been prepared inaccordance with the valid provisions of the FinnishAccounting Act and Companies Act. The financial

statements have been prepared in Finnish marks.

SCOPE ANDPRINCIPLES OF CONSOLIDATION

Consolidated financial statements have beenprepared for A-Rakennusmies Oyj for the first time,due to Rami-Cranes Oy beginning operations on

March 1, 2000, and the parent company’s holding inA-Rakennusmies East Oy increasing from 50% to65%. The figures for the A-Rakennusmies East Oy

subsidiary Group have been included as ofJanuary 1, 2000. The other companies acquiredduring the 2000 financial year have been included

as of their date of acquisition or incorporation.All Group companies are included in the con-solidated financial statements.

All intragroup transactions, receivables, liabilitiesand profit distribution have been eliminated. The

unrealized margins from intragroup sales have beeneliminated in so far as they would affect the Group’sprofit and shareholders’ equity. Minority interests

have been separated from the Group’s profit andshareholders’ equity, and are presented separatelyin the income statement and balance sheet.

Intragroup holdings have been eliminated using theacquisition cost method. The differences arising

from elimination have been entered as fixed assetsor treated as goodwill. The amount entered as fixedassets on December 31, 2000, was FIM 7,096,722.

The fixed assets item will be amortized according toplan and goodwill in 15 years.

The financial statements of the Russian subsidiariesof A-Rakennusmies East Oy have been translatedinto Finnish markkas using the monetary – non-

monetary method. The income statements of othersubsidiaries of the subsidiary Group have beentranslated into Finnish markkas at the average

exchange rate for the year, and the balance sheets

ACCOUNTING PRINCIPLES

at the exchange rate on December 31. The differ-

ences arising from translation and exchange rateshave been entered in “financial income and expens-es” in the income statement, except for exchange

rate translation differences in shareholders’ equity,which are presented under “capital and reserves” inthe balance sheet.

NET SALES

Net sales include rental income, sales income fromtechnical trade, the sale of services, and gains fromthe sale of used rental machinery and equipment.

In previous years, the net gain from the sale ofrental machinery and equipment was presented in“other operating income”. Because of the change,

the net sales figure now presents the volume ofoperations more accurately. No correspondingchange has been made in the comparison figures

for previous years.

APPROPRIATIONS

Appropriations are changes in the parent company’sdepreciation in excess of plan. In the consolidated

balance sheet, the accumulated appropriations havebeen divided between capital and reserves and thedeferred tax liability. In the income statement, the

change in appropriations for the year has corre-spondingly been divided between net profit for theyear and change in deferred tax liability.

TAXES

The taxes due on the taxable profit for the 2000financial year have been entered as income taxes inthe parent company’s income statement.

The taxes due on the taxable profits of Groupcompanies have been entered as direct taxes in the

consolidated income statement. The taxes havebeen calculated in accordance with each company’slocal tax regulations, on the basis of computed

taxable income.

Deferred tax liabilities and assets in the consolidat-

ed figures take account of changes caused by


2626

timing differences between accounting and taxation

periods and by consolidation, and are based on thefollowing year’s tax rate confirmed at the time ofclosing the books. The consolidated balance sheet

includes the deferred tax liability in total and thedeferred tax asset computed as the estimatedprobable asset.

The difference arising from the change of account-ing method is presented in “extraordinary income”.

INVENTORIES

Inventories are shown at the lowest of the weightedaverage price, the replacement price or the probableselling price. The direct acquisition costs are

included in the value of the inventories.

FOREIGN CURRENCY ITEMS

At the end of the financial year, unsettled foreigncurrency assets and liabilities are valued at the

average rate of the Bank of Finland on December31. Exchange rate differences are presented in theincome statement.

The principal foreign exchange rates used were:

Income Balancestatement rate sheet rate

RUB 0.22943 0.22311EEK 0.38000 0.38000LVL 10.64440 10.31529

LTL 1.61379 1.59707PLN 1.52086 1.54443

FINANCIAL INSTRUMENTS

The Group companies have no derivatives contracts.

PENSION COSTS

Pension cover is arranged through pension insur-ance companies. Pension insurance costs are

booked as they occur. Pension insurance costs offoreign subsidiaries are presented as required byeach respective country’s local legislation.

MAINTENANCE AND REPAIRS

Except for major refurbishment costs, which arecapitalized and depreciated over their period ofimpact, maintenance and repair costs are booked

as expenses during the financial year in whichthey occur.

FIXED ASSETS

Fixed assets are capitalized at their direct acquisi-

tion cost in the balance sheet, reduced by thedepreciation made according to plan. The planneddepreciation is calculated on the basis of the

economic life expectancies of the fixed assets eitheras straight-line depreciation or as a percentage.The depreciation periods for the fixed assets are

as follows:

Goodwill 10–15 years

Other long-term expenditure 3-8 yearsBuildings and structures 20 yearsMachinery and equipment for own use 3-10 years

Rental machinery, equipment and machinery,itemizedLifting and loading equipment 8-15 yearsSmall machines 3–8 yearsPortable spacial units 10 years

Rental machinery and equipment, non-itemizedScaffolding 10%

Formwork and supporting equipment 10%Other non-itemized 10–33%

Goodwill arising from restructuring of the Group isamortized over 10–15 years depending on theperceived importance of the restructuring to Group

strategy.

CASH AND BANK

Cash and bank includes cash, bank accounts andovernight money market deposits.


2727

3) Other operating income Group Parent company2000 2000 1999

Profits from disposal of fixed assets 262,014 262,014,26 3,726,213.64Other income 890,047 1,522,137.84 635,779.03

Total 1,152,061 1,784,152.10 4,361,993.67

4) Materials and services Group Parent company2000 2000 1999

Purchases and change in inventory 43,407,093 31,771,132.37 25,733,800.44Outsourced and subcontracted services 26,028,592 23,265,515.52 13,316,352.94

Total 69,435,685 55,036,647.89 39,050,153.38

5) Personnel expenses Group Parent company2000 2000 1999

Salaries and wages 60,106,908 47,504,659.19 44,455,560.89Pension costs 8,614,587 7,570,386.06 7,285,619.34

Other indirect employee costs 7,029,453 4,764,519.76 4,976,892.66Total 75,750,948 59,839,565.01 56,718,072.89

Emoluments of management (FIM thousand)Presidents 3,682Total 3,682

Average number of personnelFinnish operations 370 332 320

International operations 99Total 469 332 320

6) Depreciation and write-downs Group Parent company2000 2000 1999

Tangible and intangible assets 36,020,418 28,338,480.26 25,709,171.61

Depreciation is itemized under “non-current assets”.

1) Distribution of net sales, parent company bymarket area(FIM million) 2000 1999

Finland 252 217

Other European countries 7 –Other countries – 3Total 259 220

2) Distribution of net sales, Group(FIM million) 2000

Finnish operations 285International operations 35Total 320

NOTES TO THE INCOME STATEMENT

Finnish operations/Net sales by product line(FIM million) 2000 1999

Small machinery and equipmentand personnel hoists 188 156

Formwork andsupporting equipment 32 23

Scaffolding and weather covers 55 29

Portable spacial units and containers 19 11Tower cranes and hoists 25 20Intragroup sales -34 -19

Total 285 220


2828

7) Financial income and expenses Group Parent company2000 2000 1999

Dividend income from outsiders 6,250 5,709.86 3,127.00

Interest income from long-term investments from Group companies 39,312.00

Other interest and financial income from Group companies 648,771.00 from participating interest undertakings 49,974.00

from others 500,470 353,952.76 253,260.18Exchange rate differences 1,694,303 792.90 237.77Total 2,195,313 1,002,723.76 303,234.18

Interest income from long-term investmentsand other interest and financial income, total 2,201,023 1,047,745.62 303,234.18

Interest expenses and other financial expenses from Group companies 164,745.00 –

from others 5,171,256 4,941,128.70 4,079,616.38Exchange rate and translation differences 1,356,324 4,317.46 3,209.70Total 6,527,580 5,105,873.70 4,079,616.38

Total financial income and expenses 4,326,557 4,058,128.08 3,773,255.20

8) Extraordinary items Group Parent company2000 2000 1999

Extraordinary income

Deferred tax assets fromprevious financial years 2,312,486Group contributions 4,300,000.00 –

Extraordinary expensesGroup contributions -558,000.00 –

Total 2,312,486 3,742,000.00 –

9) Appropriations Group Parent company2000 2000 1999

Difference between depreciation madeaccording to plan and in taxation 4,379,521.00 5,094,949.00

10) Income taxes Group Parent company2000 2000 1999

Income taxes on actual operations 18,524,060 15,538,384.97 10,725,467.59Income taxes on extraordinary items – 1,085,180.00 –Change in deferred tax liability 2,308,012 – –

Total 20,832,072 16,623,564.97 10,725,467.59


2929

NON-CURRENT ASSETS Group Parent company11) Intangible assets 2000 2000 1999

Intangible rightsAcquisition cost, Jan 1 591,000 591,000.00 326,000.00

Increase 273,948 198,640.00 265,000.00Transfers between items -265,000 -265,000.00 –Acquisition cost, Dec 31 599,948 524,640.00 591,000.00

Depreciation, Jan 1 – Dec 31 -11,296 – –Accumulated depreciation, Dec 31 -11,296 – –

Book value, Dec 31 588,652 524,640.00 591,000.00

GoodwillAcquisition cost, Jan 1 31,721,351 31,721,351.07 31,721,351.07Increase – – –

Acquisition cost, Dec 31 31,721,351 31,721,351.07 31,721,351.07

Accumulated depreciation and

write-downs, Jan 1 -12,775,784 -12,775,784.77 -9,498,405.78Depreciation, Jan 1 – Dec 31 -3,277,378 -3,277,378.99 -3,277,378.99Accumulated depreciation, Dec 31 -16,053,163 -16,053,163.76 -12,775,784.77

Book value, Dec 31 15,668,187 15,668,187.31 18,945,566.30

Other long-term expenditureAcquisition cost, Jan 1 7,363,243 7,670,063.10 7,049,124.07Increase 4,963,536 3,458,378.55 1,044,215.05

Transfers between items – – -1,014,276.02Acquisition cost, Dec 31 12,326,779 10,863,441.65 7,079,063.10

Accumulated depreciation and write-downs, Jan 1 -3,260,497 -3,260,497.37 -2,386,076.02Depreciation, Jan 1 – Dec 31 -1,291,011 -1,100,011.46 -874,421.35

Accumulated depreciation, Dec 31 -4,551,508 -4,360,508.83 -3,260,497.37

Book value, Dec 31 7,775,271 5,978,292.82 3,818,565.73

Total intangible assets 24,032,110 22,171,120.13 23,355,132.03

Consolidation goodwillAcquisition cost, Jan 1 –Increase 12,351,311

Decrease –Acquisition cost, Dec 31 12,351,311

Accumulated depreciation and write-downs, Jan 1 –Depreciation, Jan 1 – Dec 31 -483,041Accumulated depreciation, Dec 31 -483,041

Book value, Dec 31 11,868,270

NOTES TO THE BALANCE SHEET


3030

Group Parent company2000 2000 1999

Tangible assetsLand areasAcquisition cost, Jan 1 452,630 452,630.00 452,630.00Increase 3,939,068 0.00 0.00Acquisition cost, Dec 31 4,391,698 452,630.00 452,630.00

Book value, Dec 31 4,391,698 452,630.00 452,630.00

BuildingsAcquisition cost, Jan 1 5,319,769 5,319,769.94 4,270,560.56Increase 7,481,163 3,182,600.00 34,933.36

Decrease – – –Transfers between items – 265,000.00 1,014,276.02Acquisition cost, Dec 31 12,800,932 8,756,369.94 5,319,769.94

Accumulated depreciation and write-downs, Jan 1 -585,873 -585,873.89 -323,771.90Depreciation, Jan 1 – Dec 31 -524,816 -342,817.22 -262,101.99

Accumulated depreciation, Dec 31 -1,110,689 -928,691.11 -585,873.89

Book value, Dec 31 11,690,243 7,838,678.83 4,733,896.05

Machinery and equipmentAcquisition cost, Jan 1 226,605,739 208,561,001.07 179,657,613.44

Increase 99,349,233 54,112,834.20 39,449,677.95Decrease -15,569,208 -19,758,707.91 -10,546,290.32Acquisition cost, Dec 31 310,385,764 242,915,127.36 208,561,001.07

Accumulated depreciation and write-downs, Jan 1 -77,138,316 -77,138,316.97 -57,881,552.11Accumulated depreciation on decreases 2,723,051 2,723,051.15 2,038,504.42

Depreciation, Jan 1 – Dec 31 -31,788,313 -23,618,272.59 -21,295,269.28Accumulated depreciation, Dec 31 -106,203,578 -98,033,538.41 -77,138,316.97

Book value, Dec 31 204,182,186 144,881,588.95 131,422,684.10

Total tangible assets 220,264,127 153,172,897.78 136,609,210.15

12) Investments Group Parent company2000 2000 1999

Holdings in Group companiesAcquisition cost, Jan 1 100,000.00 –Increase 36,362,009.46 100,000.00

Transfers between items 11,276,400.00 –Book value, Dec 31 47,738,409.46 100,000.00

Holdings in associated companiesAcquisition cost, Jan 1 – 11,276,400.00 11,276,400.00Transfers between items – -11,276,400.00 –

Book value, Dec 31 – 0.00 11,276,400.00


3131

13) Other shares and holdings Group Parent company2000 2000 1999

Acquisition cost, Jan 1 315,214 315,213.70 364,823.70Increase 1,639,608 1,625,357.94 –

Decrease – – -49,610.00Book value, Dec 31 1,954,822 1,940,571.64 315,213.70

The value on the date of establishing the Group is stated as the acquisition cost ofthe Group’s fixed assets on Jan 1, 2000.The balance sheet value of machinery and equipment in the parent company on Dec 31, 2000,

was FIM 144,881,588.95 (FIM 131,422,684.10 on Dec 31, 1999) and in the Group FIM 208,182,186.

14) Shares and holdings Group Parent companyin Group companies Domicile holding holding

Teline-Rami Oy Helsinki 100% 0%Uudenmaan Telineykköset Oy Tuusula 100% 100%

Rami-Service Oy Helsinki 100% 100%Rami-Cranes Oy Helsinki 100% 100%Rami-Rent Oy Helsinki 100% 100%

Rami-Tilat Oy Helsinki 100% 100%A-Rakennusmies East Oy Helsinki 65% 65%Kiinteistö Oy Tuusulan Telinetalo Tuusula 100% 0%

ZAO Techrent Moscow 100% 0%ZAO Peterrent St. Petersburg 100% 0%A-Ramirent AS Tallinn 100% 0%

A-Ramirent SIA Riga 67% 0%A-Ramirent UAB Vilnius 100% 0%Ramirent Polska Sp. zo.o. Warsaw 100% 0%

Rema-Rental S.A. Szczezin 52% 0%

Rami-Tilat Oy and Rami-Rent Oy had no business operations in the 2000 financial year.

15) Other shares and holdings Group Parent company2000 2000 1999

Telephone shares and holdings 327,464 313,213.70 313,213.70Shares in housing corps/business premises 1,625,358 1,625,357.94Other shares and holdings 2,000 2,000.00 2,000.00

Total 1,954,822 1,940,571.64 315,213.70

16) Inventories Group Parent company2000 2000 1999

Goods 18,475,793 12,026,075.48 12,461,431.92


3232

17) Receivables from Group companies Parent company2000

Long-term Loans 21,305,405.03

Short-term Sales receivables 3,867,020.49 Loans 2,405,193.89

Prepayments and accrued income 815,302.76 Other receivables 4,300,000.00Total 32,692,922.17

18) Receivables from participating interest undertakings Parent company1999

Long-term Other receivables 1,585,405.03Short-terms

Sales receivables 1,487,192.39Total 3,072,597.42

19) Capital and reserves Group Parent company2000 2000 1999

Share capital, Jan 1 20,650,000.00 20,650,000.00

Rights issue 289,520.00 –Share capital, Dec 31 20,939,520 20,939,520.00 20,650,000.00

Share premium account, Jan 1 21,267,503.00 21,267,503.00Issue premium 4,710,480.00 –Share premium account, Dec 31 25,978,883 25,977,983.00 21,267,503.00

Legal reserve, Dec 31 35,638

Retained earnings, Jan 1 46,220,590.06 32,528,278.51Dividend distribution -16,520,000.00 -16,520,000.00Retained earnings, Dec 31 51,753,708 29,700,590.06 16,008,278.51

Net profit for the year 49,105,068 40,787,995.34 30,212,311.55

Capital notes, Jan 1 10,000,000.00Amortization -10,000,000.00Capital notes, Dec 31 –

Total shareholders’ equity 147,812,817 117,406,088.40 87,798,449.65


3333

20) Distributable funds Group Parent company(FIM million) 2000 2000 1999

Retained earnings 51.8 29.7 16.0Net profit for the year 49.1 40.8 30.2

Capitalized founding costs -1.1Part of accumulated depreciation differencetransferred to shareholders’ equity -32.4

Affect of associated companies -5.4Total 67.4 70.5 40.3

21) Accumulated appropriations, parent company Parent company2000 1999

Accumulated depreciation difference, Jan 1 40,479,324.85 35,384,375.85

Transfer of business, Rami-Cranes Oy -2,882,408.49Increase in depreciation difference 4,379,521.00 5,094,949.00Accumulated depreciation difference, Dec 31 41,976,437.36 40,479,324.85

22) Deferred tax assets and liabilities Group2000

Deferred tax assets from timing differences 1,526,701 from consolidation 392,892

Deferred tax liabilities from appropriations 13,251,167

from timing differences 841,697Total deferred tax liabilities -12,173,271

The deferred tax liability arising from the parent company’s accumulated depreciation difference isFIM 12,173,166 (FIM 11,739,004 in 1999).

23) Long-term liabilities, debenture loanThe debenture loan of FIM 9,800,000.00 is from 1995, and its terms and conditions are as follows:– Loan period, Nov 2, 1995 – Nov 2, 2002

– Repayments twice a year starting on May 2, 2001– Fixed interest at 8% during Nov 2, 1995 – Nov 2, 1997, and at 9% during Nov 2, 1997 – Nov 2, 2002, but at

least the Bank of Finland’s 6-month Helibor rate from Nov 2, 1999.

The terms and conditions of the debenture loan have not changed since the previous financial statements.There are no unbooked expenses in connection with issuing the loan.

24) Liabilities maturing in more than five years Group Parent company2000 2000 1999

Pension loans 6,308,474 6,308,474.00 2,000,000.00

25) Debts to participating interest undertakings1999

Accounts payable 74,907.79


3434

26) Debts to Group companies Parent company2000

Accounts payable 289,706.24Other debts 5,987,751.62

Accruals and deferred income 96,269.72Total 6,373,727.58

27) Short-term debts Group Parent company2000 2000

Credits of FIM 30 million are included in interest-bearing short-term loans on Dec 31, 2000.

The credit facility, which is in force until Dec 31, 2003, allows renewable credits of 3, 6 or 12 months durationto be raised. The total credit facility on Dec 31, 2000 was FIM 60 million, of which FIM 30 million was unused.Accruals and deferred income of FIM 18,064,814.94 in the parent company on Dec 31, 2000

(FIM 14,226,001.27 in 1999) and FIM 25,534,395 in the Group comprised mainly tax liabilities, salaries andother accruals.

Repayments due in the following year:Debenture loan 4,900,000 4,900,000.00Loans from financial institutions 9,508,529 7,842,262.40

Pension loans 3,859,431 3,859,431.00Total 18,267,960 21,961,728.90

Current account overdraft in use 9,219,466 9,219,466.50Short-term loan overdraft in use 30,000,000 30,000,000.00Debts to Group companies – 4,400,000.00

Total short-term debts 57,487,426 60,221,159.90

28) Debts secured by mortgages or pledges Group Parent company2000 2000 1999

Loans from financial institutions 65,226,553 63,679,553.30 31,769,642.20

29) Mortgages and pledges Group Parent company2000 2000 1999

Real estate mortgaged 6,302,817 6,302,817.00 2,000,000.00Companies mortgaged 100,747,000 94,200,000.00 94,200,000.00Shares (book value) 1,627,358 1,627,357.94 –

Other pledges on behalf ofGroup companiesGuarantees 2,602,735.14

Pledges and guarantees given as security for other liabilitiesGroup companies have not given pledges or guarantees as security for liabilities other thantheir own or Group company liabilities.

Leasing obligationsLeasing payments due infollowing financial year 2.893.595 2.394.195,03 1.333.159,00

Leasing payments due later 1.711.445 290.544,92 1.687.080,00Total 4.605.040 2.684.739,95 3.020.239,00


3535

30) Credit facilities,exchange rate and interest rate risks

The parent company has a current account creditfacility of FIM 20 million and a loan facility of FIM 60

million, of which FIM 30 million was unused at thetime of closing the accounts. A-Rakennusmies EastOy has a current account credit facility of FIM 5

million, which was completely unused on Dec 31,2000.The Group operates partly in countries where,

owing to the undeveloped nature of the moneymarkets and the instability of the currency, thehedging of interest rate risks is not economically

feasible in practice. The local external loans ofGroup companies are always taken, whenever it iseconomically feasible and possible, in the local

currency. The Group’s subsidiaries outside Finlandare to a large extent financed by loans given byA-Rakennusmies East Oy. Starting in the spring of

2000, the subsidiaries began to raise especiallyleasing finance and to some extent bank loans forthe purpose of investments in spring 2000. In the

Baltic countries, leasing finance has typically beenDEM or EUR-linked. Up to Dec 31, 2000, theRussian companies had no loans other than the

Group’s internal foreign currency loans which werenon-hedged.The Group’s parent company has no foreign curren-

cy loans. The interest period of the parent compa-ny’s credits is typically 6–12 months and, concern-ing pension loans, 2–3 years. The debenture loan

(the repayment of which begins in the 2001 financialyear) has fixed interest of 9%. Interest periods ofdifferent lengths are used to reduce the interest rate

risk in the Group.

31) Ten principal shareholders according toshare register on Dec 31, 2000

Shares % of totalshares

and votes

Gaspar Oy Ab 1,068,680 25.5Oy Julius Tallberg Ab 1,001,650 23.9

Optiomi Oy 411,400 9.8Finnish National Fund forResearch and Development 202,100 4.8

PT Pension Foundation 86,100 2.1Sampo Life InsuranceCompany Ltd. 82,500 2.0

The Finnish MedicalFoundation 81,100 2.0Alfred Berg Small Cap Fund 77,100 1.8

Gyllenberg Small Firm Fund 76,400 1.8Kemira Chemicals OyPension Foundation 68,300 1.6

Other shareholders 1,032,574 24.7

On Dec 31, 2000, 31.58% of the shares and votes

of A-Rakennusmies Oyj were owned or controlled,directly or indirectly, by the President & CEO andthe members of the Board, excluding all options.

When the options are included, the correspondingfigure is 29.1%.


3636

32) Shareholder structure on Dec 31, 2000Share- Total shares

holders and votes

Companies

Privately-held companies 44 2,598,233Financial and insurance institutions 16 528,257Public organizations 17 502,482

Non-profit organizations 17 407,530Households/private persons 376 151,202International shareholders 2 200

The number of nominee-registered shares on Dec 31, 2000 was 64,600, or 1.54% of total shares and votes.

34) Option programsThe company has two valid option programs, thefirst launched in 1998 and the second in 2000.

The 1998 options were allotted to key personnel andBoard members of the A-Rakennusmies EastGroup. The 150,000 options were divided into

75,000 A options and 75,000 B options, all of whichwere subscribed for in the 1998 financial year.Those subscribing for the options jointly own and

control no more than 3.9% of the company’s sharecapital and votes.The share subscription period for those holding A

options began on April 1, 2000 and will end on May31, 2002. To date, no share subscriptions have beenmade.

The share subscription period for those holding Boptions will begin on April 1, 2002 and will end onMay 31, 2003. The share subscription price will be

determined on the basis of the results of the A-Rakennusmies East Group.

The options issued in 2000 and designated as Coptions were allotted to key personnel of the A-Rakennusmies Group, including the CEOs and

Board members of companies in the Group.The 400,000 options were all subscribed for in the

33) Distribution of shareholdings on Dec 31, 2000No. of % of No. of % of

No. of shares shareholders shareholders shares total shares

1–100 155 32.63 12,050 0.29101–1,000 247 52.00 67,238 1.611,001–10,000 36 7.58 119,532 2.85

10,001–100,000 33 6.95 1,305,254 31.17100,001–1,000,000 2 0.42 613,500 14.65over 1,000,000 2 0.42 2,070,330 49.44

2000 financial year. Those subscribing for the

options jointly own and control no more thanapproximately 9.6% of the company’s share capitaland votes.

The share subscription period for those holding theoptions will begin on May 1, 2002 and end on April 30,2004. The share subscription price will be the average

trade-weighted price in the Helsinki Exchanges duringthe period January 1 – March 31, 2000. The sub-scription price of the share will be reduced after the

period for determining the subscription price andbefore the actual subscription by the amount ofdividends payable on the record date of each dividend.

However, the subscription price of the share willalways be at least the par value of the share.

The two option programs include more than 50 keyGroup personnel, including insiders as defined inthe Companies Act, chapter 1, section 4. The total

holding of these persons in the company amounts,at the time of signing the financial statements for2000 and prior to the exercising of the East options,

to 14.6% of the company’s shares and votes. Aftersubscribing for the options, and if they later exerciseall the options to subscribe for shares, the amount

may rise to no more than 17.0% of the company’sshares and votes.


3737

35) Board’s valid authorization to acquire andsurrender the company’s own shares

The Board of Directors is authorized until 13 April,2001 to acquire up to 206,000 of the company’s own

shares, equal to 4.99% of the total number ofshares.The company can acquire its own shares in order to

develop the capital structure of the company, and/orto use them as payment in the case of corporate orbusiness acquisitions.

The shares can be acquired by decision of theBoard of Directors either by means of public tradingon the Helsinki Exchanges or by making a public

offer of purchase concerning the shares to bepurchased.The shares can be acquired at their market value in

public trading at the moment of acquisition.The authorization has not yet been used.

The Board is authorized until 13 April, 2001 todecide on the surrender of the company’s ownacquired shares on the following conditions:

– The authorization is valid for no more than206,000 shares.

– The Board is authorized to decide to whom and

in what order the company’s own shares will besurrendered. The Board can decide on thesurrender of the company’s own shares in ways

which depart from the pre-emptive rights ofshareholders to purchase the company’s ownshares.

– The shares can be used as payment in cases ofcorporate or business acquisitions or when thecompany otherwise acquires business-related

assets in a way and to the extent decided bythe Board.

– The surrender price must be no less than the

market price quoted in the Helsinki Exchangesat the moment of surrender.

– The authorization has not yet been used.

36) Board’s valid authorization to decide onthe execution of an allotted share issue

The Board of Directors is authorized until April 13,2001, to decide on the raising of the share capital by

one or more rights issues, giving the right to sub-scribe to no more than 430,000 of the company’snew shares, equal to 10.41% of all the current

shares, and in which the company’s share capitalcan be raised by a total of no more thanFIM 2,150,000.

The authorization entitles the Board to depart fromthe pre-emptive rights of shareholders to subscribefor new shares, and to decide on the subscription

prices and terms.The authorizations departing from the pre-emptiverights of shareholders can be used provided that

there are weighty financial reasons from thecompany’s perspective, such as the financing ofcorporate or business acquisitions or other

arrangements affecting the development of thecompany’s business operations. They cannot bemade for the benefit of those who are counted as

insiders of the company.In the case where share capital is raised by a rightsissue, the Board of Directors is entitled to decide

whether the shares can be subscribed for in kind, orotherwise on particular conditions. The authorizationwas used during the period under review.

37) Increase of share capital by a rights issueDuring the 2000 financial year, A-Rakennusmies

Oyj’s share capital was raised by a rights issue of57,904 shares, equaling FIM 289,520. The increasein share capital was entered in the Trade Register

on 3 July, 2000. The rights issue, which was allottedto the former owners of Uudenmaan TelineykkösetOy and Etelä-Suomen Telinepiste Oy, was used as

part-payment in acquiring the said companies.The number of A-Rakennusmies Oyj shares afterthe rights issue is 4,187,904.


3838

INCOME STATEMENT (FIM thousand) 2000 1999 1998 1997 1996

Net sales 319,720 219,593 203,137 166,669 139,130Other operating income 1,152 4,362 6,590 6,154 5,176Operating profit before depreciation 108,029 75,515 73,586 59,450 40,492

Depreciation 36,020 -25,709 -23,473 -19,305 -19,381Operating profit 72,008 49,806 50,113 40,145 21,111

Financial income and expenses -4,327 -3,773 -5,138 -7,664 -9,062Profit before extraordinary items 67,682 46,033 44,975 32,481 12,049Profit before appropriations and taxes 69,994 46,033 42,265 39,056 12,049

Net profit for the year 49,105 30,212 21,067 18,419 5,030

BALANCE SHEET (FIM thousand) 2000 1999 1998 1997 1996

Fixed assets 258,119 171,656 165,029 137,426 127,156Inventories 18,476 12,461 10,794 9,229 9,216Receivables 42,826 25,294 24,374 22,673 20,131

Cash and bank receivables 10,382 5,764 3,082 6,257 2,932Shareholders’ equity 147,813 117,283 99,923 51,810 26,438Minority interests 17,510

Interest-bearing debt 102,746 58,705 67,950 95,604 114,210 of which capital notes – – 10,000 20,000 20,000Non interest-bearing debt 61,734 39,187 35,406 28,171 18,787

Balance sheet total 329,803 215,175 203,278 175,585 159,435

KEY FIGURES FOR PERFORMANCE 2000 1999 1998 1997 1996

Increase in net sales 45.6% 8.1% 21.8% 19.8% 14.2% *Operating profit beforedepreciation, % of net sales 33.8% 34.4% 36.2% 35.7% 29.1%

Operating profit, % of net sales 22.5% 22.7% 24.7% 24.1% 15.2%Profit before extraordinary items,% of net sales 21.2% 21.0% 22.2% 19.5% 8.7%

Profit before appropriations and taxes,% of net sales 21.9% 21.0% 20.8% 23.4% 8.7%

Net profit for the year, % of net sales 15.4% 13.8% 10.4% 11.1% 3.6%

Return on investment 32.4% 29.2% 32.2% 28.3% 13.9%Return on equity 34.5% 32.5% 49.3% 73.4% 42.6%Net debt (FIM million) 92.4 52.9 64.8 89.3 111.3

Gearing 55.9% 45.1% 64.9% 172.0% 421%Equity ratio 50.1% 54.6% 49.2% 29.5% 16.6%Personnel (average) 468 329 320 294 275

Personnel (at the end of year) 524 317 322 291 271Gross investment in fixed assets (FIM million) 130.0 41.9 56.6 24,0 10.8Gross investment, % of net sales 40.7% 19.1% 27.9% 14.3% 7.8%

KEY FIGURES


3939

KEY FIGURES PER SHARE 2000 1999 1998 1997 1996

Earnings per share, FIM 1) 11.64 8.55 9.06 6.95 2.94Shareholders’ equity per share, FIM 1) 39.48 28.40 24.20 12.50 7.73Dividend per share, FIM 1) 5.00 4.00 4.00 2.38 1.13

Payout ratio 1) 43.0% 46.8% 44.1% 34.2% 38.3%Effective dividend yield 1) 6.0% 4.5% 5.3%Price / earnings (P/E) 1) 7.2 10.3 8.4

Highest share price, FIM 95 95 100Lowest share price, FIM 71 61 63Average share price, FIM 82 76 83

Share price on Dec 31, FIM 89 88 76Market capitalization on Dec 31, FIM million 371.0 364.6 313.9No. of shares traded 581,000 1,100,000 2,200,000

No. of shares traded, % of total no. of shares 1) 13.9% 25.9% 52.5%

1) The figure used for total number of shares on Dec 31, 2000 is 4,187,904, and in earlier years 4,130,000,

i.e. the number of shares on the balance sheet date. Options have been disregarded, as they have nomaterial significance.

* comparison figure pro forma 1995

CALCULATION OF KEY FIGURES

Return on equity (ROE),%:

(Profit or loss before extraordinary items - taxes)x 100

Shareholders’ equity + minority interest(average over the year)

Return on investment (ROI),%:

(Profit or loss before extraordinary items +interest and other financial expences)

x 100Balance sheet total - non-interest bearing debts(average over the year)

Equity ratio:

(Shareholders’ equity + minority interest)x 100

Balance sheet total - advances received

Earnings per share (EPS), FIM:

Profit before extraordinary items -

taxes ± minority interest

Average number of shares, adjusted forshare issues, during the year

The change on deferred tax liability is notincluded in taxes.

Shareholders’ equity per share, FIM:

Shareholders’ equity

Number of shares, adjusted for share issues,on balance sheet date

Payout ratio, %:

Dividend per sharex 100

Earnings per share

Net debt:Interest-bearing debt - cash and bank receivables,

and financial securites

Gearing:

Net debtx 100

Shareholders’ equity + minority interest

Dividend per share:

Dividend paid

Number of shares

The key ratios were calculated in accordance withthe general instructions of the Finnish Accounting

Standards Board of Dec 17, 1999, except for theEarnings per share ratio, where the change indeferred tax liability is not included in taxes.


4040

PROPOSAL OF THE BOARD ON THE DISTRIBUTION OF PROFIT

The Group’s distributable funds amount to FIM 67.4 million. The distributableretained earnings of the parent company are FIM 70.5 million, of which the

net profit for the year accounts for FIM 40.8 million.

The Board of Directors proposes to the Annual General Meeting that a

dividend of FIM 5.00 per share, or FIM 20,939,520 in total, be distributed.

Helsinki, 27 February 2001

Raimo Taivalkoski Thomas TallbergChairman Vice Chairman

Erkki Norvio Tuire Mannila

CEO, Member of the Board Member of the Board

BOARD OF DIRECTORS’ PROPOSAL

AUDITOR’S NOTE

The financial statements have been prepared in accordance

with the Finnish Standards on Accounting.We have today issued a report on the audit performed by us.


KPMG WIDERI OY ABFirm of authorized public accountants

Solveig Törnroos-HuhtamäkiAPA


4141

TO THE SHAREHOLDERS OF A-RAKENNUSMIES OYJ

AUDITORS’ REPORT

We have audited the accounting records and the financial statements, as well asthe administration by the Board of Directors and the Managing Director of

A-Rakennusmies Oyj for the year ended 31 December 2000. The financialstatements prepared by the Board of Directors and the Managing Director include

the report of the Board of Directors, consolidated and parent company income

statements, balance sheets, cash flow statements and notesto the financial statements. Based on our audit we express an opinion on

these financial statements and the company’s administration.

We have conducted our audit in accordance with Finnish Generally AcceptedAuditing Standards. Those standards require that we plan and perform

the audit in order to obtain reasonable assurance about whether

the financial statements are free of material misstatement.An audit includes examining, on a test basis, evidence supporting the amountsand disclosures in the financial statements, assessing the accounting principles

used and significant estimates made by the management, as well as evaluatingthe overall financial statement presentation.

The purpose of our audit of the administration has been to examine that

the Board of Directors and the Managing Director have complied withthe rules of the Finnish Companies Act.

In our opinion, the financial statements, showing a profit of FIM 49,105,068 in the

consolidated income statement and a profit of FIM 40,787,995.34 in the parentcompany income statement, have been prepared in accordance with the Finnish

Accounting Act and other rules and regulations governing the preparation of

financial statements in Finland. The financial statements give a true and fair view,as defined in the Finnish Accounting Act, of both the consolidated and parent

company result of operations, as well as the financial position. The financial state-

ments can be adopted and the members of the Board of Directors and the Manag-ing Director of the parent company can be discharged from liability for the financial

year audited by us. The proposal made by the Board of Directors on how to deal

with the result is in compliance with the Finnish Companies Act.


KPMG WIDERI OY AB

Solveig Törnroos-HuhtamäkiAuthorized Public Accountant


42

ELECTION OF BOARD OF DIRECTORSAND PRESIDENT & CEO

The Annual General Meeting elects the members

of the Board of Directors. The Board of Directorselects one of its members as Chairman. Membersof the Board of Directors are elected until further

notice. There is no resignation rotation system.

The Board of Directors appoints the President &

CEO.

CORPORATE GOVERNANCE

POSITION OF PRESIDENT & CEO

The company’s Board of Directors has drawn up awritten contract defining the main terms and condi-tions of employment of the President & CEO.

MANAGEMENT SALARIES ANDOTHER BENEFITS

The Board of Directors decides on the salary and

other benefits of the President & CEO. The Presi-dent & CEO decides on Management salaries andother benefits.

Members of the management group from the left.

In back Jorma Nyyssölä, Petri Söderholm, Kauko Hirvinen, Kari Aulasmaa, Mika Riikonen.

In front: Tuire Mannila, Erkki Norvio, Reijo Fernelius.


43

BOARD OF DIRECTORS

Raimo Taivalkoski (born 1940), MSc in Engineering,has served as Chairman of the Board of the compa-ny and its predecessors since 1983. He is President

of Rakennustuoteteollisuus RTT ry.

Thomas Tallberg (born 1934), Doctor of Medicine,

has been a member of the Board of Directors since1995. He is a docent in immunology. He has alsoserved as Chairman of the Board of Julius Tallberg

Ab since 1967, and a member of the Board of OyFiskars Ab since 1967.

Erkki Norvio (born 1945), MSc in Engineering andEconomics, has been a member of the Board of thecompany and its predecessors since 1986. He is the

President & CEO of A-Rakennusmies Oyj.He is also a member of the Board of the Federationof Finnish Commerce and Trade, and Vice Chairman

of the Board of the Association of Finnish TechnicalTraders.

Tuire Mannila (born 1956), MSc in Economics, hasbeen a member of the Board of Directors since1997. She is the Chief Financial Officer of A-

Rakennusmies Oyj.

AUDITORS

The company’s shareholders appoint at least oneand at most two auditors each year. At least one of

the auditors must be a firm of public accountantscertified by the Central Chamber of Commerce. Thecompany’s present auditor is the certified public

accounting firm of KPMG Wideri Oy Ab, with SolveigTörnroos-Huhtamäki APA as the main auditor.

MANAGEMENT GROUP

Erkki Norvio is the President & CEO of the company

and Chairman of the Management Group. He wasappointed President & CEO in 1986.

Tuire Mannila is the company’s Chief FinancialOfficer. She has served the company since 1990.

Reijo Fernelius (born 1942), Engineer, is responsi-ble for the company’s regional sales and the follow-ing product lines – Formwork & Support, and

Scaffolding & Weather Covers. He has served the

company since 1977.

Jorma Nyyssölä (born 1946), is responsible for

Small Machines and Equipment Rental Operationsand the following product lines – Portable SpacialUnits & Containers, Personal Hoists, Rami Sales

and the Technical Trade. He has served the compa-ny since 1991. From 1988 to 1991 he was deputyCEO of A-Rendmash (Moscow).

Kari Aulasmaa (born 1968), civil engineer, is theManagement’s representative in quality matters.

He has served the company since 1996.

Petri Söderholm (born 1957), Engineer, MBA, B.Sc.,

has been a member of the Management Groupsince February 1, 2001, and is responsible for thenetwork of outlets in Finland. He joined the company

in 2001.

The personnel are represented on the Management

Group by Kauko Hirvinen and Mika Riikonen.

Kauko Hirvinen (born 1953), is an area manager

and has served the company since 1980.

Mika Riikonen (born 1970), is a sales negotiator and

has served the company since 1996.

GUIDELINES FOR INSIDERS

The Board of Directors of A-Rakennusmies Oyjhas approved its own insider rules, which are in

compliance with the insider guidelines issued bythe Helsinki Exchanges, the Central Chamber ofCommerce and the Confederation of Finnish

Industry and Employers.


44

16 €15 €14 €13 €12 €11 €10 €9 €

4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12

1998 1999 2000

500 000

400 000

300 000

200 000

100 000

04 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12

1998 1999 2000

SHARE PERFORMANCE 4/1998–12/2000 (average monthly share price, euros)

SHARE TURNOVER, NUMBER 4/1998–12/2000

SHARE TURNOVER AND PERFORMANCE (MONTHLY)


45

Alajärvi *)Juurikaskydöntie 562900 Alajärvi

Tel. +358 6 557 3380Fax +358 6 557 3307

EspooNiittyrinne 102270 Espoo

Tel. +358 9 804 1058Fax +358 9 804 1059

EspooPiispanmäentie 102240 Espoo

Tel. +358 9 2706 6250Fax +358 9 888 6468

Forssa *)Koikkurintie 130300 Forssa

Tel. +358 3 422 0500Fax +358 3 422 0222

HelsinkiHerttoniemiLaivalahdenkatu 4

00810 HelsinkiTel. +358 9 789 932Fax +358 9 781 109

HelsinkiKonala

Ristipellontie 2100390 HelsinkiTel. +358 9 547 1533

Fax +358 9 512 4551

OUTLET NETWORK

Ramirent OyjHeadquarters: Helsinki, P.O.Box 108, Viljatie 4 A, FIN-00701 Helsinki

Tel. +358 9 4174 2200

Fax +358 9 351 5323, 351 5321E-mail: [email protected] or

[email protected]

Internet: www.ramirent.com

HelsinkiPengerkatu 13 B00530 Helsinki

Tel. +358 9 2706 6240Fax +358 9 870 3573

HelsinkiTehtaankatu 3600150 Helsinki

Tel. +358 9 622 5292Fax +358 9 622 5296

HelsinkiViikkiKoetilantie 21

00710 HelsinkiTel. +358 9 347 6612Fax +358 9 347 6898

HyvinkääRiihimäenkatu 5

05900 HyvinkääTel. +358 19 454 258Fax +358 19 454 237

HämeenlinnaVanajantie 4

13110 HämeenlinnaTel. +358 3 616 5322Fax +358 3 616 5334

IisalmiYrittäjänkuja 6

74130 IisalmiTel. +358 17 812 231Fax +358 17 812 232

ImatraLappeentie 5555100 Imatra

Tel. +358 5 436 6911Fax +358 5 436 6928

IvaloLintumaa PPA 299800 Ivalo

Tel. +358 16 667 881Fax +358 16 667 882

JoensuuNurmeksentie 680100 Joensuu

Tel. +358 13 120 012Fax +358 13 226 072

Joutseno *)Varastokatu 254100 Joutseno

Tel. +358 5 416 1850

JyväskyläMiilukatu 1-540320 JyväskyläTel. +358 14 411 3140

Fax +358 14 411 3144

KajaaniKettukalliontie 2787100 KajaaniTel. +358 8 625 955

Fax +358 8 613 4072

KemiAsentajankatu 1194600 Kemi

Tel. +358 16 254 761Fax +358 16 250 548

Kemijärvi *)Rinnetie 1598120 Kemijärvi

Tel. +358 16 815 489Fax +358 16 815 486

KittiläNikuntie 199100 Kittilä

Tel. +358 16 654 128

KokkolaPatamäentie 1067100 KokkolaTel. +358 6 831 1114

Fax +358 6 822 4260

KotkaJylpyntie 3048230 KotkaTel. +358 5 340 0580

Fax +358 5 260 1080

KotkaValajantie 1448230 KotkaTel. +358 5 340 0640

Fax +358 5 260 1005


46

KouvolaAsentajankatu 1245130 KouvolaTel. +358 5 840 3300

Fax +358 5 375 4230

Kuhmo *)Kainuuntie 12988900 KuhmoTel. +358 8 655 0051

Fax +358 8 655 0329

KuopioVolttikatu 570700 KuopioTel. +358 17 282 2900

Fax +358 17 282 2125

KuusamoLuomantie 1193600 KuusamoTel. +358 8 852 2506

Fax +358 8 852 2300

KuusankoskiKiltakuja 245740 KuusankoskiTel. +358 5 375 3070

Fax +358 5 375 3060

LahtiLaakerikatu 515700 LahtiTel. +358 3 526 0216

Fax +358 3 787 5049

LahtiVipusenkatu 1915230 LahtiTel. +358 3 526 0210

Fax +358 3 733 0005

LappeenrantaEteläkatu 1253500 LappeenrantaTel. +358 5 635 3360

Fax +358 5 635 3370

LappeenrantaSimolantie 1253600 LappeenrantaTel. +358 5 451 2110

Fax +358 5 451 2436

LieksaKerantie 1581720 LieksaTel. +358 13 522 611

Fax +358 13 524 633

MikkeliYrittäjänkatu 1050130 MikkeliTel. +358 15 210 299

Fax +358 15 213 411

Muonio *)99300 MuonioTel. +358 16 532 511

NurmesTeollisuustie 875530 Nurmes

Tel. (013) 482 560Fax (013) 482 562

Närpes *)Vasavägen 2364200 Närpes

Tel. +358 6 224 3467Fax +358 6 224 1800

OittiKeskustie 2012100 Oitti

Tel./fax +358 19 782 999

OuluKaarnatie 2890530 OuluTel. +358 8 571 2300

Fax +358 8 571 2301

PelloPajatie 695700 PelloTel./fax +358 16 513 381

PieksämäkiMyllykatu 1

76100 PieksämäkiTel. +358 15 348 881Fax +358 15 348 883

PietarsaariPermonkaarre 121

68600 PietarsaariTel. +358 6 762 2180Fax +358 6 762 2181

PoriTavaratie 4

28130 PoriTel. +358 2 528 3860Fax +358 2 528 3866

PorvooAsentajantie 9

06150 PorvooTel. +358 19 2706 6270Fax +358 19 536 7271

RaahePajakatu 2

92100 RaaheTel. +358 8 223 6406Fax +358 8 223 6407

RaumaHakuninvahe 1

26100 RaumaTel. +358 2 824 0211Fax +358 2 822 4156

RovaniemiAittatie 15

96100 RovaniemiTel. +358 16 311 666Fax +358 16 311 760

SaloPursimiehenkatu 124100 SaloTel. +358 2 733 1433

Fax +358 2 733 1453

SavonlinnaMyllypuronkatu 357220 SavonlinnaTel. +358 15 259 933

Fax +358 15 259 927

SeinäjokiKauppaneliö 1060120 SeinäjokiTel. +358 6 420 8900

Fax +358 6 414 1063

Siilinjärvi *)Oppipojantie 371800 SiilinjärviTel. +358 17 462 5890

Fax +358 17 462 5082

Sköldvik06850 KullooTel. +358 9 278 8400Fax +358 9 278 8771

Suomussalmi *)Hallitie 1

89600 SuomussalmiTel. +358 8 711 200Fax +358 8 711 200

Suonenjoki *)Satamakatu 181

77600 SuonenjokiTel./fax +358 17 512 390

TaivalkoskiHaaraniementie 1093400 Taivalkoski

Tel. +358 8 829 6542

*) Dealer outlet


47

TampereVihiojantie 2233800 TampereTel. +358 3 3141 3800

Fax +358 3 3141 3811

TornioKisällinkatu 1095420 TornioTel. +358 16 446 331

Fax +358 16 446 332

TurkuKeskustaKalevantie 9-1120520 Turku

Tel. +358 2 413 8555Fax +358 2 469 2949

TurkuUrusvuoriRydöntie 24

20360 TurkuTel. +358 2 518 3580Fax +358 2 518 3585

TurkuTelekatu 12

20 360 TurkuTel. +358 2 435 6400Fax +358 2 235 4999

TuusulaMahlamäentie 66

04130 TuusulaTel. +358 9 275 5233Fax +358 9 275 5210

VaasaKairatie 1

65350 VaasaTel. +358 6 315 4300Fax +358 6 315 4727

ValkeakoskiHuhtakatu 13

37600 ValkeakoskiTel. +358 3 585 0351, 585 0352

Fax +358 3 585 0354

VantaaPetikkoTiilitie 5, 01720 VantaaTel. +358 9 2706 6230

Fax +358 9 853 2782

VantaaPorttisuoPorttisuontie 1101200 Vantaa

Tel. +358 9 877 0740Fax +358 9 278 8660

VantaaYlästöArinatie 8

01511 VantaaTel. +358 9 825 4670Fax +358 9 8254 6733

VarkausKäsityökatu 45 A

78210 VarkausTel. +358 17 556 4621Fax +358 17 556 4622

ViitasaariMustasuontie 22

Tel. +358 14 571 805Fax +358 14 571 808

YlivieskaRatakatu 1784100 Ylivieska

Tel. +358 8 424 448Fax +358 8 424 408

YlöjärviSoppeentie 7833470 Ylöjärvi

Tel. +358 3 348 2500Fax +358 3 348 4146

Äkäslompolo *)95970 ÄkäslompoloTel. +358 40 572 4354

ÄänekoskiTeollisuuskatu 3144150 ÄänekoskiTel. +358 14 519 3560

Fax +358 14 519 3566

DEPOTS ANDMAINTENANCECENTERS

HyvinkääMuovikatu 405800 Hyvinkää

Tel. +358 19 485 430Fax +358 19 485 436

KempeleMullukantie 790440 Kempele

Tel. +358 8 570 2340Fax +358 8 570 2345

Maintenance andRepairing, HelsinkiTapulikaupungintie 37

00750 HelsinkiTel. +358 42 433 031Fax +358 9 838 60 850

KuopioDepot and repairing

Volttikatu 570700 KuopioTel. +358 17 2822 086

Fax +358 17 2822 421

Leppävirta(Portable spacial units)Teollisuustie79100 Leppävirta

Tel. +358 17 554 0140Fax +358 17 554 0120

Suutarila(Portable spacial units,tower cranes, sales items,

spare parts)Tapulikaupungintie 3700750 Helsinki

Tel. +358 42 433 031Fax: +358 9 838 60 850

Tuusula(Scaffolding, weathercovers)Louhostie 5,

04300 TUUSULATel. +358 9 275 7051, 274 4480

Fax: +358 9 275 7052

SUBSIDIARIES

Rami-Cranes OyTapulikaupungintie 3700750 HelsinkiTel. +358 424 33031

Fax +358 9 8386 0850

Teline-Rami OyLouhostie 504300 TuusulaTel. +358 9 274 4480

Fax +358 9 275 7052

Uudenmaan TelineykkösetLouhostie 504300 TuusulaTel. +358 9 275 7051

Fax +358 9 275 7052

Ramirent Europe OyViljatie 4 A00700 HelsinkiTel. +358 9 417 42 200

Fax +358 9 351 5323Internet: www.ramirent.comE-mail: [email protected]

ZAO TechrentUl. Zoi i Aleksandra

Kosmodemjanskih 26/21125130 MOSCOW, RussiaTel. +7-095-150 9319,

150 9778Fax +7-095-150 9317Outlet Mytischi

+7-095-586 9270Outlet Marina+7-095-219 2660

e-mail:[email protected]


48

ZAO PeterrentPolevaja Sabirovskaja 44197183 ST. PETERSBURGRussia

Tel. +7-812-327 6294Fax +7-812-393 4475e-mail:

[email protected]

A-Ramirent ASLaki 11 dEE-12915 TALLINNEstonia

Tel. +372-656 3365Fax +372-656 3454e-mail: [email protected]

Outlet Suur-SõjamäeEE-11415 TALLINN

EstoniaSuur-Sõjamäe 4Tel. +372 600 6747

Fax +372 600 6744

A-Ramirent SIABikernieku str. 121RIGA LV 1021, LatviaTel. +371-780 2367

Fax +371-780 2366e-mail:[email protected]

A-Ramirent UABSavanoriu pr. 187

2600 VILNIUS, LithuaniaTel. +370-2-322 140Fax +370-2-322 141

email:[email protected]

Outlet KlaipedaTaikos pr. 615800 KLAIPEDA, Lithuania

Tel. +370-6-346 009Fax +370-6-346-309e-mail:

[email protected]

Ramirent Polska Sp. zo.o.Ul. Porcelanowa 1240-246 KATOWICEPoland

Tel. +48 32 205 26 73Fax +48 32 205 46 12

Rema-Rental S.A.Ul. Gdanska 12/1370-661 SZCZECIN

PolandTel. +48 91 432 3410Fax +48 91 432 34 11

e-mail:[email protected]

Outlet Gdyniaul. Sw. Mikolaja 5981-062 GDYNIA

Tel. +48 58 663 77 30Fax +48 58 663 10 36

Outlet KatowiceUl. Rozdzienskiego 21440-201 KATOWICETel. +48 32 203 98 00

Fax +48 32 203 98 00

Outlet KrakówUl. Soltysowska 14 a31-587 KRAKÓWTel. +48 12 292 40 74

Fax +48 12 292 40 75

Outlet WarszawaUl. Kuropatwy 4202-892 WARSZAWATel. +48 22 643 80 31

Fax +48 22 643 87 32

Outlet PoznanUl. Janikowska 1961-070 POZNANTel. +48 61 815 10 92

Fax +48 61 815 10 91


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