POWERING YOUR BUSINESS

CRAMO PLC

INTERIM REPORT

1.1.2013 – 30.6.2013

CEO Vesa Koivula

CFO Martti Ala-Härkönen

2

Contents

� Highlights of Q2/2013 and market

outlook

� Interim report Q2/2013

� Group performance

� Business segments

� Focus in 2013 – Value creation

through operational excellence

� Appendix

� Additional information

3

Highlights of Q2/2013Profitability improved in the second quarter

Number of depots

06/2013: 359

• Q2/2013 Highlights

– Sales EUR 160.1m (161.4m), down 0.8%. Sales change excluding divested

operations and restructuring in Russia 1.7%

– EBITA EUR 16.5m (14.3m); EBITA margin 10.3% (8.9%)

– EPS* EUR 0.19 (0.11)

– Cash flow after investments EUR 8.4m (1.1m)

• 1-6/2013 Highlights

– Sales EUR 308.6m (321.4m), down 4.0%. Sales change excluding divested

operations and restructuring in Russia -1.8%

– EBITA EUR 22.9m (24.9m) and EBITA margin 7.4% (7.7%); comparable EBITA

excluding non-recurring items EUR 23.5m (22.7m), or 7.6 (7.1) per cent of sales

– Earnings per share EUR 0.15 (0.16); comparable earnings per share excluding

the effect of non-recurring items EUR 0.20 (0.10)

– Return on equity (rolling 12 m.) 8.0% (6.8%)

– Cash flow after investments EUR -10.5m (18.2m), investment cash flow includes

acquisitions totalling EUR -26.8 million

– Gearing 92.4% (79.8%), EUR 50 million hybrid bond redeemed on 29 April 2013

• Guidance for 2013 unchanged

– Referring to the market outlook, which pictures a high uncertainty in Cramo’s

market areas, the Board does not consider it prudent to give a guidance on

Group sales either growing or declining in 2013. However, the Group’s business

demonstrates a good continuity over time. In 2013, already implemented and on-

going efficiency measures are likely to yield an improvement in EBITA margin

percentage compared with the previous year.

Russia

Denmark

GermanyPoland

CzechRepublic

Austria Hungary

Slovakia

Ukraine

Belarus

Lithuania

Latvia

Estonia

Norway

Sweden

Finland

Romania

Moldova

Bulgaria

Slovenia

Croatia

Bosnia and

HerzegovinaSerbia

Macedonia

Albania

Switzerland

Kalinin-

grad

* Undiluted EPS

Construction growth estimates 2013-15Forecasts for 2013 have in general been corrected slightly downwards

Outlook for 2014 more positive in Scandinavia and Germany

4

Construction output, % change 2013E 2014E 2015O

Finland-1,2%(-3,0%)

-0,5%(2,0%)

1,9%

Sweden-0,8%(-3,0%)

3,5%(1,0%)

2,1%

Norway 5,7% 4,6% 3,5%

Denmark3,0%(-0,6%)

3,3%(2,5%)

4,0%

Baltic Countries 2,9% -0,6% 4,1%

Poland -5,6% 0,6% 5,0%

Czech Republic -6,1% -2,2% -0,9%

Slovakia -2,0% 2,9% 4,5%

Russia 3,0% 4,0% 5,0%

Germany 1,2% 2,0% 0,9%

Austria 0,6% 1,0% 1,5%

Sources: Euroconstruct, June 2013 and VTT, June 2013

Country-specific data in brackets includes: Finland - Rakennusteollisuus RT (April 2013); Sweden - Sveriges Byggindustrier (June

2013); Denmark - Dansk Byggeri (May 2013)

100

89

9597

94 93 9294

60

70

80

90

100

110

120

2008 2009 2010 2011 2012E 2013F 2014F 2015O

Fin

lan

d c

on

stru

ctio

n v

olu

me

in

de

x (

20

08

=1

00

)

Residential construction Non-residential construction

Civil engineering Total construction

5

Construction volume trends by sub-sectorFinnish construction projected to be flat in 2014, growth expected in 2015

Swedish construction estimated to grow in 2014-15

Source: Euroconstruct, June 2013

FINLAND SWEDEN

Residential renovation growing, 5% decrease

expected in new residential construction

100

94

99101

99 98101

103

60

70

80

90

100

110

120

130

2008 2009 2010 2011 2012E 2013F 2014F 2015OS

we

de

n c

on

stru

ctio

n v

olu

me

in

de

x (

20

08

=1

00

)

Residential construction Non-residential construction

Civil engineering Total construction

10098

100

105104 105

107 108

60

70

80

90

100

110

120

2008 2009 2010 2011 2012E 2013F 2014F 2015OG

erm

an

y c

on

stru

ctio

n v

olu

me

in

de

x (

20

08

=1

00

)

Residential construction Non-residential construction

Civil engineering Total construction

6

Construction volume trends by sub-sectorNorwegian construction expected to grow strongly in 2013-15

Stable growth projected for German construction in 2013-15

Source: Euroconstruct, June 2013

NORWAY GERMANY

Cramo’s current rental fleet in

Germany is still focused on

the civil engineering sector

100 98 97102

108

114

119123

60

70

80

90

100

110

120

130

140

150

160

2008 2009 2010 2011 2012E 2013F 2014F 2015O

No

rw

ay

co

nstru

ctio

n v

olu

me

in

de

x (

20

08

=1

00

)

Residential construction Non-residential construction

Civil engineering Total construction

Nominal rental market growth estimates 2013Except for Norway, growth estimates were taken downwards in May

7

Sources: European Rental Association, ERA Convention, May 2013

5,6

%

2,5

%

4,0

%

2,8

%

3,0

%

-4,1

%

1,1

%

2,4

%

4,4

%

1,8

%

2,0

%

-6,2

%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

Finland Sweden Norway Denmark Germany Poland

No

min

al

ren

tal

gro

wth

in

20

13

2012 Report (Nov)

2013 Update (Apr)

8

Confidence among rental companiesBusiness conditions slightly improving, rental activity remains constant

Nordics is the most optimistic region

Source: ERA / IRN Rental Tracker Survey June 2009 – June 2013 (International Rental News/European Rental Association)

Improving

Declining

Current rental activity & conditions in Europe Q2/13 Current regional business conditions Q2/13

ImprovingDeclining

-100 %

-80 %

-60 %

-40 %

-20 %

0 %

20 %

40 %

60 %

80 %

100 %

Q2/09

Q3/09

Q4/09

Q1/10

Q2/10

Q3/10

Q4/10

Q1/11

Q2/11

Q3/11

Q4/11

Q1/12

Q2/12

Q3/12

Q4/12

Q1/13

Q2/13

Current business conditions Quarterly activity year-on-year

-60 % -40 % -20 % 0 % 20 % 40 % 60 %

Nordic region

UK

Multinationals

Germany

All Europe

France

Benelux

Spain

Italy

9

Leading European Rental companiesCramo was #3 in Europe in 2012

Areas of operation

Construction equipment, tools

Construction equipment, tools

Construction equipment,

tools, modular space

Cranes

Power, temperature control

and compressors

Construction equipment,

tools, party/events, accomod.

Construction equipment, tools

Modular space

Source: International Rental News, June 2013

Type of operation

France

FRA, IRE, UK, GER, SPA, BEL,

SWI, LUX, DEN, MOR

FIN, SWE, NOR, DEN, RUS,

EST, LAT, LIT, POL, CZE, SLO,

HUN, UKR

FIN, SWE, NOR, DEN, RUS, EST,

LAT, LIT, POL, CZE, SLO, HUN,

UKR, GER, AUS

UK, IRE, Middle East, North

Africa

Germany, Austria, the Czech

republic, Slovakia, Russia

Europe, North America, Middle

East, Brazil, Australia/NZ, Asia

(France)

(Finland)

(Finland)

(UK)

(France)

(Belgium)

(US)

(France)

(UK)

(Germany)

Worldwide

Global

FranceCranes, construction

equipment

Construction equipment, tools

828

714

680

460

420

397

336

332

290

288

0 200 400 600 800 1000

Loxam

Ramirent

Cramo

Kiloutou

Sarens

Speedy Hire

Algeco Scotsman

Aggreko

Mediaco Levage

Zeppelin Rental

European Sales 2012 (EUR million)European Sales 2012 (EUR million)

10

Q2 / 2013

Group performance

126,8

154,0

155,7

143,3

106,9

109,3

115,1

115,4

101,4 114,0 130,4 146,4

144,2 161,1

181,6

192,9

160,0

161,4

182,4

184,6

148,5 160,1

-30%

-10%

10%

30%

50%

70%

0

20

40

60

80

100

120

140

160

180

200Q1/08

Q2/08

Q3/08

Q4/08

Q1/09

Q2/09

Q3/09

Q4/09

Q1/10

Q2/10

Q3/10

Q4/10

Q1/11

Q2/11

Q3/11

Q4/11

Q1/12

Q2/12

Q3/12

Q4/12

Q1/13

Q2/13

Qu

arte

rly s

ale

s g

row

th %

(y-o

-y), lin

e g

rap

h)

Qu

art

erl

y s

ale

s (

EU

R m

illio

n,

bar

gra

ph

)

11

Cramo quarterly sales development Q2/2013 y-o-y sales growth -0.8%

Excluding divested operations and restructuring in Russia +1.7%

* Change in local currencies

Q2/13 vs. Q1/13:

7.8%

Q2/13 vs. Q2/12:

-0.8% (-2.6%*)

Group financial target: Sales growth faster than the market

IRN Europe top 50 � 2007: 16%; 2008: 8%; 2009: -20%; 2010: 4%; 2011: 6%; 2012: 6%

17,4

30,7

34,2

19,8

1,5

4,8

9,6

1,4

1,5

3,8

15,2

14,1

2,5

14,3

30,5

23,8

10,6

14,3

31,2

21,9

6,4

16,5

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

0

5

10

15

20

25

30

35

40

45

50

Q1/08

Q2/08

Q3/08

Q4/08

Q1/09

Q2/09

Q3/09

Q4/09

Q1/10

Q2/10

Q3/10

Q4/10

Q1/11

Q2/11

Q3/11

Q4/11

Q1/12

Q2/12

Q3/12

Q4/12

Q1/13

Q2/13

EB

ITA

% (lin

e g

rap

h)

Qu

art

erl

y E

BIT

A (

EU

R m

illio

n,

ba

r g

rap

h)

12

Cramo quarterly EBITA development Q2/2013 EBITA and EBITA margin improved y-o-y. Excl. non-recurring

items, H1/2013 EBITA EUR 23.5m (22.7m) and EBITA margin 7.6% (7.1%)

Group financial target:

EBITA margin > 15%

FIXED COST COMPARISON

(EUR million)Q2 / 2013 Q2 / 2012 CHANGE H1 / 2013 H1 / 2012 CHANGE

EMPLOYEE BENEFIT EXPENSES 35,0 35,7 -0,7 69,2 72,5 -3,3

as % of sales / improvement in percentage 21,9 % 22,1 % -0,2 % 22,4 % 22,6 % -0,1 %

OTHER OPERATING EXPENSES 32,5 34,6 -2,1 65,2 69,8 -4,6

as % of sales / improvement in percentage 20,3 % 21,4 % -1,1 % 21,1 % 21,7 % -0,6 %

INDIRECT COSTS 67,5 70,3 -2,8 134,4 142,4 -7,9

as % of sales / improvement in percentage 42,2 % 43,6 % -1,4 % 43,6 % 44,3 % -0,7 %

CAPITAL COSTS (depreciation) 23,6 25,2 -1,6 47,0 50,8 -3,9

as % of sales / improvement in percentage 14,7 % 15,6 % -0,9 % 15,2 % 15,8 % -0,6 %

TOTAL 91,1 95,5 -4,4 181,4 193,2 -11,8

as % of sales / improvement in percentage 56,9 % 59,2 % -2,3 % 58,8 % 60,1 % -1,3 %

Fixed cost savings continued in Q2/2013Indirect and capital costs have been decreased by EUR 11.8m, or 1.3

percentage points in relation to sales in H1/2013. Excluding the y-o-y

strengthening of SEK and NOK, the fixed cost saving is EUR 14.9m

13

* Excluding non-recurring reorganisation expenses related to business acquisition in Norway in March 2013 (EUR 0.6m)

** Strengthening of SEK and NOK in H1/13 increased indirect costs by EUR 2.3m compared to H1/12

*** Strengthening of SEK and NOK in H1/13 increased capital costs by EUR 0.9m compared to H1/12

*

**

***

0,2

3

0,4

7

0,5

3

0,2

0

-0,2

0

-0,1

4 -0,0

3

-0,8

0

-0,2

1

-0,1

4

0,0

5

0,2

4

-0,1

7

0,0

8

0,3

8

0,2

5

0,0

4

0,1

1

0,4

3

0,3

4

-0,0

4

0,1

9

-1,0

-0,8

-0,6

-0,4

-0,2

0,0

0,2

0,4

0,6

Q1

/08

Q2

/08

Q3

/08

Q4

/08

Q1

/09

Q2

/09

Q3

/09

Q4

/09

Q1

/10

Q2

/10

Q3

/10

Q4

/10

Q1

/11

Q2

/11

Q3

/11

Q4

/11

Q1

/12

Q2

/12

Q3

/12

Q4

/12

Q1

/13

Q2

/13

Qu

art

erl

y d

ilu

ted

EP

S (

EU

R)

14

Quarterly EPS performance (diluted)Q2/13 EPS improved by 66.5% year-on-year

H1/2013 EPS excl. the effect of non-recurring items EUR 0.20 (0.10)

* Q4/2009 includes write-downs on Group goodwill and intangible assets resulting from acquisitions totalling EUR 21.8m

** Q4/2011 includes write-downs on Group goodwill totalling EUR 5.5m

*** Q4/2012 includes a number of non-recurring items having a positive net impact of EUR 3.5m on net result, or EPS EUR 0.08

*

**

***

17,7

%

18,0

%

16,9

%

14

,9 %

10

,4 %

3,9

%

-1,6

%

-12

,1 %

-12

,4 %

-11

,8 %

-10,6

%

-0,6

%

-0,2

% 1,9

%

5,1

%

5,4

% 7,3

%

6,8

%

7,0

%

7,5

%

6,9

%

8,0

%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

Q1/0

8

Q2/0

8

Q3/0

8

Q4/0

8

Q1/0

9

Q2/0

9

Q3/0

9

Q4/0

9

Q1/1

0

Q2/1

0

Q3/1

0

Q4/1

0

Q1/1

1

Q2/1

1

Q3/1

1

Q4/1

1

Q1/1

2

Q2/1

2

Q3/1

2

Q4/1

2

Q1/1

3

Q2/1

3

RO

E %

Return on Equity %

Return on Equity ROE (rolling 12 months) improved to 8.0%

15

Group financial target:

ROE % > 12%

16

Quarterly capital expenditureIn Q2/2013, organic CapEx reduced year-on-year

Note: Acquisitions in 2011 include Theisen Group completed in Q1/11 and Tidermans and Stavdal completed in Q2/11. Acquisitions in

Q1/2013 include Lambertsson and Kranpunkten completed in February 2013 and Russia join venture completed in March 2013

12,17,0 5,7 6,6 3,5

12,6 9,0

28,518,6

52,6

38,1 37,8

24,3

40,833,5

25,615,0

22,40,4 4,1

4,1

24,5

72,7

41,6

-0,3

1,5

0,0

0,0

0,8

0,031,2

-0,8

12,57,0 5,7 6,6

3,5

16,713,0

53,0

91,394,2

37,8 39,2

24,3

40,8

34,4

25,6

46,2

21,6

-10%

0%

10%

20%

30%

40%

50%

60%

70%

-20

0

20

40

60

80

100

120

140

Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13

Gro

ss C

ap

ital E

xp

en

ditu

re to

Qu

arte

rly s

ale

s (%

)G

ross C

ap

ital

Exp

en

dit

ure

(E

UR

m)

CapEx CapEx, acquisitions

35,6

25,2

1,1

8,4

-80

-60

-40

-20

0

20

40

60

80Q1/09

Q2/09

Q3/09

Q4/09

Q1/10

Q2/10

Q3/10

Q4/10

Q1/11

Q2/11

Q3/11

Q4/11

Q1/12

Q2/12

Q3/12

Q4/12

Q1/13

Q2/13

Qu

art

erl

y c

ash

flo

w (

EU

R m

)

Cash flow from operations Cash flow after investments

17

Cash flow after investments turned positiveQ2/2013 cash flow after investments improved year-on-year. Q1/2013

investment cash flow includes acquisitions amounting to EUR -26.8m

Acquisition of Theisen Group

Acquisition of Tidermans in

Sweden and Stavdal in Norway

Formation of Fortrent and

acquisitions in Norway

433

516 514477 482

429 413384 375 382 381 382

463430 420

389 375 392 387347 365

428

126,5

%

151,3

%

147,1

%

149,3

%

155,6

%

121,5

%

113,1

%

113,4

%

108,4

%

111,7

%

107,5

%

103,4

%

124,2

%

91,8

%

88,4

%

78,7

%

77,4

%

79,8

%

73,9

%

65,1

%

69,7

%

92,4

%

0%

20%

40%

60%

80%

100%

120%

140%

160%

0

300

600

900

1 200Q1/08

Q2/08

Q3/08

Q4/08

Q1/09

Q2/09

Q3/09

Q4/09

Q1/10

Q2/10

Q3/10

Q4/10

Q1/11

Q2/11

Q3/11

Q4/11

Q1/12

Q2/12

Q3/12

Q4/12

Q1/13

Q2/13

Gearin

g %

Net

inte

rest-

beari

ng

lia

bilit

ies (

EU

R m

)

Net interest-bearing liabilities Gearing %

18

Capital structure developmentGearing increased in Q2/2013 as a result of repayment of hybrid bond

on 29 April 2013. Gearing meeting the financial target level

Group financial target:

Gearing < 100%

19

Q2 / 2013

Business segments

20

FinlandSales decreased, good profitability, at previous year’s level

� Despite the decrease in sales, relative profitability

improved in H1/2013 and remained at previous year’s

level in Q2/2013, thanks to cost reductions and

efficiency improvements

� Demand for standardised modular space continued at a

high level, the quotation base was high particularly in the

public sector

� Despite the market situation, fleet utilisation rates

improved clearly towards the end of the period

� Euroconstruct1 and RT2 forecast construction decline of

1.2% and 3% in 2013, respectively

� New construction activity expected to decline further,

civil engineering to remain stable while activity in

renovation projects predicted to continue increasing

� ERA3 predicts that the Finnish equipment rental market

will grow by 1% in 2013 (VTT estimate: -1%)

Highlights Sales by quarter

1. Euroconstruct, June 2013

2. Rakennusteollisuus RT, April 2013

3. European Rental Association, ERA Convention, May 2013

EBITA by quarter

23,3

22,6

23,8

22,4

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

28,2 31,3 34,1

34,0

29,3

25,6 29,1

28,6

23,0

24,7

0

5

10

15

20

25

30

35

40

Q1 Q2 Q3 Q4

Qu

art

erl

y s

ale

s (

EU

R m

)

2009

2010

2011

2012

2013

0,9

1,8

4,3

3,7

0,6

2,5

6,1

3,3

2,2

4,2

7,7

6,1

2,9

3,7

7,8

6,5

2,3

3,5

0

1

2

3

4

5

6

7

8

9

Q1 Q2 Q3 Q4

Qu

art

erl

y E

BIT

A (

EU

R m

)

2009

2010

2011

2012

2013

4-6/ 4-6/ Change 1-6/ 1-6/ Change 1-12/

(EUR 1 000) 2013 2012 % 2013 2012 % 2012

Sales 24 651 25 606 -3,7 % 47 646 54 954 -13,3 % 112 666

EBITA 3 526 3 685 -4,3 % 5 841 6 634 -12,0 % 20 975

EBITA-% 14,3 % 14,4 % 12,3 % 12,1 % 18,6 %

No of employees (FTE) 453 513 -11,7 % 428

No of depots 53 55 -3,6 % 55

4-6/ 4-6/ Change 1-6/ 1-6/ Change 1-12/

(EUR 1 000) 2013 2012 % 2013 2012 % 2012

Sales 78 596 75 799 3,7 % 151 457 153 255 -1,2 % 322 359

EBITA 12 247 11 561 5,9 % 22 209 24 442 -9,1 % 57 578

EBITA-% 15,6 % 15,3 % 14,7 % 15,9 % 17,9 %

No of employees (FTE) 777 816 -4,8 % 793

No of depots 120 126 -4,8 % 124

21

Sweden Positive profitability trend restored, Q2 profitability improved y-o-y

� Sales increased by 3.7% compared to Q2/12 (-0.4% in

local currency)

� During Q1/13, market environment deteriorated especially in

Southern Sweden. In Q2, demand picked up clearly and

fleet utilisation rates rose towards the end of the period,

partly to a good level

� Demand in Northern Sweden and in the Stockholm area has

continued at a satisfactory level

� In Western Sweden, Cramo has been able to increase its

market share

� Demand is expected to develop favourably during the rest of

the year as well

� Positive profitability trend was restored. Profitability

improved in Q2, thanks to efficiency measures initiated

� Euroconstruct2 estimates construction to decrease by

1% in 2013 (BI3 -3%)

� ERA4 estimates equipment rental to grow by 2.4%

1. Change in sales measured in local currency

2. Euroconstruct, June 2013

3. Sveriges Byggindustrier, June 2013

4. European Rental Association, ERA Convention, May 2013

Highlights Sales by quarter

EBITA by quarter

-0,4%1

(local curr.)

-5,1%1

(local curr.)

50,1

53,0

55,3

57,4

51,9 60,6

64,8 74,5

68,1

72,5 79,0 89,4

77,5

75,8

81,0 88,1

72,9 78,6

0

10

20

30

40

50

60

70

80

90

100

Q1 Q2 Q3 Q4

Qu

art

erl

y s

ale

s (

EU

R m

)

2009

2010

2011

2012

2013

7,3

9,8 11,1

7,8

5,4

8,8

12,3 14,6

9,3

13,6

17,2

18,0

12,9

11,6

17,0

16,2

10,0 12,2

0

2

4

6

8

10

12

14

16

18

20

22

Q1 Q2 Q3 Q4

Qu

art

erl

y E

BIT

A (

EU

R m

)

2009

2010

2011

2012

2013

4-6/ 4-6/ Change 1-6/ 1-6/ Change 1-12/

(EUR 1 000) 2013 2012 % 2013 2012 % 2012

Sales 22 399 19 121 17,1 % 45 425 39 919 13,8 % 84 167

EBITA 1 523 697 118,5 % 2 434 1 620 50,2 % 5 319

EBITA-% 6,8 % 3,6 % 5,4 % 4,1 % 6,3 %

No of employees (FTE) 260 220 18,2 % 223

No of depots 32 31 3,2 % 31

15,8

15,7

15,6

16,3

17,1

15,3 17,0 19,7

20,2

17,4

20,7

21,0

20,8

19,1 20,9 23,4

23,0

22,4

0

5

10

15

20

25

Q1 Q2 Q3 Q4

Qu

art

erl

y s

ale

s (

EU

R m

)

2009

2010

2011

2012

2013

22

NorwaySales growth continued, profitability improved year-on-year

� In Q2/2013, sales increased by 17.1% compared to

previous year (18.0% in local currency)

� Demand has continued at a good level in large towns and

on the west coast of the country

� EBITA for Q2/13 improved year-on-year

� H1/13 EBITA excluding NRIs of the first quarter was EUR

3.0 (1.6) million, or 6.6 (4.1) per cent of sales

� Cramo seeks growth of sales and improved profitability

in Norway

� In order to improve profitability, Cramo is strengthening

the sales organisation, centralising fleet maintenance and

optimising the depot network

� Euroconstruct2 estimates construction to increase by

5.7% in 2013 (Prognosesenteret3 +3%)

� ERA4 estimates equipment rental to grow by 4.4%

1. Change in sales measured in local currency

2. Euroconstruct, June 2013

3. Prognosesenteret, April 2013

4. European Rental Association, ERA Convention, May 2013

Highlights Sales by quarter

EBITA by quarter

18,0%1

(local curr.)

13,0%1

(local curr.)

1,2

1,1

0,9

0,9

-0,1

-0,3

0,3 0,4

0,4

-1,2

1,0

0,60,9

0,7

1,9

1,8

0,9

1,5

-2

-1

0

1

2

3

Q1 Q2 Q3 Q4

Qu

art

erl

y E

BIT

A (

EU

R m

)

2009

2010

2011

2012

2013

23

DenmarkImprovement in profitability continued in the second quarter

� Sales decreased by 12% in Q2/13 from Q2/12� After the difficult early winter, demand picked up

especially in the Copenhagen and Aarhus regions and in

the modular space business

� Cramo has succeeded in strengthening its market

position in the modular space business, where the

quotation base is good

� EBITA and EBITA margin continued to improve year-

on-year� Towards the end of 2012, number of depots was

reduced and operations were centralised to growth

regions while simultaneously strengthening the sales

organisation

� Euroconstruct1 estimates construction output to grow

by 3% in 2013 (Dansk Byggeri2 -0.6%)

� ERA3 estimates equipment rental to grow by 1.8%

1. Euroconstruct, June 2013

2. Dansk Byggeri (May 2013)

3. European Rental Association, ERA Convention, May 2013

Highlights Sales by quarter

EBITA by quarter

8,5 8,8 9,7

9,3

5,7 6,7

8,4 8,6

6,3

7,8

9,7

11,3

8,2

7,3

13,2

9,0

7,6

6,4

0

2

4

6

8

10

12

14

Q1 Q2 Q3 Q4

Qu

art

erl

y s

ale

s (

EU

R m

)

2009

2010

2011

2012

2013

-1,7 -1

,2

-1,6

-4,4

-3,2

-1,3 -0,8

0,0

-1,6

-0,6

0,3

-0,1

-1,4

-0,5

0,6

-3,6

-0,2

0,1

-5

-4

-3

-2

-1

0

1

Q1 Q2 Q3 Q4

Qu

art

erl

y E

BIT

A (

EU

R m

)

2009

2010

2011

2012

2013

4-6/ 4-6/ Change 1-6/ 1-6/ Change 1-12/

(EUR 1 000) 2013 2012 % 2013 2012 % 2012

Sales 6 409 7 281 -12,0 % 14 025 15 470 -9,3 % 37 684

EBITA 73 -547 113,3 % -162 -1 992 91,9 % -5 022

EBITA-% 1,1 % -7,5 % -1,2 % -12,9 % -13,3 %

No of employees (FTE) 103 123 -16,3 % 97

No of depots 7 18 -61,1 % 7

24

Central EuropeSales grew and profitability improved year-on-year

� Sales increased by 12.2% in Q2/13 from Q2/12

� The market picked up clearly in the second quarter

� The focus of Cramo’s rental fleet is still on construction

machinery, and therefore seasonal fluctuations are

stronger than in other business segments

� EBITA and EBITA margin improved year-on-year

� The prolonged winter season postponed the start of

construction projects and impaired profit in Q1/13

� Cramo is in the process of modifying its operations

according to the Cramo Rental Concept

� There are already positive effects visible

� Target is to develop sales, increase revenue per depot,

improve the efficiency of processes and mitigate the

seasonality impact of operations

� Euroconstruct1 forecasts construction growth of 1.2%

in 2013 in Germany

� ERA2 estimates equipment rental to grow by 2%

1. Euroconstruct, June 2013

2. European Rental Association, ERA Convention, May 2013

Highlights Sales by quarter

EBITA by quarter

10,6

19,9

21,0

19,7

11,8

18,2 20,0

17,0

11,2

20,5

0

5

10

15

20

25

Q1 Q2 Q3 Q4

Qu

art

erl

y s

ale

s (

EU

R m

)

2009

2010

2011

2012

2013

-1,2

1,6

2,9

0,3

-4,3

0,9

2,3

0,8

-4,7

1,4

-6

-5

-4

-3

-2

-1

0

1

2

3

4

Q1 Q2 Q3 Q4

Qu

art

erl

y E

BIT

A (

EU

R m

)

2009

2010

2011

2012

2013

4-6/ 4-6/ Change 1-6/ 1-6/ Change 1-12/

(EUR 1 000) 2013 2012 % 2013 2012 % 2012

Sales 20 461 18 238 12,2 % 31 699 30 019 5,6 % 66 973

EBITA 1 396 929 50,3 % -3 277 -3 385 3,2 % -236

EBITA-% 6,8 % 5,1 % -10,3 % -11,3 % -0,4 %

No of employees (FTE) 338 297 13,8 % 327

No of depots 84 90 -6,7 % 88

4-6/ 4-6/ Change 1-6/ 1-6/ Change 1-12/

(EUR 1 000) 2013 2012 % 2013 2012 % 2012

Sales 11 665 16 704 -30,2 % 24 152 30 574 -21,0 % 70 263

EBITA 384 672 -42,9 % 299 -129 331,8 % 6 722

EBITA-% 3,3 % 4,0 % 1,2 % -0,4 % 9,6 %

No of employees (FTE) 435 647 -32,8 % 623

No of depots 63 77 -18,2 % 71

25

Eastern Europe1

Positive development in profitability excluding Fortrent

� Sales decreased by 30.2% compared to Q2/12

(-29,9% in local currency)

� Decrease attributable mainly to shift of Russian operations to Fortrent as of 1 March, 2013

� Quarterly EBITA decreased compared to Q2/12� Excluding Fortrent’s result, profitability improved clearly

� Improvement attributable to cost savings achieved earlier in Poland, the Czech Republic and Slovakia

� In the Baltic countries, the result for Q2 improved y-o-y

� Fortrent performance in April-June 2013:� Sales EUR 11.7m (12.1m), down by 3.3% year-on-year

(-0.6% in local currency)

� EBITA EUR 0.0m (0.5m) or 0.0% (4.1%) of sales

� Profit for the period EUR -1.6m (-0.9m)

� Euroconstruct and VTT3 forecast 3% growth in the Baltic area in 2013, 3% in Russia, -6% in Poland, -6% in the Czech Republic and -2% in Slovakia

1. As of 1 March 2013, sales in Eastern Europe come from Estonia, Latvia, Lithuania, Poland, the Czech Republic, Slovakia and the

Kaliningrad region in Russia. Cramo’s share (50 per cent) of the net result of Fortrent, the joint venture of Cramo and Ramirent in Russia

and Ukraine, will be included in the EBITA of the Eastern Europe business segment as of 1 March 2013

2. Change in sales measured in local currency

3. Euroconstruct, June 2013 and VTT, June 2013

Highlights Sales by quarter

EBITA by quarter

-29,9%2

(local curr.)

-20,7%2

(local curr.)

10,4

10,4 12,0

11,3

9,0 10,7

14,4 15,8

12,9 15,0

19,3

19,5

13,9 16,7 19,8

19,9

12,5

11,7

0

5

10

15

20

25

Q1 Q2 Q3 Q4

Qu

art

erl

y s

ale

s (

EU

R m

)

2009

2010

2011

2012

2013

-4,9

-4,5

-3,0

-5,2

-4,8 -4,0

-1,5

-1,1

-2,2 -1,5

2,6 2,9

-0,8

0,7

3,7

3,2

-0,1

0,4

-6

-5

-4

-3

-2

-1

0

1

2

3

4

5

Q1 Q2 Q3 Q4

Qu

art

erl

y E

BIT

A (

EU

R m

)

2009

2010

2011

2012

2013

26

Focus in 2013

−

Value creation through

operational excellence

27

Growth drivers in rental business

Increasing rental

penetration,

outsourcing

Rental-related

services

Exchange of

manpower for

machinery

Environmental

concerns, energy

efficiency and

sustainability

Renovation

construction

Demographic

changes

Rental is a

growing

industrial

services

business

1 2 3

4 5 6

Finland

Sweden

Norway

Denmark

Central Europe

Eastern Europe

Fortrent

28

Segment value creationTarget: Positive contribution from all geographical areas

VALUE CREATION IMPROVEMENT POTENTIAL (EXTERNAL AND INTERNAL FACTORS)

CU

RR

EN

T C

ON

TR

IBU

TIO

N T

O V

AL

UE

CR

EA

TIO

N

VA

LU

E C

RE

AT

ION

VA

LU

E D

ES

TR

UC

TIO

N

Capture high value

creation potential

Further improve contribution

level, seek innovative ways

to increase potential

Continue the positive trend in Norway,

turn Central Europe’s and Denmark’s

contribution to positive

Size of the segment circle reflects the current relative size of the business segment (and JV) in the Cramo Group

WELL BALANCED COST

AND DIFFERENTIATION

APPROACH

CRAMO PERFORMANCE

MANAGEMENT CULTURE

AND VALUES

IMPLEMENTATION OF

MUST-WIN BATTLES

Translating Operational Excellence into actionAll initiatives aligned and focused towards value creation and

operational excellence

29

CUSTOMER

OFFERINGS AND

SALES

EXCELLENCE

Practical examples:

1. Implementation

of Cramo Rental

Concept

2. Constant

development of

innovative

offerings

3. Implementation

of modern

pricing strategy

PROCESSES

EFFICIENCY

Practical examples:

1. Harmonised

business and

support

processes

2. Implementation

of harmonised

ERP system

3. Implementation

of harmonised

BI solution

CAPITAL

EFFICIENCY

Practical examples:

1. Pan-European

fleet optimisation

program

2. Net working

capital reduction

program

3. Development of

sourcing

How do we

drive

Operational

Excellence?

What does Operational Excellence mean in practice?

30

Future prospectsMarket-specific differences are considerable; operating environment

projected to improve towards the end of the year

� The economic uncertainty in Europe continues

� However, market-specific differences are considerable

� Despite the economic uncertainty, construction activity and demand for equipment rental services strengthened in most of Cramo’s market areas in the second quarter

� Cramo is still taking a cautious approach on 2013. The economic situation is forecasted to improve towards the end of the year in Cramo’s main markets

� The Group’s guidance for 2013 unchanged: “Referring to the market outlook, which pictures a high uncertainty in Cramo’s market areas, the Board does not consider it prudent to give a guidance on Group sales either growing or declining in 2013. However, the Group’s business demonstrates a good continuity over time. In 2013, already implemented and on-going efficiency measures are likely to yield an improvement in EBITA margin percentage compared with the previous year.”

Appendix

31

32

Key figuresChange Change

EUR million (unless otherwise stated) % %

INCOME STATEMENT

Sales 160,1 161,4 -0,8 % 308,6 321,4 -4,0 % 688,4

EBITDA 40,1 39,6 1,4 % 69,9 75,7 -7,8 % 179,6

Operating profit (EBITA) before amortisation and impairment

of intangible assets resulting from acquisitions

16,5 14,3 15,3 % 22,9 24,9 -8,0 % 78,0

Operating profit/loss (EBIT) 13,5 11,4 18,4 % 15,2 19,0 -20,1 % 64,5

Profit/Loss before tax (EBT) 10,1 6,1 64,7 % 7,8 8,5 -7,9 % 44,3

Profit/Loss for the period 7,9 4,7 68,8 % 6,1 6,5 -5,6 % 38,7

SHARE-RELATED INFORMATION

Earnings per share (EPS), EUR 0,19 0,11 65,1 % 0,15 0,16 -7,6 % 0,93

Earnings per share (EPS), diluted, EUR 0,19 0,11 66,5 % 0,14 0,15 -6,9 % 0,93

Shareholders' equity per share, EUR 10,97 10,65 3,0 % 11,58

BALANCE SHEET

Equity ratio, % 42,2 % 44,5 % 48,6 %

Gearing, % 92,4 % 79,8 % 65,1 %

Net interest-bearing liabilities 428,4 392,0 9,3 % 346,9

OTHER INFORMATION

Return on investment, rolling 12-month, % 6,8 % 6,9 % 7,3 %

Return on equity, rolling 12-month, % 8,0 % 6,8 % 7,5 %

Gross capital expenditure (incl. acquisitions) 21,6 40,8 -47,1 % 67,7 65,1 4,0 % 125,1

of which related to acquisitions and business combinations -0,8 30,4 0,8

Cash flow after investments 8,4 1,1 663,6 % -10,5 18,2 62,2

Average number of personnel, FTE 2 457 2 684 -8,5 % 2 664

Number of personnel at end of period, FTE 2 428 2 677 -9,3 % 2 555

1-12/

2012

4-6/

2013

4-6/

2012

1-6/

2013

1-6/

2012

33

Consolidated income statementChange Change

EUR (1 000) % %

SALES 160 056 161 420 -0,8 % 308 585 321 410 -4,0 % 688 391

Other operating income 2 917 2 247 29,8 % 4 591 5 895 -22,1 % 11 321

Production for own use 0 3 494 3 657

Materials and services -54 534 -53 770 -1,4 % -107 313 -112 704 4,8 % -241 301

Employee benefit expenses -35 006 -35 692 1,9 % -69 805 -72 523 3,7 % -143 728

Other operating expenses -32 491 -34 624 6,2 % -65 203 -69 827 6,6 % -138 763

Depreciation and impairment on tangible

assets and assets available for sale

-23 605 -25 233 6,5 % -46 962 -50 842 7,6 % -101 571

Share of profit/loss of joint ventures -792 -990 43

EBITA 16 544 14 348 15,3 % 22 903 24 903 -8,0 % 78 048

% of sales 10,3 % 8,9 % 7,4 % 7,7 % 11,3 %

Amortisation and impairment on intangible

assets resulting from acquisitions and disposal

-3 054 -2 951 -3,5 % -7 734 -5 929 -30,4 % -13 569

OPERATING PROFIT/LOSS (EBIT) 13 490 11 397 18,4 % 15 169 18 974 -20,1 % 64 479

% of sales 8,4 % 7,1 % 4,9 % 5,9 % 9,4 %

Finance costs (net) -3 375 -5 254 35,8 % -7 339 -10 477 30,0 % -20 223

PROFIT/LOSS BEFORE TAXES 10 115 6 143 64,7 % 7 829 8 498 -7,9 % 44 257

% of sales 6,3 % 3,8 % 2,5 % 2,6 % 6,4 %

Income taxes -2 215 -1 463 -51,4 % -1 714 -2 023 15,3 % -5 508

PROFIT/LOSS FOR THE PERIOD 7 900 4 680 68,8 % 6 115 6 475 -5,6 % 38 749

% of sales 4,9 % 2,9 % 2,0 % 2,0 % 5,6 %

1-12/

2012

4-6/

2013

4-6/

2012

1-6/

2013

1-6/

2012

34

Consolidated balance sheet30.6. 30.6. Change 31.12.

EUR (1 000) 2013 2012 % 2012

ASSETS

NON-CURRENT ASSETS

Tangible assets 598 626 624 756 -4,2 % 615 034

Goodwill 167 148 167 104 0,0 % 169 736

Other intangible assets 107 068 117 335 -8,8 % 111 751

Deferred tax assets 16 000 16 433 -2,6 % 14 604

Available-for-sale financial investments 348 348 0,0 % 349

Shares in joint ventures 20 190 50 97

Loan receivables 20 262 15

Trade and other receivables 1 074 1 095 -1,9 % 1 071

TOTAL NON-CURRENT ASSETS 930 716 927 134 0,4 % 912 641

CURRENT ASSETS

Inventories 10 118 13 074 -22,6 % 9 689

Trade and other receivables 134 987 143 114 -5,7 % 136 435

Income tax receivables 10 708 8 130 31,7 % 4 794

Derivative financial instruments 2 842 1 495 90,1 % 303

Cash and cash equivalents 14 383 14 118 1,9 % 10 340

TOTAL CURRENT ASSETS 173 038 179 931 -3,8 % 161 562

Assets available for sale 4 834 6 536 -26,0 % 3 540

Assets to be transferred to joint venture 30 392

TOTAL ASSETS 1 108 588 1 113 601 -0,5 % 1 108 136

30.6. 30.6. Change 31.12.

EUR (1 000) 2013 2012 % 2012

EQUITY AND LIABILITIES

EQUITY

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

Other reserves 308 043 302 456 1,8 % 304 373

Fair value reserve 119 119 0,0 % 119

Hedging fund -6 084 -6 121 0,6 % -8 144

Translation differences 4 844 2 548 90,1 % 7 710

Retained earnings 131 856 116 948 12,7 % 154 115

EQUITY ATTRIBUTABLE TO SHARE-HOLDERS OF

THE PARENT COMPANY 463 612 440 786 5,2 % 483 007

Hybrid capital 49 630 49 630

TOTAL EQUITY 463 612 490 415 -5,5 % 532 637

NON-CURRENT LIABILITIES

Interest-bearing liabilities 323 939 284 787 13,7 % 271 713

Derivative financial instruments 6 134 8 108 -24,3 % 8 861

Deferred tax liabilities 78 538 80 798 -2,8 % 80 188

Pension obligations 1 667 1 263 32,0 % 1 574

Other non-current liabilities 4 268 727 752

TOTAL NON-CURRENT LIABILITIES 414 546 375 684 10,3 % 363 087

CURRENT LIABILITIES

Interest-bearing liabilities 118 870 122 246 -2,8 % 87 577

Derivative financial instruments 194 1 949 -90,0 % 1 347

Trade and other payables 108 207 117 374 -7,8 % 119 460

Income tax liabilities 3 159 5 934 -46,8 % 1 055

TOTAL CURRENT LIABILITIES 230 431 247 503 -6,9 % 209 439

Liabilities to be transferred to joint venture 2 974

TOTAL LIABILITIES 644 976 623 187 3,5 % 575 499

TOTAL EQUITY AND LIABILITIES 1 108 588 1 113 601 -0,5 % 1 108 136

35

Cash flow statement1-6/ 1-6/ 1-12/

EUR (1 000) 2013 2012 2012

Net cash flow from operating activities 43 053 53 379 145 992

Net cash flow from investing activities -53 550 -35 212 -83 776

Cash flow from financing activities

Change in interest-bearing receivables -9 2 516 2 528

Change in finance lease liabilities -22 013 -19 852 -39 353

Change in interest-bearing liabilities 107 214 7 226 -21 591

Hybrid capital -56 000 -6 000 -6 000

Proceeds from share options exercised 3 369 1 717 3 633

Dividends paid -17 747 -12 374 -12 374

Net cash flow from financing activities 14 814 -26 767 -73 157

Change in cash and cash equivalents 4 317 -8 600 -10 941

Cash and cash equivalents at period start 10 340 22 532 22 532

Cash to be transferred to joint venture -2 005

Translation differences -274 186 754

Cash and cash equivalents at period end 14 383 14 118 10 340

36

Segment performanceChange Change

SALES, EUR (1 000) % %

Finland 24 651 25 606 -3,7 % 47 646 54 954 -13,3 % 112 666

Sweden 78 596 75 799 3,7 % 151 457 153 255 -1,2 % 322 359

Norway 22 399 19 121 17,1 % 45 425 39 919 13,8 % 84 167

Denmark 6 409 7 281 -12,0 % 14 025 15 470 -9,3 % 37 684

Central Europe 20 461 18 238 12,2 % 31 699 30 019 5,6 % 66 973

Eastern Europe 11 665 16 704 -30,2 % 24 152 30 574 -21,0 % 70 263

Inter-segment sales -4 125 -1 329 -210,4 % -5 818 -2 782 -109,1 % -5 720

Group sales 160 056 161 420 -0,8 % 308 585 321 410 -4,0 % 688 391

Change Change

EBITA, EUR (1 000) % %

Finland 3 526 3 685 -4,3 % 5 841 6 634 -12,0 % 20 975

Sweden 12 247 11 561 5,9 % 22 209 24 442 -9,1 % 57 578

Norway 1 523 697 118,5 % 2 434 1 620 50,2 % 5 319

Denmark 73 -547 113,3 % -162 -1 992 91,9 % -5 022

Central Europe 1 396 929 50,3 % -3 277 -3 385 3,2 % -236

Eastern Europe 384 672 -42,9 % 299 -129 331,8 % 6 722

Non-allocated capital gains and other income 2 196 2 196

Non-allocated Group activities -2 680 -2 719 1,4 % -4 601 -4 801 4,2 % -9 761

Eliminations 75 70 7,1 % 160 319 -49,8 % 277

Group EBITA 16 544 14 348 15,3 % 22 903 24 903 -8,0 % 78 048

1-12/

2012

4-6/

2013

4-6/

2012

1-6/

2013

1-6/

2012

1-12/

2012

4-6/

2013

4-6/

2012

1-6/

2013

1-6/

2012

37

Sales by business segment

EUR 308,6 million EUR 321,4 million

Sales 1-6/2013 Sales 1-6/2012

Finland15,2 %

Sweden48,2 %

Norway14,4 %

Denmark4,5 %

Central Europe10,1 %

Eastern Europe7,7 %

Finland17,0 %

Sweden47,3 %

Norway12,3 %

Denmark4,8 %

Central Europe9,3 %

Eastern Europe9,4 %

38

Modular space order book Order book decreased slightly from Q1/13

*In Q1/2010 there was an external sale of some modules and in Q1/2012 the sale of modular space production and customised modules

rental businesses in Finland.

99,2

101,0

111,9

106,8

94,5

97,5

96,3 102,8

86,1 92,9

88,7

87,7

87,6

103,2

100,8

102,7

81,6

98,3

95,3

89,5

97,1

96,6

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

20

40

60

80

100

120

140Q1/08

Q2/08

Q3/08

Q4/08

Q1/09

Q2/09

Q3/09

Q4/09

Q1/10

Q2/10

Q3/10

Q4/10

Q1/11

Q2/11

Q3/11

Q4/11

Q1/12

Q2/12

Q3/12

Q4/12

Q1/13

Q2/13

Sh

are

of re

nta

l (% o

f tota

l ord

er b

oo

k)

Ord

er

bo

ok

(E

UR

m)

Rental Sales