Cramo is one of the largest equipment rental service companies in Europe, operating in 16 countries. In 2013, Cramo had sales of EUR 657 million and an EBITA of EUR 80 million, or 12.2% of sales. Cramo has over 2,400 employees serving more than 150,000 customers. Key strengths include Cramo's strong market positions, extensive rental concept, and operational efficiency. Recent signs point to a gradual recovery in the European construction industry in 2014, which would improve business conditions for Cramo. Sweden is currently Cramo's largest market by sales and EBITA contribution.
1. FOR A GREAT DAY AT WORK
CRAMO PLC
Investor material
EQUITY STORY
Why invest in Cramo
2. 2
Cramo in brief
A leading equipment rental service company
Russia
Denmark
Germany
Poland
Czech
Republic
Austria Hungary
Slovakia
Ukraine
Belarus
Lithuania
Latvia
Estonia
Norway
Sweden
Finland
Romania
Moldova
Bulgaria
Slovenia
Croatia
Bosnia and
Herzegovina
Serbia
Macedonia
Albania
Kalinin-
grad
Cramo is one of the largest equipment rental service companies in
Europe, with operations in 16 countries and 2013 sales of EUR 657
million.
Cramo is also the no.1 player in both construction and non-
construction modular space in the Nordic countries.
In 2013, Cramo posted EBITA of EUR 80 million (12,2% of sales).
The company operates under the Cramo brand in Nordic and Baltic
countries, Poland and the Czech Republic. In Germany, Austria and
Hungary, under Theisen Baumaschinen brand, and in Russia and
Ukraine under the brand of Fortrent (50% owned JV).
In addition to strong market position and brand, Cramo’s key strength
is extensive rental concept combined with flexible business model
and operational efficiency.
Cramo's 2,400 employees serve over 150,000 customers.
Cramo was founded in 1953 and is listed on the Helsinki Stock
Exchange.
2013 sales by industry segment 2013 sales by product group* 2013 sales by business segment
14 countries + Fortrent
in Russia and Ukraine
Number of depots 357
48 %
15 %
14 %
4 %
11 %
8 % Sweden
Finland
Norway
Denmark
Central Europe
Eastern Europe
55 %
24 %
15 %
3 %
4 %
Construction
Other Industry
Public sector
Households
Other
31 %
17 %23 %
27 %
2 %
Tools
Constr equipment
Access equipment
Modular space
Other
* Sales generated from rental-related services have been allocated to product groups
3. 3
Key industry and company specific drivers
Cramo is well positioned to capitalise on attractive rental industry fundamentals with
further upside potential from recovering economy.
Economic indicators
improving
Structural change
drives rental growth
Cramo is well-
positioned
Ambition to deliver
Shareholder
structure
Europe shows signs of recovery in 2014.
Confidence indicators on construction and rental business conditions show improvement
although there are regional variations.
Rental is a growing industrial services business with additional growth drivers to construction.
Eg increasing rental penetration, outsourcing, rental related services, environmental issues,
demographics and attractive rental economics will drive industry growth.
→ Equipment rental growth rate has surpassed construction growth.
Favourable geographical exposure towards stronger European economies.
Cramo has gained strong market position and scale benefits through a period of rapid growth.
→ Current focus is on profitability and cash flow through operational excellence.
Efficiency improvements boost the degree of operational leverage.
Non-construction modular space business provides stability.
Clear strategy to drive operational excellence and gain long-lasting competitive advantage.
Cramo targets above-market growth and EBITA margin above 15% over a business cycle.
Gearing is targeted below 100% while distributing stable dividend of about 40% of EPS.
Near term outlook
Eurozone is estimated to take an upward turn in 2014.
Market-specific differences in construction and the demand for rental are still considerable.
Cramo’s guidance is for improving sales and EBITA margin in 2014.
High free float and good liquidity.
Cramo has two core shareholders holding above 5% stake.
Foreign shareholders own ~ 42% of the company.
4. 4
Leading indicators
Cramo has a favorable geographical exposure towards stronger European economies.
Construction output* Construction confidence (seasonally adjusted)**
* Sources: Euroconstruct, Nov 2013 and VTT, Dec 2013. Country-specific data in brackets includes: Finland - Rakennusteollisuus RT (Oct
2013); Sweden - Sveriges Byggindustrier (December 2013); Denmark - Dansk Byggeri (Nov 2013).
** Source: European Commission
-80
-60
-40
-20
0
20
40
60
Jan-07
May-07
Sep-07
Jan-08
May-08
Sep-08
Jan-09
May-09
Sep-09
Jan-10
May-10
Sep-10
Jan-11
May-11
Sep-11
Jan-12
May-12
Sep-12
Jan-13
May-13
Sep-13
Jan-14
Sweden Finland Denmark Germany PolandConstruction output, %
change
2013E 2014F 2015F
-2,7 % 0,5 %
(-3,0%) (-1,0%)
-0,4 % 1,6 %
(-0,2%) (+3,0%)
Norway 3,7 % 3,6 % 3,7 %
2,4 % 3,3 %
(-0,8%) -2,9 %
Baltic Countries 2,0 % -1,0 % 0,0 %
Poland -8,9 % 3,5 % 4,4 %
Czech Republic -8,2 % -4,2 % -0,9 %
Slovakia -7,8 % -0,8 % 1,8 %
Russia -1,0 % 2,0 % 5,0 %
Germany 0,3 % 2,7 % 1,2 %
Austria 0,5 % 1,2 % 1,3 %
Finland 1,6 %
Sweden 2,9 %
Denmark 4,2 %
5. 5
Construction volume trends for selected countries
Signs of gradual recovery in 2014…
Source: Euroconstruct, November 2013
Finland Sweden
Norway Germany
100
89
95
97
94
91 92 93
96
70
80
90
100
110
120
2008 2009 2010 2011 2012 2013E 2014F 2015F 2016O
Residential construction Non-residential construction
Civil engineering Total construction
100
94
99
102
99 99 100
103
106
80
90
100
110
120
130
140
2008 2009 2010 2011 2012 2013E 2014F 2015F 2016O
Residential construction Non-residential construction
Civil engineering Total construction
100
98
100
105
104 104
107
108 109
80
90
100
110
120
2008 2009 2010 2011 2012 2013E 2014F 2015F 2016O
Residential construction Non-residential construction
Civil engineering Total construction
100 98 97
104
109
113
117
122 124
80
100
120
140
160
2008 2009 2010 2011 2012 2013E 2014F 2015F 2016O
Residential construction Non-residential construction
Civil engineering Total construction
Cramo’s current rental fleet in
Germany is still focused on the
civil engineering sector
6. 6
Confidence among European rental companies
…which consequently improves confidence among rental operators. Business conditions
and rental activity improved notably in H2 2013.
Source: ERA / IRN Rental Tracker Survey June 2009 – December 2013 (International Rental News/European Rental Association)
Improving
Declining
Current rental activity & conditions in Europe Q4 2013 Nominal rental market growth estimates
-80 %
-60 %
-40 %
-20 %
0 %
20 %
40 %
60 %
80 %
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
Q3/13
Q4/13
Current business conditions Quarterly activity year-on-year
-5,5 %
2,3 %
1,8 %
-0,9 %
0,7 %
-17,2 %
3,5 %
2,3 %
3,7 %
1,9 %
4,0 %
3,6 %
4,5 %
3,0 %
2,7 %
2,8 %
3,7 %
5,5 %
-20% -15% -10% -5% 0% 5% 10%
Finland
Sweden
Norway
Denmark
Germany
Poland
2013F 2014F 2015F
7. 7
0,0 %
0,5 %
1,0 %
1,5 %
2,0 %
2,5 %
3,0 %
3,5 %
4,0 %
Long-term rental growth drivers
Rental is a growing industrial services business that is driven by strong structural growth
drivers…
Rental penetration and market size*
*Source: European Rental Association. Penetration = rental turnover / construction output
Total market size in Europe EUR 24bn (2013E)
→ Nordic countries EUR 3,3bn (2012) Increasing rental penetration, outsourcing
Rental-related services
Exchange of manpower for machinery
Environmental concerns, energy efficiency and
sustainability
Renovation construction
Demographic changes
Capital conservation
Storage space
Inventory control
Site downtime
Cost control
Disposal costs
Rental
economics
Penetration (%)
Bubble size describes market volume
Presence
No presence
UK
EUR 6,1 bn
2,55%
France
EUR 3,9 bn
1,55%
Sweden
EUR 1,5 bn
3,3%
Poland
EUR 0,40 bn
0,5%
Germany
EUR 3,5 bn
1,35%
Norway
EUR 0,95 bn
2,0%
Denmark
EUR 0,43 bn
1,7%
Finland
EUR 0,46 bn
1,4%
Cramo is the clear #1 in the
most advanced rental market
in Europe…
…and has established a
strong foothold in the 3rd
largest market by volume.
Growth drivers
8. 8
Rental vs. construction growth
…which means growth has clearly surpassed construction market growth over the cycle.
Changes in rental revenues vs construction output*
* Source: ERA, FIEC data
**Source: Construction growth rates from Euroconstruct (VTT is the Euroconstruct partner institute in Finland), June 2013. Rental
growth rates and estimates from VTT, June 2013
Case Finland: Volume index (real terms)**
95
100
105
110
115
120
2009 2010 2011 2012E 2013F 2014F
Finnishrentalandconstructionvolumeindex(2009=100)
Rental market
Construction market
13%
-20 %
-15 %
-10 %
-5 %
0 %
5 %
10 %
15 %
20 %
25 %
2006 2007 2008 2009 2010 2011 2012
Total equipment rental market
Top 50 European rental companies
European construction output
9. 9
828
657
647
460
420
397
336
332
290
288
0 200 400 600 800 1000
Loxam
Cramo
Ramirent
Kilotou
Sarens
Speedy Hire
Algeco Scotsman
Aggreko
Mediaco Levage
Zeppelin Rental
Leading European rental companies
Cramo is # 2 in Europe
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, Company reports
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
European Sales (EUR million)
(2012)
(2013)
(2013)
(2012)
(2012)
(2012)
(2012)
(2012)
(2012)
(2012)
10. 10
0 %
5 %
10 %
15 %
20 %
25 %
0
100
200
300
400
500
600
700
800
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
EBITAmargin,%
Sales,EURmillion
Sales EBITA margin
Strategy
Cramo has gained its strong market position
through international expansion
Current focus is on profitability and cash flow through operational excellence.
Domestic growth International expansion Operational excellence
Acquisition of
Theisen (GER),
Tidermans (SWE)
and Stavdal (NOR)
Acquisition of
Cramo Group
…and >15% margin
over the cycle
06-11 CAGR
44%
Target of above
market sales
growth…
Main focus on
profitability and cash flow
Main focus on
international growth
12. 12
Long-lasting competitive advantage through
must-win battles
Cramo is executing its strategy through must-win battles.
Must-Win Battles 2011-13 Achievements in 2013 Objectives for 2014
11 Roll-out the renewed Cramo
Rental Concept
Roll-out the renewed Cramo
Rental Concept
• Renewed Cramo Rental Concept
implemented, special focus in NO
and GER
• Dynamic pricing in SWE
• Renewed Cramo Rental Concept
implemented, special focus in NO
and GER
• Dynamic pricing in SWE
• Continue implementation and best
practice sharing across the Group
• Further roll out dynamic pricing
• Continue implementation and best
practice sharing across the Group
• Further roll out dynamic pricing
22 Implement Cramo
Processes
Implement Cramo
Processes
• Harmonised rental platform
implemented in DEN and GER
• Harmonised processes
• Harmonised rental platform
implemented in DEN and GER
• Harmonised processes
• Continue implementation, benefit
harvesting and best practice sharing
across the Group
• Continue implementation, benefit
harvesting and best practice sharing
across the Group
33 Develop Cramo PeopleDevelop Cramo People
• Cramo training and career
development programme
implemented in selected countries
• One Cramo share program
• Cramo training and career
development programme
implemented in selected countries
• One Cramo share program
• Continue implementation and best
practice sharing across the Group
• Continue implementation and best
practice sharing across the Group
44 Implement Cramo
Performance Management
Implement Cramo
Performance Management
• Cramo Performance Management
model implemented down to depot
level in all countries
• Cramo Performance Management
model implemented down to depot
level in all countries
• Continue implementation and best
practice sharing across the group
• Continue implementation and best
practice sharing across the group
55 Drive Profitable Growth in
Modular Space in NO & DEN
Drive Profitable Growth in
Modular Space in NO & DEN
• Profitable growth targets achieved
in NO and DEN
• Foothold established in the Baltics,
POL and GER
• Profitable growth targets achieved
in NO and DEN
• Foothold established in the Baltics,
POL and GER
• Further strengthen ”1 position” in the
Nordics
• Continue expansion outside the Nordics
• Further strengthen ”1 position” in the
Nordics
• Continue expansion outside the Nordics
13. 13
Operational Excellence in practise
Emphasis on each individual’s and team’s efforts in securing sales, containing cost
structure and improving capital efficiency.
WELL BALANCED COST
AND DIFFERENTIATION
APPROACH
CRAMO PERFORMANCE
MANAGEMENT CULTURE
AND VALUES
IMPLEMENTATION OF
MUST-WIN BATTLES
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?
Sweden/Finland: Further improve contribution level, seek innovative ways to increase potential.
Norway/Denmark/CE: Continue the positive trend in Norway, turn Central Europe’s and Denmark’s contribution to
positive.
Fortrent JV/EE: Capture high value creation potential
Fixed cost savings of EUR 24m in 2013
NWC down from 4,2% of sales to 2,9%
15. 15
Company X
EUR million
Total sales 100
Direct costs -35
Gross Profit 65
Gross Margin 65 %
Other operating income 1
Other operating income ratio 1 %
Indirect costs -40
Indirect cost ratio 40 %
Capital costs -14
Capital cost ratio 14 %
EBITA 12
EBITA margin 12 %
Year N
Degree of
operating
leverage
=
Gross margin
EBITA margin
=
65%
12%
=
5.4
+5.4x
Note: The above example is illustrative, seeking to only highlight the potential impact of operating leverage. Note that full leverage is
achieved only if potential increase in sales can be generated with the existing fleet size and cost base. Of further note is that the above
equation does not consider price increases
5 %
27 %
Sales change EBITA change
High operating leverage – illustration
Focus on operational excellence further boosts the degree of operational leverage
when volumes return.
16. 2013 sales EUR 95m
Medium lease duration
29,400 modular units
Non-construction modular space
Schools
Daycare
Officespace
Accommodation
Construction
Sitehuts
Rental price
Quality
14,4% of Group 12,3% of Group (2013)
F20
Flexi huts
A50
7 Series
A-Series
B-Series
C60
PK 2000
C100
C30
9-Series
C40
C80
C10
Nordic 2013 modular
space sales EUR
81m
EUR 192m invested
capital (YE 2013)
Long lease durations
15,400 modular units
Utilisation stable at
around 85%
Central ventilation
Local ventilation
Energy efficiency
Clear no. 1 player in Nordic modular space
Nordic modular space all together accounted for 27% of Group sales in 2013.
Cramo’s energy efficient solutions have been designed for Nordic conditions.
16
17. 17
0 %
10 %
20 %
30 %
40 %
50 %
60 %
70 %
80 %
90 %
100 %
0
10 000
20 000
30 000
40 000
50 000
60 000
70 000
80 000
90 000
100 000
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
Q3/13
Q4/13
Timeutilisation,%
QuarterlyR12mNordicmodularspacesales,
EUR1000
Sales Time utilisation*
Non-construction modular space provides stability
Non-construction modular space is an attractive business with longer contract length,
higher utilisation and better margins than in construction rental services on average.
Rolling 12-month Nordic sales and utilisation (non-construction)
Note: Excluding modular space production and customised modules rental businesses in Finland which was divested in Q1/2012 and
customised modular space portfolio in Finland which was divested in Q1/2010.
* Time utilisation = Days modules are on rent for a given period / Total available days for the period, where “on-rent day” refers to a day
when a unit is in control of the renter and is earning revenue.
End markets
08-13 CAGR 6,3%
10,6 %
14,7 % 12,6 % 11,1 % 12,3 % 12,3 %
2008 2009 2010 2011 2012 2013
ShareofGroup
sales
Cramo’s strategic target is to further
build up profitable modular space
business by strengthening no.1
position in Nordic countries and gaining
bigger foothold outside Nordics.
In 2014, Cramo launched a new sub-
brand, Adapteo, and is preparing to
launch another new energy efficient
module.
58 %
37 %
5 %
Public sector Other industry
Construction industry
18. 18
ProfitabilityProfitability
EBITA-% > 15 % of
sales over a business
cycle
EBITA-% > 15 % of
sales over a business
cycle
Debt leverageDebt leverage
Gearing maximum
100 %
Gearing maximum
100 %
SalesSales
Sales growth faster
than the market
Sales growth faster
than the market
Return on equityReturn on equity
ROE > 12 % over a
business cycle
ROE > 12 % over a
business cycle
Profit
distribution
Profit
distribution
Profit distribution
policy: stability, with
appr. 40 % of EPS
Profit distribution
policy: stability, with
appr. 40 % of EPS
EPS DPS
?
Group Financial Target level (sales growth is compared to INR Europe 50 development)
* Board proposal
*
Financial targets
Cramo aims to grow faster than the market, reach >15% EBITA and >12% ROE over the
cycle. Gearing is targeted below 100% while distributing stable dividend ca. 40% of EPS.
19. 19
0%
10%
20%
30%
40%
50%
60%
0
20
40
60
80
100
120
Oct12
Nov12
Dec12
Jan13
Feb13
Mar13
Apr13
May13
Jun13
Jul13
Aug13
Sep13
Oct13
Nov13
Dec13
Jan14
EURmillion
Share turnover (lhs)* Foreign ownership (rhs)**
10 largest shareholders (12/2013) Monthly share turnover (EURm)
Private placement of 4 645 479
shares (10.9%).
*Source: ThomsonReuters (venues: Helsinki, Chi-X Europe, Stockholm, BATS, Turquoise, BATS, CHI-X OTC, BOAT, LES,
POSIT, UBS MTF, Instinet BlockMatch, SIGMA X MTF, Burgundy)
**Source: Euroclear (month-end).
Two core shareholders above 5% → Free float ~ 85%
Foreign ownership ~ 42% (up 19 %-points in 2013)
Top management holds 201,545 Cramo shares
Shareholders and liquidity
Cramo’s high free float ensures good liquidity. Liquidity has improved substantially since
the private placement of 11% of shares in September.
# Shareholder Shares %
1 Hartwall Capital Oy Ab 4 491 702 10,48
2 Rakennusmestarien Säätiö 2 129 422 4,97
3 Nordea Nordenfund 1 251 507 2,92
4 Varma Mutual Pension Insurance Company 968 387 2,26
5 Odin Finland 825 518 1,93
6 Fondita Nordic Micro Cap 775 000 1,81
7 Investment fund Aktia Capital 600 000 1,40
8 OP-Focus Non-UCITS Fund 477 744 1,12
9 OP-Delta Fund 468 605 1,09
10 OP-Finland Value Fund 451 741 1,05
Ten largest owners, total 12 439 626 29,03
Nominee registered 15 537 301 36,26
Others 14 867 406 34,70
Total 42 844 333 100,00
20. 20
Future prospects
Since the summer of 2013, economic uncertainty has given way to a more stable
development in Europe
The economies in the Eurozone are estimated to take an
upward turn in 2014. Growth is expected particularly in the
second half of the year
Market-specific differences in construction and the demand
for rental are still considerable in Europe.
In the long term, the equipment rental market is expected to
grow faster than the construction market. Changes in
demand usually follow those in construction with a delay
and may be strong.
The European Rental Association (ERA) is expecting
equipment rental to grow in all of Cramo’s main market
areas in 2014.
Guidance for 2014: “In 2014, Cramo Group’s EBITA margin
will continue to improve compared to 2013. Cramo Group’s
sales is also expected to grow in 2014, however, exact
sales is exposed to changing exchange rates.”
21. 21
Strong market
position and
economies of
scale
Strong track
record of
growth and
operational
efficiency
Stability and
growth from
modular space
solutions
Strong brand
and total
offering
(products and
services)
Experienced
and committed
management
team
Well-positioned
to benefit from
attractive
industry
fundamentals
Strong free
cash flow
generation
Clear strategy
to drive
profitability and
cash flow
Well positioned for growth, margin expansion and
strong cash flow
…mission to build flexibility
and efficiency through rental
solutions.
Vision to be the role model in
rental and…
23. 23
Listed peer companies and share price development
US equipment rental companies
United Rentals H&E Equipment
Services
Mobile Mini
Modular space companies
Speedy Hire
GAM
Aggreko
GL Events
Cramo
Ramirent
Ashtead
Lavendon
European equipment rental companies Share price development
60
100
140
180
220
260
300
340
380
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
31Ded2012=100
Cramo
Ramirent
Ashtead
Lavendon
Speedy Hire
GAM
Aggreko
GL Events
United Rentals
H&E
Mobile Mini
24. 24
Product offering in detail
Product offering covers every building phase from start to finish
Tools Access equipment
Construction equipment Modular space
25. 25
Service offering in detail
Services are an important part of being a total rental solutions provider
26. 26
Summary of key figures
Change Change
EUR million (unless otherwise stated) % %
INCOME STATEMENT
Sales 175,1 184,6 -5,1 % 657,3 688,4 -4,5 %
EBITDA 48,2 46,2 4,3 % 173,8 179,6 -3,2 %
Operating profit (EBITA) before amortisation and impairment
of intangible assets resulting from acquisitions
24,8 21,9 12,9 % 79,9 78,0 2,4 %
Operating profit/loss (EBIT) 21,8 17,3 26,3 % 66,8 64,5 3,6 %
Profit/Loss before tax (EBT) 18,0 12,1 49,7 % 51,9 44,3 17,4 %
Profit/Loss for the period 16,3 14,2 14,7 % 42,8 38,7 10,4 %
SHARE-RELATED INFORMATION
Earnings per share (EPS), EUR 0,38 0,34 11,9 % 1,01 0,94 8,0 %
Earnings per share (EPS), diluted, EUR 0,38 0,34 10,9 % 1,00 0,93 7,4 %
Shareholders' equity per share, EUR 11,56 11,58 -0,2 %
BALANCE SHEET
Equity ratio, % 47,1 % 48,6 %
Gearing, % 72,9 % 65,1 %
Net interest-bearing liabilities 364,8 346,9 5,2 %
OTHER INFORMATION
Return on investment, rolling 12-month, % 7,7 % 7,3 %
Return on equity, rolling 12-month, % 8,3 % 7,5 %
Gross capital expenditure (incl. acquisitions) 30,7 25,6 19,9 % 129,6 125,1 3,6 %
of which related to acquisitions and business combinations -0,5 29,1 0,8
Cash flow from operating activities 66,3 58,2 14,0 % 160,3 146,0 9,8 %
Cash flow after investments 34,4 37,7 -8,7 % 50,3 62,2 -19,2 %
Average number of personnel, FTE 2 463 2 664 -7,5 %
Number of personnel at end of period, FTE 2 416 2 555 -5,4 %
10-12/
2013
10-12/
2012
1-12/
2013
1-12/
2012
31. 31
Cramo investor mobile site
Mobile website for investors
The site offers, for example, information
on current share price and latest
releases and is optimised for
smartphones and tablet computers
To visit the site, please go to
www.mobileir.cramo.com