Interim report January-March 2011 10 May 2011

President and CEO Magnus Rosén CFO Jonas Söderkvist

Q1 2011: Demand improved in all segments Net sales up 20.5% MEUR 134.4 (111.5) Up 15.1 % at comparable exchange rates EBITDA MEUR 27.6 (17.5) EBITDA-margin 20.6% (15.7%)

EBIT MEUR 2.7 (-5.6) EBIT-margin 2.0% (-5.0%) Gross capex MEUR 31.9 (12.5) Cash flow after investments MEUR -10.7 (-4.0) Net debt MEUR 190.6 (211.7) Gearing 60.2% (68.4%)

2

Nordic construction order book increased in Q1 2011 Order book Nordics (BEUR, real exchange rates)* BEUR 15

10

5

0 Q1 Q2 2007

Q3

Q4

Q1 Q2 2008

Skanska

NCC

Q3

Q4

YIT

Q1 Q2 2009 Veidekke

Q3

Q4

Q1 Q2 2010

Q3

Q4

Q1 2011

Lemminkäinen

The order books grew with 33% y-o-y in Q1 2011, but the order intake of large construction companies decreased.

* Order books for Swe, Fin, Nor, Den

3

Construction market outlook improved in Sweden and Finland Construction outlook 2011 Finland*: Construction is expected to grow by 4% in 2011 Sweden**: Construction is expected to grow by 7% in 2011 Norway: Construction is expected to grow by 3% in 2011 Denmark: Construction is expected to grow by 3% in 2011

Europe Central: Construction is expected to grow by 13% in 2011 in Poland, by 5% in Hungary but decrease by 3% in Slovakia and by 3% in Czech Republic Europe East: Construction is expected to increase by 10% in 2011 in Estonia, by 4% in Latvia, by 5% in Lithuania and by 3-7% in Russia.

BEUR 400 350

323

321

2009

2010F

339

300 250 200 150

100 50 0 2011F

Finland*

Sweden**

Norway

Denmark

Europe Central

Europe East***

Source: Euroconstruct as per December 2010 *VTT Expert Service Oy as per May 2011, **Swedish Construction Federation 2/2011, ***Excluding Ukraine

4

Ramirent 2011 outlook reiterated As a result of increased construction activity and improving price levels, net sales are expected to increase in 2011, and the result before taxes is

expected to improve compared to 2010.

5

Latest outsourcing deals and acquisitions

E. Pihl & Søn A.S. outsourced light equipment and hoist operations to Ramirent Denmark and signed a five-year rental agreement

January 2011

February 2011

Ramirent acquired the business assets of Danish machinery rental company Jydsk Materiel Udlejning

Destia outsourced modules, light machinery and related operations to Ramirent Finland and signed a five-year rental agreement

March 2011

April 2011

Ramirent acquired the rental business of the Czech machinery company RENT MB

May 2011

Ramirent acquired the equipment rental business of Czech-based Stavební Doprava a Mechanizace

6

Our network grew further Number of outlets all time high at 382 (353)

Local head office Outlet Re-renting agents 7

Key strategic objectives: In Q1 2011 new inroads made into new customer sectors and Dynamic Rental SolutionsTM development continued

Sustainable profitable growth  Accelerate growth with acquisitions and outsourcing deals  Evaluate entry into new markets  Strengthen local offerings and develop solution concepts Operational excellence  Develop a common “Ramirent platform”  Develop group wide IT platform and realize synergies  Maintain strong focus on cost efficiency Balanced risk level  Diversified portfolios of customers, products and markets  Continuous employee competence development  A strong financial position

8

SEGMENT REVIEW

9

Finland Highlights Main growth driver was residential construction Renovation activity was lower as government subsidies decreased

Profitability is still burdened by lower activity levels in shipyards, low price levels and low utilisation in certain product groups, in particular scaffolding Destia outsourced modules, some light machinery and related operations to Ramirent and signed a five-year rental agreement Cooperation agreements signed within new customer sectors, the Central Union of Agricultural Producers and Forest Owners and with VR Track, Finland’s largest rail constructor

Historic financial performance MEUR

45 40 35 30 25 20 15 10 5 0

20 %

41 36

34

31

29

38

35 30

28

15 % 10 % 5% 0% -5 %

Q1 Q2 2009

Q3

Q4

Q1 Q2 2010

Q3

Q4

Q1 2011

Net sales

EBIT-%

Q1 Finland Net sales, MEUR EBIT, MEUR EBIT-margin Employees Outlets

Change (Local) 7.7%

Full Year 2010

2011

2010

30.2

28.1

Change (EUR) 7.7%

1.3

-0.2

705.1%

4.4%

-0.8%

566

646

-12.4%

603

84

82

2.4%

84

136.9 13.7 10.0%

10

Sweden Highlights Especially civil engineering, public sector demand and housing boosted growth Geographically, growth was driven by Stockholm and the surrounding areas Central and southern regions of the country also developed positively

Historic financial performance MEUR

50 40

45 32

33

31

32

30

35

25 % 41

36

20 %

29

15 %

20

10 %

10

5%

0

0% Q1 Q2 2009

Profitability improved based on higher capacity utilisation , but was still burdened by low price levels

Q3

Q4

Q1 Q2 2010

Q3

Q4

Q1 2011

Net sales

EBIT-%

Q1 Sweden Net sales, MEUR EBIT, MEUR EBIT-margin Employees Outlets

Change (Local) 25.1%

Full Year 2010

2011

2010

41.3

29.4

Change (EUR) 40.5%

6.1

2.6

139.0%

14.9%

8.8%

552

540

2.2%

546

74

67

10.4%

73

145.2 23.3 16.1%

11

Norway Highlights

Historic financial performance MEUR

The growth driver was the recovery in construction activity especially in the western and northern parts of Norway

Profitability was still burdened by low price levels

35 30

29 25

27

29

28

27

28

Q1 Q2 2010

Q3

31

33

Q4

Q1 2011

25 20 15 10 5

New managing director started in 1 February 2011

0 Q1 Q2 2009

Q3

Q4

Net sales

16 % 14 % 12 % 10 % 8% 6% 4% 2% 0% -2 % -4 %

EBIT-%

Q1 Norway Net sales, MEUR EBIT, MEUR EBIT-margin Employees Outlets

Change (Local) 11.0%

Full Year 2010

2011

2010

32.6

28.4

Change (EUR) 15.0%

0.4

-0.4

184.9%

1.2%

-1.6%

514

537

-4.3%

503

41

39

5.1%

42

114.4 2.3 2.0%

12

Denmark Highlights Market conditions have improved slightly and the high level of price competition has decreased

Historic financial performance MEUR

14 12

11

10 %

12 11

10

Profitability was burdened by increased costs for intensified sales and marketing activities in advance of the summer season

10

9

8

9

0%

10 8

-10 %

8

-20 %

6

-30 %

4

-40 %

2

Pihl&Søn A.S. outsourced its light equipment and hoists operations to Ramirent and signed a 5-year rental agreement. The transfer of the acquired assets took place on 1 January 2011 Ramirent acquired the business assets of the machinery rental company Jydsk Materiel Udlejning located in West Jutland. For Ramirent Denmark, the acquisition contributes with approximately EUR 1.5 million in annual sales.

0

-50 % Q1 Q2 2009

Q3

Q4

Q1 Q2 2010

Q3

Q4

Q1 2011

Net sales

EBIT-%

Q1 Denmark Net sales, MEUR EBIT, MEUR EBIT-margin Employees Outlets

Change (Local) 3.4%

Full Year 2010

2011

2010

8.4

8.1

Change (EUR) 3.2%

-1.3

-0.6

-97.5%

-15.0%

-7.8%

150

145

3.4%

160

21

21

-

20

35.6 -2.2 -6.2%

13

Europe East Highlights Growth drivers were mainly the revival of infrastructural construction in Russia

Historic financial performance MEUR

20

10 % 15

Energy-related investment projects grew in particular in the Baltics and Ukraine

20 %

19

10

12

12

11

13 0%

10

9

9

8

-10 % -20 %

5

Business volumes improved also in the Baltic States, especially in Lithuania and also in Ukraine

-30 % 0

-40 % Q1 Q2 2009

Q3

Q4

Q1 Q2 2010

Q3

Q4

Net sales

Ukraine network expanded by one new outlet, totalling 7 outlets at the end of the quarter

EBIT-%

Q1 Europe East

Profitability was still burdened by low price levels and low business volumes due to tough winter conditions

Q1 2011

Net sales, MEUR EBIT, MEUR

EBIT-margin Employees Outlets

Change (Local) 22.8%

Full Year 2010

2011

2010

9.4

7.5

Change (EUR) 25.4%

-1.7

-2.4

31.1%

-17.7%

-32.2%

407

367

10.9%

392

48

45

6.7%

48

42.7 -3.5

-8.3%

14

Europe Central Highlights The main growth drivers were the recovery in construction and industrial activity in Poland and Hungary

Historic financial performance MEUR

25 20 15

Profitability was burdened by lower price levels and business volumes especially in Czech Republic and Slovakia

15 % 16

18

20 16

19

16

14

14

12

10 5 0

The Czech network was expanded with 3 new outlets, totalling 21 outlets at the end of quarter

Q1 Q2 2009

Q3

Q4

Q1 Q2 2010

Q3

Q4

10 % 5% 0% -5 % -10 % -15 % -20 % -25 %

Q1 2011

Net sales

EBIT-%

Q1

Ramirent exercised its option to acquire the remaining 40% stake in the Slovak-based company OTS Bratislava it acquired a majority stake in 2008

Europe Central

2011

2010

Net sales, MEUR

14.4

12.1

Change (EUR) 19.0%

EBIT, MEUR

-1.2

-2.6

55.4%

-8.2%

-21.8%

Employees

835

797

4.8%

824

Outlets

114

99

15.2%

111

EBIT-margin

Change (Local) 18.5%

Full Year 2010 66.6 0.8 1.2%

15

FINANCIAL REVIEW

16

Financial performance developed positively in Q1 Net Sales (MEUR) Net sales

122

EBITDA

Y-o-y change-%

160 140

141

125 130 126

150

129

30 %

134

112

120

EBITDA (MEUR)

20 % 10 %

100

0%

80

-10 %

60 40

-20 %

20

-30 %

0

-40 %

45 40 35 30 25 20 15 10 5 0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2009 2010 2011

22

20

18

300 250

20

15

14

200

10 5

0 -5 -10 -15

Q1 Q2 2009

Q3

Q4

Q1 Q2 -4 2010

36 37

Q3

Q4

35 % 37

30 %

31

30

28

26

25 % 20 %

18

15 % 10 % 5% 0%

Net debt 24

13

EBIT

42

14 % 12 % 14 15 12 10 % 11 8 % 10 7 7 6% 3 5 4% 2% 0 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 -2 % -5 2009 2011 -4 % -4 2010 -6 -10 -6 %

Q1 2011 -11

255 230

17

Gross Capex (MEUR)

Gearing-%

281 207 212 209 197

177

191

Gross Capex 120 %

35

100 %

30

80 %

32

100

40 %

50

20 %

5

0%

0

25 % 20 %

22

18

20

60 %

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2009 2010 2011

Share of net sales-%

25

150

0

EBIT-%

20

Net debt (MEUR)

Cash flow after investments 28

25

EBITDA-%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2009 2010 2011

Cash flow (MEUR) 30

EBIT (MEUR)

13

15 8

10 3

5

10

3

15 % 10 % 5% 0%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2009 2010 2011

17

Recovery of construction market activity increased net sales by 20.5% in Q1 2011 Change in net sales YoY, % 30 % 20 %

19 %

19 % 13 %

19 %

20 %

Q4

Q1 2011

9%

10 %

3%

0% -4 %

-10 %

-9 %

-20 % -25 %

-30 %

-27 % -31 % -31 %

-40 % Q1 2008

Q2

Q3

Q4

Q1 2009

Q2

Q3

Q4

Q1 Q2 2010

Q3

18

Net sales grew in all segments both in euros and in comparable exchange rates Change in Q1 net sales YoY, % 45 %

41 %

41 % 40 %

40 % 35 % 30 % 25 % 20 % 15 %

25 % 23 %

25 % 20 % 15 %

22 % 19 % 19 %

15 % 15 % 11 %

10 %

8% 8% 4%

5%

7% 3% 3%

0% Group EUR

Finland

Sweden

Comparable exchange rates

Norway

Denmark

East

Central

Adjusted for inter-segment sales (in EUR)

Group January - March 2011 Net sales increased by 20.5% (15.1% at comparable exchange rates)

19

Capital turnover is continuously increasing Invested capital by quarter MEUR 800 700

140 %

654 562 581 578

600 500

160 %

708 707

494

586 565 552 544

515 524 508 509 496 508

120 % 100 %

400

80 %

300

60 %

200

40 %

100

20 %

0

0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2007 2008 2009 2010 2011 Invested capital

Net sales/Invested capital Rolling 12 month basis

Capital turnover amounted to 107% end of March 2011 (90% end of March 2010)

20

Gross margin has improved compared to previous year but is still on unsatisfactory level Gross margin by quarter 72 % 71 %

71 % 71 %

71 %

71 %

69 %

69 %

68 % 68 %

68 %

67 %

68 %

67 %

67 % 66 %

70 %

70 %

70 %

67 % 66 %

65 %

65 %

65 % 64 % 63 % 62 % Q1 Gross margin 2008

Q2 Gross margin 2009

Q3

Q4

Gross margin 2010

FY Gross margin 2011

Gross margin is impacted by Price pressure Increased equipment transportation and use of external services 21

Recovering demand puts pressure on personnel, but total workforce unchanged Number of employees by segment 900

797

800 700 600

835

646 566

540

552

500

537

514 367

400

407

300

200

145

150

100 0

Finland

Sweden

Norway

Personnel 31/3/10

Denmark

Europe East

Personnel 31/3/11

Europe Central

At the end of March 2011, the Group’s workforce amounted to 3,045 (3,047) persons At the end of December 2010, the Group’s workforce amounted to 3,048 (3,021) persons

22

Record high number of outlets in the Group Number of outlets per segment 450 400

382 359

100 50

41 21 48

99

74

150

84

200

57 3718 52

250

96

300

114

350

0 Q1 2008

Q2

Finland

Q3

Q4

Q1 Q2 2009

Sweden

Norway

Q3

Q4

Denmark

Q1 Q2 2010

Q3

Europe East

Q4

Q1 2011

Europe Central

23

Fixed cost development stable Fixed costs by quarter MEUR 80

73

70 60

29

50

57 22

40

52

52

57

56

56

23

22

23

22

63

63

24

27

38

37

54

22

19

35

30

33

33

33

33

32

Q1 2009

Q2

Q3

Q4

Q1 2010

Q2

Q3

30

20

44

10 0 Q3 2008

Employee benefit expenses

Other operating expenses

Q4

Q1 2011

Investments in common platform and high facility cost due to cold winter have kept the fixed cost on relatively high level.

24

Q1 EBIT margin increased to 2.0%, but is still burdened by low price and utilisation levels EBIT margin by quarter 25 % 20 %

18.2 %

19.6 %

18.4 %

15 %

10.8 %

10 %

11.8 % 9.0 %

5.9 %

7.5 %

5.8 %

5%

2.0 %

0% -5 %

-2.9 %

-5.0 %

-10 % -11.4 %

-15 % Q1 2008

Q2

Q3

Q4

Q1 2009

Q2

Q3

Q4

Q1 2010

Q2

Q3

Q4

Q1 2011

January-March 2011 EBIT-margin was 2.0% (-5.0%)

25

Q1 EBIT margin improved in all segments except in Denmark EBIT-margin by segments 20 %

14,9 % 8,8 %

10 %

4,4 % 2,0 %

1,2 %

0%

-10 %

-5,0 %

-1,6 %

-0,8 %

-7,8 %

-8,2 % -15,0 %

-20 %

-17,7 % -21,8 %

-30 % -32,2 %

-40 % Group

Finland

Sweden Q1 2010

Norway

Denmark

East

Central

Q1 2011

26

Q1 fleet investment level rose to EUR 29.6 million Purchased and sold equipment by quarter MEUR 35 29,6

30 25 18,9

20

17,4

15 10 5

2,0

3,7

4,4 5,0

6,7

6,5

8,9

7,5 5,0

4,7

2,1

3,7

4,4

3,3

3,7

0 Q1 2009

Q2

Q3

Q4

Q1 2010

Purchased equipment

Q2

Q3

Q4

Q1 2011

Sold equipment

In January-March 2011, gross capital expenditure was EUR 31.9 (12.5) million of which EUR 29.6 (7.5) million in rental fleet The value of sold rental equipment was EUR 3.7 (5.0) million.

27

Capital expenditure increased in all segments to meet the increasing demand Capital Expenditure by segments MEUR 35

32

30 25 20 15

13

13

10

8 4

5

4

5

4

1

0

0 Group

Finland

Sweden

Norway

Q1 2010

Denmark

3 1

East

4 1

Central

Q1 2011

28

Working capital is at 5% of net sales Working capital by quarter MEUR 120 80 86

88

90

80

83

90

99

97

95

0

16

15

15

15

15

14

14

16

16

-40

-66

-68

-70

-67

-69

-86

-86

-89

-82

Q1 2009

Q2

Q3

Q4

Q1 2010

Q2

Q3

40

-80 -120

Inventories Trade payables and other liabilities

Q4

10 % 8% 6% 4% 2% 0% -2 % -4 % -6 % -8 % -10 %

Q1 2011

Trade and other receivables Working capital/Net sales Rolling 12 month basis

29

Cash flow after investments EUR -10.7 million due to increased fleet investments and acquisitions Cash flow versus change in net debt MEUR 90 70 50 30

56

82 25

10 -10 -30

67

-30

-11

-55

28

22

-22

-26

-25

Q1 2009

Q2

Q3

18

-59

20 -23

5

13

4--4

-2

Q1 2010

Q2

14 -12

24 -21

14 -11

-50 -70 Q1 2008

Q2

Q3

Q4

Cash flow after investments

Q4

Q3

Q4

Q1 2011

Change in net debt

Share repurchase amounted to EUR 3.3 million in Q1 2011

30

Strong financial position with gearing at 60% Net debt and gearing MEUR 400 350 300 250

113 % 106 % 96 %

99 %

81 %

84 %

120 %

108 % 86 % 74 % 71 % 68 % 68 % 64 % 60 % 56 %

69 %

70 %

200 150

100 % 80 % 60 % 40 %

100 20 %

50 0

0% 2004 2005 2006 2007 Q1 Q2 2008

Q3

Q4

Q1 Q2 Q3 Q4 Q1 Q2 2009 2010 Net debt Gearing (%)

Q3 Q4

Q1 2011

Equity ratio rose to 47.5% (46.4%) Net debt amounted to EUR 190.6 (211.7) million On 31 March 2011 unused committed back-up loan facilities were EUR 177.2 million

31

Emerging stronger than before Ramirent is ready to capture the opportunities in its markets Broadest range of equipment and Dynamic Rental SolutionsTM 3,000 dedicated problem solvers

Wide network of outlets close to our customers

Strong financial position

Deriving higher synergies through a uniform ”Ramirent platform” across the organisation A more unified company and brand

32

MORE INFORMATION www.ramirent.com

Magnus Rosén, CEO +358 20 750 2845 [email protected] Jonas Söderkvist, CFO +358 20 750 3248 [email protected] Franciska Janzon, IR +358 20 750 2859 [email protected]

34

COMPANY OVERVIEW

35

Ramirent in brief

Leading equipment rental company in Northern, Central and Eastern Europe with net sales of EUR 531 million (2010) 382 rental customer centers located in 13 countries and providing 200 000 rental items 3 048 employees serving 100 000 customers

Founded in 1955 and headquartered in Finland

Listed on NASDAQ OMX Helsinki since 1998

36

More than 50 years of experience as a supplier to the construction industry Steel Nail shop Rakennusmies founded

First move outside Finland through JV in Moscow, Russia

The rental business is established

1955

1983

Enter Lithuania

MBO by key personnel and capital investors

1988

Acquired by Partek and renamed A-rakennusmies

Greenfield entry to Czech Republic

Acquires Bautas in Norway Acquires Altima in Sweden

Enter Poland

1994 1995 1996 1997 1998 2000 2001 2002 2003 2004 2005

Enter Latvia The third county becomes Estonia with the expansion to Tallinn

Renamed Ramirent Plc Listed on the Helsinki Stock Exchange

2006 2008

Enter Ukraine

Greenfield entry to Hungary

Enter Slovakia

37

OUR VISION AND MISSION Vision To be the leading and most progressive equipment rental solutions company in Europe, setting the benchmark for industry performance and customer service

Mission We simplify business through Dynamic Rental SolutionsTM

38

One of the leading equipment rental companies both in Europe (#3) and globally (#11) Largest rental companies in Europe

Largest rental companies globally

Turnover 2009 (MEUR)

Turnover 2009 (MEUR)

Loxam

United Rentals

Cramo*

Aggreko Ashtead Group

Ramirent

RSC Equipment Rental

Algeco…

Algeco Scotsman

Speedy Hire

Hertz Equipment…

Liebherr-…

Loxam

GAM

Coates Hire Ltd

Mediaco…

Cramo*

Harsco…

Nishio Rent All Co Ramirent

Kiloutou 0

200

400

600

800 1000

0

200 400 600 800 1000

*Cramo + Theisen PF Source: IRN June 2010 39

Nordic countries are our largest markets and construction is our largest customer sector

Sales per segment Q1 2011

Europe East 7%

Europe Central 11 %

Sales per customer sector 2010

Finland 22 %

Public sector 5%

Households 5% Construction 76%

Industry 14 %

Denmark 6%

Norway 24 %

Sweden 30 %

40

Leading market positions in all our markets Employees Finland 566

Europe Central 835

Russia1 4 depots 10 re-renting agents Market #1 Baltic 39 depots Market #2

Total 3,045 Sweden 552

Europe East 407 Denmark 150

Norway 41 depots (4 franchises) Market #1

Sweden 74 depots (10 franchises) Market #2

Finland 84 depots (25 franchises) Market #1

Norway 514

Denmark 21 depots Market #1

Czech 21 depots (7 franchises) Market #~3

Poland2 40 depots Market #1

Ukraine 5 depots Market #~4 Slovakia 37 depots (17 franchises) Market #1

Hungary2 16 depots Market #1

1) St Petersburg + Moscow 2) Excl. Fomrworks business

41

Operating through six geographical segments

Diversified customer base Rental Outlet Network

Finland

Sweden

Norway

Denmark

E.East1)

E.Central2)

Fleet management Sourcing Finance IT

2)

1) Europe East includes Russia, The Baltic States, Ukraine. Europe Central includes Poland, Hungary, Czech Rep., Slovakia. 42

Offering is structured into eight core product groups

LIFTS

HEAVY MACHINERY

TOWER CRANES AND HOISTS

SCAFFOLDING

MODULES

SAFE (SAFETY AND FORMWORKS EQUIPM.)

LIGHT MACHINERY

POWER & HEATING

43

Broadest range of equipment and Dynamic Rental SolutionsTM

Impact on Simplifying Customer Business Increases

Rental Solution Concepts

Ramirent offers a range of customer needs-driven & value-adding turnkey rental solution concepts, driving the problem-solving approach and the promise of Let’s solve it.

Rental services • • • • • •

Planning, design Ramirent know-how Transportation Installation Maintenance Inspections

Equipment rental • • • • • •

Lifts Modules Heavy Machinery Light Machinery Tower Cranes & Hoists Scaffolding

• • • • • • •

Insurance Operators Fuel / gas refilling Facility management Technical support Site logistics coordinator Paperwork for authorities

• •

Power & Heating SAFE

44

Dynamic Rental SolutionsTM is offered to a diverse customer base Product groups

Outlet Network

Customers  Construction companies

 Lifts and hoists

 Industry

 Tower cranes

 Public sector

 Heavy machinery

 Households

 Modules

 SAFE  Light machinery  Scaffolding  Power and heating

Dynamic Rental SolutionsTM

45

The long-term growth drivers are still in place Long-term growing industry Growth drivers are construction, industrial activity and rental penetration European market 20.2 BEUR (excl. operators) Top 50 companies comprising 38% of the market CEE construction markets on a low level compared to Nordics and Western Europe

Increasing rental penetration Note: Finland company estimate

European consolidation opportunities Ramirent Algeco Scotsman Liebherr-Mietpartner Mediaco Lifting Kiloutou

70 % 60 % 50 %

High potential CEE construction markets

Cramo Speedy Hire GAM Harsco Infrastructur Others

40 % 30 % 20 % 10 % 0% Europe avg.

FI

DK

SE

UK Inhabitants (million) Construction output (BEUR)

46

Financial targets

• ROI >18 % p.a. over a business cycle • EPS growth > 15 % p.a. over a business cycle • Gearing ≤ 120 % at end of each year • Dividend pay-out > 40 %

47

Long-term EBIT and ROI development EBIT and ROI development 35 % 30 % 25 %

23%

20 %

18%

15 % 10 % 5% 0%

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 EBIT margin

ROI

EBIT margin (average)

ROI (average)

48

APPENDIX

49

CONSOLIDATED INCOME STATEMENT (EUR 1,000)

1-3/11

1-3/10

1-12/10

134 351

111 525

531 284

342

299

1 616

Materials and services

-43 815

-38 690

-177 118

Employee benefit expenses

-36 629

-33 493

-136 214

Depreciation and amortisation

-24 933

-23 115

-97 716

Other operating expenses

-26 635

-22 117

-92 122

EBIT

2 681

-5 591

29 731

Financial income

2 116

6 101

13 780

-4 954

-6 528

-22 658

-157

-6 019

20 853

50

707

-6 212

-108

-5 312

14 640

-108

-5 312

14 640

-

-

-

-108

-5 312

14 640

0,00

-0,05

0,13

Net sales Other operating income

Financial expenses EBT Income taxes NET RESULT FOR THE PERIOD Net result for the period attributable to: Owners of the parent company Non-controlling interest TOTAL

Earnings per share (EPS), basic and diluted, EUR

50

BALANCE SHEET – ASSETS (EUR 1,000)

31.3.2011

31.3.2010

31.12.2010

432 136

453 074

427 248

Goodwill

94 030

93 398

93 211

Other intangible assets

10 565

7 047

10 348

422

53

422

14 347

9 593

13 325

551 500

563 164

544 555

Inventories

16 493

14 714

15 856

Trade and other receivables

94 804

82 801

96 616

2 371

3 427

2 902

Cash and cash equivalents

911

2 758

1 352

CURRENT ASSETS, TOTAL

114 580

103 701

116 727

-

370

-

666 080

667 234

661 282

NON-CURRENT ASSETS Property, plant and equipment

Available-for-sale investments Deferred tax assets NON-CURRENT ASSETS, TOTAL

CURRENT ASSETS

Current tax assets

Non-current assets held for sale

TOTAL ASSETS

51

BALANCE SHEET – EQUITY AND LIABILITIES (EUR 1,000)

EQUITY Share capital Revaluation fund Invested unrestricted equity fund Retained earnings Items recognised directly to equity on non-current assets held for sale PARENT COMPANY SHAREHOLDERS’ EQUITY Non-controlling interests EQUITY, TOTAL

31.3.2011

25 -1 113 179

31.3.2010

31.12.2010

000 258 329 374 316 445 316 445

25 -3 113 174

000 207 329 143 62 309 327 309 327

25 -2 113 181

000 472 329 783 317 640 317 640

NON-CURRENT LIABILITIES Deferred tax liabilities Pension obligations Provisions Interest-bearing liabilities Other long-term liabilities NON-CURRENT LIABILITIES, TOTAL

59 7 2 131 2 203

880 106 205 408 602 200

53 10 3 197

178 380 557 728 264 844

60 6 2 137 2 209

413 866 347 384 200 209

CURRENT LIABILITIES Trade payables and other liabilities Provisions Current tax liabilities Interest-bearing liabilities CURRENT LIABILITIES, TOTAL

82 1 2 60 146

362 415 595 063 435

68 587 6 956 828 16 692 93 063

89 1 2 40 134

480 762 658 533 433

LIABILITIES, TOTAL

349 635

357 907

343 642

TOTAL EQUITY AND LIABILITIES

666 080

667 234

661 282

52

KEY FIGURES MEUR Net sales EBITDA EBITDA,% EBIT EBIT, % ROI,% Invested capital, end of period Net debt Gearing, % Equity ratio,% Personnel, end of period Gross capital expenditure Gross capital expenditure, % net sales Cash flow after investments Earnings per share, (diluted), EUR Dividend per share, EUR

1-3/11

1-3/10

Change

1-12/10

134.4

111.5

20.5 %

531.3

27.6

17.5

57.6 %

127.4

20.6 %

15.7 %

2.7

-5.6

2.0 %

-5.0 %

5.6 %

9.3 %

5.8 %

8.6 %

507.9

523.7

-3.0 %

495.6

190.6

211.7

-10.0 %

176.6

60.2 %

68.4 %

55.6 %

47.5 %

46.4 %

48.0 %

3 045

3 047

-0.1 %

3 048

31.9

12.5

155.1 %

62.0

23.7 %

11.2 %

-10.7

-4.0

-165.3 %

48.0

0.00

-0.05

98.0 %

0.13

24.0 % 147.9 %

29.7

11.7 %

0.25

53

CONDENSED CASH FLOW STATEMENT MEUR

1-3/11

1-3/10

Change

1-12/10

Cash flow from operating activities

27.3

9.8

178.2 %

104.2

Cash flow from investing activities

-38.1

-13.9

-174.5 %

-56.2

Borrowings / repayment of short-term debt

18.7

-7.4

352.8 %

0.6

Borrowings / repayment of long-term debt

-5.2

12.4

-141.6 %

-29.8

Acquisition of treasury shares

-3.3

-

n/a

-2.9

-

-

n/a

-16.3

Cash flow from financing activities

10.3

5.0

105.7 %

-48.5

Net change in cash and cash equivalents

-0.4

1.0

-145.0 %

-0.5

1.4

1.8

-24.9 %

1.8

-

-

-0.4

1.0

-146.0 %

-0.5

0.9

2.8

-67.0 %

1.4

Cash flow from financing activities

Dividends paid

Cash and cash equivalents at the beginning of the period

Translation difference on cash and cash equivalents Net change in cash and cash equivalents Cash and cash equivalents at the end of the period

0.1

54

SEGMENT INFORMATION Net sales, MEUR

Change

1-3/11

1-3/10

29.2

27.9

4.4 %

135.2

1.1

0.2

551.1 %

1.8

41.0

29.3

40.0 %

144.5

0.3

0.1

201.4 %

0.7

32.4

28.3

14.7 %

113.7

-Inter-segment sales

0.2

0.1

192.8 %

0.7

Denmark, net sales (external)

8.2

7.7

6.9 %

32.9

-Inter-segment sales

0.2

0.5

-57.1 %

2.7

Europe East, net sales (external)

9.3

6.6

40.6 %

39.5

-Inter-segment sales

0.1

0.9

-89.3 %

3.2

14.3

11.8

21.5 %

65.4

0.1

0.3

-75.6 %

1.2

-1.9

-2.0

3.3 %

-10.2

134.4

111.5

20.5 %

531.3

Finland, net sales (external) -Inter-segment sales

Sweden, net sales (external) -Inter-segment sales Norway, net sales (external)

Europe Central, net sales (external) -Inter-segment sales Elimination of sales between segments Net sales, total

1-12/10

55

EBIT BY SEGMENT EBIT (EUR million) Finland % of net sales Sweden % of net sales Norway % of net sales Denmark

% of net sales Europe East % of net sales Europe Central % of net sales Net items not allocated to operating segments Group EBIT % of net sales

Change

1-3/11

1-3/10

1.3

-0.2

4.4 %

-0.8 %

6.1

2.6

14.9 %

8.8 %

0.4

-0.4

1.2 %

-1.6 %

-1.3

-0.6

-15.0 %

-7.8 %

-1.7

-2.4

-17.7 %

-32.2 %

-1.2

-2.6

-8.2 %

-21.8 %

-1.1

-1.8

38.9 %

-4.7

2.7

-5.6

147.9 %

29.7

2.0 %

-5.0 %

705.1 %

1-12/10 13.7 10.0%

139.0 %

23.3 16.1%

184.9 %

2.3 2.0%

-97.5 %

-2.2

-6.2% 31.1 %

-3.5 -8.3%

55.4 %

0.8 1.2%

5.6%

56

LARGEST SHAREHOLDERS Number of shares

% of share capital

1. Nordstjernan AB

31,882,078

29.33

2. Julius Tallberg Oy Ab

11,962,229

11.01

3. Varma Mutual Pension Insurance Company

7,831,299

7.20

4. Ilmarinen Mutual Pension Insurance Company

5,537,214

5.09

5. Tapiola Mutual Pension Insurance Company

2,320,000

2.13

6. Odin Norden

1,824,328

1.68

7. Odin Finland

1,417,968

1.30

8. Veritas Pension Insurance Company Ltd

1,235,668

1.14

9. Odin Europa Smb

1,082,355

1.00

933,105

0.86

10. Nordea Nordenfonden

*As

per 31 March 2011

57