Ramirent has a total number of outlets more than 243 in 11 countries

Transcription

1 R A M I R E N T A N N U A L R E P O R T

2 Ramirent has a total number of outlets more than 243 in 11 countries

3 Ramirent Outlet Network in Europe Finland 100 Norway 38 Sweden 43 Denmark 15 Estonia 10 Latvia 9 Lithuania 3 Poland 13 Russia 4 Hungary 7 Ukraine 1 Total 243 This is an unofficial English language translation of the original Finnish language Annual Report In the event of any discrepancies between the original Finnish language Annual Report 2003 and this unofficial English language translation, the original Finnish language Annual Report shall prevail.

4 RUSSIA NORWAY FINLAND ST. PETERSBURG ESTONIA SWEDEN LATVIA MOSCOW LITHUANIA DENMARK POLAND UKRAINE HUNGARY

5 MAP RAMIRENT IN BRIEF 3 CEO S REVIEW 4 THE GROUP S OPERATING STRUCTURE AND ORGANIZATION 6 RAMIRENT FINLAND 7 RAMIRENT SCANDINAVIA 11 RAMIRENT EUROPE 12 RAMIRENT ALTIMA 14 BOARD OF DIRECTORS REPORT 19 CONSOLIDATED INCOME STATEMENT 21 CONSOLIDATED BALANCE SHEET 22 CONSOLIDATED CASH FLOW STATEMENT 24 PARENT COMPANY INCOME STATEMENT 25 PARENT COMPANY BALANCE SHEET 26 PARENT COMPANY CASH FLOW STATEMENT 28 NOTES 29 KEY FIGURES 42 BOARD OF DIRECTORS PROPOSAL 44 AUDITORS REPORT 45 CORPORATE GOVERNANCE AND MANAGEMENT 47 SHARE TURNOVER AND PERFORMANCE (MONTHLY) 48 OUTLET NETWORK 49 1

6 2 KEMI CHURCH

7 RAMIRENT IN BRIEF Ramirent is the leading company in Northern and Eastern Europe in machinery and equipment rentals for construction and industry. Following the acquisition of Altima, the Group has 240 permanent outlets in eleven European countries (Finland, Norway, Sweden, Denmark, Russia, Estonia, Latvia, Lithuania, Poland, Hungary and the Ukraine). The Ramirent Group s core product groups are construction machinery, personnel hoists, scaffolding, formwork, portable spacial units, on-site electrical and heating systems, and tower cranes. The Group also provides related planning, erection, transportation and advisory services. The Group s main customer segments are construction companies, installation companies, industrial plants, shipyards, national and local authorities, and private persons. The Group has about 40,000 customers. With a network of over 90 rental outlets throughout Finland, Ramirent is the largest machinery rental company in the country. In Norway Ramirent has a wholly-owned subsidiary which, with 38 outlets, is the largest machinery rental company operating in Norway. In Sweden, after the acquisition of Altima, Ramirent is the second largest machinery rental company and operates through Ramirent AB s subsidiaries, Altima AB, Stavdal Byggmaskiner AB and Stavdal Lift AB. Ramirent has a total of 43 outlets in Sweden. In Denmark, Ramirent operates through its subsidiary Altima A/S, which is Denmark s largest machinery rental company and has 15 outlets. Acting through its subsidiaries, Ramirent Europe rents out construction machinery and equipment in Russia, Estonia, Latvia, Lithuania, Poland, Hungary and the Ukraine. At present the Group has a network of 47 rental outlets in these countries. Key figures Net sales and other operating income, million Profit before extraordinary items, million Earnings per share, Return on investment, % Personnel ,4 13,0 1,58 10, ,3 14,3 1,49 13, ,5 11,5 1,89 25, ,0 11,4 1,96 32, ,7 7,7 1,44 29,

8 REVIEW BY THE PRESIDENT AND CEO Review of 2003 Ramirent estimates that the overall Nordic market for the machine rental business was smaller in 2003 than it had been in the previous year. Particularly in the Oslo area in Norway the market weakened significantly. On the other hand, the machine rental market developed positively in Eastern European countries. The rapid strengthening of the euro, especially against the Norwegian krona (the NOK weakened 15.5% against the EUR in 2003) and the Russian rouble and Polish zloty, strained the Group s net sales, profit, capital and reserves and key figures for The net sales of the Ramirent Group increased by 70.3% compared to the previous year. A significant part of the growth in net sales came from the companies in Scandinavia (Norway and Sweden) which were included in the previous year s figures only for three months. The net sales of Ramirent Scandinavia were EUR 94.7 million (26.8). Ramirent Europe also continued to grow strongly, with net sales increasing by 29.9% to EUR 20.8 million (15.7). Finnish operations contracted by 4.6% compared with 2002, totalling EUR 57.2 million (60.0). The Group s gross margin increased by 53% to EUR 45.2 million (29.6). The Group s operating profit increased by 17.7% to EUR 19.3 million (16.4). The operating profit derived from Finnish operations was EUR 10.3 million (11.6). The operating profit from Ramirent Scandinavia was EUR 6.1 million (2.9), while the operating profit from Ramirent Europe was EUR 2.8 million (1.9). The Group s profit before minority interest and taxes decreased by 9.0% to EUR 13.0 million (14.3). The Group s net profit for the year increased by 10.8% to EUR 10.5 million (9.5), while earnings per share also improved to EUR 1.58 (1.49). In accordance with its strategy, the Ramirent Group focused strongly on growth and internationalisation in Ramirent Plc s wholly-owned subsidiary, Ramirent Hungary Berléti Kft, expanded its machinery rental business in Hungary by acquiring the total stock of Gepbazis Kft in May The company operates in the southern Hungarian town of Pécs, where it has four outlets. Ramirent will merge the rental businesses of Gepbazis Kft and Ramirent Hungary Berleti Kft and extend its network of outlets throughout the whole of Hungary in the coming years. Ramirent Plc made a public tender offer to the shareholders of Altima AB (publ) on 10 December In accordance with the offer Ramirent offered Altima s shareholders newly issued Ramirent shares for each Altima share. The offer period commenced on 22 December 2003 and expired on 19 January The more detailed terms and conditions of the offer and the conditions for implementation appear in Ramirent s prospectus concerning the matter. According to Ramirent s Board of Directors, the businesses of the companies (Ramirent and Altima) complement each other well and their combination will create one of the leading European machinery rental companies whose strong structure will support the continuation of international growth, particularly in Central and Eastern Europe. Ramirent founded a Ukrainian subsidiary Ramirent Ukraine Ltd at the end of

9 Outlook for 2004 The overall market in the Nordic countries is expected to remain the same or to grow a little compared with The overall market in Eastern European countries in expected to continue to increase. Due to the Altima transaction in particular, it is expected that the Ramirent Group s net sales will grow significantly in The Group s result for 2004 will be strained particularly in the first half of the year by the costs of integrating Altima into Ramirent. The synergies obtainable from the combination will have their full effect only on the results of Internationalization and growth strategy The Ramirent Group will continue to seek growth in the coming years. At the same time, the Group intends to maintain profitability at a good level. While growth will occur mainly through internationalisation, business in Finland is also expected to continue to grow. The Group s main market areas, in addition to the Nordic countries, are the countries of Eastern and Central Europe. However, internationalisation is not an end in itself. Rather, there are weighty reasons why it is the preferred course for Ramirent. First, the attainment of sufficient growth and corporate size in the Finnish market alone is virtually impossible, due to the limited size of the machinery rental market. On the other hand, powerful growth is essential for the company to be able to compete on an equal footing with other European machinery rental companies in growing markets. Secondly, the machinery rental markets of different countries are at different stages of development and the cyclical rises and falls of these markets are out of sync. Hence, by operating in many countries the company is able to develop much more steadily than by operating in just one country. Thirdly, the machines and equipment used in the machine rental business are the same in different countries. In fact, the machines are often made by the same international manufacturers. Capacity can thus be easily relocated from one country to another, which makes it possible to achieve better capacity utilisation ratios than when operating in only one market. March 2004 Erkki Norvio President and CEO PROFIT BEFORE MINORITY INTEREST AND TAXES OPERATING PROFIT NET SALES EUR million 20 EUR million 20 19,3 EUR million ,4 172, , ,7 11,4 11,5 13,0 10 8,4 12,1 12, ,5 68, ,8 36,

10 THE GROUP S OPERATING STRUCTURE AND ORGANISATION THE RAMIRENT GROUP OPERATING STRUCTURE FINLAND NORWAY SWEDEN DENMARK EUROPE PRODUCT LINES PURCHASES MARKETING The Ramirent Group operates in eleven countries. The operating structure is based on the idea of proximity to customers and operations are channelled through subsidiaries located in different countries. Strategic planning, investments, financing and matters concerning all markets are coordinated at Group level. The Group s Finnish operations are conducted under the Ramirent trademark, with Ramirent Plc as the parent company. Additionally, the Group has two Finnish subsidiaries for scaffolding operations (Teline-Rami Oy and Uudenmaan Telineykköset Oy) and one Finnish subsidiary for tower crane rentals (Rami-Cranes Oy). Geographically, Finnish operations have been divided into eight areas. There are already over 90 permanent Ramirent outlets in Finland. Norwegian operations are handled through the subsidiary. The company has 38 permanent rental outlets in 4 areas throughout Norway. In Sweden, operations are conducted through Ramirent AB s subsidiaries, Altima and Stavdal. Altogether Ramirent has 43 outlets in Sweden. Operations in Denmark are conducted through Ramirent s subsidiary, Altima A/S which has 15 outlets. Operations in Eastern and Central European countries (Russia, Estonia, Latvia, Lithuania, Poland, Hungary and the Ukraine) are carried out by the Ramirent Europe Group through subsidiaries in each of the aforementioned countries. The Group has 47 permanent outlets in these countries. MANAGEMENT GROUP Erkki Norvio Thorolf Hannus Kurt Opseth Mikael Öberg Lars Henningsson Erik Höi Timo Korhonen Petri Söderholm Reijo Fernelius Jorma Nyyssölä RAMIRENT OYJ BOARD OF DIRECTORS Erkki Norvio PRESIDENT & CEO Finance and Administration Thorolf Hannus RAMIRENT FINLAND Petri Söderholm RAMIRENT NORWAY BAUTAS Kurt Opseth RAMIRENT SWEDEN ALTIMA Mikael Öberg STAVDAL Lars Henningsson RAMIRENT DENMARK ALTIMA Erik Höi RAMIRENT EUROPE Timo Korhonen 6

11 RAMIRENT IN FINLAND History The history of Ramirent dates back to 1955 and the establishment of a partnership called Rakennusmies. At that time there was a need for new construction projects and equipment in Finland with post-war reconstruction at its height. The import, manufacture and trading of construction machinery and equipment were defined as the company s lines of business. In the 1960s and 1970s the product range expanded, and the company also took on the development and manufacture of various prefabricated units. At the time, the company was called A-Elementti Oy Rakennusmies. In 1983, Oy Partek Ab acquired the whole stock of the company, and in the following 2 3 years prefabricated unit production was transferred to Partek s own corresponding group. After the company s own production came to an end, its name was changed to A-Rakennusmies Oy. Through this change the company returned to its roots and focused on the import, sales and renting of construction machinery and equipment. In the late 1980s, business grew again and the product range expanded. Further growth was sought mainly through acquisitions. In 1989, A-Rakennusmies acquired Rakennuslaite Oy, which had been renting construction machinery for 15 years. A leading seller and renter of formwork and personnel hoists, Hytec Oy, was merged with the company in In 1992, the major part of Monivuokraus Ky s business and network of rental outlets was acquired, which significantly increased A-Rakennusmies construction machinery rental operations. In 1993, the construction machinery operations of Starckjohann-Telko Oy were joined to the company and in 1994 Tallberg Rakennustekniikka Oy s business was acquired. In 1995, the Betox Oy business was acquired. In December 1995, the business operations of A-Rakennusmies were transferred to a new company held by key persons in A-Rakennusmies through the holding company Gaspar Oy Ab, together with the funds managed by Cap- Man Capital Management Oy and MB Finance Group Oy. Of the previous owners, Oy Julius Tallberg Ab, Oy Partek Ab and Starckjohann Oy retained their holdings in the company until November 1997, when the latter two sold their shares to the company s other shareholders. In 1998, A-Rakennusmies was listed on the main list of the Helsinki Exchanges and the public quotation of its shares began on 30 April, In conjunction with this, the capital investors CapMan Capital Management and MB Finance Group sold most of their holdings. A-Rakennusmies continued its acquisitions. The machinery rental operations of Kehä- Vuokraus and Cranes-Sampo were acquired in 1998 and two scaffolding rental companies, Uudenmaan Telineykköset Oy and Etelä- Suomen Telinepiste Oy, were acquired in The tower crane operations were incorporated as a subsidiary company called Rami-Cranes Oy at the beginning of March 2000 and the scaffolding operations were combined into a subsidiary called Teline-Rami Oy at the beginning of The name A-Rakennusmies Oyj was changed to Ramirent Plc in March In 2002, Ramirent acquired the business operations of the scaffolding rental company Tupla- Rakenne Oy and its sister companies. Market development According to the estimates of Ramirent, the Finnish construction machinery rental market weakened somewhat in 2003, compared with the previous year. The use of rental machinery is still relatively low in Finland by international standards. A slight increase in the use of rental services is expected in the future as construction companies and industry focus on improving profitability and productivity. The Finnish construction machinery rental market is expected to grow 0 5% annually in the future, depending on the development of business activities in construction and industry. Operations and the market situation The Construction Machinery and Personnel Hoists product lines cover the renting of machinery and personnel hoists needed in construction and industrial maintenance, and the sales of related equipment and accessories. The machinery and equipment in these product lines are used in concrete casting, soil compaction, 7

12 8 COLUMN FORM EQUIPMENT. KAMPPI CENTER, HELSINKI, DECEMBER 2003.

13 hoisting, heating, sanding, grinding, welding, drilling and nailing. The product range also includes various cutting machines, pneumatic machinery, electrical and lighting equipment, pumps, and testing and measuring equipment. The combined net sales of these product lines increased somewhat from the previous year. The net sales of rental operations are expected to still grow slightly in The Formwork and Supporting Equipment product line rents and sells shuttering required for on-site concrete casting, and the related planning, erection and supervision services. Shuttering is used to cast vertical and horizontal structures such as walls and vaults. The net sales of Formwork and Supporting Equipment fell short of the previous year s level. In 2004, net sales are expected to remain at the same level or to increase slightly compared with The operations of the Scaffolding and Weather Covers product line are carried out through Ramirent Plc s wholly-owned subsidiaries, Teline-Rami Oy and Uudenmaan Telineykköset Oy. These companies are responsible for the renting and selling of scaffolds and weather covers. The companies comprehensive service also includes planning, erection, transfers, disassembly and transportation. The 2003 net sales of Scaffolding and Weather Covers remained approximately at the previous year s level. In 2004, net sales are estimated to grow somewhat. The Portable Spacial Units and Containers product line rents and sells portable spacial units and containers for use on new construction and renovation sites and for many other purposes. The product range includes office, changing room, canteen, storage and accommodation units. The net sales of Portable Spacial Units and Containers decreased to some extent from the previous year. A small increase is expected in The operations of the Tower Cranes and Hoists product line are carried out through Ramirent Plc s wholly-owned subsidiary, Rami-Cranes Oy. Rami-Cranes Oy is responsible for renting and selling tower cranes and construction site hoists and related maintenance and spare parts services. Rami-Cranes also repairs and provides spare parts services for other kinds of hoists and construction machinery. The net sales of Rami- Cranes decreased to some extent from the previous year. In 2004, net sales are estimated to grow somewhat compared with Net sales of Ramirent s Finnish operations 57,2 M Operating profit of Ramirent s Finnish operations 10,3 M 9

14 10 SUPPORT EQUIPMENT FOR HEAVY CONCRETE SLABS. KAMPPI CENTER, HELSINKI, DECEMBER 2003

15 RAMIRENT SCANDINAVIA History Veidekke ASA, Norway s largest construction company, incorporated its internal machinery rental department into a subsidiary called Bautas in was founded at a good time, as between 1997 and 1999 the company experienced organic growth that tripled its sales. During the same period, Veidekke s share of net sales fell from 100% to less than 50%. In 2000, Bautas acquired its biggest competitor Stavdal, which at the time was listed on the Oslo Stock Exchange. The acquisition doubled Bautas net sales and gave the company a good position in the Swedish market. In Norway Stavdal was merged with Bautas, but in Sweden the company continued to operate under the Stavdal name. In 2001, AF-gruppen, the second largest construction company in Norway, outsourced its construction machinery rental business to Bautas, making an agreement to transfer most of its light machinery to the company. This was a clear sign that Bautas had succeeded in establishing its position as an independent equipment rental company. In 2001, the company also acquired a rental business in southern Sweden, making Stavdal a nation-wide company with operations in all major Swedish regions. In September 2002, Ramirent Plc acquired Bautas and Stavdal. The companies were integrated into the Ramirent Group on 1 October 2002, and the Norwegian and Swedish operations were combined to form Ramirent Scandinavia. Norway () In 2003 the Norwegian machinery and equipment rental market deteriorated significantly when compared with the year before. This was mainly due to a reduction in construction activity. The deterioration was particularly marked in the Oslo region, which accounts for a substantial share of Bautas net sales. The operations of Bautas have not developed according to plan, mainly due to the weakening market situation. However, Bautas maintained its position on the Norwegian market. The overall markets are expected to remain the same or possibly improve slightly in 2004 when compared with the previous year. In 2004, Bautas will primarily focus on improving its profitability. Sweden (Stavdal i AB) In Sweden, the equipment rental market weakened slightly due to a decrease in construction. Regional differences could still be seen, however. Stavdal s net sales increased somewhat from the previous year. Despite this, the company did not achieve its profitability targets, mainly because the planned cost savings were not realized. However, Stavdal maintained its market position in Sweden. In 2004 the Swedish equipment rental market is expected to remain approximately the same as in the previous year. Stavdal will primarily focus on improving its profitability in Net sales of Ramirent Scandinavia 94,7 M Operating profit of Ramirent Scandinavia 6,1 M 11

16 RAMIRENT EUROPE TEMPORARY DOCKING FOR MAINTENANCE AND PAINT WORK ON AN AIRPLANE. History Ramirent Europe s machinery rental business began in Moscow in 1989 with the foundation of a joint venture company in the former Soviet Union with two local partners. In 1993, the Moscow business was transferred to a whollyowned subsidiary, ZAO Techrent. In 1994, Ramirent Europe s operations were expanded by establishing subsidiaries in St. Petersburg and Tallinn. A-Rakennusmies East Oy began operations in 1997, as a result of the eastern operations of A-Rakennusmies Oy being incorporated into a separate company. A fund managed by Capman Capital Management Oy, the Alliance ScanEast Fund L.P., put up 50% of the equity. These operations are presently conducted through Ramirent Europe Oy and its subsidiaries. Ramirent Europe Oy has subsidiaries in seven countries: Russia (OOO Techrent in Moscow and ZAO Peterrent in St. Petersburg), Estonia (AS Ramirent), Latvia (A-Ramirent SIA and Rami teh SIA), Lithuania (A-Ramirent UAB) and Poland (Rema-Rental S.A. and Operator S.A.). In addition, Ramirent Plc has set up a Hungarian subsidiary called Ramirent Hungary Bérleti Kft that started operations in early As a result of a share issue in 2000, Ramirent Plc s holding in Ramirent Europe Oy increased to 65%, with the Alliance ScanEast Fund L.P. s holding correspondingly decreasing to 35%. On 27 February 2004, Ramirent Plc signed an agreement to acquire Ramirent Europe Oy s 35% minority share from Alliance ScanEast Fund L.P. The transaction was closed on 29 March 2004, and Ramirent Plc now owns 100% of Ramirent Europe Oy. General overview Ramirent Europe has developed according to its strategy. In 2003, the net sales of Ramirent Europe increased by 29.9% compared with the previous year. The operating profit also improved to EUR 2.8 million (EUR 1.9 million in 2002). Profit increased in all countries where Ramirent Europe operates. Operations are expected to continue to grow in 2004, although the main focus will be on improving profitability. Estonia (AS Ramirent) In 2003, construction in Estonia increased by about 11%. This, coupled with the expansion of the network of AS Ramirent outlets, led to a very solid year in the Estonian market. The company s net sales increased by 38% from the previous year and the operating profit was 12

17 good. This favourable development is also expected to continue in Latvia (A-Ramirent SIA, Rami teh SIA) Construction increased in Latvia by 14%. The net sales of Ramirent SIA increased by 33% and those of Ramiteh SIA by 25% from the previous year. The operating profit of both companieswas good. This positive development is also expected to continue in the 2004 financial year. Lithuania (A-Ramirent UAB) Construction in Lithuania increased by 25% in The Ramirent subsidiary also increased its net sales, achieving its target of 38% growth from the previous year. The operating profit was good and met expectations. Operating profit is expected to continue to improve in the 2004 financial year. Poland (Rema-Rental S.A.) Rental operations in Poland were mainly conducted through the company s subsidiary Rema- Rental S.A., which is wholly owned by Ramirent Europe. As expected, market conditions were tough in Poland. Construction decreased for the third consecutive year. This time the rate of decrease had slowed down to 5%. The situation is expected to improve during The aim is to further expand the company s product range and network in Poland which currently consists of 13 outlets. The company s net sales increased by 20% from the previous year. The Polish figures include those of Operator Sp Z o.o, a subsidiary of Ramirent S.A.. In 2004, the operations of the company will be combined to Ramirent S.A. The company s operating profit is expected to increase in In January 2004, Ramirent S.A. acquired MVS AG s Polish portable spacial units operations. Russia, (OOO Techrent in Moscow and ZAO Peterrent in St. Petersburg) profit was good. Techrent s operations are expected to develop positively in 2004, and the company will continue to improve its product range and operating conditions. Peterrent s net sales increased by 45% from the previous year, and its operating profit was reasonably good. Development is expected to continue favourably in Hungary (Ramirent Hungary Bérleti Kft) Construction in Hungary increased by 8% in During the financial year, the company acquired Gepbasis Kft, a company in South Hungary. The acquisition substantially strengthened our Hungarian outlet network which now features 7 outlets. Our operations increased according to plan, and strong growth is expected for The Ukraine (Ramirent Ukraine Ltd) The company was registered late in 2003, and its operations will commence in spring Development of the net sales of Ramirent Europe Net sales of Ramirent Europe Operating profit of Ramirent Europe 20,8 Me 2,8 Me Construction in Russia increased by 14% in The net sales of Techrent increased only by 2% from the previous year and its operating 13

18 RAMIRENT ALTIMA THE INDUSTRIAL EVENT OF THE YEAR, HELD IN TAMPERE IN OCTOBER Overview Ramirent Plc made a public tender offer to the shareholders of Altima AB (publ) on 10 December In accordance with the offer Ramirent offered Altima s shareholders newly issued Ramirent shares for each Altima share. The offer period commenced on 22 December 2003 and expired on 19 January Ramirent s public tender offer was accepted to the extent that Ramirent controlled 94.62% of Altima s shares and votes. Ramirent implemented the offer to Altima s shareholders and extended the acceptance period until 13 February On 19 February 2004, Ramirent controlled 98.39% of Altima s total shares and votes. Ramirent Plc s Board of Directors decided not to further extend the offer period. In addition, the Board decided to commence the redemption procedure for minority shareholders in order to redeem the remaining Altima shares as soon as possible. Background and reasons for the offer Ramirent s Board of Directors considers that the merger of Ramirent and Altima is well-founded for strategic, industrial and financial reasons. Through its strategy of international growth, Ramirent aims to become one of the leading machinery rental companies in Europe. Ramirent considers international growth important for several reasons. The combination offers the potential to realise synergies through: a larger and more diversified service offering for customers and a more efficient rental outlet structure. a better bargaining position with respect to suppliers and thus more cost-efficient purchasing. the opportunity to relocate machinery between geographical markets and thus achieve higher capacity utilisation. the opportunity to spread fixed administrative and IT costs over a larger number of units. 14

19 The merger creates opportunities to serve large customers with operations in several countries. According to Ramirent s Board of Directors, the businesses of the companies (Ramirent and Altima) complement each other well and their combination will create one of the leading European machinery rental companies whose strong structure will support the continuation of international growth, particularly in Central and Eastern Europe. The New Group will have a strong balance sheet and is expected to produce substantial synergies. The merger is estimated to create synergies of at least EUR 10 million annually, fully effective as of The costs of realising these synergies are estimated at EUR 5 million. Based on the above, Ramirent s Board of Directors decided on 9 December 2003 to make an offer to future shareholders in Altima to transfer all shares in Altima to Ramirent. As the offer, which was announced on 10 December 2003, will be conducted through a share exchange, the shareholders of both Ramirent and Altima can fully participate in the future development of the New Group. Business Concept The New Group s business concept is to create shareholder value by offering efficient machinery and equipment rental services for the construction and industrial sector in the Nordic region and in other selected European countries. Objectives and Strategy The New Group s objective is to consolidate its position as one of the leading players in the European market for machinery and equipment rentals for the construction and industrial sector by means of strong, profitable growth. The strategy to attain this objective is to work actively in market consolidation, especially in the Nordic region, as well as in Central and Eastern Europe. Following the merger, the New Group will have a market-leading position in the Nordic countries and in certain Eastern European countries. It will also have a robust platform for growth in other European markets. The following main operational approaches will be employed to achieve profitable growth: Focus on organic growth, while continually appraising acquisition opportunities. Continual investments in machinery and equipment to maintain and develop the rental portfolio. Establishment of new rental outlets to meet the requirements of existing and new customers. Higher sales to customers outside the construction sector in a bid to reduce sensitivity to business fluctuations in this sector. Utilisation of the growth potential that arises when construction and industrial companies transfer their in-house machinery operations to machinery rental companies. In the Nordic countries, acquisitions will be undertaken primarily to strengthen existing product lines. In markets outside the Nordic area, where the major growth opportunities are expected, acquisitions will be conducted to strengthen existing product lines and to consolidate and establish a market presence. International growth will be important for the New Group for a variety of reasons: Sufficient size must be attained to compete effectively for market share in growth markets. Being active in a number of markets offers more stable growth and earnings, since different geographical markets develop at varying rates and encounter differing business cycles. Geographical diversification creates higher capacity utilisation, since machinery and equipment may be relocated among countries. The New Group is expected to work primarily in line with the following financial objectives: Operating margin before depreciation will exceed an average of 30% over a business cycle. The equity to assets ratio will exceed 50%. The debt to equity ratio (gearing) will not exceed 50%. 15

20 The New Group s potential to meet these objectives depends on factors such as demand in the machinery rental industry and on the New Group s ability to retain its market position, as well as effectively using its rental portfolio, effectively financing new investments and the ability to realise synergies. Concerning risk factors, please see section 5.14 of Ramirent Plc s Prospectus. Market Worldwide, the market for the rental of machinery and equipment to the construction and industrial sector is showing higher growth than overall sales of machinery and equipment. This is largely attributable to customers seeking higher flexibility and reductions in tied-up capital, leading to higher demand for rental services. Industry analysts estimate that the global market for machinery and equipment rentals amounts to about EUR 55 billion, of which the U.S. market accounts for more than one third and the European market for a little more than 20%. Ramirent estimates that European market growth over the past two decades varied from 5% to 8% annually, and there are factors indicating that, in the longer term, growth has the potential to continue to exceed overall economic growth. Ramirent estimates that the Nordic market for machinery and equipment rentals amounts to almost EUR 1.4 billion. The Swedish market is estimated to total approximately EUR 650 million, making it the largest in the Nordic region. The Norwegian and Danish markets are each believed to amount to some EUR 250 million, and are thus individually slightly larger than the Finnish market, which is estimated at some EUR 200 million. Like the European market, the Nordic market has a good track record for growth over a protracted period and Ramirent estimates the average annual growth over the past two 16

21 decades was some 5%. In the Nordic market, the construction sector accounts for about 50% of value, with the industrial sector accounting for some 20%. The remainder is primarily attributable to sales to customers in the state and municipal sectors and to individuals. Market Trends Outsourcing machinery fleets One measure of the level of development of the machinery rental market in various countries is the share of total sales of machinery and equipment to machinery rental companies. This share is estimated to total some 40% in Sweden, with 30% in Denmark and Norway, and a little lower again in Finland. Eastern and Central European markets have a lower level of market maturity than the Nordic area and display substantially lower shares. For example, Ramirent s management estimates that the proportion of machinery and equipment sold to machinery rental companies is about 10% in the Baltic countries and Poland. This share is expected to rise in Europe generally, but especially in Eastern Europe as construction and industrial companies increasingly transfer their in-house machinery operations to machinery rental companies in an effort to reduce tied-up capital while offering higher availability and superior service. This trend is expected to have a long-term positive impact on the machinery rental industry. Construction companies represent the key customer group for customers in the machinery rental sector. These companies represent a substantial share of market growth, because of the change in their approach to machinery and equipment operations in recent years. The demand for lower tied-up capital and higher efficiency has prompted greater interest in renting machinery and equipment, as well as transferring a company s entire machinery operations to machinery rental companies. Parallel with the trend in the construction industry, higher demand has been noted from other customer groups such as the manufacturing and events industries, as well as municipalities and state administrations who have realised the benefits of renting. Greater consolidation The European machinery rental market was previously represented primarily by two types of suppliers, namely, small and frequently local machinery rental companies, and organisations in major construction companies with responsibility for equipment rentals. In pace with the emergence and growth of the market over the past 20 years, this structure has been consolidated in the hunt for size and cost advantage. In particular, the largest national players are establishing international market positions through acquisitions. French and British players have taken the lead in consolidation, but a similar trend is also noted in the Nordic market. Growth factors The primary driving force in the machinery rental market is customer demand for higher capital efficiency and cost effectiveness via, for example, reductions in labour costs, greater flexibility and superior service. Market growth in the machinery rental industry is also affected by: The percentage of players choosing to rent instead of owning machinery and equipment. Activity in the construction market, as well as among individuals and public sector customers. As a result of on-going consolidation, machinery rental companies have generally become larger and thus offer a broader machinery range and superior availability. Moreover, the major rental companies can provide added value to customers as a result of the economies of scale attained in the form of larger purchasing volumes, higher capacity utilisation and better service, thanks to specialist expertise. Combined, these factors have led to an increase in the percentage of players choosing to rent rather than investing in their own equipment. Consequently, the reduced demand witnessed during recent years as a result of an underlying, weak construction market has been offset by customers choosing to satisfy an increasing proportion of their needs by renting machinery and equipment rather than investing in their own. 17

22 18 MIKAEL AGRICOLA, CHURCH, HELSINKI

23 BOARD OF DIRECTORS REPORT Business Development in the Financial Year Ramirent estimates that the overall Nordic market for the machinery rental business was smaller in 2003 than it had been in the previous year. Particularly in the Oslo region in Norway the market weakened significantly. On the other hand, the machinery rental market increased in Eastern European countries. The rapid strengthening of the euro, especially against the Norwegian krona (the NOK weakened 15.5% against the EUR in 2003) and the Russian rouble and Polish zloty, strained the Group s net sales, profit, capital and reserves and key figures for The net sales of the Ramirent Group increased by 70.3% compared to the previous year. A significant part of the growth in net sales came from the companies in Scandinavia (Norway and Sweden) which were included in the previous year s figures only for three months. The net sales of Ramirent Scandinavia were EUR 94.7 million (26.8). Ramirent Europe also continued to grow strongly, with net sales increasing by 29.9% to EUR 20.8 million (15.7). Finnish operations contracted by 4.6% compared with 2002, totalling EUR 57.2 million (60.0). The operating profit derived from Finnish operations was EUR 10.3 million (11.6). The operating profit from Ramirent Scandinavia was EUR 6.1 million (2.9), while the operating profit from Ramirent Europe was EUR 2.8 million (1.9). In accordance with its strategy, the Ramirent Group focused strongly on growth and internationalisation in Ramirent Plc made a public tender offer to the shareholders of Altima AB (publ) on 10 December 2003, according to which Ramirent offered Altima s shareholders newly issued Ramirent shares for each Altima share. The offer period commenced on 22 December 2003 and expired on 19 January The more detailed terms and conditions of the offer and the conditions for implementation appear in Ramirent s prospectus concerning this matter. According to Ramirent s Board of Directors, the businesses of the companies (Ramirent and Altima) complement each other well and their combination will create one of the leading European machinery rental companies whose strong structure will support the continuation of international growth, particularly in Central and Eastern Europe. Changes in Group Structure Ramirent Plc s wholly owned subsidiary, Ramirent Hungary Berléti Kft, expanded its machinery rental business in Hungary by acquiring the total stock of Gepbazis Kft in May The company operates in the southern Hungarian town of Pécs, where it has four outlets. Ramirent intends to merge the rental businesses of Gepbazis Kft and Ramirent Hungary Berleti Kft and to extend its network of outlets throughout the whole of Hungary in the coming years. Ramirent founded a Ukrainian subsidiary Ramirent Ukraine Ltd at the end of Grou s Net Sales, Profit and Balance Sheet The Ramirent Group s net sales for 2003 totalled EUR million (101.5), an increase of 70.3% on the previous year. Other operating income was EUR 0.5 million (0.8). The Group s operating profit was EUR 19.3 million (16.4). Depreciation grew as a result of major investments to EUR 25.9 million (13.3). Operating profit before depreciation (operating margin) increased by 53.0%, totalling EUR 45.2 million (29.6). Operating profit increased by 17.7%, totalling EUR 19.3 million (16.4), while profit before appropriations and taxes totalled EUR 13.1 million (14.3). The profit after taxes and minority interests was EUR 10.5 million (9.5). The balance sheet total was EUR million (223.1). Earnings per share was EUR 1.58 (1.49) and return on investment 10.3% (13.3%). Capital Expenditure The Group s gross capital expenditure in non-current assets totalled EUR 32.2 million (112.8). Financing and Liquidity Net debt at the end of the year totalled EUR million (113.4) and gearing was 156.2% (160.0%). Interest-bearing debt totalled EUR million (121.1). The Group made substantial investments in 2003, financed mainly by cash flow financing and loans from financial institutions, and also by investment finance. The equity ratio was 31.6% (31.8%). The Group s liquidity was good during the year under review. 19

24 Increasing the share capital in deviation from the shareholders pre-emptive subscription rights The share capital was increased, in deviation from the shareholders pre-emptive subscription rights, by EUR 236, on the basis of the 1998 B and 2000 C option programs. Personnel The Group employed an average of 1,464 people (884). 510 employees (477) worked in domestic operations, while 942 (850) were employed in international operations. The growth in personnel was influenced by the business acquisitions made in Finland in the spring of 2002, the substantial investments made in international operations, and above all the acquisition of the business operations of Bautas. Outlook for 2004 The overall market in the Nordic countries is expected to remain the same or to grow slightly compared with In the Eastern European countries the overall market is expected to continue to grow. Due to the Altima transaction in particular, it is expected that the Ramirent Group s net sales will grow significantly in The Group s result for 2004 will be strained particularly in the first half of the year by the costs of integrating Altima into Ramirent. The synergies obtainable from the combination will have their full effect only on the results of Significant Events after the end of the Financial Year Ramirent Plc s Extraordinary General Meeting held on 13 January, 2004, approved the proposal of the Board of Directors to increase the company s share capital through a rights offering to Altima AB (publ). Ramirent s public tender offer was accepted to the extent that Ramirent controlled 94.62% of Altima s total shares and votes. Ramirent implemented the offer to Altima s shareholders and extended the acceptance period until 13 February On 19 February 2004, Ramirent controlled 98.39% of Altima s total shares and votes. Ramirent Plc s Board of Directors decided not to further extend the offer period. In addition, the Board decided to commence the redemption procedure for minority shareholders in order to redeem the remaining Altima shares as soon as possible. As expected, by a decision dated 2 February 2004, the Russian competition authority gave unconditional clearance for implementation of Ramirent s public tender offer to the shareholders of Altima AB (publ.). The changes in Ramirent s ownership shares were disclosed in stock exchange releases dated 23 January, 2004 and 26 January, After the close of the 2003 financial year, increases in Ramirent Plc s share capital were registered on 28 January, 2004 and 23 February, Thus, the company s fully paid share capital was EUR 10,749,542.45, divided into 12,782,903 shares. On 16 February, 2004, Ramirent Plc received notice from Thomas Tallberg of his intention to resign from membership of the company s Board of Directors with immediate effect. Board of Directors, President & CEO, and the Auditor The Annual General Meeting held on 24 April, 2003, elected the following Board members: Raimo Taivalkoski, Chairman, Thomas Tallberg, Vice Chairman (until 16 February, 2004), Erkki Norvio, Tuire Mannila and Eigil Flaathen. Erkki Norvio is the President and CEO. KPMG Wideri Oy Ab, a firm of authorised public accountants, was elected as the Auditor by the Annual General Meeting, with Solveig Törnroos-Huhtamäki, APA, as the principally responsible Auditor. Proposal of the Board on the Use of Distributable funds The Group s distributable funds amount to EUR 6,778,910. The parent company s distributable funds amount to EUR 15,792,298.16, of which the net profit for the year accounts for EUR 1,703, The Board of Directors proposes to the Annual General Meeting that a dividend of EUR 0.25 per share be distributed, making EUR 3,195, in total. The number of shares has been calculated as 12,782,903 shares, i.e. the number of shares with a right to dividend registered on February 23,

25 INCOME STATEMENT CONSOLIDATED Note (EUR 1000) (EUR 1000) NET SALES Other operating income Materials and services Personnel services Depreciation and writedown Other operating expenses OPERATING PROFIT Financial income and expenses PROFIT BEFORE MINORITY INTEREST AND TAXES Income taxes Minority interests NET PROFIT FOR THE YEAR

26 BALANCE SHEET CONSOLIDATED Note (EUR 1000) (EUR 1000) ASSETS NON-CURRENT ASSETS Intangible assets Tangible assets Investments Other investments 13, 14, TOTAL NON-CURRENT ASSETS CURRENT ASSETS Inventories Current receivables Trade receivables Other receivables Prepayments and accrued income Cash in hand and at the banks TOTAL CURRENT ASSETS TOTAL ASSETS

27 BALANCE SHEET CONSOLIDATED Note (EUR 1000) (EUR 1000) LIABILITIES CAPITAL AND RESERVES Share capital Share premium account Retained earnings Net profit for the year TOTAL CAPITAL AND RESERVES MINORITY INTERESTS CREDITORS Deferred tax Non-current liabilities Loans from financial institutions 22, 25, Pension loans 22, Other loans Current liabilities Loans from financial institutions 23, 25, Pension loans 24, Advances received 351 Trade payables Other liabilities Accruals and deferred income TOTAL CREDITORS TOTAL LIABILITIES

28 CASH FLOW STATEMENT CONSOLIDATED (EUR 1000) (EUR 1000) Cash flow from operating activities: Profit before minority interest and taxes Adjustments: Depreciation and writedown Other income and expenses, not involving payment Financial income and expenses Other adjustments Cash flow before change in net working capital Change in net working capital: Non interest-bearing short-term business receivables increase (-) / decrease (+) Inventories increase (-) / decrease (+) Non interest-bearing short-term debt increase (+) / decrease (-) Cash flow before financing activities and taxes Paid interests and payments of other business financing costs Interests received from business activities Direct taxes paid Cash flow from operating activities (A) Cash flow from investing activities: Investments in tangible and intangible assets Proceeds from sale of tangible and intangible assets Purchased shares of subsidiaries Cash flow from investing activities (B) Cash flow from financing activities: Paid share issue Raising of short-term loans Repayment of short-term loans Raising of long-term loans Repayment of long-term loans Dividends paid Cash flow from financing activities (C) Change in liquid assets, increase (+) / decrease (-) (A+B+C) Liquid assets at the beginning of the financial year Liquid assets at the end of the financial year

29 INCOME STATEMENT PARENT COMPANY Note (EUR 1000) (EUR 1000) NET SALES 1, Other operating income Materials and services Personnel services Depreciation and writedown Other operating expenses OPERATING PROFIT Financial income and expenses PROFIT BEFORE EXTRAORDINARY ITEMS Extraordinary items PROFIT BEFORE APPROPRIATIONS AND TAXES Appropriations Income taxes NET PROFIT FOR THE YEAR

30 BALANCE SHEET PARENT COMPANY Note (EUR 1000) (EUR 1000) ASSETS NON-CURRENT ASSETS Intangible assets Intangible rights Goodwill Other capitalized long-term expenditure Tangible assets Land and water Buildings Machinery and equipment Investments Holdings in Group companies 12, Other shares and holdings 13, TOTAL NON-CURRENT ASSETS CURRENT ASSETS Inventories Non-current receivables Receivables from Group companies Current receivables Trades receivables Receivables from Group companies Prepayments and accrued income Cash in hand and at the banks TOTAL CURRENT ASSETS TOTAL ASSETS

31 BALANCE SHEET PARENT COMPANY Note (EUR 1000) (EUR 1000) LIABILITIES CAPITAL AND RESERVES Share capital Share premium account Retained earnings Net profit for the year TOTAL CAPITAL AND RESERVES APPROPRIATIONS Depreciation reserve CREDITORS Non-current liabilities Loans from financial institutions 22, 25, Pension loans 22, Loans to Group companies Other long-term liabilities Current liabilities Loans from financial institutions 24, 25, Pension loans 24, Other short-term liabilities Advances received Trade payables Liabilities to Group companies Other liabilities Accruals and deferred income TOTAL CREDITORS TOTAL LIABILITIES

32 CASH FLOW STATEMENT PARENT COMPANY (EUR 1000) (EUR 1000) Cash flow from operating activities: Profit before extraordinary items Adjustments: Depreciation and writedown Other income and expenses, not involving payment Financial income and expenses Other adjustments Cash flow before change in net working capital Change in net working capital: Non interest-bearing short-term business receivables increase (-) / decrease (+) Inventories increase (-) / decrease (+) Non interest-bearing short-term debt increase (+) / decrease (-) Cash flow before financing activities and taxes Paid interests and payments of other business financing costs Interests received from business activities Direct taxes paid Cash flow from operating activities (A) Cash flow from investing activities: Investments in tangible and intangible assets Proceeds from sale of tangible and intangible assets Loans granted Other investments Repayments of loans Dividends received from investments 6 Cash flow from investing activities (B) Cash flow from financing activities: Paid share issue Raising of short-term loans Repayment of short-term loans Raising of long-term loans Repayment of long-term loans Dividends paid Cash flow from financing activities (C) Change in liquid assets, increase (+) / decrease (-) (A+B+C) Liquid assets at the beginning of the financial year Liquid assets at the end of the financial year

33 NOTES TO THE FINANCIAL STATEMENTS ACCOUNTING PRINCIPLES General The financial statements have been prepared in accordance to the Finnish Accounting Act and Companies Act. The financial statements are denominated in euros. Scope and principles of consolidation All Group companies are included in the consolidated financial statements of Ramirent Plc. The companies acquired during the 2002 financial year have been included as of their date of acquisition. All intra-group transactions, receivables, liabilities and profit distribution have been eliminated. The unrealised margins from intra-group sales have been eliminated insofar as they would affect the Group s profit and its capital and reserves. Minority interests are presented separately in the income statement and balance sheet. Intra-Group holdings have been eliminated using the acquisition cost method. The differences arising from eliminations have been entered either as fixed assets or as Group goodwill. The amount allocated as fixed assets on 31 December, 2003, was EUR 517,595 (EUR 575,106). The fixed asset items will be depreciated according to plan, while goodwill will be amortised in 10 to 20 years. The income statements of foreign Group companies have been translated into euros at the average exchange rate for the financial year, and the balance sheets at the exchange rate on 31 December. The differences arising from translation and exchange rates have been entered in financial income and expenses in the income statement, except for exchange rate translation differences in capital and reserves, which are presented under capital and reserves in the balance sheet. The financial statements of the Russian subsidiaries of Ramirent Europe Oy have been translated into euros using the monetary non monetary method. Net sales Net sales include rental income, sales income from technical trade, the sale of services, and gains from the sale of used rental machinery and equipment. Appropriations Appropriations are changes in the parent company s depreciation in excess of plan. In the consolidated balance sheet, the accumulated appropriations have been divided between capital and reserves and the deferred tax liability. In the income statement, the change in appropriations for the year has correspondingly been divided between net profit for the year and change in deferred tax liability. Taxes The taxes due on the taxable profit for the financial year have been entered as income taxes in the parent company s income statement. The taxes due on the taxable profits of Group companies have been entered as income taxes in the consolidated income statement. The taxes have been calculated in accordance with each company s local tax regulations, on the basis of computed taxable income. Deferred tax liabilities and assets in the consolidated figures have been accounted for temporary differences between taxation and the financial statements and of consolidation measures, and are based on the following year s tax rate confirmed on the balance sheet date. The consolidated balance sheet includes the deferred tax liability in total and deferred tax assets computed as the estimated probable assets. Comparability of figures with those of the previous year The figures of the 2003 financial year are not comparable with those of 2002, regarding the income statement, due to the acquisition that was implemented on 30 September, 2002 and the related share offering. Foreign currency items At the end of the financial year, unsettled foreign currency assets and liabilities are translated into Finnish currency at the average rate on 31 December. Realised exchange rate differences are presented in the income statement, whereas unrealised exchange rate differences are presented under adjustments. 29

34 The principal foreign exchange rates used were: Income statement rate Balance sheet rate EUR/RUB EUR/EEK EUR/LVL EUR/LTL EUR/PLN EUR/SEK EUR/NOK EUR/HUF Financial instruments The Group companies have no derivatives contracts. Pension costs Pension cover is arranged through an external pension insurance company. Pension insurance costs are booked as they occur. Pension insurance costs of foreign subsidiaries are presented as required by each respective country s local legislation.the Norwegian subsidiary has liabilities for early retirement pensions, which are not entered in to the books. Maintenance and repairs Except for major refurbishment costs, which are capitalised and depreciated over their period of impact, maintenance and repair costs are booked as expenses during the financial year in which they occur. Fixed assets Fixed assets are capitalised at their direct acquisition cost in the balance sheet, reduced by the depreciation made according to plan. The planned depreciation is calculated on the basis of the economic life expectancies of the fixed assets either as straightline depreciation or as a percentage (reducing balance method). The depreciation periods for the fixed assets are as follows: Goodwill Other long-term expenditure Buildings and structures Machinery and equipment for own use years 3 8 years 20 years 3 10 years Rental machinery, fixtures and equipment, itemised Lifting and loading equipment 8 15 years Small machines 3 8 years Portable spatial units 10 years Rental machinery and equipment, non-itemised Scaffolding 10% Reducing balance method Formwork and supporting fixtures 10% Reducing balance method Other non-itemised 10 33% Reducing balance method Goodwill arising from restructuring of the Group is amortised over years depending on the perceived importance of the restructuring to Group strategy. The goodwill amortisation period relating to the Bautas/Stavdal acquisition on 30 September, 2002 is defined as 20 years. The importance of the acquisition and the Group s strategic shift to new Scandinavian markets influenced the length of the amortisation period. Inventories Inventories are shown at the lowest of the weighted average price, the replacement price or the probable selling price. The direct acquisition costs are included in the value of the inventories. Cash in hand and at the bank Cash in hand and at the bank includes cash and bank accounts. Preparations for adopting IFRS (International Financial Reporting Standards) Ramirent Plc will report in accordance with the IAS/FRS standards in its 2005 financial statements. The Group began preparations in 2003 for the adoption of IFRS. During 2004 the company will decide on the optional accounting principles to be applied to the financial statements and will calculate the opening information for the first IFRS balance sheet in 2005 and the comparative data for This will be accompanied by any necessary system adjustments in order to begin IFRS-based reporting in The project has proceeded according to plan. 30

35 NOTES TO THE INCOME STATEMENT 1) Distribution of net sales by market, parent company (EUR million) Finland Other European countries 1 1 Total ) Distribution of net sales, Group (EUR million) Finnish operations Scandinavian operations Other international operations Total Group Group Parent Parent Company Company 3) Other operating income (EUR) Profits from disposal of fixed assets 172, ,185 16, , Other income 338, ,622 28, , Total 510, , , , ) Materials and services (EUR) Materials and accessories Purchases during financial year 21,370,929 12,554,067 3,788, ,682, Change in inventory 583, , , , Services purchased from outside 7,974,973 8,910,492 2,706, ,841, Total 29,929,165 21,672,154 6,834, ,842, ) Personnel expenses (EUR) Salaries and wages 42,791,873 21,332,359 8,227, ,099, Pension costs 3,626,213 3,496,037 1,389, ,317, Other indirect personnel costs 5,360,072 2,588, , , Total 51,778,158 27,416,627 10,346, ,168, Emoluments and other benefits and stock options of management (EUR 1,000) CEOs 1, Total 1, Average number of personnel Finnish operations Scandinavian operations Other international operations Total 1, ) Depreciation and write-down (EUR) Tangible and intangible assets 25,894,069 13,283,707 5,996, ,420, Depreciation is itemised under fixed assets. 31

36 Group Group Parent Parent Company Company 7) Financial income and expenses (EUR) Dividend income 6,003 1,380 6, , Interest income from long-term investmentsfrom Group companies , , Other interest and financial income from Group companies , from others 57,160 62,355 50, , Exchange rate differences 475, ,131 32, Other interest and financial income, total 532, , , , Interest income from long-term investments and other interest income, total 532, , ,15 412, Interest expenses and other financial expenses from Group companies , from others 6,231,476 2,228,782 5,324, ,504, Exchange rate and translation differences 572,001 19, , Total 6,803,477 2,208,973 5,533, ,504, Total financial income and expenses 6,264,627 2,018,107 4,638, ,090, ) Extraordinary items (EUR) Extraordinary income Group contribution - - 2,503, ,424, Total - - 2,503, ,424, ) Appropriations (EUR) Difference between depreciation made according to plan and in taxation - - 2,494, ,802, ) Income taxes (EUR) Income taxes on actual operations 753,000 3,301,244 60, ,254, Income taxes on extraordinary items , , Change in deferred tax assets and liability 695, , Total 1,448,471 4,108, , ,247,

37 NOTES TO THE BALANCE SHEET NON-CURRENT ASSETS Group Group Parent Parent Company Company 11) Intangible assets (EUR) Intangible rights Acquisition cost, 1 Jan 516,836 96,829 94, , Increase 42, ,007 - Transfers between items -307,000 - Acquisition cost, 31 Dec 252, ,836 94, , Accumulated depreciation, 1 Jan -1,900-1,900 Depreciation for year -44,403 Accumulated depreciation, 31 Dec -46,303-1,900 Exchange rate differences 12,280 Book value, 31 Dec 218, ,936 94, , Goodwill Acquisition cost, 1 Jan 28,326,028 5,412,827 5,263, ,186, Increase 96, ,305 25, , Bautas, 1 Oct, ,988, Decrease Transfers between items 307, Acquisition cost, 31 Dec 28,729,198 28,326,028 5,288, ,263, Accumulated depreciation and write-down, 1 Jan -4,257,311-3,257,637-3,709, ,201, Depreciation for year -1,568, , , , Accumulated depreciation, 31 Dec -5,826,282-4,257,311-4,222, ,709, Exchange rate differences -3,137, Book value, 31 Dec 19,765,419 24,068,717 1,066, ,553, Other capitlalized long-term expenditure Acquisition cost, 1 Jan 4,486,929 2,469,541 2,220, ,105, Increase 553, , , , Bautas, 1 Oct, ,406, Decrease -347,304-25, Transfers between items -711, Acquisition cost, 31 Dec 3,981,933 4,486,929 2,378, ,220, Accumulated depreciation and write-down, 1 Jan -1,580,559-1,118,248-1,348, ,026, Depreciation for year -859, , , , Accumulated depreciation, 31 Dec -2,440,072-1,580,559-1,668, ,348, Exchange rate differences -11,601 Book value, 31 Dec 1,530,261 2,906, , , Consolidation goodwill Acquisition cost, 1 Jan 9,986,797 2,989,741 Increase 443,988 5,472,535 Bautas, 1 Oct, ,524,521 Transfers between items 222,355 - Acquisition cost, 31 Dec 10,653,140 9,986,797 Accumulated depreciation and write-down, 1 Jan -624, ,321 33

38 Depreciation for year -846, ,067 Accumulated depreciation, 31 Dec -1,470, ,388 Exchange rate differences 54,256 Book value, 31 Dec 9,236,493 9,362,409 Total intangible assets 30,750,442 36,852,432 1,871, ,521, Tangible assets Group Group Parent Parent Company Company Land and water Acquisition cost, 1 Jan 1,557, ,674 76, , Increase - 339, , Bautas 1 Oct, ,550 Decrease , Transfers between items 233, Acquisition cost, 31 Dec 1,790,616 1,557, , , Exchange rate differences -73,835 Book value, 31 Dec 1,716,781 1,557, , , Buildings Acquisition cost, 1 Jan 4,993,817 2,172,147 1,475, ,474, Increase 1,102,493 1,012, , Bautas 1 Oct, ,920,870 Decrease -3, , Transfers between items 256,000 Acquisition cost, 31 Dec 6,348,652 4,993,817 2,109, ,475, Accumulated depreciation and write-down, 1 Jan -668, , , , Bautas 1 Oct, ,665 Depreciation for year -305, ,207-74, , Accumulated depreciation, 31 Dec -973, , , , Exchange rate differences -114,859 Book value, 31 Dec 5,260,174 4,325,653 1,729, ,169, Machinery and equipment Acquisition cost, 1 Jan 182,365,251 67,977,995 52,993, ,487, Increase 30,005,166 26,499,572 6,737, ,789, Bautas 1 Oct, ,213,816 Decrease -2,792,649-5,326,132-1,553, ,284, Transfers between items -3, Acquisition cost, 31 Dec 209,574, ,365,251 58,176, ,993, Accumulated depreciation and write-down, 1 Jan -46,345,402-24,162,394-23,460, ,079, Bautas 1 Oct, ,345,494 Accumulated depreciation on decreases - 1,471, , ,134, Depreciation for year -22,269,109-11,309,448-5,088, ,514, Accumulated depreciation, 31 Dec -68,614,511-46,345,402-27,943, ,460, Exchange rate differences -7,223,186 Book value, 31 Dec 133,736, ,019,849 30,233, ,532, Total tangible assets 140,713, ,903,118 32,370, ,778,455.60

39 Group Group Parent Parent Company Company 12) Investments (EUR) Holdings in Group companies Acquisition cost, 1 Jan 23,876, ,422, Increase 88,151, ,454, Decrease -14, Book value, 31 Dec 112,031, ,876, ) Other shares and holdings (EUR) Acquisition cost, 1 Jan 479, , , , Increase - 138, Decrease -54, Book value, 31 Dec 425, , , , Parent 14) Shares and holdings Group company in Group companies Domicile holding holding Teline-Rami Oy Helsinki 100 % 100 % Uudenmaan Telineykköset Oy Tuusula 100 % 100 % Rami-Cranes Oy Helsinki 100 % 100 % Rami-Muotit Oy Helsinki 100 % 100 % Rami-Tilat Oy Helsinki 100 % 100 % Ramirent Europe Oy Helsinki 65 % 65 % OOO Techrent Moscow 65 % 0 % ZAO Peterrent St. Petersburg 65 % 0 % AS Ramirent Tallinn 65 % 0 % SIA Ramirent Riga 43,55 % 0 % UAB Ramirent Vilna 65 % 0 % Ramirent Polska Sp. z o.o. Warsaw 65 % 0 % Rema-Rental S.A. Szczezin 65 % 0 % SIA RAMITEH Riga 43,55 % 0 % Ramirent Hungary Kft Budapest 100 % 100 % Stavdal i AB Gothenburg 100 % 100 % Stavdal Lift AB Gothenburg 50 % 0 % Stavdal Byggmaskiner i Göteborg AB Gothenburg 100 % 0 % Stavdal Byggmaskiner i Värmland AB Karlstad 100 % 0 % Stavdal Byggmaskiner i Stockholm AB Stockholm 100 % 0 % Stavdal Byggmaskiner Syd AB Gothenburg 100 % 0 % Operator SP. z o.o Warsaw 65 % 0 % Oslo 100 % 100 % Proff Utleie AS Oslo 100 % 0 % Stavdal Maskinutleie AS Oslo 100 % 0 % Stavdal Liftutleie AS Oslo 100 % 0 % Ranheimsveien 9 AS Oslo 100 % 0 % Rami-Tilat Oy, Rami-Muotit Oy, Proff Utleie AS, Stavdal Maskinutleie AS and Stavdal Liftutleie AS had no business operations in the 2003 financial year. Rami-Service Oy and the real estate companies, KOY Imatrantie 55, KOY Hyvinkään Varastokatu and KOY Kempeleen Rautalujala, were merged into the parent company during

40 Group Group Parent Parent Company Company 15) Other shares and holdings (EUR) Telephone shares and holdings 52,679 52,679 52, , Shares in housing corps/business premises 285, , , , Other shares and holdings 86, , Total 425, , , , ) Inventories (EUR) Goods 6,285,764 7,423,571 1,022, ,362, ) Receivables from Group companies (EUR) Long-term Loans 13,723, ,821, Short-term Trade receivables 1,550, ,400, Loan receivables - 908, Prepayments and accrued income 15, , Other receivables 2,503, ,990, Total 17,792, ,717, ) Capital and reserves (EUR) Share capital, 1 Jan 5,383,812 3,521,744 5,383, ,521, Rights offering 236,216 1,862, , ,862, Share capital, 31 Dec 5,620,028 5,383,812 5,620, ,383, Share premium account, 1 Jan 33,077,713 4,369,183 33,077, ,369, Rights offering 2,333,129 28,708,530 2,333, ,708, Share premium account, 31 Dec 35,410,843 33,077,713 35,410, ,077, Legal reserve, 1 Jan 18,433 Transfer from retained earnings -18,433 Legal reserve, Dec 31 - Retained earnings, 1 Jan 26,746,957 20,946,620 17,289, ,297, Change in translation difference -13,193, ,668 Dividend distribution -3,212,402-3,517,839-3,201, ,517, Retained earnings, 31 Dec 10,341,465 17,230,113 14,088, ,779, Net profit for the year 10,542,704 9,516,844 1,703, ,510, Total capital and reserves 61,915,040 65,208,481 56,823, ,751, ) Distributable funds (EUR) Retained earnings 10,341,506 17,230,113 14,088, ,779, Net profit for the year 10,542,704 9,516,844 1,703, ,510, Part of accumulated depreciation difference transferred to capital and reserves -14,105,300-8,584,464 Total 6,778,669 18,162,493 15,792, ,289,

41 Group Group Parent Parent 20) Accumulated appropriations, Company Company parent company (EUR) Accumulated depreciation difference, 1 Jan 8,882, ,080, Increase in depreciation difference 2,494, ,802, Accumulated depreciation difference, 31 Dec 11,377, ,882, ) Deferred tax assets and liabilities (EUR) Deferred tax assets from temporary differences 2,663, ,000 Total (are included in item Other receivables) 2,663, ,000 Deferred tax liabilities from appropriations 9,037,000 6,229,000 from temporary differences 879, ,710 Total liabilities 9,916,374 6,878,710 The deferred tax liability arising from the parent company s accumulated depreciation difference is EUR 3,299,375 (EUR 2,575,962 in 2002). 22) Liabilities maturing in more than five years (EUR) Pension loans - 147, , Loans from financial institutions 28,000,000 6,000,000 28,000, ,000, Total 28,000,000 6,147,257 28,000, ,147, ) Debts to Group companies (EUR) Other long-term debt 4,717, Accounts payable 219, , Other debts - 147, Accruals and deferred income 3, , Total 4,941, , ) Short-term debts (EUR) Accruals and deferred income in the parent company of EUR 3,126, (EUR 2,768,269.30) and in the Group of EUR 6,398,705 (EUR 6,170,746) comprised mainly tax liabilities, salaries and other accruals. Repayments due in the following year: Loans from financial institutions 19,680,534 21,182,876 10,000, ,000, Pension loans 1,033,154 1,033,487 1,033, ,033, Hire purchase loans 1,350, ,628 1,350, , Total 22,063,816 22,648,991 12,383, ,466, Current account overdraft in use 6,349,963 11,516,977 4,153, ,516, Total 28,413,779 34,165,968 16,539, ,983,

42 Group Group Parent Parent 25) Debts secured by Company Company mortgages or pledges (EUR) Loans from financial institutions 112,931, ,058,328 86,422, ,831, ) Debts secured by (EUR) Real estate mortgages 5,450,004 5,450,004 4,685, ,350, Company mortgages 236,591, ,591,919 75,843, ,143, Shares (book value) 33,034,106 33,034,106 24,215, ,215, Other collateral given on own behalf (EUR) Company mortgages 2,700,000 2,700,000 2,700, ,700, Other pledges on behalf of Group companies (EUR) Guarantees 3,752,177 5,880,378 - Leasing obligations (EUR) Leasing payments due in following financial year 746,152 1,714, , , leasing payments due later 2,235,495 1,981, , , Total 2,981,648 4,402,643 1,070, , Other liabilities (EUR) Rent and payment guarantees Pledges and guarantees given as security for other liabilities Group companies have not given pledges or guarantees as security for liabilities other than their own or Group company liabilities. Equity ratio covenants The company has loans and guarantees tied to equity ratio covenants (20% and 30%). 27) Credit facilities, exchange rate and interest rate risks The parent company and its Finnish subsidiaries has a current account credit facility of EUR 29 million, of which EUR 22,7 million was unused on the balance sheet date. Companies in Sweden have loans in the local currency and loans from the parent company given in Swedish krona. Other companies of the Group operate partly in countries where, owing to the undeveloped nature of the money markets and the instability of the currency, the hedging of interest rate risks is not economically feasible in practice. The local external loans of these companies are always taken, whenever it is economically feasible and possible, in the local currency. These subsidiaries outside Finland are to a large extent financed by loans given by Ramirent Europe Oy. Starting in the spring of 2000, the subsidiaries began to raise especially leasing finance and to some extent bank loans for the purpose of investments. In the Baltic countries, leasing finance has typically been euro-linked. By 31 December, 2003, the Russian companies only had intra-group currency loans. The loans have been converted into euros for the financial year. The Group s parent company has no currency loans. The interest period of the parent company s credits is typically 6 12 months and, concerning pension loans, 2 3 years. Interest periods of different lengths are used to reduce the interest rate risk of the Group. 38

43 28) The ten principal shareholders according Number of shares % of total to the share register on 31 December, 2003 shares and votes Veidekke ASA 2,142, Oy Julius Tallberg Ab 1,081, Gaspar Oy Ab 987, Oy Optiomi Oy 396, Fim Fenno mutual fund 127, Odin Finland 122, Fim Forte mutual fund 103, EQ Pikkujättilaiset/EQ Fund Management Ltd 100, Mutual fund Alfred Berg Finland 83, Mutual fund Alfred Berg Portfolio 55, Other shareholders 1,483, ,683, On 31 Dec, 2003, 7.7% of the shares and votes of Ramirent Plc were owned or controlled, directly or indirectly, by the President and CEO and the members of the Board, excluding all options. When options are included, the corresponding figure was 7.8%. 29) Shareholder structure, 31 Dec, 2003 Holdings Total shares and votes Companies Privately-held 96 2,886,808 Public 1 3,400 Financial and insurance institutions ,995 Public organisations 11 97,932 Non-profit organisations ,530 Households/private persons ,139 International shareholders 9 2,348,357 On 31 Dec, 2003, nominee-registered shares totalled 23,095 or 0.35 % of total shares and votes. 30) Distribution of shareholdings on 31 Dec, 2003 % of all % of all Share- share- Number of shares Shares shares holders holders , , , ,001-10, , , , ,046, ,001-1,000, ,736, Over 1,000, ,224,

44 31) Option programs The company has two valid option programs, the first launched in 2000 and the second in The options issued in 2000 and designated as C options were offered to key personnel of Ramirent Group, including the CEOs and Board members of Group companies. The 400,000 options were all subscribed for in the 2000 financial year. The total shares to be subscribed for by the options account for no more than approx. 6.0% of the company s share capital and votes on december 31, The share subscription period for those holding the options began on May 1, 2002 and will end on April 30, The share subscription price is the average trade-weighted price in the Helsinki Exchanges during 1 January 31 March, The share subscription price is reduced after the period for determining the subscription price and before the actual subscription by the amount of dividends payable on the record date of each dividend. However, the subscription price of the share is always at least the share s par value. On December 31, 2003 with the options 2000C were subscribed 119,700 shares and after that 86,200 shares. Most of the 2002 options were offered to key persons responsible for and working in international operations in Ramirent Group. No more than 500,000 Ramirent Plc shares can be subscribed for using the options. The share subscription price with 2002A and 2002B options, is the average trade-weighted price of the Ramirent share in the Helsinki Exchanges during 1 October 30 November, 2002, i.e. EUR The subscription price of shares subscribed for using the options is reduced after the period for determining the subscription price and before the actual subscription by the amount of dividends decided. The share subscription price must be at least the counter-book value of the share. The share subscription period for 2002A options is 1 October, October, 2006, and for 2002B options 1 October, October, The two valid option programs affect more than 70 key Group personnel, including insiders as defined in the Companies Act, chapter 1, section 4. The total holding of these persons in the company amounts, at the time of signing these financial statements and prior to the exercising of the Ramirent Europe options, to 4.0% of the company s shares and votes. After subscribing for the options, and if they later exercise all the options from the three option programs to subscribe for shares, the amount may rise to no more than 4.1% of the company s shares and votes. 40

45 32) Board s valid authorisation to acquire and surrender the company s own shares The Board of Directors is authorised until 24 April, 2004 to acquire up to 206,000 of the company s own shares. The company can acquire its own shares in order to develop the capital structure of the company, and/or to use them as payment in the case of corporate or business acquisitions. The shares can be acquired by decision of the Board of Directors either by means of public trading on the Helsinki Exchanges or by making a public offer of purchase concerning the shares to be purchased. The shares can be acquired at their market value in public trading at the moment of acquisition. The authorisation has not yet been used. The Board is authorised until 24 April, 2004 to decide on the surrender of the company s own acquired shares on the following conditions: The authorisation is valid for no more than 206,000 shares. The Board is authorised to decide to whom and in what order the company s own shares will be surrendered. The Board can decide on the surrender of the company s own shares in ways which depart from the pre-emptive rights of shareholders to purchase the company s own shares. The shares can be used as payment in cases of corporate or business acquisitions or when the company otherwise acquires business-related assets in a way and to the extent decided by the Board. The surrender price must be no less than the market price quoted in the Helsinki Exchanges at the moment of surrender. The authorisation has not yet been used. 33) The Board s valid authorisation to decide on the execution of a rights offering The Board of Directors is authorised until 24 April, 2004 to decide on the raising of the share capital by one or more rights offerings, giving the right to subscribe to no more than 430,000 of the company s new shares, and in which the company s share capital can be raised by no more than EUR 361, The authorisation entitles the Board to depart from the pre-emptive rights of shareholders to subscribe for new shares, and to decide on the subscription prices and terms. The authorisations departing from the pre-emptive rights of shareholders can be used provided that there are weighty financial reasons from the company s perspective, such as the financing of corporate or business acquisitions or other arrangements affecting the development of the company s business operations. They cannot be made for the benefit of those who are counted as insiders of the company. In the case where share capital is raised by a rights offering, the Board of Directors is entitled to decide whether the shares can be subscribed for in kind, or otherwise on certain conditions. The authorisation was used during the financial year. 41

46 KEY FIGURES INCOME STATEMENT (EUR 1,000) Net sales 172, ,490 68,234 53,773 36,933 Other operating income Operating profit before depreciation 45,209 29,636 20,949 18,169 12,701 Depreciation 25,894 13,284 8,030 6,058 4,324 Operating profit 19,315 16,352 12,919 12,111 8,377 Financial income and expenses -6,265-2,018-1, Profit before extraordinary items 13,050 14,334 11,470 11,383 7,742 Profit before appropriations and taxes 13,050 14,334 10,820 11,772 7,742 Net profit for the year 10,543 9,517 7,469 8,259 5,081 BALANCE SHEET (EUR 1,000) Non-current assets 171, ,235 53,053 43,412 28,870 Inventories 6,286 7,423 3,575 3,107 2,096 Receivables 32,387 28,866 9,520 7,203 4,254 Cash in hand and at bank 5,338 7,618 3,498 1, Capital and reserves 61,915 65,208 28,856 24,860 19,726 Minority interests 6,210 5,643 3,951 2,945 Interest-bearing debt 111, ,058 25,401 17,281 9,873 Non interest-bearing debt 36,060 24,354 11,438 10,383 6,591 Balance sheet total 215, ,142 69,646 55,469 36,190 KEY FIGURES FOR PERFORMANCE Increase in net sales 70.3% 48.7% 26.9% 45.6% 8.1% Operating profit before depreciation, % of net sales 26.1% 29.2% 30.7% 33.8% 34.4% Operating profit, % of net sales 11.2% 16.1% 18.9% 22.5% 22.7% Profit before extraordinary items, % of net sales 7.5% 14.1% 16.8% 21.2% 21.0% Profit before appropriations and taxes, % of net sales 7.5% 14,1% 15.9% 21.9% 21.0% Net profit for the year, % of net sales 6.1% 9.4% 10.9% 15.4% 13.8% Return on investment 10.3% 13.3% 25.3% 32.4% 29.2% Return on equity 16.7% 19.7% 25.9% 34.5% 32.5% Interest-bearing debt (EUR million) Net debt (EUR million) Gearing 156.1% 160.0% 66.8% 55.9% 45.1% Equity ratio 31.6% 31.8% 47.2% 50.1% 54.6% Personnel (average) 1, Personnel (at end of year) 1,452 1, Gross investment in non-current assets (EUR million) Gross investment, % of net sales 18.6% 111.2% 28.9% 40.7% 19.1% ***) 42

47 KEY FIGURES PER SHARE Earnings per share, EUR Earnings per share, EUR (*) Equity per share, EUR Equity per share, EUR (*) Dividend per share, EUR 0, Payout ratio, % (**) 30.6% 33.6% 44.8% 43.0% 46.8% Effective dividend yield 1.8% 3.5% 5.7% 6.0% 4.5% Price/earnings ratio (P/E) Highest share price, EUR Lowest share price, EUR Average share price, EUR Share price on 31 Dec, EUR Market capitalisation on 31 Dec, EUR million No. of shares traded 1,856, , , ,833 1,068,196 No. of shares traded, % of total no. of shares (*) 27.6% 11.1% 12.6% 13.9% 25.9% (*) The figure used for total number of shares on 31 Dec, 2003, adjusted for the dilution effect of options, was 6,722,958. The corresponding figure on 31 Dec, 2002 was 6,499,566. The unadjusted number of shares on 31 Dec 2003 was 6,683,161. On 31 Dec, 2002 it was 6,402,261 and on both 31 Dec, 2001 and 31 Dec, 2000 it was 4,187,904. In previous years the number was 4,130,000 shares. (**) The number of shares has been calculated as 12,782,903 shares i.e. the number of shares with a right to dividend registered on Febryary 23, (***) The figures of the year 1999 are of the parentcompany. 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 expenses Balance sheet total non-interest bearing debts (average over the year) Equity ratio: x 100 (Shareholders equity + minority interest) x 100 Balance sheet total advances received Earnings per share (EPS): Profit before extraordinary items-taxes +- minority interest Average number of shares, adjusted for share issues, during the year Shareholders equity per share: Shareholder s equity Number of shares, adjusted for share issues, on balance sheet date Payout ratio, %: Dividend per share x 100 Earnings per share Net debt: Interest-bearing debt cash and bank receivables, and financial securities Gearing: Net debt x 100 Shareholders equity + minority interest Dividend per share: Dividend paid Number of shares Effective dividend yield: Share-issue-adjusted dividend per share x 100 Share-issue-adjusted final trading price at end of financial year Price/earnings ratio: Share-issue-adjusted final trading price Earning per share The key figures were calculated in accordance with the general instructions of the Finnish Accounting Standards Board of 17 Dec, 1999, with the exception of the earnings per share figure for 1999 in which taxes do not include the change in deferred tax liabilities. 43

48 BOARD OF DIRECTORS PROPOSAL Proposal of the board on the distribution of profit The Group s distributable funds amount to EUR 6,778,869. The parent company s distributable funds amount to EUR 15,792,298.16, of which the net profit for the year accounts for EUR 1,703, The Board of Directors proposes to the Annual General Meeting that a dividend of EUR 0.25 per share be distributed, totalling EUR 3,195, in all. The total number of shares, i.e. those shares entered in the register on 23 February, 2004 and entitled to dividends, is 12,782,903. Helsinki, 26 February, 2004 Raimo Taivalkoski Chairman Eigil Flaathen Erkki Norvio Tuire Mannila Member of Board CEO, Member of Board Member of Board Auditors 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. Helsinki, 26 February, 2004 KPMG WIDERI OY AB Solveig Törnroos-Huhtamäki Authorized Public Accountant 44

49 AUDITORS REPORT to the shareholders of Ramirent Oyj We have audited the accounting records and the financial statements, as well as the administration by the Board of Directors and the Managing Director of Ramirent Oyj for the year ended 31 December The financial statements 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 and notes to the financial statements. Based on our audit we express an opinion on these financial statements and on the administration of the parent company. We have conducted our audit in accordance with Finnish Standards on Auditing. 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 amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by the management, as well as evaluating the 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 of the parent company have legally complied with the rules of the Companies Act in Finland. In our opinion, the financial statements, showing a profit of EUR 10,542,704 in the consolidated income statement and a profit of EUR 1,703, in the parent company 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 statements can be adopted and the members of the Board of Directors and the Managing 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 distributable funds is in compliance with the Finnish Companies Act. Helsinki, 26 February, 2004 KPMG WIDERI OY AB Solveig Törnroos-Huhtamäki Authorized Public Accountant 45

50 46 BOARD MEMBERS (FROM LEFT), TOP ROW: EIGIL FLAATHEN, THOMAS TALLBERG, ERKKI NORVIO. BOTTOM ROW: TUIRE MANNILA AND RAIMO TAIVALKOSKI.

51 CORPORATE GOVERNANCE Election of Board of Directors, President and CEO The Annual General Meeting elects the members of the Board of Directors. The Board of Directors elects a Chairman from its midst. Members of the Board of Directors are elected indefinitely and no resignation rotation system is in use. The Board of Directors appoints the President and CEO. President and CEO The company s Board of Directors has drawn up a written service contract defining the main terms and conditions of employment of the President and CEO. Management salaries and other benefits The Board of Directors decides on the salary and other benefits of the President and CEO. The President and CEO decides on the salaries and benefits of other executives. Board of Directors Raimo Taivalkoski (born 1940), M.Sc. in Engineering, has served as Chairman of the Board of the company and its predecessors since Thomas Tallberg (born 1934), Doctor of Medicine, has been a member of the Board of Directors since 1995 until He is a docent in immunology. He has also served as Chairman of the Board of Oy Julius Tallberg Ab since 1967, and as a member of the Board of Oy Fiskars Ab since Erkki Norvio (born 1945), M.Sc. in Engineering and Economics, has been a member of the Board of the company and its predecessors since He is the President and CEO of Ramirent Plc. He is also a member of the Board of the Federation of Finnish Commerce and Trade, and Chairman of the Board of the Association of Finnish Technical Traders and a member of the board of A-Katsastus Oy. Eigil Flaathen (born 1945), B.Sc Civil Engineering, University of Washington, Seattle, USA. He has been a member of the Board of Directors of the company since 30 September He has held different business management positions in Veidekke ASA since He has served in the top management of Veidekke ASA since Tuire Mannila (born 1956), M.Sc. in Economics, APA, has been a member of the Board of Directors since She is also a member of the Board of Tradeka Corporation. Auditors The company s shareholders appoint at least one and at most two auditors each year. At least one of the auditors must be a firm of public accountants authorized by the Central Chamber of Commerce. The company s present auditor is KPMG Wideri Oy Ab, a firm of authorized public accountants, with Solveig Törnroos-Huhtamäki, APA, as the principally responsible Auditor. Management Group Erkki Norvio is the President and CEO of the company, and the Chairman of the Management Group. He was appointed President and CEO in Thorolf Hannus (born 1958), M.Sc. in Economics, is the company s CFO, responsible for the Group s financial, treasury and information management as well as other administration. Reijo Fernelius (born 1942), Engineer, works in corporate management, co-ordinating the following product lines: Formwork & Supporting Equipment, and Scaffolding & Weather Covers. He has served the company since Jorma Nyyssölä (born 1946), Technician, works as a co-ordinator in corporate management and is responsible for construction machinery rental operations and the following product lines: Portable Spatial Units and Containers, Personnel Hoists and Technical Trade. He has served the company since 1991, and from 1988 to 1991 he was deputy CEO of A-Rendmash (Moscow). Petri Söderholm (born 1957), Engineer, MBA, B.Sc., is responsible for the Group s Finnish operations. He has served the company since Timo Korhonen (born 1946) is the CEO of Ramirent Europe Oy, responsible for the Eastern and Central European business areas. He has served the company since Kurt Opseth (born 1958), M.Sc. in Engineering, is the CEO of, and is responsible for the Group s Scandinavian operations. He has served the company since its foundation in Mikael Öberg (born 1961), B.Sc. in Economics, is the CEO of Ramirent AB, and is responsible for the Swedish operations. He has served the company since Lars Henningsson (born 1953), Engineer, MBE, B.Sc., is the CEO of Stavdal i AB, and is responsible for the Swedish operations. He has served the company since Erik Höi (born 1955), Machanical Engineer, is the CEO of Altima A/S, and is responsible for the Danish operations. He has served the company since Insider rules The Board of Directors of Ramirent Plc has approved its own insider rules, which are in compliance with the insider guidelines issued by HEX Plc, the Central Chamber of Commerce and the Confederation of Finnish Industry and Employers. 47

52 SHARE TURNOVER AND PERFORMANCE (MONTHLY) SHARE PERFORMANCE 1/ /2003 (average monthly share price, euros) 17 e 16 e 15 e 14 e 13 e 12 e 11 e 10 e SHARE TURNOVER, NUMBER 1/ (average,monthly share price, euros) RAMIRENT LEGAL STRUCTURE RAMIRENT GROUP OPERATING UNITS RAMIRENT OYJ % Norway Stavdal i AB 100% Sweden Ramirent Europe OY 65 % Finland Ramirent Hungary Kft 100 % Hungary Uudenmaan Telineykköset OY 100 % Finland Stavdal Byggmaskiner i Göteborg AB 100 % Sweden Stavdal Lift AB 50 % Sweden OOO Techrent 65 % Russia Gépbázis KFT 100 % Hungary Teline-Rami OY 100 % Finland Stavdal Byggmaskiner i Stockholm AB 100 % Sweden ZAO Peterrent 65 % Russia Lastor AB 75 % Sweden (holding) Rami-Cranes OY 100% Finland Stavdal Byggmaskiner Syd AB 100 % Sweden AS Ramirent 65 % Estonia Operator SP. zoo.o. 65 % Poland Stavdal Byggmaskiner i Värmland AB 100 % Sweden Ramirent SIA 43,55 % Latvia Ramirent Ukraine LTD 100 % Ukraine SIA RAMITEH 43,55 % Lithuania UAB Ramirent 65 % Lithuania Rema-Rental S.A. 65 % Poland Ramirent Polska Sp. zo.o 100 % Poland 48

53 OUTLET NETWORK Ramirent Plc Headquarters: Helsinki, Tapulikaupungintie 37, FI-00751Helsinki Tel , Fax [email protected] or [email protected] Internet: SUBSIDIARIES: DEPOTS IN FINLAND: OUTLETS IN FINLAND: Rami-Cranes Oy HELSINKI Tapulikaupungintie 37 FI HELSINKI Tel Fax Uudenmaan Telineykköset Oy TUUSULA Louhostie 5 FI TUUSULA Tel Fax Uudenmaan Telineykköset Oy KULLOO Nybyntie 7 FI KULLOO Tel Fax Teline-Rami Oy TUUSULA Louhostie 5 FI TUUSULA HELSINKI Depot / Portable spacial units tower cranes, spare parts Tapulikaupungintie 37 FI HELSINKI Tel HYVINKÄÄ Depot / Rami spacial units Muovikatu 5 FI HYVINKÄÄ Tel Fax KEMPELE Depots / Rami spacial units, formwork, scaffolding Mullukantie 7 FI KEMPELE Tel Fax KUOPIO Depot and repairing Volttikatu 5 FI KUOPIO Tel Fax LEPPÄVIRTA Depot / Portable spacial units PL 34, Teollisuustie FI LEPPÄVIRTA Tel Fax TUUSULA Scaffolding, weather covers Louhostie 5 FI TUUSULA ALAJÄRVI Juurikaskydöntie 5 FI ALAJÄRVI Tel Fax alajä[email protected] ESPOO FRIISILÄ Piispanmäentie 1 FI ESPOO Tel Fax [email protected] ESPOO SUOMENOJA Niittyrinne 1 FI ESPOO Tel Fax [email protected] EURA (dealer) Feelintie 3 FI EURA Tel Fax [email protected] FORSSA (dealer) Koikkurintie 1 FI FORSSA Tel Fax [email protected] 49

54 50 HELSINKI HERTTONIEMI Sorvaajankatu 8 FI HELSINKI Tel Fax [email protected] HELSINKI Kalustokeskus / Rami-tilat Tapulikaupungintie 37 FI HELSINKI Tel Fax HELSINKI KONALA Ristipellontie 21 FI HELSINKI Tel Fax [email protected] HELSINKI KONEMAKASIINI Mannerheimintie 13 A FI HELSINKI Tel Fax [email protected] HELSINKI PENGERKATU Pengerkatu 13 B FI HELSINKI Tel Fax [email protected] HELSINKI SUUTARILA VUOKRAAMO Tapulikaupungintie 37 FI HELSINKI Tel Fax [email protected] HELSINKI TEHTAANKATU Tehtaankatu 36 FI HELSINKI Tel Fax [email protected] HELSINKI VUOSAARI Laivanrakentajantie 2, ltk. 78 FI HELSINKI Tel Fax [email protected] HUITTINEN / Dealer Valimotie 4 FI HUITTINEN Tel Fax HYVINKÄÄ VUOKRAAMO Riihimäenkatu 5 FI HYVINKÄÄ Tel Fax [email protected] HÄMEENLINNA Vanajantie 4 FI HÄMEENLINNA Tel Fax [email protected] IISALMI Yrittäjäkatu 6 FI IISALMI Tel Fax [email protected] IMATRA Helsingintie 31 FI IMATRA Tel Fax [email protected] IVALO Lentokentäntie 290 FI IVALO Tel Fax ivalo.52@ramiren t.com JOENSUU Nurmeksentie 6 FI JOENSUU Tel Fax [email protected] JOUTSENO Varastokatu 2 FI JOENSUU Tel JYVÄSKYLÄ Miilukatu 3 FI JYVÄSKYLÄ Tel Fax [email protected] JÄMSÄNKOSKI Metsurintie 3 FI JÄMSÄNKOSKI Tel KAJAANI. Kettukalliontie 27 FI KAJAANI Tel Fax [email protected] KANNUS /Dealer Leppäojantie 7 FI KANNUS Tel Fax [email protected] KEITELE Keiteleentie 7 FI KEITELE Tel Fax [email protected] KEMI Asentajankatu 11 FI KEMI Tel Fax [email protected] KEMIJÄRVI Rinnetie 15 FI KEMIJÄRVI Tel Fax kemijä[email protected] KITEE / Dealer Hitsaajantie 6 FI KITEE Tel Fax [email protected]

55 KITTILÄ Nikuntie 5 FI KITTILÄ Tel Fax [email protected] KOKKOLA Patamäentie 10 FI KOKKOLA Tel Fax [email protected] KOTKA JYLPYNTIE Jypyntie 30 FI KOTKA Tel Fax [email protected] KOTKA VALAJANTIE Valajantie 14 FI KOTKA Tel Fax [email protected] KOUVOLA Kaupinkatu 19 FI KOUVOLA Tel Fax [email protected] KUHMO / Dealer Kainuuntie 129 FI KUHMO Tel Fax [email protected] KUOPIO TULLINPORTTI Tullinportinkatu 5 FI KUOPIO Tel Fax [email protected] KUOPIO VOLTTIKATU Volttikatu 5 FI KUOPIO [email protected] KUUSAMO Luomatie 11 FI KUUSAMO Tel Fax [email protected] KUUSANKOSKI Kiltakuja 2 FI KUUSANKOSKI Tel Fax [email protected] LAHTI LAAKERIKATU Laakerikatu 5 FI LAHTI Tel Fax [email protected] LAHTI VIPUSENKATU Vipusenkatu 19 FI LAHTI Tel Fax [email protected] LAPPEENRANTA ETELÄKATU Eteläkatu 6B FI LAPPEENRANTA Tel Fax [email protected] LAPPEENRANTA SIMOLANTIE Simolantie 12 FI LAPPEENRANTA Tel Fax [email protected] LIEKSA / Dealer Kerantie 15 FI LIEKSA Tel Fax [email protected] MIKKELI Yrittäjäkatu 10 FI MIKKELI Tel Fax [email protected] MUONIO / Dealer Lahenrannantie 3 FI MUONIO Tel Fax [email protected] MÄNTSÄLÄ Päivärinteenpolku 4 E FI MÄNTSÄLÄ Tel Fax [email protected] NURMES Telollisuustie 8 FI NURMES Tel Fax [email protected] NÄRPIÖ /Dealer Terminalvägen 4 FI NÄRPIÖ Tel Fax [email protected] OULU ALPPILA Kaarnatie 28 FI OULU Tel Fax [email protected] OULU LIMINGANTULLI Krovintie 7A FI OULU Tel Fax [email protected] OUTOKUMPU / Dealer Polvijärventie 19 FI OUTOKUMPU Tel Fax

56 PARKANO Hahkamäenkatu 1 FI PARKANO Tel Fax [email protected] PELLO Pajatie 6 FI PELLO Tel Fax [email protected] PIELAVESI (Satelliitti) Puustellintie 26B FI PIELAVESI Tel Fax PIETARSAARI Permonkaarre 121 FI PIETARSAARI Tel Fax pietarsaari.57@ramirent com PORVOO SKÖLDVIK Kulloo FI PORVOO Tel Fax [email protected] RAAHE Pajakatu 2 FI RAAHE Tel Fax [email protected] RAUMA Hakuninvahe 1 FI RAUMA Tel Fax [email protected] RAUMA Aker Finnyards PL 302 FI RAUMA Tel Fax [email protected] RIIHIMÄKI Teollisuuskatu 28 FI RIIHIMÄKI Tel Fax [email protected] ROVANIEMI Teollisuustie 12 B FI ROVANIEMI Tel Fax [email protected] SALO Perämiehenkatu 22 FI SALO Tel Fax [email protected] SAVONLINNA Myllypuronkatu 3 FI SAVONLINNA Tel Fax [email protected] SEINÄJOKI Kauppaneliö 10 FI SEINÄJOKI Tel Fax [email protected] SIILIJÄRVI / Dealer Oppipojantie 2 FI SIILINJÄRVI Tel Fax [email protected] SUOMUSSALMI / Dealer Hallitie 1 FI SUOMUSSALMI Tel Fax SUONENJOKI / Dealer Lentokentänkatu 2 FI SUONENJOKI Tel Fax [email protected] TAAVETTI / Dealer Linnalantie 67 FI TAAVETTI Tel Fax TAIVALKOSKI Haaraniementie 10 FI TAIVALKOSKI Tel TAMPERE LIELAHTI Enqvistinkatu 3 FI TAMPERE Tel Fax [email protected] TAMPERE NEKALA Vihiojantie 22 FI TAMPERE Tel Fax [email protected] TORNIO Kisällinkatu 10 FI TORNIO Tel Fax [email protected] TORNIO / Avesta Polarit terästehdas FI TORNIO Tel Fax TURKU / AALRAK Pl 762, Telekatu 12 FI TURKU Tel Fax TURKU / Keskusta Kalevankatu 9-11 FI TURKU Tel Fax [email protected] TURKU / Koulukatu Tavarakatu 2 FI TURKU Tel Fax [email protected] 52

57 TURKU / Urusvuori Pl 738, Rydöntie 24 FI TURKU Tel Fax [email protected] TUUSULA Mahlamäenrie 66 FI TUUSULA Tel Fax [email protected] VAASA Kairatie 1 FI VAASA Tel Fax [email protected] VALKEAKOSKI Huhtakatu 13 FI VALKEAKOSKI Tel Fax [email protected] VANTAA PETIKKO Tiilitie 5 FI VANTAA Tel Fax [email protected] VANTAA PORTTISUO Porttisuontie 11 FI VANTAA Tel Fax [email protected] VANTAA YLÄSTÖ Arinatie 8 FI VANTAA Tel Fax [email protected] VARKAUS Käsityökatu 45 A FI VARKAUS Tel Fax [email protected] VIITASAARI / Dealer Mustasuontie 22 FI VIITASAARI Tel Fax YLIVIESKA Ratakatu 17 FI YLIVIESKA Tel Fax [email protected] YLÖJÄRVI Soppeentie 78 FI YLÖJÄRVI Tel Fax [email protected] ÄKÄSLOMPOLO / Dealer Tiurajärventie 39 FI ÄKÄSLOMPOLO Tel Fax ÄÄNEKOSKI Teollisuuskatu 31 FI ÄÄNEKOSKI Tel Fax [email protected] VANTAA Myllyniityntie 3 FI VANTAA Tel Fax KOTKA Takojantie 10 A FI KOTKA Tel Silander Fax LAHTI Ilmarisentie 11 FI LAHTI Tel Hietamäki Fax JOENSUU Rahtikatu 5 FI JOENSUU Tel Nenonen Fax KUOPIO Lukkosalmentie 8 FI KUOPIO Tel Tiainen Fax TURKU Iso-Heikkiläntie 15 FI TURKU Tel Fax TAMPERE Pihtisulunkatu 7 C FI TAMPERE Tel Asumalahti Fax JYVÄSKYLÄ Kiilatie 6 FI JYVÄSKYLÄ Tel Lindqvist Fax OULU Iinatintie FI OULU Tel Stark Fax VAASA Huoltokatu 12 FI VAASA Tel Kujanpää Fax

58 OUTLETS IN EUROPE: NORWAY Hovedkontor Billingstadstletta 18 Postboks 14 NO-1375 Billingstad Tel Fax REGION OSLO Avdeling Skui Ringeriksveien 193 B Postboks 190 NO-1313 Vøyenenga Tel Fax [email protected] Avdeling Hønefoss Nedre Kilemoen NO-3516 Hønefoss Tel Fax [email protected] Avdeling Alnabru Alnabruveien 7 Postboks 32 NO-0614 Oslo Tel Fax [email protected] Avdeling Drammen Buskerudveien 121 Postboks 3578 Bedriftssenter NO-3007 Drammen Tel Fax [email protected] Avdeling Skedsmo Hvamsvingen 20 NO-2013 Skjetten Tel Fax [email protected] Avdeling Jessheim Industriveien 1 NO-2050 Jesseheim Tel Fax [email protected] SPESIALAVDELING Sillas-byggvarme-elektro Avdeling Rommen Haavard Martinsens vei 27 NO-0978 Oslo Tel Fax [email protected] Avdeling Frediksstad Stabburveien 24 NO-1617 Fredrikstad Tel Fax [email protected] Avdeling Rygge Sognshøy Næringspark Postboks 145 NO-1583 Rygge Tel Fax [email protected] Avdeling Halden Knivsøveien 8 NO-1788 Berg i Østfold Tel Fax [email protected] Avdeling Ski Industriveien 11 NO-1400 Ski Tel Fax [email protected] Avdeling Tønsberg Semsbyveien 112 Postboks 66 NO-3107 Sem Tel Fax tø[email protected] Avdeling Larvik Løkka 8 Postboks 2099 NO-3255 Larvik Tel Fax [email protected] Avdeling Porsgrunn Floodmyrveien 20 NO-3946 Porsgrunn Tel Fax [email protected] 54

59 Avdeling Lillehammer Hovemoveien 39 NO-2624 Lillehammer Tel Fax Avdeling Moelv Marisagveien 8 Postboks 203 NO-2391 Moelv Tel Fax [email protected] Avdeling Hamar Elvesletta 11 NO-2323 Ingeborg Tel Fax [email protected] Avdeling Gol Glitre Industriområde Postboks 143 NO-3551 Gol Tel Fax [email protected] Avdeling Kristiansand Barstølveien 4 NO-4636 Kristiansand Tel Fax [email protected] Avdeling Sandnes Torneroseveien 5 Postboks 715 NO-4305 Sandnes Tel Fax [email protected] Avdeling Haugesund Kritlevegen 2 NO-5521 Haugesund Tel Fax [email protected] Avdeling Stord Svartadalen 3 Postboks 261 NO-5402 Stord Tel Fax [email protected] Avdeling Sogndal Kaupanger Industriområde Postboks 63 NO-6851 Sogndal Tel Fax [email protected] Avdeling Sandane Postboks 185 NO-6822 Sandane Tel Fax [email protected] Avdeling Førde Angedalsvegen 43 NO-6800 Førde Tel Fax [email protected] BERGEN Avdeling Kokstad Kokstadsvegen 48 B Postboks 29, Slåtthaug NO-5851 Bergen Tel Fax [email protected] Avdeling Laksevåg Damgårdsveien 229 PB 161, Laksevåg NO-5847 Bergen Tel Fax [email protected] Bergen Stillas Damgårdsveien 229 PB 161, Laksevåg NO-5847 Bergen Tel Fax [email protected] Avdeling Bodø Tømrerveien 6 NO-8004 Bodø Tel Fax [email protected] Ålesund Vegsund Postboks 9053 Blindheim NO-6023 Ålesund Tel Fax [email protected] 55

60 Avdeling Tromsø Stakkevollveien 1 Postboks 3627 NO-9278 Tromsø Tel Fax [email protected] TRONDHEIM Avdeling Leangen Maskin Ranheimsvegen 9 NO-7044 Trondheim Tel Fax [email protected] [email protected] Avdeling Leangen Stillas Ranheimsvegen 9 NO-7044 Trondheim9 Tel Fax [email protected] Avdeling Sorgenfri Holtermannsveg 70 NO-7031 Trondheim Tel Fax [email protected] Avdeling Bjørka Bjørkmyr NO-7036 Trondheim Tel Fax [email protected] Avdeling Stjørdal Wergelandsveg 24 NO-7500 Stjørdal Tel Fax [email protected] Avdeling Narvik Fagernesveien 132 NO-8512 Narvik Tel Fax SWEDEN Stavdal i AB Huvudkontor Stålverksgatan 7, Ringön SE Göteborg Tel Fax Stavdal Byggmaskiner Värmland AB Blästervägen 9 SE Arvika Tel Fax Stavdal Byggmaskiner AB Bodavdelning Knipplekullen 3 E SE Göteborg Tel Fax Stavdal Lift AB Knipplekullen 3 A SE Göteborg Tel Fax Stavdal Byggmaskiner AB Stålverksgatan 7, Ringön SE Göteborg Tel Fax Stavdal Byggmaskiner AB Florettgatan 8 SE Helsingborg Tel Fax Stavdal Byggmaskiner AB Silvervägen 5 SE Karlskrona Tel Fax Stavdal Byggmaskiner Värmland AB Dagvindsgatan 4 SE Karlstad Tel Fax Stavdal Byggmaskiner AB Box 9092 Flintyxegatan 3 SE Malmö Tel Fax Stavdal Byggmaskiner AB Skogängsvägen 15 SE Spånga Tel Fax Stavdal Byggmaskiner AB Bodavdelning Skälbyvägen 2 A SE Upplands Väsby Tel Fax Stavdal Lift AB Fagerstagatan 52 SE Spånga Tel Fax

61 Stavdal Lift AB Kardanvägen 66 SE Trollhättan Tel Fax Stavdal Lift AB Dagvindsgatan 4 SE Karlstad Tel Fax Stavdal Byggmaskiner AB Kryptongatan 14 SE Mölndal Tel Fax Stavdal Byggmaskiner AB Hornbach Bygg- & Trädgårdsmarknad Minelundsvägen 8 SE Göteborg Tel Fax Altima AB Huvudkontor (HK) Tagenevägen 25 SE Göteborg Tel Fax Altima AB Kundcenter Göteborg Tagenevägen 25 SE Göteborg Tel Fax Altima AB Veddesta (Stockholm) Box 909 Äggelundavägen 4 SE Järfälla Tel Fax Altima AB Jakobsberg (Stockholm) Box 562 Debetvägen 8 SE Järfälla Tel Fax Altima AB Hammarby Sjöstad (Stockholm) Fredriksdalsgatan 1-5 SE Stockholm Tel Fax Altima AB Borlänge Planerargatan 1 SE Borlänge Tel Fax Altima AB Gävle Beckasinvägen 9A SE Gävle Tel Fax ltima AB Halmstad Spikgatan 12 SE Halmstad Tel Fax Altima AB Hässleholm Kristianstadsvägen 57 SE Hässleholm Tel Fax Altima AB Jönköping Box 1057 Skiffervägen 10 SE Jönköping Tel Fax Altima AB Kalmar Tjuvbackevägen 7 SE Kalmar Tel Fax Altima AB Karlstad Östanvindsgatan 7 SE Karlstad Tel Fax Altima AB Kiruna Box 821 Lastvägen 22 SE Kiruna Tel Fax Altima AB Kågeröd Box 18 Stenhuggaregatan 34 SE Kågeröd Tel Fax Altima A Linköping Box Strids gata i Malmslätt SE Linköping Tel Fax Altima AB Luleå Industrivägen 21 SE Luleå Tel Fax

62 Altima AB Malmö Emilstorpsgatan 27 SE Malmö Tel Fax Altima AB Ronneby Västra Industrigatan 4 SE Ronneby Tel Fax Altima AB Skövde Bäckaskogsvägen 17 SE Skövde Tel Fax Altima AB Njurunda (Sundsvall) Njurundavägen 105 (A4) SE Njurunda Tel Fax Altima AB Umeå Box 1200 Förrådsvägen 14 SE Umeå Tel Fax Altima AB Uppsala Box Söderforsgatan 1 Librobäck industriområde SE Uppsala Tel Fax Altima AB Västerås Tunbytorpsgatan 8 SE Västerås Tel Fax Altima AB Växjö Ljungadalsgatan 14 SE Växjö Tel Fax Altima AB Örebro Verkstadsgatan 5 SE Örebro Tel Fax Altima AB Örnsköldsvik Victoriaesplanaden 1B SE Örnsköldsvik Tel Fax Altima AB Östersund Voltvägen 29 SE Östersund Tel Fax DENMARK ALTIMA A/S Administration Hundigevej 85 DK-2670 Greve Tel Fax Udlejning Sjælland Hundigevej 85 DK-2670 Greve Tel Fax Udlejning Sjælland Kildegangen 5 DK-2690 Karlslunde Tel Fax Udlejning Sjælland Balstrupvej 58 DK-4100 Ringsted Tel Fax Udlejning Sjælland Marinebuen 17 DK-4700 Næstved Tel Fax Udlejning Sjælland H.P.Christensensvej 1 DK-3000 Helsingør Tel Fax Udlejning Fyn Kildemosevej 9 B DK-5000 Odense C Tel Fax Udlejning Fyn Hvidkærvej 31 B DK-5250 Odense SV Tel Fax Udlejning Fyn Rytterhaven 10 DK-5700 Svendborg Tel Fax Udlejning Jylland Storhaven 8 DK-7100 Vejle Tel Fax Udlejning Jylland Gunnar Clausensvej 32 DK-8260 Viby J Tel Fax

63 Udlejning Jylland Skavholmvej 11 DK-8520 Lystrup Tel Fax Udlejning Jylland Platinvej 57 DK-6000 Kolding Tel Fax Udlejning Jylland Cypresvej 44 DK-7400 Herning Tel Fax Udlejning Jylland Måde Engvej 6 DK-6700 Esbjerg Tel Fax Udlejning Jylland Murervej 16, Sædding Øst DK-6710 Esbjerg Tel Fax Udlejning Jylland Korinthvej 10 DK-9220 Aalborg Tel Fax Udlejning Jylland Kaolinvej 12 DK-9220 Aalborg Tel Fax ESTONIA Ramirent As Tallinn Laki Main Office / Outlet Laki 11 D Tallinn EE Estonia Tel Fax Ramirent AS Pärnu Outlet Energia 4 EE Pärnu Estonia Tel Ramirent AS Tallinn formwork rental Kanali tee 1 EE Tallinn Estonia Tel Fax Ramirent AS Narva Outlet Narva Vahtra 5 EE Narva Estonia Tel Fax Ramirent AS Saaremaa Outlet Pikk 62 Kuressaare EE Saaremaa Estonia Tel Ramirent AS Lasnamäe Outlet Peterburi tee 34 EE Tallinn Estonia Tel Fax Ramirent AS Tartu Outlet Turu tn. 45D EE Tartu Estonia Tel Fax Ramirent AS Jõhvi Outlet Tartu Põik 2 EE Jõhvi Estonia Tel Fax Ramirent AS Haabersti Paldiski mnt 108a EE Tallinn Estonia Tel Fax Ramirent AS Betooni Betooni 28 EE Tallinn Estonia Tel Fax LATVIA Ramirent SIA Main Office/Outlet Piedrujas iela 3d, Riga LV-1073 Latvia Tel Fax Ramirent SIA Mukusalas Outlet Mukusalas 41 B, Riga LV-1004 Latvia Tel Fax Ramirent SIA Maskavas K-Rauta Outlet Maskavas iela 418a, Riga LV-1063 Latvia Tel Fax Ramirent SIA Skanstes Outlet Skandtes iela 4 LV-1013 Riga Tel Fax Ramirent SIA Daugavpils Outlet Karklu iela 8, Daugavpils LV-5400 Latvia Tel Fax Ramirent SIA Valmiera Outlet Murmuizas iela 11, Valmiera LV-4200 Latvia Tel Fax Ramirent SIA Liepaja Outlet Baznicas iela 31, Liepaja LV-3400 Latvia Tel Fax Ramirent SIA Ventspils Outlet Robezu iela 3/5, Ventspils LV-3602 Latvia Tel Fax

64 Ramirent SIA Rezekne Outlet Jupatovkas iela 8/10 LV-4600 Rezekne Tel Fax Ramiteh SIA Main Office / Outlet Kakusekla dambis 31, Riga LV-1045 Latvia Tel Fax LITHUANIA Ramirent UAB Vilnius Main Office / Outlet Titnago g. 19 LT Vilnius Tel Fax Ramirent UAB Klaipeda Outlet Vilniaus pl. 8 LT Klaipeda Tel Fax Ramirent UAB Kaunas Outlet Neries Krantine 16, LT Kaunas Tel Fax POLAND RAMIRENT S.A Szczecin Main Office / Outlet ul. Swierczewska 3 PL Szczecin Poland Tel Fax RAMIRENT S.A Czeladz Outlet Ul. Handlowa 9 PL Czeladz Poland Tel Fax RAMIRENT S.A Katowice Outlet u. Rozdzienskiego 214 PL Katowice Poland Tel. +p Fax RAMIRENT S.A Krakow Outlet 1 Ul. Sw. Andrzeja Boboli 5 PL Krakow Poland Tel Fax RAMIRENT S.A Krakow Outlet 2 ul. Zakopianska 52A PL Krakow Poland Tel Fax RAMIRENT S.A Poznan Outlet Poland Ul. Siewierska 11 PL Poznan Tel Fax RAMIRENT S.A Warszawa Outlet 2 Al. Jerozolimskie 204 PL Warszava Poland Tel Fax RAMIRENT S.A Warszawa Outlet 1 Al. Jerozolimskie 273 PL Michal owice k/warszawy Poland Tel Fax RAMIRENT S.A Gdynia Outlet ul. Sw. Mikolaja 59 PL Gdynia Poland Tel Fax RAMIRENT S.A Wroc aw Outlet Ul. Strzegomska 36/40 PL Wroclaw Poland Tel Fax RAMIRENT S.A. Warszawa Outlet 3 Ul. Korkowa 163 PL Warszawa Poland Tel RAMIRENT S.A. Wroc aw Outlet 2 Ul. Armii Krajowej 53 PL Wroc aw Poland Tel RAMIRENT S.A. Bytom Outlet Ul. Sienna 1 PL Bytom Poland Tel

65 Ramirent Plc Hedquaters: Tapulikaupungintie 37, P.O.Box 31, FI Helsinki Tel , Fax [email protected] or [email protected] internet:

66 RUSSIA HUNGARY UKRAINE OOO Tecrent Moscow Main Office Ul.Zoi i Aleksandra Kosmodemjanskih 26/21 Office 73 RU Moscow Russia Tel Fax OOO Techrent Moscow Mytischi Outlet 13, Ul. Cheljuskinski Karier RU Moscow Russia Tel Fax OOO Techrent Moscow Marina Outlet 8-Proezd Marinoi Roschi RU Moscow Russia Tel Fax ZAO Peterrent St. Peretsburg Main Office / Outlet Polevaja Sabirovskaja 44 RU St. Petersburg Russia Tel Fax OOO Ramirent Machinery St. Petersburg Main Office / Outlet Umanskiy 70 A RU St. Petersburg Russia Tel Fax OUTLETS: Budapest 1 PLATFORM Ceglédi u HU-1107 Budapest Tel Fax Budapest 2 Main Office / Outlet Soroksári út 110 HU-1095 Budapest Tel Fax [email protected] PRAKTIKER - PÉCS Makay István u. HU-7634 Pécs Tel Fax PRAKTIKER - BUDAÖRS Malomkó Q u. 3. HU-2040 Budaörs Tel Fax PRAKTIKER - SZOMBATHELY Rozsnyó u. 1. HU-9700 Szombathely Tel Fax PRAKTIKER - ZALAEGERSZEG Balatoni u. 10. HU-8900 Zalaegerszeg Tel Fax PRAKTIKER - BUDAÖRS Malomkó Q u. 3. HU-2040 Budaörs Tel Fax Ramirent Ukraina Main Office / Outlet 1 Kondratuka str. UA Kiev Ukraine (juridical address) ul. Petropavlovskaja 44/34 UA Kiev Ukraine Tel Fax