Cramo’s Half Year Financial Report January-June 2019


Cramo Plc    Half Year Financial Report 15 August 2019, at 9.00 am (EET)

Cramo’s Half Year Financial Report January-June 2019

Full focus on equipment rental business going forward. Partial demerger successfully completed.


  • Sales EUR 153.1 (156.1) million, decreased by 1.9%. In local currencies, sales decreased by 0.4%.
  • Organic sales growth -0.4%*.
  • Comparable EBITA EUR 15.3 (21.7) million or 10.0% (13.9%) of sales. EBITA EUR 14.4 (21.7) million or 9.4% (13.9%) of sales.
  • Comparable earnings per share EUR 0.20 (0.33). Earnings per share EUR 0.18 (0.33).
  • Cash flow after investments for continuing operations was EUR 23.7 (8.3) million.



  • Sales EUR 301.5 (299.9) million, up by 0.5%. In local currencies, sales grew by 2.6%.
  • Organic sales growth 0.4%*.
  • Comparable EBITA EUR 27.2 (35.9) million or 9.0% (12.0%) of sales. EBITA EUR 27.5 (35.0) million or 9.1% (11.7%) of sales.
  • Comparable earnings per share EUR 0.33 (0.53). Earnings per share EUR 0.33 (0.51).
  • Cash flow after investments for continuing operations was EUR 29.8 (-21.6) million.

    *) Organic (rental) sales growth excludes the impact of acquisitions, divestments, exchange rate changes and changes in IFRS standards. KBS Infra, acquired on 28 February, is included in organic sales from the second quarter of 2019 onwards.


  • Ms Sohana Josefsson was appointed Senior Vice President, Marketing and Communications and member of the Cramo Group Management Team on 8 April 2019.
  • Mr Henrik Norrbom was appointed Executive Vice President, Scandinavia and Managing Director, Cramo AB and a member of the Cramo Group Management Team on 8 July 2019. He assumed his position on 12 August.
  • Mr Peter Bäckström, Executive Vice President, Scandinavia, and Managing Director, Cramo AB, and Mr Mattias Rådström, Senior Vice President, Communications, Marketing and Investor Relations, both members of the Cramo Group Management Team, left the company on 2 April 2019.
  • The Extraordinary General Meeting of Cramo resolved on 17 June 2019 to approve the demerger plan signed by Cramo’s Board of Directors on 18 February. On 28 June 2019, the Board of Directors of Cramo Plc resolved to file the completion of the partial demerger with the Finnish Trade Register. The partial demerger was completed and registered on 30 June 2019.
  • On 11 July 2019, in a stock exchange release Cramo Plc estimated its comparable EBITA (for Cramo’s continuing operations, excluding Cramo’s former Modular Space division) for the second quarter of 2019 to be lower compared to the previous year and comparable EBITA for the full year 2019 to decrease from 2018.


KEY FIGURES AND RATIOS (MEUR) Continuing operations
4–6/19 4–6/18 Change % 1–6/19 1–6/18 Change % 2018
Sales 153.1 156.1 -1.9% 301.5 299.9 0.5% 631.9
EBITDA 47.0 45.1 4.1% 92.9 81.0 14.8% 185.4
Comparable EBITA 1) 15.3 21.7 -29.4% 27.2 35.9 -24.3% 92.1
% of sales 10.0% 13.9%   9.0% 12.0%   14.6%
EBITA 14.4 21.7 -33.9% 27.5 35.0 -21.7% 91.2
% of sales 9.4% 13.9%   9.1% 11.7%   14.4%
Comparable profit for the period 1) 8.8 14.5 -39.2% 14.6 23.5 -38.1% 61.9
Profit for the period 8.0 14.5 -44.6% 14.6 22.7 -35.7% 61.3
Comparable earnings per share (EPS), EUR 1) 0.20 0.33 -39.4% 0.33 0.53 -38.3% 1.39
Earnings per share (EPS), EUR 0.18 0.33 -44.7% 0.33 0.51 -35.8% 1.38
Average number of personnel (FTE)       2,644 2,511 5.3% 2,546

1) Excluding items affecting comparability, more information on IACs presented on pages 29–30.

KEY FIGURES AND RATIOS (MEUR) Continuing operations
Reported with illustrative IFRS 16 impact* Reported with illustrative IFRS 16 impact*
4–6/19 4–6/18 Change % 1–6/19 1–6/18 Change % 2018
Sales 153.1 156.1 -1.9% 301.5 299.9 0.5% 631.9
EBITDA 47.0 51.9 -9.6% 92.9 95.7 -2.9% 215.4
Comparable EBITA 1) 15.3 22.4 -31.5% 27.2 37.3 -27.0% 94.8
% of sales 10.0% 14.3%   9.0% 12.4%   15.0%
EBITA 14.4 22.4 -35.8% 27.5 36.4 -24.6% 93.9
% of sales 9.4% 14.3%   9.1% 12.1%   14.9%
Comparable profit for the period 1) 8.8 14.5 -39.2% 14.6 23.5 -38.1% 61.9
Profit for the period 8.0 14.5 -44.6% 14.6 22.7 -35.7% 61.3
Comparable earnings per share (EPS), EUR 1) 0.20 0.33 -39.4% 0.33 0.53 -38.3% 1.39
Earnings per share (EPS), EUR 0.18 0.33 -44.7% 0.33 0.51 -35.8% 1.38
Comparable ROCE, % 1) , 2)       9.2%     10.5%
ROCE, %  2)       9.3%     10.4%
Comparable ROE, % 1), 3)       14.0%     15.3%
ROE, % 3)       14.1%     15.2%
Net debt / EBITDA       2.15 2.05   1.99
Net interest-bearing liabilities       458.1 443.8 3.2% 428.5
Gross capital expenditure (incl. acquisitions) 4) 30.0 55.5 -46.0% 46.7 118.6 -60.7% 185.1
of which acquisitions/business combinations   2.1     43.2   43.6
Cash flow after investments 23.7 8.3   29.8 -21.6   -8.5
Capital employed       860.4 842.4 2.1% 876.9
Total assets       1,021.7 1,006.4 1.5% 1,021.7

* Presented 2018 figures with IFRS 16 impact are based on illustrative non-IFRS calculations from reported financial notes to form a comparison basis for IFRS 16 figures in 2019. These calculations have been implemented from the opening balance of 2017. Figures are non-IFRS additional financial information and are not to be considered as reported IFRS figures. The impact for applying IFRS 16 lessee accounting is significant for the Group’s figures, especially on balance sheet where right-of-use assets and lease liabilities were recognised since opening balance sheet. Together with material changes between lines of income statement and impact on net profit in a single period, the impact to the Group’s KPIs such as ROCE and net debt / EBITDA was significant.  

1) Excluding items affecting comparability, more information on IACs presented on pages 29–30.  
2) Cramo changed the calculation method of ROCE’s capital employed component into 12 months average in Q4/2018. The change has been applied into comparison figures. 12 months average reflects better the long-term development of capital employed compared to previous 2-point average calculation.
3) ROE% is calculated based on net result (rolling 12 months) divided by the total equity at the end of period.
4) The excluded capital expenditure for new right-of-use (RoU) assets according to IFRS 16 was EUR 7.0 million during H1/19.  


Cramo’s second quarter was both successful and challenging. Cramo’s partial demerger was successfully completed on 30 June 2019 and the trading in Adapteo’s shares in the Main Market of Nasdaq Stockholm commenced on 1 July 2019. This was a historic milestone for Cramo; building the Modular Space business from the beginning to become a listed company. A new chapter for Cramo has started, with full commitment and enthusiasm, we will continue to develop Cramo into its full potential in the equipment rental industry. Cramo has a strong position in Europe, where we see interesting growth opportunities as well as good possibilities to develop our existing business.

Cramo’s second quarter performance in 2019 (for Cramo’s continuing operations, excluding Cramo’s former Modular Space division) fell below expectations with comparable EBITA being clearly lower compared to the second quarter of 2018. Due to low profitability in the second quarter, Cramo also estimated (profit warning release on 11 July 2019) its comparable EBITA for the full year 2019 to decrease from 2018. Despite the lower profitability, cash flow after investments for continuing operations is expected to be significantly higher in 2019 compared to 2018.

Sales in the second quarter for Cramo’s continuing operations were slightly lower compared to last year in comparable currencies. Sales development in the second quarter was modest in Sweden due to a decrease in and the timing of larger industrial projects. Additionally, quarterly sales in Sweden were negatively affected by the fact that there were two fewer business days during the second quarter compared to last year. Except for the larger industrial projects, the operational performance in Cramo’s business in Sweden remained stable at the 2018 level. In Norway, sales development was positive, driven by good demand and increased utilisation rates. In Finland, performance didn’t return to the expected level during the second quarter. In Central Europe, sales were higher compared to last year driven by industrial projects. Expansion investments and sales growth in KBS Infra are proceeding according to plans.

In order to right-size the Group’s cost structure upon demerger of Adapteo and to ensure the Group’s profitability going forward, various performance improvement actions are being initiated and carried out. These include Group structure optimisation, specific sales efforts, cost reductions as well as capital efficiency measures in all countries. The targeted run-rate savings of EUR 10-12 million from above measures will be shown gradually from the fourth quarter of 2019, and in full effect for 2020.The estimated restructuring costs amount to EUR 3-5 million and are fully recognised during the second half of 2019.

To capture the full potential of the focused equipment rental business, we will continue to work with the cost structure, invest in growth to increase our market share and optimise our profitability and cash generation. The new strategy is now finalised to ensure Cramo’s competitiveness in the long term. More information about the new strategy, group-wide performance enhancement program and the new financial targets will be presented during our Capital Markets Day on 12 September 2019.


The European Rental Association (ERA) forecasts that the equipment rental market will grow in 2019 in all Cramo’s operating countries within the scope of ERA’s forecast, varying approximately between 4 to 6%. Forecon estimates that the equipment rental market will decrease in 2019 by 1% in Sweden, grow in Norway by 2% and in Lithuania by 6%, while in Finland and Estonia equipment rental market is indicated to remain at the same level as in 2018.  

In equipment rental, changes in demand usually follow the construction market with a delay. The construction market outlook for the year 2019 includes large country-specific differences. According to Euroconstruct June 2019 estimates, the construction market will decrease by 3.2% in Sweden and by 1.9% in Finland, mainly due to a decline in residential construction and new building. In Norway, the construction market is expected to grow by a solid 4.7%. In Germany and Austria, growth is forecasted to be 0.2–1.8%. Growth is rapid in the Czech Republic, Slovakia, Hungary and Poland, where Euroconstruct estimates on average 7.4% market growth. Forecon’s construction market growth estimate for Lithuania and Russia is approximately 2–3%; the Estonia market is indicated to decrease by 2%. The Sveriges Byggindustrier kept their latest construction market outlook unchanged in April 2019, indicating that the Swedish construction market will decline by 3% in 2019. The Confederation of Finnish Construction Industries forecasted in April 2019 that the peak in the construction market has been reached and a slight decrease is projected thereafter.


A press conference for analysts and media will be held on Thursday 15 August 2019 at 11.00 (EET) at Hotel Kämp, at the address Kluuvikatu 2 (2nd floor), Helsinki. The news conference can be viewed live on the internet at


Cramo will publish its Q3 Business Review for January–September 2019 on 31 October 2019.

Cramo’s Capital Markets Day will be organised on 12 September 2019.


Leif Gustafsson
President and CEO

Further information:

Mr Leif Gustafsson, President and CEO, tel: +358 10 661 10, email: leif.gustafsson@cramo.comMr Aku Rumpunen, CFO, tel: +358 40 556 3546, email:

Nasdaq Helsinki Ltd
Main media

Cramo is one of the leading European equipment rental services companies with revenue of EUR 632 million in 2018, serving approximately 150,000 customers through around 300 depots across 11 markets with a full range of machinery, equipment and related services. Cramo enjoys solid market position in all key markets and has a strong focus on the most sophisticated customers primarily within the renovation and new-build construction, industrial and public sector end-markets. Cramo shares (CRA1V) are listed on Nasdaq Helsinki Ltd.

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