A N N U A L R E P O R T 2 0 0 2 - Ramirent

A N N U A L R E P O R T 2 0 0 2

Scanclimber mast-climbing work
platforms equipped with
top anchoring.
IN 2002 RAMIRENT OPERATED IN 9 COUNTRIES.
A mast-climbing work platform
used in maintenance operations.
Scaffolding installation
at shipyard.

Ramirent Outlet Network
in Europe
Finland 97
Sweden 13
Norway 30
Russia 3
Estonia 7
Latvia 8
Lithuania 3
Poland 13
Hungary 1
Total 175

FINLAND
NORWAY
ST. PETERSBURG
VIRO
SWEDEN
LITHUANIA
LATVIA
MOSCOW
POLAND
HUNGARY

MAP 3
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
BOARD OF DIRECTORS’ REPORT 15
CONSOLIDATED INCOME STATEMENT 17
CONSOLIDATED BALANCE SHEET 18
CONSOLIDATED CASH FLOW STATEMENT 20
PARENT COMPANY INCOME STATEMENT 21
PARENT COMPANY BALANCE SHEET 22
PARENT COMPANY CASH FLOW STATEMENT 24
NOTES 25
KEY FIGURES 38
BOARD OF DIRECTORS’ PROPOSAL 40
AUDITORS’ REPORT 41
CORPORATE GOVERNANCE AND MANAGEMENT 43
SHARE TURNOVER AND PERFORMANCE (MONTHLY) 44
OUTLET NETWORK 45
1

2
SMOKESTACK REPAIRS AT A THERMAL POWER STATION
AT VILNIUS, LITHUANIA, 2002.

RAMIRENT IN BRIEF
Ramirent is the leading company in Northern and Eastern Europe in
machinery and equipment rentals for construction and industry.
The Group has 175 permanent outlets in nine European countries
(Finland, Norway, Sweden, Russia, Estonia, Latvia, Lithuania, Poland
and Hungary).
The Ramirent Group’s core product groups are construction
machinery, personnel hoists, scaffolding, formwork, portable spacial
units 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 Bautas AS, which is the
largest machinery rental company operating in Norway. Ramirent’s
wholly-owned Swedish subsidiary, Stavdal i Sverige AB is one of the
leading machinery rental companies in Sweden. In total, the Group has
about 40 outlets in Norway and Sweden. Ramirent has a 65% holding
in Ramirent Europe Oy, which, through its subsidiaries, rents out
construction machinery and equipment in Russia, Estonia, Latvia,
Lithuania and Poland. Additionally, Ramirent has a wholly-owned
subsidiary in Hungary. At present the Group has a network of about
40 rental outlets in these countries.
Key figures
2002
2001 2000 1999 1998
Net sales and other operating income, € million
Profit before extraordinary items, € million
Earnings per share, €
Return on investment, %
Personnel 31.12.
102.3
14.3
1.49
13.3
1327
68.5
11.5
1.89
25.3
629
54.0
11.4
1.96
32.4
524
37.7
7.7
1.44
29.2
317
35.3
7.6
1.52
32.2
322
3

REVIEW BY THE PRESIDENT AND CEO
REVIEW OF 2002
Total construction in Finland decreased by
approximately 1% in 2002 compared to the
previous year. New construction in particular
showed a declining trend, while renovation
work continued to increase by 2–3 %. The
demand for rental fleet at shipyards and for
industrial maintenance remained good, and even
increased slightly in 2002. In Norway and
Sweden, construction remained at the same
level as the year before. In Russia, Hungary and
the Baltic states, construction was particularly
active in 2002, increasing significantly from the
previous year. In Poland, construction continued
to decline in 2002.
2002 was a significant year for the Ramirent
Group. Ramirent expanded its operations to
Scandinavia by acquiring the business
operations of Norway’s biggest construction
machinery and equipment rental company,
Bautas AS. This company also operates in the
equipment rental business in Sweden through its
subsidiary, Stavdal. The Norwegian and Swedish
operations have only been included in the
Ramirent Group figures for the last three months
of 2002.
In Finland, Ramirent strengthened its position
in the scaffolding rental business by acquiring
the scaffolding businesses of Tupla-Rakenne Oy
and its sister companies in the spring of 2002.
Ramirent Hungary Berléti Kft., a subsidiary of
Ramirent Plc, began construction machinery
and equipment rental operations on April 12,
2002, by opening its first office in Budapest.
The net sales of the Ramirent Group increased
by 48.8% compared to the previous year.
A substantial share of this growth came from
the Norwegian and Swedish companies, which
of course were not included in the figures for
2001. Ramirent Europe also continued to grow
strongly, with net sales increasing by 31.5%.
Domestic operations increased by 4.9%
compared to 2001.
The Group’s operating margin increased by
41.5% to EUR 29.6 million (EUR 20.9 million
in 2001), the operating profit increased by
26.6% to EUR 16.4 million (12.9), and the
profit before appropriations and taxes increased
by 32.5% to EUR 14.3 million (10.8). The
operating profit of domestic operations was
EUR 11.6 million. Ramirent Europe’s operating
profit was EUR 1.9 million, and the operating
profit of Ramirent Scandinavia for the last three
months of 2002 was EUR 2.9 million.
In accordance with its strategy, the Ramirent
Group invested heavily in growth and internationalization
in 2002. Currently, the Group
operates in nine European countries and has 175
offices. The Group employs approximately
1,300 people, two thirds of whom work outside
Finland.
4

Outlook for 2003
The overall market in the Nordic countries is
expected to remain on par or to grow slightly
compared with 2002. In Eastern European
countries, the market is expected to continue to
grow strongly. As a result of the major
investments made in 2002 in Eastern Europe,
and in particular as a result of the Bautas
business acquisition, the Ramirent Group is
expected to achieve net sales of EUR 190-200
million in 2003. The Group’s profit is also
expected to improve significantly from 2002.
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
the current good level. While growth will occur
mainly through internationalization, business in
Finland is also expected to continue to grow.
The Group’s main market areas, in addition to
the Nordic countries, are the “developing”
countries of Eastern and Central Europe.
However, internationalization is not an end in
itself. Rather, there are clear 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 market for
machinery rentals in Finland. 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 machinery and equipment used in
the machinery 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
utilization ratios than when operating in only
one market.
March 2003
Erkki Norvio
President and CEO
PROFIT BEFORE
EXTRAORDINARY ITEMS
1998-2002
OPERATING PROFIT
1998-2002
NET SALES
1998-2002
EUR million
20
EUR million
20
EUR million
100
101.5
15
10
7.6
5
7.7
11.4
11.5
14.3
15
10
5
8.4
8.4
12.9
12.1
16.4
90
80
70
60
50
40
30
20
34.1 36.9 53.8
68.2
10
98 99 00 01
02
98 99 00 01
02
0
98 99 00 01 02
5

THE GROUP’S OPERATING STRUCTURE AND ORGANIZATION
THE RAMIRENT GROUP
OPERATING STRUCTURE
RAMIRENT
FINLAND
BAUTAS
NORWAY
STAVDAL
SWEDEN
RAMIRENT
EUROPE
PRODUCT LINES
PURCHASES
MARKETING
MANAGEMENT
GROUP
Erkki Norvio
Thorolf Hannus
Kurt Opseth
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
EUROPE
Timo Korhonen
RAMIRENT
SCANDINAVIA
Kurt Opseth
The Ramirent Group operates in nine countries. The
operating structure is based on the idea of proximity
to customers and operations are channeled through
subsidiaries located in different countries. Strategic
planning, investments, financing and matters concerning
all markets are co-ordinated 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
Bautas AS subsidiary. The company has 30
permanent rental outlets in 4 areas throughout
Norway. In Sweden, operations are conducted
under the Stavdal brand in 13 permanent outlets,
mainly in Southern Sweden.
Operations in the countries of Eastern and Central
Europe (Russia, Estonia, Latvia, Lithuania, Poland
and Hungary) are carried out by Ramirent Europe
Oy through Ramirent’s subsidiaries in each of the
aforementioned countries. The Group has a total of
35 permanent outlets in these countries.
6

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 Partek largely transferred the prefabricated
unit production to its 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 1991. 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 A-Rakennusmies acquired Tallberg
Rakennustekniikka Oy’s business. In 1995, the
business of Betox Oy was purchased.
In December 1995, the business operations of
A-Rakennusmies were transferred to a new
company held by key persons in A-Rakennusmies
Oy through the holding company Gaspar
Oy Ab, together with the funds managed by
CapMan Capital Management Oy and MB
Finance Group Oy. Of the previous owners, Oy
Julius Tallberg Ab, Oy Partek Ab and Starck-
johann 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
April 30, 1998. 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 and equipment rental operations
of Kehä-Vuokraus and Cranes Sampo were
purchased in 1998 and two scaffolding rental
companies, Uudenmaan Telineykköset Oy and
Etelä-Suomen Telinepiste Oy, were purchased
in 2000. The Tower Crane operations were
incorporated as a subsidiary company called
Rami-Cranes Oy at the beginning of March
2000. The scaffolding operations were combined
into a subsidiary called Teline-Rami Oy at the
beginning of 2001. The name A-Rakennusmies
Oyj was changed to Ramirent Plc in March
2001. In 2002, Ramirent acquired the business
operations of the scaffolding rental company
Tupla-Rakenne Oy and its subsidiaries.
Market development
According to the estimates of Ramirent, the
Finnish construction machinery rental market in
2002 remained at the level of the previous year.
Nevertheless, the use of rental machinery and
equipment for construction is still low in
Finland by international standards. A slight
increase in the use of rental services in Finland
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 0–10 percent annually in the
future, depending on the development of
business activities in construction and industry.
Operations and 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
7

8
RAMIRENT’S PORTABLE SPACIAL UNITS
AT THE CONSTRUCTION SITE FOR THE FINNISH PARLIAMENT’S EXTENSION.

sales of related equipment and accessories. The
machinery and equipment in these product lines
are used in concrete casting, soil compaction,
hoisting, heating, sanding, grinding, welding,
drilling and nailing. The product range also
includes various cutting machines, pneumatic
machinery and equipment, electrical and
lighting equipment, pumps, and testing and
measuring equipment. The combined net sales
of these product lines increased slightly from
the previous year. The net sales of rental operations
are expected to still grow slightly in 2003.
The Formwork and Supporting Equipment
product line covers the renting and selling of
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 remained at the level of
the previous year. Net sales in 2003 are expected
to remain at the level of previous years, or
to increase slightly.
The wholly-owned subsidiaries of Ramirent
Plc, Teline-Rami Oy and Uudenmaan Telineykköset
Oy, are in charge of the operations of
the Scaffolding and Weather Covers product
line. Operations comprise renting and selling
scaffolds and weather covers. The companies’
comprehensive service also includes planning,
erection, transfers, disassemblies and transportation.
The net sales of Scaffolding and
Weather Covers increased significantly in 2002.
In 2003, net sales are estimated to still 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 selection includes office,
changing room, canteen, storage and accommodation
units. The net sales of Portable Spacial
Units and Containers increased to a certain
extent from the previous year. According to
estimates, growth is also expected in 2003.
Rami-Cranes Oy is a wholly-owned subsidiary
of Ramirent Plc in charge of the Tower Cranes
and Hoists product line. Rami-Cranes rents and
sells tower cranes and construction site hoists
and related maintenance and spare parts
services. Rami-Cranes also repairs and provides
spare parts for other kinds of hoists and construction
sites. In 2002, the net sales of Rami-
Cranes decreased slightly from the previous
year, mainly due to a decrease in new tower
crane sales. Net sales are expected to increase
to some extent in 2003.
Net sales of Ramirent’s Finnish operations
60,0 M€
Operating profit of Ramirent’s Finnish
operations
11,6 M€
9

10
A GEDA GOODS HOIST IN OPERATION
AT A CONSTRUCTION SITE.

RAMIRENT SCANDINAVIA
History
Veidekke ASA, Norway’s largest construction
company, incorporated its internal machinery
rental department into a subsidiary called
Bautas in 1997. Bautas AS 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 the Group’s 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.
Market development
In Norway and Sweden, the overall construction
market remained at the same level in 2002 as in
the year before. Office premises and industrial
construction declined slightly, while housing
construction, earth works and hydraulic engineering
increased to some extent. In 2003,
overall construction is expected to decrease
slightly in Norway, while in Sweden construction
is expected to pick up.
Norway (Bautas AS)
The Norwegian equipment and machinery rental
market has been good and stable for the past
two years. The operations of Bautas developed
positively in all regions in 2002, particularly in
the fourth quarter. In 2003, the overall market
is expected to remain good, although regional
differences are expected to increase. Ramirent
expects to improve its market position in
Norway in 2003.
Sweden (Stavdal i Sverige AB)
In Sweden, the equipment rental market stayed
relatively stable in 2002, although there were
substantial regional differences. In the Stockholm
area, increased competition lead to a
tighter market situation. The market has been
weak in the Öresund region, and tighter than
before in the Gothenburg area. Though
Stavdal’s net sales increased in 2002 and in the
year’s fourth quarter compared to 2001, the
company did not achieve its profitability targets
and profit weakened compared to the previous
year. In 2003, the Swedish equipment rental
market is expected to remain at the level of
2002. As a result of investments made in
Stavdal in 2002, Ramirent expects Stavdal to
develop positively in 2003, and profitability is
expected to improve from the previous year.
Net sales of Ramirent Scandinavia
26,8 M€
Operating profit of Ramirent Scandinavia
2,9 M€
11

RAMIRENT EUROPE
History
Ramirent Europe machine rental business was
started in Moscow in 1989 with the foundation
of a joint venture company by two local
partners in the former Soviet Union.
In 1993, the Moscow business was transferred
to a wholly-owned subsidiary, ZAO Techrent.
In 1994, Ramirent Europe operations were
expanded with the establishing of subsidiaries
in St. Petersburg, Russia and Tallinn, Estonia.
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
five countries: OOO Techrent (Moscow) and
ZAO Peterrent (St. Petersburg) in Russia,
Ramirent AS in Estonia, A-Ramirent SIA and
RAMITEH SIA in Latvia, A-Ramirent UAB in
Lithuania and Rema-Rental S.A. and Operator
S.A. in Poland. Additionally, Ramirent Plc has
set up a Hungarian subsidiary called Ramirent
Hungary Bérleti Kft that started operations at the
beginning of 2002.
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%.
Ramirent Plc also has the right to redeem the
minority holding.
General overview
Ramirent Europe has developed according to its
strategy. In 2002, the net sales of Ramirent
Europe increased by 31.5% from the previous
year. The operating profit also increased markedly
from that of 2001, totaling EUR 2.0 million. The
operating profit increased in all countries where
Ramirent Europe operates. Operations are
expected to continue to grow in 2003. The main
focus, however, is improving profitability.
Estonia (Ramirent AS)
In 2002, construction in Tallinn increased by about
15%. This, coupled with the expansion of the network
of AS Ramirent outlets, led to a very solid
year in the Estonian market. The Group’s opera-
12

tions were expanded to Pärnu, Narva, Tartu and
Saarenmaa. The company’s net sales increased
by 40% from the previous year and the operating
profit was good. This favorable development is
also expected to continue in 2003.
Latvia (A-Ramirent SIA, RAMITEH SIA)
The growth in construction in Latvia and the
increase in the number of Group outlets in Riga
to three increased the net sales of A-Ramirent
SIA by 33% from the previous year. The company’s
operating profit also improved to become
excellent. This positive development is also
expected to continue in 2003.
The formwork rental company, SIA VIATEH,
increased its net sales by 61% from the previous
year, generating an excellent operating profit. In
2003, the company’s name will change to RAMITEH
SIA and, at the same time, the product range will
be expanded to cover scaffolding and portable
spacial unit rentals. RAMITEH SIA also expects
the positive development to continue in 2003.
Lithuania (A-Ramirent UAB)
Construction experienced strong growth in
Vilnius and throughout Lithuania in 2002. The
Ramirent subsidiary also increased its net sales,
achieving its target of 50% growth from the
previous year. The operating profit was good.
In the 2003 financial year, the operating profit is
expected to continue to improve.
Poland (Rema-Rental S.A.)
Rental operations continued in Poland mainly
through Ramirent Europe Oy’s subsidiary Rema-
Rental S.A., of which Ramirent Europe owns
70%. As expected, market conditions were tough
in Poland. Construction decreased for the second
consecutive year, this time by 15%. The market
conditions are not expected to markedly improve
during the first half of 2003, but the situation is
estimated to improve during the second half of
the year and in 2004. At present there is a network
of 13 outlets in Poland and the aim is to expand
the network further in the years to come. The
company’s net sales increased by 33% from the
previous year. Due to this, Rema-Rental S.A.
became the market leader in the Polish construction
machinery rental business. The operating
result was a slight loss due to the payment
difficulties experienced by customers and
expansion costs. During the financial year, the
operations of Rami-Polska Sp Z o.o. and Mast-
Rent Sp Z o.o. were combined with those of
Rema-Rental. The company’s operating profit is
expected to increase in 2003.
Russia – Moscow (OOO Techrent),
St. Petersburg (ZAO Peterrent)
Construction in Moscow was much more intensive
in 2002 than in the previous year. The net
sales of Techrent increased by 18% from the
previous year and its operating profit was satisfactory.
Techrent’s operations are expected to
develop positively in 2003. The company is still
focusing on improving its operating conditions.
Construction in St. Petersburg also experienced
growth in 2002. Peterrent’s net sales increased
by 17% from the previous year, and its
operating profit was reasonably good. Development
is expected to be favorable in 2003.
Hungary (Ramirent Hungary Bérleti Kft.)
The Hungarian operations, commenced in
spring 2002, have proceeded as planned.
Ramirent intends to substantially expand its
Hungarian business in 2003.
Net sales of Ramirent Europe
Operating profit of Ramirent Europe
15,7 M€
1,9 M€
13

14
UPRIGHT AB 62 RT SELF-PROPELLED ARTICULATED ARM LIFT
– SOMETIMES CALLED THE “MOON WALKER”.

BOARD OF DIRECTORS’ REPORT
General
2002 was a very important year for the Ramirent
Group. In 2002, Ramirent expanded its operations
to Scandinavia by acquiring the operations
of Norway’s biggest construction machinery and
equipment rental company, Bautas AS. In addition
to Norway, this business also includes
significant equipment rental operations in
Sweden through a subsidiary, Stavdal. Both the
Norwegian and Swedish operations were included
in the figures for the Ramirent Group
only for the last three months of 2002. In Finland,
Ramirent strengthened its position in the scaffolding
rental business by acquiring the scaffolding
businesses of Tupla-Rakenne Oy and its
sister companies in the spring of 2002. Ramirent
Hungary Berléti Kft., a subsidiary of Ramirent
Plc, began its construction machinery and
equipment rental operations in Hungary in April
2002, by opening its first office in Budapest.
The net sales of the Ramirent Group increased
by 48.8% compared to the previous year. A
substantial share of the net sales growth came
from the Norwegian and Swedish companies,
which of course were not included in the figures
for 2001. Ramirent Europe also continued to
grow strongly, by 31.5% compared to the
previous year. Domestic operations grew by
4.9% compared to 2001. Group operating profit
increased by 26.6%. The operating profit from
domestic operations totaled EUR 11.6 million
(12.9). Ramirent Europe’s operating profit
totaled EUR 1.9 million (-0.9). The operating
profit of Ramirent Scandinavia for the last three
months of 2002 was EUR 2.9 million.
In accordance with its strategy, the Ramirent
Group invested heavily in growth and internationalization
in 2002. Currently, the Group
operates in nine European countries and has a
total of 175 offices. The Group employs approximately
1,300 people, of whom almost two thirds
work outside Finland.
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 internationalization,
business in Finland is also expected
to continue to grow. The Group’s main
market areas, in addition to the Nordic countries,
are the “developing” countries of Eastern and
Central Europe. For Ramirent, internationalization
is not an end in itself, however. Rather,
there are clear reasons why it is the company’s
chosen course. First, the attainment of sufficient
growth and corporate size in the Finnish market
alone is virtually impossible, due to the limited
market for machinery rentals in Finland. At the
same time, rapid 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 in different countries
are at different stages of development and the
market rises and falls due to the business cycle
can occur at different times. Hence, by operating
in many countries, the company is able to develop
much more steadily than by operating in just one
country. Thirdly, the machinery and equipment
used in the machinery 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
utilization ratios than when operating only in one
market.
Changes in Group Structure
September 30, 2002, Ramirent Plc concluded a
corporate acquisition and a share offering, in
which 2,142,857 shares were issued to the
Norwegian company Veidekke ASA. These
arrangements relate to a sale and acquisition
agreement signed on August 28, 2002, according
to which Ramirent would acquire the assets and
business of Bautas AS, a subsidiary of Veidekke,
including the shares of foreign subsidiaries held
by Bautas, and would assume certain of the
liabilities of Bautas. Ramirent has published a
prospectus relating to the acquisition and share
offering and announced it in a stock exchange
release on September 17, 2002.
Three new sub-groups were formed as a result
of the acquisition. Bautas AS of Norway and
Stavdal AB of Sweden are now wholly owned
subsidiaries of Ramirent Plc. Ramirent Plc owns
75% of Lastor AB of Sweden, which in turn is the
100% owner of Operator Solka z.o.o of Poland.
15

Group Net Sales, Profit and Balance Sheet
The Group’s profit before extraordinary items,
reserves and taxes was EUR 14.3 million (11.5).
The profit after taxes and minority interests was
EUR 9.5 million (7.5). The Group’s balance sheet
total was EUR 223.1 million (69.6). The Ramirent
Group’s net sales for 2002 totaled EUR 101.5
million (68.2), an increase of 48.8% on the previous
year. Other operating income was EUR 0.8 million
(0.3). Group operating profit was EUR 16.4 million
(12.9). Depreciation grew as a result of the substantial
investments to EUR 13.3 million (8.0).
Operating profit before depreciation (operating
margin) increased by 41.5% to total EUR 29.6
million (20.9), the operating profit increased by
26.6% to EUR 16.4 million (12.9), and profit
before appropriations and taxes increased by
32.5% to EUR 14.3 million (10.8). Earnings per
share were EUR 1.49 (1.89) and return on
investment 13.3% (25.3%).
Investments
The Group’s gross capital expenditure on noncurrent
assets totaled EUR 112.8 million (19.7).
The most significant investment was the Bautas/
Stavdal acquisition on September 30, 2002.
Financing and Liquidity
Net debt at the end of the year under review totaled
EUR 113.4 million (21.9) and the gearing ratio
was 160.0% (66.8). Interest-bearing debt totaled
EUR 121.1 million (25.4). The Group made significant
investments in 2002 financed mainly by
loans from financial institutions and by investment
finance and internal financing. The equity to assets
ratio was 31.8% (47.2). The Group’s liquidity was
good during the year under review.
Personnel
In the year under review, the Group employed
an average of 884 people (600). 492 (421) employees
worked in Finland and 147 in Scandinavia.
Other International operations employed 245
(179) employees. The reasons for the growth in
personnel were 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 2003
The overall market in the Nordic countries is expected
to remain unchanged or to grow slightly compared
with 2002. In the Eastern European countries,
the market is expected to continue to grow rapidly.
As a result of the major investments made in 2002 in
Eastern Europe, and in particular as a result of the
Bautas business acquisition, the Ramirent Group is
expected to achieve net sales of EUR 190-200
million in 2003. The Group’s profit is also expected
to improve significantly from 2002.
Significant Events after the end of the
Financial Year
Uudenmaan Telineykköset Oy, a wholly owned subsidiary
of Ramirent, has made a long-term agreement
with Fortum Oil and Gas Oy concerning scaffolding
work. The agreement concerns the renting
and installation of scaffolding and the renting of
supporting equipment in Fortum’s Porvoo production
plant. Scaffolding installation will provide work for
15–30 installation employees during the agreement
period. The agreement covers not only Fortum Oil
and Gas Oy, but also Borealis Polymers Oy, Ashland
Finland Oy, Dynea Chemicals Oy and StyroChem
Finland Oy. The agreement will be in force until the
end of 2004, after which there is an option to
continue the agreement by up to two years.
Board of Directors, President & CEO,
and Auditor
The Annual General Meeting held on April 29,
2002, elected the following Board members:
Raimo Taivalkoski (Chairman), Thomas Tallberg
(Vice Chairman), Erkki Norvio and Tuire Mannila.
An Extraordinary General Meeting held on
September 26, 2002 elected Eigil Flaathen as a fifth
Board member with effect from September 30, 2002.
At the Annual General Meeting KPMG Wideri Oy
Ab, Authorized Public Accountants, was elected as
Auditor, with Solveig Törnroos-Huhtamäki,
Authorized Public Accountant, as Auditor with
principal responsibility. Erkki Norvio is the President
& CEO of Ramirent Plc.
16

INCOME STATEMENT
CONSOLIDATED
Note 1.1.-31.12.2002 1.1.-31.12.2001
(EUR 1000) (EUR 1000)
NET SALES 2 101 490 68 234
Other operating income 3 841 275
Materials and services 4 21 672 16 874
Personnel services 5 27 417 16 070
Depreciation and writedown 6 13 284 8 030
Other operating expenses 23 606 14 616
85 979 55 590
OPERATING PROFIT 16 351 12 919
Financial income and expenses 7 -2 018 -1 449
PROFIT BEFORE EXTRAORDINARY ITEMS 14 334 11 470
Extraordinary items8 0 -650
PROFIT BEFORE APPROPRIATIONS
AND TAXES 14 334 10 820
Income taxes10 -4 108 -3 490
Minority interests -709 139
NET PROFIT FOR THE YEAR 9 517 7 469
17

BALANCE SHEET
CONSOLIDATED
Note 31.12.2002 31.12.2001
(EUR 1000) (EUR 1000)
ASSETS
NON-CURRENT ASSETS
Intangible assets 11 36 852 6 295
Tangible assets 11 141 903 46 417
Investments
Other investments 13, 15 480 341
TOTAL NON-CURRENT ASSETS 179 235 53 053
CURRENT ASSETS
Inventories16 7 424 3 575
Current receivables
Sales receivables 25 342 8 238
Other receivables226 280
Prepayments and accrued income 3 298 1 002
Cash in hand and at the banks 7 618 3 498
TOTAL CURRENT ASSETS 43 908 16 593
TOTAL ASSETS 223 143 69 646
18

CONSOLIDATED
Note 31.12.2002 31.12.2001
(EUR 1000) (EUR 1000)
LIABILITIES
CAPITAL AND RESERVES
Share capital 18 5 384 3 522
Share premium account 18 33 078 4 369
Legal reserve 18 18
Retained earnings18 17 230 13 478
Net profit for the year 18 9 517 7 469
TOTAL CAPITAL AND RESERVES 65 209 28 856
MINORITY INTERESTS 5 643 3 951
CREDITORS
Deferred tax 21 6 879 2 383
Non-current liabilities
Loans from financial institutions 23, 26, 27 88 657 11 146
Pension loans 23, 27 5 706 5 315
Other loans23 4 479
98 842 16 461
Current liabilities
Debenture loans22 824
Loans from financial institutions 23, 25, 26, 27 21 183 7 082
Pension loans 25, 27 1 033 1 034
Advances received 89
Trade payables9 373 3 575
Other liabilities8 811 1 330
Accruals and deferred income 25 6 171 4 061
46 571 17 995
TOTAL CREDITORS 152 291 36 839
TOTAL LIABILITIES 223 143 69 646
19

CASH FLOW STATEMENT
CONSOLIDATED
1.1.-31.12.2002 1.1.-31.12.2001
(EUR 1000) (EUR 1000)
Cash flow from operating activities:
Profit before extraordinary items14 334 11 470
Adjustments:
Depreciation and writedown 13 334 8 030
Other income and expenses, not involving payment 141 12 322
Financial income and expenses 2 018 1 449
Other adjustments -613 -789
Cash flow before change in net working capital 29 164 21 482
Change in net working capital:
Non interest-bearing short-term business receivables
increase (-) / decrease (+) -18 687 -1 829
Inventories increase (-) / decrease (+) 208 -295
Non interest-bearing short-term debt
increase (+) / decrease (-) 17 740 -102
Cash flow before financing activities and taxes 28 425 19 256
Paid interests and payments of
other business financing costs -1 252 -1 591
Interests received from business activities -133 137
Direct taxes paid -3 931 -3 154
Cash flow from operating activities (A) 23 109 14 648
Cash flow from investing activities:
Investments in tangible and intangible assets -104 205 -17 052
Proceeds from sale of tangible and intangible assets 4 087 139
Other investments 0 -12
Loans granted -12 962 -939
Dividends received from investments 0 4
Cash flow from investing activities (B) -113 080 -17 860
Cash flow from financing activities:
Paid share issue 30 570 883
Raising of short-term loans 11 463 2 610
Repayment of short-term loans -824 -5 046
Raising of long-term loans 89 166 12 830
Repayment of long-term loans-32 766 -2 792
Dividends paid -3 518 -3 522
Cash flow from financing activities (C) 94 091 4 963
Change in liquid assets, increase (+) / decrease (-) (A+B+C) 4 120 1 751
Liquid assets at the beginning of the financial year 3 498 1 746
Liquid assets at the end of the financial year 7 618 3 498
20

INCOME STATEMENT
PARENT COMPANY
Note 1.1.-31.12.2002 1.1.-31.12.2001
(EUR 1000) (EUR 1000)
NET SALES 1, 2 41 501 40 297
Other operating income 3 441 322
Materials and services 4 -7 843 -6 663
Personnel services 5 -10 169 -9 913
Depreciation and writedown 6 -5 420 -4 923
Other operating expenses -11 283 -10 550
-34 715 -32 050
OPERATING PROFIT 7 227 8 570
Financial income and expenses 7 -1 091 -692
PROFIT BEFORE EXTRAORDINARY ITEMS 6 136 7 878
Extraordinary items8 3 424 2 909
PROFIT BEFORE APPROPRIATIONS
AND TAXES 9 560 10 787
Appropriations9 -1 802 -959
Income taxes10 -2 248 -2 865
NET PROFIT FOR THE YEAR 5 510 6 964
21

BALANCE SHEET
PARENT COMPANY
Note 31.12.2002 31.12.2001
(EUR 1000) (EUR 1000)
ASSETS
NON-CURRENT ASSETS
Intangible assets
Intangible rights11 95 95
Goodwill 11 1 554 1 985
Other capitalized long-term expenditure 11 873 1 079
2 521 3 160
Tangible assets
Land and water 11 76 76
Buildings11 1 170 1 244
Machinery and equipment 11 29 533 24 408
30 778 25 728
Investments
Holdings in Group companies 12, 14 23 877 11 422
Other shares and holdings 13, 15 339 339
24 215 11 761
TOTAL NON-CURRENT ASSETS 57 515 40 648
CURRENT ASSETS
Inventories16 1 362 1 681
Non-current receivables
Receivables from Group companies 17 49 822 3 439
Current receivables
Sales receivables 3 738 4 063
Receivables from Group companies 17 8 896 4 828
Prepayments and accrued income 857 446
Cash in hand and at the banks 283 278
TOTAL CURRENT ASSETS 64 958 14 736
TOTAL ASSETS 122 473 55 384
22

PARENT COMPANY
Note 31.12.2002 31.12.2001
(EUR 1000) (EUR 1000)
LIABILITIES
CAPITAL AND RESERVES
Share capital 18 5 384 3 522
Share premium account 18 33 078 4 369
Retained earnings18 11 779 8 334
Net profit for the year 18 5 510 6 964
TOTAL CAPITAL AND RESERVES 55 751 23 188
APPROPRIATIONS
Depreciation reserve 20 8 883 7 080
CREDITORS
Non-current liabilities
Loans from financial institutions 23, 26, 27 26 000 8 235
Pension loans 23, 27 4 281 5 315
Hire purchase loans 23 4 466
34 747 13 550
Current liabilities
Debenture loans22 824
Loans from financial institutions 25, 26, 27 16 517 5 041
Pension loans 25, 27 1 033 1 034
Hire purchase loans 25 433
Advances received 22 89
Trade payables1 111 1 224
Liabilities to Group companies 24 263 408
Other liabilities944 982
Accruals and deferred income 25 2 768 1 964
23 091 11 566
TOTAL CREDITORS 57 839 25 115
TOTAL LIABILITIES 122 473 55 384
23

CASH FLOW STATEMENT
PARENT COMPANY
1.1.-31.12.2002 1.1.-31.12.2001
(EUR 1000) (EUR 1000)
Cash flow from operating activities:
Profit before extraordinary items6 136 7 878
Adjustments:
Depreciation and writedown 5 420 4 923
Other income and expenses, not involving payment 141 742
Financial income and expenses 1 091 692
Other adjustments -254 -775
Cash flow before change in net working capital 12 534 13 460
Change in net working capital:
Non interest-bearing short-term business receivables
increase (-) / decrease (+) 174 233
Inventories increase (-) / decrease (+) 319 -168
Non interest-bearing short-term debt
increase (+) / decrease (-) 146 -95
Cash flow before financing activities and taxes 13 173 13 430
Paid interests and payments of other
business financing costs -1 159 -1 332
Interests received from business activities 90 182
Direct taxes paid -2 878 -3 746
Cash flow from operating activities (A) 9 227 8 535
Cash flow from investing activities:
Investments in tangible and intangible assets -11 983 -8 256
Proceeds from sale of tangible and intangible assets 2 263 126
Other investments -46 383 0
Loans granted -12 454 -1 665
Repayments of loans 0 1 408
Proceeds from sale of other investments 0 158
Dividends received from investments 0 2
Cash flow from investing activities (B) -68 557 -8 227
Cash flow from financing activities:
30 571 0
Raising of short-term loans 11 463 1 548
Repayment of short-term loans -824 -5 620
Raising of long-term loans 37 166 10 259
Repayment of long-term loans-15 523 -2 792
Dividends paid -3 518 -3 522
Cash flow from financing activities (C) 59 334 -126
Change in liquid assets, increase (+) / decrease (-) (A+B+C) 4 181
Liquid assets at the beginning of the financial year 278 97
Liquid assets at the end of the financial year 283 278
24

NOTES TO THE FINANCIAL STATEMENTS
ACCOUNTING PRINCIPLES
General
The financial statements have been prepared in
accordance with the valid provisions of the
Finnish Accounting Act and Companies Act.
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 unrealized 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 entered as fixed assets on
December 31, 2002, was EUR 575,106 (EUR
639,007). The fixed asset items will be
depreciated according to plan, while goodwill
will be amortized 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
December 31. 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 take account of allocation
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 2002 financial year are not
comparable with those of 2001 due to the
acquisition that was implemented on September
30, 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
December 31. Realized exchange rate differences
are presented in the income statement,
whereas unrealized exchange rate differences are
presented under adjusting items.
25

The principal foreign exchange rates used were:
Income statement rate
Balance sheet rate
2002 2001 2002 2001
EUR/RUR 32.35199 26.09035 33.27787 26.87457
EUR/EEK 15.64700 15.64666 15.64700 15.64666
EUR/LVL 0.60491 0.55894 0.61230 0.55630
EUR/LTL 3.45256 3.57169 3.45244 3.52279
EUR/PLN 3.99106 3.64851 4.00048 3.49531
EUR/SEK 9.09433 9.15280
EUR/NOK 7.30810 7.27560
EUR/HUF 237.52969 235.84906
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. In addition, the
Norwegian subsidiary has liabilities for early
retirement pensions.
Maintenance and repairs
Except for major refurbishment costs, which are
capitalized 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 capitalized 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 straight-line depreciation or as a
percentage (reducing balance method).
The depreciation periods for the fixed assets are
as follows:
Rental machinery, equipment and machinery,
itemized
Lifting and loading equipment 8–15 years
Small machines3–8 years
Portable spacial units
10 years
Rental machinery and equipment, non-itemized
Scaffolding 10%
Reducing balance method
Formwork and supporting equipment 10%
Reducing balance method
Other non-itemized 10–33%
Reducing balance method
Goodwill arising from restructuring of the
Group is amortized over 10–20 years depending
on the perceived importance of the restructuring
to Group strategy. The goodwill amortization
period relating to the Bautas/Stavdal acquisition
on September 30, 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 amortization
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.
Goodwill
Other long-term expenditure
Buildings and structures
Machinery and equipment
for own use
10–20 years
3–8 years
20 years
3–10 years
Cash in hand and at the bank
Cash in hand and at the bank includes cash and
bank accounts.
26

NOTES TO THE INCOME STATEMENT
1) Distribution of net sales, parent company (EUR million)2002 2001
by market area
Finland 41 39
Other European countries1 1
Total 42 40
2) Distribution of net sales, Group 2002 2001
Finnish operations 60 56
Scandinavian operations26 0
Other international operations16 12
Total 102 68
3) Other operating income Group Group Parent Parent
Company Company
2002 2001 2002 2001
Profits from disposal of fixed assets 613,185 139,484 254,470.78 125,532.86
Other income 227,622 135,630 186,103.87 196,965.53
Total 840,807 275,114 440,574.65 322,498.39
4) Materials and services
Materials and accessories
Purchases during financial year 12,554,067 8,456,878 4,682,647.60 4,245,470.09
Change in inventory 207,595 -467,783 318,997.22 341,214.97
Services purchased from outside 8,910,492 8,884,575 2,841,094.04 2,076,748.26
Total 21,672,154 16,873,670 7,842,738.86 6,663,433.32
5) Personnel expenses
Salaries and wages 21,332,359 12,833,305 8,099,647.73 7,912,062.62
Pension costs 3,496,037 1,759,079 1,317,298.82 1,243,125.82
Other indirect personnel costs 2,588,231 1,477,521 751,698.04 757,528.42
Total 27,416,627 16,069,905 10,168,644.59 9,912,716.86
Emoluments of management
(EUR 1,000)
CEOs962 830
Total 962 830
Average number of personnel
Finnish operations 492 421 331 322
Scandinavian operations147
Other international operations245 179
Total 884 600 331 322
6) Depreciation and write-down
Tangible and intangible assets 13,283,707 8,030,306 5,420,137.54 4,923,249.58
Depreciation is itemized under “fixed assets”.
27

7) Financial income and expenses Group Group Parent Parent
Company Company
2002 2001 2002 2001
Dividend income from outsiders 1,380 4,406 1,380.55 2,264.00
Dividend income from Group companies- - - 222,671.25
Interest income from Group companies - - 368,784.41 188,049.21
Other interest and financial income
from Group companies- - 122,048.82
from others62,355 103,410 44,045.44 51,096.69
Exchange rate differences127,131 377,429 - -33.15
Total 189,486 480,839 44,045.44 173,112.30
Interest income from long-term investments
and other interest and financial income, total 189,486 480,839 412,829.85 361,161.57
Interest expenses and other financial expenses
from Group companies- - - 72,701.82
from others2,228,782 1,591,356 1,504,759.86 1,206,732.17
Exchange rate and translation differences 19,809 343,027 74,98 -1,536.77
Total 2,208,973 1.934.383 1.504.834,84 1.277.897,22
Total financial income and expenses 2.018.107 1,449,138 1,090,624.44 691,800.40
8) Extraordinary items
Extraordinary income
Group contributions- - 3,424,000.00 3,559,000.00
Extraordinary expenses
Company name change expenses - -649,890 - -649,889.87
Total - -649,890 - 2,909,110.13
9) Appropriations
Difference between depreciation made
according to plan and in taxation - - 1,802,238.11 958,614.00
10) Income taxes
Income taxes on actual operations 3,301,244 3,237,168 1,254,827.18 2,021,162.38
Income taxes on extraordinary items - -188,468 992,960.00 843,642.00
Change in deferred tax liability 807,046 441,936 - -
Total 4,108,290 3,490,636 2,247,787.18 2,864,804.38
28

NOTES TO THE BALANCE SHEET
NON-CURRENT ASSETS Group Group Parent Parent
Company Company
11) Intangible assets 2002 2001 2002 2001
Intangible rights
Acquisition cost, Jan 1 96,829 100,904 94,928.62 88,238.11
Increase 420,007 6,691 - 6,690.51
Transfers between items - -10,766 - -
Acquisition cost, Dec 31 516,836 96,829 94,928.62 94,928.62
Accumulated depreciation, Jan 1 -1,900 -1,900 - -
Depreciation for year - - - -
Accumulated depreciation, Dec 31 -1,900 -1,900 - -
Book value, Dec 31 514,936 94,929 94,928.62 94,928.62
Goodwill
Acquisition cost, Jan 1 5,412,827 5,335,148 5,186,396.52 5,335,148.26
Increase 924,304 77,679 77,075.12 77,678.82
Bautas, Oct 1 21,988,896
Decrease - - - -226,430.56
Acquisition cost, Dec 31 28,326,028 5,412,827 5,263,471.64 5,186,396.52
Accumulated depreciation and
write-down, Jan 1 -3,257,637 -2,699,948 -3,201,029.47 -2,699,948.33
Depreciation for year -999,674 -557,689 -508,798.75 -501,081.14
Accumulated depreciation, Dec 31 -4,257,311 -3,257,637 -3,709,828.22 -3,201,029.47
Book value, Dec 31 24,068,717 2,155,190 1,553,643.42 1,985,367.05
Other long-term expenditure
Acquisition cost, Jan 1 2,469,541 2,073,215 2,105,266.80 1,738,861.61
Increase 635,994 481,110 115,645.15 366,405.19
Bautas, Oct 1 1,406,496
Decrease -25,102 -84,784
Acquisition cost, Dec 31 4,486,929 2,469,541 2,220,911.95 2,105,266.80
Accumulated depreciation and
write-down, Jan 1 -1,118,248 -765,508 -1,026,020.60 -733,384.94
Depreciation for year -462,311 -352,740 -322,165.87 -292,635.66
Accumulated depreciation, Dec 31 -1,580,559 -1,118,248 -1,348,186.47 -1,026,020.60
Book value, Dec 31 2,906,370 1,351,293 872,725.48 1,079,246.20
Consolidation goodwill
Acquisition cost, Jan 1 2,989,741 2,077,341
Increase 5,472,535 912,400
Bautas, Oct 1 1,524,521
Acquisition cost, Dec 31 9,986,797 2,989,741
Accumulated depreciation and
write-down, Jan 1 -296,321 -81,241
Depreciation for year -328,067 -215,080
Accumulated depreciation, Dec 31 -624,388 -296,321
Book value, Dec 31 9,362,409 2,693,420
Total intangible assets 36,852,432 6,294,832 2,521,297.52 3,159,541.87
29

Tangible assets Group Group Parent Parent
Company Company
2002 2001 2002 2001
Land and water
Acquisition cost, Jan 1 740,674 738,630 76,126.90 76,126.90
Increase 339,929 2,044 - -
Bautas, Oct 1 709,550
Decrease -232,537
Acquisition cost, Dec 31 1,557,616 740,674 76,126.90 76,126.90
Book value, Dec 31 1,557,616 740,674 76,126.90 76,126.90
Buildings
Acquisition cost, Jan 1 2,172,147 2,152,962 1,474,565.78 1,474,565.77
Increase 1,012,043 19,185 520.25 -
Bautas, Oct 1 1,920,870
Decrease -111,243 - - -
Acquisition cost, Dec 31 4,993,817 2,172,147 1,475,086.03 1,474,565.77
Accumulated depreciation and
write-down, Jan 1 -311,292 -186,804 -230,732.12 -156,194.63
Bautas, Oct 1 -172,665
Depreciation for year -184,207 -124,488 -74,537.50 -74,537.50
Accumulated depreciation, Dec 31 -668,164 -311,292 -305,269.62 -230,732.12
Book value, Dec 31 4,325,653 1,860,855 1,169,816.41 1,243,833.66
Machinery and equipment
Acquisition cost, Jan 1 67,977,995 52,203,138 44,487,547.98 40,855,391.58
Increase 26,499,572 18,185,981 11,789,555.85 7,973,600.96
Bautas, Oct 1 93,213,816
Decrease -5,326,132 -2,411,124 -3,284,039.47 -4,341,444.56
Acquisition cost, Dec 31 182,365,251 67,977,995 52,993,064.36 44,487,547.98
Accumulated depreciation and
write-down, Jan 1 -24,162,394 -17,862,159 -20,079,940.28 -16,488,057.54
Bautas, Oct 1 -12,345,494
Accumulated depreciation on decreases 1,471,934 480,074 1,134,023.66 463,112.54
Depreciation for year -11,309,448 -6,780,309 -4,514,635.42 -4,054,995.28
Accumulated depreciation, Dec 31 -46,345,402 -24,162,394 -23,460,552.04 -20,079,940.28
Book value, Dec 31 136,019,849 43,815,601 29,532,512.29 24,407,607.67
Total tangible assets 141,903,118 46,417,130 30,778,455.60 25,727,568.23
12) Investments
Holdings in Group companies
Acquisition cost, Jan 1 11,422,120.14 8,029,024.10
Increase 12,454,468.46 3,393,096.04
Book value, Dec 31 23,876,588.60 11,422,120.14
30

13) Other shares and holdings Group Group Parent Parent
Company Company
2002 2001 2002 2001
Acquisition cost, Jan 1 341,090 328,777 338,693.91 326,380.72
Increase 138,545 12,313 - 12,313.19
Book value, Dec 31 479,636 341,090 338,693.91 338,693.91
The increase on Oct 1, 2002 refers to fixed assets acquired with the acquisition of Bautas.
14) Shares and holdings Parent
in Group companies Group company
Domicile Holding Holding
Teline-Rami Oy Helsinki 100% 98.57%
Uudenmaan Telineykköset Oy Tuusula 100% 100%
KOY Imatrantie 55 Imatra 100% 100%
KOY Kempeleen Rautalujala Kempele 100% 100%
KOY Hyvinkään Varastokatu Hyvinkää 100% 100%
Rami-Service Oy Helsinki 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%
ZAO Techrent Moscow 65% 0%
ZAO Peterrent St. Petersburg 65% 0%
Ramirent AS Tallinn 65% 0%
A-Ramirent SIA Riga 43.55% 0%
A-Ramirent UAB Vilnius65% 0%
Ramirent Polska Sp. Zo.o. Warsaw 65% 0%
Rema-Rental S.A. Szczezin 45.96% 0%
SIA RAMITEH Riga 43.55% 0%
Ramirent Hungary Kft Budapest 100% 100%
Stavdal i Sverige 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%
Lastor AB Gothenburg 75 % 75 %
Operator SP. zo.o. Warsaw 75 % 0 %
Bautas AS 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-Service Oy, Rami-Tilat Oy, Rami-Muotit Oy, Proff Utleie AS, Stavdal Maskinutleie AS and
Stavdal Liftutleie AS had no business operations in the 2002 financial year.
31

15) Other shares and holdings Group Group Parent Parent
Company Company
2002 2001 2002 2001
Telephone shares and holdings 52,679 55,075 52,678.76 52,678.76
Shares in housing corps/business premises 285,679 285,679 285,678.78 285,678.78
Other shares and holdings 141,278 336 336.37 336.37
Total 479,636 341,091 338,693.91 338,693.91
16) Inventories
Goods7,423,571 3,575,188 1,362,428.53 1,681,425.73
17) Receivables from Group companies
Long-term
Loans49,821,884.00 3,439,006.61
Short-term
Sales receivables 1,400,323.46 979,444.10
Loans908,540.59 -
Prepayments and accrued income 596,713.89 290,032.10
Other receivables5,990,035.26 3,559,008.73
Total 58,717,497.20 8,267,491.54
18) Capital and reserves
Share capital, Jan 1 3,521,744 3,521,774 3,521,774.45 3,521,774.45
Rights offering 1,862,038 1,862,037.74 -
Share capital, Dec 31 5,383,812 3,521,774 5,383,812.19 3,521,774.45
Share premium account, Jan 1 4,369,183 4,369,183 4,369,183.09 4,369,183.09
Rights offering 28,708,530 28,708,530.26 -
Share premium account, Dec 31 33,077,713 4,369,183 33,077,713.35 4,369,183.09
Legal reserve, Jan 1 18,433 5,994
Transfer from retained earnings -18,433 12,439
Legal reserve, Dec 31 - 18,433
Retained earnings, Jan 1 20,946,620 16,963,229 15,297,314.42 11,855,329.02
Transfer to legal reserve - -12,439
Change in translation difference -198,668 48,423
Dividend distribution -3,517,839 -3,521,774 -3,517,839.36 -3,521,774.45
Retained earnings, Dec 31 17,230,113 13,477,590 11,779,475.06 8,333,554.56
Net profit for the year 9,516,844 7,469,030 5,510,268.22 6,963,759.86
Total capital and reserves 65,208,481 28,856,010 55,751,268.82 23,188,271.96
19) Distributable funds
Retained earnings17,230,113 13,477,590 11,779,475.06 8,333,554.56
Net profit for the year 9,516,844 7,469,030 5,510,268.22 6,963,759.86
Capitalized founding costs -145,062
Part of accumulated depreciation difference
transferred to capital and reserves -8,584,464 -6,669,890
Total 18,162,493 14,131,668 17,289,743.28 15,297,314.42
32

20) Accumulated appropriations, Group Group Parent Parent
parent company Company Company
2002 2001 2002 2001
Accumulated depreciation difference, Jan 1 7,080,391.71 7,059,929.96
Transfer of business, Teline-Rami Oy - -938,152.25
Increase in depreciation difference 1,802,238.11 958,614.00
Accumulated depreciation difference, Dec 31 8,882,629.82 7,080,391.71
21) Deferred tax assets and liabilities
Deferred tax assets
from allocation differences- 322,274
from consolidation measures - 133,548
Deferred tax liabilities
from appropriations3,803,163 2,724,321
from allocation differences3,075,546 115,082
Total liabilities -6,878,710 -2,383,581
The deferred tax liability arising from the parent company’s accumulated depreciation difference is
EUR 2,575,962 (EUR 2,053,314 in 2001).
22) Long-term liabilities, debenture loan
Repayment of the debenture loan from 1995 was completed in 2002.
23) Liabilities maturing in
more than five years
Pension loans - 1,177,318 4,281,204.79 1,177,317.65
Loans from financial institutions - 2,512,728 26,000,000.00 2,512,727.72
Hire purchase loans - - 4,466,033.01 -
Total - 3,690,045 34,747,237.80 3,690,045.37
24) Debts to Group companies
Accounts payable 106,044.78 235,340.68
Other debts147,838.23 166,135.87
Accruals and deferred income 8,831.03 6,634.47
Total 262,714.04 408,111.02
25) Short-term debts
Accruals and deferred income on Dec 31,2002 of EUR 2,768,269.30 in the parent company (EUR
1,963,747.23 in 2001) and EUR 6,170,746 in the Group (EUR 4,061,534 in 2001) comprised mainly
tax liabilities, salaries and other accruals.
Repayments due in the following year:
Debenture loan - 824,121 - 824,120.84
Loans from financial institutions 21,182,876 3,770,738 5,000,000.00 2,122,917.16
Pension loans 1,033,487 1,033,512 1,033,486.90 1,033,511.96
Hire purchase loans 432,628 - 432,628.21 -
Total 22,648,991 5,628,371 6,466,115.11 3,980,549.96
Current account overdraft in use 1,489,718 11,516,977.86 2,918,393.92
Total 7,118,089 17,983,092.97 6,898,943.88
33

26) Debts secured by mortgages Group Group Parent Parent
or pledges Company Company
2002 2001 2002 2001
Loans from financial institutions 121,058,328 18,233,483 47,831,669.55 13,281,380.95
27) Debts secured by
Real estate mortgages 5,450,004 2,254,058 4,350,004.68 1,582,057.76
Company mortgages236,591,919 18,624,429 73,143,302.19 15,843,302.67
Shares (book value) 33,034,106 285,679 24,215,282.51 285,678.77
Other collateral given
on own behalf
Company mortgages2,700,000 2,700,000 2,700,000.00 2,700,000.00
Other pledges on behalf of
Group companies
Guarantees5,880,378 1,409,503 - 759,822.30
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%).
Leasing obligations
Leasing payments due in
following financial year 1,714,234 153,271 122,033.25 153,271.76
Leasing payments due later 1,981,189 119,349 113,893.90 119,349.05
Total 4,402,643 272,620 235,927.15 272,620.81
Other liabilities
Rent and payment guarantees841 106,171 841 106,171
28) Credit facilities, exchange rate and interest rate risks
The parent company has a current account credit
facility of EUR 17 million, of which EUR 5,5
million was unused on the balance sheet date, and
a loan facility of EUR 12 million, of which EUR
12 million was unused on the balance sheet date.
Ramirent Europe Oy has a current account credit
facility of EUR 0,8 million of which EUR 0,5
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. In Norway, Bautas AS financed a
business acquisition from Veidekke ASA with a
euro-denominated loan of EUR 52 million and with
finance from the parent company. The loan is not
hedged against exchange rate risks. 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 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 December 31, 2002, the Russian companies
only had intra-Group currency loans. The loans
have been converted into euro 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 in the Group.
34

29) Ten principal shareholders according to Shares % of total
share register on December 31, 2002
and votes
The Nominee Register holds a total of 2,174,357
shares of which Veidekke ASA (Norway) 2,142,857 33.47
Gaspar Oy Ab 1,048,780 16.38
Oy Julius Tallberg Ab 1,001,650 15.65
Optiomi Oy 489,300 7.64
Finnish National Fund for Research and Development 132,900 2.08
Alfred Berg Optimal Fund 89,700 1.40
Alfred Berg Finland Fund 89,400 1.40
Sampo Life Insurance Company Limited 82,500 1.29
Alfred Berg Portfolio 66,500 1.04
The Association of Finnish Local and Regional Authorities 64,400 1.01
Other shareholders 1,194,274 18.64
6,402,261 100.00
On Dec 31, 2002, 8.1% 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 is 7.6%.
30) Shareholder structure December 31, 2002 Shareholders Total shares and votes
Companies
Privately-held 61 2,804,678
Public 1 9,500
Financial and insurance institutions 16 2,659,177
Public organizations14 318,264
Non-profit organizations15 291,730
Households/private persons 476 296,712
International shareholders 7 22,200
On Dec 31, 2002, nominee-registered shares totaled 2,174,357, or 33.96% of total shares and votes.
31) Distribution of shareholdings on December 31, 2002
Shareholders
Shares
Number of shares No. % No. %
1-100 171 28.88 13,527 0.21
101-1,000 309 52.20 103,492 1.62
1,001-10,000 74 12.50 254,532 3.98
10,001-100,000 33 5.57 1,183,723 18.49
100,001-1,000,000 2 0.34 622,200 9.72
Over 1,000,000 3 0.51 4,224,787 65.99
35

32) Option programs
The company has three valid option programs,
the first launched in 1998, the second in 2000
and the third in 2002.
The 1998 options were offered to key
personnel and Board members of the Ramirent
Europe Group. The 150,000 options were
divided into 75,000 A options and 75,000 B
options, all of which were subscribed for in the
1998 financial year. The total shares to be
subscribed for by the options account for no
more than 3.9% of the company’s share capital
and votes. The share subscription period for
those holding A options began on April 1, 2000
and ended on May 31, 2002. 71,500 shares
were subscribed for using the options. The share
subscription period for those holding B options
began on April 1, 2002 and will end on May 31,
2003. To date, no share subscriptions have been
made. The share subscription price is
determined on the basis of the results of the
Ramirent Europe Group.
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. 9.6% of the company’s share capital
and votes. The share subscription period for
those holding the options began on May 1, 2002
and will end on April 30, 2004. The share
subscription price is the average trade-weighted
price in the Helsinki Exchanges during January
1 - March 31, 2000. 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. To date, no
share subscriptions have been made.
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 October 1 – November 30, 2002, i.e.
EUR 14.36. 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 counterbook
value of the share. The share subscription
period for 2002A options is October 1, 2004 –
October 31, 2006, and for 2002B options
October 1, 2005 – October 31, 2007.
The three 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 the
financial statements for 2002 and prior to the
exercising of the Ramirent Europe options, to
14.6% 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 17.0% of the
company’s shares and votes.
36

33) Board’s valid authorization to acquire and surrender the company’s own shares
The Board of Directors is authorized until April
29, 2003 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 authorization has not yet been
used.
The Board is authorized until April 29, 2003
to decide on the surrender of the company’s
own acquired shares on the following
conditions:
The authorization is valid for no more than
206,000 shares. The Board is authorized 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 authorization
has not yet been used.
34) The Board’s valid authorization to decide on the execution of a rights offering
The Board of Directors is authorized until April
29, 2003 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 361,604.04. The authorization
entitles the Board to depart from the preemptive
rights of shareholders to subscribe for
new shares, and to decide on the subscription
prices and terms. The authorizations 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 authorization
was used during the period under review.
37

KEY FIGURES
INCOME STATEMENT (EUR 1,000) 2002 2001 2000 1999 1998
Net sales 101,490 68,234 53,773 36,933 34,165
Other operating income 841 275 194 734 1,108
Operating profit before depreciation 29,636 20,949 18,169 12,701 12,376
Depreciation 13,284 8,030 6,058 4,324 3,948
Operating profit 16,352 12,919 12,111 8,377 8,428
Financial income and expenses -2,018 -1,449 -728 -635 -864
Profit before extraordinary items14,334 11,470 11,383 7,742 7,564
Profit before appropriations and
taxes14,334 10,820 11,772 7,742 7,108
Net profit for the year 9,517 7,469 8,259 5,081 3,543
BALANCE SHEET (EUR 1,000) 2002 2001 2000 1999 1998
Non-current assets 179,235 53,053 43,412 28,870 27,756
Inventories7,423 3,575 3,107 2,096 1,815
Receivables28,866 9,520 7,203 4,254 4,099
Cash in hand and at bank 7,618 3,498 1,746 969 518
Capital and reserves 65,208 28,856 24,860 19,726 16,806
Minority interests 5,643 3,951 2,945
Interest-bearing debt 121,058 25,401 17,281 9,873 11,428
of which capital notes- - - - 1,682
Non interest-bearing debt 24,354 11,438 10,383 6,591 5,955
Balance sheet total 223,142 69,646 55,469 36,190 34,189
KEY FIGURES FOR PERFORMANCE 2002 2001 2000 1999 1998
Increase in net sales 48.8% 26.9% 45.6% 8.1% 21.8%
Operating profit before depreciation,
% of net sales 29.2% 30.7% 33.8% 34.4% 36.2%
Operating profit, % of net sales 16.1% 18.9% 22.5% 22.7% 24.7%
Profit before extraordinary items,
% of net sales 14.1% 16.8% 21.2% 21.0% 22.2%
Profit before appropriations and taxes,
% of net sales 14.1% 15.9% 21.9% 21.0% 20.8%
Net profit for the year, % of net sales 9.4% 10.9% 15.4% 13.8% 10.4%
Return on investment 13.3% 25.3% 32.4% 29.2% 32.2%
Return on equity 19.7% 25.9% 34.5% 32.5% 49.3%
Interest-bearing debt (EUR million) 121.1 25.4 17.28 8.3 9.7
Net debt (EUR million) 113.4 21.9 15.5 8.9 10.9
Gearing 160.0% 66.8% 55.9% 45.1% 64.9%
Equity ratio 31.8% 47.2% 50.1% 54.6% 49.2%
Personnel (average) 884 600 469 329 320
Personnel (at end of year) 1327 629 524 317 322
Gross investment in
non-current assets (EUR million) 112.8 19.7 21.9 7.0 9.5
Gross investment, % of net sales 111.2% 28.9% 40.7% 19.1% 27.9%
38

KEY FIGURES PER SHARE 2002 2001 2000 1999 1998
Earnings per share, EUR 1.49 1.89 1.96 1.44 1.52
Earnings per share, EUR (*) 1.47 1.83
Equity per share, EUR 10.19 6.89 5.94 4.78 4.07
Equity per share, EUR (*) 10.03 6.70
Dividend per share, EUR 0.50 0.84 0.84 0.67 0.67
Payout ratio, % 33.6% 44.8% 43.0% 46.8% 44.1%
Effective dividend yield 3.5% 5.7% 6.0% 4.5% 5.3%
Price/earnings ratio (P/E) 9.5 7.8 7.2 10.3 8.4
Highest share price, EUR 17.50 15.60 15.98 15.98 16.82
Lowest share price, EUR 13.53 12.00 11.94 10.26 10.60
Average share price, EUR 15.25 13.89 13.79 12.78 13.96
Share price on Dec 31, EUR 14.20 14.70 14.97 14.80 12.78
Market capitalization on
Dec 31, EUR million 90.9 61.6 62.4 61.3 52.8
No. of shares traded 723,103 540,824 580,833 1,068,196 2,167,051
No. of shares traded, % of total no. of shares (*) 11.1% 12.6% 13.9% 25.9% 52.5%
(*)
The figure used for total number of shares on Dec 31, 2002 adjusted for the dilution effect of options is 6,499,566 and on
Dec 31, 2001, the corresponding number was 4,297,234. The unadjusted number of shares on Dec 31, 2002 was 6,402,261
and on both Dec 31, 2001 and Dec 31, 2000 was 4,187,904. In previous years the number was 4,130,000 shares.
CALCULATION OF KEY FIGURES
Return on equity (ROE),%:
(Profit or lo sbefore 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 ratios were calculated in accordance with the general instructions of the Finnish Accounting Standards Board of Dec
17, 1999
39

BOARD OF DIRECTORS’ PROPOSAL
Proposal of the board on the distribution of profit
The Group’s distributable funds amount to EUR 18,162,493. The distributable
retained earnings of the parent company are EUR 17,289,743.28, of which
the net profit for the year accounts for EUR 5,510,268.22.
The Board of Directors proposes to the Annual General Meeting that a
dividend of EUR 0.50 per share, of EUR 3,201,130.50 in total, be distributed.
Helsinki, 27 February 2003
Raimo Taivalkoski Thomas Tallberg
Chairman Vice 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, 7 April 2003
KPMG WIDERI OY AB
Solveig Törnroos-Huhtamäki
Authorized Public Accountant
40

AUDITORS’ REPORT
TRANSLATION
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 2002. 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 the company’s administration.
We have conducted our audit in accordance with Finnish Generally Accepted
Auditing Standards. 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 have complied with
the rules of the Finnish Companies Act.
In our opinion, the financial statements, showing a profit of EUR 9,516,844 in
the consolidated income statement and a profit of EUR 5,510,268.22 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 result is in compliance with the Finnish Companies Act.
Helsinki, 7 April 2003
KPMG WIDERI OY AB
Solveig Törnroos-Huhtamäki
Authorized Public Accountant
41

BOARD MEMBERS (FROM LEFT), TOP ROW: THOMAS TALLBERG, ERKKI NORVIO.
BOTTOM ROW: EIGIL FLAATHEN, RAIMO TAIVALKOSKI AND TUIRE MANNILA.
Election of Board of Directors and
President and CEO
The Annual General Meeting elects the
members of the Board of Directors. The Board
of Directors elects one of its members as
Chairman. Members of the Board of Directors
are elected until further notice. There is no
resignation rotation system. The Board of
Directors appoints the President and CEO.
Position of President and CEO
The company’s Board of Directors has drawn
up a written contract defining the main terms
and conditions of the office of 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 management
salaries and other benefits.
42

CORPORATE GOVERNANCE
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 1983.
Thomas Tallberg (born 1934), Doctor of Medicine,
has been a member of the Board of Directors
since 1995. He is a docent in immunology. He has
also served as Chairman of the Board of Oy Julius
Tallberg Ab since 1967, and a member of the
Board of Oy Fiskars Ab since 1967.
Erkki Norvio (born 1945), M.Sc. in Engineering
and Economics, has been a member of the Board
of the company and its predecessors since 1986.
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.
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 2002. He has held
different business management positions in
Veidekke ASA since 1977. He has served in the
top management of Veidekke ASA since 1989.
Tuire Mannila (born 1956), M.Sc. in Economics,
APA, has been a member of the Board of
Directors since 1997. 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
1986.
Thorolf Hannus (born 1958), M.Sc. in Economics,
is the company’s CFO and member of the
Management Group.
Reijo Fernelius (born 1942), Engineer, is a
member of the Management Group and works
in corporate management, coordinating the
following product lines: Formwork and
Supporting Equipment, and Scaffolding and
Weather Covers. He has served the company
since 1977.
Jorma Nyyssölä (born 1946), Technician, is a
member of the Management Group and works
as a coordinator in corporate management, and
is responsible for Small Machines and Equipment
Rental Operations and the following
product lines: Portable Spatial Units and
Containers, Personal 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, Manager, member of the Management
Group, responsible for operations in Finland.
He has been in the company since 2001.
Timo Korhonen (born 1946) is the CEO of
Ramirent Europe Oy, responsible for the
Eastern and Central European business areas.
He has served the Group since 1994.
Kurt Opseth (born 1958), M. Sc. in Engineering,
is the CEO of Bautas AS, and is responsible
for the Group’s Scandinavian operations.
He has served the company since its foundation
in 1997.
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 the Helsinki Exchanges, the Central
Chamber of Commerce and the Confederation
of Finnish Industry and Employers.
43

SHARE TURNOVER AND PERFORMANCE (MONTHLY)
SHARE PERFORMANCE 1/2000-12/2002 (average monthly share price, euros)
17 €
16 €
15 €
14 €
13 €
12 €
11 €
10 €
1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12
2000 2001 2002
SHARE TURNOVER, NUMBER 1/2000-2002 (average monthly share price, euros)
225 000
200 000
175 000
150 000
125 000
100 000
75 000
50 000
25 000
0
1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12
2000 2001 2002
RAMIRENT GROUP OPERATING UNITS
RAMIRENT OYJ
Bautas AS
100 %
Norway
Stavdal
i Sverige 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
Stavdahl Lift AB
50 %
Sweden
ZAO Techrent
100 %
Russia
Lastor AB
75 %
Sweden (holding)
Teline-Rami OY
100 %
Finland
Stavdal Byggmaskiner
i Stockholm AB
100 %
Sweden
ZAO Peterrent
100 %
Russia
Operator SP. zoo.o.
100 %
Poland
Rami-Cranes OY
100%
Finland
Stavdal Byggmaskiner
Syd AB
100 %
Sweden
Ramirent AS
100 %
Estonia
Stavdal Byggmaskiner
i Värmland AB
100 %
Sweden
A-Ramirent SIA
67 %
Latvia
SIA RAMITEH
67 %
Latvia
A-Ramirent UAB
100 %
Lithuania
Rema-Rental S.A.
70,0 %
Poland
Ramirent Polska
Sp. zo.o
100 %
Poland
44

OUTLET NETWORK
Ramirent Plc
Headquarters: Helsinki, Viljatie 4 A, FIN-00701 Helsinki
Tel. +358 9 4174 2200
Fax +358 9 351 5323, 351 5321
E-mail: rami@ramirent.com or
forename.surname@ramirent.com
Internet: www.ramirent.com
SUBSIDIARIES:
Rami-Cranes Oy
HELSINKI
Tapulikaupungintie 37
FIN-00750 HELSINKI
Tel. +358 9 042433031
Fax +358 9 83860850
Uudenmaan
Telineykköset Oy
TUUSULA
Louhostie 5
FIN-04300 TUUSULA
Tel. +358 9 2757051
Fax +358 9 2757052
Uudenmaan
Telineykköset Oy
KULLOO
Nybyntie 74
FIN-06850 KULLOO
Tel. +358 19 653454
Fax +358 19 653425
Teline-Rami Oy
TUUSULA
Louhostie 5
FIN-04300 TUUSULA
Tel. +358 9 2744480
Fax +358 9 2757052
Ramirent Europe Oy
Viljatie 4 A
FIN-00700 Helsinki
Tel. +358 9 417 42 200
Fax: +358 9 351 5323
www.ramirent.com
rami@ramirent.com
DEPOTS IN FINLAND:
Ramirent
HYVINKÄÄ
Depot / Rami spacial units
Muovikatu 5
FIN-05800 HYVINKÄÄ
Tel. +358 19 485430
Fax +358 19 485436
Ramirent
KEMPELE
Depot / Rami spacial units,
formwork, scaffolding
Mullukantie 7
FIN-90440 KEMPELE
Tel. +358 8 5702340
Fax +358 8 5702345
Ramirent
HELSINKI
Depot / Portable spacial units,
tower cranes, spare parts
Tapulikaupungintie 37
FIN-00750 HELSINKI
Tel. +358 9 042433031
Fax +358 9 83860840
Ramirent
LEPPÄVIRTA
Depot / Portable spacial units
PL 34, Teollisuustie
FIN-79101 LEPPÄVIRTA
Tel. +358 17 5540140
Fax +358 17 5540120
Ramirent
KUOPIO
Depot and repairing
Volttikatu 5
FIN-70700 KUOPIO
Tel. +358 400 437086
Fax +358 17 2822885
Ramirent
TUUSULA
Scaffolding, weather covers
Louhostie 5
FIN-04300 Tuusula
Tel. +358 9 757051
+358 9 2744480
Fax +358 9 2757052
OUTLETS
IN FINLAND:
Ramirent (dealer)
ALAJÄRVI
Juurikaskydöntie 5
FIN-62900 ALAJÄRVI
Tel. +358 6 5573380
Fax +358 6 5573307
alajarvi.53@ramirent.com
Ramirent
ESPOO FRIISILÄ
Piispanmäentie 1
FIN-02240 ESPOO
Tel. +358 9 27066250
Fax +358 9 8886468
espoo.67@ramirent.com
Ramirent
ESPOO SUOMENOJA
Niittyrinne 1
FIN-02270 ESPOO
Tel. +358 9 8041058
Fax +358 9 8041059
ESPOO.48@ramirent.com
Ramirent (dealer)
EURA
Feelintie 3
FIN-27510 EURA
Tel. +358 2 8653322
Fax +358 2 8653341
eura.87@ramirent.com
Ramirent (dealer)
FORSSA
Koikkurintie 1
FIN-30300 FORSSA
Tel. +358 3 4220500
Fax +358 3 4220222
forssa.75@ramirent.com
Ramirent
HELSINKI HERTTONIEMI
Sorvaajankatu 8
FIN-00810 HELSINKI
Tel. +358 9 27066280
Fax +358 9 781109
helsinki.49@ramirent.com
Ramirent
HELSINKI
Tapulikaupungintie 37
FIN-00750 HELSINKI
Tel. +358 9 042433031
Fax +358 9 83860840
45

46
AN EARTH COMPACTOR
AT A RAMIRENT OUTLET IN HELSINKI.

Ramirent
HELSINKI KONALA
Ristipellontie 21
FIN-00390 HELSINKI
Tel. +358 9 5471533
Fax +358 9 5124551
helsinki.43@ramirent.com
Ramirent
HELSINKI KONE-
MAKASIINI
Mannerheimintie 13A
FIN-00100 HELSINKI
Tel. +358 9 27066272
Fax +358 9 4543776
helsinki.93@ramirent.com
Ramirent
HELSINKI PENGERKATU
Pengerkatu 13 B
00530 HELSINKI
Tel. +358 9 27066240
Fax +358 9 8703573
helsinki.61@ramirent.com
Ramirent
HELSINKI SUUTARILA
VUOKRAAMO
Tapulikaupungintie 37
FIN-00750 HELSINKI
Tel. +358 9 85031550
Fax +358 9 2225590
helsinki.72@ramirent.com
Ramirent
HELSINKI
TEHTAANKATU
Tehtaankatu 36
FIN-00150 HELSINKI
Tel. +358 9 6225292
Fax +358 9 6225296
helsinki.35@ramirent.com
Ramirent
HELSINKI VIIKKI
Koetilantie 21
FIN-00710 HELSINKI
Tel. +358 9 3476612
Fax +358 9 3476898
helsinki.42@ramirent.com
Ramirent
HELSINKI VUOSAARI
Laivanrakentajantie 2, ltk. 78
FIN-00980 HELSINKI
Tel. +358 9 6947020
Fax +358 9 6943416
helsinki.103@ramirent.com
Ramirent (dealer)
HUITTINEN
Valimotie 4
FIN-32700 HUITTINEN
Tel. +358 2 569748
Fax +358 2 569741
Ramirent
HYVINKÄÄ
VUOKRAAMO
Riihimäenkatu 5
FIN-05900 HYVINKÄÄ
Tel. +358 19 454258
Fax +358 19 454237
hyvinkaa.22@ramirent.com
Ramirent
HÄMEENLINNA
Vanajantie 4
FIN-13110 HÄMEENLINNA
Tel. +358 3 6165322
Fax +358 3 6165334
hameenlinna.37@ramirent.com
Ramirent
IISALMI
Yrittäjäkuja 6
FIN-74130 IISALMI
Tel. +358 17 812231
Fax +358 17 812232
iisalmi.7@ramirent.com
Ramirent
IMATRA
Helsingintie 31
FIN-55100 IMATRA
Tel. +358 5 4366911
Fax +358 5 4366928
imatra.44@ramirent.com
Ramirent
IVALO
Lentokentäntie 290
FIN-99800 IVALO
Tel. +358 16 667881
Fax +358 16 667882
ivalo.52@ramirent.com
Ramirent
JOENSUU
Nurmeksentie 6
FIN-80100 JOENSUU
Tel. +358 13 120012
Fax +358 13 226072
joensuu.45@ramirent.com
Ramirent
JOUTSENO
Varastokatu 2
FIN-54100 JOUTSENO
Tel. +358 5 4161850
Ramirent
JYVÄSKYLÄ
Miilukatu 1-5
FIN-40320 JYVÄSKYLÄ
Tel. +358 14 4113140
Fax +358 14 4113144
jyvaskyla.13@ramirent.com
Ramirent
JÄMSÄNKOSKI
Metsurintie 3
FIN-42300 JÄMSÄNKOSKI
Tel. +358 40 8356424
Ramirent
KAJAANI
Kettukalliontie 27
FIN-87100 KAJAANI
Tel. +358 8 625955
Fax +358 8 6134072
kajaani.2@ramirent.com
Ramirent (dealer)
KANNUS
Leppäojantie 7
FIN-69100 KANNUS
Tel. +358 6 873811
Fax +358 6 873515
kannus.89@ramirent.com
Ramirent
KEMI
Asentajankatu 11
FIN-94600 KEMI
Tel. +358 16 254761
Fax +358 16 250548
kemi.8@ramirent.com
Ramirent (dealer)
KEMIJÄRVI
Rinnetie 15
FIN-98120 KEMIJÄRVI
Tel. +358 16 815489
Fax +358 16 815486
kemijarvi.31@ramirent.com
Ramirent (dealer)
KITEE
Hitsaajantie 6
FIN-82500 KITEE
Tel. +358 13 228550
Fax +358 13 228551
kitee.91@ramirent.com
Ramirent
KITTILÄ
Nikuntie 5
FIN-99100 KITTILÄ
Tel. +358 16 645128
Fax +358 16 654122
kittila.56@ramirent.com
Ramirent
KOKKOLA
Patamäentie 10
FIN-67100 KOKKOLA
Tel. +358 6 8311114
Fax +358 6 8224260
kokkola.12@ramirent.com
Ramirent
KOTKA JYLPYNTIE
Jylpyntie 30
FIN-48230 KOTKA
Tel. +358 5 3400580
Fax +358 5 2601080
kotka.38@ramirent.com
Ramirent
KOTKA VALAJANTIE
Valajantie 14
FIN-48230 KOTKA
Tel. +358 5 3400640
Fax +358 5 2601005
kotka.60@ramirent.com
Ramirent
KOUVOLA
Kaupinkatu 19
FIN-45130 KOUVOLA
Tel. +358 5 3754202
Fax +358 5 3754230
kouvola.34@ramirent.com
Ramirent (dealer)
KUHMO
Kainuuntie 129
FIN-88900 KUHMO
Tel. +358 8 6550051
Fax +358 8 6550329
kuhmo.16@ramirent.com
Ramirent
KUOPIO
TULLIPORTINKATU
Tulliportinkatu 5
FIN-70100 KUOPIO
Tel. +358 17 3680240
Fax +358 17 3620230
kuopio.74@ramirent.com
47

48
CONSTRUCTION MACHINERY AND
EQUIPMENT ON DISPLAY AT A RAMIRENT OUTLET.

Ramirent
KUOPIO VOLTTIKATU
Volttikatu 5
FIN-70700 KUOPIO
Tel. +358 17 2822900
Fax +358 17 2822125
kuopio.1@ramirent.com
Ramirent (dealer)
LIEKSA
Kerantie 15
FIN-81700 LIEKSA
Tel. +358 13 522611
Fax +358 13 524633
lieksa.102@ramirent.com
Ramirent
OULU LIMINGANTULLI
Krovintie 7A
FIN-90400 OULU
Tel. +358 8 331590
Fax +358 8 331593
oulu.82@ramirent.com
Ramirent
PORVOO ASENTAJANTIE
Asentajantie 9
FIN-06150 PORVOO
Tel. +358 19 27066270
Fax +358 19 5367271
porvoo.63@ramirent.com
Ramirent
KUUSAMO
Luomatie 11
FIN-93600 KUUSAMO
Tel. +358 8 8522506
Fax +358 8 8522300
kuusamo.32@ramirent.com
Ramirent
KUUSANKOSKI
Kiltakuja 2
FIN-45740 KUUSANKOSKI
Tel. +358 5 3753070
Fax +358 5 3753060
kuusankoski.64@ramirent.com
Ramirent
LAHTI LAAKERIKATU
Laakerikatu 5
FIN-15700 LAHTI
Tel. +358 3 5260216
Fax +358 3 7875049
lahti.66@ramirent.com
Ramirent
LAHTI VIPUSENKATU
Vipusenkatu 19
FIN-15230 LAHTI
Tel. +358 3 5260210
Fax +358 3 7330005
lahti.17@ramirent.com
Ramirent
LAPPEENRANTA
ETELÄKATU
Eteläkatu 6B
FIN-53500 LAPPEENRANTA
Tel. +358 5 6353360
Fax +358 5 6353370
lappeenranta.41@ramirent.com
Ramirent
LAPPEENRANTA
SIMOLANTIE
Simolantie 12
FIN-53600 LAPPEENRANTA
Tel. +358 5 4512110
Fax +358 5 4512436
lappeenranta.68@ramirent.com
Ramirent
MIKKELI
Yrittäjänkatu 10
50130 MIKKELI
Tel. +358 15 210299
Fax +358 15 213411
mikkeli.18@ramirent.com
Ramirent (dealer)
MUONIO
Lahenrannatie 3
99300 MUONIO
Tel. +358 16 532511
Fax +358 16 532530
muonio.85@ramirent.com
Ramirent
MÄNTSÄLÄ
Päivärinteenpolku 4 E
FIN-04600 MÄNTSÄLÄ
Tel. +358 19 6883790
Fax +358 19 6883791
mantsala.101@ramirent.com
Ramirent
NURMES
Teollisuustie 8
FIN-755530 NURMES
Tel. +358 13 482560
Fax +358 13 482562
nurmes.54@ramirent.com
Ramirent (dealer)
NÄRPIÖ
Terminalvägen 4
FIN-64230 NÄRPIÖ
Tel. +358 6 2243467
Fax +358 6 2243465
narpio.55@ramirent.com
Ramirent
OULU ALPPILA
Kaarnatie 28
FIN-90530 OULU
Tel. +358 8 5712300
Fax +358 8 5712301
oulu.4@ramirent.com
Ramirent (dealer)
OUTOKUMPU
Polvijärventie 19
FIN-83500 OUTOKUMPU
Tel. +358 13 550917
Fax +358 13 554010
Ramirent
PELLO
Pajatie 6
FIN-95700 PELLO
Tel. +358 16 513381
Fax +358 16 513385
pello.84@ramirent.com
Ramirent (dealer)
PIEKSÄMÄKI
Myllykatu 1
FIN-76100 PIEKSÄMÄKI
Tel. +358 15 348881
Fax +358 15 348883
pieksamaki.81@ramirent.com
Ramirent
PIELAVESI
Puustellintie 26B
FIN-72400 PIELAVESI
Tel. +358 17 861705
Fax +358 17 861710
Ramirent
PIETARSAARI
Permonkaarre 121
FIN-68600 PIETARSAARI
Tel. +358 6 7622180
Fax +358 6 7622181
pietarsaari.57@ramirent.com
Ramirent
PORI
Tavaratie 4
FIN-28130 PORI
Tel. +358 2 5283860
Fax +358 2 5283866
pori.24@ramirent.com
Ramirent
PORVOO SKÖLDVIK
Kulloo
FIN-06850 PORVOO
Tel. +358 9 2788400
Fax +358 9 2788771
porvoo.30@ramirent.com
Ramirent
RAAHE
Pajakatu 2
FIN-92100 RAAHE
Tel. +358 8 2236406
Fax +358 8 2236407
raahe.11@ramirent.com
Ramirent
RAUMA
Hakunivahe 1
FIN-26100 RAUMA
Tel. +358 2 8240211
Fax +358 2 8224156
rauma.39@ramirent.com
Ramirent
RAUMA (Aker Finnyards)
Pl 302
FIN-26101 RAUMA
Tel. +358 2 8364688
Fax +358 2 8364689
rauma.201@ramirent.com
Ramirent
RIIHIMÄKI
Kumerankatu 5
FIN-11100 RIIHIMÄKI
Tel. +358 19 719740
Fax +358 19 719760
riihimaki.97@ramirent.com
Ramirent
ROVANIEMI
Teollisuustie 12 B
FIN-96320 ROVANIEMI
Tel. +358 16 311666
Fax +358 16 311760
rovaniemi.3@ramirent.com
49

Ramirent
SALO
Perämiehenkatu 22
FIN-24100 SALO
Tel. +358 2 7331433
Fax +358 2 7331453
salo.36@ramirent.com
Ramirent
TAMPERE LIELAHTI
Enqvistinkatu 3
FIN-33400 TAMPERE
Tel. +358 3 31425400
Fax +358 3 31425411
tampere.19@ramirent.com
Ramirent
TURKU URUSVUORI
PL 738, Rydöntie 24
FIN-20361 TURKU
Tel. +358 2 5183580
Fax +358 2 5183585
turku.50@ramirent.com
Ramirent
VARKAUS
Käsityökatu 45 A
FIN-78210 VARKAUS
Tel. +358 17 3680244
Fax +358 17 3680247
varkaus.10@ramirent.com
Ramirent
SAVONLINNA
Myllypuronkatu 3
FIN-57220 SAVONLINNA
Tel. +358 15 259933
Fax +358 15 259927
savonlinna.77@ramirent.com
Ramirent
SEINÄJOKI
Kauppaneliö 10
FIN-60120 SEINÄJOKI
Tel. +358 6 4208900
Fax +358 6 4141063
seinajoki.6@ramirent.com
Ramirent (dealer)
SIILINJÄRVI
Oppipojantie 2
FIN-71800 SIILINJÄRVI
Tel. +358 17 4625890
Fax +358 17 4625082
siilinjarvi.26@ramirent.com
Ramirent (dealer)
SUOMUSSALMI
Hallitie 1
FIN-89600 SUOMUSSALMI
Tel. +358 8 711200
Fax +358 8 711200
Ramirent (dealer)
SUONENJOKI
Lentokentank. 2
FIN-77600 SUONENJOKI
Tel. +358 17 512740
Fax +358 17 511844
suonenjoki.14@ramirent.com
Ramirent (dealer)
TAAVETTI
Linnalantie 67
FIN-54500 TAAVETTI
Tel. +358 5 6108100
Fax +358 5 6108120
Ramirent
TAIVALKOSKI
Haaraniementie 10
FIN-93400 TAIVALKOSKI
Tel. +358 8 8296542
Ramirent
TAMPERE NEKALA
Vihiojantie 22
FIN-33800 TAMPERE
Tel. +358 3 31413800
Fax +358 3 31413811
tampere.21@ramirent.com
Ramirent
TORNIO
Kisällinkatu 10
FIN-95420 TORNIO
Tel. +358 16 446331
Fax +358 16 446332
tornio.20@ramirent.com
Ramirent
TORNIO
(Avestapolarit terästehdas)
FIN-95400 TORNIO
Tel. +358 16 454263
Fax +358 16 454265
Ramirent
TURKU (AALRAK)
PL 762, Telekatu 12
FIN-20360 TURKU
Tel. +358 2 4356400
Fax +358 2 2354999
Ramirent
TURKU KESKUSTA
Kalevantie 9-11
FIN-20520 TURKU
Tel. +358 2 4138555
Fax +358 2 4692949
turku.46@ramirent.com
Ramirent
TURKU PUUTARHAKATU
Puutarhakatu 34
FIN-20100 TURKU
Tel. +358 2 2305600
Fax +358 2 2305602
turku.79@ramirent.com
Ramirent
TUUSULA
Mahlamäentie 66
FIN-04310 TUUSULA
Tel. +358 9 2755233
Fax +358 9 2755210
tuusula.29@ramirent.com
Ramirent
VAASA
Kairatie 1
FIN-65350 VAASA
Tel. +358 6 3154300
Fax +358 6 3154727
vaasa.51@ramirent.com
Ramirent
VALKEAKOSKI
Huhtakatu 13
FIN-37600 VALKEAKOSKI
Tel. +358 3 5850351
Fax +358 3 5850354
valkeakoski.25@ramirent.com
Ramirent
VANTAA PETIKKO
Tiilitie 5
FIN-01720 VANTAA
Tel. +358 9 27066230
Fax +358 9 8532782
vantaa.69@ramirent.com
Ramirent
VANTAA PORTTISUO
Porttisuontie 11
FIN-01200 VANTAA
Tel. +358 9 8770740
Fax +358 9 2788660
vantaa.62@ramirent.com
Ramirent
VANTAA YLÄSTÖ
Arinatie 8
FIN-01511 VANTAA
Tel. +358 9 8254670
Fax +358 9 82546733
vantaa.40@ramirent.com
Ramirent (dealer)
VIITASAARI
Mustasuontie 22
FIN-44500 VIITASAARI
Tel. +358 14 571805
Fax +358 14 571808
Ramirent
YLIVIESKA
Ratakatu 17
FIN-84100 YLIVIESKA
Tel. +358 8 424448
Fax +358 8 424408
ylivieska.47@ramirent.com
Ramirent
YLÖJÄRVI
Soppeentie 78
FIN-33470 YLÖJÄRVI
Tel. +358 3 3481590
Fax +358 3 3485086
ylojarvi.83@ramirent.com
Ramirent (dealer)
ÄKÄSLOMPOLO
Tiurajärventie 39
FIN-95970
ÄKÄSLOMPOLO
Tel. +358 40 5724354
Fax +358 16 569139
Ramirent
ÄÄNEKOSKI
Teollisuuskatu 31
FIN-44150 ÄÄNEKOSKI
Tel. +358 14 5193560
Fax +358 14 5193566
aanekoski.59@ramirent.com
50

OUTLETS
IN EUROPE:
ESTONIA
Ramirent AS
Tallinn Laki Outlet
Laki 11 D Tallinn
12915 Estonia
Tel. +372 650 1050
Fax +372 656 3454
Ramirent AS
Narva Outlet
Narva Tallinn mnt. 55
20605 Estonia
Tel. +372 357 6606
Fax +372 357 6606
Ramirent AS
Pärnu Outlet
Energia 4
80042 Pärnu Estonia
Tel. +372 440 715 0370
Ramirent AS
Saaremaa Outlet
Pikk 62 Kuressaare
93817 Saaremaa Estonia
Tel. +372 453 8771
Ramirent AS
Tallinn formwork rental
Kanali tee 1
10112 Tallinn Estonia
Tel. +372 640 3774
Fax +372 640 3794
Ramirent AS
Tallinn Lasnamäe Outlet
Peterburi tee 34
11415 Tallinn Estonia
Tel. +372 603 1980
Fax +372 603 1984
Ramirent AS
Tallinn Main Office
Laki 11 D Tallinn
12915 Tallinn Estonia
Tel. +372 650 1060
Fax +372 656 3454
Ramirent AS
Tartu Outlet
Turu tn. 45D
50106 Tartu Estonia
Tel. +372 736 6096
Fax +372 736 6018
LATVIA
A-Ramirent SIA
Daugavpils Outlet
Karklu st. 8 Daugavpils
LV5403 Latvia
Tel. +371 945 0286
Fax +371 542 6826
Ramiteh SIA
Liepaja
Baznicas st. 31, Liepaja
LV3401 Latvia
Tel. +371 945 1113
Fax +371 342 0908
Ramiteh SIA
Ramiteh Main office
Kakusekla dambis st. 31, Riga,
LV1045 Latvia
Tel. +371 704 6250
Fax +371 704 6251
A-Ramirent SIA
Valimera Outlet
Murmuizas st. 11, Valimera
LV4201 Latvia
Tel. +371 422 1126
Fax +371 422 1126
Ramiteh SIA
Daugavpils Outlet
Karklu iela 8, Daugavpils
LV-5400 Latvia
Tel. +371 542 6826
Fax +371 542 6826
A-Ramirent SIA
Liepaja Outlet
Baznicas iela 31, Liepaja
LV-3400 Latvia
Tel. +371 342 0908
Fax +371 342 0908
A-Ramirent SIA
Maskavas K-Rauta Outlet
Maskavas iela 418a, Riga
LV-1063 Latvia
Tel. +371 713 4271
Fax +371 713 4271
A-Ramirent SIA
Ramiteh Ventspils
Robezu st. 3/5, Ventspils
LV3601 Latvia
Tel. +371 916 5324
Fax +371 366 3099
A-Ramirent SIA
Riga Bikernieku Outlet
Bikernieku str. 121 Riga
LV 1021 Latvia
Tel. +371 784 0522
Fax +371 784 0521
A-Ramirent SIA
Riga Mukusalas Outlet
Mukusalas 41 B, Riga
LV 1004 Latvia
Tel. +371 762 8264
Fax +371 762 8265
Ramiteh SIA
Valimera Outlet
Murmuizas iela 11, Valimera
LV-4200 Latvia
Tel. +371 422 1126
Fax +371 422 1126
LITHUANIA
Kaunas Outlet
IX forto plentas 60
Kaunas Lithuania
Tel. +370 7 377 642
Fax +370 7 377 589
Ramirent UAB
Klaipeda Outlet
Taikos pr. 61
5800 Klaipeda Lihuania
Tel. +370 6 346 009
Fax +370 6 346 309
Ramirent UAB
Vilnius Main Office
Titnago g. 19
2600 Vilnius Lithuania
Tel. +370 52 322 140
Fax +370 52 322 141
POLAND
Rema-Rental S.A
Czeladz Outlet
ul. Handlowa 9
PL 41-250 Czeladz Poland
Tel. +48 32 368 1608
Fax +48 32 3681618
Rema-Rental S.A
Gdynia Outlet
ul. Sw. Mikolaja 59
PL 81-062 Gdynia Poland
Tel. +48 58 663 7730
Fax +48 58 663 1036
Rema-Rental S.A
Katowice Outlet
ul. Rozdzienskiego 214
PL 40-201 Katowice Poland
puh: +48 32 258 6216
fax: +48 32 203 9800
Operator Sp. zo.o.
Katowice Outlet
(starting 1.5.2003)
Al. Rozdzienskiego 214,
Katowice
40-315 Katowice Poland
Tel. +48 32 258 6216
Fax +48 32 258 6217
Rema-Rental S.A
Krakow Outlet
ul. Soltysowska 14 a
PL 31-587 Krakow Poland
Tel. +48 12 292 4074
Fax +48 12 292 4075
Rema-Rental S.A
Krakow Outlet 2
ul. Zakopianska 52A
PL 30-418 Krakow Poland
Tel. +48 12 260 68 60
Fax +48 12 267 0767
Rema-Rental S.A
Poznan 2 Outlet
ul.Glogowska 400
60-004 Poznan Poland
Tel. +48 61 899 8907
Fax +48 61 899 8909
Rema-Rental S.A
Poznan Outlet
ul. Janikowska 19
PL 61-070 Poznan Poland
Tel. +48 61 815 1028
Fax +48 61 815 1091
Operator Sp. zo.o.
Poznan Outlet
Ul. Mogilenska 50, Poznan
51-044 Poznan Poland
Tel. +48 61 873 0005
Fax +48 61 873 0008
Rema-Rental S.A
Szczecin Main Office
ul. Swierczewska 3
PL 71-066 Szczecin Poland
Tel. +48 91 432 3410
Fax +48 91 432 3411
51

Rema-Rental S.A
Warszava Outlet 2
Al. Jerozolimskie 204
PL 02-486 Warszava Poland
Tel. +48 22 578 8508
Fax +48 22 578 8518
Operator Sp. z o.o.
Warszawa Outlet
Al. Jerozolimskie 275
Michalowice
05-816 Warszawa Poland
Tel. +48 22 723 9296
Fax +48 22 753 0133
Rema-Rental S.A
Warszawa Outlet 1
Al. Krakowska 10A
PL 02-284 Warszawa Poland
Tel. +48 22 868 3547
Fax +48 22 868 2242
HUNGARY
Ramirent Hungary
Berleti Kft. Budapest
Cegledi ut 1-3.
1107 Budapest Hungary
Tel. +36 204 603061
Fax +36 121 76926
NORWAY
Bautas AS, Norja
HOVEDKONTOR
Billingstadsletta 18
Postboks 14
1375 Billingstad Norge
Tel. +47 66 77 79 10
Fax +47 66 77 79 11
info@bautas.no
Avdeling Fredrikstad
Stabburveien 24
1617 Fredrikstad Norge
Tel. +47 69 35 40 70
Fax +47 69 35 40 71
fredrikstad@bautas.no
Avdeling Rygge
Sognshøy Næringspark
Postboks 145
1583 Rygge Norge
Tel. +47 69 28 31 80
Fax +47 69 28 31 85
rygge@bautas.no
Avdeling Ski
Industriveien 11
1400 Ski Norge
Tel. +47 64 87 90 28
Fax +47 64 87 90 29
ski@bautas.no
Avdeling Hamar
Elvesletta 11
2323 Ingeberg Norge
Tel. +47 62 51 85 60
Fax +47 62 51 85 70
hamar@bautas.no
Avdeling Gol
Glitre Industriområde
Postboks 143
3551 Gol Norge
Tel. +47 32 07 57 86
Fax +47 32 07 54 44
gol@bautas.no
Avdeling Kristiansand
Barstølveien 4
4636 Kristiansand Norge
Tel. +47 38 17 90 40
Fax +47 38 17 90 41
kristiansand@bautas.no
Rema-Rental S.A
Wroclaw Outlet
ul. Strzegomska 36/40
PL 53-611 Wroclaw Poland
Tel. +48 71 359 1241
Fax +48 71 359 1236
RUSSIA
OOO Techrent
Moscow Main Office
Ul. Zoi i Aleksandra
Kosmodemjanskih 26/21,
Office 73
125130 Moscow Russia
Tel. +7095 150 9319
Fax +7095 150 9317
OOO Techrent
Moscow Marina Outlet
8-Proezd Marinoi Roschi
Moscow Russia
Tel. +7095 219 2660
Fax +7095 219 2660
OOO Techrent
Moscow Mytischi Outlet
13, Ul. Cheljuskinski Karier
Moscow Russia
Tel. +7095 586 9270
Fax +7095 586 9270
ZAO Peterrent
St.Petersburg Main Office
Polevaja Sabirovskaja 44
197183 St.Petersburg Russia
Tel. +7812 327 6294
Fax +7812 393 4475
REGION OSLO
Avdeling Skui
Ringeriksveien 193 B
Postboks 190
1313 Vøyenenga Norge
Tel. +47 67 13 96 00
Fax +47 67 13 96 01
skui@bautas.no
Avdeling Alnabru
Alnabruveien 7
Postboks 32
0614 Oslo Norge
Tel. +47 22 90 37 00
Fax +47 22 65 10 30
alnabru@bautas.no
Avdeling Skedsmo
Hvamsvingen 20
2013 Skjetten Norge
Tel. +47 64 83 48 00
Fax +47 64 83 43 02
skedsmo@bautas.no
SPESIALAVDELING
STILLAS - BYGGVARME -
ELEKTRO
Avdeling Rommen
Haavard Martinsens vei
270978 Oslo Norge
Tel. +47 22 79 07 10
fax: +47 22 79 07 11
rommen@bautas.no
Avdeling Stokke
Melsomvikveien 3
Postboks 34
3161 Stokke Norge
Tel. +47 33 36 09 10
Fax +47 33 33 78 22
stokke@bautas.no
Avdeling Larvik
Løkka 8
Postboks 2099
3255 Larvik Norge
Tel. +47 33 12 22 12
Fax +47 33 12 22 10
larvik@bautas.no
Avdeling Porsgrunn
Floodmyrveien 20
3946 Porsgrunn Norge
Tel. +47 35 51 66 00
Fax +47 35 51 66 19
porsgrunn@bautas.no
Avdeling Lillehammer
Hovemoveien 39
2624 Lillehammer Norge
Tel. +47 61 26 73 40
Fax +47 61 26 73 41
lillehammer@bautas.no
Avdeling Moelv
Marisagveien 8
Postboks 203
2391 Moelv Norge
Tel. +47 62 33 16 80
Fax +47 62 36 81 05
moelv@bautas.no
Avdeling Sandnes
Torneroseveien 5
Postboks 715
4305 Sandnes Norge
Tel. +47 51 63 52 30
Fax +47 51 63 52 52
sandnes@bautas.no
Avdeling Haugesund
Kritlevegen 2
5521 Haugesund Norge
Tel. +47 52 80 60 30
Fax +47 52 71 71 83
haugesund@bautas.no
Avdeling Stord
Svartadalen 3
Postboks 261
5402 Stord Norge
Tel. +47 53 40 31 00
Fax +47 53 40 31 01
stord@bautas.no
Avdeling Sogndal
Kaupanger Industriområde
Postboks 63
6851 Sogndal Norge
Tel. +47 57 67 56 50
Fax +47 57 67 47 55
sogndal@bautas.no
Avdeling Sandane
Postboks 185
6822 Sandane Norge
Tel. +47 57 86 88 50
Fax +47 57 86 88 51
sandane@bautas.no
52

BERGEN
Avdeling Kokstad
Kokstadvegen 48 B
Postboks 293, Slåtthaug
5851 Bergen Norge
Tel. +47 55 52 51 00
Fax +47 55 52 51 10
kokstad@bautas.no
Avdeling Laksevåg
Damsgårdsveien 229
PB. 161, Laksevåg
5847 Bergen Norge
Tel. +47 55 70 70 72
Fax +47 55 34 41 31
kanalveien@bautas.no
Bergen Stillas
Damsgårdsveien 229
PB. 161, Laksevåg
5847 Bergen Norge
Tel. +47 55 70 70 74
Fax +47 55 34 41 31
bergen.stillas@bautas.no
Avdeling Kristiansund
Omagata 108
6517 Kristiansund Norge
Tel. +47 71 58 33 60
Fax +47 71 58 33 61
kristiansund@bautas.no
Avdeling Bodø
Tømrerveien 6
8004 Bodø Norge
Tel. +47 75 56 57 40
Fax +47 75 56 57 41
bodo@bautas.no
Avdeling Tromsø
Løvoldanlegget
Postboks 5593
9288 Tromsø Norge
Tel. +47 77 60 02 30
Fax +47 77 60 02 31
tromso@bautas.no
TRONDHEIM
Avdeling Leangen Maskin
Ranheimsvegen 9
7044 Trondheim Norge
Tel. +47 73 84 83 60
Fax +47 73 84 83 19
leangen.maskin@bautas.no
leangen.stillas@bautas.no
Avdeling Leangen Stillas
Ranheimsvegen 9
7044 Trondheim Norge
Tel. +47 73 84 83 70
Fax +47 73 84 83 29
leangen.stillas@bautas.no
SWEDEN
Stavdal i Sverige AB, Ruotsi
Huvudkontor:
Stavdal i Sverige AB
Stålverksgatan 7, Ringön
S-417 07 Göteborg Sverige
Tel. +46 31 506 841
Stavdal Byggmaskiner
Blästervägen 9
S-671 41 Arvika Sverige
Tel. +46 570 108 60
Fax +46 570 155 65
Stavdal Byggmaskiner
Blästervägen 9
S-671 41 Arvika Sverige
Tel. +46 570 108 60
Fax +46 570 155 65
Stavdal Byggmaskiner
Blästervägen 9
S-671 41 Arvika Sverige
Tel. +46 570 108 60
Fax +46 570 155 65
Stavdal Bodavdelning
Knipplekullen 3E
S-417 49 Göteborg Sverige
Tel. +46 31 70 50 640
Fax +46 31 550 950
Stavdal Byggliftar
Stålverksgatan 7
S-417 07 Göteborg Sverige
Tel. +46 31 506 840
Fax +46 31 508 710
Stavdal Byggmaskiner
Stålverksgatan 7
S-417 07 Göteborg Sverige
Tel. +46 31 506 970
Fax +46 31 227 8
Stavdal Byggmaskiner
Florettgatan 8
S-254 67 Helsingborg Sverige
Tel. +46 42 25 66 40
Fax +46 42 25 66 41
Stavdal Byggmaskiner
Florettgatan 8
S-254 67 Helsingborg Sverige
Tel. +46 42 25 66 40
Fax +46 42 25 66 41
Stavdal Byggmaskiner
Silvervägen 5
S-371 50 Karlskrona Sverige
Tel. +46 455 755 50
fax: +46 455 755 59
Stavdal Byggmaskiner
Silvervägen 5
S-371 50 Karlskrona Sverige
Tel. +46 455 755 50
Fax +46 455 755 59
Stavdal Byggmaskiner
Silvervägen 5
S-371 50 Karlskrona Sverige
Tel. +46 455 755 50
Fax +46 455 755 59
Stavdal Byggmaskiner
Värmland AB
Dagvindsgatan 4
S-652 21 Karlstad Sverige
Tel. +46 54 850 890
Fax +46 54 850 065
Stavdal Byggmaskiner
Värmland AB
Dagvindsgatan 4
S-652 21 Karlstad Sverige
Tel. +46 54 850 890
Fax +46 54 850 065
Stavdal Byggmaskiner
Box 9092, Flintyxegatan 3
S-200 39 Malmö Sverige
Tel. +46 40 14 37 80
Fax +46 40 14 37 85
Stavdal Byggmaskiner
Box 9092, Flintyxegatan 3
S-200 39 Malmö Sverige
Tel. +46 40 14 37 80
Fax +46 40 14 37 85
Stavdal Byggmaskiner
Box 9092, Flintyxegatan 3
S-200 39 Malmö Sverige
Tel. +46 40 14 37 80
Fax +46 40 14 37 85
Stavdal Bodavdelning
Knipplekullen 3E
S-417 49 Göteborg Sverige
Tel. +46 31 70 50 640
Fax +46 31 550 950
Stavdal Byggliftar
Stålverksgatan 7
S-417 07 Göteborg Sverige
Tel. +46 31 506 840
Fax +46 31 508 710
Stavdal Byggmaskiner
Skogängsvägen 15
S-163 41 Spånga Sverige
Tel. +46 8 761 05 50
Fax +46 8 761 05 06
Stavdal Bodavdelning
Skälbyvägen 2A
S-194 51 Upplands Väsby Sverige
Tel. +46 8 761 05 70
Fax +46 8 594 129 05
Stavdal Byggliftar
Fagerstagatan 52
S-163 53 Spånga Sverige
Tel. +46 8 760 760 5
Fax +46 8 760 760 5
Stavdal Byggmaskiner
Skogängsvägen 15
S-163 41 Spånga Sverige
Tel. +46 8 761 05 50
Fax +46 8 761 05 06
Stavdal Byggliftar
Kardanvägen 66
S-461 38 Trollhättan Sverige
Tel. +46 520 48 82 40
Fax +46 520 42 01 26
Stavdal Byggliftar
Kardanvägen 66
S-461 38 Trollhättan Sverige
Tel. +46 520 48 82 40
Fax +46 520 42 01 26
Stavdal Byggliftar
Stålverksgatan 7
S-417 07 Göteborg Sverige
Tel. +46 31 506 840
Fax +46 31 508 710
53

Ramirent Oyj
Hedquaters: Viljatie 4 A, FIN-00700 Helsinki
Tel. +358 9 4174 2200
Fax +358 9 351 5324, 351 5321
E-mail: rami@ramirent.com or
forename.surname@ramirent.com
Internet:www.ramirent.com