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

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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 <strong>Ramirent</strong> 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 <strong>Ramirent</strong> 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
Page 1 and 2: A N N U A L R E P O R T 2 0 0 2
Page 3 and 4: Ramirent Outlet Network in Europe F
Page 5 and 6: MAP 3 RAMIRENT IN BRIEF 3 CEO’S R
Page 7 and 8: RAMIRENT IN BRIEF Ramirent is the l
Page 9 and 10: Outlook for 2003 The overall market
Page 11 and 12: RAMIRENT IN FINLAND History The his
Page 13 and 14: sales of related equipment and acce
Page 15 and 16: RAMIRENT SCANDINAVIA History Veidek
Page 17 and 18: tions were expanded to Pärnu, Narv
Page 19 and 20: BOARD OF DIRECTORS’ REPORT Genera
Page 21 and 22: INCOME STATEMENT CONSOLIDATED Note
Page 23 and 24: CONSOLIDATED Note 31.12.2002 31.12.
Page 25 and 26: INCOME STATEMENT PARENT COMPANY Not
Page 27: PARENT COMPANY Note 31.12.2002 31.1
Page 31 and 32: NOTES TO THE INCOME STATEMENT 1) Di
Page 33 and 34: NOTES TO THE BALANCE SHEET NON-CURR
Page 35 and 36: 13) Other shares and holdings Group
Page 37 and 38: 20) Accumulated appropriations, Gro
Page 39 and 40: 29) Ten principal shareholders acco
Page 41 and 42: 33) Board’s valid authorization t
Page 43 and 44: KEY FIGURES PER SHARE 2002 2001 200
Page 45 and 46: AUDITORS’ REPORT TRANSLATION to t
Page 47 and 48: CORPORATE GOVERNANCE Board of Direc
Page 49 and 50: OUTLET NETWORK Ramirent Plc Headqua
Page 51 and 52: Ramirent HELSINKI KONALA Ristipello
Page 53 and 54: Ramirent KUOPIO VOLTTIKATU Volttika
Page 55 and 56: OUTLETS IN EUROPE: ESTONIA Ramirent
Page 57 and 58: BERGEN Avdeling Kokstad Kokstadvege

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

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