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

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.
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