President and CEO
The rental markets in Cramo's main market areas continued to gradually strengthen in 2015, although there were significant country-specific differences. The market situation strengthened particularly in Sweden and in many locations in Eastern Europe. In contrast, the market in Finland remained weak.
To fully capitalise on the potential of the growing Swedish market, some corrective actions were taken. At the same time, we achieved good results in Finland in a difficult market situation. Factors behind the positive development in Finland are the determined implementation of our must-win battles and other key strategic initiatives. This demonstrates the power of our focused strategy in achieving profitable growth and our financial targets.
The market in Germany grew slightly more slowly than anticipated in the second half of 2015. At the end of the year, we implemented cost cuts to ensure further profit improvement. In addition, we strengthened our position especially in the modular space area.
Full year EBITA and EBITA margin before non-recurring items improved compared to last year. Q4/2015 EBITA and EBITA margin were also above last year’s levels.
Must-win battles proceeded well
I am proud of Cramo’s strategy – created for us and by us – and the whole organisation’s strong commitment to it. Our strategy is being executed through three must-win battles: Deliver Cramo Story, Drive Performance Management and Win Central European market.
Delivering the Cramo Story evolved during the year from a major internal effort to strengthen our corporate culture into something that really makes our customers’ lives easier. You can find some examples of that in this report.
Our Performance Management Model has been extended to cover most of our key operations and continues to enhance our productivity. The model has gradually become an integral part of our corporate culture to support decision making.
The third must-win battle, Win Central European market, is proceeding as planned, although we are lagging a bit behind in the execution of it. After the restructuring late in the year, operations were focused on the best performing geographic regions. In the modular space product area, demand continued to be at a good level.
The modular space business continues to develop well. We have long-term plans for how to grow this promising product area in the future, and we aim to further accelerate the profitable growth of this business.
Making life easier
Our way of working is based on our passion to make our customers’ lives easier, which is also expressed in our core purpose. As part of this, we continuously develop our offering of rental-related services to ensure that our customers can concentrate on their core business. Another aspect of this, which I am especially proud of, is our commitment to corporate responsibility, high ethical standards and sustainable development. Our responsible way of working benefits all our stakeholders.
A great journey together
I took on the position of President and CEO of Cramo Group in early 2004. Back then, our company was just beginning to turn its gaze beyond Finland's borders. In the past twelve years, we have achieved a leading position in the European equipment rental and modular space markets. It has been a privilege to make this journey together with professional, committed and enthusiastic Cramo People.
I want to direct my warmest thanks to Cramo’s shareholders and the Board of Directors for your trust and firm support in further developing the company in recent years. We at Cramo will continue the work to generate increasing value for you in the future as well.
President and CEO
Listening carefully to our customers and shareholders
It is very exciting to have the opportunity to be part of the dynamic Cramo corporate culture and its team of engaged and proud Cramo People.
I want to thank my predecessor, Vesa Koivula, for his efforts in developing the company into a leading international player. Cramo is well positioned for profitable growth. It is an honour to lead such a company and advance it towards its vision – to be the role model for all rental. Listening carefully to our customers’ and shareholders’ views guides my work to further strengthen the Group and create shareholder value.
President and CEO