P O R T L R U A A N A-RAKENNUSMIES OYJ

Transcription

1 A N N U A L R E P O R T A-RAKENNUSMIES OYJ

2 A-RAKENNUSMIES IN BRIEF A-Rakennusmies Oyj is the largest company in Finland renting and selling construction machinery and equipment. A-Rakennusmies has an estimated 30 % share of this market in Finland. A-Rakennusmies offers the most extensive rental fleet in the market. The range covers all machinery and equipment used on construction sites from tower cranes to drills, except earthmoving machinery, mobile cranes and other similar equipment. The company s core product lines are Small Machinery and Equipment, Scaffolding and Weather Covers, Formwork and Supporting Equipment, Portable Spacial Units and Containers, and Tower Cranes and Hoists. The company also offers associated planning, erection, transportation and assistance services. In addition to rental operations, A-Rakennusmies is active in technical trade, i.e. it imports and markets major construction machinery and equipment in Finland. The company s main customer segments are building and construction companies, erection and installation companies, industrial plants, shipyards, state and local authorities, and private individuals. The company has some customers. A-Rakennusmies has a network of 70 rental outlets throughout Finland. Most of these are wholly owned by the company, the remainder being dealer outlets. A-Rakennusmies also has a 50 % holding in A- Rakennusmies East Oy which, through its subsidiaries, rents out construction machinery and equipment in the Moscow and St. Petersburg areas in Russia, Tallinn in Estonia, Riga in Latvia and Vilnius in Lithuania. KEY FIGURES Total revenues, FIM mill Profit after financial items, FIM mill Personnel 31 December A-RAKENNUSMIES 1

3 CEO S REVIEW A REVIEW INTO 1998 A-Rakennusmies Oyj s business developed favourably during The company s net sales rose by 22 % on the previous year. This growth stems from the generally buoyant market, the company s stronger market position and the corporate acquisitions made during the summer and autumn. Regional growth was most vigorous in the south, southeast and east of Finland. All our product lines showed growth during the review period. The company s operating profit before and after depreciation, and the net profit for the review period, all improved. The operating profit before depreciation and the operating profit rose by one-quarter, whereas our net profit 40 % up on than the previous year. Key figures came extremely close to our long-term targets. The target for the company s equity ratio is to exceed 50 %, and in 1998 the actual figure was 49.2 %, while the company s gearing in 1998 was 65 %, close to the target of less than 50 %. The target for operating profit before depreciation over a full business cycle of upswing and downturn is to exceed an average 30 %. Operating profit before depreciation for 1998 was 36.2 %. A landmark event for the company was becoming listed on the Official List of the Helsinki Exchanges on 30 April This enhances the company s public recognition, ensures that new capital is available when necessary and places a quoted market value on the company s shares. Our network of rental outlets was further developed by acquisition of the equipment rental operations of Kehä- Vuokraus and Cranes-Sampo during the review period. These acquisitions significantly strengthened the company s market position in both the south and southeast of Finland. They also increased the number of our rental outlets by eleven. In addition to this, three new wholly-owned and dealer outlets were established during the year. At the end of the review period the company had a total of 70 rental outlets. The location and premises of the new outlets were improved, and the company bought real estate for office premises in both Tampere and Seinäjoki. We bolstered our commitment to technical trade by increasing the number of dealerships for machinery and equipment and by recruiting more trade specialists. A new IT-system, RAMI-IT, was introduced in production. Development of the system has taken two years and it is tailored to the specific needs of A-Rakennusmies. The system handles the company s fixed assets and inventories, invoicing, financial accounting of fixed assets and most of the reporting. Since it is a real-time system, each rentable item can be continuously monitored. This will enable much more efficient use of capacity in the future. Year 2000 compliance was built into the system. The incentive scheme, used in the company for five years now, was continued in The scheme covers all personnel. Bonuses are specific to the outlet, product line and department and are based 2 A-RAKENNUSMIES 1998

4 on its profitability as measured every fourth month. In 1998 the aggregate bonuses paid under the incentive scheme to all personnel amounted to around FIM 2.3 million. The largest single owner of A-Rakennusmies is the company s operative management together with a considerable number of the company s key employees (in total 44), through their holding company (Gaspar Oy Ab). Ownership was increased to 26 % at the end of the year. This guarantees a genuine entrepreneurial spirit in our company. The extensive personnel training project initiated during the previous year was continued during the review period. The training is aimed at further improving employees cooperation skills and service-mindedness. The training project will continue in RUSSIA AND THE BALTIC STATES A-Rakennusmies operates on the Russian and Baltic markets at limited risk through its associated company A-Rakennusmies East Oy. A-Rakennusmies East Oy is equally owned by A-Rakennusmies Oyj and Alliance ScanEast Fund, an American investing fund in eastern Europe. A-Rakennusmies East Oy has subsidiaries in Moscow, St. Petersburg, Tallinn, Riga and Vilnius. Over half of the operations of these companies during the review period were in Russia, and the remainder in the Baltic states. The net sales of the A-Rakennusmies East Group in 1998 grew by 64 % and amounted to FIM 23.7 (14.5) million. A-Rakennusmies East Group s operating profit before depreciation more than doubled, totalling FIM 4.9 (2.3) million, while its operating profit for 1998 was more than triple the previous year s at FIM 0.9 (0.2) million. As a consequence of one-time foreign currency losses caused by Russia s devaluation of its currency, A-Rakennusmies East Group made a net loss of FIM 1.2 million in the review period. Our objective is still to boost A-Rakennusmies East s operations without, however, increasing A-Rakennusmies Oyj s risks. The Baltic states continue to be the focal point for future growth. PROSPECTS FOR 1999 According to several forecasts in Finland the construction market will continue to grow overall, although slowing to a more normal rate compared to the rapid growth of the previous year. The increase in newbuilding and the growing trend to rent construction machinery and equipment instead of purchasing it will spur growth in the rental market as well. We believe that A-Rakennusmies operations will continue developing favourably in We expect growth and improved profitability in rental activities and technical trade. We intend to focus on improving the quality of our activities and processes. We have already launched a quality project in the company with the aim of implementing a SFS-EN ISO 9001 certified quality system in the year A-Rakennusmies aims to utilise the spare capacity in its rental operations, increase efficiency by cutting costs, shorten equipment servicing and repair times, apply the RAMI-IT system to boost the mobility of key equipment, and expand its operations by increasing the number of outlets and through selected corporate acquisitions. I would like to thank all our customers, partners and shareholders for their excellent cooperation and extend special thanks to the personnel of A-Rakennusmies for their commendable efforts in March 1999 Erkki Norvio, President and CEO NET SALES BY CUSTOMER SEGMENT 1998 NET SALES OPERATING PROFIT FIM MILL. FIM MILL. BUILDING AND CONSTRUCTION COMPANIES 44 % GOVERNMENT AND LOCAL AUTHORITIES 5 % PRIVATE INDIVIDUALS AND CASH CUSTOMERS 9 % INDUSTRY AND OTHER COMPANIES 42 % A-RAKENNUSMIES 3

5 PRODUCT LINES IN BRIEF FORMWORK AND SUPPORTING EQUIPMENT This product line covers the renting and sales of shuttering forms required for on-site concrete casting, and associated planning and erection supervision services. Shuttering forms are used to cast vertical and horizontal structures such as walls and vaults. Where renting of shuttering forms is concerned, every project has its own features, construction schedule and contractor s resources. The machinery and equipment in this product line are well-known European brands. SCAFFOLDING AND WEATHER COVERS This product line covers the renting of scaffolding and weather covers. In addition, A-Rakennusmies comprehensive service includes related planning, erection, moving, dismantling and transportation. Besides rental operations, the product line also imports and sells many brands of scaffolding. Scaffolding and weather covers are needed in renovation and new development projects and in industrial maintenance. PORTABLE SPACIAL UNITS AND CONTAINERS This product line rents and sells portable spacial units and containers for new development and renovation sites and for a host of other purposes. The range includes changing rooms, canteens, office, storage and accommodation units. They can be ready furnished or designed and fitted for the needs of each customer for use as site buildings, schools, day-care centres and offices. SMALL MACHINERY AND EQUIPMENT This product line covers the renting of small items of equipment, machinery and tools for industrial maintenance services and building and construction sites, and sales of related accessories and equipment. Products range from simple sewer opening springs to electricity generators weighing more than a tonne and large personnel hoists. Small Machinery and Equipment make up the largest group of the company. It includes machinery and equipment for concrete casting, soil compaction, hoisting, heating, sanding, grinding, welding, drilling and nailing. The product range also includes various cutting machines, pneumatic machinery and equipment, electric and lighting equipment, pumps and measuring equipment. TOWER CRANES AND HOISTS This product line rents and sells tower cranes, hoists and similar products for new development and renovation sites. The line is also responsible for sales of hoists, heaters and small machinery, for the company s spare parts sales and for the overhaul of hoisting equipment at its outlets. TECHNICAL TRADE The company also imports and markets construction machinery and equipment. Technical Trade takes place through the product lines, which also use the network of rental outlets for their sales activities. The company sells the same brands as it rents out. The most important products in Technical Trade are hoists, heaters, tower cranes, containers, scaffolding, formwork, portable spacial units and various small items of machinery as well as accessories and equipment for work sites. 4 A-RAKENNUSMIES 1998

6 ORGANIZATION AND GROUP STRUCTURE ORGANIZATION NET SALES BY PRODUCT LINE 1998 A-Rakennusmies has a matrix structure, with operations organised according to product line and region. The five product lines are: Small Machinery and Equipment, Formwork and Supporting Equipment, Scaffolding and Weather Covers, Portable Spacial Units and Containers, and Tower Cranes and Hoists. Operations are divided into 6 regions and 70 outlets. The formwork, scaffolding, portable spacial units and tower crane products are rented and sold by their respective product lines and through the company s outlets. Items of small machinery and equipment are rented out only by the outlets, which are also responsible for sales of accessories and equipment. FORMWORK AND SUPPORTING EQUIPMENT 11 % SCAFFOLDING AND WEATHER COVERS 13 % TOWER CRANES AND HOISTS 9 % PORTABLE SPACIAL UNITS AND CONTAINERS 6 % SMALL MACHINERY AND EQUIPMENT 61 % GROUP STRUCTURE SMALL MACHINERY AND EQUIPMENT A-RAKENNUSMIES OYJ S NETWORK OF OUTLETS AND REGIONAL SALES 50 % A-RAKENNUSMIES EAST OY FORMWORK AND SUPPORTING EQUIPMENT SOUTH FINLAND SOUTHEAST FINLAND *) MOSCOW SCAFFOLDING AND WEATHER COVERS WEST FINLAND EAST FINLAND TALLINN ST. PETERSBURG PORTABLE SPACIAL UNITS AND CONTAINERS CENTRAL FINLAND NORTH FINLAND RIGA (67 %) TOWER CRANES AND HOISTS *) incl. Kotka area VILNIUS 1998 A-RAKENNUSMIES 5

7 OPERATIONS NET SALES BY PRODUCT LINE FIM million Small Machinery and Equipment Formwork and Supporting Equipment Scaffolding and Weather Covers Portable Spacial Units and Containers Tower Cranes and Hoists Intragroup sales Total Other operating income Total HISTORY The history of A-Rakennusmies dates back to 1955 and the founding of a partnership called Rakennusmies. At that time new construction machinery and equipment were in great demand in Finland when post-war reconstruction was at its height. The company s line of business was specified as importing, manufacturing and trading in construction machinery and equipment. The company and its range of products grew during the 1960s and 1970s and the company also began to develop and manufacture various prefabricated elements. In 1983, Oy Partek Ab acquired the company and during the following 2-3 years Partek largely transferred the element production to its own similar group. A-Rakennusmies returned to its roots and focused on the import, sale and renting of construction machinery and equipment. In the late 1980s, the company began to grow again, and to expand its range of products. Further growth was achieved mostly by acquisitions, starting in 1989 with Rakennuslaite Oy, which had been renting construction machinery for 15 years. This was followed in 1991 by the merger of Hytec Oy, a leading company selling and renting formwork and personnel hoists. In 1992, the Group acquired most of Monivuokraus Ky s business and rental outlets, which significantly increased its construction machinery rental business. Starckjohann-Telko Oy s building and construction machinery activities were added in 1993, and in 1994 the company acquired Tallberg Rakennustekniikka Oy s business. A year later in 1995, Betox Oy was acquired. In December 1995, the business of A-Rakennusmies was acquired by a new company owned by A-Rakennusmies Oy s key persons as well as funds managed by CapMan Management Oy and MB Finance Group Oy. Of the previous owners, Oy Julius Tallberg Ab, Oy Partek Ab and Starckjohann Oy retained their holdings in the company until November 1997, when the latter two sold out to the company s other shareholders. In 1998 the company was listed on the Helsinki Exchanges and the company s shares were publicly quoted as from 30 April CapMan Management Oy and MB Finance Group Oy sold most of their holdings in the company in conjunction with the listing. The company continued its policy of acquisitions by purchasing the equipment rental operations of Kehä-Vuokraus and Cranes-Sampo in Renting of construction machinery and equipment in Moscow began in 1988 when the company founded a joint venture with two local partners in (at that time) the Soviet Union. In 1993, this business was transferred to a wholly owned subsidiary. Operations expanded to St. Petersburg and Tallinn in 1994 and in 1997 these eastern activities were placed under a new company, A-Rakennusmies East Oy, which is 50 % owned by Alliance ScanEast Fund, an American fund investing in Eastern Europe. New companies were established in Riga, Latvia, in 1997 and in Vilnius, Lithuania, in MARKET TRENDS The rental market for construction machinery and equipment in Finland grew by some 20 % in 1998, according to A-Rakennusmies estimates, to a total of about FIM million. Nevertheless, the use of rental machinery and equipment in Finland for construction is low by international standards. Demand of rental machinery is expected to grow in Finland, because of the fact that construction companies and industry increasingly focuses on improving profitability and productivity. The current machinery and equipment owned by construction companies is ageing as a consequence of the low level of investment in recent years. These companies will probably also pinvest in upgrading their machinery and equipment fleets in order to keep their own equipment in working order, which should stimulate Technical Trade. OPERATIONS AND MARKET SITUATION Net sales of Small Machinery and Equipment product line in 1998 totalled FIM 137 million, up 27 % on the previous year. This growth was mainly due to brisker activity throughout the market and the acquisitions made in the summer and autumn. Renting of Small Machinery and Equipment is expected to grow in the near future driven by overall growth in the market and stronger demand for rented machinery and equipment. The company intends to further expand its network of outlets in Net sales of Formwork and Supporting Equipment product line in 1998 totalled FIM 25 million, representing an increase of 14 % 6 A-RAKENNUSMIES 1998

8 on the previous year. The favourable development of the construction market, particularly in new construction, was the main reason for the higher level of renting. Growth in new construction is expected to boost both the sales volume and profitability of this product line. Net sales of Scaffolding and Weather Covers product line, including installation work, was FIM 29 million in 1998, compared to FIM 28 million for the previous year. The increase was mainly attributable to higher demand for scaffolding due to façade repairs. Conversely, demand for scaffolding in the shipbuilding industry declined compared to the previous year. The company selected Plettac scaffolding as its new brand leader during the review period and intends to vigorously deploy it over the next few years. Continuing growth in demand is expected in Finland for this product line. Net sales of Portable Spacial Units and Containers product line amounted to FIM 13 million in 1998, compared to FIM 11 million for the previous year. The increase was mainly attributable to the renting of single spacial units and containers. Demand for containers in particular grew steadily throughout the review period. Future growth in demand is forecast for Portable Spacial Units and Containers. Net sales of Tower Cranes and Hoists in 1998 was FIM 19 million, up from FIM 13 million in the previous year. Growth was achieved mostly as a result of increased new development projects and greater demand for Technical Trade s products. The rental market seems to remain strong in the future. Tower crane sales are expected to recover in the next few years, following a period of low demand lasting throughout the 1990s. The basic concept underlying Technical Trade is to sell the same products that are used in the rental business. This enables the company to gain advantage from common maintenance and spare parts activities and relations with foreign suppliers. Net sales of Technical Trade rose by 14 % on the previous year to FIM 33 million. Stronger growth in the sale of construction machinery and equipment is expected in the years ahead. The company s commitment to Technical Trade will be more in evidence within the next few years. NET SALES BY REGION 1998 CENTRAL FINLAND 9 % SOUTH FINLAND 36 % SOUTHEAST FINLAND 15 % (INCL. KOTKA AREA) EAST FINLAND 11 % WEST FINLAND 15 % NORTH FINLAND 14 % 1998 A-RAKENNUSMIES 7

9 A-RAKENNUSMIES EAST A-RAKENNUSMIES EAST GROUP INCOME STATEMENT FIGURES (FIM 1 000) Net sales Operating profit bef. deprec Depreciation Operating profit Financial income and expenses Profit after financial items BALANCE SHEET FIGURES (FIM 1 000) Fixed assets Inventories Receivables Cash and bank Non interest-bearing debt Interest-bearing debt Minority interests Shareholder s equity Balance sheet total MOSCOW A new outlet was opened in Moscow to serve builders in the city centre. The market developed favourably in Moscow up until the August crisis when the collapse of the Russian rouble halted growth in net sales. Rental operations have nevertheless continued at a satisfactory level, and this trend is expected to continue in Clarification of the financing arrangements for summer construction projects may, however, improve the situation. ST. PETERSBURG Investments in the construction of large western factories were postponed in the spring of Net sales in St. Petersburg have shown satisfactory growth since these projects started. The projects are still under way and they are expected to contribute to favourable growth during 1999 as well. TALLINN A-Ramirent AS started renting formwork in the spring of This activity has maintained satisfactory growth in net sales. Construction activity in Tallinn is expected to decrease in 1999, which will intensify competition in the rental market for construction equipment. A-Rakennusmies East Oy started operating in April 1997 when the eastern operations of A-Rakennusmies were placed under a separate company. Alliance ScanEast Fund, an American fund managed by CapMan Capital Management Oy, acquired 50 % ownership of the new company. Rental operations are handled in practice through subsidiaries: ZAO Techrent in Moscow, ZAO Peterrent in St. Petersburg, A-Ramirent AS in Tallinn, and A-Ramirent SIA (67 %) in Riga. Another subsidiary, A-Ramirent UAB, was established in Vilnius, Lithuania, during the review period and started operating in January Investments in the fixed assets, personnel and office premises of the subsidiaries have played a prominent role in operations during the review period. As a consequence of the prevailing uncertainty in Russia, investments will focus on the Baltic subsidiaries during the current year. No substantial growth is forecast in the Group s net sales although profitability is expected to improve. RIGA Operations in Riga got off to an extremely good start. The increase in construction activity is expected to continue, which will boost net sales of A-Ramirent SIA. The higher level of construction activity will require additional investment in machinery and equipment. VILNIUS Construction in Vilnius has started to increase, following the same trend prevailing in other Baltic countries a couple of years earlier. We believe that now is the right time to start rental operations in Vilnius. The focus for the current year will be on initial investments and training. 8 A-RAKENNUSMIES 1998

10 A-RAKENNUSMIES OYJ S SHARES AND SHAREHOLDERS SHARE PRICE 30 APRIL FEBRUARY 1999 FIM 100 A-Rakennusmies INDEX TRADING VOLUMES 30 APRIL FEBRUARY 1999 SHARES The column of the day of listing (30 Apr 1998) is truncated, the volume was shares. 60 Portfolioindex Apr 98 1 June 30 June 28 July 25 Aug 22 Sep 20 Oct 17 Nov 15 Dec 19 Jan 99 5 Feb 30 Apr 98 1 June 30 June 28 July 25 Aug 22 Sep 20 Oct 17 Nov 15 Dec 19 Jan 99 5 Feb PRINCIPAL SHAREHOLDERS 31 DECEMBER 1998 Shares Per cent of shares and votes Gaspar Oy Ab Oy Julius Tallberg Ab Optiomi Oy Nominee-registered shares/merita Suomen Itsenäisyyden Juhlarahasto MB Equity Fund Ky Placeringsfonden Gyllenberg Small Firm Keskinäinen Eläkevakuutusyhtiö Ilmarinen Alfred Berg Finland sijoitusrahasto Sijoitusrahasto Alfred Berg Optimal Other shareholders The president and CEO Mr. Norvio and the board member Ms. Mannila owned or controlled through Gaspar Oy Ab 7.8 per cent of the shares on 31 December SHAREHOLDER STRUCTURE 31 DECEMBER 1998 Shareholders Total shares and votes Privately held companies Financial and insurance institutions Public organizations Non-profit organizations Households/private persons International shareholders *) *) of which shares were nominee-registered representing 7.19 per cent of shares and votes DISTRIBUTION OF SHAREHOLDINGS 31 DECEMBER 1998 Number of shares Number of Per cent of Per cent of shareholders shareholders Shares total shares over A-RAKENNUSMIES 9

11 BOARD OF DIRECTORS REPORT PERFORMANCE DURING 1998 Business continued to develop favourably during Net sales rose to FIM (166.7) million, representing a 21.8 % increase on the previous year. Other operating income amounted to FIM 6.6 (6.1) million, most of which was derived from profits on sales of used equipment and machinery, which is a part of the company s normal business activities. The operating profit before depreciation totalled FIM 73.6 (59.4) million and represented 36.2 (35.7) % of net sales, up FIM 14.1 million on the previous year. The operating profit (after depreciation) amounted to FIM 50.1 (40.2) million, 24.7 (24.1) % of net sales. The profit before extraordinary items, appropriations and taxes was FIM 45.0 (32.5) million, representing 22.2 (19.5) % of net sales. Extraordinary expenses amounted to FIM 2.7 million and comprised non-recurring items associated with the stock exchange listing. The previous year s extraordinary income of FIM 6.5 million consisted of the capital contribution to increase A-Rakennusmies East Oy s share capital. A-Rakennusmies Oyj placed fixed assets and inventories in A-Rakennusmies East Oy as a capital contribution in 1997, which were valued at their market value. Kiinteistö Oy Kauppaneliö 10 (Seinäjoki), Kiinteistö Oy Mikkelin Yrittäjänkatu 10 (Mikkeli), Kiinteistö Oy Kajaanin Kettukalliontie 27 (Kajaani) and Kiinteistö Oy Vihiojantie 22 (Tampere), which are real estate companies wholly-owned by A-Rakennusmies Oyj, were merged with A-Rakennusmies Oyj during the review period. The mergers were entered in the Trade Register on 31 December Gross investments in fixed assets during the review period totalled FIM 56.5 (24.9) million and included the acquisition of the equipment rental operations of Kehä-Vuokraus and Cranes-Sampo. The investments were financed with the positive cash flow generated by business operations and the funds received from the share issue. OVERVIEW Rental operations continued to show positive development during the review period. The company s net sales and profitability improved considerably compared to the previous year. The company was listed on the Helsinki Exchanges during the review period and the company s shares were publicly quoted with effect from 30 April The company continued to develop its network of outlets by acquisition of the equipment rental operations of Kehä-Vuokraus and Cranes-Sampo and by establishing three new outlets. The company also focused on personnel training, introducing a new IT system and purchasing new rental equipment during the review period. FINANCING AND BALANCE SHEET The positive cash flow allowed the company to reduce its interestbearing debts by FIM 27.7 million during the period. This figure includes early repayment of capital notes that amounted to FIM 10 million. Interest paid during the period was lower largely as a result of the reduction in interest-bearing debts. The company s equity ratio at the end of the review period was 49.2 (29.5) % (with capital notes included as debt) and gearing was 64.8 (172.5) %. SHARE CAPITAL AND SHARES In advance of the stock exchange listing, the company s share capital was increased by FIM 1.9 million on 27 February 1998 by subscribing for shares based on a bond with warrants. Half of the shares were 10 A-RAKENNUSMIES 1998

12 subscribed by MB Finance Group Oy and Finnmezzanine Rahasto I Ky. The increase in share capital was entered in the Trade Register on 11 March The change in the nominal value of the company s share from FIM to FIM 5 per share was entered in the Trade Register on 11 March On 7 April 1998 the Board of Directors approved an issue of shares to personnel, the public and institutional investors. The final share price was determined using the bookbuilding method. For personnel it was FIM 63 per share and for the public and institutional investors it was FIM 70 per share. The increase in share capital of FIM was entered in the Trade Register on 29 April DEVELOPMENT OF OPERATIONS AND INVESTMENTS The machinery and equipment used in rental operations was maintained and upgraded during the review period. Gross investments in machinery and equipment totalled FIM 43.7 (16.4) million. Some FIM 9.3 (7.8) million was used for maintenance and upgrading of machinery and equipment, which was booked as expenses during the review period. Goodwill increased by FIM 7.6 (5.0) million during the review period. The reason for this was the acquisition of the equipment rental operations of Kehä-Vuokraus and Cranes-Sampo, in which part of the purchase price allocated to machinery and equipment and part to goodwill. The increase of FIM 5.2 (2.3) million in other long-term expenditure, intangible rights and buildings arose from the purchase of real estate companies in Tampere and Seinäjoki, the refurbishment of properties, the merging of real estate companies and investments in the RAMI-IT computer system introduced in the spring of The RAMI-IT system is used to handle the accounting for the company s fixed assets and inventories, invoicing, and most of the reporting. The hardware for the IT-system was mainly acquired through leasing agreements. THE EURO AND THE YEAR 2000 The Finnish markka will be the currency used for the company s financial reporting in The company is already prepared to issue and receive invoices denominated in euros. Preparations for the Year 2000 compliance of software and hardware within the company are proceeding according to plan. With very few exceptions, the company s rental of machinery and equipment does not contain elements that are affected by the change of the millennium. Those aspects of the computerised systems used by the company not upgraded for Year 2000 compliance by the publication date for this Annual Report will be addressed in the spring and summer of SHORT-TERM PROSPECTS The positive development of the company s business operations is expected to continue in Growth and improved profitability are forecast in both rental operations and technical trade. This outlook is based on the estimated growth in the construction market and industrial maintenance activity. PERSONNEL A training project aimed at all personnel in the company has been under way for several years now. During the review period the project focused on the leadership skills of managers and senior management. The project will continue in 1999 with training for the foremen of the rental outlets and depots. Fitness tests, targeted health examinations and a keep-fit programme for all personnel were conducted in 1998 with the aim of improving overall fitness and working ability. The average number of personnel employed by the company during the review period was 320 (294). The total number of personnel on 31 December 1998 was 322 (291). The increase was largely due to the acquisition of the equipment rental operations of Kehä-Vuokraus and Cranes-Sampo. The performance-based bonuses paid under the incentive scheme that covers all personnel in the company totalled FIM 2.3 (1.9) million in Salaries and bonuses, including fringe benefits: President and Board members Bonuses Other salaries and remuneration BOARD OF DIRECTORS, PRESIDENT AND AUDITORS The following persons served on the Board: Raimo Taivalkoski, chairman Thomas Tallberg Erkki Norvio Tuire Mannila Tuomo Raasio, until 21 December 1998 Matti Mertsola, until 21 December 1998 The President and CEO is Mr Erkki Norvio. The company s auditors are the firm of authorized public accountants KPMG Wideri Oy Ab under the supervision of Solveig Törnroos-Huhtamäki APA as the principal auditor A-RAKENNUSMIES 11

13 INCOME STATEMENT 1 Jan - 31 Dec Jan - 31 Dec Jan - 31 Dec 1997 Note FIM FIM Net sales Other operating income Total revenues Expenses Materials and supplies: Purchases during the financial year Change in stocks External services Personnel expenses Rents Other expenses Total Operating profit before depreciation Depreciation on fixed assets and other long-term expenditure Operating profit Financial income and expenses: Dividend income 1 3 Interest income Exchange rate gains Interest expenses Other financial expenses Total Profit before extraordinary items, appropriations and taxes Extraordinary income and expenses 2 Extraordinary income Extraordinary expenses Profit before appropriations and taxes Depreciation in excess of plan Direct taxes: For the financial year For previous financial years Net profit for the financial year A-RAKENNUSMIES 1998

14 CASH FLOW STATEMENT 1 Jan - 31 Dec Jan - 31 Dec Jan - 31 Dec FIM FIM Operating activities Funds generated from operations Operating profit before depreciation Financial income and expenses Extraordinary items Taxes Total Change in net working capital Inventories Current receivables Non interest-bearing short-term debt Total Net cash flow from operating activities Investments Investments in fixed assets Sale of fixed assets Total Cash flow before financing activities Financing Decrease in long-term liabilities Decrease in short-term loans Dividends paid Share issues Total Change in liquid assets according to this statement Change in liquid assets according to the balance sheet A-RAKENNUSMIES 13

15 BALANCE SHEET 31 Dec Dec Dec 1997 Note FIM FIM ASSETS Fixed assets and long-term financial assets Intangible assets 4 Intangible rights Goodwill Other long-term expenditure Total Tangible assets 4 Land and water properties Buildings and structures Machinery and equipment Total Long-term financial assets Shares in subsidiaries Shares in associated companies Other shares and holdings Total Current assets Inventories Work in process 5 32 Goods Total Receivables Sales receivable Loans receivable Prepayments and accrued income Total Cash and bank Total assets A-RAKENNUSMIES 1998

16 31 Dec Dec Dec 1997 Note FIM FIM SHAREHOLDERS EQUITY AND LIABILITIES Share capital Premium fund Total Other shareholders equity Retained earnings Net profit for the financial year Total Capital notes Appropriations Accumulated depreciation in excess of plan Liabilities 12 Long-term Debenture loans Loans from financial institutions Pension loans Other long-term loans Total Current Loans from financial institutions Pension loans Advances received Trade payables Accruals and deferred income Other current liabilities Total Total shareholders equity and liabilities A-RAKENNUSMIES 15

17 NOTES TO THE FINANCIAL STATEMENTS 1. ACCOUNTING PRINCIPLES The company has not prepared a consolidated financial statement because it has no subsidiaries. The acquisition cost of the company s 50 per cent holding in A-Rakennusmies East Oy appears under shares in associated companies in the balance sheet. Information about the A-Rakennusmies East Group is presented in Note 5. Should a calculation have been prepared for the associated company, this would have reduced non-restricted shareholders equity by approximately FIM 5 million. Net sales Net sales include rental income, sales proceeds from technical trade and the sale of services. Other operating income Other operating income mostly comprises profits from the disposal of used fixed assets. This income is part of the company s normal business activities and arises every year. Inventories Inventories are shown as the lowest of the weighted average price, the replacement price or the probable selling price. The direct acquisition cost of inventories is included in the value. Foreign currency items Foreign currency items are normally booked at the exchange rates prevailing on the transaction date. Unrealised exchange losses in respect of liabilities are booked at the exchange rate quoted at the balance sheet date. The company has no foreign currency denominated loans. Financial instruments The company has no derivative contracts. Pension costs Pension cover is arranged through pension insurance companies. Pension costs are booked as they occur. Maintenance and repair Except for major refurbishment costs, which are capitalised 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 capitalised at their direct acquisition cost. Cash and bank Cash and bank includes all cash and bank accounts. 2. EXTRAORDINARY INCOME AND EXPENSES Non-recurring extraordinary expenses during the review period arose from listing of the company on the Helsinki Exchanges in All extraordinary income for the previous year arose by paying the increase in A-Rakennusmies East Oy s share capital as a capital contribution. A-Rakennusmies Oy placed fixed assets and inventories in A-Rakennusmies East Oy as a capital contribution. These were valued at their market value. 3. PERSONNEL EXPENSES (FIM 1 000) Wages and salaries Fringe benefits Pension costs Other statutory contributions Voluntary staff costs Capitalised personnel expenses (IT-project) Total INTANGIBLE AND TANGIBLE ASSETS AND DEPRECIATION (FIM 1 000) Goodwill Acquisition cost 1 Jan Acquisitions 1 Jan-31 Dec Accumulated planned depreciation 31 Dec Book value 31 Dec Other long-term expenditure Acquisition cost 1 Jan Acquisitions 1 Jan-31 Dec Accumulated planned depreciation 31 Dec Book value 31 Dec Buildings and structures Acquisition cost 1 Jan Acquisitions 1 Jan-31 Dec Accumulated planned depreciation 31 Dec Book value 31 Dec Machinery and equipment Acquisition cost 1 Jan Acquisitions 1 Jan-31 Dec Disposals and scrap 1 Jan-31 Dec Accumulated planned depreciation 31 Dec Book value 31 Dec Accumulated depreciation in excess of plan Accumulated depreciation in excess of plan 1 Jan Increase 1 Jan-31 Dec Accumulated depreciation in excess of plan 31 Dec Planned depreciation is calculated over the economic life expectancies of the fixed assets. Depreciation expressed as a percentage or in years is as follows: Years Intangible assets Goodwill 10 Other long-term expenditure A-RAKENNUSMIES 1998

18 Tangible assets Buildings and structures Machinery and equipment for own use 3-7 Rental machinery, equipment and machinery, itemised Lifting and loading equipment 9-10 Small machines 3-8 Portable spacial units Rental machinery, equipment and machinery, non-itemised Scaffolding 10 % Formwork and supporting equipment 10 % Other non-itemised % Depreciation (FIM 1 000) Goodwill Other long-term expenditure Buildings and structures Machinery and equipment Total Change in depreciation in excess of plan (FIM 1 000) Machinery and equipment ASSOCIATED COMPANIES Information on A-Rakennusmies East Group (FIM mill.) A-Rak. East Oy s Dec Dec1998 ownership Net sales Operating Equity and Retained and voting profit and non- earnings power, % distributable items ZAO Techrent, Moscow ZAO Peterrent, St Petersb A-Ramirent AS, Tallinn A-Ramirent SIA, Riga A-Ramirent UAB, Vilnius OTHER SHARES AND HOLDINGS No. Book value (FIM 1 000) Other shares and holdings Telephone shares and holdings Other shares and holdings Taxation values (FIM 1 000) Real estate Other shares and interests Kiint. Oy Kauppaneliö 10 (Seinäjoki), Kiint. Oy Mikkelin Yrittäjänkatu 10 (Mikkeli), Kiint. Oy Kajaanin Kettukalliontie 27 (Kajaani) and Kiint. Oy Vihiojantie 22 (Tampere), all of which are whollyowned by A-Rakennusmies Oyj, were merged with A-Rakennusmies Oyj during the review period. The mergers were entered in the Trade Register on 31 December The profit of FIM 0.6 million arising from the mergers is entered in the balance sheet under buildings and structures. 7. RECEIVABLES FROM AND DEBTS TO ASSOCIATED COMPANIES Receivables from and debts owing to companies belonging to the A-Rakennusmies East Group (FIM 1 000) Sales receivable Loans receivable Trade payables MANAGEMENT BENEFITS The company paid no salaries or emoluments to members of the Board of Directors, except for an attendance allowance of FIM 5,000 per Board meeting paid to the Chairman of the Board. Neither the CEO nor any member of the Board of Directors has borrowed money from the company, nor has the company pledged any security as collateral for the debts of the groups mentioned above. (FIM mill.) Dec Dec1998 Ownership Share of Share of Share of Share of and voting net sales profit/loss equity and retained power, % and non- earnings distributable items A-Rakennusmies Oyj s holdings in A-Rakennusmies East Oy Group A-Rakennusmies East Group s book value in 1998 and 1997 was FIM in A-Rakennusmies Oyj s balance sheet. A-Rakennusmies East Oy s taxation value at 31 December 1998 was FIM SHAREHOLDERS EQUITY (FIM 1 000) Share capital 1 Jan Share issues Share capital 31 Dec Share premium fund 1 Jan - - Issue premium Share premium fund 31 Dec Other shareholders equity 1 Jan Dividend distribution Profit for the year Other shareholders equity 31 Dec A-RAKENNUSMIES 17

19 The share capital was raised on 27 February 1998 by FIM 1.9 million through warrants exercised in conjunction with the company s listing on the stock exchange. The increase was entered in the Trade Register on 11 March The change in the nominal share value from FIM to FIM 5 per share was entered in the Trade Register on 11 March On 7 April 1998 the Board of Directors approved an issue of shares to personnel, the public and institutional investors. The final share price was determined using the bookbuilding method. For personnel this was FIM 63 per share and for the public and institutional investors, FIM 70 per share. The increase in share capital of FIM was entered in the Trade Register on 29 April The shareholders meeting on 27 February 1998 authorised the Board of Directors to decide before 27 February 1999 on increasing the share capital through a subscription issue of new shares or by raising a convertible debenture loan or by granting warrants. The authorisation allows the share capital to be increased by a maximum of FIM 3.8 million. FIM of this authorisation was used when the company was listed on the Helsinki Exchanges. 10. WARRANT RIGHTS On 25 March 1998 the shareholders meeting decided to issue warrant rights. Based on these warrants, the maximum increase in share capital would be FIM The warrants were issued to key personnel and members of the Board of Directors of the A- Rakennusmies East Group. The warrants were subscribed during the review period. The warrants entitle holders to subscribe for at most 3.9 % of the company s total stock and the attached voting rights. Of these warrants, are marked with the letter A and with the letter B. The subscription period for the warrants marked A starts on 1 April 2000 and ends on 31 May The subscription period for the warrants marked B starts on 1 April 2002 and ends on 31 May The share subscription price will depend on the A-Rakennusmies East Group s result. In total there were 12 warrant subscribers. The subscribers included owners of Gaspar Oy as follows: Norvio Erkki subscribed for pcs, Fernelius Reijo subscribed for pcs, Nyyssölä Jorma, subscribed for pcs, Mannila Tuire subscribed for pcs and Korhonen Timo subscribed for pcs. 11. CAPITAL NOTES Terms and conditions of the 1995 capital notes: * Principal FIM (originally FIM but principal of FIM was repaid in 1998) * Creditors MB Mezzanine Fund Ky FIM and Finnmezzanine Rahasto I Ky FIM * The notes carry interest of 7 %. Interest can be paid annually only to the extent that the interest could be used for the distribution of profit in accordance with the adopted balance sheet. Should the notes not be fully repaid by 31 December 2002, the interest effective from 1 January 2003 is the interest payable on long-term serial bonds issued by the Finnish state + 6 %, subject to a minimum rate of 14 %. * Repayment in a single instalment shall take place on 31 December 2002 provided that the restricted equity and other nondistributable items are fully covered and that the equity ratio is at least 32 % for as long as A-Rakennusmies Oyj is indebted or has other commitments to Merita Bank Ltd. * Unsecured. The principal of the capital notes ranks junior to the company s other commitments. 12. LONG-TERM LIABILITIES Liabilities maturing in five years or more: (FIM 1 000) 31Dec Dec1997 Loans from financial institutions Pension loans Debentures DEBENTURE 1995 debenture loan * Principal FIM * Loan period 2 Nov Nov * Repayment, twice yearly starting 2 May 2001 * Fixed interest at 8 % from 2 Nov to 2 Nov. 1997, 9 % from 2 Nov to 2 Nov. 2002, but at least the 6-month Helibor rate quoted by the Bank of Finland from 2 Nov The terms and conditions of the debenture remain unchanged since the previous financial statements. There are no unbooked expenses in connection with issuing the loan. 14. CREDIT FACILITIES At the balance sheet date, the company had an unused FIM 18 million overdraft facility. 15. CONTINGENT LIABILITIES (FIM 1 000) Chattel mortgage bearer notes given as security for A-Rakennusmies Oyj s own liabilities Property mortgages given as security for A-Rakennusmies Oyj s own liabilities Repurchase commitments, rent and leasing obligations Leasing payments maturing within one year Leasing payments maturing after one year A-RAKENNUSMIES 1998

20 KEY FIGURES FIM FIM FIM INCOME STATEMENT Net sales Other operating income Operating profit before depreciation Depreciation Operating profit Financial income and expenses Profit after financial items BALANCE SHEET Shareholders equity does not include the capital notes which instead are included under interest-bearing debt. Shareholders equity includes untaxed reserves after deduction of tax liabilities. Fixed assets Inventories Receivables Cash, bank receivables and short-term investments Shareholders equity Interest-bearing debt of which capital notes Non interest-bearing debt Balance sheet total KEY FIGURES AND PERFORMANCE HIGHLIGHTS Increase in net sales 21.8 % 19.8 % 14.2 % *) Operating profit before depreciation, % of net sales 36.2 % 35.7 % 29.1 % Operating profit, % of net sales 24.7 % 24.1 % 15.2 % Profit before extraordinary items, appropriations and taxes, % of net sales 22.2 % 19.5 % 8.7 % Profit before appropriations and taxes, % of net sales 20.8 % 23.4 % 8.7 % Return on investment 32.2 % 28.3 % 13.9 % Return on shareholders equity 49.3 % 73.4 % 42.6 % Net debt 1 (capital notes as debt) 10.9 mill. FIM 64.8 mill. FIM 89.3 mill. FIM mill. Net debt 2 (capital notes as shareholders equity) 9.2 mill. FIM 54.8 mill. FIM 69.3 mill. FIM 91.3 mill. Gearing 1 (capital notes as debt) 65.0 % % 421 % Gearing 2 (capital notes as shareholders equity) 50.0 % 97.0 % 197 % Equity ratio 1 (capital notes as debt) 49.2 % 29.5 % 16.6 % Equity ratio 2 (capital notes as shareholders equity) 54.1 % 40.9 % 29.1 % Employees, average Employees, at year end Gross investments in machinery and equipment 7.3 mill. FIM 43.7 mill. FIM 16.4 mill. FIM 9.2 mill. Gross investments as % of net sales 21.5 % 9.8 % 6.6 % *) compared to 1995 pro forma 1998 A-RAKENNUSMIES 19

21 PER SHARE DATA Earnings per share 1) 1.53 FIM 9.07 FIM 6.95 FIM ) Shareholders equity per share 1) (capital notes as debt) 4.07 FIM FIM FIM ) Dividend per share 1) 0.67 FIM 4.00 FIM ) FIM ) Payout ratio 1) 44.1 % 34.2 % 38.3 % Effective dividend yield 1) 5.3 % - - Price/earnings ratio (P/E) 1) 8.4 % - - Highest share price FIM Lowest share price FIM Average share price FIM Share price 31 Dec FIM Market capitalization 31 Dec mill. FIM mill. - - No. of shares traded No. of shares traded, % of total no. of shares 1) 52,5 % - - 1) The figure used for total number of shares is , which was the number of shares on the balance sheet date 2) The 1996 figures have been made comparable by dividing them by 200 taking the share split into account 3) The 1997 dividend per share of FIM 476 has been divided by 200 to take into account the share split The tax liability on untaxed reserves is treated as a short-term non-interest-bearing liability in Key figures and performance highlights. CALCULATION OF KEY FIGURES Return on shareholders equity (ROE), %: (Profit before extraord. items-taxes ± tax impact of extraord. items) x100 Shareholder s equity+accumulated depreciation in excess of plan *) *) average over the year, after deducting deferred tax liability Shareholders equity per share, FIM: Shareholders equity+accumulated depreciation in excess of plan *) Average adjusted number of shares *) after deducting deferred tax liability Return on investment (ROI), %: (Profit before extraord. items+interest and other financial expenses) x100 Balance sheet total - non-interest-bearing debts (average over the year) Payout ratio, %: Dividend per share x100 Profit before extraord. items-taxes± tax impact of extraord. items Equity ratio, %: (Shareholders equity+accumulated depreciation in excess of plan *) ) x100 Balance sheet total less advances received *) after deducting deferred tax liability Earnings per share (EPS), FIM: Profit before extraord. items less taxes±tax impact of extraord. items Average adjusted number of shares Net debt: Interest-bearing debt -cash and other cash equivalents Gearing: Net debt Shareholders equity+acc. deprec. in excess of plan less deferred tax liability Dividend per share: Dividend paid Number of shares (excluding options) The key figures are prepared in accordance with Finnish GAAP. 20 A-RAKENNUSMIES 1998

22 BOARD OF DIRECTORS PROPOSAL AND AUDITORS REPORT BOARD OF DIRECTORS PROPOSAL FOR THE DISTRIBUTION OF PROFIT The company s retained earnings and net profit for the financial year in the balance sheet is totally FIM The Board of Directors proposes that a dividend of FIM 4.00 (0.67 euro) be paid per share, totalling FIM and that the remaining FIM be retained. Helsinki 17 February 1999 Raimo Taivalkoski Thomas Tallberg Tuire Mannila Erkki Norvio Chairman CEO, Member of the Board Auditor s note: The financial statements have been prepared in accordance with Finnish Standards on Accounting. We have today issued a report on the audit performed by us. Helsinki 3 March 1999 KPMG WIDERI OY AB Solveig Törnroos-Huhtamäki Authorized Public Accountant AUDITORS REPORT To the shareholders of A-Rakennusmies Oyj We have audited the accounts, the financial statements and the corporate governance of A-Rakennusmies Oyj for the period 1 January to 31 December The financial statements, which include the report of the Board of Directors, the income statement, balance sheet, cash flow statement and notes to the financial statements, have been prepared by the Board of Directors and the CEO. Based on our audit we express an opinion on these financial statements and on the company s corporate governance. The audit has been carried out in accordance with the Finnish Standards on Auditing. Those standards require that we perform the audit 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 or 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 corporate governance has been to examine that members of the Board of Directors and the CEO have complied with the Companies Act. In our opinion, the financial statements, which show a profit of FIM , have been prepared in accordance with the Accounting Act and other rules and regulations governing the preparation of financial statements in Finland. The financial statements give a true and fair view of the company s result and financial position as required under the Accounting Act. We recommend that the financial statements be adopted and that the members of the Board of Directors and the CEO be discharged from liability for the accounting period examined by us. The Board of Directors proposal to deal with the non-restricted equity shown in the balance sheet is in accordance with the Companies Act. We have reviewed the interim reports published during the financial year. In our view, these have been prepared in accordance with pertinent regulations. Helsinki 3 March 1999 KPMG WIDERI OY AB Solveig Törnroos-Huhtamäki Authorized Public Accountant 1998 A-RAKENNUSMIES 21

23 CORPORATE GOVERNANCE AND MANAGEMENT BOARD OF DIRECTORS Raimo Taivalkoski (1940), M.Sc. in Engineering, has served as chairman of the Board of Directors in the company and its predecessors since He is CEO of Rakennustuoteteollisuus RTT ry. CORPORATE GOVERNANCE Thomas Tallberg (1934), Doctor of Medicine, has been a member of the Board since He is docent in immunology at the University of Helsinki. He has also served as chairman of the Board of Julius Tallberg Ab since 1967, and a member of the Board of Oy Fiskars Ab since CEO s position The company s Board of Directors has drawn up a written contract defining the main terms and conditions of the CEO s employment. Erkki Norvio, M.Sc. in Engineering and Economics, has been a member of the Board of this company and its predecessors since He is the President and CEO of A-Rakennusmies Oyj. Election of Board of Directors and CEO The Annual General Meeting of shareholders elects the members of the Board of Directors. The Board of Directors elects one of its members as a Chairman. Members of the Board of Directors are elected until further notice. There is no resignation rotation system. The Board of Directors appoints a Chief Executive Officer (CEO). Tuire Mannila, M.Sc. in Economics, APA,has been a member of the Board since She is CFO of A-Rakennusmies Oyj. AUDITORS Management remuneration and other benefits The Board of Directors decides the CEO s remuneration and benefits. The CEO decides the remuneration and benefits of other management. The management participates in a company-wide performance-based incentive scheme. 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 certified by the Central Chamber of Commerce. The company s present auditor is the certified public accounting firm of KPMG Wideri Oy Ab, with Solveig Törnroos-Huhtamäki APA as the main auditor. 22 A-RAKENNUSMIES 1998

24 Members of the mangement group from left: in front Norvio Erkki and Nyyssölä Jorma; in back Fernelius Reijo, Hirvinen Kauko, Mannila Tuire and Jämsä Pentti MANAGEMENT GROUP Erkki Norvio (1945) is the President and CEO of the company and chairman of the Management Group. He was appointed CEO in He joined the company as Executive Vice President of A-Elementti Oy Rakennusmies in 1984 and earlier served as Assistant Director of Oy Partek Ab s roof covering division. He is a member of the Board of the Association of Finnish Technical Traders and chairman of the Association s building machinery division. Tuire Mannila (1956) is the company s Chief Financial Officer. She has served the company since She is an Authorized Public Accountant and a member of the State Auditing Committee. Jorma Nyysölä (1946) is responsible for the following product lines: Small Machinery and Equipment, Portable Spacial Units and Containers, Tower Cranes and Hoists. He has served the company since 1991 and between 1988 and 1991 was deputy CEO of A-Rendmash. Mr. Nyyssölä holds diplomas in engineering and marketing. The personnel are represented in the Management Group by Pentti Jämsä and Kauko Hirvinen. Pentti Jämsä (1939) is a maintenance manager and has served the company since Reijo Fernelius (1942), B.Sc. in Engineering, is responsible for the company s regional sales and the following product lines: Formwork and Support, Scaffolding and Weather Covers. He has served the company since Kauko Hirvinen (1953) is an outlet supervisor and has served the company since At 31 December 1998, members of the company s Management Group owned altogether 59.3 per cent of Gaspar Oy Ab and Gaspar Oy Ab had a 26.0 per cent holding in A-Rakennusmies Oyj A-RAKENNUSMIES 23

25 OUTLET NETWORK A-RAKENNUSMIES OYJ PÄÄKONTTORI: HELSINKI P.O.Box 108 (VILJATIE 4 A) FIN HELSINKI TEL FAX , rami@a-rakennusmies.fi Internet: A-RAKENNUSMIES M O N I V U O K R A U S ALAJÄRVI *) Juurikaskydöntie ALAJÄRVI Tel Fax ESPOO Niittyrinne ESPOO Tel Fax HELSINKI CITYRAMI Tehtaankatu HELSINKI Tel Fax HELSINKI HERTTONIEMI Laivalahdenkatu HELSINKI Tel Fax HELSINKI KONALA Ristipellontie HELSINKI Tel Fax HYVINKÄÄ Muovikatu HYVINKÄÄ Machine rental Tel Fax Depot Tel Fax HÄMEENLINNA Vanajantie HÄMEENLINNA Tel Fax IISALMI Yrittäjänkuja IISALMI Tel Fax IMATRA Lappeentie IMATRA Tel Fax IVALO Lintumaa PPA IVALO Tel Fax JOENSUU Nurmeksentie JOENSUU Tel Fax JYVÄSKYLÄ Miilukatu JYVÄSKYLÄ Tel Fax KAJAANI Kettukalliontie KAJAANI Tel Fax KEMI Asentajankatu KEMI Tel Fax KEMIJÄRVI *) Rinnetie KEMIJÄRVI Tel Fax KEMPELE Depot Mullukantie KEMPELE Tel Fax KOKKOLA Patamäentie KOKKOLA Tel Fax KOTKA Jylpyntie KOTKA Tel Fax KOUVOLA Asentajankatu KOUVOLA Tel Fax KUHMO *) Kainuuntie KUHMO Tel Fax KUOPIO Volttikatu KUOPIO Tel Fax KUUSAMO Luomantie KUUSAMO Tel Fax LAHTI Vipusenkatu LAHTI Tel Fax LAPPEENRANTA Eteläkatu LAPPEENRANTA Tel Fax LEPPÄVIRTA *) Depot Teollisuustie LEPPÄVIRTA Tel Fax LIEKSA *) Kerantie LIEKSA Tel Fax MIKKELI Yrittäjänkatu MIKKELI Tel Fax NURMES Teollisuustie NURMES Tel Fax OULU Kaarnatie OULU Tel Fax OUTOKUMPU *) Polvijärventie OUTOKUMPU Tel Fax PORI Kartanontie PORI Tel Fax RAAHE Niemeläntie RAAHE Tel Fax RAUMA Hakuninvahe RAUMA Tel Fax ROVANIEMI Aittatie ROVANIEMI Tel Fax SALO Pursimiehenkatu SALO Tel Fax SEINÄJOKI Kauppaneliö SEINÄJOKI Tel Fax SIILINJÄRVI *) Oppipojantie SIILINJÄRVI Tel Fax SKÖLDVIK KULLOO Tel Fax SUOMUSSALMI *) Hallitie SUOMUSSALMI Tel Fax SUONENJOKI *) Satamakatu SUONENJOKI Tel Fax TAMPERE Vihiojantie TAMPERE Tel Fax TORNIO Kisällinkatu TORNIO Tel Fax TURKU KESKUSTA Kalevantie TURKU Tel Fax TURKU URUSVUORI Rydöntie TURKU Tel Fax TUUSULA Mahlamäentie TUUSULA Tel Fax VAASA Kairatie VAASA Tel Fax VALKEAKOSKI Huhtakatu 13 (Lumikorven teollisuusalue) VALKEAKOSKI Tel , Fax VANTAA HAKKILA Depot of spacial units Hakintie 5 A VANTAA Tel Fax VANTAA TUUPAKKA Depot of scaffolding Näpinkuja VANTAA Tel , Fax VANTAA YLÄSTÖNTIE Ylästöntie VANTAA Machine rental Tel Fax Tower cranes, spacial units, technical trade, maintenance and spare parts Tel Fax VARKAUS Käsityökatu 45 A VARKAUS Tel Fax VIRKKALA *) Ketunkuja VIRKKALA Tel Fax YLIVIESKA Savelantie YLIVIESKA Tel Fax YLÖJÄRVI Soppeentie YLÖJÄRVI Tel Fax ÄÄNEKOSKI Teollisuuskatu ÄÄNEKOSKI Tel Fax *) Dealer outlets 24 A-RAKENNUSMIES 1998

26 A-RAKENNUSMIES K E H Ä V U O K R A U S ESPOO Piispanmäentie ESPOO Tel Fax HELSINKI KALLIO Pengerkatu 13 B HELSINKI Tel Fax KOTKA Valajantie KOTKA Tel Fax KUUSANKOSKI Kiltakuja KUUSANKOSKI Tel Fax LAHTI Laakerikatu LAHTI Tel Fax LAPPEENRANTA Simolantie LAPPEENRANTA Tel Fax OITTI Maintenance and machine rental Keskustie OITTI Tel Fax PORVOO Asentajantie PORVOO Tel Fax ASSOCIATED COMPANIES A-RAKENNUSMIES EAST OY A-RAKENNUSMIES EAST OY Viljatie 4 A HELSINKI Tel Fax MOSCOW ZAO TECHRENT Ul. Zoi i Aleksandra Kosmodemjanskih 26/21, Office MOSCOW, RUSSIA Tel Fax Depot Mytischi Depot Marina ST. PETERSBURG ZAO PETERRENT Polevaja Sabirovskaja ST. PETERSBURG, RUSSIA Tel Fax RIGA A-RAMIRENT SIA Vietalvas iela 1 RIGA LV 1009, LATVIA Tel Fax St. Petersburg VANTAA PETIKKO Tiilitie VANTAA Tel Fax TALLINN A-RAMIRENT AS Laki 30 A TALLINN, ESTONIA Tel Fax Tallinn Moscow VANTAA PORTTISUO Porttisuontie VANTAA Tel Fax VILNIUS A-RAMIRENT UAB Savanoriu pr. 187 VILNIUS, LITHUANIA Tel Fax Riga Vilnius

27 A-RAKENNUSMIES OYJ VILJATIE 4 A FIN HELSINKI FINLAND Tel Fax ,