Uponor's interim results Jan-Mar 2007: Year begins with a strong improvement

Uponor's interim results Jan-Mar 2007: Year begins with a strong improvement 

- Net sales and results improved in the first quarter 
- January - March net sales MEUR 300.8 (250.5), a change of 20.1% 
- January - March operating profit MEUR 31.3 (21.8), a change of 43.6% 
- Earnings per share EUR 0.29 (0.21) 
- Return on investment at 32.5% (21.8%), gearing at 62 % (12.6%) 
- Full-year net sales growth expected to be around 10 per cent 
- Full-year operating profit and operating profit margin expected to improve
from 
the previous year.                                                              

CEO JAN LÅNG COMMENTS ON THE FINANCIAL PERFORMANCE FOR THE PERIOD:              

- A very strong performance supported by market demand and a strengthened
market 
position.                                                                       
- We are making progress on our strategic agenda items, with our organisational 
improvements essentially completed and a healthy flow of projects obtained in   
our new target segments.                                                        
- In a difficult market environment, our North American operative performance
has 
been sound, supported by improved market activities and an adjusted cost base   
while the results are still behind those of the previous year.                  


Presentation material is available, and a teleconference will be held:          

Following the release of this report, the presentation material for the interim 
report will be available at www.uponor.com/investors, under 'IR material'.      

Uponor will hold a teleconference in English for equity analysts today, at 5:00 
pm Finnish time (London 3:00pm, New York 10:00am). Those who would like to      
participate should call +44 20 7019 0812, using a DTMF telephone and the        
participant code, Uponor. Instructions are available at                         
www.uponor.com/investors.                                                       


Interim report for January-March 2007:                                          

Markets                                                                         

Demand for both housing solutions and infrastructure applications was active    
during the first quarter of 2007. The penetration of plastic pipe systems       
continued, and was further supported by the sustained high price levels of      
copper. The economic environment in most European markets has been positive, and
the mild weather conditions have enabled construction activities.               

In Germany, which is the largest market in the Central Europe region,           
residential building permits declined in the fourth quarter of 2006 while an    
increase in non-residential building permits was reported for the same period.  

Market conditions in the versatile Uponor Europe - West, East, South region vary
between different countries. Increased interest rates may have an effect on the 
number of building permits, especially in Spain, where construction activity has
remained at a high level.                                                       

In the infrastructure business in the UK and Ireland, regulatory targets in the 
UK gas and water sectors set the levels of replacement work to be achieved, and 
UK gas and water utilities have had to increase their spending, increasing      
demand for Uponor products. Overall, the economy remains in growth and house    
pricing and demand are strong in the UK.                                        

The favourable market situation in Uponor Nordic continued during the first     
quarter of 2007. Building activities remained on a high level in all Nordic     
countries. The winter has been mild, which has contributed to lively demand,    
including that for infrastructure systems. The building industry is suffering   
from a labour shortage.                                                         

In Uponor North America, US housing starts declined by around 6 per cent from   
the previous quarter. Compared to the same period last year, housing starts are 
down by about 25 per cent, which has contributed to sluggish demand for our     
products. Overall competitiveness in the market has increased.                  

Net sales                                                                       

Uponor's consolidated net sales for the first quarter totalled MEUR 300.8       
(250.5), or 20.1 per cent more than for Q1/2006. The most significant factor    
contributing to growth in net sales was continued, steady demand. Our efforts to
enter the high-rise segment are also beginning to show results. During the first
quarter, Uponor implemented price increases across its operating regions, but   
the effect of these were not fully visible in the first quarter net sales       
figures.                                                                        

Growth in net sales is fully meeting the long-term annual growth target of above
6 per cent (average over the cycle).                                            

Net sales by segment (January-March):                                           

--------------------------------------------------------------------------------
| MEUR                          |        Q1/2007 |      Q1/2006 |       Change |
--------------------------------------------------------------------------------
| Central Europe                |           94.1 |         73.6 |        27.7% |
--------------------------------------------------------------------------------
| Nordic                        |           94.5 |         74.5 |        27.0% |
--------------------------------------------------------------------------------
| Europe - West, East, South    |          116.4 |         87.7 |        32.8% |
--------------------------------------------------------------------------------
| North America                 |           35.8 |         44.7 |       -19.9% |
--------------------------------------------------------------------------------
| (North America, MUSD          |           47.1 |         53.7 |      -12.4%) |
--------------------------------------------------------------------------------
| Other                         |              - |            - |              |
--------------------------------------------------------------------------------
| Eliminations                  |          -40.0 |        -30.0 |              |
--------------------------------------------------------------------------------
| Total                         |          300.8 |        250.5 |        20.1% |
--------------------------------------------------------------------------------


In Uponor Central Europe, growth in net sales was driven by healthy demand and  
focused marketing efforts. The weather conditions during the first quarter were 
also favourable to construction.                                                

Growth in Uponor Nordic stemmed from both housing solutions and the             
infrastructure business. Competition is intense, and there are many new         
competitors on the market. Price increases took effect in all Nordic markets    
during the first quarter but their impacts have not yet fully materialised. The 
piloting phase in Uponor's new focus area, the high-rise segment, has been      
encouraging.                                                                    

Uponor Europe - West, East, South reported a net sales increase of 32.8 per     
cent. Growth has been strong in all housing solutions business groups.          
Geographically, the Iberian Peninsula and France have shown the strongest growth
figures. Efforts to increase sales continue, and ongoing customer loyalty       
programmes will be expanded to strengthen customer loyalty further.             
Demand in the Eastern European markets has been developing well and in line with
our expectations.                                                               

In Uponor North America, the first quarter net sales in US dollars were 12.4 per
cent below last year, which is less than the market decline. In addition to more
focussed marketing programmes, continued plastic penetration has helped to      
offset the overall negative market development in the US housing market.        

Results and profitability                                                       

Group operating profit was MEUR 31.3 (21.8), up 43.6 per cent from the preceding
year.                                                                           

The growth in the operating profit is mainly based on the leverage effect       
resulting from increased net sales, continuing steady demand and sales price    
increases to offset higher material costs.                                      

- In Uponor Central Europe, sales price increases were realised with a delay,   
which lowered the profit margin.                                                
- Operating profit increased significantly, by 87.2 per cent, in Uponor Europe -
West, East, South. There has been positive development across the region.       
- In Uponor Nordic, operating profit increased from last year due to the        
leverage effect resulting from high organic growth.                             
- In North America, the operating profit decreased by MUSD 1.0 mainly due to    
volume losses partly offset by lower overall spending.                          

Operating profit by segment (January-March):                                    

--------------------------------------------------------------------------------
| MEUR                              |      Q1/2007 |     Q1/2006 |      Change |
--------------------------------------------------------------------------------
| Central Europe                    |         10.9 |         9.8 |       11.1% |
--------------------------------------------------------------------------------
| Nordic                            |         10.0 |         6.2 |       59.8% |
--------------------------------------------------------------------------------
| Europe - West, East, South        |         13.2 |         7.0 |       87.2% |
--------------------------------------------------------------------------------
| North America                     |          0.8 |         1.7 |      -54.4% |
--------------------------------------------------------------------------------
| (North America, MUSD              |          1.0 |         2.0 |     -50.0%) |
--------------------------------------------------------------------------------
| Other                             |         -2.2 |        -1.0 |             |
--------------------------------------------------------------------------------
| Eliminations                      |         -1.4 |        -1.9 |             |
--------------------------------------------------------------------------------
| Total                             |         31.3 |        21.8 |       43.6% |
--------------------------------------------------------------------------------


Consolidated profit before taxes for January - March came to MEUR 31.3 (22.6),  
up 38.8 per cent on the previous year. Taxes amounted to MEUR 9.8 (7.0), with a 
tax rate of 31.5 per cent (31.0). The result for the financial period was MEUR  
21.5 (15.6). Earnings per share (diluted and undiluted) were EUR 0.29 (0.21).   
Equity per share was 3.56 (5.0), or 3.56 (4.99) diluted.                        

Investment and financing                                                        

Increased demand, especially in Uponor's European regions, has set capacity     
challenges, and created a need for capacity expansions, which accounted for the 
majority of gross investments during the first quarter.                         

Gross investments during the first quarter amounted to MEUR 7.1 (8.6).          
Depreciations were MEUR 9.3 (8.8) and net interest-bearing liabilities MEUR     
161.4 (46.0). Gearing rose to 62 per cent (12.6).                               

Key events                                                                      

In Central Europe, Uponor launched a new self-adhesive underfloor heating system
improving the ease and speed of installation.                                   

Preparation for the implementation of the common European ERP system in the     
Nordic region is ongoing.                                                       

The Uponor Control System for underfloor heating, first introduced in the       
Central European market during the fourth quarter of 2006, has been launched    
throughout the Nordic region, and has been well received.                       

In Sweden, the Swedish National Road Administration decided on a trial involving
the installation of surface heating in an uphill slope on a main road.          

In the UK, Uponor retained the majority of the Wales and West Utilities contract
for another three years.                                                        

Uponor was active in several high-rise projects throughout its key geographical 
areas.                                                                          

Human resources and organisation                                                

The reported number of Group employees averaged 4,354 (4,175) during the period 
under review, an increase of 179 persons from 2006. At the end of the period,   
the Group had 4,383 (4,190) employees, 193 more than in March 2006.             

The addition in the number of employees resulted from staff increases, mainly in
production, warehousing and dispatching as a result of increased demand.        

Annual General Meeting                                                          

The Uponor Annual General Meeting was held in Helsinki on 15 March 2007. The AGM
adopted the financial statements of Uponor Corporation and the Uponor Group and 
discharged members of the Board of Directors and the managing director from     
liability. It also decided to distribute a per-share dividend of EUR 1.40 for   
2006. The dividend payment date was 27 March 2007.                              

The number of members of the Board of Directors was increased to six. All of the
previous members were re-elected: Jorma Eloranta, Pekka Paasikivi, Aimo         
Rajahalme, Anne-Christine Silfverstolpe Nordin, and Rainer S. Simon. Jari       
Paasikivi, President and CEO of Oras Ltd, was elected as a new member. The      
members are elected for one year at a time. The Board elected Pekka Paasikivi as
Chairman and Aimo Rajahalme as Deputy Chairman.                                 

The AGM re-elected KPMG Oy Ab, Authorised Public Accountants, to continue as the
corporation's auditor.                                                          

The AGM also authorised the Board to decide to buy back own shares, and approved
an amendment to the Articles of Association based on the new Finnish Companies  
Act.                                                                            

Share capital and shares                                                        

The number of Uponor shares exchanged on the Helsinki Stock Exchange increased  
in the first quarter to 22.8 (8.3) million shares, and the value in euros of the
shares exchanged totalled EUR 625.4 (170.8) million. The market value of the    
share capital at the end of the period was EUR 1.9 (1.6) billion, and the number
of shareholders was 9,489 (7,022).                                              

At the beginning of 2007, Uponor Corporation's share capital amounted to EUR    
146,446,888 and its number of shares totalled 73,223,444.                       

The AGM authorised the Board to decide, within one year, on the buyback of the  
company's own shares using distributable earnings from unrestricted equity. The 
combined par value of the shares to be bought back, together with the par value 
of own shares already held by the corporation, may not exceed 4.8 per cent, or  
3,500,000 shares, of the corporation's share capital and voting rights held at  
the time of the buyback. The Board of Directors did not use this authorisation  
during the period under review.                                                 

The Board of Directors has no other authorisations.                             

At the beginning of 2007, Uponor Corporation held 88,000 treasury shares.       
Following the disposal of Uponor Corporation's own shares to the members of     
Uponor's Executive Committee in accordance with the share-based incentive scheme
published on 6 May 2004, this number decreased to 16,500. At the end of the     
period, they accounted for 0.02 per cent of the share capital and total voting  
rights accompanying all shares.                                                 

Short-term outlook                                                              

Based on recent economic and construction activity forecasts, no significant    
deviations from the previous guidance are expected in Uponor's business         
environment or in the economic environment this year.                           

Uponor's financial results are exposed to a number of strategic, operational,   
financial and hazard risks. For further details on these, see Uponor's Financial
Report 2006.                                                                    

Demand is expected to continue at a good level in most European markets. In     
Germany, where construction activity has increased since the second half of last
year, growth is expected to flatten out in the latter part of 2007. In the USA, 
housing starts are expected to decline year-on-year by some 15-20 per cent.     

In the first quarter, Uponor posted strong development with respect to the      
previous year and some segments exceeded internal expectations. Due to this, our
guidance for the full year has been revised.                                    

In 2007, organic growth in net sales is expected to be around 10 per cent, fully
meeting the long-term financial target of a minimum 6 per cent organic net sales
growth rate over the cycle. Operating profit and the operating profit margin are
expected to improve from the levels recorded in 2006.                           


Uponor Corporation                                                              
Board of Directors                                                              

For further information, please contact                                         
Jan Lång, President and CEO, at tel. +358 20 129 2822                           
Jyri Luomakoski, CFO and Deputy CEO, at tel. +358 40 515 4498                   


DISTRIBUTION:                                                                   
Helsinki Stock Exchange                                                         
Media                                                                           
www.uponor.com                                                                  

Information on the interim report:                                              


--------------------------------------------------------------------------------
| INTERIM 1-3/2007, IFRS          |  |   |        |        |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| The figures in this interim report |   |        |        |         |         |
| are unaudited.                     |   |        |        |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED INCOME STATEMENT   |  |   |        |        |         |         |
--------------------------------------------------------------------------------
| MEUR                            |  |   |        |  1-3/  |   1-3/  |   1-12/ |
|                                 |  |   |        |   2007 |    2006 |    2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales                       |  |   |        |  300.8 |   250.5 | 1,157.0 |
--------------------------------------------------------------------------------
| Cost of goods sold              |   |   |        |  195.8 |   163.1 |   743.8
--------------------------------------------------------------------------------
| Gross profit                    |  |   |        |  105.0 |    87.4 |   413.2 |
--------------------------------------------------------------------------------
| Other operating income          |  |   |        |    0.5 |     0.3 |     3.7 |
--------------------------------------------------------------------------------
| Dispatching and warehousing     |  |   |        |    7.0 |     6.1 |    25.7 |
| expenses                        |  |   |        |        |         |         |
--------------------------------------------------------------------------------
| Sales and marketing expenses    |  |   |        |   47.9 |    42.7 |   176.6 |
--------------------------------------------------------------------------------
| Administration expenses         |  |   |        |   15.6 |    12.7 |    51.0 |
--------------------------------------------------------------------------------
| Other operating expenses        |   |   |        |    3.7 |     4.4 |    19.9
| 
--------------------------------------------------------------------------------
| Operating profit                |  |   |        |   31.3 |    21.8 |   143.7 |
--------------------------------------------------------------------------------
| Financial expenses, net         |   |   |        |    0.0 |    -0.8 |     2.2
| 
--------------------------------------------------------------------------------
| Profit before taxes             |  |   |        |   31.3 |    22.6 |   141.5 |
--------------------------------------------------------------------------------
| Income taxes                    |   |   |        |    9.8 |     7.0 |    45.0
| 
--------------------------------------------------------------------------------
| Profit for the period           |  |   |        |   21.5 |    15.6 |    96.5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share, EUR         |  |   |        |   0.29 |    0.21 |    1.32 |
--------------------------------------------------------------------------------
| Diluted earnings per share, EUR |  |   |        |   0.29 |    0.21 |    1.32 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED BALANCE SHEET      |  |   |        |        |         |         |
--------------------------------------------------------------------------------
| MEUR                            |  |   |        |  31.3. |   31.3. |  31.12. |
|                                 |  |   |        |   2007 |    2006 |    2006 |
--------------------------------------------------------------------------------
| Assets                          |  |   |        |        |         |         |
--------------------------------------------------------------------------------
| Non-current assets              |  |   |        |        |         |         |
--------------------------------------------------------------------------------
| Property, plant and equipment   |  |   |        |  208.2 |   212.0 |   211.8 |
--------------------------------------------------------------------------------
| Intangible assets               |  |   |        |   96.9 |    85.8 |    97.6 |
--------------------------------------------------------------------------------
| Securities and long-term        |  |   |        |    3.5 |    17.3 |     3.6 |
| investments                     |  |   |        |        |         |         |
--------------------------------------------------------------------------------
| Deferred tax assets             |   |   |        |   21.5 |    18.8 |    20.9
--------------------------------------------------------------------------------
| Total non-current assets        |  |   |        |  330.1 |   333.9 |   333.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets                  |  |   |        |        |         |         |
--------------------------------------------------------------------------------
| Inventories                     |  |   |        |  143.1 |   127.1 |   128.1 |
--------------------------------------------------------------------------------
| Accounts receivable             |  |   |        |  217.7 |   181.7 |   150.6 |
--------------------------------------------------------------------------------
| Other receivables               |  |   |        |   12.4 |    14.8 |    18.9 |
--------------------------------------------------------------------------------
| Cash and cash equivalents       |   |   |        |    8.4 |    10.6 |    12.4
--------------------------------------------------------------------------------
| Total current assets            |  |   |        |  381.6 |   334.2 |   310.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total assets                    |  |   |        |  711.7 |   668.1 |   643.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders' equity            |  |   |        |  260.3 |   365.4 |   344.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current liabilities         |  |   |        |        |         |         |
--------------------------------------------------------------------------------
| Interest-bearing liabilities    |  |   |        |   20.4 |    22.3 |    17.2 |
--------------------------------------------------------------------------------
| Deferred tax liability          |  |   |        |   16.5 |    17.4 |    16.9 |
--------------------------------------------------------------------------------
| Provisions                      |  |   |        |   10.7 |     8.9 |    10.8 |
--------------------------------------------------------------------------------
| Employee benefits and other     |   |   |        |   25.8 |    27.6 |    29.2
| liabilities                     |  |   |        |        |         |         |
--------------------------------------------------------------------------------
| Total non-current liabilities   |  |   |        |   73.4 |    76.2 |    74.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current liabilities             |  |   |        |        |         |         |
--------------------------------------------------------------------------------
| Interest-bearing liabilities    |  |   |        |  149.4 |    34.3 |    16.9 |
--------------------------------------------------------------------------------
| Provisions                      |  |   |        |    5.4 |     7.5 |     4.7 |
--------------------------------------------------------------------------------
| Accounts payable                |  |   |        |   86.2 |    78.9 |    90.0 |
--------------------------------------------------------------------------------
| Other liabilities               |   |   |        |  137.0 |   105.8 |   113.8
--------------------------------------------------------------------------------
| Total current liabilities       |  |   |        |  378.0 |   226.5 |   225.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total shareholders' equity and  |  |   |        |  711.7 |   668.1 |   643.9 |
| liabilities                     |  |   |        |        |         |         |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| CONSOLIDATED CASH FLOW       |   |      |      |   |       |        |        |
| STATEMENT                    |   |      |      |   |       |        |        |
--------------------------------------------------------------------------------
| MEUR                         |   |      |      |   | 1-3/  |  1-3/  |  1-12/ |
|                              |   |      |      |   |  2007 |   2006 |   2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net cash from operations     |   |      |      |   |  41.3 |   30.1 |  180.7 |
--------------------------------------------------------------------------------
| Change in net working        |   |      |      |   | -57.8 |  -21.5 |    5.2 |
| capital                      |   |      |      |   |       |        |        |
--------------------------------------------------------------------------------
| Paid income taxes            |   |      |      |   |  -9.4 |   -8.7 |  -37.9 |
--------------------------------------------------------------------------------
| Paid interest                |   |      |      |   |  -1.1 |   -0.6 |   -3.9 |
--------------------------------------------------------------------------------
| Received interest            |   |      |      |   |   0.4 |    1.9 |    3.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from operations    |   |      |      |   | -26.6 |    1.2 |  147.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from investments   |   |      |      |   |       |        |        |
--------------------------------------------------------------------------------
| Proceeds from disposal of    |   |      |      |   |     - |      - |    0.3 |
| subsidiaries                 |   |      |      |   |       |        |        |
--------------------------------------------------------------------------------
| Purchase of fixed assets     |   |      |      |   |  -7.1 |   -8.6 |  -54.2 |
--------------------------------------------------------------------------------
| Proceeds from sales of fixed |   |      |      |   |   0.2 |    0.5 |    6.5 |
| assets                       |   |      |      |   |       |        |        |
--------------------------------------------------------------------------------
| Loan repayments              |   |      |      |   |   0.0 |    3.1 |   18.6 |
--------------------------------------------------------------------------------
| Cash flow from investments   |   |      |      |   |  -6.9 |   -5.0 |  -28.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from financing     |   |      |      |   |       |        |        |
--------------------------------------------------------------------------------
| Borrowings of debt           |   |      |      |   | 132.5 |   31.8 |   14.7 |
--------------------------------------------------------------------------------
| Repayments of debt           |   |      |      |   |   0.0 |      - |   -1.7 |
--------------------------------------------------------------------------------
| Dividends paid               |   |      |      |   | -102.5|  -65.8 | -166.0 |
--------------------------------------------------------------------------------
| Payment of finance lease     |   |      |      |   |  -0.5 |   -0.6 |   -2.0 |
| liabilities                  |   |      |      |   |       |        |        |
--------------------------------------------------------------------------------
| Cash flow from financing     |   |      |      |   |  29.5 |  -34.6 | -155.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Conversion differences for cash  |      |      |   |   0.0 |    0.1 |    0.0 |
| and cash equivalents             |      |      |   |       |        |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in cash and cash      |   |      |      |   |  -4.0 |  -38.3 |  -36.5 |
| equivalents                  |   |      |      |   |       |        |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and cash equivalents at |   |      |      |   |  12.4 |   48.9 |   48.9 |
| 1 January                    |   |      |      |   |       |        |        |
--------------------------------------------------------------------------------
| Cash and cash equivalents at |   |      |      |   |   8.4 |   10.6 |   12.4 |
| end of period                |   |      |      |   |       |        |        |
--------------------------------------------------------------------------------
| Changes according to balance |   |      |      |   |  -4.0 |  -38.3 |  -36.5 |
| sheet                        |   |      |      |   |       |        |        |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| STATEMENT OF CHANGES IN SHAREHOLDERS'     |       |         |        |       |
| EQUITY                                    |       |         |        |       |
--------------------------------------------------------------------------------
| MEUR                | Share | Share| Other| Trea- | Accumu- | Retai- | Total |
|                     | capi- |  pre-| re-  |  sury |   lated |    ned |       |
|                     |   tal | mium | ser- | shares| conver- |earnings|       |
|                     |       |      | ves  |       |    sion |        |       |
|                     |       |      |      |       | diffe-  |        |       |
|                     |       |      |      |       |  rences |        |       |
--------------------------------------------------------------------------------
| Balance at 31       | 146.4 | 42.5 |  6.7 |  -1.6 |   -10.2 |  160.6 | 344.4 |
| December 2006       |       |      |      |       |         |        |       |
--------------------------------------------------------------------------------
| Translation         |       |      |      |       |    -3.1 |        |  -3.1 |
| differences         |       |      |      |       |         |        |       |
--------------------------------------------------------------------------------
| Net profit for the  |       |      |      |       |         |   21.5 |  21.5 |
| period              |       |      |      |       |         |        |       |
--------------------------------------------------------------------------------
| Total recognised income and |      |      |       |    -3.1 |   21.5 |  18.4 |
| expense for the period      |      |      |       |         |        |       |
--------------------------------------------------------------------------------
| Dividend paid (EUR  |       |      |      |       |         | -102.5 | -102. |
| 1.40 per share)     |       |      |      |       |         |        |     5 |
--------------------------------------------------------------------------------
| Share based         |       |      |      |   1.3 |         |   -1.3 |   0.0 |
| incentive plan      |       |      |      |       |         |        |       |
--------------------------------------------------------------------------------
| Other adjustments   |       |      |  0.1 |       |         |   -0.1 |   0.0 |
--------------------------------------------------------------------------------
| Balance at 31 March | 146.4 | 42.5 |  6.8 |  -0.3 |   -13.3 |   78.2 | 260.3 |
| 2007                |       |      |      |       |         |        |       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Balance at 31       | 148.8 | 40.1 |  3.3 | -21.2 |    -5.4 |  252.8 | 418.4 |
| December 2005       |       |      |      |       |         |        |       |
--------------------------------------------------------------------------------
| Translation         |       |      |      |       |    -2.9 |        |  -2.9 |
| differences         |       |      |      |       |         |        |       |
--------------------------------------------------------------------------------
| Net profit for the  |       |      |      |       |         |   15.6 |  15.6 |
| period              |       |      |      |       |         |        |       |
--------------------------------------------------------------------------------
| Total recognised    |       |      |      |       |    -2.9 |   15.6 |  12.7 |
| income and expense  |       |      |      |       |         |        |       |
| for the period      |       |      |      |       |         |        |       |
--------------------------------------------------------------------------------
| Cancelling of       |  -2.3 |  2.3 |      |  19.6 |         |  -19.6 |   0.0 |
| shares              |       |      |      |       |         |        |       |
--------------------------------------------------------------------------------
| Dividend paid (EUR  |       |      |      |       |         |  -65.8 | -65.8 |
| 0.90 per share)     |       |      |      |       |         |        |       |
--------------------------------------------------------------------------------
| Share based         |       |      |      |       |         |    0.1 |   0.1 |
| incentive plan      |       |      |      |       |         |        |       |
--------------------------------------------------------------------------------
| Other adjustments   |  -0.1 |  0.1 |  1.1 |       |         |   -1.1 |   0.0 |
--------------------------------------------------------------------------------
| Balance at 31 March | 146.4 | 42.5 |  4.4 |  -1.6 |    -8.3 |  182.0 | 365.4 |
| 2006                |       |      |      |       |         |        |       |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
|                         |   |      |     |  1-3/  |  1-3/  |  1-12/ |        |
|                         |   |      |     |   2007 |   2006 |   2006 |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share, EUR |   |      |     |   0.29 |   0.21 |   1.32 |        |
--------------------------------------------------------------------------------
| - diluted               |   |      |     |   0.29 |   0.21 |   1.32 |        |
--------------------------------------------------------------------------------
| Operating profit, %     |   |      |     |   10.4 |    8.7 |   12.4 |        |
--------------------------------------------------------------------------------
| Return on equity, %,    |   |      |     |   28.4 |   15.9 |   25.3 |        |
| cumulative              |   |      |     |        |        |        |        |
--------------------------------------------------------------------------------
| Return on investment,   |   |      |     |   32.5 |   21.8 |   35.8 |        |
| %, cumulative           |   |      |     |        |        |        |        |
--------------------------------------------------------------------------------
| Solvency ratio, %       |   |      |     |   36.6 |   54.7 |   53.6 |        |
--------------------------------------------------------------------------------
| Gearing, %              |   |      |     |   62.0 |   12.6 |    6.3 |        |
--------------------------------------------------------------------------------
| Net interest-bearing    |   |      |     |  161.4 |   46.0 |   21.7 |        |
| liabilities             |   |      |     |        |        |        |        |
--------------------------------------------------------------------------------
| Equity per share, EUR   |   |      |     |   3.56 |   5.00 |   4.71 |        |
--------------------------------------------------------------------------------
| - diluted               |   |      |     |   3.56 |   4.99 |   4.70 |        |
--------------------------------------------------------------------------------
| Trading price of shares |   |      |     |        |        |        |        |
--------------------------------------------------------------------------------
| - low, EUR              |   |      |     |  25.56 |  18.00 |  18.00 |        |
--------------------------------------------------------------------------------
| - high, EUR             |   |      |     |  30.40 |  23.10 |  29.35 |        |
--------------------------------------------------------------------------------
| - average, EUR          |   |      |     |  27.39 |  20.69 |  22.73 |        |
--------------------------------------------------------------------------------
| Shares traded           |   |      |     |        |        |        |        |
--------------------------------------------------------------------------------
| - 1000 pcs              |   |      |     | 22,832 |  8,252 | 42,417 |        |
--------------------------------------------------------------------------------
| - MEUR                  |   |      |     |    625 |    171 |    964 |        |
--------------------------------------------------------------------------------


NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS                          


ACCOUNTING PRINCIPLES                                                           

The interim report has been prepared in compliance with International Financial 
Reporting Standards (IFRS) as adopted by EU and IAS 34 Interim Financial        
Reporting. In interim reports Uponor Group follows the same principles as in the
annual financial statement 2006.                                                

The Group has adopted the following new and amended standards from 1 January    
2007:                                                                           

IFRS 7 Financial instruments: Disclosures                                       
Amendment to IAS 1 Presentation of Financial Statements - Capital Disclosures   

The adoption of standard and amendment has impact on information presented in   
the notes to the consolidated financial statements.                             


--------------------------------------------------------------------------------
| PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS      |          |        |
--------------------------------------------------------------------------------
| MEUR                         |   |   |        |    1-3/  |    1-3/  |  1-12/ |
|                              |   |   |        |     2007 |     2006 |   2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Gross investment             |   |   |        |      7.1 |      8.6 |   54.2 |
--------------------------------------------------------------------------------
|  - % of net sales            |   |   |        |      2.4 |      3.4 |    4.7 |
--------------------------------------------------------------------------------
| Depreciation                 |   |   |        |      9.3 |      8.8 |   35.6 |
--------------------------------------------------------------------------------
| Book value of disposed fixed |   |   |        |      0.2 |      0.2 |    6.7 |
| assets                       |   |   |        |          |          |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| PERSONNEL                    |   |   |        |          |          |        |
--------------------------------------------------------------------------------
| Converted to full time       |   |   |        |    1-3/  |    1-3/  |  1-12/ |
| employees                    |   |   |        |     2007 |     2006 |   2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Average                      |   |   |        |    4,354 |    4,175 |  4,260 |
--------------------------------------------------------------------------------
| At the end of the period     |   |   |        |    4,383 |    4,190 |  4,325 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| OWN SHARES                   |   |   |        |          |          |        |
--------------------------------------------------------------------------------
|                              |   |   |        |    31.3. |    31.3. | 31.12. |
|                              |   |   |        |     2007 |     2006 |   2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Own shares held by the       |   |   |        |   16,500 |   88,000 | 88,000 |
| company                      |   |   |        |          |          |        |
--------------------------------------------------------------------------------
| - of share capital, %        |   |   |        |   0.02 % |    0.1 % |  0.1 % |
--------------------------------------------------------------------------------
| - of voting rights, %        |   |   |        |   0.02 % |    0.1 % |  0.1 % |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
|SEGMENT INFORMATION     |         |         |         |         |         
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| MEUR            |          1-3/2007           |           1-3/2006           |
--------------------------------------------------------------------------------
|                 | Externa | Interna |   Total | Externa | Interna |    Total |
|                 |       l |       l |         |       l |       l |          |
--------------------------------------------------------------------------------
| Segment revenue |         |         |         |         |         |          |
--------------------------------------------------------------------------------
| Central Europe  |    75.5 |    18.6 |    94.1 |    59.9 |    13.7 |     73.6 |
--------------------------------------------------------------------------------
| Nordic          |    73.8 |    20.7 |    94.5 |    59.2 |    15.3 |     74.5 |
--------------------------------------------------------------------------------
| Europe - West,  |   115.8 |     0.6 |   116.4 |    86.7 |     1.0 |     87.7 |
| East, South     |         |         |         |         |         |          |
--------------------------------------------------------------------------------
| North America   |    35.7 |     0.1 |    35.8 |    44.7 |       - |     44.7 |
--------------------------------------------------------------------------------
| Others          |       - |       - |       - |       - |       - |      0.0 |
--------------------------------------------------------------------------------
| Eliminations    |       - |   -40.0 |   -40.0 |       - |   -30.0 |    -30.0 |
--------------------------------------------------------------------------------
| Total           |   300.8 |       - |   300.8 |   250.5 |       - |    250.5 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
|                         |     |    |     |        1-12/ 2006        |        |
--------------------------------------------------------------------------------
|                         |     |    |     | Extern | Intern |  Total |        |
|                         |     |    |     |     al |     al |        |        |
--------------------------------------------------------------------------------
| Segment revenue         |     |    |     |        |        |        |        |
--------------------------------------------------------------------------------
| Central Europe          |     |    |     |  283.5 |   61.6 |  345.1 |        |
--------------------------------------------------------------------------------
| Nordic                  |     |    |     |  305.2 |   72.6 |  377.8 |        |
--------------------------------------------------------------------------------
| Europe - West, East,    |     |    |     |  385.3 |    2.6 |  387.9 |        |
| South                   |     |    |     |        |        |        |        |
--------------------------------------------------------------------------------
| North America           |     |    |     |  183.0 |      - |  183.0 |        |
--------------------------------------------------------------------------------
| Others                  |     |    |     |      - |      - |      - |        |
--------------------------------------------------------------------------------
| Eliminations            |     |    |     |      - | -136.8 | -136.8 |        |
--------------------------------------------------------------------------------
| Total                   |     |    |     | 1,157.0|      - | 1,157.0|        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|                         |     |    |     |  1-3/  |  1-3/  |  1-12/ |        |
|                         |     |    |     |   2007 |   2006 |   2006 |        |
--------------------------------------------------------------------------------
| Segment result          |     |    |     |        |        |        |        |
--------------------------------------------------------------------------------
| Central Europe          |     |    |     |   10.9 |    9.8 |   49.3 |        |
--------------------------------------------------------------------------------
| Nordic                  |     |    |     |   10.0 |    6.2 |   56.6 |        |
--------------------------------------------------------------------------------
| Europe - West, East,    |     |    |     |   13.2 |    7.0 |   38.2 |        |
| South                   |     |    |     |        |        |        |        |
--------------------------------------------------------------------------------
| North America           |     |    |     |    0.8 |    1.7 |   14.5 |        |
--------------------------------------------------------------------------------
| Others                  |     |    |     |   -2.2 |   -1.0 |  -12.0 |        |
--------------------------------------------------------------------------------
| Eliminations            |     |    |     |   -1.4 |   -1.9 |   -2.9 |        |
--------------------------------------------------------------------------------
| Total                   |     |    |     |   31.3 |   21.8 |  143.7 |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Central Europe          |     |    |     |    1.9 |    1.8 |    7.8 |        |
--------------------------------------------------------------------------------
| Nordic                  |     |    |     |    2.7 |    2.7 |   10.7 |        |
--------------------------------------------------------------------------------
| Europe - West, East,    |     |    |     |    2.6 |    2.5 |    9.4 |        |
| South                   |     |    |     |        |        |        |        |
--------------------------------------------------------------------------------
| North America           |     |    |     |    1.3 |    1.5 |    5.7 |        |
--------------------------------------------------------------------------------
| Others                  |     |    |     |    0.8 |    0.2 |    1.6 |        |
--------------------------------------------------------------------------------
| Eliminations            |     |    |     |    0.0 |    0.1 |    0.4 |        |
--------------------------------------------------------------------------------
| Total                   |     |    |     |    9.3 |    8.8 |   35.6 |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Segment investments     |     |    |     |        |        |        |        |
--------------------------------------------------------------------------------
| Central Europe          |     |    |     |    1.4 |    0.8 |    7.5 |        |
--------------------------------------------------------------------------------
| Nordic                  |     |    |     |    2.6 |    2.7 |   14.7 |        |
--------------------------------------------------------------------------------
| Europe - West, East,    |     |    |     |    1.4 |    1.5 |    8.6 |        |
| South                   |     |    |     |        |        |        |        |
--------------------------------------------------------------------------------
| North America           |     |    |     |    1.6 |    2.5 |    8.8 |        |
--------------------------------------------------------------------------------
| Others                  |     |    |     |    0.1 |    1.1 |   14.6 |        |
--------------------------------------------------------------------------------
| Total                   |     |    |     |    7.1 |    8.6 |   54.2 |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Segment assets          |     |    |     |        |        |        |        |
--------------------------------------------------------------------------------
| Central Europe          |     |    |     |  194.0 |  186.4 |  197.6 |        |
--------------------------------------------------------------------------------
| Nordic                  |     |    |     |  215.7 |  238.6 |  203.5 |        |
--------------------------------------------------------------------------------
| Europe - West, East,    |     |    |     |  241.3 |  211.4 |  223.3 |        |
| South                   |     |    |     |        |        |        |        |
--------------------------------------------------------------------------------
| North America           |     |    |     |  106.8 |  111.4 |  109.5 |        |
--------------------------------------------------------------------------------
| Others                  |     |    |     |  586.9 |  657.9 |  612.5 |        |
--------------------------------------------------------------------------------
| Eliminations            |     |    |     | -633.0 | -737.6 | -702.5 |        |
--------------------------------------------------------------------------------
| Total                   |     |    |     |  711.7 |  668.1 |  643.9 |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Segment liabilities     |     |    |     |        |        |        |        |
--------------------------------------------------------------------------------
| Central Europe          |     |    |     |  118.3 |  114.6 |  132.2 |        |
--------------------------------------------------------------------------------
| Nordic                  |     |    |     |  274.4 |  327.9 |  270.3 |        |
--------------------------------------------------------------------------------
| Europe - West, East,    |     |    |     |  132.1 |  121.9 |  115.8 |        |
| South                   |     |    |     |        |        |        |        |
--------------------------------------------------------------------------------
| North America           |     |    |     |   44.3 |   50.9 |   46.8 |        |
--------------------------------------------------------------------------------
| Others                  |     |    |     |  532.8 |  445.0 |  454.8 |        |
--------------------------------------------------------------------------------
| Eliminations            |     |    |     | -650.5 | -757.6 | -720.4 |        |
--------------------------------------------------------------------------------
| Total                   |     |    |     |  451.4 |  302.7 |  299.5 |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Segment personnel,      |     |    |     |        |        |        |        |
| average                 |     |    |     |        |        |        |        |
--------------------------------------------------------------------------------
| Central Europe          |     |    |     |  1,237 |  1,131 |  1,167 |        |
--------------------------------------------------------------------------------
| Nordic                  |     |    |     |  1,339 |  1,253 |  1,309 |        |
--------------------------------------------------------------------------------
| Europe - West, East,    |     |    |     |  1,173 |  1,126 |  1,132 |        |
| South                   |     |    |     |        |        |        |        |
--------------------------------------------------------------------------------
| North America           |     |    |     |    549 |    618 |    603 |        |
--------------------------------------------------------------------------------
| Others                  |     |    |     |     56 |     47 |     49 |        |
--------------------------------------------------------------------------------
| Total                   |     |    |     |  4,354 |  4,175 |  4,260 |        |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| Business segments    |   |    |        |        |         |         |        |
--------------------------------------------------------------------------------
|                      |   |    |              1-3/2007               |        |
--------------------------------------------------------------------------------
| Segment external     |   |    | Housin | Infra- |  Others |   Total |        |
| revenue              |   |    |      g | struc- |         |         |        |
|                      |   |    |  solut |   ture |         |         |        |
|                      |   |    |   ions | solut  |         |         |        |
|                      |   |    |        |   ions |         |         |        |
--------------------------------------------------------------------------------
| Central Europe       |   |    |   75.5 |      - |       - |    75.5 |        |
--------------------------------------------------------------------------------
| Nordic               |   |    |   33.5 |   40.3 |       - |    73.8 |        |
--------------------------------------------------------------------------------
| Europe - West, East, |   |    |   71.5 |   44.3 |       - |   115.8 |        |
| South                |   |    |        |        |         |         |        |
--------------------------------------------------------------------------------
| North America        |   |    |   35.7 |      - |       - |    35.7 |        |
--------------------------------------------------------------------------------
| Others               |   |    |      - |      - |       - |       - |        |
--------------------------------------------------------------------------------
| Total                |   |    |  216.2 |   84.6 |       - |   300.8 |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|                      |   |    |              1-3/2006               |        |
--------------------------------------------------------------------------------
| Segment external     |   |    | Housin | Infra- |  Others |   Total |        |
| revenue              |   |    |      g | struc- |         |         |        |
|                      |   |    |  solut |   ture |         |         |        |
|                      |   |    |   ions |  solut |         |         |        |
|                      |   |    |        |   ions |         |         |        |
--------------------------------------------------------------------------------
| Central Europe       |   |    |   59.9 |      - |       - |    59.9 |        |
--------------------------------------------------------------------------------
| Nordic               |   |    |   26.2 |   33.0 |       - |    59.2 |        |
--------------------------------------------------------------------------------
| Europe - West, East, |   |    |   47.3 |   39.4 |       - |    86.7 |        |
| South                |   |    |        |        |         |         |        |
--------------------------------------------------------------------------------
| North America        |   |    |   44.7 |      - |       - |    44.7 |        |
--------------------------------------------------------------------------------
| Others               |   |    |      - |      - |       - |       - |        |
--------------------------------------------------------------------------------
| Total                |   |    |  178.1 |   72.4 |       - |   250.5 |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|                      |   |    |              1-12/2006              |        |
--------------------------------------------------------------------------------
| Segment external     |   |    | Housin | Infra- |  Others |   Total |        |
| revenue              |   |    |      g | struc- |         |         |        |
|                      |   |    |  solut |   ture |         |         |        |
|                      |   |    |   ions |  solut |         |         |        |
|                      |   |    |        |   ions |         |         |        |
--------------------------------------------------------------------------------
| Central Europe       |   |    |  283.5 |      - |       - |   283.5 |        |
--------------------------------------------------------------------------------
| Nordic               |   |    |  127.7 |  177.5 |       - |   305.2 |        |
--------------------------------------------------------------------------------
| Europe - West, East, |   |    |  210.2 |  175.1 |       - |   385.3 |        |
| South                |   |    |        |        |         |         |        |
--------------------------------------------------------------------------------
| North America        |   |    |  183.0 |      - |       - |   183.0 |        |
--------------------------------------------------------------------------------
| Others               |   |    |      - |      - |       - |       - |        |
--------------------------------------------------------------------------------
| Total                |   |    |  804.4 |  352.6 |       - |  1157.0 |        |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| CONTINGENT LIABILITIES   |   |      |        |         |          |          |
--------------------------------------------------------------------------------
| MEUR                     |   |      |        |   31.3. |    31.3. |   31.12. |
|                          |   |      |        |    2007 |     2006 |     2006 |
--------------------------------------------------------------------------------
| Group:                   |   |      |        |         |          |          |
--------------------------------------------------------------------------------
| Pledges                  |   |      |        |         |          |          |
--------------------------------------------------------------------------------
| - on own behalf          |   |      |        |     0.0 |      0.0 |      0.0 |
--------------------------------------------------------------------------------
| Mortgages                |   |      |        |         |          |          |
--------------------------------------------------------------------------------
| - on own behalf          |   |      |        |       - |      2.2 |      0.0 |
--------------------------------------------------------------------------------
| Guarantees               |   |      |        |         |          |          |
--------------------------------------------------------------------------------
| - on behalf of others    |   |      |        |    12.7 |     12.3 |     12.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Parent company:          |   |      |        |         |          |          |
--------------------------------------------------------------------------------
| Guarantees               |   |      |        |         |          |          |
--------------------------------------------------------------------------------
| - on behalf of a         |   |      |        |    11.1 |     10.2 |     11.4 |
| subsidiary               |   |      |        |         |          |          |
--------------------------------------------------------------------------------
| - on behalf of others    |   |      |        |     9.8 |     10.1 |      9.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| OPERATING LEASE          |   |      |        |    23.6 |     21.2 |     24.4 |
| LIABILITIES              |   |      |        |         |          |          |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------




--------------------------------------------------------------------------------
| DERIVATIVE CONTRACTS  |         |        |        |        |        |        |
--------------------------------------------------------------------------------
| MEUR                  | Nominal |   Fair | Nomina |   Fair | Nomina |   Fair |
|                       |   value |  value |      l |  value |      l |  value |
|                       |         |        |  value |        |  value |        |
--------------------------------------------------------------------------------
|                       |   31.3. |  31.3. |  31.3. |  31.3. | 31.12. | 31.12. |
|                       |    2007 |   2007 |   2006 |   2006 |   2006 |   2006 |
--------------------------------------------------------------------------------
| Foreign currency      |         |        |        |        |        |        |
| derivatives           |         |        |        |        |        |        |
--------------------------------------------------------------------------------
| - Forward agreements  |     9.9 |    0.1 |   25.3 |   -0.1 |    6.4 |    0.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Commodity derivatives |         |        |        |        |        |        |
--------------------------------------------------------------------------------
| - Forward agreements  |     5.2 |   -0.6 |    3.0 |    1.2 |    5.6 |   -0.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Currency swaps        |     6.8 |    0.0 |    7.8 |    0.1 |    6.6 |    0.1 |
--------------------------------------------------------------------------------



COMMERCIAL PAPER PROGRAMME                                                      

In February Uponor Corporation increased its EUR 100 million domestic Commercial
Paper Programme to EUR 150 million. The proceeds of the programme will be used  
to fund the short-term working capital needs.                                   


SHARE BASED PAYMENTS                                                            

In February the members of Executive Committee received 71,500 shares in        
compliance with share based incentive scheme published May 5, 2004. Share based 
payments were expensed 2004-2006 according to IFRS 2 standard.                  


RELATED PARTY TRANSACTIONS                                                      

--------------------------------------------------------------------------------
| Associated companies         |     |       |       |       |        |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| MEUR                         |     |       |       | 1-3/  |   1-3/ |  1-12/ |
|                              |     |       |       |  2007 |   2006 |   2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales to associated      |     |       |       |   4.1 |    1.2 |    3.1 |
| companies                    |     |       |       |       |        |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Balances at the end of       |     |       |       |       |        |        |
| period                       |     |       |       |       |        |        |
--------------------------------------------------------------------------------
| Loan receivable from         |     |       |       |   1.1 |      - |    1.1 |
| associated companies         |     |       |       |       |        |        |
--------------------------------------------------------------------------------
| Accounts and other           |     |       |       |   0.9 |    0.6 |    0.4 |
| receivables                  |     |       |       |       |        |        |
--------------------------------------------------------------------------------
| Accounts payables and other  |     |       |       |   0.4 |    0.1 |    0.1 |
| liabilities                  |     |       |       |       |        |        |
--------------------------------------------------------------------------------


DEFINITIONS OF KEY RATIOS                                                       

Return on Equity (ROE), %

          Profit before taxes - taxes
     =    _________________________________________________  x 100
          
          Shareholders' equity + minority interest, average


Return on Investment (ROI), %

          Profit before taxes + interest and other financing costs
     =    ________________________________________________________  x 100
          
          Balance sheet total - non-interest-bearing liabilities,
          average


Solvency, % 

          Shareholders' equity + minority interest
     =    _______________________________________________  x 100
          
          Balance sheet total - advance payments received


Gearing, %

          Net interest-bearing liabilities
     =    ________________________________________  x 100
          
          Shareholders' equity + minority interest


Net interest-bearing liabilities

     =    Interest-bearing liabilities - cash, bank receivables
                                         and financial assets


Earning per share (EPS)

          Profit for the period
     =    ______________________________________________________
          
          Number of shares adjusted for share issue in financial
          period excluding treasury shares


Equity per share ratio

          Shareholders' equity
     =    ________________________________________________________ 
          
          Average number of shares adjusted for share issue at end
          of year


Average share price

          Total value of shares traded (EUR)
     =    ___________________________________ 

          Total number of shares traded