Bleak outlook continues in Uponor's key markets

Uponor Corporation	Interim report Q1/2009  29 April 2009                        
                                        

Bleak outlook continues in Uponor's key markets                                 

- Net sales took a strong downward turn from Q1/2008 and Uponor recorded an     
operating loss                                                                  
- Net sales in January-March totalled EUR 171.0 (233.8) million; a change of    
-26.8%                                                                          
- Operating profit for January-March totalled EUR -1.0 (19.3) million; a change 
of -20.3 million                                                                
- Earnings per share were EUR -0.05 (0.18)                                      
- Return on investment was -3.0% (20.6%), gearing 58.6% (91.9%)                 
- Cash flow from business operations improved slightly to EUR -14.0 (-17.4)     
million                                                                         
- Full-year guidance remains unchanged                                          

(Figures for continuing operations unless otherwise stated.)                    


CEO Jyri Luomakoski comments on the reporting period:                           

- Uponor's financial performance in the first quarter, which even in a normal   
year is seasonally modest, was clearly weaker than expected due to the          
exceptionally difficult market situation. Despite strict cost control and       
extensive corrective actions we were unable to compensate for the decline in    
profit resulting from slower demand.                                            

- Cash flow before financing improved slightly despite the decrease in net cash 
from operations, thanks to measures such as active inventory reduction.         

- Despite the unfavourable market outlook, Uponor is well positioned to respond 
to future challenges. Our balance sheet structure continues to be strong, cash  
flow is estimated to remain at a reasonable level, and our new product solutions
are attracting customers whose own customers increasingly seek ecological       
solutions that create cost savings over their life cycle.                       


Webcast and presentation material:                                              

Following the release of this report, the presentation material for the interim 
report will be available at www.uponor.com > Investors > IR material.           

Uponor will hold a webcast in English, at 2:00 p.m. today (London 12 noon, New  
York 7:00 a.m.) You can access the webcast via www.uponor.com >Investors.       

Questions for the webcast can be sent to ir@uponor.com.                         



New segments                                                                    

As of 1 January 2009, Uponor's segment structure has been based on three        
segments, determined by business and geographical region in line with the new   
organisational structure announced on 1 September 2008. These segments are      
Building Solutions - Europe; Building Solutions - North America; and            
Infrastructure Solutions - Nordic. The risks and returns of these segments vary 
in terms of their market and business environment, product and service offering 
and customer structure.                                                         


Markets                                                                         

Uponor's main business sector, residential building, continued to be heavily    
impacted by the global economic crisis in the first quarter of 2009. Demand for 
building solutions used in new residential buildings, in particular, has been   
weak throughout Uponor's key market areas. Demand for building solutions saw a  
marked decline already in early 2008, and we have now seen a further drop from  
that level. Market demand has continued to decline since the final quarter of   
2008. This trend is most pronounced in certain East European countries, where   
building has practically come to a standstill. The relatively harsh winter in   
Central Europe may also have contributed to the slowdown in building activity.  

As expected, demand in public and commercial construction has also begun to     
decrease. So far, this change has not been as dramatic as in residential        
building, due to the long-term nature of major projects, but financial          
difficulties are holding back the launch of new projects. While the overall     
trend has been a declining one, in some countries such as Germany, public and   
commercial construction has remained at a satisfactory level.                   

Although the economic recession has had a negative impact on demand for         
infrastructure solutions in the Nordic countries, the segment has remained      
relatively healthy thanks to several public projects. The difference with       
respect to the first quarter of 2008 is, however, very clear. In some product   
groups, demand has remained lively.                                             


Net sales                                                                       

Uponor generated net sales of EUR 171.0 (233.8) million in the first quarter,   
down 26.8 per cent year-on-year. The strengthening of the US dollar from the    
comparison period last year partially compensated for the negative effect of    
other currency fluctuations.                                                    

Following the decrease in demand for residential building, net sales fell in    
almost all markets. The sharpest fall in net sales was seen in East Europe, the 
Iberian Peninsula and in the Nordic countries. In the Central European          
countries, sales development varied from a slight decline to slight growth      
compared to the same period a year earlier. Currency exchange fluctuations had a
positive impact on the net sales in euros of the North American business.       

Net sales from public and commercial building fell short of the previous year's 
level, as expected, although in Central Europe the sales volume remained at the 
previous year's level. In the United States, marketing investments in this      
segment produced a favourable reaction in customers but the resulting net sales 
were insufficient to compensate for the sales decline caused by the fall in     
residential construction. In Spain and Portugal, Uponor's indoor climate systems
that are able to utilise renewable energy sources raised interest among         
customers. These systems have gained more competitive strength due to the       
increasingly strict energy requirements imposed on buildings.                   

Infrastructure sales in the Nordic countries shrank significantly from the      
exceptionally strong comparison figures of last year.                           

Net sales by segment (January-March):                                           

--------------------------------------------------------------------------------
| EUR million                              |     1-3/ |    1-3/ |       Change |
|                                          |     2009 |    2008 |              |
--------------------------------------------------------------------------------
| Building solutions - Europe              |    116.0 |   163.4 |      -29.1 % |
--------------------------------------------------------------------------------
| Building solutions - North America       |     25.0 |    26.9 |       -7.0 % |
--------------------------------------------------------------------------------
| (Building solutions - North America, USD |     32.3 |    41.0 |     -21.4 %) |
--------------------------------------------------------------------------------
| Infrastructure solutions - Nordic        |     31.0 |    45.6 |      -31.8 % |
--------------------------------------------------------------------------------
| Eliminations                             |     -1.0 |    -2.1 |              |
--------------------------------------------------------------------------------
| Total                                    |    171.0 |   233.8 |      -26.8 % |
--------------------------------------------------------------------------------



Results and profitability                                                       

Consolidated operating profit totalled EUR -1.0 (19.3) million, showing a       
year-on-year decrease of EUR 20.3 million from the relatively strong first      
quarter of 2008. Operating profit margin was down from 8.3 per cent to -0.6 per 
cent during the period.                                                         

The fall in operating profit could be primarily attributed to the sharp decline 
in net sales, for which cost savings were unable to compensate. In particular,  
the decrease in the production capacity utilisation rate was a major challenge. 
In addition to earlier initiatives, determined production restriction measures  
were also launched during this period. To cut personnel costs, the number of    
personnel was reduced sharply, working hours were shortened, and other voluntary
solutions were implemented. The decision was made to close down a warehouse in  
Denmark in order to improve the cost efficiency of the logistics network. In    
anticipation of a continued weak demand, inventories were reduced from the turn 
of the year, contrary to the standard course of action ahead of high season,    
which had a positive impact on cash flow.                                       


Operating profit by segment (January-March):                                    

--------------------------------------------------------------------------------
| EUR million                                  |   1-3/ |    1-3/ |     Change |
|                                              |   2009 |    2008 |            |
--------------------------------------------------------------------------------
| Building solutions - Europe                  |    3.1 |    20.1 |    -84.5 % |
--------------------------------------------------------------------------------
| Building solutions - North America           |   -3.2 |    -0.7 |   -346.1 % |
--------------------------------------------------------------------------------
| (Building solutions - North America, USD     |   -4.1 |    -1.1 |   -278.9% )|
--------------------------------------------------------------------------------
| Infrastructure solutions - Nordic            |    0.7 |     2.3 |    -70.8 % |
--------------------------------------------------------------------------------
| Other                                        |   -2.4 |    -2.6 |            |
--------------------------------------------------------------------------------
| Eliminations                                 |    0.8 |     0.2 |            |
--------------------------------------------------------------------------------
| Total                                        |   -1.0 |    19.3 |   -105.0 % |
--------------------------------------------------------------------------------


Profit before taxes for January-March totalled EUR -5.2 (18.8) million. The     
profit impact of taxes was EUR 1.5 million positive, compared to a tax cost of  
5.7 million in the previous year. Tax rate fell significantly to 28.0 (31.5) per
cent. Loss for the period totalled EUR -3.7 (EUR +13.1) million. Earnings per   
share were EUR -0.05 (0.18), both basic and diluted. Equity per share was EUR   
3.31 (EUR 3.22), basic and diluted.                                             


Investment and financing                                                        

No new investments were initiated during the period except for projects         
associated with production automation and streamlining with a short payback     
time. In the USA, the construction of a new distribution centre was completed   
and the centre was opened at the end of the period.                             

Gross investments in the first quarter came to EUR 4.0 (6.6) million; clearly   
less than depreciation, which amounted to EUR 7.8 (7.6) million. Cash flow from 
business operations improved slightly to EUR -14.0 (-17.4) million despite the  
decline in net cash from operations. Interest-bearing liabilities amounted to   
EUR 141.7 (216.5) million, due to the smaller dividends paid out than a year    
earlier, and the income from business divestments in 2008. Cash and cash        
equivalents fell to EUR 33.7 million (1 Jan. 2009: EUR 53.2 million) but were   
higher than a year earlier (31 March 2008: EUR 12.9 million). Gearing declined  
to 58.6 (91.9) per cent.                                                        


Key events                                                                      

Events in the first quarter primarily involved product and customer relationship
marketing. In Central Europe, Uponor participated in the 50th international ISH 
Fair in Frankfurt; one of the most important events in the sanitation and       
heating industry worldwide. At this fair, Uponor promoted its new systems       
offerings and its technical support services. In Austria, Uponor organised the  
31st Uponor Congress, which is primarily targeted to specifiers. The programme  
focused on energy issues and ‘green building'.                                  

In January, California issued state-wide approval of the use of PEX pipes in    
water distribution systems in buildings. An appeal has been filed. In many local
jurisdictions in California, PEX plumbing systems are already being sold under  
local approval.                                                                 

Preparations to roll out the Oracle ERP system were underway in Italy.          

In March, one of the production lines at the Hadsund factory in Denmark was     
destroyed in a fire, which also affected the operations of the plant and        
warehouse. Most of this damage is covered by insurance. No one was injured in   
the fire. The plant's operations are almost back to normal.                     

At the end of March, Uponor announced a delay in the divestment of manufacturing
premises in Ireland, for which a contract was signed in 2007.                   


Human resources                                                                 

The number of Group full-time-equivalent employees for continuing operations    
averaged 3,572 (4,071) during the period under review, showing a reduction of   
499 employees from the same period a year earlier. At the end of the period, the
number of employees was 3,526 (4,084) employees, a reduction of 558 from the end
of March 2008 and 152 from the end of 2008.                                     

During the first quarter, the Group has launched various operational efficiency 
enhancement and savings measures with the objective of adapting its operations  
to the slow demand in the construction industry. These measures primarily       
affected the building solutions business in Europe.                             

The most significant personnel reductions were made in Sweden, Germany and      
Spain. Besides headcount reductions, other savings measures have also been taken
affecting either working hours or pay.                                          

Ms. Paula Aarnio, Executive Vice President, Human Resources, and a member of the
Executive Committee, resigned in February, and left the company in April. Ms.   
Rauna Kolehmainen was appointed Vice President, Human Resources, effective as of
1 April. Ms. Kolehmainen was previously Uponor's Human Resources Manager.       

Effective as of the beginning of March, the areas of responsibility of some     
Executive Committee members were changed following the appointment of a new     
President and CEO at the end of 2008.                                           


Annual General Meeting                                                          

Uponor's Annual General Meeting was held in Helsinki on 18 March. The AGM       
adopted the financial statements of Uponor Corporation and the Uponor Group for 
2008 and released the Board members and the Managing Directors from liability.  
The AGM approved the proposed dividend of EUR 0.85 per share for 2008. The      
dividend was paid out on 31 March 2009.                                         

Current members of the Board, Jorma Eloranta, Jari Paasikivi, Aimo Rajahalme,   
Anne-Christine Silfverstolpe Nordin and Rainer S. Simon were all re-elected to  
the Board.                                                                      

The AGM decided that KPMG Oy Ab, a firm of authorised public accountants        
accredited by the Central Chamber of Commerce of Finland, will continue as the  
company auditor. KMPG Oy Ab appointed Lasse Holopainen, Authorised Public       
Accountant, as the principal auditor.                                           

The Board's annual remuneration remained unchanged, but it was decided that     
members of the Board committees would be paid remuneration per committee        
meeting. The amount of remuneration varies depending on the member's place of   
residence.                                                                      

The Board was authorised to resolve, within one year from the date of the       
meeting, to buy back a maximum of 3.5 million of the company's own shares using 
distributable earnings from unrestricted equity, amounting in total to 4.8 per  
cent of the total number of company shares.                                     

The Board of Directors did not exercise this authorisation during the reporting 
period and reported that it had no immediate plans to do so.                    

The Board of Directors has no other authorisations from the AGM.                


Share capital and shares                                                        

Uponor Corporation's share capital is EUR 146,446,888 and the number of shares  
73,206,944. There were no changes in the share capital and shares in the first  
quarter.                                                                        

The number of Uponor shares traded on the NASDAQ OMX Helsinki fell in the first 
quarter to 13.0 (26.1) million shares, totalling EUR 102.1 (433.3) million. The 
market value of the share capital at the end of the period was EUR 0.5 (1.1)    
billion, and the number of shareholders was 19,844 (15,099).                    

The company held 160,000 of its own shares, acquired in the final quarter of    
2008 for use in the company's share-based incentive programme.                  

The members of the Uponor Board will invest EUR 150,000 each in Uponor shares   
during 2009, with Oras Invest Oy participating in the financing arrangements.   
The first share transactions were carried out during the first quarter. Both the
share acquisition and the financing arrangements are executed with market terms.
A similar initiative was carried out by the Board in the spring 2007.           


Events after the period under review                                            

The Group's Finnish subsidiary Uponor Suomi Oy initiated codetermination        
negotiations with its personnel for the temporary lay-off of its entire staff of
360 for a maximum of two months. The details of the lay-offs will be available  
during the spring. If the necessary savings can be achieved in other ways or if 
the markets begin to recover, the company will explore opportunities for        
shortening the proposed lay-offs.                                               

In Great Britain, the need for a personnel reduction of 19 employees was        
announced in April. In Germany, a decision was taken to streamline OEM          
production, entailing an estimated reduction of 20 employees. With respect to   
this, alternatives for rationalising panel production will be explored.         

At the end of April, Uponor announced the appointment of Riitta Palomäki, M.Sc. 
(Econ.), 51, as Chief Financial Officer and a member of the Executive Committee,
from 1 June 2009. In addition to financial administration, she will assume      
responsibility for financing and risk management as well as information systems.


Short-term outlook                                                              

The residential building markets are expected to remain weak in 2009 in all of  
Uponor's key markets. Although some market areas may see some degree of revival 
as a result of public recovery measures, it is also likely that certain market  
segments will continue to deteriorate. In particular, the public and commercial 
building sector is expected to suffer, if financing continues tight. Various    
recovery packages designed to encourage private consumption and accelerate and  
move forward public projects are providing some light at the end of the tunnel. 
These measures may also have a positive impact on renovation and infrastructure 
projects. All in all, the business environment is expected to remain            
exceptionally challenging this year.                                            

Uponor's financial performance may be affected by several strategic,            
operational, financial and hazard risks. A more detailed risk analysis is       
provided in the company's Annual Report.                                        

Building and housing market development is very difficult to predict since so   
much rides on overall global economic development. No reliable conclusions can  
be drawn based on the first quarter, which even in ordinary circumstances is a  
quiet season. In these circumstances, Uponor maintains its full-year guidance:  

As a result of the difficult market situation, Uponor expects its net sales to  
remain below the 2008 level, and the profit for the year 2009 is expected to be 
positive.                                                                       
The Group's capital expenditure will not exceed depreciation in 2009, and with  
tight net working capital management, Uponor expects its cash flow to remain at 
a reasonable level.                                                             



Uponor Corporation                                                              
Board of Directors                                                              



For further information, please contact:                                        
Jyri Luomakoski, President and CEO, tel. +358 40 515 4498                       





Uponor Corporation                                                              

Tarmo Anttila                                                                   
Vice President, Communications                                                  
Tel. +358 20 129 2852                                                           


DISTRIBUTION:                                                                   
NASDAQ OMX - Helsinki                                                           
Media                                                                           
www.uponor.com                                                                  




Information on the interim report                                               

The figures in brackets in this interim report are the refer figures for the    
equivalent period in 2008. The change percentages reported in the interim report
have been calculated from exact figures not from rounded figures published in   
the interim report.                                                             


INTERIM REPORT 1-3/2009                                                         

The figures in this interim report are unaudited.                               

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME                                  

--------------------------------------------------------------------------------
| MEUR                                       |     1-3/ |     1-3/ |     1-12/ |
|                                            |     2009 |     2008 |      2008 |
--------------------------------------------------------------------------------
| Continuing operations                                                        |
--------------------------------------------------------------------------------
| Net sales                                  |    171.0 |    233.8 |     949.2 |
--------------------------------------------------------------------------------
| Cost of goods sold                         |    111.1 |    145.8 |     607.4 |
--------------------------------------------------------------------------------
| Gross profit                               |     59.9 |     88.0 |     341.8 |
--------------------------------------------------------------------------------
| Other operating income                     |      0.0 |      0.3 |       1.4 |
--------------------------------------------------------------------------------
| Dispatching and warehousing expenses       |      7.8 |      7.5 |      30.2 |
--------------------------------------------------------------------------------
| Sales and marketing expenses               |     37.8 |     44.0 |     175.0 |
--------------------------------------------------------------------------------
| Administration expenses                    |     11.3 |     13.9 |      50.8 |
--------------------------------------------------------------------------------
| Other operating expenses                   |      4.0 |      3.6 |      36.0 |
--------------------------------------------------------------------------------
| Operating profit                           |     -1.0 |     19.3 |      51.2 |
--------------------------------------------------------------------------------
| Financial expenses, net                    |      4.2 |      0.5 |      10.2 |
--------------------------------------------------------------------------------
| Profit before taxes                        |     -5.2 |     18.8 |      41.0 |
--------------------------------------------------------------------------------
| Income taxes                               |     -1.5 |      5.7 |      10.9 |
--------------------------------------------------------------------------------
| Profit for the period from continuing      |     -3.7 |     13.1 |      30.1 |
| operations                                 |          |          |           |
--------------------------------------------------------------------------------
|                                                                              |
--------------------------------------------------------------------------------
| Discontinued operations                                                      |
--------------------------------------------------------------------------------
| Profit for the period from discontinued    |        - |      1.1 |      42.4 |
| operations                                 |          |          |           |
--------------------------------------------------------------------------------
| Profit for the period                      |     -3.7 |     14.2 |      72.5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other comprehensive income                                                   |
--------------------------------------------------------------------------------
| Translation differences                    |      2.6 |     -9.1 |       5.2 |
--------------------------------------------------------------------------------
| Cash flow hedges                           |     -0.4 |     -0.2 |      -1.4 |
--------------------------------------------------------------------------------
| Other comprehensive income for the period  |      2.2 |     -9.3 |       3.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total comprehensive income for the period  |     -1.5 |      4.9 |      76.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share, EUR                    |    -0.05 |     0.19 |      0.99 |
--------------------------------------------------------------------------------
| - Continuing operations                    |    -0.05 |     0.18 |      0.41 |
--------------------------------------------------------------------------------
| - Discontinued operations                  |       -  |     0.01 |      0.58 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Diluted earnings per share, EUR            |    -0.05 |     0.19 |      0.99 |
--------------------------------------------------------------------------------
| - Continuing operations                    |    -0.05 |     0.18 |      0.41 |
--------------------------------------------------------------------------------
| - Discontinued operations                  |       -  |     0.01 |      0.58 |
--------------------------------------------------------------------------------


CONSOLIDATED STATEMENT OF FINANCIAL POSITION                                    

--------------------------------------------------------------------------------
| MEUR                                       |    31.3. |    31.3. |    31.12. |
|                                            |     2009 |     2008 |      2008 |
--------------------------------------------------------------------------------
| Assets                                                                       |
--------------------------------------------------------------------------------
| Non-current assets                                                           |
--------------------------------------------------------------------------------
| Property, plant and equipment              |    182.4 |    212.8 |     184.5 |
--------------------------------------------------------------------------------
| Intangible assets                          |    100.5 |    101.1 |     101.3 |
--------------------------------------------------------------------------------
| Securities and long-term investments       |      6.6 |      3.4 |       6.3 |
--------------------------------------------------------------------------------
| Deferred tax assets                        |     17.5 |     16.2 |      17.0 |
--------------------------------------------------------------------------------
| Total non-current assets                   |    307.0 |    333.5 |     309.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets                                                               |
--------------------------------------------------------------------------------
| Inventories                                |    100.7 |    148.4 |     104.5 |
--------------------------------------------------------------------------------
| Accounts receivable                        |    122.6 |    199.4 |      91.4 |
--------------------------------------------------------------------------------
| Other receivables                          |     26.0 |     18.4 |      36.7 |
--------------------------------------------------------------------------------
| Cash and cash equivalents                  |     33.7 |     12.9 |      53.2 |
--------------------------------------------------------------------------------
| Total current assets                       |    283.0 |    379.1 |     285.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total assets                               |    590.0 |    712.6 |     594.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders' equity and liabilities                                         |
--------------------------------------------------------------------------------
| Shareholders' equity                       |    242.0 |    235.4 |     305.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current liabilities                                                      |
--------------------------------------------------------------------------------
| Interest-bearing liabilities               |     80.0 |     17.9 |      77.0 |
--------------------------------------------------------------------------------
| Deferred tax liability                     |      9.4 |     14.4 |       8.1 |
--------------------------------------------------------------------------------
| Provisions                                 |      6.9 |      8.7 |       7.7 |
--------------------------------------------------------------------------------
| Employee benefits and other liabilities    |     19.6 |     24.3 |      21.3 |
--------------------------------------------------------------------------------
| Total non-current liabilities              |    115.9 |     65.3 |     114.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current liabilities                                                          |
--------------------------------------------------------------------------------
| Interest-bearing liabilities               |     95.4 |    211.5 |      36.8 |
--------------------------------------------------------------------------------
| Provisions                                 |     20.9 |      6.2 |      22.3 |
--------------------------------------------------------------------------------
| Accounts payable                           |     45.0 |     78.4 |      50.1 |
--------------------------------------------------------------------------------
| Other liabilities                          |     70.8 |    115.8 |      66.0 |
--------------------------------------------------------------------------------
| Total current liabilities                  |    232.1 |    411.9 |     175.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total shareholders' equity and liabilities |    590.0 |    712.6 |     594.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------


CONDENCED CONSOLIDATED STATEMENT OF CASH FLOW                                   

--------------------------------------------------------------------------------
| MEUR                                       |     1-3/ |     1-3/ |     1-12/ |
|                                            |     2009 |     2008 |      2008 |
--------------------------------------------------------------------------------
| Cash flow from operations                                                    |
--------------------------------------------------------------------------------
| Net cash from operations                   |      3.7 |     31.6 |      85.0 |
--------------------------------------------------------------------------------
| Change in net working capital              |     -7.7 |    -38.8 |      55.7 |
--------------------------------------------------------------------------------
| Income taxes paid                          |     -9.4 |     -8.8 |     -39.8 |
--------------------------------------------------------------------------------
| Interest paid                              |     -0.9 |     -1.8 |      -6.8 |
--------------------------------------------------------------------------------
| Interest received                          |      0.3 |      0.4 |       1.3 |
--------------------------------------------------------------------------------
| Cash flow from operations                  |    -14.0 |    -17.4 |      95.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from investments                                                   |
--------------------------------------------------------------------------------
| Proceeds from disposal of subsidiaries and |        - |        - |      76.4 |
| businesses                                 |          |          |           |
--------------------------------------------------------------------------------
| Purchase of fixed assets                   |     -4.0 |     -8.2 |     -39.0 |
--------------------------------------------------------------------------------
| Proceeds from sales of fixed assets        |      1.1 |      0.0 |       0.4 |
--------------------------------------------------------------------------------
| Received dividends                         |        - |        - |       0.2 |
--------------------------------------------------------------------------------
| Loan repayments                            |      0.0 |      0.0 |       0.2 |
--------------------------------------------------------------------------------
| Cash flow from investments                 |     -2.9 |     -8.2 |      38.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from financing                                                     |
--------------------------------------------------------------------------------
| Borrowings of debt                         |     59.9 |    135.2 |      19.1 |
--------------------------------------------------------------------------------
| Dividends paid                             |    -62.1 |   -102.5 |    -102.5 |
--------------------------------------------------------------------------------
| Purchase of own shares                     |        - |        - |      -1.2 |
--------------------------------------------------------------------------------
| Payment of finance lease liabilities       |     -0.5 |     -0.5 |      -2.0 |
--------------------------------------------------------------------------------
| Cash flow from financing                   |     -2.7 |     32.2 |     -86.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Conversion differences for cash and cash   |      0.1 |      0.0 |      -0.1 |
| equivalents                                |          |          |           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in cash and cash equivalents        |    -19.5 |      6.6 |      46.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and cash equivalents at 1 January     |     53.2 |      6.3 |       6.3 |
--------------------------------------------------------------------------------
| Cash and cash equivalents at end of period |     33.7 |     12.9 |      53.2 |
--------------------------------------------------------------------------------
| Changes according to balance sheet         |    -19.5 |      6.6 |      46.9 |
--------------------------------------------------------------------------------


STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY                                    
--------------------------------------------------------------------------------
| MEUR    |  Share |    Share |  Other | Treas | Transla |  Retained |   Total |
|         | capita |  premium | reserv |   ury |    tion |  earnings |         |
|         |      l |          |     es | share | reserve |           |         |
|         |        |          |        |     s |         |           |         |
--------------------------------------------------------------------------------
| Balance |  146.4 |     50.2 |    0.8 |  -1.2 |   -16.4 |     125.8 |   305.6 |
| at 31   |        |          |        |       |         |           |         |
| Dec     |        |          |        |       |         |           |         |
| 2008    |        |          |        |       |         |           |         |
--------------------------------------------------------------------------------
| Total comprehensive income  |   -0.4 |       |     2.6 |      -3.7 |    -1.5 |
| for the period              |        |       |         |           |         |
--------------------------------------------------------------------------------
| Dividend paid (EUR 0.85 per |        |       |         |     -62.1 |   -62.1 |
| share)                      |        |       |         |           |         |
--------------------------------------------------------------------------------
| Other adjustments           |    0.0 |       |         |       0.0 |     0.0 |
--------------------------------------------------------------------------------
| Balance |  146.4 |     50.2 |    0.4 |  -1.2 |   -13.8 |      60.0 |   242.0 |
| at 31   |        |          |        |       |         |           |         |
| Mar     |        |          |        |       |         |           |         |
| 2009    |        |          |        |       |         |           |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Balance |  146.4 |     50.2 |    2.2 |     - |   -24.1 |     158.3 |   333.0 |
| at 31   |        |          |        |       |         |           |         |
| Dec     |        |          |        |       |         |           |         |
| 2007    |        |          |        |       |         |           |         |
--------------------------------------------------------------------------------
| Total comprehensive income  |   -0.2 |       |    -9.1 |      14.2 |     4.9 |
| for the period              |        |       |         |           |         |
--------------------------------------------------------------------------------
| Dividend paid (EUR 1.40 per |        |       |         |    -102,5 |  -102,5 |
| share)                      |        |       |         |           |         |
--------------------------------------------------------------------------------
| Other adjustments           |    0.0 |       |         |       0.0 |     0.0 |
--------------------------------------------------------------------------------
| Balance |  146.4 |     50.2 |    2.0 |     - |   -33.2 |      70.0 |   235.4 |
| at      |        |          |        |       |         |           |         |
| 31 Mar  |        |          |        |       |         |           |         |
| 2008    |        |          |        |       |         |           |         |
--------------------------------------------------------------------------------


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 2008 with the exception of changes listed below.     
Other adopted new and amended IFRS-standards and interpretations have not had   
material impact on reported figures.                                            

IAS 1                                                                           

The Group applies the IAS 1 (revised) presentation of financial statement       
standard as of 1 January 2009. IAS 1 standard has mainly changed the            
presentation of the income statement and the statement of changes in equity.    

IFRS 8 Operating segments                                                       

IFRS 8 requires that reportable segment information, alongside the accounting   
principles observed therein, be based on internal reporting submitted to the    
corporate management.                                                           

As of 1 January 2009, Uponor's segment structure is based on three segments,    
determined on the basis of geographical regions and businesses in line with the 
new organisational structure announced on 1 September 2008. These reportable    
segments are Building Solutions - Europe, Building Solutions - North America and
Infrastructure Solutions - Nordic. The risks and returns of these segments vary 
in terms of their market and business environment, product and service offering 
and customer structure.                                                         

Building Solutions - Europe is in charge of Uponor's building solutions         
businesses within Europe as well as exports to those non-European countries in  
which Uponor has neither production nor established sales offices. At Uponor,   
building solutions comprises mainly heating, cooling and plumbing systems for   
residential, commercial and public buildings. The related customer portfolio    
consists mainly of heating and plumbing contractors and construction companies. 

Building Solutions - North America is responsible for Uponor's building         
solutions business in this region.                                              

Infrastructure Solutions - Nordic is in charge of Uponor's infrastructure       
businesses in this region. Its products and services, such as municipal         
pressure-water pipe systems, sewer and wastewater systems, are sold to          
commercial and utility customers engaged in the new-building, renovation and    
modernisation of municipal infrastructure systems.                              

The ”Others” segment comprises Uponor's corporate functions as well as those    
group companies which have no business operations.                              

The setting and monitoring of financial targets is mainly focused on the various
business units' net sales and operating profit, the monitoring of cost factors  
affecting operating profit, and the amount of net working capital. Group        
resources are managed, among other things, by allocating investments on the     
basis of business needs and by dimensioning personnel resources and competencies
in line with business process needs.                                            

Segment consolidation is based on Uponor's consolidated accounting principles.  
Inter-segment business operations are market-based, and all inter-segment sales 
and internal profits are eliminated in consolidated financial statements.       

Comparative data for 2008 has been changed to comply with the new segment       
structure. Income statement items include each segment's continuing operations  
while balance sheet items are formed in line with the Group structure on each   
balance sheet date. In 2008, continuing operations did not include Uponor's     
infrastructure solutions business in Germany, which was divested in April, nor  
the infrastructure solutions business in the British Isles, whose divestment was
finalised in June.                                                              

”Segment assets” include those balance sheet items which can be allocated to the
various business segments, either directly or on justifiable grounds. These     
assets mainly consist of non-interest bearing assets, such as property, plant   
and equipment, intangible assets, inventories, accruals related to operations,  
accounts receivable and other receivables. The Group's external non-current     
receivables, cash and cash equivalents and interest-bearing liabilities are     
mainly included in the ”Others” segment.                                        


--------------------------------------------------------------------------------
| PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS                          |
--------------------------------------------------------------------------------
| MEUR                                       |     1-3/ |     1-3/ |     1-12/ |
|                                            |     2009 |     2008 |      2008 |
--------------------------------------------------------------------------------
| Gross investment                           |      4.0 |      8.2 |      39.0 |
--------------------------------------------------------------------------------
|  - % of net sales                          |      2.3 |      3.0 |       4.1 |
--------------------------------------------------------------------------------
| Depreciation                               |      7.8 |      9.2 |      31.8 |
--------------------------------------------------------------------------------
| Book value of disposed fixed assets        |      1.1 |      0.0 |       5.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| PERSONNEL                                                                    |
--------------------------------------------------------------------------------
| Converted to full time employees           |     1-3/ |     1-3/ |     1-12/ |
|                                            |     2009 |     2008 |      2008 |
--------------------------------------------------------------------------------
| Average                                    |    3,572 |    4,571 |     4,211 |
--------------------------------------------------------------------------------
| At the end of the period                   |    3,526 |    4,567 |     3,678 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| OWN SHARES                               |           |          |            |
--------------------------------------------------------------------------------
|                                          |     31.3. |    31.3. |     31.12. |
|                                          |      2009 |     2008 |       2008 |
--------------------------------------------------------------------------------
| Own shares held by the company, pcs      |   160,000 |        - |    160,000 |
--------------------------------------------------------------------------------
| - of share capital, %                    |      0.2% |        - |       0.2% |
--------------------------------------------------------------------------------
| - of voting rights, %                    |      0.2% |        - |       0.2% |
--------------------------------------------------------------------------------


SEGMENT INFORMATION                                                             

--------------------------------------------------------------------------------
|               | 1-3/2009             | 1-3/2008                              |
--------------------------------------------------------------------------------
| MEUR          | Exter | Inte | Total | Exter |    Inter nal |      Total     |
|               | nal   | rnal |       |   nal |              |                |
--------------------------------------------------------------------------------
| Segment revenue, continuing operations                                       |
--------------------------------------------------------------------------------
| Building      | 115.6 |  0.4 | 116.0 | 162.7 |          0.7 |      163.4     |
| Solutions -   |       |      |       |       |              |                |
| Europe        |       |      |       |       |              |                |
--------------------------------------------------------------------------------
| Building      |  25.0 |    - |  25.0 |  26.9 |            - |       26.9     |
| Solutions -   |       |      |       |       |              |                |
| North America |       |      |       |       |              |                |
--------------------------------------------------------------------------------
| Infrastructur |  30.4 |  0.6 |  31.0 |  44.2 |          1.4 |       45.6     |
| e Solutions - |       |      |       |       |              |                |
| Nordic        |       |      |       |       |              |                |
--------------------------------------------------------------------------------
| Eliminations  |     - | -1.0 |  -1.0 |     - |         -2.1 |       -2.1     |
--------------------------------------------------------------------------------
| Total         | 171.0 |    - | 171.0 | 233.8 |            - |      233.8     |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|                                      | 1-12/2008                             |
--------------------------------------------------------------------------------
| MEUR                                 | Exter |    Inter-nal |      Total     |
|                                      |   nal |              |                |
--------------------------------------------------------------------------------
| Segment revenue, continuing operations                                       |
--------------------------------------------------------------------------------
| Building Solutions - Europe          | 632.7 |          2.6 |      635.3     |
--------------------------------------------------------------------------------
| Building Solutions - North America   | 130.8 |            - |      130.8     |
--------------------------------------------------------------------------------
| Infrastructure Solutions - Nordic    | 185.7 |          6.4 |      192.1     |
--------------------------------------------------------------------------------
| Eliminations                         |     - |         -9.0 |       -9.0     |
--------------------------------------------------------------------------------
| Total                                | 949.2 |            - |      949.2     |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| MEUR                                 |  1-3/ |         1-3/ |      1-12/     |
|                                      |  2009 |         2008 |       2008     |
--------------------------------------------------------------------------------
| Segment result, continuing operations                                        |
--------------------------------------------------------------------------------
| Building Solutions - Europe          |   3.1 |         20.1 |       65.6     |
--------------------------------------------------------------------------------
| Building Solutions - North America   |  -3.2 |         -0.7 |      -16.0     |
--------------------------------------------------------------------------------
| Infrastructure Solutions - Nordic    |   0.7 |          2.3 |       10.0     |
--------------------------------------------------------------------------------
| Others                               |  -2.4 |         -2.6 |       -9.5     |
--------------------------------------------------------------------------------
| Eliminations                         |   0.8 |          0.2 |        1.1     |
--------------------------------------------------------------------------------
| Total                                |  -1.0 |         19.3 |       51.2     |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Segment depreciation and impairments, continuing operations                  |
--------------------------------------------------------------------------------
| Building Solutions - Europe          |   3.7 |          3.6 |       15.3     |
--------------------------------------------------------------------------------
| Building Solutions - North America   |   1.6 |          1.3 |        5.6     |
--------------------------------------------------------------------------------
| Infrastructure Solutions - Nordic    |   1.4 |          1.5 |        5.9     |
--------------------------------------------------------------------------------
| Others                               |   1.0 |          1.0 |        4.1     |
--------------------------------------------------------------------------------
| Eliminations                         |   0.1 |          0.2 |        0.5     |
--------------------------------------------------------------------------------
| Total                                |   7.8 |          7.6 |       31.4     |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Segment investments, continuing operations                                   |
--------------------------------------------------------------------------------
| Building Solutions - Europe          |   1.9 |          2.9 |       16.0     |
--------------------------------------------------------------------------------
| Building Solutions - North America   |   1.7 |          2.8 |       14.4     |
--------------------------------------------------------------------------------
| Infrastructure Solutions - Nordic    |   0.1 |          0.4 |        4.7     |
--------------------------------------------------------------------------------
| Others                               |   0.3 |          0.5 |        3.9     |
--------------------------------------------------------------------------------
| Total                                |   4.0 |          6.6 |       39.0     |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| MEUR                                 | 31.3. |        31.3. | 31.12.2008     |
|                                      |  2009 |         2008 |                |
--------------------------------------------------------------------------------
| Segment assets                                                               |
--------------------------------------------------------------------------------
| Building Solutions - Europe          | 413.9 |        446.0 |      417.0     |
--------------------------------------------------------------------------------
| Building Solutions - North America   | 133.5 |        101.6 |      121.8     |
--------------------------------------------------------------------------------
| Infrastructure Solutions - Nordic    |  71.5 |        103.1 |       67.5     |
--------------------------------------------------------------------------------
| Others                               | 558.2 |        623.8 |      611.9     |
--------------------------------------------------------------------------------
| Eliminations                         | -587. |       -561.9 |     -623.3     |
|                                      |     1 |              |                |
--------------------------------------------------------------------------------
| Total                                | 590.0 |        712.6 |      594.9     |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Segment liabilities                                                          |
--------------------------------------------------------------------------------
| Building Solutions - Europe          |       284.7 |  332.6 |      290.3     |
--------------------------------------------------------------------------------
| Building Solutions - North America   |        87.1 |   37.8 |       90.3     |
--------------------------------------------------------------------------------
| Infrastructure Solutions - Nordic    |        65.3 |   90.9 |       59.1     |
--------------------------------------------------------------------------------
| Others                               |       520.3 |  594.0 |      490.9     |
--------------------------------------------------------------------------------
| Eliminations                         |      -609.4 | -578.1 |     -641.4     |
--------------------------------------------------------------------------------
| Total                                |       348.0 |  477.2 |      289.2     |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|                                      |        1-3/ |   1-3/ |      1-12/     |
|                                      |        2009 |   2008 |       2008     |
--------------------------------------------------------------------------------
| Segment personnel, continuing operations, average                            |
--------------------------------------------------------------------------------
| Building Solutions - Europe          |       2,556 |  2,802 |      2,803     |
--------------------------------------------------------------------------------
| Building Solutions - North America   |         442 |    592 |        532     |
--------------------------------------------------------------------------------
| Infrastructure Solutions - Nordic    |         513 |    612 |        605     |
--------------------------------------------------------------------------------
| Others                               |          61 |     65 |         66     |
--------------------------------------------------------------------------------
| Total                                |       3,572 |  4,071 |      4,006     |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Reconciliation                                                               |
--------------------------------------------------------------------------------
| MEUR                                 |     1-3/ |          1-3/ |      1-12/ |
|                                      |     2009 |          2008 |       2008 |
--------------------------------------------------------------------------------
| Segment result, continuing operations                                        |
--------------------------------------------------------------------------------
| Segment results total                |     -1.0 |          19.3 |       51.2 |
--------------------------------------------------------------------------------
| Financial expenses, net              |      4.2 |           0.5 |       10.2 |
--------------------------------------------------------------------------------
| Group's profit before taxes          |     -5.2 |          18.8 |       41.0 |
--------------------------------------------------------------------------------
CONTINGENT LIABILITIES                                                          

--------------------------------------------------------------------------------
| MEUR                                       |    31.3. |    31.3. |    31.12. |
|                                            |     2009 |     2008 |      2008 |
--------------------------------------------------------------------------------
| Group:                                                                       |
--------------------------------------------------------------------------------
| Mortgages                                  |      0.0 |      0.4 |       0.0 |
| - on own behalf                            |          |          |           |
--------------------------------------------------------------------------------
| Guarantees                                                                   |
--------------------------------------------------------------------------------
| - on behalf of others                      |      7.4 |      9.8 |       7.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Parent company:                                                              |
--------------------------------------------------------------------------------
| Guarantees                                                                   |
--------------------------------------------------------------------------------
| - on behalf of a subsidiary                |      8.5 |      9.9 |       9.0 |
--------------------------------------------------------------------------------
| - on behalf of others                      |      6.9 |      7.4 |       7.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| OPERATING LEASE COMMITMENTS                |     36.0 |     24.3 |      31.9 |
--------------------------------------------------------------------------------


DERIVATIVE CONTRACTS                                                            

--------------------------------------------------------------------------------
| MEUR          | Nominal | Fair    | Nominal | Fair     |  Nominal | Fair     |
|               |   value |   value |   value |    value |    value |    value |
|               |   31.3. |   31.3. |   31.3. |    31.3. |   31.12. |   31.12. |
|               |    2009 |    2009 |    2008 |     2008 |     2008 |     2008 |
--------------------------------------------------------------------------------
| Currency      |   112.0 |     0.9 |   119.1 |      1.9 |    128.9 |      7.7 |
| derivatives   |         |         |         |          |          |          |
| - Forward     |         |         |         |          |          |          |
| agreements    |         |         |         |          |          |          |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Commodity     |     7.0 |    -2.1 |     4.2 |      0.3 |      7.4 |     -1.5 |
| derivatives   |         |         |         |          |          |          |
| - Forward     |         |         |         |          |          |          |
| agreements    |         |         |         |          |          |          |
--------------------------------------------------------------------------------


DISCONTINUED OPERATIONS                                                         

In 2008, the Group divested infrastructure businesses in the UK, Ireland and    
Germany. These have been classified as discontinued operations according to IFRS
5 -standard.                                                                    


--------------------------------------------------------------------------------
| MEUR                                       |     1-3/ |     1-3/ |     1-12/ |
|                                            |     2009 |     2008 |      2008 |
--------------------------------------------------------------------------------
| Net sales                                  |        - |        - |       8.9 |
--------------------------------------------------------------------------------
| Expenses                                   |        - |        - |      10.0 |
--------------------------------------------------------------------------------
| Profit before taxes                        |        - |        - |      -1.1 |
--------------------------------------------------------------------------------
| Income taxes                               |        - |        - |       0.0 |
--------------------------------------------------------------------------------
| Profit after taxes                         |        - |        - |      -1.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net profit from divestment of discontinued |        - |        - |      43.5 |
| operations                                 |          |          |           |
--------------------------------------------------------------------------------
| Income taxes                               |        - |        - |         - |
--------------------------------------------------------------------------------
| Profit from divestment of discontinued     |        - |        - |      43.5 |
| operations                                 |          |          |           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit for the period from discontinued    |        - |        - |      42.5 |
| operations                                 |          |          |           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from discontinued operations     |          |          |           |
--------------------------------------------------------------------------------
| Cash flow from operations                  |        - |        - |      -3.4 |
--------------------------------------------------------------------------------
| Cash flow from investments                 |        - |        - |      76.4 |
--------------------------------------------------------------------------------



Book value of assets disposed                                                   
--------------------------------------------------------------------------------
| MEUR                                       |     1-3/ |     1-3/ |     1-12/ |
|                                            |     2009 |     2008 |      2008 |
--------------------------------------------------------------------------------
| Property, plant and equipment              |        - |        - |      33.7 |
--------------------------------------------------------------------------------
| Deferred tax asset                         |        - |        - |       1.9 |
--------------------------------------------------------------------------------
| Inventories                                |        - |        - |      17.8 |
--------------------------------------------------------------------------------
| Accounts receivable and other receivables  |          |          |      25.1 |
--------------------------------------------------------------------------------
| Cash and cash equivalent                   |        - |        - |       1.1 |
--------------------------------------------------------------------------------
| Total assets                               |        - |        - |      79.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Deferred tax liability                     |        - |        - |       3.1 |
--------------------------------------------------------------------------------
| Employee benefits and other liabilities    |        - |        - |       4.3 |
--------------------------------------------------------------------------------
| Accounts payable and other current         |        - |        - |      33.2 |
| liabilities                                |          |          |           |
--------------------------------------------------------------------------------
| Total liabilities                          |        - |        - |      40.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net assets                                 |        - |        - |      39.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash received from sales                   |        - |        - |      77.5 |
--------------------------------------------------------------------------------
| Cash and cash equivalent disposed of       |        - |        - |       1.1 |
--------------------------------------------------------------------------------
| Cash flow effect                           |        - |        - |      76.4 |
--------------------------------------------------------------------------------


In addition to the cash received from sales, a 5.0 MEUR vendor loan note was    
issued at closing of the deal. Total sales price of the transaction was 82.5    
MEUR.                                                                           

RELATED-PARTY TRANSACTIONS                                                      

--------------------------------------------------------------------------------
| MEUR                                       |     1-3/ |     1-3/ |     1-12/ |
|                                            |     2009 |     2008 |      2008 |
--------------------------------------------------------------------------------
| Continuing operations                                                        |
--------------------------------------------------------------------------------
| Purchases from associated companies        |      0.4 |      0.5 |       2.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Balances at the end of the period                                            |
--------------------------------------------------------------------------------
| Loan receivable from associated companies  |        - |      0.9 |         - |
--------------------------------------------------------------------------------
| Accounts and other receivables             |        - |      0.7 |         - |
--------------------------------------------------------------------------------
| Accounts payables and other liabilities    |      0.0 |      0.3 |         - |
--------------------------------------------------------------------------------


KEY FIGURES                                                                     

--------------------------------------------------------------------------------
|                                            |     1-3/ |     1-3/ |     1-12/ |
|                                            |     2009 |     2008 |      2008 |
--------------------------------------------------------------------------------
| Earnings per share, EUR                    |    -0.05 |     0.19 |      0.99 |
--------------------------------------------------------------------------------
| - continuing operations                    |    -0.05 |     0.18 |      0.41 |
--------------------------------------------------------------------------------
| - discontinued operations                  |        - |     0.01 |      0.58 |
--------------------------------------------------------------------------------
| Operating profit (continuing operations),  |     -0.6 |      8.3 |       5.4 |
| %                                          |          |          |           |
--------------------------------------------------------------------------------
| Return on equity, %, cumulative            |     -5.5 |     20.0 |      22.7 |
--------------------------------------------------------------------------------
| Return on investment, %, cumulative        |     -3.0 |     20.6 |      22.2 |
--------------------------------------------------------------------------------
| Solvency ratio, %                          |     41.0 |     33.1 |      51.4 |
--------------------------------------------------------------------------------
| Gearing, %                                 |     58.6 |     91.9 |      19.8 |
--------------------------------------------------------------------------------
| Net interest-bearing liabilities           |    141.7 |    216.5 |      60.6 |
--------------------------------------------------------------------------------
| Equity per share, EUR                      |     3.31 |     3.22 |      4.18 |
--------------------------------------------------------------------------------
| - diluted                                  |     3.31 |     3.22 |      4.18 |
--------------------------------------------------------------------------------
| Trading price of shares                                                      |
--------------------------------------------------------------------------------
| - low, EUR                                 |     6.80 |    13.62 |      6.10 |
--------------------------------------------------------------------------------
| - high, EUR                                |     9.20 |    18.91 |     18.91 |
--------------------------------------------------------------------------------
| - average, EUR                             |     7.88 |    16.61 |     12.04 |
--------------------------------------------------------------------------------
| Shares traded                                                                |
--------------------------------------------------------------------------------
| - 1,000 pcs                                |   12,960 |   26,095 |    99,227 |
--------------------------------------------------------------------------------
| - MEUR                                     |      102 |      433 |     1,195 |
--------------------------------------------------------------------------------

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    



Earnings 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