Markets gaining some stability after several quarters of decline

Uponor Corporation    Interim report January-September 2009       27.10.2009 


Markets gaining some stability after several quarters of decline                

- Uponor's net sales for January-September came to EUR 559.7 (750.3) million, 
a change of -25.4% 
- January-September operating profit was EUR 28.9 (71.1) million, a change of
-59.4% 
- Earnings per share came to EUR 0.13 (1.21) 
- Return on investment was 7.1% (36.9%), with gearing at 41.7% (31.1%) 
- No changes to the full-year guidance 

(Figures for continuing operations, unless otherwise stated.)                   


President and CEO Jyri Luomakoski comments on developments during the reporting 
period:                                                                         

- The business environment in Uponor's key markets continued to be very 
challenging in the third quarter, as we had anticipated. Restructurings and     
cost-savings implemented across our operations have helped us stay in shape,    
both in competitive terms and financially.                                      
- Thanks to the committed efforts of our personnel, we managed a clear
improvement in our profitability compared to the previous quarter, despite
considerable one-time costs and with net sales remaining at the same level as
in the second quarter. 
- While many markets and segments are still deteriorating year-on-year, we are
now seeing some stability in our main markets - for the first time since the
autumn of 2007. Very much regarding the future depends on general macro-level
developments. 


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.                         

Uponor will hold a results briefing webcast in English on Tuesday 27 October at 
14:00 (EET). Questions for the webcast can be sent to ir@uponor.com. The        
recorded webcast can be viewed at www.uponor.com > Investors on the following   
day.                                                                            


Markets                                                                         

Demand for construction in key Uponor markets continued to be subdued throughout
the third quarter 2009. Aside from public revitalisation programmes initiated in
several countries to stimulate activity, there was no significant improvement in
demand in the residential and commercial building markets. Despite this,        
indications of a turn in market sentiment began to emerge in several markets.   

In Central Europe, demand in the single-family and project segments declined    
both in Germany and its neighbouring countries. The competitive environment     
became tougher and the long-standing lack of business exercised pressure on     
smaller players in particular.                                                  

In Eastern Europe, the national markets chiefly continued at historically low   
levels but declined more slowly in comparison to the previous quarter. Overall, 
credit constraints impacted on construction activity, acting as a barrier to    
investment in new projects.                                                     

The Nordic building solutions markets showed some signs of improvement, mainly  
in Sweden and Norway, against the weak comparables for 2008. A clearly positive 
business impact was made by the renovation segment, supported, among other      
things, by public tax-based incentives.                                         

In South and West Europe, building activity remained weak and the trend remained
downwards, albeit at a slower pace. Overall, the market fell back clearly from  
already weak levels in 2008. In addition to the large inventory of unsold units,
raising financing for current and new projects continued to be a major hurdle   
for builders and developers.                                                    

In North America, several key indicators showed improving figures against the   
previous quarter, but in comparison to the same quarter last year these changes 
remained mainly negative. However, an improving tendency was noted in some      
market health indicators, increasing optimism for the near-term future.         

Business conditions in international export markets continued to be sluggish,   
with a tight financing environment amongst customers increasing the pressure on 
suppliers' margins.                                                             

The Nordic infrastructure solutions market continued to be fairly stable, but at
a low level of activity, and no real growth is expected in the short-term.      
Demand in product groups related to civil engineering regained some momentum,   
supported by stimulus programmes, but its impact was more or less offset by the 
lack of demand from the residential and non-residential new-build markets. In   
the Baltic countries, activity within the infrastructure sector moved up a small
notch, spurred by numerous European-funded projects.                            


Net sales                                                                       

Uponor's net sales in July-September came to EUR 195.4 (249.1) million, down    
21.6% from the comparison period. The decline was clearly less than the 
27.7% drop in the second quarter, year-on-year. 

The clear reason for the negative net sales development lay in the weak building
and construction market in Uponor's principal geographic markets, for the ninth 
consecutive quarter since the autumn of 2007.   
                                
In Building Solutions - Europe, net sales in Central Europe showed a weakening  
trend as both the single-family residential and project business sectors        
experienced a softer period. Furthermore, the building market in the Benelux    
countries also contracted rapidly. In the Nordic markets, the currency impact   
weakened the euro-based net sales figures for Sweden and Norway, which were     
least affected by the recession. In Iberia, despite the notable regression,     
Uponor's indoor climate solutions progressed reasonably well, benefiting from   
increasing energy consciousness amongst customers. Also, project sales there    
achieved some successes. Europe-wide, plumbing offering sales showed a          
relatively good performance, supported by growing renovation activity and the   
strong position Uponor enjoys in this application market.                       

In North America, plumbing solutions benefited from improved activity levels in 
the residential new-build market, while heating offering sales continued to     
suffer from the softness of the high-end home market, in particular.            

Net sales of Infrastructure Solutions followed the overall development of the   
markets, but turned out slightly better than in the previous quarters of this   
year.                                                                           

Net sales by segment, July-September:                                           

--------------------------------------------------------------------------------
| MEUR                            |     7-9/2009 |     7-9/2008 |       Change |
--------------------------------------------------------------------------------
| Building solutions - Europe     |        128.6 |        162.3 |       -20.8% |
--------------------------------------------------------------------------------
| Building solutions -            |         29.4 |         38.2 |       -23.2% |
| North-America                   |              |              |              |
--------------------------------------------------------------------------------
| (Building solutions -           |         41.8 |         57.0 |      -26.8%) |
| North-America, USD              |              |              |              |
--------------------------------------------------------------------------------
| Infrastructure solutions -      |         39.2 |         51.4 |       -23.7% |
| Nordic                          |              |              |              |
--------------------------------------------------------------------------------
| Eliminations                    |         -1.8 |         -2.8 |              |
--------------------------------------------------------------------------------
| Total                           |        195.4 |        249.1 |       -21.6% |
--------------------------------------------------------------------------------

January-September net sales reached EUR 559.7m (750.3m), a year-on-year decline 
of 25.4%. This development represents a modest improvement on the sales         
performance in both the first and the second quarter of this year, mainly due to
weaker comparisons.                                                             

The total impact of currency exchange rates on January-September net sales was  
EUR 8.8 million negative year-on-year, or 1.5%, mainly influenced by the        
weakened Swedish and Norwegian kronas, together with some other currencies, thus
offsetting the opposite effect of the stronger US dollar.                       

Net sales by segment, January-September:                                        

--------------------------------------------------------------------------------
| MEUR                            |     1-9/2009 |     1-9/2008 |       Change |
--------------------------------------------------------------------------------
| Building solutions - Europe     |        371.5 |        502.8 |       -26.1% |
--------------------------------------------------------------------------------
| Building solutions -            |         80.9 |         99.6 |       -18.8% |
| North-America                   |              |              |              |
--------------------------------------------------------------------------------
| (Building solutions -           |        110.6 |        151.8 |      -27.2%) |
| North-America, USD              |              |              |              |
--------------------------------------------------------------------------------
| Infrastructure solutions -      |        111.4 |        155.1 |       -28.2% |
| Nordic                          |              |              |              |
--------------------------------------------------------------------------------
| Eliminations                    |         -4.1 |         -7.2 |              |
--------------------------------------------------------------------------------
| Total                           |        559.7 |        750.3 |       -25.4% |
--------------------------------------------------------------------------------


Results and profitability                                                       

Uponor's operating profit in July-September reached EUR 17.5 (22.8) million,    
down 23.5% year-on-year, representing an improved trend from the -57.3% drop in 
the second quarter. The operating profit margin at 8.9% almost reached the 
9.1% in the third quarter of 2008. 

Thanks to the efficiency improvements already achieved and the cost-savings     
initiatives currently underway, the decline in operating profit was only        
slightly steeper than in net sales. The reasons for the drop were mostly        
volume-driven but an additional burden arose due to the EUR 4.8 million in      
one-time costs for Building Solutions - Europe, originating in supply chain     
restructuring.                                                                  

The positive development in Infrastructure Solutions, already reported in       
connection with the January-June results, continued and the segment recorded an 
improvement of 47.9% in operating profit, much of this due to careful cost      
management. Some impact also resulted from changes in the product mix.          

In North America, despite lower volumes, operating profit improved both in local
currencies and in euros, reflecting continued action to reduce and control      
overhead costs as well as from production efficiency gains.                     

Operating profit by segment, July-September:                                    

--------------------------------------------------------------------------------
| MEUR                            |     7-9/2009 |     7-9/2008 |       Change |
--------------------------------------------------------------------------------
| Building solutions - Europe     |          8.5 |         20.5 |       -58.2% |
--------------------------------------------------------------------------------
| Building solutions -            |          4.2 |          1.6 |      +153.5% |
| North-America                   |              |              |              |
--------------------------------------------------------------------------------
| (Building solutions -           |          5.6 |          2.4 |     +124.6%) |
| North-America, USD              |              |              |              |
--------------------------------------------------------------------------------
| Infrastructure solutions -      |          5.9 |          4.0 |       +47.9% |
| Nordic                          |              |              |              |
--------------------------------------------------------------------------------
| Others                          |         -1.3 |         -3.4 |              |
--------------------------------------------------------------------------------
| Eliminations                    |          0.2 |          0.1 |              |
--------------------------------------------------------------------------------
| Total                           |         17.5 |         22.8 |       -23.5% |
--------------------------------------------------------------------------------

Operating profit for January-September declined by 59.4%, totalling 
EUR 28.9 (71.1) million. The impact of currency changes on the operating profit
was marginal. The operating profit margin remained at 5.2% against 9.5% in the 
equivalent period for 2008.                                                     

Operating profit by segment, January-September:                                 

--------------------------------------------------------------------------------
| MEUR                            |     1-9/2009 |     1-9/2008 |       Change |
--------------------------------------------------------------------------------
| Building solutions - Europe     |         22.4 |         66.6 |       -66.3% |
--------------------------------------------------------------------------------
| Building solutions -            |          0.7 |          2.4 |       -70.8% |
| North-America                   |              |              |              |
--------------------------------------------------------------------------------
| (Building solutions -           |          1.0 |          3.6 |      -73.9%) |
| North-America, USD              |              |              |              |
--------------------------------------------------------------------------------
| Infrastructure solutions -      |         12.4 |         11.2 |       +10.8% |
| Nordic                          |              |              |              |
--------------------------------------------------------------------------------
| Others                          |         -6.5 |         -9.0 |              |
--------------------------------------------------------------------------------
| Eliminations                    |         -0.1 |         -0.1 |              |
--------------------------------------------------------------------------------
| Total                           |         28.9 |         71.1 |       -59.4% |
--------------------------------------------------------------------------------

Profit before taxes for January-September came to EUR 19.1 (66.5) million, down 
71.3% year-on-year. Taxes remained at EUR 5.3 (20.5) million, with a tax rate of
28.0 (31.0) per cent.                                                           

Profit for the period was EUR 9.6 (88.5) million, a decrease of 78.9 million    
euros, partly due to the fact that, in 2008, a profit of EUR 42.5 million from  
discontinued operations was reported, representing the divestment of the UK and 
Irish infrastructure business.                                                  

Earnings per share (basic and diluted) totalled 0.13 (1.21) euros, of which     
continuing operations represented 0.19 (0.63) euros. Equity per share was 
3.46 (4.36) euros, basic and diluted. 


Investment and financing                                                        

As a result of the continued weak business climate, investment activities       
remained cautious and were mainly focused on process and efficiency improvement.
In North America, the construction of a new Uponor Academy training centre was  
set in motion. All told, investments for the third quarter remained at EUR 3.8  
(8.2) million. Gross investment for January-September totalled EUR 12.7 (23.8)  
million, or 2.3 (3.2) per cent of net sales.                                    

Gearing, remaining at the targeted level, rose to 41.7 (31.1) per cent, while   
net interest-bearing liabilities increased to 105.1 (99.3) million euros. The   
solvency ratio declined slightly to 46.6 (49.6).                                

As a result of lower sales volumes, net cash from operations remained at less   
than half of last year's level but, thanks to continued positive development in 
working capital and lower taxes, cash flow from business operations reached EUR 
31.9 (55.1) million, a strong improvement on the second quarter. The period-end 
cash balance totalled EUR 7.9 (5.1) million.                                    

At the end of the reporting period, Uponor had external funding commitments to  
the amount of EUR 262 million, of which the pension insurance company's         
reborrowing loan, maturing in 2009-2013, represents EUR 72 million. The         
remaining amount consists of revolving credit facilities maturing in 2011-2012  
that were not utilised in the third quarter. In addition, the Group has a       
domestic commercial paper programme totalling EUR 150 million.                  

Return on investment (ROI) fell to 7.1% (36.9%) and return on equity (ROE) to   
4.6% (36.2%).                                                                   


Key events during the period                                                    

Uponor worked actively to develop its customer intimacy programmes. In Germany, 
the new customer loyalty programme received a favourable response from the      
target group, evidenced by the large number of professionals who enrolled. In   
the USA, a customer appreciation event was held at the Apple Valley facility,   
attracting more than 100 participants for plumbing and fire sprinkler           
certification and indoor climate controls training, among other things. Efforts 
continued to connect with customers through new media and, at the end of        
September, customers in 14 countries were already utilising Uponor's new        
harmonised web platform. To support the international expansion strategy, Uponor
made system presentations to targeted new business contacts and distribution    
partners, yielding promising results.                                           

Uponor's new indoor climate control system, based on dynamic energy management, 
saw its European introduction in phases during the third quarter. In addition to
making the installation process easier, this product will yield end-users and   
building owners considerable energy savings, aligning it well with today's      
demand trends for environmentally friendly solutions.                           

In Iberia, Uponor was successful in its bid to provide TABS, an energy-efficient
heating and cooling technology for two projects, the first of its kind in       
Iberia. In North America, Uponor continued the steady flow of new products into 
the market. These included a pre-insulated pipe for both energy and potable     
water uses and a low-flow assembly for residential fire sprinkler installation. 

The supply chain development, a part of Uponor's integration process and        
connected with the European ERP implementation, progressed as planned within    
Building Solutions. During the quarter, special emphasis was placed on warehouse
network and logistics optimisation Europe-wide.                                 

In September, Uponor announced its plan, regarding the Infrastructure Solutions 
business, to restructure its supply chain in the Nordic countries, aiming to    
concentrate production on two large manufacturing centres. The execution of this
plan is advancing, with no changes resulting from the employee consultation     
process. As of next year, the Fristad factory in southern Sweden will absorb the
capacity of the Danish factory in Hadsund, where production will shut down. This
plan includes increasing the capacity of the Nastola, Finland factory. In       
addition, two smaller specialised manufacturing units will remain. The          
optimisation of the manufacturing network is expected to bring major savings and
benefits, effective in 2010 and fully in 2011. Uponor estimates that the        
initiative will result in net redundancies of close to 40 persons in the Nordic 
Infrastructure business by 2010.                                                

Uponor organised a Capital Markets Day, a briefing session for investor         
audiences, in September presenting an update on the company's strategic agenda  
and some of its growth initiatives, as well as its plans regarding supply chain 
development in Europe.                                                          


Human resources and governance                                                  

The reported number of full-time-equivalent employees during the period under   
review averaged 3,463 (4,080), while at the end of the period there were 3,334  
(3,934) full-time-equivalent employees, a reduction of 600 persons year-on-year.
The biggest reductions took place in North America and in Building Solutions -  
Europe.                                                                         

In September, Uponor Suomi Oy, a Finnish subsidiary, announced that it would    
cancel the additional layoffs for which the company had prepared itself in      
connection with the employee consultation process in the spring.                

In August Uponor announced the re-establishment of the Board's nomination       
committee, based on nominations by the three biggest shareholders. Uponor will  
thus deviate from the Finnish Corporate Governance Code recommendation. The     
Board argues that, taking the company's ownership structure into account, a     
model in which the largest shareholders nominate the members of the nomination  
committee best serves the interests of shareholders as well as the goal of      
transparency. Since a shareholder passed up the opportunity to nominate a       
candidate, the nomination committee now consists of Mr. Pekka Paasikivi and Mr. 
Risto Murto, and Mr. Jari Paasikivi as a Board-appointed expert member. As early
as April, the Board appointed an Audit Committee and further resolved that no   
separate remuneration committee would be established, since the Board itself    
would continue to fulfil its duties.                                            


Share capital and shares                                                        

The number of Uponor shares traded on the NASDAQ OMX Helsinki stock exchange in 
the third quarter amounted to 11.8 (30.8) million shares, while the monetary    
value of the shares exchanged totalled 126.8 (287.4) million euros. The market  
value of the share capital at the end of the period was 0.8 (0.6) billion euros 
and the number of shareholders was 20,830 (17,715).                             

Uponor Corporation's share capital remained constant at 146,446,888 euros and   
the number of shares at 73,206,944.                                             

At the end of the report period, the company held 160,000 own shares,           
representing 0.2 per cent of the share capital and votes.                       


Events after the period under review                                            

In October, Uponor revised its customer segmentation strategy so that the German
subsidiary, Hewing GmbH, would be developed into a company serving the OEM      
sectors of the market only. This will have no notable impact on the             
Uponor-branded business.                                                        

In October, Uponor began consultation with its employees in Italy, on temporary 
lay-offs in the near-term future.                                               


Short-term outlook                                                              

For nine consecutive quarters, Uponor has been reporting a deteriorating trend  
in its key markets globally. For the third quarter 2009, market developments in 
terms of residential construction seem to have stabilised to some extent and    
signals are emerging of improvements in market conditions and the appearance of 
new business opportunities. Despite this, there were still segments and market  
areas in which demand clearly weakened during the quarter. While a large        
inventory of unsold new and old units remained in Spain, inventories in many    
other regions have already become thinner, alongside shorter selling times and  
increasing unit prices. These signals would all indicate that the bottom of the 
trough has been reached and in some cases passed.                               

In terms of commercial and non-residential business, which largely maintained   
its resiliency until even late last year or early this year, the decline has    
clearly become stronger. No improvement is expected in that segment in the near 
future.                                                                         

The positive effect of public stimulation programmes is expected to continue,   
its biggest impact being felt in parts of the infrastructure solutions business 
as well as in building renovations.                                             

Overall, the business environment is thus expected to remain challenging. The   
longer-term developments in building and construction are naturally dependent on
general macroeconomic developments.                                             

In addition to the above, 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. Moreover, Uponor is        
involved in various judicial proceedings in several countries. Uponor's         
management does not anticipate that these events will have a significant impact 
on the company's business in the foreseeable future.                            

As the financial year draws to a close, 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 its 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 20 129 2824                       
Riitta Palomäki, CFO, tel. +358 20 129 2822                                     



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 reference figures for the
equivalent period in 2008. The change percentages reported have been calculated 
from exact figures, not from the rounded figures published.                     

INTERIM REPORT JANUARY-SEPTEMBER 2009                                           

The figures in this interim report are unaudited.                               

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME                                  

--------------------------------------------------------------------------------
| MEUR                     |    1-9/ |    1-9/ |     7-9/ |    7-9/ |    1-12/ |
|                          |    2009 |    2008 |     2009 |    2008 |     2008 |
--------------------------------------------------------------------------------
| Continuing operations                                                        |
--------------------------------------------------------------------------------
| Net sales                |   559.7 |   750.3 |    195.4 |   249.1 |    949.2 |
--------------------------------------------------------------------------------
| Cost of goods sold       |   356.3 |   470.8 |    123.6 |   158.5 |    607.4 |
--------------------------------------------------------------------------------
| Gross profit             |   203.4 |   279.5 |     71.8 |    90.6 |    341.8 |
--------------------------------------------------------------------------------
| Other operating income   |     0.3 |     0.6 |      0.0 |     0.0 |      1.4 |
--------------------------------------------------------------------------------
| Dispatching and          |    24.2 |    23.1 |      8.9 |     7.3 |     30.2 |
| warehousing expenses     |         |         |          |         |          |
--------------------------------------------------------------------------------
| Sales and marketing      |   105.3 |   131.0 |     32.7 |    40.9 |    175.0 |
| expenses                 |         |         |          |         |          |
--------------------------------------------------------------------------------
| Administration expenses  |    34.0 |    39.3 |      9.4 |    12.9 |     50.8 |
--------------------------------------------------------------------------------
| Other operating expenses |    11.3 |    15.6 |      3.3 |     6.7 |     36.0 |
--------------------------------------------------------------------------------
| Operating profit         |    28.9 |    71.1 |     17.5 |    22.8 |     51.2 |
--------------------------------------------------------------------------------
| Financial expenses, net  |     9.8 |     4.6 |      4.6 |     1.7 |     10.2 |
--------------------------------------------------------------------------------
| Profit before taxes      |    19.1 |    66.5 |     12.9 |    21.1 |     41.0 |
--------------------------------------------------------------------------------
| Income taxes             |     5.3 |    20.5 |      3.6 |     6.6 |     10.9 |
--------------------------------------------------------------------------------
| Profit for the period    |    13.8 |    46.0 |      9.3 |    14.5 |     30.1 |
| from continuing          |         |         |          |         |          |
| operations               |         |         |          |         |          |
--------------------------------------------------------------------------------
|                                                                              |
--------------------------------------------------------------------------------
| Discontinued operations                                                      |
--------------------------------------------------------------------------------
| Profit for the period    |    -4.2 |    42.5 |     -2.3 |     0.0 |     42.4 |
| from discontinued        |         |         |          |         |          |
| operations               |         |         |          |         |          |
--------------------------------------------------------------------------------
| Profit for the period    |     9.6 |    88.5 |      7.0 |    14.5 |     72.5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other comprehensive income                                                   |
--------------------------------------------------------------------------------
| Translation differences  |    -0.6 |     0.0 |     -1.5 |     7.8 |      5.2 |
--------------------------------------------------------------------------------
| Cash flow hedges         |    -0.1 |     0.0 |     -0.2 |    -0.7 |     -1.4 |
--------------------------------------------------------------------------------
| Other comprehensive      |    -0.7 |     0.0 |     -1.7 |     7.1 |      3.8 |
| income for the period    |         |         |          |         |          |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total comprehensive      |     8.9 |    88.5 |      5.3 |    21.6 |     76.3 |
| income for the period    |         |         |          |         |          |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share, EUR  |    0.13 |    1.21 |     0.10 |    0.20 |     0.99 |
--------------------------------------------------------------------------------
| - Continuing operations  |    0.19 |    0.63 |     0.12 |    0.20 |     0.41 |
--------------------------------------------------------------------------------
| - Discontinued           |   -0.06 |    0.58 |    -0.03 |    0.00 |     0.58 |
| operations               |         |         |          |         |          |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Diluted earnings per     |    0.13 |    1.21 |     0.10 |    0.20 |     0.99 |
| share, EUR               |         |         |          |         |          |
--------------------------------------------------------------------------------
| - Continuing operations  |    0.19 |    0.63 |     0.12 |    0.20 |     0.41 |
--------------------------------------------------------------------------------
| - Discontinued           |   -0.06 |    0.58 |    -0.03 |    0.00 |     0.58 |
| operations               |         |         |          |         |          |
--------------------------------------------------------------------------------

CONSOLIDATED STATEMENT OF FINANCIAL POSITION                                    

--------------------------------------------------------------------------------
| MEUR                                       |    30.9. |    30.9. |    31.12. |
|                                            |     2009 |     2008 |      2008 |
--------------------------------------------------------------------------------
| Assets                                                                       |
--------------------------------------------------------------------------------
| Non-current assets                                                           |
--------------------------------------------------------------------------------
| Property, plant and equipment              |    172.5 |    180.3 |     184.5 |
--------------------------------------------------------------------------------
| Intangible assets                          |     99.2 |    101.1 |     101.3 |
--------------------------------------------------------------------------------
| Securities and long-term investments       |      7.1 |      7.4 |       6.3 |
--------------------------------------------------------------------------------
| Deferred tax assets                        |     16.2 |     15.3 |      17.0 |
--------------------------------------------------------------------------------
| Total non-current assets                   |    295.0 |    304.1 |     309.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets                                                               |
--------------------------------------------------------------------------------
| Inventories                                |     77.7 |    128.0 |     104.5 |
--------------------------------------------------------------------------------
| Accounts receivable                        |    137.0 |    182.5 |      91.4 |
--------------------------------------------------------------------------------
| Other receivables                          |     23.5 |     23.6 |      36.7 |
--------------------------------------------------------------------------------
| Cash and cash equivalents                  |      7.9 |      5.1 |      53.2 |
--------------------------------------------------------------------------------
| Total current assets                       |    246.1 |    339.2 |     285.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total assets                               |    541.1 |    643.3 |     594.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders' equity and liabilities                                         |
--------------------------------------------------------------------------------
| Shareholders' equity                       |    252.4 |    319.0 |     305.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current liabilities                                                      |
--------------------------------------------------------------------------------
| Interest-bearing liabilities               |     72.4 |     17.3 |      77.0 |
--------------------------------------------------------------------------------
| Deferred tax liability                     |      9.8 |     11.4 |       8.1 |
--------------------------------------------------------------------------------
| Provisions                                 |      6.6 |      7.7 |       7.7 |
--------------------------------------------------------------------------------
| Employee benefits and other liabilities    |     18.5 |     20.9 |      21.3 |
--------------------------------------------------------------------------------
| Total non-current liabilities              |    107.3 |     57.3 |     114.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current liabilities                                                          |
--------------------------------------------------------------------------------
| Interest-bearing liabilities               |     40.6 |     87.1 |      36.8 |
--------------------------------------------------------------------------------
| Provisions                                 |     10.4 |      5.5 |      22.3 |
--------------------------------------------------------------------------------
| Accounts payable                           |     46.9 |     68.9 |      50.1 |
--------------------------------------------------------------------------------
| Other liabilities                          |     83.5 |    105.5 |      66.0 |
--------------------------------------------------------------------------------
| Total current liabilities                  |    181.4 |    267.0 |     175.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total shareholders' equity and liabilities |    541.1 |    643.3 |     594.9 |
--------------------------------------------------------------------------------

CONDENCED CONSOLIDATED STATEMENT OF CASH FLOW                                   

--------------------------------------------------------------------------------
| MEUR                                       |     1-9/ |     1-9/ |     1-12/ |
|                                            |     2009 |     2008 |      2008 |
--------------------------------------------------------------------------------
| Cash flow from operations                                                    |
--------------------------------------------------------------------------------
| Net cash from operations                   |     41.9 |     97.5 |      85.0 |
--------------------------------------------------------------------------------
| Change in net working capital              |      9.2 |     -4.4 |      55.7 |
--------------------------------------------------------------------------------
| Income taxes paid                          |    -16.5 |    -32.9 |     -39.8 |
--------------------------------------------------------------------------------
| Interest paid                              |     -3.5 |     -6.2 |      -6.8 |
--------------------------------------------------------------------------------
| Interest received                          |      0.8 |      1.1 |       1.3 |
--------------------------------------------------------------------------------
| Cash flow from operations                  |     31.9 |     55.1 |      95.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from investments                                                   |
--------------------------------------------------------------------------------
| Proceeds from disposal of subsidiaries and |        - |     76.4 |      76.4 |
| businesses                                 |          |          |           |
--------------------------------------------------------------------------------
| Purchase of fixed assets                   |    -12.7 |    -23.8 |     -39.0 |
--------------------------------------------------------------------------------
| Proceeds from sales of fixed assets        |      3.1 |      0.1 |       0.4 |
--------------------------------------------------------------------------------
| Received dividends                         |      0.0 |      0.0 |       0.2 |
--------------------------------------------------------------------------------
| Loan repayments                            |      0.0 |      0.1 |       0.2 |
--------------------------------------------------------------------------------
| Cash flow from investments                 |     -9.6 |     52.8 |      38.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from financing                                                     |
--------------------------------------------------------------------------------
| Borrowings and repayments of debt          |     -4.0 |     -5.1 |      19.1 |
--------------------------------------------------------------------------------
| Dividends paid                             |    -62.1 |   -102.5 |    -102.5 |
--------------------------------------------------------------------------------
| Purchase of own shares                     |        - |        - |      -1.2 |
--------------------------------------------------------------------------------
| Payment of finance lease liabilities       |     -1.5 |     -1.5 |      -2.0 |
--------------------------------------------------------------------------------
| Cash flow from financing                   |    -67.6 |   -109.1 |     -86.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Conversion differences for cash and cash   |      0.0 |      0.0 |      -0.1 |
| equivalents                                |          |          |           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in cash and cash equivalents        |    -45.3 |     -1.2 |      46.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and cash equivalents at 1 January     |     53.2 |      6.3 |       6.3 |
--------------------------------------------------------------------------------
| Cash and cash equivalents at end of period |      7.9 |      5.1 |      53.2 |
--------------------------------------------------------------------------------
| Changes according to balance sheet         |    -45.3 |     -1.2 |      46.9 |
--------------------------------------------------------------------------------

STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY                                    

--------------------------------------------------------------------------------
| MEUR       |  Share |  Share |   Other | Treasury| Trans-  | Retained| Total |
|            | capital| premium| reserves|  shares |  lation |earnings |       |
|            |        |        |         |         | reserve |         |       |
--------------------------------------------------------------------------------
| Balance at |  146.4 |   50.2 |     0.8 |    -1.2 |   -16.4 |   125.8 | 305.6 |
| 31 Dec 2008|        |        |         |         |         |         |       |
--------------------------------------------------------------------------------
| Total comprehensive income   |    -0.1 |         |     0.6 |     9.6 |   8.9 |
| for the period               |         |         |         |         |       |
--------------------------------------------------------------------------------
| Dividend paid (EUR 0.85 per  |         |         |         | -62.1   | -62.1 |
| share)                       |         |         |         |         |       |
--------------------------------------------------------------------------------
| Other adjustments            |     0.0 |         |         |     0.0 |   0.0 |
--------------------------------------------------------------------------------
| Balance at |  146.4 |   50.2 |     0.7 |    -1.2 |   -17.0 |    73.3 | 252.4 |
| 30 Sep 2009|        |        |         |         |         |         |       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Balance at |  146.4 |   50.2 |     2.2 |       - |   -24.1 |   158.3 | 333.0 |
| 31 Dec 2007|        |        |         |         |         |         |       |
--------------------------------------------------------------------------------
| Total comprehensive income   |     0.0 |         |     0.0 |    88.5 |  88.5 |
| for the period               |         |         |         |         |       |
--------------------------------------------------------------------------------
| Dividend paid (EUR 1.40 per  |         |         |         |  -102.5 | -102. |
| share)                       |         |         |         |         |     5 |
--------------------------------------------------------------------------------
| Other adjustments            |     0.1 |         |    -0.1 |     0.0 |   0.0 |
--------------------------------------------------------------------------------
| Balance at |  146.4 |   50.2 |     2.3 |       - |   -24.2 |   144.3 | 319.0 |
| 30 Sep 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 segment ‘Others' 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 segment ‘Others'.                                        


--------------------------------------------------------------------------------
| PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS                          |
--------------------------------------------------------------------------------
| MEUR                                       |     1-9/ |     1-9/ |     1-12/ |
|                                            |     2009 |     2008 |      2008 |
--------------------------------------------------------------------------------
| Gross investment                           |     12.7 |     23.8 |      39.0 |
--------------------------------------------------------------------------------
|  - % of net sales                          |      2.3 |      3.2 |       4.1 |
--------------------------------------------------------------------------------
| Depreciation                               |     23.4 |     23.6 |      31.8 |
--------------------------------------------------------------------------------
| Book value of disposed fixed assets        |      3.2 |      5.3 |       5.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| PERSONNEL                                                                    |
--------------------------------------------------------------------------------
| Converted to full time employees           |     1-9/ |     1-9/ |     1-12/ |
|                                            |     2009 |     2008 |      2008 |
--------------------------------------------------------------------------------
| Average                                    |    3,463 |    4,353 |     4,211 |
--------------------------------------------------------------------------------
| At the end of the period                   |    3,334 |    3,934 |     3,678 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| OWN SHARES                                                                   |
--------------------------------------------------------------------------------
|                                            |    30.9. |    30.9. |    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                                                             

--------------------------------------------------------------------------------
|                 | 1-9/2009                   | 1-9/2008                      |
--------------------------------------------------------------------------------
| MEUR            |External| Internal|   Total |   External | Internal|  Total |
--------------------------------------------------------------------------------
| Segment revenue, continuing operations                                       |
--------------------------------------------------------------------------------
| Building        |  370.4 |     1.1 |   371.5 |      501.1 |     1.7 |  502.8 |
| Solutions -     |        |         |         |            |         |        |
| Europe          |        |         |         |            |         |        |
--------------------------------------------------------------------------------
| Building        |   80.9 |       - |    80.9 |       99.6 |       - |   99.6 |
| Solutions -     |        |         |         |            |         |        |
| North America   |        |         |         |            |         |        |
--------------------------------------------------------------------------------
| Infrastructure  |  108.4 |     3.0 |   111.4 |      149.6 |     5.5 |  155.1 |
| Solutions -     |        |         |         |            |         |        |
| Nordic          |        |         |         |            |         |        |
--------------------------------------------------------------------------------
| Eliminations    |      - |    -4.1 |    -4.1 |          - |    -7.2 |   -7.2 |
--------------------------------------------------------------------------------
| Total           |  559.7 |       - |   559.7 |      750.3 |       - |  750.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|                 | 7-9/2009                   | 7-9/2008                      |
--------------------------------------------------------------------------------
| MEUR            |External| Internal|   Total |   External | Internal|  Total |
--------------------------------------------------------------------------------
| Segment revenue, continuing operations                                       |
--------------------------------------------------------------------------------
| Building        |  128.2 |     0.4 |   128.6 |      161.6 |     0.7 |  162.3 |
| Solutions -     |        |         |         |            |         |        |
| Europe          |        |         |         |            |         |        |
--------------------------------------------------------------------------------
| Building        |   29.4 |       - |    29.4 |       38.2 |       - |   38.2 |
| Solutions -     |        |         |         |            |         |        |
| North America   |        |         |         |            |         |        |
--------------------------------------------------------------------------------
| Infrastructure  |   37.8 |     1.4 |    39.2 |       49.3 |     2.1 |   51.4 |
| Solutions -     |        |         |         |            |         |        |
| Nordic          |        |         |         |            |         |        |
--------------------------------------------------------------------------------
| Eliminations    |      - |    -1.8 |    -1.8 |          - |    -2.8 |   -2.8 |
--------------------------------------------------------------------------------
| Total           |  195.4 |       - |   195.4 |      249.1 |       - |  249.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|                                              | 1-12/2008                     |
--------------------------------------------------------------------------------
| MEUR                                         |   External | Internal|  Total |
--------------------------------------------------------------------------------
| 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               |     1-9/ |     1-9/ |       7-9/ |        7-9/ |  1-12/ |
|                    |     2009 |     2008 |       2009 |        2008 |   2008 |
--------------------------------------------------------------------------------
| Segment result, continuing operations                                        |
--------------------------------------------------------------------------------
| Building Solutions |     22.4 |     66.6 |        8.5 |        20.5 |   65.6 |
| - Europe           |          |          |            |             |        |
--------------------------------------------------------------------------------
| Building Solutions |      0.7 |      2.4 |        4.2 |         1.6 |  -16.0 |
| - North America    |          |          |            |             |        |
--------------------------------------------------------------------------------
| Infrastructure     |     12.4 |     11.2 |        5.9 |         4.0 |   10.0 |
| Solutions - Nordic |          |          |            |             |        |
--------------------------------------------------------------------------------
| Others             |     -6.5 |     -9.0 |       -1.3 |        -3.4 |   -9.5 |
--------------------------------------------------------------------------------
| Eliminations       |     -0.1 |     -0.1 |        0.2 |         0.1 |    1.1 |
--------------------------------------------------------------------------------
| Total              |     28.9 |     71.1 |       17.5 |        22.8 |   51.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| MEUR                                         |       1-9/ |    1-9/ |  1-12/ |
|                                              |       2009 |    2008 |   2008 |
--------------------------------------------------------------------------------
| Segment depreciation and impairments, continuing operations                  |
--------------------------------------------------------------------------------
| Building Solutions - Europe                  |       11.3 |    11.4 |   15.3 |
--------------------------------------------------------------------------------
| Building Solutions - North America           |        4.6 |     4.1 |    5.6 |
--------------------------------------------------------------------------------
| Infrastructure Solutions - Nordic            |        4.0 |     4.4 |    5.9 |
--------------------------------------------------------------------------------
| Others                                       |        3.1 |     3.0 |    4.1 |
--------------------------------------------------------------------------------
| Eliminations                                 |        0.4 |     0.3 |    0.5 |
--------------------------------------------------------------------------------
| Total                                        |       23.4 |    23.2 |   31.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| MEUR                                         |       1-9/ |    1-9/ |  1-12/ |
|                                              |       2009 |    2008 |   2008 |
--------------------------------------------------------------------------------
| Segment investments, continuing operations                                   |
--------------------------------------------------------------------------------
| Building Solutions - Europe                  |        4.8 |    11.1 |   16.0 |
--------------------------------------------------------------------------------
| Building Solutions - North America           |        3.1 |     8.2 |   14.4 |
--------------------------------------------------------------------------------
| Infrastructure Solutions - Nordic            |        3.5 |     2.0 |    4.7 |
--------------------------------------------------------------------------------
| Others                                       |        1.3 |     2.5 |    3.9 |
--------------------------------------------------------------------------------
| Total                                        |       12.7 |    23.8 |   39.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| MEUR                                         |      30.9. |   30.9. | 31.12. |
|                                              |       2009 |    2008 |   2008 |
--------------------------------------------------------------------------------
| Segment assets                                                               |
--------------------------------------------------------------------------------
| Building Solutions - Europe                  |      415.0 |   470.5 |  417.0 |
--------------------------------------------------------------------------------
| Building Solutions - North America           |      111.4 |   120.3 |  121.8 |
--------------------------------------------------------------------------------
| Infrastructure Solutions - Nordic            |       82.1 |    91.5 |   67.5 |
--------------------------------------------------------------------------------
| Others                                       |      459.5 |   518.2 |  611.9 |
--------------------------------------------------------------------------------
| Eliminations                                 |     -526.9 |  -557.2 | -623.3 |
--------------------------------------------------------------------------------
| Total                                        |      541.1 |   643.3 |  594.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Segment liabilities                                                          |
--------------------------------------------------------------------------------
| Building Solutions - Europe                  |      276.6 |   315.9 |  290.3 |
--------------------------------------------------------------------------------
| Building Solutions - North America           |       65.4 |    75.9 |   90.3 |
--------------------------------------------------------------------------------
| Infrastructure Solutions - Nordic            |       68.0 |    76.8 |   59.1 |
--------------------------------------------------------------------------------
| Others                                       |      430.0 |   429.7 |  490.9 |
--------------------------------------------------------------------------------
| Eliminations                                 |     -551.3 |  -574.0 | -641.4 |
--------------------------------------------------------------------------------
| Total                                        |      288.7 |   324.3 |  289.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|                                              |       1-9/ |    1-9/ |  1-12/ |
|                                              |       2009 |    2008 |   2008 |
--------------------------------------------------------------------------------
| Segment personnel, continuing operations, average                            |
--------------------------------------------------------------------------------
| Building Solutions - Europe                  |      2,464 |   2,830 |  2,803 |
--------------------------------------------------------------------------------
| Building Solutions - North America           |        422 |     560 |    532 |
--------------------------------------------------------------------------------
| Infrastructure Solutions - Nordic            |        515 |     623 |    605 |
--------------------------------------------------------------------------------
| Others                                       |         62 |      67 |     66 |
--------------------------------------------------------------------------------
| Total                                        |      3,463 |   4,080 |  4,006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Reconciliation                                                               |
--------------------------------------------------------------------------------
| MEUR                                     |       1-9/ |        1-9/ |  1-12/ |
|                                          |       2009 |        2008 |   2008 |
--------------------------------------------------------------------------------
| Segment result, continuing operations                                        |
--------------------------------------------------------------------------------
| Segment results total                    |       28.9 |        71.1 |   51.2 |
--------------------------------------------------------------------------------
| Financial expenses, net                  |        9.8 |         4.6 |   10.2 |
--------------------------------------------------------------------------------
| Group's profit before taxes              |       19.1 |        66.5 |   41.0 |
--------------------------------------------------------------------------------


CONTINGENT LIABILITIES                                                          

--------------------------------------------------------------------------------
| MEUR                                       |    30.9. |    30.9. |    31.12. |
|                                            |     2009 |     2008 |      2008 |
--------------------------------------------------------------------------------
| Group:                                                                       |
--------------------------------------------------------------------------------
| Mortgages                                  |        - |        - |       0.0 |
| - on own behalf                            |          |          |           |
--------------------------------------------------------------------------------
| Guarantees                                 |          |          |           |
--------------------------------------------------------------------------------
| - on behalf of others                      |      7.4 |      8.6 |       7.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Parent company:                            |          |          |           |
--------------------------------------------------------------------------------
| Guarantees                                 |          |          |           |
--------------------------------------------------------------------------------
| - on behalf of a subsidiary                |      9.3 |      7.6 |       9.0 |
--------------------------------------------------------------------------------
| - on behalf of others                      |      6.9 |      7.1 |       7.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| OPERATING LEASE COMMITMENTS                |     29.0 |     33.5 |      31.9 |
--------------------------------------------------------------------------------


DERIVATIVE CONTRACTS                                                            

--------------------------------------------------------------------------------
| MEUR          | Nominal | Fair    | Nominal | Fair     |  Nominal | Fair     |
|               |   value |   value |   value |    value |    value |    value |
|               |   30.9. |   30.9. |   30.9. |    30.9. |   31.12. |   31.12. |
|               |    2009 |    2009 |    2008 |     2008 |     2008 |     2008 |
--------------------------------------------------------------------------------
| Currency      |    95.7 |     0.3 |   103.2 |      2.8 |    128.9 |      7.7 |
| derivatives   |         |         |         |          |          |          |
| - Forward     |         |         |         |          |          |          |
| agreements    |         |         |         |          |          |          |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Commodity     |     7.2 |    -1.7 |     5.9 |      1.0 |      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 the 
IFRS 5 standard.                                                                

In 2009, the Group's discontinued operations recorded EUR 4.2m in               
post-divestment expenses in Ireland during second and third quarter, relating to
larger than expected environmental cleaning costs in premises used by the       
municipal infrastructure business, divested in the summer of 2008.              


--------------------------------------------------------------------------------
| MEUR                                       |     1-9/ |     1-9/ |     1-12/ |
|                                            |     2009 |     2008 |      2008 |
--------------------------------------------------------------------------------
| Net sales                                  |        - |      8.9 |       8.9 |
--------------------------------------------------------------------------------
| Expenses                                   |      4.1 |      9.9 |      10.0 |
--------------------------------------------------------------------------------
| Profit before taxes                        |     -4.1 |     -1.0 |      -1.1 |
--------------------------------------------------------------------------------
| Income taxes                               |      0.1 |      0.0 |       0.0 |
--------------------------------------------------------------------------------
| Profit after taxes                         |     -4.2 |     -1.0 |      -1.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net profit from divestment of discontinued |        - |     43.5 |      43.5 |
| operations                                 |          |          |           |
--------------------------------------------------------------------------------
| Income taxes                               |        - |        - |         - |
--------------------------------------------------------------------------------
| Profit from divestment of discontinued     |        - |     43.5 |      43.5 |
| operations                                 |          |          |           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit for the period from discontinued    |     -4.2 |     42.5 |      42.4 |
| operations                                 |          |          |           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from discontinued operations     |          |          |           |
--------------------------------------------------------------------------------
| Cash flow from operations                  |     -4.6 |     -3.6 |      -3.4 |
--------------------------------------------------------------------------------
| Cash flow from investments                 |        - |     76.4 |      76.4 |
--------------------------------------------------------------------------------


Book value of assets disposed                                                   
--------------------------------------------------------------------------------
| MEUR                                       |     1-9/ |     1-9/ |     1-12/ |
|                                            |     2009 |     2008 |      2008 |
--------------------------------------------------------------------------------
| Property, plant and equipment              |        - |     33.7 |      33.7 |
--------------------------------------------------------------------------------
| Deferred tax asset                         |        - |      1.9 |       1.9 |
--------------------------------------------------------------------------------
| Inventories                                |        - |     17.8 |      17.8 |
--------------------------------------------------------------------------------
| Accounts receivable and other receivables  |          |     25.1 |      25.1 |
--------------------------------------------------------------------------------
| Cash and cash equivalent                   |        - |      1.1 |       1.1 |
--------------------------------------------------------------------------------
| Total assets                               |        - |     79.6 |      79.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Deferred tax liability                     |        - |      3.1 |       3.1 |
--------------------------------------------------------------------------------
| Employee benefits and other liabilities    |        - |      4.3 |       4.3 |
--------------------------------------------------------------------------------
| Accounts payable and other current         |        - |     33.2 |      33.2 |
| liabilities                                |          |          |           |
--------------------------------------------------------------------------------
| Total liabilities                          |        - |     40.6 |      40.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net assets                                 |        - |     39.0 |      39.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash received from sales                   |        - |     77.5 |      77.5 |
--------------------------------------------------------------------------------
| Cash and cash equivalent disposed of       |        - |      1.1 |       1.1 |
--------------------------------------------------------------------------------
| Cash flow effect                           |        - |     76.4 |      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                                       |     1-9/ |     1-9/ |     1-12/ |
|                                            |     2009 |     2008 |      2008 |
--------------------------------------------------------------------------------
| Continuing operations                                                        |
--------------------------------------------------------------------------------
| Purchases from associated companies        |      1.3 |      1.7 |       2.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Balances at the end of the period                                            |
--------------------------------------------------------------------------------
| Accounts payables and other liabilities    |      0.1 |      0.1 |         - |
--------------------------------------------------------------------------------


KEY FIGURES                                                                     

--------------------------------------------------------------------------------
|                                            |     1-9/ |     1-9/ |     1-12/ |
|                                            |     2009 |     2008 |      2008 |
--------------------------------------------------------------------------------
| Earnings per share, EUR                    |     0.13 |     1.21 |      0.99 |
--------------------------------------------------------------------------------
| - continuing operations                    |     0.19 |     0.63 |      0.41 |
--------------------------------------------------------------------------------
| - discontinued operations                  |    -0.06 |     0.58 |      0.58 |
--------------------------------------------------------------------------------
| Operating profit (continuing operations),  |      5.2 |      9.5 |       5.4 |
| %                                          |          |          |           |
--------------------------------------------------------------------------------
| Return on equity, %, (p.a.)                |      4.6 |     36.2 |      22.7 |
--------------------------------------------------------------------------------
| Return on investment, %, (p.a.)            |      7.1 |     36.9 |      22.2 |
--------------------------------------------------------------------------------
| Solvency ratio, %                          |     46.6 |     49.6 |      51.4 |
--------------------------------------------------------------------------------
| Gearing, %                                 |     41.7 |     31.1 |      19.8 |
--------------------------------------------------------------------------------
| Net interest-bearing liabilities           |    105.1 |     99.3 |      60.6 |
--------------------------------------------------------------------------------
| Equity per share, EUR                      |     3.46 |     4.36 |      4.18 |
--------------------------------------------------------------------------------
| - diluted                                  |     3.46 |     4.36 |      4.18 |
--------------------------------------------------------------------------------
| Trading price of shares                    |          |          |           |
--------------------------------------------------------------------------------
| - low, EUR                                 |     6.80 |     8.21 |      6.10 |
--------------------------------------------------------------------------------
| - high, EUR                                |    12.90 |    18.91 |     18.91 |
--------------------------------------------------------------------------------
| - average, EUR                             |     9.01 |    12.67 |     12.04 |
--------------------------------------------------------------------------------
| Shares traded                              |          |          |           |
--------------------------------------------------------------------------------
| - 1,000 pcs                                |   35,500 |   87,076 |    99,227 |
--------------------------------------------------------------------------------
| - MEUR                                     |      320 |    1,104 |     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