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Uponor makes steady progress and improves profitability

Uponor Corporation     Interim report January-September 2010   26 October 2010
                                     

Uponor makes steady progress and improves profitability                         


- Building Solutions - Europe showed notable improvement in Q3; performance     
weakened in Infrastructure Solutions and Building Solutions - North America     
- Net sales in July-September totalled EUR 205.5 million, up by 5.2%; operating 
profit EUR 23.5 million, up by 34.9%                                            
- Net sales in Jan-Sept totalled EUR 567.5 (559.7) million; a change of +1.4%   
- Operating profit in Jan-Sept totalled EUR 43.8 (28.9) million; a change of    
+51.7%                                                                          
- Earnings per share in Jan-Sept were EUR 0.32 (0.13)                           
- Return on investment was 15.5% (7.1%), gearing 40.9% (41.7%)                  
- Cash flow from business operations in Jan-Sept came to EUR 7.9 (31.9) million 
- Full-year guidance remains unchanged                                          

(Figures for continuing operations, unless otherwise stated.)                   


President and CEO Jyri Luomakoski comments on Uponor's performance:             

- Building Solutions - Europe continues to improve its profitability, continuing
a powerful trend which emerged already in Q1. This demonstrates that the        
implemented development efforts are paying off as planned. With the recovery in 
demand, net sales also developed favourably.                                    

- In Infrastructure Solutions and in North America, net sales have developed    
weaker than anticipated, reflecting poor demand in the markets. In particular,  
the unstable economic performance in the US, signs of which were visible in Q2, 
has been disappointing.                                                         

- We are confident that the residential construction markets will continue their
slow but steady recovery, with clear regional differences likely. Although the  
public and commercial building sector is likely to touch bottom soon, an upturn 
depends on the overall economic situation.                                      


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 > News & downloads.      

Uponor will hold a webcast in English on Tuesday 26 October at 10:00 am.        
Questions for the webcast can be sent to ir@uponor.com. The webcast can also be 
viewed at www.uponor.com > Investors shortly after the financial information is 
published.                                                                      

Uponor Corporation will release its financial statements for 2010 on 10 Feb.    
2011. During the silent period from 1 Jan to 9 Feb Uponor does not comment on   
market prospects or factors affecting business and performance, nor does the    
company discuss events or trends related to the reporting period or the current 
fiscal period.                                                                  


Markets                                                                         

As anticipated in Uponor's interim report from the second quarter, the          
construction market has shown relatively stable development in July-September.  
Demand has picked up compared to last year's third quarter. Growth was mainly   
defined by the recovery in organic growth following a lengthy recession, as     
consumers regained their confidence in the economy. Here and there, growth      
generated by fiscal stimulus measures could still be witnessed.                 

In Central Europe, demand in the building solutions sector picked up from the   
previous year, in Germany in particular. This was also true of Austria, where   
there was a slow revival in consumers' willingness to invest. Demand in Benelux 
remained weak, mainly due to the poor situation in the Netherlands. Also the    
public and commercial construction sector demand showed some signals of         
improvement in Central Europe. This was partly due to the few construction      
projects underway being scheduled to occur during the season most favourable to 
construction.                                                                   

As in the first and second quarters, demand in the Nordic countries, except     
Denmark, remained relatively strong. This positive development was mainly due to
renovation and modernisation projects receiving public support. In addition,    
more new residential construction projects were initiated than last year.       

Compared to the second quarter, no significant changes were observed in western 
and southern Europe. Year on year, overall demand continued to fall slightly.   
However, positive signs were also observed, such as rising prices of dwellings  
in Spain and the UK, and a higher number of building permits in France.         

In Eastern Europe and eastern Central Europe development varies from country to 
country. The large markets of Russia and Poland have seen the most rapid growth 
as their national economies are recovering from the recession and domestic      
demand is reviving.                                                             

By the summer, the upward market trend observed in North America at the         
beginning of the year had petered out, as a result of the expiration of the tax 
deduction for homebuyers, and building and construction demand has not yet      
recovered. The decline is mostly attributable to the US, while the Canadian     
market has grown stronger year on year, although this growth rate has levelled  
somewhat since the first months of 2010.                                        

In the Nordic countries, although the markets continued as per the first half,  
the infrastructure solutions demand showed some improvement over the comparable 
period last year. This was mainly due to increased demand for housing           
construction. This growth strengthened towards the end of the reporting period. 

Competition in the building solutions and infrastructure markets remains fierce.
As a result of declining demand, several product groups showed overcapacity.    
Furthermore, wholesalers are using their own brands to oust weaker suppliers. In
some markets, cheap component suppliers from the Far East are trying to increase
their share.              

                                                      
Net sales                                                                       

Uponor Corporation's net sales in July-September grew by 5.2 per cent totalling 
EUR 205.5 (195.4) million. The effect of exchange rates on the changes in       
Uponor's net sales for July-September was EUR 6.6 million, year on year.        

Net sales clearly increased in Building Solutions - Europe, whereas reported    
growth in North America was solely due to exchange rates. Net sales in the      
Infrastructure Solutions did not quite reach last year's figures.               

In the Building Solutions business, sales of indoor climate systems were        
supported by the increased public interest in sustainable and energy saving     
systems, both in new-building and in renovation and modernisation projects. PEX 
and composite pipes continue to gain a stronger position in plumbing solutions. 
This trend was accelerated by the increase in copper prices. Furthermore, the   
recently launched composite pipe system and indoor climate control innovations  
further boosted Uponor's solution sales.                                        

In Europe, a considerable amount of the year on year increase in net sales for  
building solutions was due to livelier business in the Nordic countries. The net
sales of Building Solutions Europe increased slightly in every region except    
Central Europe.                                                                 

Due to sluggish US demand, net sales development in North America was weak in   
the third quarter with net sales in local currencies falling short of the       
previous year. Uponor's net sales development was also affected by the fact that
the decline in construction was especially felt in some of the states important 
to the company. A focus on entry level home construction further reduced the    
size of the overall market.                                                     

Infrastructure sales recovered slightly from the low level of the first half of 
the year and rose, in the third quarter, close to last year's figures, despite  
slight reductions in the product portfolio. Net sales also increased as a result
of the price increases that were implemented to reflect rises in raw material   
prices.                                                                         

Net sales by segment, July-September:                                           

--------------------------------------------------------------------------------
| MEUR                            |     7-9/2010 |     7-9/2009 |       Change |
--------------------------------------------------------------------------------
| Building Solutions - Europe     |        137.9 |        125.5 |         9.9% |
--------------------------------------------------------------------------------
| Building Solutions              |         29.9 |         29.4 |         1.8% |
| - North America                 |              |              |              |
--------------------------------------------------------------------------------
| (Building Solutions - North     |         39.2 |         41.8 |       -6.2%) |
| America, USD                    |              |              |              |
--------------------------------------------------------------------------------
| Infrastructure Solutions        |         40.4 |        42.3  |        -4.4% |
--------------------------------------------------------------------------------
| Eliminations                    |         -2.7 |         -1.7 |              |
--------------------------------------------------------------------------------
| Total                           |        205.5 |        195.4 |         5.2% |
--------------------------------------------------------------------------------


January-September net sales totalled EUR 567.5 (559.7) million, up by 1.4 per   
cent year on year. Growth can be attributed to the favourable development of    
Building Solutions - Europe over the first three quarters and the positive      
development in North American net sales in the first two quarters.              

The translation impact of currencies for January-September net sales was EUR    
16.8 million in comparison to the previous year.                                


Net sales by segment, January-September:                                        

--------------------------------------------------------------------------------
| MEUR                            |     1-9/2010 |     1-9/2009 |       Change |
--------------------------------------------------------------------------------
| Building Solutions - Europe     |        380.8 |       366.4  |         3.9% |
--------------------------------------------------------------------------------
| Building Solutions - North      |         87.9 |         80.9 |         8.6% |
| America                         |              |              |              |
--------------------------------------------------------------------------------
| (Building Solutions - North     |        115.3 |        110.6 |        4.2%) |
| America, USD                    |              |              |              |
--------------------------------------------------------------------------------
| Infrastructure Solutions        |        104.9 |       116.5  |        -9.9% |
--------------------------------------------------------------------------------
| Eliminations                    |         -6.0 |         -4.1 |              |
--------------------------------------------------------------------------------
| Total                           |        567.5 |        559.7 |         1.4% |
--------------------------------------------------------------------------------


Results and profitability                                                       

Uponor's profitability saw a clear year-on year improvement. This was mainly due
to streamlined operations, particularly in Building Solutions - Europe.         
Increased net sales also contributed to improved profitability.                 

The Group's consolidated gross profit for July-September totalled EUR 80.5      
(71.8) million. This slight improvement was, among other things, attributable to
price increases as well as changes in net sales concerning the mix between      
product groups.                                                                 

Uponor's operating profit for July-September totalled EUR 23.5 (17.5) million,  
up by 34.9 per cent year on year. Profitability or operating profit margin      
improved to 11.4 per cent from the 8.9 per cent reported a year ago. In Europe, 
building solutions' profitability was burdened by greater than expected costs   
associated with short-term employment contracts during the summer holiday       
period, as well as the previously announced changes in the warehouse network. In
North America, increased marketing expenses were a weight on the operating      
profit. The weak performance of infrastructure solutions business was mainly    
attributable to fierce competition and the inability to fully pass the rise in  
raw material prices onto sales prices in the tough competitive environment.     

Operating profit by segment, July-September:                                    

--------------------------------------------------------------------------------
| MEUR                            |     7-9/2010 |     7-9/2009 |       Change |
--------------------------------------------------------------------------------
| Building Solutions - Europe     |         21.5 |         8.3  |       152.8% |
--------------------------------------------------------------------------------
| Building Solutions - North      |          1.9 |          4.2 |       -53.8% |
| America                         |              |              |              |
--------------------------------------------------------------------------------
| (Building Solutions - North     |          2.5 |          5.6 |      -54.9%) |
| America, USD                    |              |              |              |
--------------------------------------------------------------------------------
| Infrastructure solutions        |          2.2 |          6.1 |       -61.9% |
--------------------------------------------------------------------------------
| Other                           |       - 1.7  |        - 1.3 |              |
--------------------------------------------------------------------------------
| Eliminations                    |        -0.4  |         0.2  |              |
--------------------------------------------------------------------------------
| Total                           |        23.5  |        17.5  |        34.9% |
--------------------------------------------------------------------------------

Uponor's operating profit for January-September totalled EUR 43.8 (28.9)        
million, up by 51.7 per cent year on year. Profitability or operating profit    
margin improved to 7.7 per cent from the 5.2 per cent reported a year ago.      


Operating profit by segment, January-September:                                 

--------------------------------------------------------------------------------
| MEUR                            |     1-9/2010 |     1-9/2009 |       Change |
--------------------------------------------------------------------------------
| Building Solutions - Europe     |         46.9 |        22.4  |       108.4% |
--------------------------------------------------------------------------------
| Building Solutions - North      |          2.1 |          0.7 |       198.4% |
| America                         |              |              |              |
--------------------------------------------------------------------------------
| (Building Solutions - North     |          2.7 |          1.0 |      186.6%) |
| America, USD                    |              |              |              |
--------------------------------------------------------------------------------
| Infrastructure solutions        |          1.3 |         12.4 |       -89.1% |
--------------------------------------------------------------------------------
| Other                           |         -6.3 |         -6.5 |              |
--------------------------------------------------------------------------------
| Eliminations                    |         -0.2 |        -0.1  |              |
--------------------------------------------------------------------------------
| Total                           |         43.8 |        28.9  |        51.7% |
--------------------------------------------------------------------------------


Since the third quarter, the Group's discontinued operations no longer involve  
soil cleaning measures associated with a factory property for sale. The soil    
cleaning was successfully completed during the second quarter.                  

Profit before taxes for July-September totalled EUR 22.0 (12.9) million. Taxes  
for the period amounted to EUR 6.6 (3.6) million, with a tax rate of 30.0 (28.0)
per cent. Profit for the reporting period amounted to EUR 15.4 (9.3) million.   
Earnings per share were EUR 0.22 (0.12), both basic and diluted. Equity per     
share was EUR 3.40 (EUR 3.45), basic and diluted.                               


Investment and financing                                                        

The number of investments remained low during the period, no significant new    
projects being initiated. Gross investments came to EUR 9.4 (12.7) million,     
significantly less than depreciation, which amounted to EUR 22.4 (23.4) million.

Cash flow from business operations came to EUR 7.9 (31.9) million, less than a  
year earlier, mainly due to the increase in inventories. Additionally, working  
capital was tied down by higher receivables, resulting from improved sales in   
September. With a view to the cash flow performance, it is noteworthy that in   
2009 the high inventory levels of the early part of the year were actively      
reduced, while in the current year, the low inventory level of the start to the 
year was gradually built up as demand increased.                                

The Group's financial position remained stable. To safeguard liquidity in the   
longer run, the maturity of bilateral credit limits was extended during the     
reporting period so that all credit limits will become due in 2015. At the end  
of September, EUR 56 million was left from the EUR 80 million of the company's  
pension contribution borrowed back from a Finnish pension insurance company.    
Available bilateral credit limits amounted to EUR 190 million, none of which was
in use at the end of the reporting period. At period end, EUR 35.4 million of   
the EUR 150 million received from the domestic commercial paper programme was in
use. In addition to forwards, currency options were introduced as a hedging     
instrument during the reporting period.                                         

Uponor's gearing remained healthy. Net interest-bearing liabilities decreased to
EUR 101.5 (105.1) million. The period-end cash balance totalled EUR 4.1 million 
(1 January 2010: EUR 13.2 million; 30 June 2010: EUR 6.8 million). Gearing      
decreased to 40.9 per cent (41.7 per cent), and remains in line with the set    
targets.                                                                        


Key events                                                                      

Uponor's marketing and sales organisations are being modernised in line with the
current customer and market segments. So far, promising experiences have been   
gained from this segmentation.                                                  

An organisational change concerning Building Solutions - Europe was implemented 
in September. The aim was to speed up decision-making and bring the customer    
interface closer to product group development.                                  

New ways of intensifying co-operation were sought with existing partners,       
especially in the marketing segment. To gain a stronger position in the related 
markets, some new distribution agreements were made in Eastern Europe.          

The work to improve the efficiency of Uponor's supply chain continued, in       
accordance with the company strategy, utilising the European-wide ERP platform. 
The system will soon be implemented in the infrastructure business, and plans   
have been laid for putting the system into production by the end of the year. In
Central Europe, earlier announced warehouse closures and mergers were completed,
rendering the storage of building solutions products more efficient.            

In California, USA, PEX tap water systems were approved for use in plumbing     
systems within buildings. This is the result of major efforts over the last ten 
years or more. The use of PEX systems is already conditional on the approval of 
several local jurisdictions. However, inclusion in the state plumbing code will 
open up new business opportunities in larger cities such as Los Angeles, San    
Diego and San Francisco.                                                        

Intensive marketing efforts of the new products and solutions introduced at the 
beginning of the year were continued. A common marketing campaign was organised 
to launch the new energy-saving and easy-to-install indoor climate control      
system in Eastern Europe. In Finland, deliveries were initiated of the modular  
CEFO system launched last year. These are designed to facilitate plumbing       
renovation in blocks of flats.                                                  

In September, a new rain and surface water management system, with a pipe       
structure designed to facilitate easier installation and measurement, was       
launched in the infrastructure markets. This new system is targeted at          
communities where controlling large amounts of storm water has become an issue  
due to recent increases in rainfall.                                            

In Sweden, Uponor signed a major delivery contract for the IKANO shopping       
centre, which is currently under construction. Uponor's composite pipe systems  
will be installed in the shopping centre, while its snow and ice melting systems
will be installed in outdoor areas.                                             


Human resources and administration                                              

The number of Group full-time-equivalent employees in January - September       
averaged 3,221 (3,463), showing a reduction of 244 employees from the same      
period in 2009. At the end of the period, the Group had 3,233 (3,334) employees,
a reduction of 101 from the end of the comparison period and of 83 from the end 
of 2009.                                                                        

Significant restructuring programmes affecting personnel were not implemented   
during the reporting period.        
                                            
A member of Uponor Corporation's Executive Committee, Georg von Graevenitz (63),
Executive Vice President, Group Marketing, responsible for group marketing and  
communications, and the infrastructure business, retired on a part-time basis on
1 October 2010, and will retire completely by the end of 2011. He left the      
Executive Committee on 1 September and currently functions as Executive Advisor,
reporting to the President and CEO. As of 1 September, Mr. Robin Carlsson (44), 
M.Sc. (Tech) and a citizen of Sweden, was appointed a member of the Executive   
Committee, responsible for the infrastructure business. His responsibilities    
also include the Group's technology development and product and system          
development in Europe.                                                          

As of 1 September, the following further changes in Uponor's Executive Committee
concerning the Building Solutions business came into effect: Heiko Folgmann,    
Executive Vice President, Central & Eastern Europe, responsible for sales and   
marketing in the region, assumed responsibility for the Indoor Climate Solutions
business group in addition to his current responsibilities, and Fernando Roses  
Executive Vice President, North, South & West Europe, responsible for sales and 
marketing in the region, assumed responsibility for the Plumbing Solutions      
business group in addition to his current responsibilities. These changes       
contribute towards the further development of the Building Solutions            
organisation in Europe, with the aim of speeding up decision-making and bringing
the customer interface close to product group development. Mr. Jukka Kallioinen,
Executive Vice President, Offering and Development, will leave the company in   
the autumn of 2010.                                                             


Share capital and shares                                                        

A total of approximately 8.6 (11.8) million Uponor shares were traded on the    
Helsinki Stock Exchange during the third quarter. The total value of shares     
traded stood at EUR 100.7 (126.8) million. The market value of the share capital
at the end of the period was EUR 0.9 (0.8) billion, and the number of           
shareholders was 23,410 (20,830).                                               

Uponor Corporation's share capital remained unchanged. The share capital        
amounted to EUR 146,446,888 and the number of shares was 73,206,944.            

On 30 September 2010, the company held 160,000 own shares, representing 0.2 per 
cent of the share capital and votes. These shares were acquired in the final    
quarter of 2008 for use in the company's share-based incentive programme.       

The Annual General Meeting held on 17 March 2010 authorised the Board to        
resolve, within one year of the date of the meeting, to buy back the company's  
own shares using distributable earnings from unrestricted equity. The Board may 
buy back a maximum of 3.5 million shares, amounting to 4.8 per cent of the total
number of company shares. This authorisation has not been exercised.            


Short-term outlook                                                              

In Uponor's key market areas, the outlook in the construction markets is mainly 
stable and even encouraging in places. A steady increase has been witnessed in  
demand this year. In the Nordic countries, this improvement exceeded            
expectations. In the near future, this positive development is expected to      
extend to new market areas. The first signs of this are already visible in      
Europe's German-speaking markets and in leading markets in Eastern Europe. The  
weakening trend of the West and South European markets is expected to come to an
end. In North America, the development of the US market is likely to continue at
a slow pace, while demand in Canada should remain stable.                       

The major threat to the slow but steady upwards trend lies in the slow recovery 
of national economies from the long recession. Any cracks in the stability of   
the global financial market are also likely to place a strain on companies'     
business opportunities, while negatively affecting consumers' willingness to    
invest.                                                                         

Over recent years, Uponor has implemented restructuring and efficiency          
enhancement programmes, while improving the company's profitability in a        
challenging market situation and maintaining a strong, balance sheet structure. 
At the same time, the company has succeeded relatively well in increasing its   
prices, despite the harsh competitive situation.                                

Together with ever stricter environmental and building regulations, current     
concerns about the environment and energy consumption are creating future growth
opportunities for Uponor in existing and new markets. Following its extensive   
internal restructuring and modernisation programme, Uponor will focus on        
initiatives promoting profitable growth.                                        

Uponor's financial performance can always be affected by a range of strategic,  
operational, financial and hazard risks. A more detailed risk analysis is       
provided in the company's Annual Report.                                        

Under these circumstances, Uponor maintains its full-year guidance: Uponor's net
sales in 2010 are expected to remain level with 2009, and operating profit is   
expected to improve from last year's reported operating profit. The Group's     
fixed-asset investments are not expected to exceed depreciation, and efficient  
net working capital management measures will help retain the Group's cash flow  
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 2009. The change percentages reported have been calculated 
from the exact figures and not from the rounded figures published in the interim
report.                                                                         

INTERIM REPORT 1-9/2010                                                         

The figures in this interim report are unaudited.                               

CONDENCED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME                        

--------------------------------------------------------------------------------
| MEUR                     |    1-9/ |    1-9/ |     7-9/ |    7-9/ |    1-12/ |
|                          |    2010 |    2009 |     2010 |    2009 |     2009 |
--------------------------------------------------------------------------------
| Continuing operations                                                        |
--------------------------------------------------------------------------------
| Net sales                |   567.5 |   559.7 |    205.5 |   195.4 |    734.1 |
--------------------------------------------------------------------------------
| Cost of goods sold       |   347.5 |   356.3 |    125.0 |   123.6 |    463.0 |
--------------------------------------------------------------------------------
| Gross profit             |   220.0 |   203.4 |     80.5 |    71.8 |    271.1 |
--------------------------------------------------------------------------------
| Other operating income   |     1.8 |     0.3 |      0.7 |     0.0 |      4.2 |
--------------------------------------------------------------------------------
| Dispatching and          |    22.7 |    24.2 |      7.8 |     8.9 |     32.4 |
| warehousing expenses     |         |         |          |         |          |
--------------------------------------------------------------------------------
| Sales and marketing      |   109.2 |   105.3 |     35.2 |    32.7 |    140.1 |
| expenses                 |         |         |          |         |          |
--------------------------------------------------------------------------------
| Administration expenses  |    34.5 |    34.0 |     10.9 |     9.4 |     45.0 |
--------------------------------------------------------------------------------
| Other operating expenses |    11.6 |    11.3 |      3.8 |     3.3 |     16.6 |
--------------------------------------------------------------------------------
| Operating profit         |    43.8 |    28.9 |     23.5 |    17.5 |     41.2 |
--------------------------------------------------------------------------------
| Financial expenses, net  |     8.9 |     9.8 |      1.5 |     4.6 |     12.7 |
--------------------------------------------------------------------------------
| Profit before taxes      |    34.9 |    19.1 |     22.0 |    12.9 |     28.5 |
--------------------------------------------------------------------------------
| Income taxes             |    10.5 |     5.3 |      6.6 |     3.6 |     11.3 |
--------------------------------------------------------------------------------
| Profit for the period    |    24.4 |    13.8 |     15.4 |     9.3 |     17.2 |
| from continuing          |         |         |          |         |          |
| operations               |         |         |          |         |          |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Discontinued operations                                                      |
--------------------------------------------------------------------------------
| Profit for the period    |    -1.3 |    -4.2 |     -0.4 |    -2.3 |     -5.7 |
| from discontinued        |         |         |          |         |          |
| operations               |         |         |          |         |          |
--------------------------------------------------------------------------------
| Profit for the period    |    23.1 |     9.6 |     15.0 |     7.0 |     11.5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other comprehensive income                                                   |
--------------------------------------------------------------------------------
| Translation differences  |     9.8 |    -0.6 |     -7.3 |    -1.5 |      2.4 |
--------------------------------------------------------------------------------
| Cash flow hedges         |     0.5 |    -0.1 |      0.1 |    -0.2 |      0.5 |
--------------------------------------------------------------------------------
| Net investment hedges    |    -6.5 |       - |     -0.2 |       - |        - |
--------------------------------------------------------------------------------
| Other comprehensive      |     3.8 |    -0.7 |     -7.4 |    -1.7 |      2.9 |
| income for the period    |         |         |          |         |          |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total comprehensive      |    26.9 |     8.9 |      7.6 |     5.3 |     14.4 |
| income for the period    |         |         |          |         |          |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share, EUR  |    0.32 |    0.13 |     0.21 |    0.09 |     0.16 |
--------------------------------------------------------------------------------
| - Continuing operations  |    0.34 |    0.19 |     0.22 |    0.12 |     0.24 |
--------------------------------------------------------------------------------
| - Discontinued           |   -0.02 |   -0.06 |    -0.01 |   -0.03 |    -0.08 |
| operations               |         |         |          |         |          |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Diluted earnings per     |    0.32 |    0.13 |     0.21 |    0.09 |     0.16 |
| share, EUR               |         |         |          |         |          |
--------------------------------------------------------------------------------
| - Continuing operations  |    0.34 |    0.19 |     0.22 |    0.12 |     0.24 |
--------------------------------------------------------------------------------
| - Discontinued           |   -0.02 |   -0.06 |    -0.01 |   -0.03 |    -0.08 |
| operations               |         |         |          |         |          |
--------------------------------------------------------------------------------


CONDENCED CONSOLIDATED STATEMENT OF FINANCIAL POSITION                          

--------------------------------------------------------------------------------
| MEUR                                       |    30.9. |    30.9. |    31.12. |
|                                            |     2010 |     2009 |      2009 |
--------------------------------------------------------------------------------
| Assets                                                                       |
--------------------------------------------------------------------------------
| Non-current assets                                                           |
--------------------------------------------------------------------------------
| Property, plant and equipment              |    169.1 |    172.5 |     175.1 |
--------------------------------------------------------------------------------
| Intangible assets                          |     98.8 |     99.2 |     101.5 |
--------------------------------------------------------------------------------
| Securities and long-term investments       |      8.0 |      7.1 |       7.5 |
--------------------------------------------------------------------------------
| Deferred tax assets                        |     15.2 |     16.2 |      12.0 |
--------------------------------------------------------------------------------
| Total non-current assets                   |    291.1 |    295.0 |     296.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets                                                               |
--------------------------------------------------------------------------------
| Inventories                                |     89.5 |     77.7 |      74.3 |
--------------------------------------------------------------------------------
| Accounts receivable                        |    141.0 |    137.0 |      88.2 |
--------------------------------------------------------------------------------
| Other receivables                          |     16.6 |     23.5 |      26.8 |
--------------------------------------------------------------------------------
| Cash and cash equivalents                  |      4.1 |      7.9 |      13.2 |
--------------------------------------------------------------------------------
| Total current assets                       |    251.2 |    246.1 |     202.5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total assets                               |    542.3 |    541.1 |     498.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders' equity and liabilities                                         |
--------------------------------------------------------------------------------
| Shareholders' equity                       |    248.4 |    252.4 |     258.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current liabilities                                                      |
--------------------------------------------------------------------------------
| Interest-bearing liabilities               |     53.4 |     72.4 |      60.2 |
--------------------------------------------------------------------------------
| Deferred tax liability                     |     10.0 |      9.8 |       9.7 |
--------------------------------------------------------------------------------
| Provisions                                 |      5.9 |      6.6 |       5.7 |
--------------------------------------------------------------------------------
| Employee benefits and other liabilities    |     21.8 |     18.5 |      22.1 |
--------------------------------------------------------------------------------
| Total non-current liabilities              |     91.1 |    107.3 |      97.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current liabilities                                                          |
--------------------------------------------------------------------------------
| Interest-bearing liabilities               |     52.2 |     40.6 |      17.6 |
--------------------------------------------------------------------------------
| Provisions                                 |      5.9 |     10.4 |      12.7 |
--------------------------------------------------------------------------------
| Accounts payable                           |     50.4 |     46.9 |      45.0 |
--------------------------------------------------------------------------------
| Other liabilities                          |     94.3 |     83.5 |      67.6 |
--------------------------------------------------------------------------------
| Total current liabilities                  |    202.8 |    181.4 |     142.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total shareholders' equity and liabilities |    542.3 |    541.1 |     498.6 |
--------------------------------------------------------------------------------


CONDENCED CONSOLIDATED STATEMENT OF CASH FLOW                                   

--------------------------------------------------------------------------------
| MEUR                                       |     1-9/ |     1-9/ |     1-12/ |
|                                            |     2010 |     2009 |      2009 |
--------------------------------------------------------------------------------
| Cash flow from operations                                                    |
--------------------------------------------------------------------------------
| Cash flow before net working capital       |     57.9 |     41.9 |      65.7 |
--------------------------------------------------------------------------------
| Change in net working capital              |    -44.9 |      9.2 |      25.9 |
--------------------------------------------------------------------------------
| Income taxes paid                          |     -3.0 |    -16.5 |      -8.5 |
--------------------------------------------------------------------------------
| Interest paid                              |     -2.6 |     -3.5 |      -5.2 |
--------------------------------------------------------------------------------
| Interest received                          |      0.5 |      0.8 |       0.9 |
--------------------------------------------------------------------------------
| Cash flow from operations                  |      7.9 |     31.9 |      78.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from investments                                                   |
--------------------------------------------------------------------------------
| Acquisition of subsidiary shares           |        - |        - |      -1.9 |
--------------------------------------------------------------------------------
| Purchase of fixed assets                   |     -9.4 |    -12.7 |     -24.0 |
--------------------------------------------------------------------------------
| Proceeds from sales of fixed assets        |      3.1 |      3.1 |       7.3 |
--------------------------------------------------------------------------------
| Received dividends                         |      0.0 |      0.0 |       0.2 |
--------------------------------------------------------------------------------
| Loan repayments                            |      0.1 |      0.0 |       0.2 |
--------------------------------------------------------------------------------
| Cash flow from investments                 |     -6.2 |     -9.6 |     -18.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from financing*)                                                   |
--------------------------------------------------------------------------------
| Borrowings of debt                         |     67.6 |     53.8 |      53.8 |
--------------------------------------------------------------------------------
| Repayments of debt                         |    -65.0 |    -68.0 |     -89.1 |
--------------------------------------------------------------------------------
| Change in other short term debt            |     24.3 |     10.2 |      -1.1 |
--------------------------------------------------------------------------------
| Dividends paid                             |    -36.5 |    -62.1 |     -62.1 |
--------------------------------------------------------------------------------
| Payment of finance lease liabilities       |     -1.2 |     -1.5 |      -2.0 |
--------------------------------------------------------------------------------
| Cash flow from financing                   |    -10.8 |    -67.6 |    -100.5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Conversion differences for cash and cash   |      0.0 |      0.0 |      -0.1 |
| equivalents                                |          |          |           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in cash and cash equivalents        |     -9.1 |    -45.3 |     -40.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and cash equivalents at 1 January     |     13.2 |     53.2 |      53.2 |
--------------------------------------------------------------------------------
| Cash and cash equivalents at end of period |      4.1 |      7.9 |      13.2 |
--------------------------------------------------------------------------------
| Changes according to balance sheet         |     -9.1 |    -45.3 |     -40.0 |
--------------------------------------------------------------------------------

*) Long term loans with a maturity of over three months are presented separately
in Borrowings of debt and Repayments of debt. Loans with a maturity of less than
three months are presented as a net amount in Cash flow from financing.         


STATEMENT OF CHANGES IN EQUITY                                                  

--------------------------------------------------------------------------------
| MEUR       |  Share | Share  |  Other  |  Trans- | Treasury| Retained| Total |
|            | capital| premium|reserves*|  lation |  shares | earnings|       |
|            |        |        |         | reserve |  shares | earning |       |
--------------------------------------------------------------------------------
| Balance at |  146.4 |   50.2 |     1.3 |   -14.0 |    -1.2 |    75.3 | 258.0 |
| 31 Dec 2009|        |        |         |         |         |         |       |
--------------------------------------------------------------------------------
| Total comprehensive |        |    -6.0 |     9.8 |         |    23.1 |  26.9 |
| income for the      |        |         |         |         |         |       |
| period              |        |         |         |         |         |       |
--------------------------------------------------------------------------------
| Dividend paid (EUR  |        |         |         |         |   -36.5 | -36.5 |
| 0.50 per share)     |        |         |         |         |         |       |
--------------------------------------------------------------------------------
| Other adjustments   |        |     0.0 |         |         |     0.0 |     - |
|                     |        |         |         |         |         |       |
--------------------------------------------------------------------------------
| Balance at |  146.4 |   50.2 |    -4.7 |    -4.2 |    -1.2 |    61.9 | 248.4 |
| 30 Sep 2010|        |        |         |         |         |         |       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Balance at |  146.4 |   50.2 |     0.8 |   -16.4 |    -1.2 |   125.8 | 305.6 |
| 31 Dec 2008|        |        |         |         |         |         |       |
--------------------------------------------------------------------------------
| Total comprehensive |        |    -0.1 |    -0.6 |         |     9.6 |   8.9 |
| income for the      |        |         |         |         |         |       |
| period              |        |         |         |         |         |       |
--------------------------------------------------------------------------------
| Dividend paid (EUR  |        |         |         |         |   -62.1 | -62.1 |
| 0.85 per share)     |        |         |         |         |         |       |
--------------------------------------------------------------------------------
| Other adjustments   |        |     0.0 |         |         |     0.0 |     - |
|                     |        |         |         |         |         |       |
--------------------------------------------------------------------------------
| Balance at |  146.4 |   50.2 |     0.7 |   -17.0 |    -1.2 |    73.3 | 252.4 |
| 30 Sep 2009|        |        |         |         |         |         |       |
--------------------------------------------------------------------------------

*) Includes a EUR -6.5 m effective portion of the net investment hedge.         


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 the EU and IAS 34 Interim Financial    
Reporting. In its interim reports Uponor Group follows the same principles as in
the annual financial statements for 2009, with the exception of the changes     
listed below.                                                                   

Hedge accounting                                                                

Hedges of net investments in foreign operations are accounted for from the      
beginning of 2010 for certain designated internal loans as defined by Group     
Treasury Committee. Any gain or loss on the hedging instrument relating to the  
effective portion of the hedge is recognised in other comprehensive income and  
accumulated in other reserves. The gain or loss relating to the ineffective     
portion is recognised immediately in profit or loss.  The application of net    
investment hedges did not result in any one-time effects.                       

Operating segments                                                              

Since 1 January 2009, Uponor has applied three segments in its financial        
reporting. These were defined based on geographic regions and businesses in     
accordance with the Group organisational structure effective from 1 October 2008
onwards, as follows:                                                            
 Building Solutions - Europe                                                    
 Building Solutions - North America                                             
 Infrastructure Solutions - Nordic.                                             

On 1 Jan 2010, the following redefinitions were implemented: the reporting of   
the Estonian and Latvian businesses was split between Building Solutions and    
Infrastructure Solutions, in contrast to the earlier practice of including      
everything within Building Solutions - Europe. In addition, the ventilation and 
ground energy product groups that were part of Infrastructure Solutions are now 
classified as belonging to Building Solutions - Europe.                         

The impact of these redefinitions on segment sizes is small.                    

The names of the reporting segments, since 1 Jan 2010, are:                     
 Building Solutions - Europe                                                    
 Building Solutions - North America                                             
 Infrastructure Solutions.                                                      

Despite the above, small sales volumes of infrastructure products in            
north-eastern Europe will continue to be included in the segment Building       
Solutions - Europe. The size of this business is marginal.                      

Comparative data for 2009 has been changed to comply with the new structure.    


--------------------------------------------------------------------------------
| PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS                          |
--------------------------------------------------------------------------------
| MEUR                                       |     1-9/ |     1-9/ |     1-12/ |
|                                            |     2010 |     2009 |      2009 |
--------------------------------------------------------------------------------
| Gross investment                           |      9.4 |     12.7 |      27.4 |
--------------------------------------------------------------------------------
|  - % of net sales                          |      1.7 |      2.3 |       3.7 |
--------------------------------------------------------------------------------
| Depreciation                               |     22.4 |     23.4 |      32.0 |
--------------------------------------------------------------------------------
| Write downs                                |        - |        - |       0.5 |
--------------------------------------------------------------------------------
| Book value of disposed fixed assets        |      2.8 |      3.2 |       4.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| PERSONNEL                                                                    |
--------------------------------------------------------------------------------
| Converted to full time employees           |     1-9/ |     1-9/ |     1-12/ |
|                                            |     2010 |     2009 |      2009 |
--------------------------------------------------------------------------------
| Average                                    |    3,221 |    3,463 |     3,426 |
--------------------------------------------------------------------------------
| At the end of the period                   |    3,233 |    3,334 |     3,316 |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| OWN SHARES                                 |    30.9. |    30.9. |    31.12. |
|                                            |     2010 |     2009 |      2009 |
--------------------------------------------------------------------------------
| Own shares held by the company, pcs        |  160,000 |  160,000 |   160,000 |
--------------------------------------------------------------------------------
| - of share capital, %                      |    0.2 % |    0.2 % |     0.2 % |
--------------------------------------------------------------------------------
| - of voting rights, %                      |    0.2 % |    0.2 % |     0.2 % |
--------------------------------------------------------------------------------
| Accounted par value of own shares held by  |      0.3 |      0.3 |       0.3 |
| the company, MEUR                          |          |          |           |
--------------------------------------------------------------------------------


SEGMENT INFORMATION                                                             

--------------------------------------------------------------------------------
|                   | 1-9/2010                    | 1-9/2009                   |
--------------------------------------------------------------------------------
| MEUR              | External | Internal | Total |External| Internal|   Total |
--------------------------------------------------------------------------------
| Segment revenue, continuing operations                                       |
--------------------------------------------------------------------------------
| Building Solutions|    380.1 |      0.7 | 380.8 |  365.6 |     0.8 |   366.4 |
| - Europe          |          |          |       |        |         |         |
--------------------------------------------------------------------------------
| Building Solutions|     87.9 |        - |  87.9 |   80.9 |       - |    80.9 |
| - North America   |          |          |       |        |         |         |
--------------------------------------------------------------------------------
| Infrastructure    |     99.5 |      5.4 | 104.9 |  113.2 |     3.3 |   116.5 |
| Solutions         |          |          |       |        |         |         |
--------------------------------------------------------------------------------
| Eliminations      |        - |     -6.1 |  -6.1 |      - |    -4.1 |    -4.1 |
--------------------------------------------------------------------------------
| Total             |    567.5 |        - | 567.5 |  559.7 |       - |   559.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|                   | 7-9/2010                    | 7-9/2009                   |
--------------------------------------------------------------------------------
| MEUR              | External | Internal | Total |External| Internal|   Total |
--------------------------------------------------------------------------------
| Segment revenue, continuing operations                                       |
--------------------------------------------------------------------------------
| Building Solutions|    137.6 |      0.3 | 137.9 |  125.2 |     0.3 |   125.5 |
| - Europe          |          |          |       |        |         |         |
--------------------------------------------------------------------------------
| Building Solutions|     29.9 |        - |  29.9 |   29.4 |       - |    29.4 |
| - North America   |          |          |       |        |         |         |
--------------------------------------------------------------------------------
| Infrastructure    |     38.0 |      2.4 |  40.4 |   40.8 |     1.5 |    42.3 |
| Solutions         |          |          |       |        |         |         |
--------------------------------------------------------------------------------
| Eliminations      |        - |     -2.7 |  -2.7 |      - |    -1.8 |    -1.8 |
--------------------------------------------------------------------------------
| Total             |    205.5 |        - | 205.5 |  195.4 |       - |   195.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|                                                 | 1-12/2009                  |
--------------------------------------------------------------------------------
| MEUR                                            |External| Internal|   Total |
--------------------------------------------------------------------------------
| Segment revenue, continuing operations                                       |
--------------------------------------------------------------------------------
| Building Solutions - Europe                     |  481.1 |     1.1 |   482.2 |
--------------------------------------------------------------------------------
| Building Solutions - North America              |  109.0 |       - |   109.0 |
--------------------------------------------------------------------------------
| Infrastructure Solutions                        |  144.0 |     4.1 |   148.1 |
--------------------------------------------------------------------------------
| Eliminations                                    |      - |    -5.2 |    -5.2 |
--------------------------------------------------------------------------------
| Total                                           |  734.1 |       - |   734.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| MEUR                  |       1-9/ |       1-9/ |   7-9/ |    7-9/ |   1-12/ |
|                       |       2010 |       2009 |   2010 |    2009 |    2009 |
--------------------------------------------------------------------------------
| Segment result, continuing operations                                        |
--------------------------------------------------------------------------------
| Building Solutions    |       46.9 |       22.4 |   21.5 |     8.4 |    32.6 |
| - Europe              |            |            |        |         |         |
--------------------------------------------------------------------------------
| Building Solutions    |        2.1 |        0.7 |    1.9 |     4.2 |     3.9 |
| - North America       |            |            |        |         |         |
--------------------------------------------------------------------------------
| Infrastructure        |        1.3 |       12.4 |    2.2 |     6.0 |    14.2 |
| Solutions             |            |            |        |         |         |
--------------------------------------------------------------------------------
| Others                |       -6.3 |       -6.5 |   -1.7 |    -1.3 |    -9.3 |
--------------------------------------------------------------------------------
| Eliminations          |       -0.2 |       -0.1 |   -0.4 |     0.2 |    -0.2 |
--------------------------------------------------------------------------------
| Total                 |       43.8 |       28.9 |   23.5 |    17.5 |    41.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| MEUR                                            |   1-9/ |    1-9/ |   1-12/ |
|                                                 |   2010 |    2009 |    2009 |
--------------------------------------------------------------------------------
| Segment depreciation and impairments, continuing operations                  |
--------------------------------------------------------------------------------
| Building Solutions - Europe                     |    9.6 |    11.3 |    16.2 |
--------------------------------------------------------------------------------
| Building Solutions - North America              |    5.0 |     4.6 |     6.1 |
--------------------------------------------------------------------------------
| Infrastructure Solutions                        |    4.2 |     4.0 |     5.5 |
--------------------------------------------------------------------------------
| Others                                          |    3.2 |     3.1 |     4.1 |
--------------------------------------------------------------------------------
| Eliminations                                    |    0.4 |     0.4 |     0.6 |
--------------------------------------------------------------------------------
| Total                                           |   22.4 |    23.4 |    32.5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Segment investments, continuing operations                                   |
--------------------------------------------------------------------------------
| Building Solutions - Europe                     |    3.8 |     4.8 |     0.5 |
--------------------------------------------------------------------------------
| Building Solutions - North America              |    3.1 |     3.1 |     5.1 |
--------------------------------------------------------------------------------
| Infrastructure Solutions                        |    2.2 |     3.5 |    20.1 |
--------------------------------------------------------------------------------
| Others                                          |    0.3 |     1.3 |     1.7 |
--------------------------------------------------------------------------------
| Total                                           |    9.4 |    12.7 |    27.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| MEUR                                            |  30.9. |   30.9. |  31.12. |
|                                                 |   2010 |    2009 |    2009 |
--------------------------------------------------------------------------------
| Segment assets                                                               |
--------------------------------------------------------------------------------
| Building Solutions - Europe                     |  426.9 |   410.0 |   393.0 |
--------------------------------------------------------------------------------
| Building Solutions - North America              |  126.5 |   111.4 |   118.1 |
--------------------------------------------------------------------------------
| Infrastructure Solutions                        |   96.7 |    87.1 |    80.4 |
--------------------------------------------------------------------------------
| Others                                          |  458.0 |   459.5 |   509.9 |
--------------------------------------------------------------------------------
| Eliminations                                    | -565.8 |  -526.9 |  -602.8 |
--------------------------------------------------------------------------------
| Total                                           |  542.3 |   541.1 |   498.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Segment liabilities                                                          |
--------------------------------------------------------------------------------
| Building Solutions - Europe                     |  288.1 |   275.9 |   281.3 |
--------------------------------------------------------------------------------
| Building Solutions - North America              |   74.3 |    65.4 |    69.7 |
--------------------------------------------------------------------------------
| Infrastructure Solutions                        |   70.1 |    68.7 |    60.0 |
--------------------------------------------------------------------------------
| Others                                          |  449.5 |   430.0 |   451.2 |
--------------------------------------------------------------------------------
| Eliminations                                    | -588.1 |  -551.3 |  -621.6 |
--------------------------------------------------------------------------------
| Total                                           |  293.9 |   288.7 |   240.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|                                                 |   1-9/ |    1-9/ |   1-12/ |
|                                                 |   2010 |    2009 |    2009 |
--------------------------------------------------------------------------------
| Segment personnel, continuing operations, average                            |
--------------------------------------------------------------------------------
| Building Solutions - Europe                     |  2,224 |   2,444 |   2,416 |
--------------------------------------------------------------------------------
| Building Solutions - North America              |    430 |     422 |     422 |
--------------------------------------------------------------------------------
| Infrastructure Solutions                        |    506 |     535 |     527 |
--------------------------------------------------------------------------------
| Others                                          |     61 |      62 |      61 |
--------------------------------------------------------------------------------
| Total                                           |  3,221 |   3,463 |   3,426 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Reconciliation                                                               |
--------------------------------------------------------------------------------
| MEUR                                            |   1-9/ |    1-9/ |   1-12/ |
|                                                 |   2010 |    2009 |    2009 |
--------------------------------------------------------------------------------
| Segment result, continuing operations                                        |
--------------------------------------------------------------------------------
| Segment results total                           |   43.8 |    28.9 |    41.2 |
--------------------------------------------------------------------------------
| Financial expenses, net                         |   -8.9 |    -9.8 |   -12.7 |
--------------------------------------------------------------------------------
| Group's profit before taxes                     |   34.9 |    19.1 |    28.5 |
--------------------------------------------------------------------------------


CONTINGENT LIABILITIES                                                          

--------------------------------------------------------------------------------
| MEUR                                       |    30.9. |    30.9. |    31.12. |
|                                            |     2010 |     2009 |      2009 |
--------------------------------------------------------------------------------
| Group:                                                                       |
--------------------------------------------------------------------------------
| Pledges                                                                      |
--------------------------------------------------------------------------------
| - on own behalf                            |      0.0 |        - |       0.0 |
--------------------------------------------------------------------------------
| Mortgages                                                                    |
--------------------------------------------------------------------------------
| - on own behalf                            |        - |        - |       0.0 |
--------------------------------------------------------------------------------
| Guarantees                                                                   |
--------------------------------------------------------------------------------
| - on own behalf                            |      0.1 |        - |       0.1 |
--------------------------------------------------------------------------------
| - on behalf of others                      |      7.1 |      7.4 |       7.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Parent company:                                                              |
--------------------------------------------------------------------------------
| Guarantees                                                                   |
--------------------------------------------------------------------------------
| - on behalf of a subsidiary                |     11.0 |      9.3 |      10.0 |
--------------------------------------------------------------------------------
| - on behalf of others                      |      6.9 |      6.9 |       6.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| OPERATING LEASE COMMITMENTS                |     31.3 |     29.0 |      30.1 |
--------------------------------------------------------------------------------


DERIVATIVE CONTRACTS                                                            

--------------------------------------------------------------------------------
| MEUR            | Nominal| Fair   | Nominal | Fair     |  Nominal | Fair     |
|                 |  value |  value |   value |    value |    value |    value |
|                 |        |  30.9. |   30.9. |    30.9. |   31.12. |   31.12. |
|                 |  30.9. |   2010 |    2009 |     2009 |     2009 |     2009 |
|                 |   2010 |        |         |          |          |          |
--------------------------------------------------------------------------------
| Currency        |  162.0 |   -1.0 |    95.7 |      0.3 |    115.1 |     -0.6 |
| derivatives     |        |        |         |          |          |          |
| - Forward       |        |        |         |          |          |          |
| agreements      |        |        |         |          |          |          |
--------------------------------------------------------------------------------
| - Currency      |   24.7 |    0.6 |       - |        - |        - |        - |
| options, bought |        |        |         |          |          |          |
--------------------------------------------------------------------------------
| - Currency      |   26.9 |   -0.0 |       - |        - |        - |        - |
| options, sold   |        |        |         |          |          |          |
--------------------------------------------------------------------------------
| Commodity       |    5.5 |    0.1 |     7.2 |     -1.7 |      7.2 |     -0.7 |
| derivatives     |        |        |         |          |          |          |
| - Forward       |        |        |         |          |          |          |
| agreements      |        |        |         |          |          |          |
--------------------------------------------------------------------------------


DISCONTINUED OPERATIONS                                                         

In 2010 and 2009, the discontinued operations include costs related to the soil 
cleaning of the real estate premises that were occupied by the Irish            
infrastructure business sold in 2008. These soil cleaning measures were         
successfully completed during the second quarter.                               

--------------------------------------------------------------------------------
| MEUR                                       |     1-9/ |     1-9/ |     1-12/ |
|                                            |     2010 |     2009 |      2009 |
--------------------------------------------------------------------------------
| Expenses                                   |      1.3 |      4.1 |       5.7 |
--------------------------------------------------------------------------------
| Profit before taxes                        |     -1.3 |     -4.1 |      -5.7 |
--------------------------------------------------------------------------------
| Income taxes                               |      0.0 |      0.1 |       0.0 |
--------------------------------------------------------------------------------
| Profit after taxes                         |     -1.3 |     -4.2 |      -5.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit for the period from discontinued    |     -1.3 |     -4.2 |      -5.7 |
| operations                                 |          |          |           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from discontinued operations                                       |
--------------------------------------------------------------------------------
| Cash flow from operations                  |     -1.5 |     -4.6 |      -5.2 |
--------------------------------------------------------------------------------


RELATED-PARTY TRANSACTIONS                                                      

--------------------------------------------------------------------------------
| MEUR                                       |     1-9/ |     1-9/ |     1-12/ |
|                                            |     2010 |     2009 |      2009 |
--------------------------------------------------------------------------------
| Continuing operations                                                        |
--------------------------------------------------------------------------------
| Purchases from associated companies        |      1.0 |      1.3 |       1.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Balances at the end of the period                                            |
--------------------------------------------------------------------------------
| Accounts payables and other liabilities    |      0.1 |      0.1 |       0.0 |
--------------------------------------------------------------------------------


KEY FIGURES                                                                     

--------------------------------------------------------------------------------
|                                            |     1-9/ |     1-9/ |     1-12/ |
|                                            |     2010 |     2009 |      2009 |
--------------------------------------------------------------------------------
| Earnings per share, EUR                    |     0.32 |     0.13 |      0.16 |
--------------------------------------------------------------------------------
| - continuing operations                    |     0.34 |     0.19 |      0.24 |
--------------------------------------------------------------------------------
| - discontinued operations                  |    -0.02 |    -0.06 |     -0.08 |
--------------------------------------------------------------------------------
| Operating profit (continuing operations),% |      7.7 |      5.2 |       5.6 |
--------------------------------------------------------------------------------
| Return on equity, % (p.a.)                 |     12.1 |      4.6 |       4.1 |
--------------------------------------------------------------------------------
| Return on investment, % (p.a.)             |     15.5 |      7.1 |       8.1 |
--------------------------------------------------------------------------------
| Solvency ratio, %                          |     45.8 |     46.6 |      51.8 |
--------------------------------------------------------------------------------
| Gearing, %                                 |     40.9 |     41.7 |      25.0 |
--------------------------------------------------------------------------------
| Net interest-bearing liabilities           |    101.5 |    105.1 |      64.6 |
--------------------------------------------------------------------------------
| Equity per share, EUR                      |     3.40 |     3.45 |      3.53 |
--------------------------------------------------------------------------------
| - diluted                                  |     3.40 |     3.45 |      3.53 |
--------------------------------------------------------------------------------
| Trading price of shares                                                      |
--------------------------------------------------------------------------------
| - low, EUR                                 |    10.58 |     6.80 |      6.80 |
--------------------------------------------------------------------------------
| - high, EUR                                |    15.66 |    12.90 |     15.10 |
--------------------------------------------------------------------------------
| - average, EUR                             |    12.78 |     9.01 |      9.95 |
--------------------------------------------------------------------------------
| Shares traded                                                                |
--------------------------------------------------------------------------------
| - 1,000 pcs                                |   28,332 |   35,500 |    45,815 |
--------------------------------------------------------------------------------
| - MEUR                                     |      362 |      320 |       456 |
--------------------------------------------------------------------------------


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