Review by the President and CEO

Financial Statements Bulletin for 2013 (Jan 28, 2014)

Strong cash flow strengthened financial position – Profitability development actions ongoing according to plan

“We have had extensive efficiency improvement measures under way and their impact is already visible. As a result, profitability has developed according to plan also in the fourth quarter.

In line with our financial target to reach negative working capital by the end of 2016 we continue to focus on freeing up capital tied into our operations and improving our cash flow going forward. Our working capital decreased significantly to EUR 46.0 million and our operating cash flow for the fourth quarter was seasonally very strong. As a result, our net debt decreased and amounted to EUR 86.5 million at the end of December.

Our service efficiency programme is ongoing in all countries in which we operate. The market for service and maintenance is expected to improve slightly in 2014.”

Juhani Pitkäkoski