2010-02-09 09:15:00 CET

2010-02-09 09:15:01 CET


REGULATED INFORMATION

Finnish English
Kemira Oyj - Company Announcement

Kemira Oyj: Background information on the separation of Tikkurila


Kemira Oyj
Stock exchange release
February 9, 2010 at 10.15 am

Kemira Oyj: Board of Directors of Kemira proposes that the majority of          
Tikkurila's shares to be distributed as dividend; listing of Tikkurila's shares 
on NASDAQ OMX Helsinki expected in March 2010                                   

The Board of Directors of Kemira Oyj (”Kemira”) has today published a proposal  
to Kemira's Annual General Meeting that Kemira distributes 86% of Tikkurila     
(”Tikkurila” or “the Company”) shares as dividend to Kemira's shareholders.     
Tikkurila's shares are expected to be listed on NASDAQ OMX Helsinki in March    
2010.                                                                           

In June 2008, Kemira announced a new strategy according to which Kemira focuses 
on serving water intensive customer industries. As a part of the new strategy,  
Kemira announced its intensions to separate Tikkurila and list its shares.      
Kemira announced that it will remain as a shareholder in Tikkurila in order to  
participate in the value upside in Tikkurila's shares. In September 2009, Kemira
presented a more specific growth strategy focusing on water quality and quantity
management. In October 2009, the Board of Directors of Kemira approved the      
planned structure for the listing. According to the planned structure, Kemira   
would distribute a substantial majority of the shares in Tikkurila as dividend  
to Kemira's shareholders. There is no intention to raise cash proceeds for      
Kemira nor issue new shares of Tikkurila in connection with the listing of      
Tikkurila's shares.                                                             

The management of Kemira believes that the separation of Tikkurila and the      
listing of its shares will provide increased shareholder value for Kemira's     
shareholders.                                                                   

Tikkurila offers consumers, professionals and industry user-friendly and        
environmentally sustainable products for protecting and decorating surfaces.    
Tikkurila is a strong regional company which aims to be a leading paint company 
in the Nordic countries and in Eastern Europe, including Russia. With a history 
dating back to 1862, Tikkurila is the leading decorative paints company in      
Finland, Sweden and Russia and one of the leading in its field in the Baltic    
countries and Poland. Tikkurila also has a strong and established market        
position in several other Eastern European and CIS countries. Tikkurila's       
business operations are divided into four strategic business units: East,       
Finland, Scandinavia and Central Eastern Europe. Currently, Tikkurila has       
production facilities in seven countries and operations in 18 countries. For the
year ended December 31, 2009, Tikkurila's net revenue was EUR 530.2 million and 
its operating profit amounted to EUR 47.7 million. As of December 31, 2009, the 
Company had 3,538 employees.                                                    

The Board of Directors of the Company consists of Jari Paasikivi, Petteri       
Walldén, Eeva Ahdekivi, Ove Mattsson and Pia Rudengren. Jari Paasikivi acts as  
Chairman of the Board. Harri Kerminen, the President & CEO of Kemira, has       
resigned from the Board of Directors in connection to the Company's Annual      
General Meeting held on February 8, 2010.                                       
Appendix A contains a brief description of Tikkurila and Appendix B a brief     
discussion of the Company's operating results, financial condition and          
prospects.                                                                      
SEB Enskilda acts as Financial Advisor to Kemira and Tikkurila.                 


Kemira Oyj                                                                      
Päivi Antola, Senior Manager, Investor Relations and Financial Communications   


For further information please contact                                          

Jyrki Mäki-Kala, CFO                                                            
Tel. +358 86 21589                                                              

Päivi Antola, Senior Manager, Investor Relations and Financial Communications   
Tel. +358 10 862 1140                                                           

Kemira is a global 2.5 billion euro chemicals company that is focused on serving
customers in water-intensive industries. The company offers water quality and   
quantity management that improves customers' energy, water, and raw material    
efficiency. Kemira's vision is to be a leading water chemistry company. Its     
paints and coatings business, Tikkurila, aims to be the market leader in        
decorative paints and selected wood and metal coatings in chosen markets.       

www.kemira.com                                                                  
www.waterfootprintkemira.com                                                    

DISCLAIMER                                                                      

Laws of certain jurisdictions may impose restrictions on the distribution of    
this release and the share dividend. This release does not constitute an offer  
to sell or a solicitation to buy any shares in any jurisdiction to any person to
whom it is unlawful to make such an offer in such jurisdiction. No actions have 
been taken to register or qualify the share dividend or otherwise to permit a   
public offering of the Tikkurila shares in any jurisdiction outside of Finland. 
Persons into whose possession this release comes must inform themselves of and  
observe all such restrictions. In particular, the dividend shares have not been,
and will not be, registered under the U.S. Securities Act of 1933, as amended   
(the “Securities Act”), or under the securities laws of any state of the United 
States and, accordingly, may not be offered or sold, directly or indirectly, in 
or into the United States (as defined in Regulation S), unless registered under 
the Securities Act or where such registration is not required.                  

SEB Enskilda is acting exclusively for Kemira and Tikkurila and no one else in  
connection with the share dividend. It will not regard any other person (whether
or not a recipient of this release) as its client in relation to the share      
dividend and will not be responsible to anyone other than Kemira and Tikkurila  
for providing the protections afforded to its clients, nor for giving advice in 
relation to the share dividend or any transaction or arrangement referred to    
herein. No representation or warranty, express or implied, is made by SEB       
Enskilda as to the accuracy, completeness or verification of the information set
forth in this release, and nothing contained in this release is, or shall be    
relied upon as, a promise or representation in this respect, whether as to the  
past or the future. SEB Enskilda assumes no responsibility for its accuracy,    
completeness or verification and, accordingly, disclaim, to the fullest extent  
permitted by applicable law, any and all liability which it may otherwise be    
found to have in respect of this release or any such statement.                 


Appendix A: Brief description of the Business of Tikkurila Oy 

Business of Tikkurila                                                           
Tikkurila offers consumers, professionals and industry user-friendly and        
environmentally sustainable products for protecting and decorating surfaces.    
Tikkurila is a strong regional company which aims to be a leading paint company 
in the Nordic countries and in Eastern Europe, including Russia. With a history 
dating back to 1862, Tikkurila is the leading decorative paints company in      
Finland, Sweden and Russia and one of the leading in its field in the Baltic    
countries and Poland. Tikkurila has a strong and established market position in 
several other Eastern European and CIS countries. Tikkurila's business          
operations are divided into four strategic business units: East, Finland,       
Scandinavia and Central Eastern Europe. Currently, Tikkurila has production     
facilities in seven countries and operations in 18 countries. For the year ended
December 31, 2009, Tikkurila's net revenue was EUR 530.2 million and its        
operating profit amounted to EUR 47.7 million. As of December 31, 2009, the     
Company had 3,538 employees.     
Tikkurila's objective is based on its objective to increase its sales,          
particularly in the Russian market, but also in other adjacent countries, such  
as Belarus, Ukraine, other CIS countries as well as Central Eastern European    
countries. In the recent six years, net revenue generated by the SBU East (CIS  
countries, including Russia) has increased from 11.9 percent for the year ended 
December 31, 2003 to 31.5 percent for the year ended December 31, 2009.         
Tikkurila manages a strong brand portfolio in its operating markets. Tikkurila  
has positioned its brands based on pricing, quality perception, packaging,      
distribution and other product characteristics to maximize their profitability  
and market penetration primarily in the premium and medium products. Tikkurila's
main brands include Tikkurila, Alcro, Vivacolor and Teks.    
The following table sets forth net revenue of the Company's strategic business  
units for the years ended December 31, 2009, 2008 and 2007:                     
--------------------------------------------------------------------------------
|                                         |  For the year ended December 31,   |
--------------------------------------------------------------------------------
|                                         |    2009    |   2008    |   2007    |
--------------------------------------------------------------------------------
|                                         |             (audited)              |
--------------------------------------------------------------------------------
|                                         |         (EUR in millions)          |
--------------------------------------------------------------------------------
| East	                                 |      167.1 |     226.6 |     203.8 |
--------------------------------------------------------------------------------
| Finland	                                 |      106.8 |     115.2 |     116.5
| 
--------------------------------------------------------------------------------
| Scandinavia	                        |      157.8 |     176.0 |     180.7 |
--------------------------------------------------------------------------------
| Central Eastern Europe	               |       98.5 |     130.3 |     124.2 |
--------------------------------------------------------------------------------
| Group total	                        |      530.2 |     648.1 |     625.2 |
--------------------------------------------------------------------------------

Currently, Tikkurila is a wholly-owned subsidiary of Kemira, a global chemical  
industry company based in Finland and listed on the Helsinki Stock Exchange.    
After the Share Dividend, Kemira will remain as a significant shareholder in the
Company.                         

The management of Tikkurila believes that Tikkurila's success as a leading      
paints company in Finland, Sweden, Russia, the Baltic countries and Poland      
serving consumers, professionals and industry is based on the following key     
strengths:     
Regional Market Leaderships;                                                    
Strong and Well-Established Brands;                                             
Good Position to Grow Further in Russia, Other CIS Countries and Central Eastern
European Countries;                                                             
Advanced Service Concepts and Tinting Technology;                               
Efficient Supply Chain; and                                                     
Experienced Management Team and Employees.   
Business Strategy                                                               
Tikkurila offers consumers, professionals and industry user-friendly and        
environmentally sustainable products for protecting and decorating surfaces.    
Tikkurila is a strong regional company which aims to be a leading paint company 
in the Nordic countries and in Eastern Europe, including Russia. In October     
2009, Tikkurila announced its specified strategy. The cornerstones of the       
strategy are:                                                                   
Customer Focus;                                                                 
Geographical Focus;                                                             
Profitable Growth;                                                              
Strong Brands; and                                                              
One Unified Tikkurila.                                                          




Appendix B: A description of the Company's Operating and Financial review and   
prospects.                                       

The following summary consolidated financial information of Tikkurila for the   
years ended December 31, 2009, 2008 and 2007 has been derived from the audited  
consolidated financial statements of Tikkurila for the years ended December 31, 
2009 and 2008. The consolidated financial information of Tikkurila for the years
ended December 31, 2009, 2008 and 2007 has been prepared in accordance with IFRS
as adopted by the EU.     
The consolidated financial statements of Tikkurila for the years ended December 
31, 2009 and 2008 have been audited by KPMG Oy Ab.                              
--------------------------------------------------------------------------------
|                                          |  For the year ended December 31,  |
--------------------------------------------------------------------------------
|                                          |   2009    |   2008    |   2007    |
--------------------------------------------------------------------------------
|                                          |             (audited)             |
--------------------------------------------------------------------------------
|                                          |         (EUR in millions)         |
--------------------------------------------------------------------------------
| CONSOLIDATED INCOME STATEMENT DATA       |           |           |           |
--------------------------------------------------------------------------------
| Net revenue	                         |     530.2 |     648.1 |     625.2 |
--------------------------------------------------------------------------------
| Other operating income	                |       1.5 |       2.3 |      12.6 |
--------------------------------------------------------------------------------
| Operating expenses	                |   (465.2) |   (572.6) |   (546.6) |
--------------------------------------------------------------------------------| Depreciation and impairments	       |    (18.8) |    (19.0) |    (18.1) |
--------------------------------------------------------------------------------
| Operating profit/loss (EBIT)             |   47.7(1) |   58.8(2) |   73.1(3) |
--------------------------------------------------------------------------------
| Financial income and expenses, net	      |    (12.0) |    (15.6) |    (10.8) |
--------------------------------------------------------------------------------
| Share of profit or loss of associates   |       0.1 |       0.0 |       1.2 |
--------------------------------------------------------------------------------
| Profit before tax	                |      35.7 |      43.2 |      63.5 |
--------------------------------------------------------------------------------
| Income tax	                         |     (8.0) |     (6.5) |     (6.7) |
--------------------------------------------------------------------------------
| Net profit for the period                |      27.8 |      36.7 |      56.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Attributable to:                         |           |           |           |
--------------------------------------------------------------------------------
| Equity holders of the parent	      |      27.8 |      36.5 |      56.7 |
--------------------------------------------------------------------------------
| Minority interests	               |       0.0 |       0.2 |       0.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

Includes EUR 2.4 million non-recurring cost related to personnel reductions     
EUR 0.4 million difference in operating profit compared to previously published 
by Kemira is due to group level adjustment related to Kemira's internal project 
in 2008.                                             
Includes capital gains of EUR 11.1 million related to the sale Scanspac and     
non-recurring costs of EUR 2.4 million.                                         




--------------------------------------------------------------------------------
|                                          |        As of December 31,         |
--------------------------------------------------------------------------------
|                                          |   2009    |   2008    |   2007    |
--------------------------------------------------------------------------------
|                                          |             (audited)             |
--------------------------------------------------------------------------------
|                                          |         (EUR in millions)         |
--------------------------------------------------------------------------------
| CONSOLIDATED BALANCE SHEET DATA          |           |           |           |
--------------------------------------------------------------------------------
| Assets                                   |           |           |           |
--------------------------------------------------------------------------------
| Non-current assets                       |           |           |           |
--------------------------------------------------------------------------------
| Goodwill	                         |      68.3 |      68.1 |      68.1 |
--------------------------------------------------------------------------------
| Other intangible assets	                |      33.7 |      35.3 |      38.1 |
--------------------------------------------------------------------------------
| Property, plant and equipment	       |     114.9 |     118.2 |     118.2 |
--------------------------------------------------------------------------------
| Holdings in associates	                |       0.8 |       0.7 |       0.7 |
--------------------------------------------------------------------------------
| Available-for-sale financial assets       |       0.9 |       0.9 |       1.1
| 
--------------------------------------------------------------------------------
| Other investments	                |       5.9 |       5.8 |       9.3 |
--------------------------------------------------------------------------------
| Defined benefit pension receivables      |       0.4 |       0.8 |       0.1 |
--------------------------------------------------------------------------------
| Deferred tax assets	                |       2.4 |       2.2 |       1.5 |
--------------------------------------------------------------------------------
| Total non-current assets	                |     227.2 |     232.0 |     237.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current Assets                           |           |           |           |
--------------------------------------------------------------------------------
| Inventories	                         |      73.5 |      83.3 |      84.4 |
--------------------------------------------------------------------------------
| Receivables:                             |           |           |           |
--------------------------------------------------------------------------------
| Interest-bearing receivables	       |       0.3 |       0.4 |       0.8 |
--------------------------------------------------------------------------------
| Interest-free receivables	               |      77.6 |      80.8 |      85.3 |
--------------------------------------------------------------------------------
| Total receivables	               |      77.9 |      81.2 |      86.1 |
--------------------------------------------------------------------------------
| Money market investments - cash          |      16.3 |      13.9 |      43.5 |
| equivalents	                             |           |           |           |
--------------------------------------------------------------------------------
| Cash and cash equivalents	               |       8.3 |      17.4 |      18.1 |
--------------------------------------------------------------------------------
| Total current assets	               |     175.9 |     195.7 |     232.2 |
--------------------------------------------------------------------------------
| Non-current assets held for sale	        |         - |         - |         - |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total assets	                          |     403.1 |     427.8 |     469.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity and Liabilities                   |           |           |           |
--------------------------------------------------------------------------------
| Equity                                   |           |           |           |
--------------------------------------------------------------------------------
| Share capital	                         |      35.0 |      35.0 |      35.0 |
--------------------------------------------------------------------------------
| Capital paid-in in excess of par value	  |         - |         - |         - |
--------------------------------------------------------------------------------
| Treasury shares	                         |         - |         - |         - |
--------------------------------------------------------------------------------
| Fair value and other reserves	      |       0.4 |       0.4 |       0.4 |
--------------------------------------------------------------------------------
| Unrestricted equity reserve              |      40.0 |         - |         - |
--------------------------------------------------------------------------------
| Retained earnings 	                |      68.5 |      51.2 |      77.6 |
--------------------------------------------------------------------------------
| Equity attributable to equity holders of |     143.9 |      86.6 |     113.0 |
| the parent	                              |           |           |           |
--------------------------------------------------------------------------------
| Minority interests	                |       0.0 |       0.1 |       0.2 |
--------------------------------------------------------------------------------
| Total equity	                         |     143.9 |      86.7 |     113.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current Liabilities                  |           |           |           |
--------------------------------------------------------------------------------
| Interest-bearing non-current             |     115.1 |     174.2 |     158.3 |
| liabilities	                             |           |           |           |
--------------------------------------------------------------------------------
| Deferred tax liabilities	               |       9.6 |       9.8 |       9.7 |
--------------------------------------------------------------------------------
| Pension liabilities	               |      14.6 |      13.6 |      15.2 |
--------------------------------------------------------------------------------
| Provisions	                        |       0.4 |       0.4 |       0.7 |
--------------------------------------------------------------------------------
| Total non-current liabilities	      |     139.7 |     198.0 |     183.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current Liabilities                      |           |           |           |
--------------------------------------------------------------------------------
| Interest-bearing current liabilities     |      39.0 |      37.9 |      56.5 |
--------------------------------------------------------------------------------
| Interest-free current liabilities	      |      80.2 |     104.8 |     113.1 |
--------------------------------------------------------------------------------
| Provisions	                        |       0.4 |       0.3 |       2.7 |
--------------------------------------------------------------------------------
| Total current liabilities	               |     119.6 |     143.0 |     172.3 |
--------------------------------------------------------------------------------
| Liabilities directly associated with     |         - |         - |         - |
| non-current assets classified as held    |           |           |           |
| for sale	                                |           |           |           |
--------------------------------------------------------------------------------
| Total liabilities	                |     259.3 |     341.0 |     356.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total equity and liabilities	       |     403.1 |     427.8 |     469.4 |
--------------------------------------------------------------------------------




--------------------------------------------------------------------------------
|                                         |  For the year ended December 31,   |
--------------------------------------------------------------------------------
|                                         |   2009    |   2008    |    2007    |
--------------------------------------------------------------------------------
|                                         |             (audited)              |
--------------------------------------------------------------------------------
|                                         |         (EUR in millions)          |
--------------------------------------------------------------------------------
| CONSOLIDATED CASH FLOW STATEMENT DATA   |           |           |            |
--------------------------------------------------------------------------------
| Cash flows from operating activities    |           |           |            |
--------------------------------------------------------------------------------
| Adjusted operating profit	              |      67.9 |      72.1 |       79.6 |
--------------------------------------------------------------------------------
| Interests and other financing items	    |    (13.7) |    (11.2) |     (10.3) |
--------------------------------------------------------------------------------
| Income tax paid	                        |     (3.3) |     (7.0) |      (6.5) |
--------------------------------------------------------------------------------
| Total funds from operations	            |      50.9 |      53.8 |       62.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in net working capital, total	   |      11.6 |       1.9 |     (11.2) |
--------------------------------------------------------------------------------
| Total cash flows from operations	       |      62.5 |      55.7 |       51.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flows from investing activities    |           |           |            |
--------------------------------------------------------------------------------
| Capital expenditure for acquisitions	   |     (3.7) |     (4.7) |      (4.8) |
--------------------------------------------------------------------------------
| Other capital expenditure	              |    (13.5) |    (32.1) |     (42.9) |
--------------------------------------------------------------------------------
| Proceeds from sale of assets	           |       0.4 |       5.4 |       18.7 |
--------------------------------------------------------------------------------
| Dividends received                      |       0.1 |       0.1 |        1.5 |
--------------------------------------------------------------------------------
| Long term loan receivables,             |     (0.4) |       0.8 |        0.7 |
| increase(+)/ Decrease (-)               |           |           |            |
--------------------------------------------------------------------------------
| Net cash used in investing activities	  |    (17.1) |    (30.5) |     (26.8) |
--------------------------------------------------------------------------------
| Cash flow before financing	             |      45.3 |      25.3 |       24.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flows from financing activities    |           |           |            |
--------------------------------------------------------------------------------
| Change in non-current loans (increase   |    (18.9) |    (10.7) |        1.5 |
| (+), decrease (-))	                     |           |           |            |
--------------------------------------------------------------------------------
| Short-term financing, net (increase     |       1.5 |       9.9 |        0.4 |
| (+), decrease (-))	                     |           |           |            |
--------------------------------------------------------------------------------
| Distribution of profits	                |    (34.0) |    (50.6) |     (24.8) |
--------------------------------------------------------------------------------
| Other	                                  |     (1.6) |     (6.4) |        1.8 |
--------------------------------------------------------------------------------
| Net cash used in financing activities	  |    (53.0) |    (57.8) |     (21.1) |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net change in cash and cash             |     (7.7) |    (32.5) |        3.7 |
| equivalents	                            |           |           |            |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and cash equivalents, end of the   |      24.2 |      30.9 |       61.2 |
| period	                                 |           |           |            |
--------------------------------------------------------------------------------
| Effect of exchange rate fluctuations on |     (1.0) |     (2.2) |        0.2 |
| cash held………….                          |           |           |            |
--------------------------------------------------------------------------------
| Cash and cash equivalents, beginning of |      30.9 |      61.2 |       57.8 |
| period	                                 |           |           |            |
--------------------------------------------------------------------------------
| Net change in cash and cash             |     (7.7) |    (32.5) |        3.7 |
| equivalents	                            |           |           |            |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|                                         |    For the year ended and as of    |
|                                         |            December 31,            |
--------------------------------------------------------------------------------
|                                         |   2009    |   2008    |    2007    |
--------------------------------------------------------------------------------
|                                         |   (EUR in millions, except where   |
|                                         |        otherwise indicated)        |
--------------------------------------------------------------------------------
| KEY FIGURES                             |           |           |            |
--------------------------------------------------------------------------------
| Net revenue	                            |     530.2 |     648.1 |      625.2 |
--------------------------------------------------------------------------------
| Net revenue growth, percent	            |   (18.19) |      3.67 |      11.09 |
--------------------------------------------------------------------------------
| EBITDA(1)	                              |      66.5 |      77.8 |       91.2 |
--------------------------------------------------------------------------------
| EBITDA, percent of revenue	             |      12.5 |      12.0 |       14.6 |
--------------------------------------------------------------------------------
| EBIT	                                   |  47.7(10) |  58.8(11) |   73.1(12) |
--------------------------------------------------------------------------------
| EBIT, percent of revenue	               |       9.0 |       9.1 |       11.7 |
--------------------------------------------------------------------------------
| Profit for the period	                  |      27.8 |      36.7 |       56.7 |
--------------------------------------------------------------------------------
| Net interest-bearing debt(2)	           |     129.5 |     180.8 |      153.1 |
--------------------------------------------------------------------------------
| Equity-ratio(3), percent 	              |      35.7 |      20.3 |       24.1 |
--------------------------------------------------------------------------------
| Net gearing(4), percent 	               |      90.0 |     208.5 |      135.3 |
--------------------------------------------------------------------------------
| Net interest-bearing debt / EBITDA(5)	  |       1.9 |       2.3 |        1.7 |
--------------------------------------------------------------------------------
| Capital employed(6)	                    |     284.9 |     253.1 |      264.5 |
--------------------------------------------------------------------------------
| Return on capital employed(7), percent	 |      17.7 |      22.7 |       28.9 |
--------------------------------------------------------------------------------
| Return on equity(8), percent	           |      24.1 |      36.7 |       56.3 |
--------------------------------------------------------------------------------
| Capital expenditure	                    |      17.2 |      36.7 |       47.7 |
--------------------------------------------------------------------------------
| Capital expenditure, percent of         |       3.2 |       5.7 |        7.6 |
| revenue	                                |           |           |            |
--------------------------------------------------------------------------------
| Average number of employees	            |     3,757 |     4,027 |      3,883 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Key ratios per share:                   |           |           |            |
--------------------------------------------------------------------------------
| Basic earnings per share, EUR	          |     27.08 |     35.59 |      55.27 |
--------------------------------------------------------------------------------
| Operating cash flow per share, EUR	     |     60.93 |     54.39 |      50.35 |
--------------------------------------------------------------------------------
| Dividend per share, EUR	                |         - |     19.51 |          - |
--------------------------------------------------------------------------------
| Equity per share, EUR	                  |    121.92 |     67.81 |      78.74 |
--------------------------------------------------------------------------------
| Number of shares outstanding (´000)     |     1,025 |     1,025 |      1,025 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------






--------------------------------------------------------------------------------
|                                         |    For the year ended and as of    |
|                                         |            December 31,            |
--------------------------------------------------------------------------------
|                                         |   2009    |    2008    |   2007    |
--------------------------------------------------------------------------------
|                                         |             (audited)              |
--------------------------------------------------------------------------------
|                                         |         (EUR in millions)          |
--------------------------------------------------------------------------------
| BUSINESS UNIT DATA                      |           |            |           |
--------------------------------------------------------------------------------
| Net revenue                             |           |            |           |
--------------------------------------------------------------------------------
| East	                                   |     167.1 |      226.6 |     203.8 |
--------------------------------------------------------------------------------
| Finland	                                |     106.8 |      115.2 |     116.5 |
--------------------------------------------------------------------------------
| Scandinavia	                            |     157.8 |      176.0 |     180.7 |
--------------------------------------------------------------------------------
| Central Eastern Europe	                 |      98.5 |      130.3 |     124.2 |
--------------------------------------------------------------------------------
| Operating profit/loss (EBIT)            |           |            |           |
--------------------------------------------------------------------------------
| East	                                   |      17.7 |       25.2 |  24.3(13) |
--------------------------------------------------------------------------------
| Finland	                                |  12.2(14) |        7.4 |       9.4 |
--------------------------------------------------------------------------------
| Scandinavia	                            |  15.7(15) |       17.1 |  32.6(16) |
--------------------------------------------------------------------------------
| Central Eastern Europe	                 |       5.0 |       10.8 |  10.5(17) |
--------------------------------------------------------------------------------
| Assets                                  |           |            |           |
--------------------------------------------------------------------------------
| East	                                   |     108.7 |      107.6 |     110.4 |
--------------------------------------------------------------------------------
| Finland	                                |      79.2 |       98.6 |     100.8 |
--------------------------------------------------------------------------------
| Scandinavia	                            |     139.9 |      144.1 |     185.8 |
--------------------------------------------------------------------------------
| Central Eastern Europe	                 |      77.5 |       77.9 |      79.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| (1 | EBITDA            | = |  Operating profit  +  depreciation,   |         |
| )  |                   |   |  amortization and impairment losses   |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (2 | Interest-bearing  | = |      Interest-bearing financial       |         |
| )  | net financial     |   |      liabilities - cash and cash      |         |
|    | liabilities       |   |              equivalents              |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|                                Total equity                                  |
--------------------------------------------------------------------------------
|                       Total assets - Advances received                       |
--------------------------------------------------------------------------------
| (3 | Equity ratio, %   | = |                                       |   x 100 |
| )  |                   |   |                                       |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|                 Interest‑bearing net financial liabilities                   |
--------------------------------------------------------------------------------
|                                 Total equity                                 |
--------------------------------------------------------------------------------
| (4 | Net gearing, %    | = |                                       |   x 100 |
| )  |                   |   |                                       |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|          Interest-bearing net financial liabilities           |              |
--------------------------------------------------------------------------------
| Operating profit + depreciation, amortisation and impairment  |              |
|                            losses                             |              |
--------------------------------------------------------------------------------
| (5 | Interest-bearing  | = |                                                 |
| )  | net financial     |   |                                                 |
|    | liabilities /     |   |                                                 |
|    | EBITDA            |   |                                                 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (6 | Capital employed  | = |   Net working capital + intangible    |         |
| )  |                   |   |   assets ready for use + property,    |         |
|    |                   |   |   plant, equipment ready for use +    |         |
|    |                   |   |     investments in associates(9)      |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|          Operating profit + share of profit or loss of associates            |
--------------------------------------------------------------------------------
|     Net working capital + property, plant and equipment ready for use +      |
|        intangible assets ready for use + investments in associates(9)        |
--------------------------------------------------------------------------------
| (7 | Return on capital | = |                                       |   x 100 |
| )  | employed (ROCE),  |   |                                       |         |
|    | %                 |   |                                       |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|                   Net profit for the period                    |       x 100 |
--------------------------------------------------------------------------------
|                      Total equity(9)                       |                 |
--------------------------------------------------------------------------------
| (8 | Return on equity  | = |                                                 |
| )  | (ROE), %          |   |                                                 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (9 | Average during    |   |                                       |         |
| )  | the period        |   |                                       |         |
--------------------------------------------------------------------------------


(10)     Includes EUR 2.4 million non-recurring cost related to personnel       
reductions.                                                                     
(11)	EUR 0.4 million difference in operating profit compared to previously      
published by Kemira is due to group level adjustment related to Kemira's        
internal project in 2008.                                                       
(12)	Includes capital gains of EUR 11.1 million related to the sale Scanspac and
non-recurring costs of EUR 2.4 million.                                         
(13)	Includes a EUR 1.6 million write-down of an insurance receivable related to
the fire at Kraski Teks Metallostroy logistics center in Russia.                
(14)	Includes a EUR 2.0 million non-recurring cost related to personnel         
reductions.                                                                     
(15)	Includes a EUR 0.4 million non-recurring cost related to personnel         
reductions.                                                           
(16)	Includes a EUR 0.4 million non-recurring costs related to the transferring 
of Alcro-Beckers employees to Nykvarn in Sweden and a EUR 11.1 million capital  
gain related to sale of Scanspac.                                               
(17)	Includes a EUR 0.4 million provision related to an alleged breach of       
antitrust regulations in Poland.