Lemminkäinen´s Interim Financial Review 1-6/2009: Profitability trend in the second quarter met expectations

LEMMINKÄINEN CORPORATION	INTERIM FINANCIAL REVIEW 6.8.2009, 09:00               

LEMMINKÄINEN'S INTERIM FINANCIAL REVIEW 1.1. - 30.6.2009:                       
Profitability trend in the second quarter met expectations 


Summary for January-June 2009 (comparative figures 1-6/2008):                   

- Net sales fell 19% to EUR 881.6 million (1,090.8) 
- Operations abroad accounted for 25% or EUR 223.3 million (282.4) of net
sales. 
- The operating profit was EUR 21.5 million (32.1). The operating margin 
(operating profit / net sales) was 2.4% (2.9)                                  
- The profit before taxes was EUR 2.4 million (19.4) 
- Earnings per share were EUR -0.08 (0.71) 
- Cash flow from operating activities was EUR -70.6 million (-174.6) 
- The equity ratio was 26.3% (23.9) and gearing 138.9% (171.5)                  
- The order book at the end of the review period was down by a third at EUR 
1,156.0 million (1,696.7)                                                       
- International business accounted for 31% or EUR 352.9 million (456.4) of the 
order book                                                                      

Summary for April-June 2009 (comparative figures 4-6/2008):                     

- Net sales were EUR 544.6 million (645.9) 
- The operating profit was EUR 30.1 million (37.6) and the operating margin 
(operating profit / net sales) was 5.5% (5.8)                                  
- The profit before taxes was EUR 20.9 million (31.0) 
- Earnings per share were EUR 0.80 (1.30) 
- Cash flow from operating activities were EUR 14.8 million (-112.3) 


April-June 2009 by business sector:                                             

In the building construction sector, housing sales totalled 171 units (Q1/09:   
123) in Finland and 28 units (Q1/09: 22) in Russia. New starts were made on     
mainly rental housing projects in different parts of Finland. In commercial     
construction Lemminkäinen agreed several new building projects.                 

In the infrastructure construction sector, the paving season in Finland began   
somewhat late, but the second quarter met expectations and was almost on a par  
with the previous years thanks to a busy June. Increased currency hedging       
expenses, especially with regards to operations in the Baltic states, somewhat  
depressed the business sector's result.                                         

In the technical building service sector, Q2 net sales and profits were better  
than in the first quarter.                                                      

In the building products sector, there was a marked increase in roofing,        
waterproofing and urban environment product sales and contracting works towards 
the end of the review period.                                                   
                                                                                

President & CEO Timo Kohtamäki:                                                 

”Considering the weak state of the construction market, Lemminkäinen's          
profitability trend in the second quarter was satisfactory and in line with     
expectations. June was busy, especially in infrastructure construction and      
building products, which compensated for the somewhat lack-lustre spring.       
Housing sales in the second quarter held at the Q1 level and were clearly       
brisker than in Q4 last year. Rental housing developments sold to investors were
started especially in the Helsinki metropolitan area, and Lemminkäinen's first  
own housing development of the year got under way in Seinäjoki.                 

Lemminkäinen's positive cash flow from operating activities in the second       
quarter was particularly gratifying. Less cash than last year was tied up in the
Group's own housing developments. Furthermore, the Company's trade receivables  
were significantly lower than they were a year earlier.                         

In June we announced the agreement of financing arrangements designed to give   
Lemminkäinen more financial leeway and to improve liquidity in the uncertain    
economic situation. The arrangements have enabled us to restructure our overall 
debt position by shifting the balance from short-term to long-term liabilities. 

The outlook for Lemminkäinen over the remainder of the year in the prevailing   
market conditions is satisfactory. The decline of the Company's order book      
appears to have halted, and the third quarter of the year is customarily our    
best. The rapidly deteriorating state of municipal finances is causing          
uncertainty especially in infrastructure construction and has a direct bearing  
on basic road maintenance and other investments.                                


Outlook for 2009                                                                

In building construction the emphasis in residential construction has shifted to
rental housing production. Housing sales have clearly picked up and conditions  
are favourable for sustained demand at the H1 level. In commercial construction 
Lemminkäinen's order book for the remainder of the year is good. In Russia      
housing sales are brisker than last year, but demand for construction is not    
expected to grow significantly.                                                 

In Finland the worsened financial difficulties of the municipalities may reduce 
basis road maintenance investments already in the second half of this year. In  
Sweden, Norway and Denmark significant stimulus packages are keeping demand for 
infrastructure construction at a good level and will continue to do so in the   
near future. In Russia and the Baltic states demand for construction is weak and
the competitive situation in some places is very challenging.                   

Demand for refurbishment contracting as well as the maintenance and servicing of
technical building and facility systems is expected to remain stable.           

Lemminkäinen Group's full-year net sales and result before taxes will fall well 
short of the 2008 level.                                                        


Briefing                                                                        

A Finnish-language briefing for analysts and the media will be held at 10:00    
a.m. on Thursday, 6 August at Katajanoka Kasino restaurant, Laivastokatu 1,     
Helsinki. The interim financial review will be presented by President & CEO Timo
Kohtamäki. Presentation material concerning the result for the review period    
will be made available on the Company's website at www.lemminkainen.com         


LEMMINKÄINEN CORPORATION                                                        
Corporate Communications                                                        


Additional information:                                                         
Timo Kohtamäki, President & CEO, tel. +358 2071 53263                           
Robert Öhman, CFO, tel. +358 2071 53515                                         
Katri Sundström, Investor Relations, tel. +358 2071 54813                       

APPENDICES:                                                                     
Interim Financial Review 1.1.-30.6.2009                                         
Tabulated Section of the Interim Financial Review                               

DISTRIBUTION:                                                                   
NASDAQ OMX Helsinki                                                             
Key media                                                                       
www.lemminkainen.com                                                            



INTERIM FINANCIAL REVIEW 1.1. - 30.6.2009                                       


OPERATING ENVIRONMENT                                                           

Operations in Finland                                                           

Demand for construction has contracted sharply, and especially in new building  
construction the number of starts has collapsed from the peak levels of recent  
years. The emphasis in residential construction has shifted to rental housing   
production, but a cautious start has also been made in own housing developments.
Sales of housing units have picked up significantly since the end of last year. 

Demand for commercial construction has declined; in particular, own development 
starts have been a rarity. Finnish real estate investors have continued to      
invest in properties all over Finland.                                          

The government's stimulus measures will show up most clearly in infrastructure  
construction and basic road maintenance, but without the timely introduction of 
further stimulus measures the outlook for the sector in the near future is      
uncertain.                                                                      

Demand for building refurbishment as well as servicing and maintenance of       
technical building systems has remained good. The government's building repair  
assistance scheme for 2009 has boosted demand for refurbishment contracting only
partly due to the start-up lag in renovation projects. An extension of the      
building repair assistance scheme into next year would therefore be justified.  

Competition in almost all construction sectors continues to be fierce and the   
price level has fallen.                                                         


Operations abroad                                                               

In Sweden, Norway and Denmark significant stimulus measures targeted at         
infrastructure construction have kept the market situation good.                

The state of the construction market in the Baltic states is still very         
challenging. Infrastructure construction activity and the operating environment 
in Estonia and Lithuania are somewhat better than in Latvia.                    

in Russia, housing sales have been brisker than last year, but demand for       
construction is not expected to grow significantly in the near future. The      
infrastructure construction market has been weak this year.                     


NET SALES                                                                       

Lemminkäinen's net sales for the January-June period were down 19 % on H1 last  
year at EUR 881.6 million (1,090.8). Net sales fell in all of the Group's       
business sectors, with the biggest declines in building construction and        
building products. Lemminkäinen generated 75 % of its net sales in Finland, 15 %
in other Nordic countries, 4 % in Russia, and 6 % in other countries.           


--------------------------------------------------------------------------------
| Net sales by business | 4-6/2009 | 4-6/2008 | 1-6/2009 | 1-6/2008 |  1-12/20 |
| sector,               |          |          |          |          |       08 |
| EUR million           |          |          |          |          |          |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Building construction |    233.4 |    295.7 |    432.1 |    572.8 | 1,207.5  |
|                       |          |          |          |          |          |
--------------------------------------------------------------------------------
| Infrastructure        |    228.3 |    256.4 |    300.2 |    351.4 |    920.3 |
| construction          |          |          |          |          |          |
--------------------------------------------------------------------------------
| Technical building    |     60.6 |     68.0 |    115.9 |    124.6 |    269.9 |
| services              |          |          |          |          |          |
--------------------------------------------------------------------------------
| Building products     |     37.8 |     45.8 |     56.4 |     70.8 |    156.0 |
--------------------------------------------------------------------------------
| Other operations and  |    -12.0 |    -13.7 |    -19.1 |    -22.3 |    -52.2 |
| Group eliminations    |          |          |          |          |          |
--------------------------------------------------------------------------------
| Business sectors,     |    548.0 |    652.1 |    885.5 |  1,097.3 |  2,501.5 |
| total                 |          |          |          |          |          |
--------------------------------------------------------------------------------
| Unallocated Items     |     -3.4 |     -6.3 |     -4.0 |     -6.6 |    -19.7 |
--------------------------------------------------------------------------------
| Group total (IFRS),   |    544.6 |    645.9 |    881.6 |  1,090.8 |  2,481.8 |
| of which              |          |          |          |          |          |
--------------------------------------------------------------------------------
| Operations abroad     |    150.1 |    175.2 |    223.3 |    282.4 |    676.7 |
--------------------------------------------------------------------------------


OPERATING PROFIT                                                                

Lemminkäinen's operating profit for the January-June period were down by a third
from H1 last year at EUR 21.5 million (32.1). Operating profit for the          
April-June period was EUR 30.1 million (37.6), down by a fifth from Q2 last     
year.  The result for the building construction business sector in the second   
quarter was improved by continued briskness of the housing market and individual
real estate deals.                                                              

--------------------------------------------------------------------------------
| Operating profit by   |  4-6/200 |  4-6/200 |  1-6/200 |  1-6/200 |  1-12/20 |
| business sector, EUR  |        9 |        8 |        9 |        8 |       08 |
| million               |          |          |          |          |          |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Building construction |     11.4 |      9.2 |     21.1 |     19.6 |     69.7 |
--------------------------------------------------------------------------------
| Infrastructure        |     14.1 |     17.1 |     -3.7 |      0.7 |     26.2 |
| construction          |          |          |          |          |          |
--------------------------------------------------------------------------------
| Technical building    |      2.6 |      5.6 |      5.1 |      7.3 |     16.3 |
| services              |          |          |          |          |          |
--------------------------------------------------------------------------------
| Building products     |      3.2 |      4.6 |      0.7 |      3.4 |     10.5 |
--------------------------------------------------------------------------------
| Other operations      |     -2.1 |     -0.8 |     -2.3 |     -1.9 |     -3.3 |
--------------------------------------------------------------------------------
| Business sectors,     |     29.2 |     35.6 |     20.9 |     29.0 |    119.4 |
| total                 |          |          |          |          |          |
--------------------------------------------------------------------------------
| Unallocated Items     |      0.9 |      2.0 |      0.6 |      3.1 |      3.8 |
--------------------------------------------------------------------------------
| Group total (IFRS)    |     30.1 |     37.6 |     21.5 |     32.1 |    123.2 |
--------------------------------------------------------------------------------
| Operating margin by   | 4-6/2009 | 4-6/2008 | 1-6/2009 | 1-6/2008 | 1-12/200 |
| business sector       |          |          |          |          |        8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Building construction |      4.9 |      3.1 |      4.9 |      3.4 |      5.8 |
--------------------------------------------------------------------------------
| Infrastructure        |      6.2 |      6.7 |     -1.2 |      0.2 |      2.8 |
| construction          |          |          |          |          |          |
--------------------------------------------------------------------------------
| Technical building    |      4.3 |      8.2 |      4.4 |      5.8 |      6.1 |
| services              |          |          |          |          |          |
--------------------------------------------------------------------------------
| Building products     |      8.5 |     10.0 |      1.3 |      4.7 |      6.7 |
--------------------------------------------------------------------------------
| Group total (IFRS)    |      5.5 |      5.8 |      2.4 |      2.9 |      5.0 |
--------------------------------------------------------------------------------


ORDER BOOK                                                                      

Lemminkäinen's order book at the end of June was EUR 1,156.0 million (1,696.7), 
about a third lower than at the same time last year. However, the order book has
risen slightly since the end of March 2009. Operations abroad accounted for 31 %
(27) of the order book.                                                         

--------------------------------------------------------------------------------
| Order book by business  |  30.6.2009 |  31.3.2009 | 31.12.2008 |   30.6.2008 |
| sector, EUR million     |            |            |            |             |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Building construction   |      533.2 |      521.2 |      576.3 |       919.9 |
--------------------------------------------------------------------------------
| Infrastructure          |      497.7 |      482.6 |      365.4 |       603.4 |
| construction            |            |            |            |             |
--------------------------------------------------------------------------------
| Technical building      |       84.0 |       85.8 |       97.7 |       120.5 |
| services                |            |            |            |             |
--------------------------------------------------------------------------------
| Building products       |       41.2 |       32.6 |       25.2 |        52.9 |
--------------------------------------------------------------------------------
| Group total, of which   |    1,156.0 |    1,122.2 |    1,064.5 |     1,696.7 |
--------------------------------------------------------------------------------
| Operations abroad       |      352.9 |      341.4 |      263.1 |       456.4 |
--------------------------------------------------------------------------------


BALANCE SHEET, CASH FLOW AND FINANCING                                          

The consolidated balance sheet total at 30 June 2009 was EUR 1,333.2 million    
(1,379.0). The return on investment was 3.6 % (4.7) and the equity ratio 26.3 % 
(23.9). Gearing was 138.9 % (171.5).                                            

According to the cash flow statement, the cash flow from operating activities in
the January-June period was EUR -70.6 million (-174.6), the cash flow from      
investing activities EUR -16.3 million (-23.8) and the cash flow from financing 
activities EUR -50.3 million (195.9). The cash flow for the review period       
includes the payment of dividends totalling EUR 17.9 million (32.6) for the 2008
accounting period. In the April-June period the cash flow from operating        
activities was EUR 14.8 million (Q2/08: -112.3), the net cash flow from         
investing activities EUR -5.2 million (Q2/08: -14.4) and the cash flow from     
financing activities EUR -53.3 million (Q2/08: 108.3).                          

Net working capital in the review period was EUR 922.0 million (1,008.7) and net
working capital EUR 486.5 million (541.8). A significant amount of working      
capital is still tied up in residential and commercial construction in progress.

Liquid funds at the end of the review period were EUR 111.0 million (76.0).     

The amount of interest-bearing debt at the end of the review period was EUR     
556.2 million (591.7), of which EUR 288.4 million was short-term debt and EUR   
267.8 million long-term debt. Interest-bearing net debt was EUR 445.2 million   
(515.6). Net financing expenses were EUR 19.1 million (12.7), representing 2.2 %
(1.2) of net sales. Foreign exchange rate movements and currency hedging costs  
in Russia and the Baltic states increased financing expenses by approx. EUR 3   
million.                                                                        


Lemminkäinen's interest-bearing debt comprised loans from financial institutions
50 %, commercial paper 14 %, project loans related to own housing production and
commercial construction 14 %, TyEL loans 9 %, finance leasing liabilities 10 %  
and other debts 3 %.                                                            

Lemminkäinen agreed new financing arrangements during the review period. The    
Company restructured short-term borrowings totalling EUR 270 million and        
negotiated a bank guarantee for a EUR 115 million loan from its TyEL pension    
premium loan allocation. At the end of the review period EUR 52 million had been
drawn from the allocation. The remaining EUR 63 million will be drawn during the
third quarter of this year. The agreed arrangements shift the balance of        
Lemminkäinen's overall debt position from short-term to long-term liabilities.  
Lemminkäinen still has an unused TyEL pension premium loan allocation of        
approximately EUR 40 million.                                                   


BUSINESS SECTORS                                                                

BUILDING CONSTRUCTION                                                           

--------------------------------------------------------------------------------
| Key figures, EUR      | 4-6/2009 | 4-6/200 | 1-6/200 |  1-6/2008 | 1-12/2008 |
| million               |          |       8 |       9 |           |           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales             |    233.4 |   295.7 |   432.1 |     572.8 |   1,207.5 |
--------------------------------------------------------------------------------
| Operating profit      |     11.4 |     9.2 |    21.1 |      19.6 |      69.7 |
--------------------------------------------------------------------------------
| Operating margin, %   |      4.9 |     3.1 |     4.9 |       3.4 |       5.8 |
--------------------------------------------------------------------------------
| Profit before taxes   |      8.0 |     5.9 |    15.5 |      14.5 |      56.7 |
--------------------------------------------------------------------------------
| Order book at end of  |          |         |   533.2 |     919.9 |     576.3 |
| period                |          |         |         |           |           |
--------------------------------------------------------------------------------


The net sales of the building construction business sector in the January-June  
period were weaker than in H1 last year, but profitability improved. The result 
was boosted by recovery of the housing markets in Finland and Russia as well as 
individual real estate deals in the second quarter of the year. The business    
sector generated 82 % of its net sales in Finland, 6 % in Russia, 5 % in other  
Nordic countries, and 7 % in other countries. The decline of the building       
construction order book was halted, and the order book at the end of the review 
period was slightly higher than at the end of March.                            

Operations in Finland:                                                          

In the January-June period Lemminkäinen sold 294 (430) units and completed 306  
(304) units in its own housing developments. New starts were made on 15 (492)   
housing units. At the end of the review period 296 (1,311) housing units were   
under construction, of which 138 were unsold. The number of unsold completed    
housing units was 459 (286).                                                    

There was a marked increase in the number of contracted housing starts, with new
starts being made on 420 housing units in the first half of 2009.               

At the end of the review period Lemminkäinen owned a total of 974,000 m2 of     
unused building rights, of which about 473,000 m2 were residential building     
rights. The Company also has binding or conditional co-operation and zoning     
agreements for a further 717,000 m2, of which about 340,000 m2 are residential  
building rights. The value of the building plots was approx. EUR 93 million.    

The emphasis in Lemminkäinen's residential construction has shifted to rental   
housing production this year. In Helsinki metropolitan area and a few growth    
centres the Company made starts on a number of new housing developments sold to 
investors. Lemminkäinen reached an agreement with Paulig on the phased purchase 
of its old roastery site in the Vuosaari district of Helsinki, which has been   
zoned as a residential area for approximately 2,000 inhabitants. Planning work  
is already under way and construction is expected to start next year. In June   
Lemminkäinen started its first own housing development of the year in Seinäjoki.
The threshold for starting own housing developments is still high, and no new   
starts are made unless a sufficiently high percentage of the units are reserved 
by buyers in advance.                                                           

Commercial construction has slowed down over the past twelve months, and demand 
for office construction in particular has been minimal. In the review period    
Lemminkäinen was awarded a number of commercial construction contracts in       
different parts of Finland. The combined value of these contracts is approx. EUR
90 million.                                                                     

Lemminkäinen and IKEA Real Estate Oy made an agreement on the construction of a 
new IKEA home furnishing store in Tampere. The work will be carried out as a    
project management contract and its value is approx. EUR 18 million.            

The market for refurbishment contracting remained stable. The government's      
stimulus measures have boosted demand for building repair works to some extent. 
Refurbishment contracting accounts for about 17 % of Lemminkäinen's building    
construction business.                                                          

After the end of the review period Lemminkäinen announced that Kuopio City Board
had chosen it as the service provider for a major life cycle project. The       
project entity encompasses the new construction and basic repair of four schools
and one child day-care centre. Lemminkäinen will be responsible for the         
maintenance and upkeep of the buildings for a period of 25 years. The total     
value of the project is                                                         
EUR 93.5 million.                                                               


Operations abroad:                                                              

Housing sales in Russia have been much brisker than last year. Lemminkäinen sold
50 (17) units in its own housing developments during the January-June period,   
whereas a total of 61 units were sold in the whole of 2008. At the end of the   
review period the Company had 323 (570) housing units under construction, of    
which 212 were unsold. There were no unsold completed units. In 2008            
Lemminkäinen halted work on 264 housing units in Russia due to the sharp decline
in housing sales.                                                               

The outlook for Russia's economy is still uncertain, and demand for construction
is not expected to grow significantly this year. At the end of the review period
Lemminkäinen had EUR 34 million of capital tied up in Russia.                   

In Sweden the Company had 68 (80) units under construction in its own housing   
developments at the end of the review period. Of these, 23 were unsold. The     
number of unsold completed units was 2. In the January-June period Lemminkäinen 
sold 13 housing units in Sweden.                                                

The focus of international project management contracting is still on the plant 
investment projects of Finnish industrial companies in countries such as China, 
India and Poland.                                                               

In telecommunications network construction a transition to more-energy-efficient
network solutions is expected, which may boost demand for new network           
construction in the near future.                                                

After the end of the review period Lemminkäinen and Cargotec made an agreement  
on the project management contract for a new multi-assembly unit in Poland. The 
total value of the contract is approx. EUR 22 million, and the project is       
scheduled for completion in June 2010.                                          


INFRASTRUCTURE CONSTRUCTION                                                     

--------------------------------------------------------------------------------
| Key figures, EUR      | 4-6/2009 | 4-6/200 | 1-6/200 |  1-6/2008 | 1-12/2008 |
| million               |          |       8 |       9 |           |           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales             |    228.3 |   256.4 |   300.2 |     351.4 |     920.3 |
--------------------------------------------------------------------------------
| Operating profit      |     14.1 |    17.1 |    -3.7 |       0.7 |      26.2 |
--------------------------------------------------------------------------------
| Operating margin, %   |      6.2 |     6.7 |    -1.2 |       0.2 |       2.8 |
--------------------------------------------------------------------------------
| Profit before taxes   |     11.7 |    15.5 |   -10.3 |      -1.5 |      16.8 |
--------------------------------------------------------------------------------
| Order book at end of  |          |         |   497.7 |     603.4 |     365.4 |
| period                |          |         |         |           |           |
--------------------------------------------------------------------------------


The net sales of the infrastructure construction business sector in the         
January-June period were down 15 % at EUR 300.2 million (351.4). The business   
sector generated 54 % of its net sales in Finland, 35 % in other Nordic         
countries, and 10 % in the Baltic states. Business volume picked up especially  
towards the end of the review period, and second-quarter profitability overall  
was better than expected. The business sector's result was adversely impacted by
increased financing costs, the biggest single item being currency hedging costs 
of operations in the Baltic states. In the absence of significant tunnel and    
transport infrastructure projects, the order book as a whole is smaller than    
last year.                                                                      


Operations in Finland:                                                          

The development of Lemminkäinen's paving operations in the second quarter was in
line with expectations, and the volume of business was almost at the level of   
the previous year. However, the price level of asphalt paving remained low. The 
weak state of municipal finances may reduce basic road maintenance investments  
and demand for paving already in late autumn and especially next year.          

Transport infrastructure construction is expected to pick up gradually with the 
start-up of major projects in 2010-2011. Competition in transport               
infrastructure construction remains fierce due to prevailing overcapacity in the
sector. Bringing forward the start-up of major transport engineering projects   
would relieve the situation.                                                    

In rock engineering and especially geotechnical engineering the market situation
has improved, and bids are being prepared for a number of new projects. In the  
second quarter Lemminkäinen started a number of smaller rock and geotechnical   
engineering projects with a combined value of approx. EUR 20 million. After the 
end of the review period an agreement was made on the construction works for the
P-Hämppi car parking cavern in Tampere. Work on the site will start during      
August 2009 and the contract is worth EUR 26 million.                           

Lemminkäinen's sales of mineral aggregates have been weaker than in 2008, but   
the price level has remained stable so far this year. Considering the present   
state of the market, Lemminkäinen's order book for mineral aggregate contracting
works is at a good level. Demand for ready-mix concrete has declined markedly in
response to the slowdown in building construction, and there have been strong   
regional variations in the price level.                                         


Operations abroad:                                                              

In Norway and Denmark demand for paving works has been brisker than expected.   
The governments of both countries have extended strong additional stimulus      
measures into future years. However, the supplementary budgets will not have any
marked effect on basic road maintenance until 2010.                             

In Sweden Lemminkäinen is currently working on several tunnel construction      
contracts, the last of which are due to be completed next year. The geotechnical
engineering market in Sweden has been particularly good this year. Also, a      
number of new rock engineering projects are in hand.                            

The market situation for infrastructure construction in the Baltic states has   
remained weak. Lemminkäinen's order book in Estonia and Lithuania is            
satisfactory. Three EU-funded road improvement projects are starting up in      
Estonia. In Lithuania the EU is funding road network upgrades worth EUR 190     
million in 2009-2010.                                                           


TECHNICAL BUILDING SERVICES                                                     

--------------------------------------------------------------------------------
| Key figures, EUR      | 4-6/2009 | 4-6/200 | 1-6/200 |  1-6/2008 | 1-12/2008 |
| million               |          |       8 |       9 |           |           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales             |     60.6 |    68.0 |   115.9 |     124.6 |     269.9 |
--------------------------------------------------------------------------------
| Operating profit      |      2.6 |     5.6 |     5.1 |       7.3 |      16.3 |
--------------------------------------------------------------------------------
| Operating margin, %   |      4.3 |     8.2 |     4.4 |       5.8 |       6.1 |
--------------------------------------------------------------------------------
| Profit before taxes   |      2.8 |     6.1 |     5.5 |       8.3 |      18.5 |
--------------------------------------------------------------------------------
| Order book at end of  |          |         |    84.0 |     120.5 |      97.7 |
| period                |          |         |         |           |           |
--------------------------------------------------------------------------------

The profitability of the technical building services business sector in the     
April-June period was weaker than in Q2 last year, but in line with expectations
given the state of the market. Q2 net sales were 9 % higher and Q2 operating    
profit 4 % better than in the first quarter. The order book's margin level is   
normal.                                                                         

A number of contracts concerning building repair and conversion projects in     
Helsinki metropolitan area were received during the second quarter. These       
project deliveries are timed for 2009-2010. Competition in the sector continues 
to be very fierce, and there has been a marked decline in both the size and     
number of projects compared with previous years. The prices of raw materials,   
especially copper, have risen sharply during the summer.                        

Demand for the maintenance, servicing and repair of technical building systems  
has remained stable, and that trend is expected to continue for the remainder of
the year. Energy efficiency management and special expertise in areas such as   
refrigeration maintenance and installation have become significant competitive  
factors in the sector.                                                          

The industrial services unit of Lemminkäinen's technical building services      
business sector is currently working on major installation projects at          
industrial heat and power production plants in Finland and Sweden. The projects 
will continue into 2010.                                                        


BUILDING PRODUCTS                                                               

--------------------------------------------------------------------------------
| Key figures, EUR      | 4-6/2009 | 4-6/200 | 1-6/200 |  1-6/2008 | 1-12/2008 |
| million               |          |       8 |       9 |           |           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales             |     37.8 |    45.8 |    56.4 |      70.8 |     156.0 |
--------------------------------------------------------------------------------
| Operating profit      |      3.2 |     4.6 |     0.7 |       3.4 |      10.5 |
--------------------------------------------------------------------------------
| Operating margin, %   |      8.5 |    10.0 |     1.3 |       4.7 |       6.7 |
--------------------------------------------------------------------------------
| Profit before taxes   |      3.0 |     4.4 |     0.3 |       3.0 |       9.9 |
--------------------------------------------------------------------------------
| Order book at end of  |          |         |    41.2 |      52.9 |      25.2 |
| period                |          |         |         |           |           |
--------------------------------------------------------------------------------


Sales of roofing and waterproofing products began more slowly than last year,   
but picked up well during the summer. Contracting also increased at the end of  
the review period, and Lemminkäinen received some significant bridge deck       
waterproofing contracts. Exports of roofing materials were down on last year,   
but stronger than expected demand due to low inventory levels resulted in longer
delivery times for a few products. Enquiries from housing companies concerning  
yard and roofing repair works have increased somewhat thanks to the government's
building repair grants.                                                         

The market for urban environment construction is unchanged from last year, and  
the order book for contracting works in particular is good for the remainder of 
the year. Demand for pre-cast concrete elements has picked up slightly in       
response to new rental housing production, but the price level in the industry  
is low.                                                                         


SHARES AND SHARE CAPITAL                                                        

The listed price of Lemminkäinen Corporation's share was EUR 13.05 (31.50) at   
the beginning of the January and EUR 19.02 (29.01) at the end of June. The      
market capitalisation at the end of the review period was EUR 323.7 million     
(493.8). Altogether 884,329 shares (2,157,846) were traded during the review    
period. The total value of the turnover was EUR 15.4 million (68.0). At the end 
of the review period the Company had 4,790 (4,094) shareholders.                
Lemminkäinen's share capital is EUR 34,042,500. The Company has one share series
and the total number of issued shares is 17,021,250.                            

INVESTMENTS                                                                     

Investments made during the review period amounted to EUR 19.4 million (35.6).  
The investments were mainly replacement purchases of equipment for paving and   
mineral aggregate operations.                                                   

PERSONNEL                                                                       

The average number of employees in the Group during the review period was 8,543 
(9,498), of whom 69 % worked in Finland, 12% in other Nordic countries, 11% in  
the Baltic states and 8 % in other countries.                                   
The personnel reduction measures started in the second half of 2008 have so far 
affected about 1,000 employees. The biggest personnel reductions have been made 
in the building construction and building products business sectors.            



--------------------------------------------------------------------------------
| Personnel, average           |  1-6/2009 | 1-3/2009 |  1-6/2008 |  1-12/2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Hourly paid employees        |     5,374 |    4,918 |     6,262 |      6,490 |
--------------------------------------------------------------------------------
| Salaried staff               |     3,169 |    3,180 |     3,236 |      3,286 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Personnel, total, of whom    |     8,543 |    8,098 |     9,498 |      9,776 |
--------------------------------------------------------------------------------
| Working abroad               |     2,655 |    2,517 |     2,692 |      2,836 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Personnel at the end of the  |     9,589 |    7,998 |    10,919 |      8,910 |
| review period                |           |          |           |            |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Wages, salaries and other    |           |          |           |            |
--------------------------------------------------------------------------------
| remuneration, EUR million    |     153.5 |     66.9 |     168.2 |      358.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Personnel by business        |  1-6/2009 | 1-3/2009 |  1-6/2008 |  1-12/2008 |
| sector, average              |           |          |           |            |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Building construction        |     2,480 |    2,526 |     3,242 |      3,159 |
--------------------------------------------------------------------------------
| Infrastructure construction  |     3,263 |    2,873 |     3,351 |      3,658 |
--------------------------------------------------------------------------------
| Technical building services  |     1,955 |    1,940 |     1,971 |      2,013 |
--------------------------------------------------------------------------------
| Building products            |       732 |      649 |      830  |        839 |
--------------------------------------------------------------------------------
| Group administration         |       113 |      110 |       105 |        107 |
--------------------------------------------------------------------------------
| Total                        |     8,543 |    8,098 |     9,498 |      9,776 |
--------------------------------------------------------------------------------


CHANGES IN THE COMPANY'S MANAGEMENT                                             

Marcus Karsten, M.Sc. (Econ.), (b.1966), the present Managing Director of       
Tekmanni Service Oy, has been appointed to serve as the head of Lemminkäinen's  
technical building services business sector and Managing Director of Tekmanni Oy
with effect from 1 January 2010. The present Managing Director of Tekmanni Oy,  
Antero Huhta (b. 1947), will retire at the beginning of 2010.                   

AGM DECISIONS AND CORPORATE GOVERNANCE                                          

Lemminkäinen Corporation's Annual General Meeting held on 17 March 2009 adopted 
the Company's annual accounts and financial statements for 2008 and granted the 
CEO and the members of the Board of Directors discharge from liability. The     
Annual General Meeting decided, in accordance with the Board of Directors'      
proposal, to pay a dividend of EUR 0.90 per share, i.e. a total dividend of EUR 
15,319,125. The dividend's record date was 20 March 2009 and the payment date   
was 27 March 2009.                                                              

Messrs. Berndt Brunow, Teppo Taberman, Juhani Mäkinen and Ms. Kristiina         
Pentti-von Walzel were re-elected to serve as members of the Board of Directors.
Messrs. Mikael Mäkinen, M.Sc.(Eng.) and Heikki Räty, M.Sc.(Econ.) were newly    
elected to serve as a board member. PricewaterhouseCoopers Oy, a firm of        
authorised public accountants, were re-elected to serve as the Company's        
auditors, with Mr. Jan Holmberg, APA acting as the chief auditor.               

Lemminkäinen Corporation's Board of Director held an organising meeting on 17   
March 2009. Berndt Brunow continues to serve as the Chairman of the Board, and  
Juhani Mäkinen as the Vice Chairman.                                            

The compositions of the Audit Committee, Nominating Committee and Remuneration  
and Appointments Committee were decided at the meeting. The Board of Directors  
elected Heikki Räty to serve as the Chairman of the Audit Committee, with Juhani
Mäkinen and Kristina Pentti-von Walzel serving as members. Berndt Brunow was    
elected to serve as the Chairman of the Nominating Committee, with Kristina     
Pentti-von Walzel and Teppo Taberman serving as members. Teppo Taberman was     
elected to serve as the Chairman of the Remuneration and Appointments Committee,
with Berndt Brunow and Mikael Mäkinen serving as members.                       


LITIGATION                                                                      

In December 2007 the Market Court ordered seven asphalt industry companies to   
pay a total of EUR 19.4 million in infringement fines for contravention of      
competition laws, EUR 14 million of which was imposed on Lemminkäinen. The      
Finnish Competition Authority had proposed to the Market Court that Lemminkäinen
be fined EUR 68 million.                                                        

In addition to Lemminkäinen, the Finnish Competition Authority and some of the  
other asphalt industry companies appealed the decision to the Supreme           
Administrative Court, which has announced its intention to give its decision on 
the matter in September 2009.                                                   

According to plaints submitted to the Helsinki District Court, different        
municipalities will demand compensatory damages from Lemminkäinen and other     
asphalt companies if the Supreme Administrative Court finds that activities in  
breach of competition restriction law have taken place in the municipalities in 
question. The Finnish Road Administration has demanded compensation of at most  
EUR 10.5 million from Lemminkäinen and at most a further EUR 5.6 million under  
joint and several liability with other asphalt companies.                       

The claims are based on the Finnish Competition Authority's assertions that     
unlawful restrictions of competition would have raised the price level of       
asphalt paving at certain times. Lemminkäinen has disputed these arguments      
before the Market Court and the Supreme Administrative Court. In addition, a    
large proportion of the plaints that have come to Lemminkäinen's attention      
concern areas and/or times in and/or at which the Market Court considered in its
decision that Lemminkäinen had not acted in breach of competition restriction   
law.                                                                            

All of the plaintiffs have requested that the compensation claims be suspended  
and proceedings continued only if the Supreme Administrative Court decides that 
Lemminkäinen did breach competition restriction law in the areas and at the     
times specified in the plaints. Lemminkäinen has acceded to the requests for    
suspension, but regards the presented claims for compensation as baseless. No   
expense provision has been made in respect of the claims.                       


RISKS AND UNCERTAINTIES                                                         

Lemminkäinen's business risks are divided into six categories: market risks,    
project risks, financing risks, credit loss risks, environmental risks, and     
accidents and damage. The measures necessary to manage the most significant     
identified risks have been specified.                                           
Market risk poses the most significant threat to Lemminkäinen in the near       
future. The international financial crisis and economic downturn are creating   
uncertainty in key sectors of Lemminkäinen's operating environment and making   
its more difficult to foresee future changes. As a consequence of this,         
Lemminkäinen has set about making the necessary adjustments to its business     
operations.                                                                     
The sharp fall-off in demand for housing production increases sales risk. In    
2009 new housing starts will be made only if a sufficiently high percentage of  
the units are reserved by buyers in advance. In Russia, Lemminkäinen has halted 
construction work on almost 300 housing units.                                  
The financing difficulties experienced by Lemminkäinen's customers may have an  
adverse effect on demand for the Company's goods and services. Particular       
attention is being paid to credit loss risks, and trade receivables are being   
actively monitored.                                                             
Operating in a number of business sectors with differing cyclical behaviours is 
a cornerstone of Lemminkäinen's strategy. Fluctuating demand for new            
construction in Finland is counterbalanced by infrastructure construction.      
Building repair and maintenance account for more than a third of the Group's    
business.                                                                       
The Company's Annual Report and website provide more information on             
Lemminkäinen's risk management.                                                 

OUTLOOK FOR 2009                                                                

In building construction the emphasis in residential construction has shifted to
rental housing production. Housing sales have clearly picked up and conditions  
are favourable for sustained demand at the H1 level. In commercial construction 
Lemminkäinen's order book for the remainder of the year is good. In Russia      
housing sales are brisker than last year, but demand for construction is not    
expected to grow significantly.                                                 

In Finland the worsened financial difficulties of the municipalities may reduce 
basis road maintenance investments already in the second half of this year. In  
Sweden, Norway and Denmark significant stimulus packages are keeping demand for 
infrastructure construction at a good level and will continue to do so in the   
near future. In Russia and the Baltic states demand for construction is weak and
the competitive situation in some places is very challenging.                   

Demand for refurbishment contracting as well as the maintenance and servicing of
technical building and facility systems is expected to remain stable.           

Lemminkäinen Group's full-year net sales and result before taxes will fall well 
short of the 2008 level.                                                        




Helsinki, 6 August 2009                                                         

LEMMINKÄINEN CORPORATION                                                        
Board of Directors                                                              


TABULATED SECTION OF THE INTERIM FINANCIAL REVIEW                               

ACCOUNTING PRINCIPLES                                                           

This interim financial review has been prepared in accordance with the          
recognition and accounting principles of the IFRS standards, and it observes the
IAS 34 Interim Financial Reporting Standard. The IFRS recognition and           
measurement principles observed in the annual financial statements for 2008 have
also been applied in the preparation of the interim financial review with the   
below-mentioned changes.                                                        

The information contained in the interim financial review has not been audited. 

Standards and interpretations adopted from the beginning of 2009                

- IAS 1 (Revised), Presentation of Financial Statements. The aim of the standard
is to improve users' ability to analyse and compare the information given in    
financial statements by separating changes in equity of an entity arising from  
transactions with owners from other changes in equity.  Changes unrelated to    
owners are presented in the statement of comprehensive income.                  

- IFRS 8 Segment Reporting. The standard requires that reportable segment       
information be based on internal segment reports that are reviewed by           
management. Lemminkäinen is reporting its interim financial reviews from the    
beginning of the 2009 accounting period in compliance with IFRS 8 Operating     
Segments. Adoption of the standard has no effect on the number or composition of
Lemminkäinen Group's operating segments, but it does change the content of the  
segment information. The standard has no effect on geographical segment         
information.                                                                    

The segment information reported to management is generally prepared according  
to the same principles as those applied in the consolidated financial           
statements. Imputed items are not considered in segment reporting. Such items   
include, among others, depreciation of assets acquired by finance leasing,      
interest separated from payments, warranty provisions, and unrealised gains or  
losses on derivatives. In segment reporting to management, finance leasing      
arrangements are treated as ordinary rental agreements, which deviates from the 
accounting principles of IFRS financial statements. Affiliated companies are    
combined in segment reporting in proportion to ownership share using the        
line-by-line method. In IFRS financial statements affiliated companies are      
combined by the equity method. In segment reporting, intersegment sales are not 
allocated to segments, owing to their minimal magnitude, and are not reported to
management. Comparative figures for segment reporting have been published in a  
separate release on 5 May 2009.                                                 

- IAS 23 (Revised) Borrowing Costs. The amended standard  requires an entity to 
capitalise borrowing costs directly attributable to the acquisition,            
construction or production of a qualifying asset as part of the cost of that    
asset. The immediate expensing of such borrowing costs is prohibited.  Starting 
from 1 January 2009, the Group capitalises the borrowing costs in qualifying    
projects and in projects where income is recognised on the basis of percentage  
of completion.                                                                  

An assessment indicates that the following interpretations and standards have no
essential bearing on Lemminkäinen Group's interim financial review: IAS 32      
(Amendment), IFRS 2, IFRIC 11, IFRIC 13, IFRIC 14 and IFRIC 16.                 


Effects of new interpretations of IFRS standards in the future                  

The standards and interpretations published by IASB and listed below will come  
into force in 2010 or thereafter. The Group has decided against their early     
adoption and will apply them in future accounting periods.                      

- IFRIC 15, Agreements for the Construction of Real Estate. The interpretation  
will be applied at the latest in the accounting period commencing 1 January     
2010. The interpretation will clarify whether an agreement for the construction 
of real estate falls within the scope of IAS 11 Construction Contracts or IAS 18
Revenue, and when income from such construction projects can be recognised on   
the basis of percentage of completion. In Lemminkäinen Group the new            
interpretation is expected to affect at least the income recognition practice   
for own building production, the basis of which would change from               
percentage-of-completion to full completion and delivery. In that case the      
recognition of income from such projects would be slowed down.                  

- IFRIC 12 Service Concession Arrangements. The interpretation applies to       
contractual arrangements whereby a private-sector operator participates in the  
development, financing, operation or maintenance of public services             
infrastructure. The interpretation does not have any essential bearing on this  
interim financial review, or on the financial statements.                       

- IFRS 3 (Revised), Business combinations. The revised standard continues to    
apply the acquisition method to business combinations, with some significant    
changes. For example, all payments to purchase a business are to be recorded at 
fair value at the acquisition date, with some contingent payments subsequently  
remeasured at fair value through income. Goodwill may be calculated based on the
parent company's share of net assets or it may include goodwill related to the  
minority interest. All transaction costs will be expensed. The Group's          
management is assessing the impact of this revision on the consolidated         
financial statements.                                                           

IAS 27 (Revised), Consolidated and separate financial statements. The revised   
standard requires the effects of all transactions with non-controlling interests
to be recorded in equity if there is no change in control. Thus, transactions   
with non-controlling interests will no longer result in goodwill or the         
recognition of gains or losses through profit or loss. The standard also        
specifies the accounting when control is lost. Any remaining interest in the    
entity is remeasured to fair value and a gain or loss is recognised through     
profit or loss. The Group's management is clarifying the effect of the standard 
on the consolidated financial statements.                                       

An assessment indicates that the following interpretations and standards have no
essential bearing on Lemminkäinen Group's financial statements: IAS 39          
(Amendment), IFRS 5 (Amendment), IFRIC 17 and IFRIC 18                          



FINANCIAL STATEMENTS AND OTHER TABULATED INFORMATION                            

1) Consolidated income statement                                                
2) Consolidated statement of comprehensive income                               
3) Consolidated balance sheet                                                   
4) Consolidated cash flow statement                                             
5) Consolidated statement of changes in shareholders' equity                    
6) Consolidated income statement, quarterly                                     
7) Segment information                                                          
8) Economic trends and financial indicators                                     
9) Share-specific indicators                                                    
10) Tangible assets                                                             
11) Divested businesses                                                         
12) Related-party transactions                                                  
13) Guarantees and contingent liabilities                                       
14) Litigation                                                                  



1) CONSOLIDATED INCOME STATEMENT                                                

--------------------------------------------------------------------------------
| EUR million   |      |       |   4-6/ |    4-6/ |   1-6/ |    1-6/ |   1-12/ |
--------------------------------------------------------------------------------
|               |      |       |   2009 |    2008 |   2009 |    2008 |    2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales                    |  544.6 |   645.9 |  881.6 | 1,090.8 | 2,481.8 |
--------------------------------------------------------------------------------
| Other operating              |        |         |        |         |         |
--------------------------------------------------------------------------------
| income and expenses          | -505.3 |  -599.4 | -845.9 | -1,044. | -2,325. |
|                              |        |         |        |       7 |       0 |
--------------------------------------------------------------------------------
| Depreciation  |      |       |    9.5 |     9.3 |   14.2 |    14.3 |    34.9 |
--------------------------------------------------------------------------------
| Share of the  |      |       |        |         |        |         |         |
| results of    |      |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| affiliated companies |       |    0.3 |     0.4 |    0.0 |     0.3 |     1.2 |
--------------------------------------------------------------------------------
| Operating     |      |       |   30.1 |    37.6 |   21.5 |    32.1 |   123.2 |
| profit        |      |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| Financial     |      |       |   10.4 |     9.8 |   30.5 |    17.6 |    50.7 |
| expenses      |      |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| Financial     |      |       |    1.2 |     3.3 |   11.4 |     4.9 |    18.5 |
| income        |      |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| Profit before |      |       |   20.9 |    31.0 |    2.4 |    19.4 |    91.0 |
| taxes         |      |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| Income taxes  |      |       |   -6.2 |    -7.6 |   -2.3 |    -5.4 |   -27.5 |
--------------------------------------------------------------------------------
| Profit for the       |       |   14.7 |    23.4 |    0.1 |    14.0 |    63.5 |
| accounting period    |       |        |         |        |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Distribution of the profit for the    |         |        |         |         |
| accounting period                     |         |        |         |         |
--------------------------------------------------------------------------------
| To parent company    |       |   13.7 |    22.1 |   -1.3 |    12.1 |    55.9 |
| shareholders         |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| To minority   |      |       |    1.0 |     1.4 |    1.5 |     1.9 |     7.6 |
| interests     |      |       |        |         |        |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EPS calculated from profit/loss attributable to parent company shareholders  |
--------------------------------------------------------------------------------
| Earnings per share, diluted and       |         |        |         |         |
| undiluted,                            |         |        |         |         |
--------------------------------------------------------------------------------
| EUR           |      |       |   0.80 |    1.30 |  -0.08 |    0.71 |    3.28 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 2) CONSOLIDATED STATEMENT OF COMPREHENSIVE      |        |         |         |
| INCOME                                          |        |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR million   |      |       |   4-6/ |    4-6/ |   1-6/ |    1-6/ |   1-12/ |
--------------------------------------------------------------------------------
|               |      |       |   2009 |    2008 |   2009 |    2008 |    2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit for           |       |   14.7 |    23.4 |    0.1 |    14.0 |    63.5 |
| accounting period    |       |        |         |        |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Translation differences      |   -1.1 |     0.1 |    0.4 |    -0.4 |    -6.4 |
--------------------------------------------------------------------------------
| Hedging of net investment    |        |         |        |         |         |
--------------------------------------------------------------------------------
| in foreign subsidiary        |    0.5 |     0.0 |   -0.5 |     0.2 |     1.6 |
--------------------------------------------------------------------------------
| Cash flow hedge              |    0.2 |     1.4 |   -0.4 |     0.9 |    -1.9 |
--------------------------------------------------------------------------------
| Other comprehensive income,  |   -0.4 |     1.6 |   -0.5 |     0.6 |    -6.7 |
| total                        |        |         |        |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Comprehensive income         |        |         |        |         |         |
--------------------------------------------------------------------------------
| for the       |      |       |   14.4 |    25.0 |   -0.4 |    14.6 |    56.8 |
| accounting    |      |       |        |         |        |         |         |
| period        |      |       |        |         |        |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Distribution of comprehensive income  |         |        |         |         |
--------------------------------------------------------------------------------
| for the accounting   |       |        |         |        |         |         |
| period:              |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| To parent company    |       |   13.3 |    23.6 |   -1.9 |    12.7 |    49.2 |
| shareholders         |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| To minority   |      |       |    1.0 |     1.4 |    1.5 |     1.9 |     7.6 |
| interests     |      |       |        |         |        |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 3) CONSOLIDATED BALANCE      |        |         |        |         |         |
| SHEET                        |        |         |        |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR million                           | 06/2009 | 06/200 |         | 12/2008 |
|                                       |         |      8 |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current assets                    |         |        |         |         |
--------------------------------------------------------------------------------
| Tangible assets                       |   188.4 |  191.0 |         |   187.0 |
--------------------------------------------------------------------------------
| Goodwill                              |    76.8 |   76.5 |         |    74.9 |
--------------------------------------------------------------------------------
| Other intangible assets               |     2.4 |    2.7 |         |     2.5 |
--------------------------------------------------------------------------------
| Investments                           |    11.1 |    9.2 |         |    10.7 |
--------------------------------------------------------------------------------
| Deferred tax asset                    |    14.9 |    9.4 |         |     7.2 |
--------------------------------------------------------------------------------
| Other non-current receivables         |     6.6 |    5.6 |         |     6.3 |
--------------------------------------------------------------------------------
| Total                                 |   300.2 |  294.3 |         |   288.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets                        |         |        |         |         |
--------------------------------------------------------------------------------
| Inventories                           |   417.7 |  393.9 |         |   398.2 |
--------------------------------------------------------------------------------
| Trade and other receivables           |   504.3 |  614.8 |         |   476.3 |
--------------------------------------------------------------------------------
| Cash funds                            |   111.0 |   76.0 |         |   250.1 |
--------------------------------------------------------------------------------
| Total                                 | 1,033.0 | 1,084. |         | 1,124.7 |
|                                       |         |      7 |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Assets, total                         | 1,333.2 | 1,379. |         | 1,413.3 |
|                                       |         |      0 |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders' equity and liabilities  |         |        |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity attributable to parent company |         |        |         |         |
| shareholders                          |         |        |         |         |
--------------------------------------------------------------------------------
| Share capital                         |    34.0 |   34.0 |         |    34.0 |
--------------------------------------------------------------------------------
| Share premium account                 |     5.8 |    5.8 |         |     5.8 |
--------------------------------------------------------------------------------
| Revaluation reserve                   |    -2.2 |    1.1 |         |    -1.7 |
--------------------------------------------------------------------------------
| Translation differences               |    -4.8 |   -0.2 |         |    -4.7 |
--------------------------------------------------------------------------------
| Retained earnings                     |   265.4 |  224.8 |         |   224.8 |
--------------------------------------------------------------------------------
| Profit/loss for the period            |    -1.3 |   12.1 |         |    55.9 |
--------------------------------------------------------------------------------
| Shareholders' equity before minority  |   296.9 |  277.6 |         |   314.0 |
| interest                              |         |        |         |         |
--------------------------------------------------------------------------------
| Minority interest                     |    23.7 |   23.1 |         |    27.8 |
--------------------------------------------------------------------------------
| Shareholders' equity, total           |   320.5 |  300.7 |         |   341.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current liabilities               |         |        |         |         |
--------------------------------------------------------------------------------
| Deferred tax liabilities              |    16.5 |   15.7 |         |    18.7 |
--------------------------------------------------------------------------------
| Pension liabilities                   |     0.2 |    0.6 |         |     0.2 |
--------------------------------------------------------------------------------
| Provisions                            |     2.0 |    2.2 |         |     2.2 |
--------------------------------------------------------------------------------
| Financial liabilities                 |   267.8 |  118.3 |         |   118.8 |
--------------------------------------------------------------------------------
| Other liabilities                     |     2.4 |    1.2 |         |     1.3 |
--------------------------------------------------------------------------------
| Total                                 |   288.8 |  138.0 |         |   141.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current liabilities                   |         |        |         |         |
--------------------------------------------------------------------------------
| Accounts payable and other            |   427.9 |  461.3 |         |   455.6 |
| liabilities                           |         |        |         |         |
--------------------------------------------------------------------------------
| Provisions                            |     7.5 |    5.7 |         |     7.1 |
--------------------------------------------------------------------------------
| Financial liabilities                 |   288.4 |  473.3 |         |   467.7 |
--------------------------------------------------------------------------------
| Total                                 |   723.9 |  940.3 |         |   930.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders' equity and liabilities, | 1,333.2 | 1,379. |         | 1,413.3 |
| total                                 |         |      0 |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 4) CONSOLIDATED CASH FLOW STATEMENT   |         |        |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR million   |      |       |        |    1-6/ |   1-6/ |         |   1-12/ |
--------------------------------------------------------------------------------
|               |      |       |        |    2009 |   2008 |         |    2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit before taxes                   |     2.4 |   19.4 |         |    91.0 |
--------------------------------------------------------------------------------
| Depreciation                          |    14.2 |   14.3 |         |    34.9 |
--------------------------------------------------------------------------------
| Other adjustments                     |    16.8 |   10.0 |         |    26.7 |
--------------------------------------------------------------------------------
| Cash flow before change in working    |    33.4 |   43.6 |         |   152.6 |
| capital                               |         |        |         |         |
--------------------------------------------------------------------------------
| Change in working capital             |   -63.3 | -174.0 |         |   -45.3 |
--------------------------------------------------------------------------------
| Financial items                       |   -26.7 |  -15.5 |         |   -31.4 |
--------------------------------------------------------------------------------
| Direct taxes paid                     |   -14.1 |  -28.8 |         |   -51.2 |
--------------------------------------------------------------------------------
| Cash flow from operating activities   |   -70.6 | -174.6 |         |    24.6 |
--------------------------------------------------------------------------------
| Cash flow provided by investing       |     1.9 |    8.5 |         |    15.2 |
| activities                            |         |        |         |         |
--------------------------------------------------------------------------------
| Cash flow used in investing           |   -18.2 |  -32.4 |         |   -43.2 |
| activities                            |         |        |         |         |
--------------------------------------------------------------------------------
| Change in non-current receivables     |    -0.3 |   -0.8 |         |    -1.6 |
--------------------------------------------------------------------------------
| Drawings of loans                     |   406.7 | 1,204. |         | 1,740.4 |
|                                       |         |      2 |         |         |
--------------------------------------------------------------------------------
| Repayments of loans                   |  -438.8 | -974.9 |         | -1,528. |
|                                       |         |        |         |       9 |
--------------------------------------------------------------------------------
| Dividends paid                        |   -17.9 |  -32.6 |         |   -32.6 |
--------------------------------------------------------------------------------
| Cash flow from financing activities   |   -50.3 |  195.9 |         |   177.3 |
--------------------------------------------------------------------------------
| Change in cash funds                  |  -137.1 |   -2.5 |         |   174.0 |
--------------------------------------------------------------------------------
| Cash funds at beginning of period     |   250.1 |   78.5 |         |    78.5 |
--------------------------------------------------------------------------------
| Translation difference of cash funds  |    -1.9 |    0.0 |         |    -2.4 |
--------------------------------------------------------------------------------
| Cash funds at end of period           |   111.0 |   76.0 |         |   250.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 5) CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS'    |         |         |
| EQUITY                                                   |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|               |      |       |        |         |        |         |  Share- |
--------------------------------------------------------------------------------
|               |      | Share | Trans- | Revalu- |        |         | holders |
|               |      |       |        |         |        |         |       ' |
--------------------------------------------------------------------------------
|               | Shar | premi | lation |   ation | Retain | Minorit | equity, |
|               |    e |    um |        |         |     ed |       y |         |
--------------------------------------------------------------------------------
| EUR million   | capi | accou | differ | reserve | earnin | interes |   total |
|               |  tal |    nt |   ence |         |     gs |       t |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders' |      |       |        |         |        |         |         |
| equity        |      |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| 1.1.2008      | 34.0 |   5.8 |    0.1 |     0.2 |  255.4 |    23.7 |   319.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Reversal of   |      |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| dividend      |      |       |        |         |    0.0 |         |     0.0 |
| liability     |      |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| Dividend      |      |       |        |         |  -30.6 |    -2.0 |   -32.6 |
| distribution  |      |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| Change in     |      |       |        |         |        |         |         |
| minority      |      |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| interest      |      |       |        |         |        |    -0.6 |    -0.6 |
--------------------------------------------------------------------------------
| Comprehensive |      |       |        |         |        |         |         |
| income        |      |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| for the       |      |       |   -0.3 |     0.9 |   12.1 |     1.9 |    14.6 |
| accounting    |      |       |        |         |        |         |         |
| period        |      |       |        |         |        |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders' |      |       |        |         |        |         |         |
| equity        |      |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| 30.6.2008     | 34.0 |   5.8 |   -0.2 |     1.1 |  236.9 |    23.1 |   300.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|               |      |       |        |         |        |         |  Share- |
--------------------------------------------------------------------------------
|               |      | Share | Trans- | Revalu- |        |         | holders |
|               |      |       |        |         |        |         |       ' |
--------------------------------------------------------------------------------
|               | Shar | premi | lation |   ation | Retain | Minorit | equity, |
|               |    e |    um |        |         |     ed |       y |         |
--------------------------------------------------------------------------------
| EUR million   | capi | accou | differ | reserve | earnin | interes |   total |
|               |  tal |    nt |   ence |         |     gs |       t |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders' |      |       |        |         |        |         |         |
| equity        |      |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| 1.1.2008      | 34.0 |   5.8 |    0.1 |     0.2 |  255.4 |    23.7 |   319.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Reversal of   |      |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| dividend      |      |       |        |         |    0.0 |         |     0.0 |
| liability     |      |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| Dividend      |      |       |        |         |  -30.6 |    -2.9 |   -33.6 |
| distribution  |      |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| Change in     |      |       |        |         |        |         |         |
| minority      |      |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| interest      |      |       |        |         |        |    -0.6 |    -0.6 |
--------------------------------------------------------------------------------
| Comprehensive |      |       |        |         |        |         |         |
| income        |      |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| for the       |      |       |   -4.8 |    -1.9 |   55.9 |     7.6 |    56.8 |
| accounting    |      |       |        |         |        |         |         |
| period        |      |       |        |         |        |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders' |      |       |        |         |        |         |         |
| equity        |      |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| 31.12.2008    | 34.0 |   5.8 |   -4.7 |    -1.7 |  280.7 |    27.8 |   341.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|               |      |       |        |         |        |         |  Share- |
--------------------------------------------------------------------------------
|               |      | Share | Trans- | Revalu- |        |         | holders |
|               |      |       |        |         |        |         |       ' |
--------------------------------------------------------------------------------
|               | Shar | premi | lation |   ation | Retain | Minorit | equity, |
|               |    e |    um |        |         |     ed |       y |         |
--------------------------------------------------------------------------------
| EUR million   | capi | accou | differ | reserve | earnin | interes |   total |
|               |  tal |    nt |   ence |         |     gs |       t |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders' |      |       |        |         |        |         |         |
| equity        |      |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| 1.1.2009      | 34.0 |   5.8 |   -4.7 |    -1.7 |  280.7 |    27.8 |   341.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Dividend      |      |       |        |         |  -15.3 |    -2.0 |   -17.3 |
| distribution  |      |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| Change in     |      |       |        |         |        |         |         |
| minority      |      |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| interest      |      |       |        |         |        |    -3.6 |    -3.6 |
--------------------------------------------------------------------------------
| Comprehensive |      |       |        |         |        |         |         |
| income        |      |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| for the       |      |       |   -0.1 |    -0.4 |   -1.3 |     1.5 |    -0.4 |
| accounting    |      |       |        |         |        |         |         |
| period        |      |       |        |         |        |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders' |      |       |        |         |        |         |         |
| equity        |      |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| 30.6.2009     | 34.0 |   5.8 |   -4.8 |    -2.2 |  264.1 |    23.7 |   320.5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 6) CONSOLIDATED INCOME STATEMENT, QUARTERLY     |        |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|               |      |       |   4-6/ |    1-3/ | 10-12/ |    7-9/ |    4-6/ |
--------------------------------------------------------------------------------
| EUR million   |      |       |   2009 |    2009 |   2008 |    2008 |    2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales     |      |       |  544.6 |   336.9 |  742.5 |   648.5 |   645.9 |
--------------------------------------------------------------------------------
| Other operating      |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| income and    |      |       | -505.3 |  -340.6 | -697.7 |  -582.5 |  -599.4 |
| expenses      |      |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| Depreciation  |      |       |    9.5 |     4.7 |    7.2 |    13.5 |     9.3 |
--------------------------------------------------------------------------------
| Share of the results         |        |         |        |         |         |
--------------------------------------------------------------------------------
| of affiliated companies      |    0.3 |    -0.2 |   -0.1 |     1.1 |     0.4 |
--------------------------------------------------------------------------------
| Operating     |      |       |   30.1 |    -8.6 |   37.5 |    53.6 |    37.6 |
| profit/loss   |      |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| Financial     |      |       |   10.4 |    20.1 |   27.9 |     5.2 |     9.8 |
| expenses      |      |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| Financial     |      |       |    1.2 |    10.3 |   13.4 |     0.2 |     3.3 |
| income        |      |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| Profit/loss   |      |       |   20.9 |   -18.4 |   23.0 |    48.6 |    31.0 |
| before taxes  |      |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| Income taxes  |      |       |   -6.2 |     3.9 |  -10.3 |   -11.8 |    -7.6 |
--------------------------------------------------------------------------------
| Profit/loss   |      |       |        |         |        |         |         |
| for the       |      |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| accounting    |      |       |   14.7 |   -14.6 |   12.7 |    36.8 |    23.4 |
| period        |      |       |        |         |        |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Distribution of profit/loss for the   |         |        |         |         |
| accounting period                     |         |        |         |         |
--------------------------------------------------------------------------------
| To parent company    |       |   13.7 |   -15.0 |    9.3 |    34.5 |    22.1 |
| shareholders         |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| To minority   |      |       |    1.0 |     0.4 |    3.4 |     2.3 |     1.4 |
| interests     |      |       |        |         |        |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EPS calculated from profit/loss attributable to parent company shareholders  |
--------------------------------------------------------------------------------
| Earnings per share, diluted and       |         |        |         |         |
| undiluted,                            |         |        |         |         |
--------------------------------------------------------------------------------
| EUR           |      |       |   0.80 |   -0.88 |   0.55 |    2.03 |    1.30 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 7) SEGMENT           |       |        |         |        |         |         |
| INFORMATION          |       |        |         |        |         |         |
--------------------------------------------------------------------------------

In Lemminkäinen Group, management means the CEO of Lemminkäinen Corporation, who
is the chief                                                                    
operating decision-maker. Internal segment reporting to management covers net   
sales, depreciation,                                                            
operating profit, financial items, profit before taxes, non-current assets and  
liabilities, inventories, trade                                                 
receivables and accounts payable.                                               

The segment information reported to management is generally prepared according  
to the same principles as those applied in the consolidated financial           
statements. Imputed items are not considered in segment reporting. Such items   
include, among others, depreciation of assets acquired by finance leasing,      
interest separated from payments, warranty provisions, and unrealised gains or  
losses on derivatives. In segment reporting to management, finance leasing      
arrangements are treated as ordinary rental agreements, which deviates from the 
accounting principles of IFRS financial statements. Affiliated companies are    
combined in segment reporting in proportion to ownership share using the        
line-by-line method. In IFRS financial statements affiliated companies are      
combined by the equity method. In segment reporting, intersegment sales are not 
allocated to segments, owing to their minimal magnitude, and are not reported to
management.                                                                     


--------------------------------------------------------------------------------
|              |       |      |        |          |        |         | Profit/ |
|              |       |      |        |          |        |         |    loss |
--------------------------------------------------------------------------------
|              |       |      |    Net |          | Operat | Financi |  before |
|              |       |      |        |          |    ing |      al |         |
--------------------------------------------------------------------------------
| EUR million  |       |      |  sales | Deprecia | profit |   items |   taxes |
|              |       |      |        |     tion |  /loss |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1-6/2009     |       |      |        |          |        |         |         |
--------------------------------------------------------------------------------
| Building     |       |      |  432.1 |      1.4 |   21.1 |    -5.5 |    15.5 |
| construction |       |      |        |          |        |         |         |
--------------------------------------------------------------------------------
| Infrastructu |       |      |        |          |        |         |         |
| re           |       |      |        |          |        |         |         |
--------------------------------------------------------------------------------
| construction |       |      |  300.2 |     12.3 |   -3.7 |    -6.6 |   -10.3 |
--------------------------------------------------------------------------------
| Technical    |       |      |        |          |        |         |         |
| building     |       |      |        |          |        |         |         |
--------------------------------------------------------------------------------
| services     |       |      |  115.9 |      0.4 |    5.1 |     0.4 |     5.5 |
--------------------------------------------------------------------------------
| Building     |       |      |   56.4 |      1.2 |    0.7 |    -0.4 |     0.3 |
| products     |       |      |        |          |        |         |         |
--------------------------------------------------------------------------------
| Other        |       |      |    5.4 |      0.4 |   -2.3 |    -3.5 |    -5.8 |
| operations   |       |      |        |          |        |         |         |
--------------------------------------------------------------------------------
| Group eliminations   |      |  -24.5 |          |        |         |         |
--------------------------------------------------------------------------------
| Segments,    |       |      |  885.5 |     15.7 |   20.9 |   -15.7 |     5.2 |
| total        |       |      |        |          |        |         |         |
--------------------------------------------------------------------------------
| Reconciling  |       |      |   -4.0 |     -1.5 |    0.6 |    -3.4 |    -2.8 |
| items        |       |      |        |          |        |         |         |
--------------------------------------------------------------------------------
| Group total, IFRS    |      |  881.6 |     14.2 |   21.5 |   -19.1 |     2.4 |
--------------------------------------------------------------------------------


The reconciling items for net sales stem from the equity share treatment of     
affiliated companies (EUR -5.4 million) and other operating income recognised as
net sales in segment reporting.                                                 

The reconciling items for operating profit comprise EUR 0.9 million in personnel
expenses, EUR 1.0 million from the IFRS treatment of finance leasing, EUR -0.4  
million in capitalised equipment expenses EUR -0.1 million from the equity share
treatment of affiliated companies and EUR -0.9  million in other closing        
entries.                                                                        

The reconciling items for financial items are EUR -0.9 million in finance       
leasing interest, as well as exchange rate differences, interest timing         
differences, and unrealised gains and losses on derivatives.                    


--------------------------------------------------------------------------------
|              |       |      |        |          |        |         | Profit/ |
|              |       |      |        |          |        |         |    loss |
--------------------------------------------------------------------------------
|              |       |      |    Net |          | Operat | Financi |  before |
|              |       |      |        |          |    ing |      al |         |
--------------------------------------------------------------------------------
| EUR million  |       |      |  sales | Deprecia | profit |   items |   taxes |
|              |       |      |        |     tion |  /loss |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1-6/2008     |       |      |        |          |        |         |         |
--------------------------------------------------------------------------------
| Building     |       |      |  572.8 |      1.5 |   19.6 |    -5.1 |    14.5 |
| construction |       |      |        |          |        |         |         |
--------------------------------------------------------------------------------
| Infrastructu |       |      |        |          |        |         |         |
| re           |       |      |        |          |        |         |         |
--------------------------------------------------------------------------------
| construction |       |      |  351.4 |     11.8 |    0.7 |    -2.2 |    -1.5 |
--------------------------------------------------------------------------------
| Technical    |       |      |        |          |        |         |         |
| building     |       |      |        |          |        |         |         |
--------------------------------------------------------------------------------
| services     |       |      |  124.6 |      0.4 |    7.3 |     1.0 |     8.3 |
--------------------------------------------------------------------------------
| Building     |       |      |   70.8 |      1.3 |    3.4 |    -0.3 |     3.0 |
| products     |       |      |        |          |        |         |         |
--------------------------------------------------------------------------------
| Other        |       |      |    6.5 |      0.4 |   -1.9 |    -3.7 |    -5.6 |
| operations   |       |      |        |          |        |         |         |
--------------------------------------------------------------------------------
| Group eliminations   |      |  -28.8 |          |        |         |         |
--------------------------------------------------------------------------------
| Segments,    |       |      | 1,097. |     15.3 |   29.0 |   -10.3 |    18.6 |
| total        |       |      |      3 |          |        |         |         |
--------------------------------------------------------------------------------
| Reconciling  |       |      |   -6.6 |     -1.1 |    3.1 |    -2.3 |     0.8 |
| items        |       |      |        |          |        |         |         |
--------------------------------------------------------------------------------
| Group total, IFRS    |      | 1,090. |     14.3 |   32.1 |   -12.7 |    19.4 |
|                      |      |      8 |          |        |         |         |
--------------------------------------------------------------------------------

The reconciling items for net sales stem from the equity share treatment of     
affiliated companies (EUR -5.4 million) and other operating income recognised as
net sales in segment reporting.                                                 

The reconciling items for operating profit comprise EUR -1.2 million in         
personnel expenses, EUR 0.8 million in gains from the sales of derivatives, EUR 
2.9 million from the IFRS treatment of finance leasing, EUR 0.1 million from the
equity share treatment of affiliated companies and EUR - 0.5  million in other  
closing entries.                                                                

The reconciling items for financial items are EUR -0.8 million in finance       
leasing interest, as well as exchange rate differences, interest timing         
differences, and unrealised gains and losses on derivatives.                    


--------------------------------------------------------------------------------
| NET SALES    |       |       |        |         |        |         |         |
--------------------------------------------------------------------------------
|              |       |       |   4-6/ |    4-6/ |   1-6/ |    1-6/ |   1-12/ |
--------------------------------------------------------------------------------
| EUR million  |       |       |   2009 |    2008 |   2009 |    2008 |    2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Building     |       |       |  233.4 |   295.7 |  432.1 |   572.8 | 1,207.5 |
| construction |       |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| Infrastructu |       |       |        |         |        |         |         |
| re           |       |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| construction |       |       |  228.3 |   256.4 |  300.2 |   351.4 |   920.3 |
--------------------------------------------------------------------------------
| Technical    |       |       |        |         |        |         |         |
| building     |       |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| services     |       |       |   60.6 |    68.0 |  115.9 |   124.6 |   269.9 |
--------------------------------------------------------------------------------
| Building     |       |       |   37.8 |    45.8 |   56.4 |    70.8 |   156.0 |
| products     |       |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| Other        |       |       |    2.9 |     3.6 |    5.4 |     6.5 |    13.5 |
| operations   |       |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| Group eliminations   |       |  -14.9 |   -17.3 |  -24.5 |   -28.8 |   -65.7 |
--------------------------------------------------------------------------------
| Segments,    |       |       |  548.0 |   652.1 |  885.5 | 1,097.3 | 2,501.5 |
| total        |       |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| Reconciling  |       |       |   -3.4 |    -6.3 |   -4.0 |    -6.6 |   -19.7 |
| items        |       |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| Group total, IFRS    |       |  544.6 |   645.9 |  881.6 | 1,090.8 | 2,481.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| OPERATING    |       |       |        |         |        |         |         |
| PROFIT       |       |       |        |         |        |         |         |
--------------------------------------------------------------------------------
|              |       |       |   4-6/ |    4-6/ |   1-6/ |    1-6/ |   1-12/ |
--------------------------------------------------------------------------------
| EUR million  |       |       |   2009 |    2008 |   2009 |    2008 |    2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Building     |       |       |   11.4 |     9.2 |   21.1 |    19.6 |    69.7 |
| construction |       |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| Infrastructu |       |       |        |         |        |         |         |
| re           |       |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| construction |       |       |   14.1 |    17.1 |   -3.7 |     0.7 |    26.2 |
--------------------------------------------------------------------------------
| Technical    |       |       |        |         |        |         |         |
| building     |       |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| services     |       |       |    2.6 |     5.6 |    5.1 |     7.3 |    16.3 |
--------------------------------------------------------------------------------
| Building     |       |       |    3.2 |     4.6 |    0.7 |     3.4 |    10.5 |
| products     |       |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| Other        |       |       |   -2.1 |    -0.8 |   -2.3 |    -1.9 |    -3.3 |
| operations   |       |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| Segments,    |       |       |   29.2 |    35.6 |   20.9 |    29.0 |   119.4 |
| total        |       |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| Reconciling  |       |       |    0.9 |     2.0 |    0.6 |     3.1 |     3.8 |
| items        |       |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| Group total, IFRS    |       |   30.1 |    37.6 |   21.5 |    32.1 |   123.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NET SALES, QUARTERLY         |        |         |        |         |         |
--------------------------------------------------------------------------------
|              |       |       |   4-6/ |    1-3/ | 10-12/ |    7-9/ |    4-6/ |
--------------------------------------------------------------------------------
| EUR million  |       |       |   2009 |    2009 |   2008 |    2008 |    2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Building     |       |       |  233.4 |   198.7 |  426.9 |   207.8 |   295.7 |
| construction |       |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| Infrastructu |       |       |        |         |        |         |         |
| re           |       |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| construction |       |       |  228.3 |    71.9 |  222.3 |   346.6 |   256.4 |
--------------------------------------------------------------------------------
| Technical    |       |       |        |         |        |         |         |
| building     |       |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| services     |       |       |   60.6 |    55.3 |   76.5 |    68.8 |    68.0 |
--------------------------------------------------------------------------------
| Building     |       |       |   37.8 |    18.6 |   34.2 |    51.0 |    45.8 |
| products     |       |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| Other        |       |       |    2.9 |     2.5 |    3.7 |     3.3 |     3.6 |
| operations   |       |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| Group eliminations   |       |  -14.9 |    -9.6 |  -17.2 |   -19.7 |   -17.3 |
--------------------------------------------------------------------------------
| Segments,    |       |       |  548.0 |   337.5 |  746.3 |   657.8 |   652.1 |
| total        |       |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| Reconciling  |       |       |   -3.4 |    -0.6 |   -3.8 |    -9.3 |    -6.3 |
| items        |       |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| Group total, IFRS    |       |  544.6 |   336.9 |  742.5 |   648.5 |   645.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| OPERATING PROFIT, QUARTERLY  |        |         |        |         |         |
--------------------------------------------------------------------------------
|              |       |       |   4-6/ |    1-3/ | 10-12/ |    7-9/ |    4-6/ |
--------------------------------------------------------------------------------
| EUR million  |       |       |   2009 |    2009 |   2008 |    2008 |    2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Building     |       |       |   11.4 |     9.7 |   35.5 |    14.6 |     9.2 |
| construction |       |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| Infrastructu |       |       |        |         |        |         |         |
| re           |       |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| construction |       |       |   14.1 |   -17.8 |   -4.8 |    30.3 |    17.1 |
--------------------------------------------------------------------------------
| Technical    |       |       |        |         |        |         |         |
| building     |       |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| services     |       |       |    2.6 |     2.5 |    3.7 |     5.4 |     5.6 |
--------------------------------------------------------------------------------
| Building     |       |       |    3.2 |    -2.5 |    1.2 |     5.9 |     4.6 |
| products     |       |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| Other        |       |       |   -2.1 |    -0.2 |   -0.1 |    -1.3 |    -0.8 |
| operations   |       |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| Segments,    |       |       |   29.2 |    -8.3 |   35.6 |    54.8 |    35.6 |
| total        |       |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| Reconciling  |       |       |    0.9 |    -0.4 |    1.9 |    -1.2 |     2.0 |
| items        |       |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| Group total, IFRS    |       |   30.1 |    -8.6 |   37.5 |    53.6 |    37.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ASSETS       |       |       |        |         |        |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR million  |       |       |        |  6/2009 | 6/2008 |         | 12/2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Building     |       |       |        |   357.5 |  491.4 |         |   467.5 |
| construction |       |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| Infrastructu |       |       |        |         |        |         |         |
| re           |       |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| construction |       |       |        |   365.1 |  364.4 |         |   294.5 |
--------------------------------------------------------------------------------
| Technical    |       |       |        |         |        |         |         |
| building     |       |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| services     |       |       |        |    30.1 |   34.7 |         |    33.0 |
--------------------------------------------------------------------------------
| Building     |       |       |        |    52.8 |   57.5 |         |    46.3 |
| products     |       |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| Other        |       |       |        |    43.2 |   41.2 |         |    41.0 |
| operations   |       |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| Segments,    |       |       |        |   848.7 |  989.1 |         |   882.2 |
| total        |       |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| Assets unallocated to        |        |         |        |         |         |
| segments                     |        |         |        |         |         |
--------------------------------------------------------------------------------
| and Group eliminations,      |        |   484.5 |  389.9 |         |   531.1 |
| total                        |        |         |        |         |         |
--------------------------------------------------------------------------------
| Group total, IFRS    |       |        | 1,333.2 | 1,379. |         | 1,413.3 |
|                      |       |        |         |      0 |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES  |       |       |        |         |        |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR million  |       |       |        |  6/2009 | 6/2008 |         | 12/2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Building     |       |       |        |    34.2 |   60.5 |         |    57.6 |
| construction |       |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| Infrastructu |       |       |        |         |        |         |         |
| re           |       |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| Construction |       |       |        |    78.9 |   81.7 |         |    55.9 |
--------------------------------------------------------------------------------
| Technical    |       |       |        |         |        |         |         |
| building     |       |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| Services     |       |       |        |     8.4 |    8.8 |         |    10.0 |
--------------------------------------------------------------------------------
| Building     |       |       |        |     5.6 |    7.7 |         |     5.8 |
| products     |       |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| Other        |       |       |        |     0.5 |    0.5 |         |     0.7 |
| operations   |       |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| Segments,    |       |       |        |   127.6 |  159.1 |         |   129.9 |
| total        |       |       |        |         |        |         |         |
--------------------------------------------------------------------------------
| Liabilities unallocated to   |        |         |        |         |         |
| segments                     |        |         |        |         |         |
--------------------------------------------------------------------------------
| and Group eliminations,      |        |   885.2 |  919.2 |         |   941.6 |
| total                        |        |         |        |         |         |
--------------------------------------------------------------------------------
| Group total, IFRS    |       |        | 1,012.7 | 1,078. |         | 1,071.5 |
|                      |       |        |         |      3 |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 8) ECONOMIC TRENDS AND FINANCIAL INDICATORS     |        |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|              |       |       |        |  6/2009 | 6/2008 |         | 12/2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Return on equity, %                   |     0.0 |    4.5 |         |    19.2 |
--------------------------------------------------------------------------------
| Return on investment, %               |     3.6 |    4.7 |         |    17.7 |
--------------------------------------------------------------------------------
| Operating profit, % of net sales      |     2.4 |    2.9 |         |     5.0 |
--------------------------------------------------------------------------------
| Equity ratio, %                       |    26.3 |   23.9 |         |    26.2 |
--------------------------------------------------------------------------------
| Gearing, %                            |   138.9 |  171.5 |         |    98.4 |
--------------------------------------------------------------------------------
| Interest-bearing net debt, EUR mill.  |   445.2 |  515.6 |         |   336.4 |
--------------------------------------------------------------------------------
| Gross investments, EUR mill.          |         |        |         |         |
--------------------------------------------------------------------------------
| (incl. leasing purchases)             |    19.4 |   35.6 |         |    60.2 |
--------------------------------------------------------------------------------
| Order book, EUR mill.                 | 1,156.0 | 1,696. |         | 1,064.5 |
|                                       |         |      7 |         |         |
--------------------------------------------------------------------------------
| - of which foreign orders, EUR mill.  |   352.9 |  456.4 |         |   263.1 |
--------------------------------------------------------------------------------
| Average number of employees           |   8,543 |  9,498 |         |   9,776 |
--------------------------------------------------------------------------------
| Employees at end of period            |   9,589 | 10,919 |         |   8,910 |
--------------------------------------------------------------------------------
| Net sales, EUR mill.                  |   881.6 | 1,090. |         | 2,481.8 |
|                                       |         |      8 |         |         |
--------------------------------------------------------------------------------
| - of which operations abroad, EUR     |   223.3 |  282.4 |         |   676.7 |
| mill.                                 |         |        |         |         |
--------------------------------------------------------------------------------
| % of net sales                        |    25.3 |   25.9 |         |    27.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 9) SHARE-SPECIFIC INDICATORS |        |         |        |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|              |       |       |        |  6/2009 | 6/2008 |         | 12/2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share, EUR               |   -0.08 |   0.71 |         |    3.28 |
--------------------------------------------------------------------------------
| Equity per share, EUR                 |   17.44 |  16.31 |         |   18.45 |
--------------------------------------------------------------------------------
| Dividend per share, EUR               |         |        |         |    0.90 |
--------------------------------------------------------------------------------
| Dividend to earnings ratio, %         |         |        |         |    27.4 |
--------------------------------------------------------------------------------
| Market capitalisation, EUR mill.      |   323.7 |  493.8 |         |   222.1 |
--------------------------------------------------------------------------------
| Share price at end of period, EUR     |   19.02 |  29.01 |         |   13.05 |
--------------------------------------------------------------------------------
| Trading volume during period, 1 000   |     884 |  2 158 |         |   3 185 |
| shares                                |         |        |         |         |
--------------------------------------------------------------------------------
| Number of issued shares, 1 000 shares |  17,021 | 17,021 |         |  17,021 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 10) TANGIBLE ASSETS  |       |        |         |        |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR million          |       |        | 06/2009 | 06/200 |         | 12/2008 |
|                      |       |        |         |      8 |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Acquisition cost at beginning of      |   444.8 |  411.5 |         |   411.5 |
| period                                |         |        |         |         |
--------------------------------------------------------------------------------
| Translation difference                |     2.1 |    0.3 |         |    -6.6 |
--------------------------------------------------------------------------------
| Increases                             |    17.5 |   32.0 |         |    56.6 |
--------------------------------------------------------------------------------
| Increases from business combinations  |     0.0 |    1.6 |         |     2.3 |
--------------------------------------------------------------------------------
| Decreases                             |   -19.9 |  -10.3 |         |   -19.1 |
--------------------------------------------------------------------------------
| Accumulated depreciation              |  -256.1 | -244.2 |         |  -257.8 |
--------------------------------------------------------------------------------
| Carrying amount at end of period      |   188.4 |  191.0 |         |   187.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 11) DIVESTED         |       |        |         |        |         |         |
| BUSINESSES           |       |        |         |        |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| The Group does not have any non-current assets classified on the basis of    |
| IFRS 5 as available for sale at the end of the accounting period.            |
| The Group did not divest any businesses during the review period.            |
--------------------------------------------------------------------------------
| 12) RELATED-PARTY            |        |         |        |         |         |
| TRANSACTIONS                 |        |         |        |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR million                           | 06/2009 | 06/200 |         | 12/2008 |
|                                       |         |      8 |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Sales of goods and services           |         |        |         |         |
--------------------------------------------------------------------------------
| To affiliated companies               |     1.0 |    0.0 |         |     0.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Purchases of goods and services       |         |        |         |         |
--------------------------------------------------------------------------------
| From affiliated companies             |     0.0 |    3.0 |         |     4.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Trade receivables                     |         |        |         |         |
--------------------------------------------------------------------------------
| From affiliated companies             |     1.0 |    0.1 |         |     0.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Accounts payable                      |         |        |         |         |
--------------------------------------------------------------------------------
| To affiliated companies               |     0.0 |    0.3 |         |     0.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

13) GUARANTEES AND CONTINGENT LIABILITIES                                       
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR million  |       |       |        |  6/2009 | 6/2008 |         | 12/2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Securities for own commitments        |         |        |         |         |
--------------------------------------------------------------------------------
| Property mortgages                    |    80.0 |    1.5 |         |     1.5 |
--------------------------------------------------------------------------------
| Business mortgages                    |   378.8 |   94.8 |         |    40.6 |
--------------------------------------------------------------------------------
| Bonds pledged as security             |     0.3 |    0.6 |         |     0.3 |
--------------------------------------------------------------------------------
| Deposits     |       |       |        |     0.1 |    0.0 |         |     0.2 |
--------------------------------------------------------------------------------
| Total                                 |   459.3 |   96.9 |         |    42.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Business mortgages                    |         |        |         |         |
--------------------------------------------------------------------------------
| on behalf of Group companies          |   840.0 |    0.0 |         |     0.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Guarantees                            |         |        |         |         |
--------------------------------------------------------------------------------
| On behalf of affiliated companies     |    18.8 |    0.1 |         |    49.1 |
--------------------------------------------------------------------------------
| On behalf of others                   |    26.1 |    8.4 |         |    19.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Minimum lease payments of irrevocable lease agreements   |         |         |
--------------------------------------------------------------------------------
| One year or less                      |    10.4 |    7.1 |         |     9.9 |
--------------------------------------------------------------------------------
| One to five years                     |    22.4 |   29.4 |         |    26.6 |
--------------------------------------------------------------------------------
| Over five years                       |    20.9 |   22.1 |         |    18.9 |
--------------------------------------------------------------------------------
| Total                                 |    53.7 |   58.6 |         |    55.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Purchase commitments of investments   |    13.4 |    7.3 |         |    13.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Derivative contracts                  |         |        |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Forward foreign exchange contracts    |         |        |         |         |
--------------------------------------------------------------------------------
| Nominal value                         |    56.7 |   55.4 |         |    81.2 |
--------------------------------------------------------------------------------
| Fair value                            |     3.8 |    0.1 |         |     5.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Currency options, calls purchased     |         |        |         |         |
--------------------------------------------------------------------------------
| Nominal value                         |    25.3 |    0.0 |         |     0.0 |
--------------------------------------------------------------------------------
| Fair value                            |     0.4 |    0.0 |         |     0.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Currency options, puts written        |         |        |         |         |
--------------------------------------------------------------------------------
| Nominal value                         |    14.8 |    0.0 |         |     0.0 |
--------------------------------------------------------------------------------
| Fair value                            |    -0.2 |    0.0 |         |     0.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest rate options, calls          |         |        |         |         |
| purchased                             |         |        |         |         |
--------------------------------------------------------------------------------
| Nominal value                         |     0.8 |    2.6 |         |     1.4 |
--------------------------------------------------------------------------------
| Fair value                            |     0.0 |    0.0 |         |     0.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest rate options, puts written   |         |        |         |         |
--------------------------------------------------------------------------------
| Nominal value                         |     0.8 |    2.6 |         |     1.4 |
--------------------------------------------------------------------------------
| Fair value                            |     0.0 |    0.0 |         |     0.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest rate swaps                   |         |        |         |         |
--------------------------------------------------------------------------------
| Nominal value                         |    66.1 |   77.7 |         |    71.9 |
--------------------------------------------------------------------------------
| Fair value                            |    -3.6 |    1.4 |         |    -2.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| The fair value of contracts is the gain or loss arising  |         |         |
| from closure	                                            |         |         |
--------------------------------------------------------------------------------
| of the contract based on the market price on the accounting date.  |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

14) LITIGATION                                                                  

In December 2007 the Market Court ordered seven asphalt industry companies to   
pay a total of EUR 19.4 million in infringement fines for contravention of      
competition laws, EUR 14 million of which was imposed on Lemminkäinen. The      
Finnish Competition Authority had proposed to the Market Court that Lemminkäinen
be fined EUR 68 million.                                                        

In addition to Lemminkäinen, the Finnish Competition Authority and some of the  
other asphalt industry companies appealed the decision to the Supreme           
Administrative Court, which has announced its intention to give its decision on 
the matter in September 2009.                                                   

According to plaints submitted to the Helsinki District Court, different        
municipalities will demand compensatory damages from Lemminkäinen and other     
asphalt companies if the Supreme Administrative Court finds that activities in  
breach of competition restriction law have taken place in the municipalities in 
question. The Finnish Road Administration has demanded compensation of at most  
EUR 10.5 million from Lemminkäinen and at most a further EUR 5.6 million under  
joint and several liability with other asphalt companies.                       

The claims are based on the Finnish Competition Authority's assertions that     
unlawful restrictions of competition would have raised the price level of       
asphalt paving at certain times. Lemminkäinen has disputed these arguments      
before the Market Court and the Supreme Administrative Court. In addition, a    
large proportion of the plaints that have come to Lemminkäinen's attention      
concern areas and/or times in and/or at which the Market Court considered in its
decision that Lemminkäinen had not acted in breach of competition restriction   
law.                                                                            

All of the plaintiffs have requested that the compensation claims be suspended  
and proceedings continued only if the Supreme Administrative Court decides that 
Lemminkäinen did breach competition restriction law in the areas and at the     
times specified in the plaints. Lemminkäinen has acceded to the requests for    
suspension, but regards the presented claims for compensation as baseless. No   
expense provision has been made in respect of the claims.