Lemminkäinen´s Interim Financial Review 1.1. - 31.3.2009: First-quarter loss is customary

LEMMINKÄINEN CORPORATION	INTERIM FINANCIAL REVIEW	7.5.2009, 09:00               


LEMMINKÄINEN'S INTERIM FINANCIAL REVIEW 1.1. - 31.3.2009:                       
First-quarter loss is customary                                                 

JANUARY-MARCH 2009:                                                             

- Net sales fell 24 % to EUR 336.9 million (444.9) 
- Operations abroad accounted for 22 % or EUR 73.2 million (107.2) of net
sales. 
- The operating profit was EUR -8.6 million (-5.5). The operating margin 
(operating profit / net sales) was -2.6 % (-1.2)                                
- The profit before taxes was EUR -18.4 million (-11.6) 
- Earnings per share were EUR -0.88 (-0.59) 
- The equity ratio was 25.7 % (26.3) and gearing 145.7 % (140.5) 
- The order book at the end of the review period was down 32 % at EUR 1,122.2 
million (1,644.2)                                                               
- International business accounted for 30 % (26) or EUR 341.4 million of the
order book 


First quarter of 2009:                                                          

Lemminkäinen's net sales for the January-March period were 24 % down on Q1 2008.
Business volume contracted sharply especially in building construction. The     
Group's profitability was also weaker than last year. Financing costs were      
raised by the growth of interest-bearing debt as well as foreign exchange rate  
movements and currency hedging costs. The balance sheet total at the end of the 
review period was EUR 1,302.3 million (1,149.0).                                

The net sales of the building construction business sector were EUR 198.7       
million (277.1) and the operating margin 4.9 % (3.7). There was a pick-up in    
housing sales from the Q4 level of last year. In the review period Lemminkäinen 
sold 123 housing units (Q1/2008: 212; Q4/2008:100) in Finland and 22 housing    
units (Q1/2008:10; Q4/2008: 10) in Russia.                                      

The net sales of the infrastructure construction business sector were EUR 71,9  
million (95.1) and the operating margin -24,8 % (-17,3). A first-quarter loss is
customary and stems from the seasonal nature of the business sector's           
operations. Lemminkäinen received two significant road improvement contracts in 
the Baltic states during the review period.                                     

The net sales of the technical building services business sector were EUR 55.3  
million (56.6) and the operating margin 4.6 % (3.0). The net sales of the       
building products business sector were EUR 18.6 million (25.0) and the operating
margin -13.2 % (-4.9).                                                          
                                                                                

President & CEO Timo Kohtamäki:                                                 

”Weak profitability in the first quarter of the year is typical for Lemminkäinen
and stems from the seasonal nature of infrastructure construction. The extremely
strong first quarter in 2008 should also be borne in mind when examining the    
comparative situation. There has been a marked downturn in the volumes of new   
building construction from the peak levels of recent years. However, we expect  
demand in the less cyclically sensitive areas of infrastructure construction,   
refurbishment contracting, and maintenance and servicing of technical building  
and facility systems to remain good in 2009.                                    

In difficult market conditions the importance of a solid financial position is  
further underlined. Our cash reserves at the end of the review period were at a 
good level, i.e. approx. EUR 150 million. We aim to reduce the amount of        
interest-bearing debt and restructure our debt position from short-term to      
long-term liabilities. The Company's unused TyEL pension premium loan           
allocations of approx. EUR 140 million are one possibility in this regard.”     


OUTLOOK FOR 2009                                                                

In the building construction business sector commercial construction will       
retreat from the peak level of recent years. The emphasis in residential        
construction is shifting towards rental housing production. Housing sales in    
Finland have picked up since the fourth quarter of 2008. In Russia the uncertain
economic situation will keep the volume of Lemminkäinen's business at a subdued 
level.                                                                          

The stimulus measures introduced by the governments of the Nordic countries will
show up most clearly in infrastructure construction, and the market situation   
will remain favourable in almost all of Lemminkäinen's business areas. Major    
infrastructure projects in the pipeline are also expected to boost the Company's
order book in the coming years. Cost pressures, especially in paving operations,
have weakened with the decline of raw material prices. On the other hand, the   
distressed state of municipal finances may reduce investments in basic road     
maintenance towards the end of the year. In Russia and the Baltic states, demand
will be weak and the competitive situation extremely difficult.                 

Demand for refurbishment contracting as well as the maintenance and servicing of
technical building and facility systems is expected to remain good. These       
services already account for about a half of Lemminkäinen's net sales in the    
technical building services business sector.                                    

Full-year net sales and the result before taxes in 2009 will fall well short of 
the 2008 level, as was stated in Lemminkäinen's financial statements release    
dated 12 February 2009.                                                         


FINANCIAL INFORMATION IN 2009                                                   

Lemminkäinen's next interim financial reviews will be published on 6 August and 
5 November 2009.                                                                

Presentation material concerning the result for the period 1.1.-31.3.2009 is    
available on the Company's website at www.lemminkainen.com                      

LEMMINKÄINEN CORPORATION                                                        
Corporate Communications                                                        


Additional information:                                                         
Timo Kohtamäki, President & CEO, tel. +358 2071 53263                           
Jukka Ovaska, Finance Director, tel. +358 2071 53334                            
Katri Sundström, Investor Relations, tel. +358 2071 54813                       


APPENDICES:                                                                     
Interim Financial Review 1.1.-31.3.2009                                         
Tabulated Section of the Interim Financial Review                               


DISTRIBUTION:                                                                   
OMX Nordic Exchange Helsinki                                                    
Key media                                                                       
www.lemminkainen.com                                                            


INTERIM FINANCIAL REVIEW 1.1. - 31.3.2009                                       


OPERATING ENVIRONMENT                                                           

Operations in Finland                                                           

Construction is expected to contract by several per cent this year. The outlook 
for building construction in particular is bleak, and construction starts are   
down by a half from the peak level of 2007.                                     

Housing sales have picked up since the fourth quarter of 2008, but new housing  
starts in 2009 are estimated at only 14,000, compared with about 24,400 last    
year. There are still a large number of unsold completed housing units. (Source:
Confederation of Finnish Construction Industries RT)                            

Demand for commercial construction is expected to decline towards the end of the
year. Finnish real estate investors have continued to invest in properties all  
over Finland.                                                                   

The stimulus measures introduced by the Finnish government will show up most    
clearly in infrastructure construction, where additional budgets targeted at    
basic road maintenance and transport infrastructure construction will keep the  
market situation good in 2009. The cost pressures of last year have also        
weakened thanks to the decline of raw material prices.                          

The growth in demand for refurbishment contracting, servicing and maintenance is
expected to continue this year. The sharp decline in new construction has       
weakened demand for some technical building services and especially building    
products.                                                                       


Operations abroad                                                               

In Sweden rock engineering has been brisk and new project start-ups have        
continued this year. In Norway and Denmark the paving market is good. The       
governments of the Nordic countries have supported their national infrastructure
construction markets with stimulus measures lasting several years.              

In the Baltic states the construction market continues to be difficult  and the 
volume of construction minimal. Some road construction and basic improvement    
projects are still being launched with EU funding.                              

In Russia the government is making deep cuts in basic road maintenance          
appropriations, which is reducing demand for infrastructure construction.       
Housing sales in Russia have picked up somewhat since the end of last year. The 
international financial crisis and the decline in the price of oil continue to  
burden the country's economy and keep the demand for construction at a minimal  
level.                                                                          


NET SALES                                                                       

Lemminkäinen's net sales for the January-March period were 24 % down on Q1 2008 
at EUR 336.9 million (444.9). Business volume contracted sharply especially in  
building construction. On the other hand, the comparative period was            
exceptionally strong and Lemminkäinen's net sales were at an all-time high. Net 
sales in Q1 this year are on a par with the level achieved in Q1 2006 and Q1    
2007.                                                                           

Approximately 78 % of net sales was generated in Finland, 10 %  in other Nordic 
countries, 6 % in Russia and 6 % in other countries.                            


--------------------------------------------------------------------------------
| Net sales by business sector, | 1-3/2009 |  1-3/2008 | Change, % | 1-12/2008 |
| EUR million                   |          |           |           |           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Building construction         |    198.7 |     277.1 |    (28.3) |   1,207.5 |
--------------------------------------------------------------------------------
| Infrastructure construction   |     71.9 |      95.1 |    (24.4) |     920.3 |
--------------------------------------------------------------------------------
| Technical building services   |     55.3 |      56.6 |     (2.3) |     269.9 |
--------------------------------------------------------------------------------
| Building products             |     18.6 |      25.0 |    (25.6) |     156.0 |
--------------------------------------------------------------------------------
| Other operations and Group    |     -7.1 |      -8.6 |      17.4 |     -52.2 |
| eliminations                  |          |           |           |           |
--------------------------------------------------------------------------------
| Business sectors, total       |    337.5 |     445.2 |    (24.2) |   2,501.5 |
--------------------------------------------------------------------------------
| Items unallocated to business |     -0.6 |      -0.3 |   (100.0) |     -19.7 |
| sectors                       |          |           |           |           |
--------------------------------------------------------------------------------
| Group total (IFRS), of which  |    336.9 |     444.9 |    (24.3) |   2,481.8 |
--------------------------------------------------------------------------------
| Operations abroad             |     73.2 |     107.2 |    (31.7) |     676.7 |
--------------------------------------------------------------------------------


EARNINGS                                                                        

The Group's Q1 operating profit was EUR -8.6 million (-5.5) and the result      
before taxes EUR -18.4 million (-11.6). The result for the accounting period was
EUR -14.6 million (-9.4). Earnings per share were EUR -0.88 (-0.59).            

Lemminkäinen's first-quarter result is customarily a loss owing to the seasonal 
nature of paving operations. Profitability was also weakened by financing       
expenses, which were raised by the growth of interest-bearing debt as well as   
foreign exchange rate movements and currency hedging costs.                     


--------------------------------------------------------------------------------
| Operating profit by business  | 1-3/2009 |  1-3/2008 | Change, % | 1-12/2008 |
| sector,                       |          |           |           |           |
| EUR million                   |          |           |           |           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Building construction         |      9.7 |      10.3 |     (5.8) |      69.7 |
--------------------------------------------------------------------------------
| Infrastructure construction   |    -17.8 |     -16.4 |     (8.5) |      26.2 |
--------------------------------------------------------------------------------
| Technical building services   |      2.5 |       1.7 |      47.1 |      16.3 |
--------------------------------------------------------------------------------
| Building products             |     -2.5 |      -1.2 |     (over |      10.5 |
|                               |          |           |      100) |           |
--------------------------------------------------------------------------------
| Other operations              |     -0.2 |      -1.1 |      81.8 |      -3.3 |
--------------------------------------------------------------------------------
| Business sectors, total       |     -8.3 |      -6.7 |    (23.9) |     119.4 |
--------------------------------------------------------------------------------
| Items unallocated to business |     -0.4 |       1.1 |     (over |       3.8 |
| sectors                       |          |           |      100) |           |
--------------------------------------------------------------------------------
| Group total (IFRS)            |     -8.6 |      -5.5 |    (56.4) |     123.2 |
--------------------------------------------------------------------------------


ORDER BOOK                                                                      

Lemminkäinen's order book was 5 %  up on the year-end level, but down by almost 
a third from the Q1 level of 2008. Of the Group's business sectors, building    
construction suffered the biggest decline in the order book. International      
business accounted for 30 % (26) of the Group's order book.                     

--------------------------------------------------------------------------------
| Order book by business        |   3/2009 |    3/2008 | Change, % |   12/2008 |
| sector,                       |          |           |           |           |
| EUR million                   |          |           |           |           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Building construction         |    521.2 |     960.0 |    (45.7) |     576.3 |
--------------------------------------------------------------------------------
| Infrastructure construction   |    482.6 |     524.7 |     (8.0) |     365.4 |
--------------------------------------------------------------------------------
| Technical building services   |     85.8 |     116.2 |    (26.2) |      97.7 |
--------------------------------------------------------------------------------
| Building products             |     32.6 |      43.4 |    (24.9) |      25.2 |
--------------------------------------------------------------------------------
| Group total, of which         |  1,122.2 |   1,644.2 |    (31.8) |   1,064.5 |
--------------------------------------------------------------------------------
| Operations abroad             |    341.4 |     425.6 |    (19.8) |     263.1 |
--------------------------------------------------------------------------------


CASH FLOW, FINANCING AND BALANCE SHEET                                          

According to the cash flow statement, the cash flow from operating activities   
was EUR -85.4 million (-62.3), the cash flow from investing activities EUR -11.1
million (-9.4) and the cash flow from financing activities EUR 3.1 million      
(87.6). The cash flow for the review period includes dividends totalling EUR    
13.9 million (32.4) for the 2008 accounting period.                             

Net working capital grew 20 % to EUR 476.5 million (395.5). The Company's       
working capital was increased mainly by housing production and commercial       
construction in progress.                                                       

Liquid funds at the end of the review period were EUR 154.5 million (93.8). Cash
reserves were strengthened in 2008 by drawing on the Company's EUR 150 million  
credit limit. Lemminkäinen still has unused TyEL pension premium loan           
allocations of approx. EUR 140 million.                                         

The amount of interest-bearing debt at the end of the review period was EUR     
605.1 million (480.7) and interest-bearing net debt was EUR 450.6 million       
(386.9). Net financing expenses were EUR -9.8 million (-6.1), representing 2.9 %
(1.4) of net sales. Financing expenses were increased by the growth of debt as  
well as foreign exchange rate movements and currency hedging costs.             

At the end of the review period 80 % of Lemminkäinen's interest-bearing debt was
short term and 20 % long term. The amount of short-term interest-bearing debt   
was EUR 486.7 million, of which about 60 % comprised loans from financial       
institutions, 20 % a project loan related to own housing production and         
commercial construction, and 20 % commercial paper, finance leasing liabilities 
and other short-term debt.                                                      

The balance sheet total was EUR 1,302.3 million (1,149.0). The return on        
investment was 0.2 % (-0.5) and the equity ratio 25.7 % (26.3). Gearing was     
145.7 % (140.5).                                                                


BUSINESS SECTORS                                                                

BUILDING CONSTRUCTION                                                           

- Net sales declined 28 % to EUR 198.7 million (277.1) 
- 79 % (75) of net sales were generated in Finland, 9 % (7) in Russia, and 12 % 
(17) in other countries                                                         
- The operating profit was EUR 9.7 million (10.3) and the operating margin was
4.9 
% (3.7)                                                                         
- The profit before taxes was down 13 % at EUR 7.5 million (8.6) 
- The order book at the end of the review period was down 46 % at EUR 521.2 
million (960.0)                                                                 

Operations in Finland:                                                          

Lemminkäinen's housing sales in the first quarter were better than expected and 
brisker than in the fourth quarter of 2008. During the review period 123 (212)  
housing units were sold and 230 (187) were completed. At the end of the review  
period 357 (1,122) housing units were under construction, of which 193 were     
unsold. The number of unsold completed housing units was 560 (301).             

At the end of the review period Lemminkäinen owned a total of 917,000 m2 of     
unused building rights, of which about 386,000 m2 were residential building     
rights. The Company also has binding or conditional co-operation and zoning     
agreements for a further 741,000 m2, of which about 299,000 m2 are residential  
building rights. The balance sheet value of the building plots was EUR 87       
million.                                                                        

The emphasis in Lemminkäinen's residential construction is shifting to rental   
housing production. The threshold for new private-sector housing starts is high,
and no new starts will be made in 2009 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        
especially the volume of office construction is expected to decline towards the 
end of the year.                                                                

Refurbishment contracting has remained at last year's level and the outlook for 
the near future is also good. The government's stimulus measures have increased 
the growth of demand in the building refurbishment market to some extent.       
Refurbishment contracting accounts for about 15 % of Lemminkäinen's building    
construction business.                                                          

Operations abroad:                                                              

In Russia, Lemminkäinen sold 22 (10) housing units in the January-March period. 
At the end of the review period the Company had 313 (570) housing units under   
construction, of which 230 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. Housing sales have picked up   
since the fourth quarter of 2008, but they will probably remain at a subdued    
level for the remainder of 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) housing units under construction at the end of
the review period. Of these, 34 were unsold. The number of unsold completed     
units was 2.                                                                    

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.                                                               


INFRASTRUCTURE CONSTRUCTION                                                     

- Net sales declined 24 % to EUR 71.9 million (95.1) 
- 61 % (60) of net sales were generated in Finland, 34 % (31) in other Nordic 
countries, and 5 % (8) in the Baltic states                                     
- The operating profit was EUR -17.8 million (-16.4) and the operating margin
was 
-24.8 % (-17.3)                                                                 
- The result before taxes was EUR -22.0 million (-17.1) 
- The order book at the end of the review period was EUR 482.6 million (524.7) 

The Q1 loss for infrastructure construction is customary and stems from the     
seasonal nature of the business sector's operations. Operations abroad accounted
for 39 % of the business sector's net sales. Foreign exchange rate movements    
increased the business sector's financing costs and the result before taxes was 
weaker than last year. The order book for this year is good and its margin level
is normal.                                                                      

Operations in Finland:                                                          

Order book for paving works in Finland is at good level. However, the decline of
corporate tax revenues may affect the ability of the municipalities to invest in
infrastructure construction and especially basic road maintenance at the end of 
2009.                                                                           

Transport infrastructure construction is expected to pick up gradually thanks to
the Finnish government's stimulus measures and the start-up of major transport  
engineering projects next year. In the Finnish government's supplementary budget
about EUR 230 million is allocated to major transport engineering projects in   
the years 2009-2011. Competition in the transport infrastructure construction   
sector is expected to remain fierce.                                            

The market situation for rock engineering in Finland has clearly improved, and  
bids are being prepared for a number of new projects. The Finnish Rail          
Administration has awarded Lemminkäinen two tunnel reinforcement contracts worth
EUR 7 million on the Jyväskylä-Tampere line. The market situation for           
geotechnical engineering works is also good, and demand for stabilisation       
contracts in particular has remained brisk.                                     

Lemminkäinen's sales of mineral aggregates have been weaker than in 2008 and    
demand for ready-mix concrete is down by about a third from last year's level.  

Operations abroad:                                                              

The market situation for infrastructure construction in the Baltic states will  
remain weak all this year. The minimal volume of business will be supported     
mainly by EU-funded development of the road network.                            

Lemminkäinen is a consortium partner in two major road contracts in Estonia (EUR
31 million) and Lithuania (EUR 17 million), which are being funded by the EU and
the countries' respective governments. Lemminkäinen's share of the works in both
contracts is about a third.                                                     

In Norway and Denmark the paving work situation is good, and especially in      
Norway Lemminkäinen has increased its share of the paving market. In Sweden     
Lemminkäinen is currently working on railway tunnel construction contracts, for 
instance, on the Ådalsbana line. Demand for infrastructure construction in      
Norway and Sweden has also been boosted by government stimulus measures.        


TECHNICAL BUILDING SERVICES                                                     

- Net sales were EUR 55.3 million (56.6) 
- 96 % (98) of net sales were generated in Finland and 4 % (2) in Russia 
- The operating profit was EUR 2.5 million (1.7) and the operating margin was
4.6 
% (3.0)                                                                         
- The profit before taxes was EUR 2.7 million (2.2) 
- The order book at the end of the review period was EUR 85.8 million (116.2) 

The discontinuation of growth in new building construction has reduced both the 
number and size of projects in the technical building services business sector. 
Regional differences are still large and in some growth centres competition is  
extremely fierce. Housing companies have responded to the building repair grants
promised by the Finnish government by actively making enquiries about repair    
works, although there is still indecision as to the commencement of works.      

Demand for the maintenance, servicing and repair of technical building systems  
is expected to remain good in 2009. These services already account for about a  
half of Lemminkäinen's business in the technical building services sector.      
Competition in the servicing and maintenance of technical building systems has  
intensified as resources liberated from new construction are being quickly      
reallocated to refurbishment contracting. Energy efficiency management and      
special expertise in areas such as refrigeration maintenance and installation   
have become significant competitive factors in the sector.                      

Deep cutbacks in the investments of the paper and engineering industries are    
reducing demand for the business sector's industrial services this year. Even   
so, 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                                                               

- Net sales fell 26 % to EUR 18.6 million (25.0) 
- The operating profit was EUR -2.5 million (-1.2) and the operating margin was 
-13.2 % (-4.9)                                                                  
- The result before taxes was EUR -2.7 million (-1.3) 
- The order book at the end of the review period was EUR 32.6 million (43.4) 

Sales and production volumes of roofing and waterproofing products are down by  
about quarter from the Q1 level last year. Price competition in contracting has 
intensified and customers are slower to make ordering decisions. Enquiries from 
housing companies concerning yard and roofing works have increased somewhat.    
Exports of roofing materials are expected to be lower than last year.           

Demand for pre-cast concrete staircase units and façade elements is still weak  
due to minimal housing production. The market situation for urban environment   
construction is good and the level of demand is expected to be unchanged from   
last year.                                                                      

Lemminkäinen is carrying out pedestrianisation work on Keskuskatu street in     
Helsinki. The work includes the laying of natural stone street pavements as well
as the construction of underground heating and surface water drainage systems.  
The client is the City of Helsinki and the contract is worth about EUR 6.8      
million (Release 28.4.2009)                                                     


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 15.80 (35.09) at the end of March. The     
market capitalisation at the end of the review period was EUR 268.9 million     
(597.3). Altogether 433,063 shares (1,660,041) were traded during the review    
period. The total value of the turnover was EUR 6.6 million (51.1). At the end  
of the review period the Company had 4,667 (4,218) 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 10.3 million (15.2).  
The investments were mainly replacement purchases of equipment for paving and   
mineral aggregate operations as well as procurements of mineral aggregate areas 


PERSONNEL                                                                       

The average number of employees in the Group during the review period was 8,098 
(8,753), of whom 69 % worked in Finland, 11% in other Nordic countries, 12% in  
the Baltic states and 8 % in other countries.                                   
The largest business sector in terms of personnel strength was infrastructure   
construction with 36 % of Lemminkäinen's employees, followed by building        
construction with 31 %, technical building services with 24 % and building      
products with 8 %.                                                              
Lemminkäinen has continued to adjust its personnel levels in accordance with the
prevailing market situation. At the end of the review period about 450 employees
were within the scope of codetermination negotiations. The 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              |     1-3/2009 |    1-3/2008 |     Change, % |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Hourly paid employees           |        4,918 |       5,575 |         -11.8 |
--------------------------------------------------------------------------------
| Salaried staff                  |        3,180 |       3,178 |           0.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Personnel, total, of whom       |        8,098 |       8,753 |          -7.5 |
--------------------------------------------------------------------------------
| Working abroad                  |        2,517 |       2,456 |           2.5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Personnel at the end of the     |        7,998 |       8,948 |         -10.6 |
| review period                   |              |             |               |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Wages, salaries and other       |         66.9 |        73.0 |          -8.4 |
| remuneration,                   |              |             |               |
| EUR million                     |              |             |               |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Personnel by business sector,   |     1-3/2009 |    1-3/2008 |     Change, % |
| average                         |              |             |               |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Building construction           |        2,526 |       3,159 |         -20,0 |
--------------------------------------------------------------------------------
| Infrastructure construction     |        2,873 |       2,818 |           2.0 |
--------------------------------------------------------------------------------
| Technical building services     |        1,940 |       1,915 |           1.3 |
--------------------------------------------------------------------------------
| Building products               |          649 |         758 |         -14.4 |
--------------------------------------------------------------------------------
| Group administration            |          110 |         103 |           6.8 |
--------------------------------------------------------------------------------
| Total                           |        8,098 |       8,753 |          -7.5 |
--------------------------------------------------------------------------------

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 
President & 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.                       


CHANGES IN THE COMPANY'S MANAGEMENT                                             

Mr. Robert Öhman, M.Sc. (Econ.), born 1959, was appointed CFO of Lemminkäinen   
Corporation with effect from 9 May 2009. He will report to President & CEO Timo 
Kohtamäki and will be a member of Lemminkäinen Group's Executive Board. Also on 
9 May 2009 Lemminkäinen Corporation's present Finance Director Jukka Ovaska will
assume management expert assignments and will retire at the beginning of 2010.  


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, where the case is pending. The Supreme Administrative     
Court 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 a   
weakening 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.                                                 


THE ENVIRONMENT                                                                 

Environmentally responsible construction is one of Lemminkäinen's values.       
Lemminkäinen Group takes life-cycle and environmental perspectives into account 
when developing its operations, products and services. The management of        
environmental affairs and the effects of the Group's operations on the          
environment are continuously monitored by means of internal monitoring and      
control programmes. The Company's Annual Report and website provide more        
information on Lemminkäinen's environmental issues.               
              

OUTLOOK FOR 2009                                                                

In the building construction business sector commercial construction will       
retreat from the peak level of recent years. The emphasis in residential        
construction is shifting towards rental housing production. Housing sales in    
Finland have picked up since the fourth quarter of 2008. In Russia the uncertain
economic situation will keep the volume of Lemminkäinen's business at a subdued 
level.                                                                          

The stimulus measures introduced by the governments of the Nordic countries will
show up most clearly in infrastructure construction, and the market situation   
will remain favourable in almost all of Lemminkäinen's business areas. Major    
infrastructure projects in the pipeline are also expected to boost the Company's
order book in the coming years. Cost pressures, especially in paving operations,
have weakened with the decline of raw material prices. On the other hand, the   
distressed state of municipal finances may reduce investments in basic road     
maintenance towards the end of the year. In Russia and the Baltic states, demand
will be weak and the competitive situation extremely difficult.                 

Demand for refurbishment contracting as well as the maintenance and servicing of
technical building and facility systems is expected to remain good. These       
services already account for about a half of Lemminkäinen's net sales in the    
technical building services business sector.                                    

Full-year net sales and the result before taxes in 2009 will fall well short of 
the 2008 level, as was stated in Lemminkäinen's financial statements release    
dated 12 February 2009.                                                         


Helsinki, 7 May 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 same IFRS
recognition and measurement principles as those applied in the annual financial 
statements for 2008 with the below-mentioned changes. As the tabulated section  
is presented in abridged format, not all of the requirements of the IAS 34      
Interim Financial Reporting Standard have been observed in the preparation of   
the review.                                                                     

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

The Group adopted the following standards and interpretations 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 come into force on 1 January 2010 and 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) Guarantees and contingent liabilities                                       
11) Litigation                                                                  


--------------------------------------------------------------------------------
| 1) CONSOLIDATED INCOME  |         |       |        |            |            |
| STATEMENT               |         |       |        |            |            |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR  |        |         |  3/2009 | 3/200 | Change |   Change,  |    12/2008 |
| mill |        |         |         |     8 |        |            |            |
| ion  |        |         |         |       |        |            |            |
--------------------------------------------------------------------------------
|      |        |         |         |       |        |          % |            |
--------------------------------------------------------------------------------
| Net sales               |   336.9 | 444.9 | -108.0 |     (24.3) |    2 481.8 |
--------------------------------------------------------------------------------
| Other operating         |         |       |        |            |            |
--------------------------------------------------------------------------------
| income and expenses     |  -340.6 | -445. |  104.7 |       23.5 |   -2 325.0 |
|                         |         |     3 |        |            |            |
--------------------------------------------------------------------------------
| Depr |        |         |     4.7 |   4.9 |   -0.2 |      (4.1) |       34.9 |
| ecia |        |         |         |       |        |            |            |
| tion |        |         |         |       |        |            |            |
--------------------------------------------------------------------------------
| Shar |        |         |         |       |        |            |            |
| e of |        |         |         |       |        |            |            |
| the  |        |         |         |       |        |            |            |
| resu |        |         |         |       |        |            |            |
| lts  |        |         |         |       |        |            |            |
| of   |        |         |         |       |        |            |            |
--------------------------------------------------------------------------------
| affiliated    |         |    -0.2 |  -0.2 |    0.0 |        0.0 |        1.2 |
| companies     |         |         |       |        |            |            |
--------------------------------------------------------------------------------
| Oper |        |         |    -8.6 |  -5.5 |   -3.1 |     (56.4) |      123.2 |
| atin |        |         |         |       |        |            |            |
| g    |        |         |         |       |        |            |            |
| prof |        |         |         |       |        |            |            |
| it/l |        |         |         |       |        |            |            |
| oss  |        |         |         |       |        |            |            |
--------------------------------------------------------------------------------
| Fina |        |         |    20.1 |   7.8 |   12.3 |   over 100 |       50.7 |
| ncia |        |         |         |       |        |            |            |
| l    |        |         |         |       |        |            |            |
| expe |        |         |         |       |        |            |            |
| nses |        |         |         |       |        |            |            |
--------------------------------------------------------------------------------
| Fina |        |         |    10.3 |   1.7 |    8.6 |   over 100 |       18.5 |
| ncia |        |         |         |       |        |            |            |
| l    |        |         |         |       |        |            |            |
| inco |        |         |         |       |        |            |            |
| me   |        |         |         |       |        |            |            |
--------------------------------------------------------------------------------
| Prof |        |         |   -18.4 | -11.6 |   -6.8 |     (58.6) |       91.0 |
| it/l |        |         |         |       |        |            |            |
| oss  |        |         |         |       |        |            |            |
| befo |        |         |         |       |        |            |            |
| re   |        |         |         |       |        |            |            |
| taxe |        |         |         |       |        |            |            |
| s    |        |         |         |       |        |            |            |
--------------------------------------------------------------------------------
| Inco |        |         |     3.9 |   2.2 |    1.7 |       77.3 |      -27.5 |
| me   |        |         |         |       |        |            |            |
| taxe |        |         |         |       |        |            |            |
| s    |        |         |         |       |        |            |            |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Prof |        |         |         |       |        |            |            |
| it/l |        |         |         |       |        |            |            |
| oss  |        |         |         |       |        |            |            |
| for  |        |         |         |       |        |            |            |
| the  |        |         |         |       |        |            |            |
--------------------------------------------------------------------------------
| acco |        |         |   -14.6 |  -9.4 |   -5.2 |     (55.3) |       63.5 |
| unti |        |         |         |       |        |            |            |
| ng   |        |         |         |       |        |            |            |
| peri |        |         |         |       |        |            |            |
| od   |        |         |         |       |        |            |            |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Distribution of the profit/loss for the accounting period                    |
--------------------------------------------------------------------------------
| To parent     |         |   -15.0 | -10.0 |   -5.0 |     (50.0) |       55.9 |
| company       |         |         |       |        |            |            |
| shareholders  |         |         |       |        |            |            |
--------------------------------------------------------------------------------
| To   |        |         |     0.4 |   0.6 |   -0.2 |     (33.3) |        7.6 |
| mino |        |         |         |       |        |            |            |
| rity |        |         |         |       |        |            |            |
| inte |        |         |         |       |        |            |            |
| rest |        |         |         |       |        |            |            |
| s    |        |         |         |       |        |            |            |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EPS calculated from profit/loss attributable to parent company shareholders  |
--------------------------------------------------------------------------------
| Earnings per share, diluted and   |       |        |            |            |
| undiluted,                        |       |        |            |            |
--------------------------------------------------------------------------------
| EUR  |        |         |   -0.88 | -0.59 |        |            |       3.28 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 2) CONSOLIDATED STATEMENT OF              |        |            |            |
| COMPREHENSIVE INCOME                      |        |            |            |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Prof |        |         |         |       |        |            |            |
| it/l |        |         |         |       |        |            |            |
| oss  |        |         |         |       |        |            |            |
| for  |        |         |         |       |        |            |            |
| the  |        |         |         |       |        |            |            |
--------------------------------------------------------------------------------
| acco |        |         |   -14.6 |  -9.4 |   -5.2 |     (55.3) |       63.5 |
| unti |        |         |         |       |        |            |            |
| ng   |        |         |         |       |        |            |            |
| peri |        |         |         |       |        |            |            |
| od   |        |         |         |       |        |            |            |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Translation differences |     1.5 |  -0.6 |    2.1 |   over 100 |       -6.4 |
--------------------------------------------------------------------------------
| Hedging of net          |         |       |        |            |            |
| investment              |         |       |        |            |            |
--------------------------------------------------------------------------------
| in foreign subsidiary   |     0.5 |   0.2 |   -1.3 | (over 100) |        1.6 |
--------------------------------------------------------------------------------
| Cash flow hedge         |    -0.6 |  -0.5 |   -0.1 |     (20.0) |       -1.9 |
--------------------------------------------------------------------------------
| Other comprehensive     |    -0.2 |  -0.9 |    0.7 |       77.8 |       -6.7 |
| income, total           |         |       |        |            |            |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Comprehensive income    |         |       |        |            |            |
--------------------------------------------------------------------------------
| for the accounting      |   -14.8 | -10.3 |   -4.5 |     (43.7) |       56.8 |
| period                  |         |       |        |            |            |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Distribution of comprehensive income for  |        |            |            |
| the accounting period:                    |        |            |            |
--------------------------------------------------------------------------------
| To parent     |         |   -15.2 | -10.9 |   -4.3 |     (39.4) |       49.2 |
| company       |         |         |       |        |            |            |
| shareholders  |         |         |       |        |            |            |
--------------------------------------------------------------------------------
| To   |        |         |     0.4 |   0.6 |   -0.2 |     (33.3) |        7.6 |
| mino |        |         |         |       |        |            |            |
| rity |        |         |         |       |        |            |            |
| inte |        |         |         |       |        |            |            |
| rest |        |         |         |       |        |            |            |
| s    |        |         |         |       |        |            |            |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 3) CONSOLIDATED BALANCE SHEET                                                |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR million                       | 3/200 | 3/2008 |            |    12/2008 |
|                                   |     9 |        |            |            |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current assets                |       |        |            |            |
--------------------------------------------------------------------------------
| Tangible assets                   | 194.2 |  182.9 |            |      187.0 |
--------------------------------------------------------------------------------
| Goodwill                          |  76.2 |   75.8 |            |       74.9 |
--------------------------------------------------------------------------------
| Other intangible assets           |   2.5 |    2.6 |            |        2.5 |
--------------------------------------------------------------------------------
| Investments                       |  11.1 |    8.8 |            |       10.7 |
--------------------------------------------------------------------------------
| Deferred tax asset                |  15.4 |    9.8 |            |        7.2 |
--------------------------------------------------------------------------------
| Other non-current receivables     |   6.8 |    5.2 |            |        6.3 |
--------------------------------------------------------------------------------
| Total                             | 306.2 |  285.1 |            |      288.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets                    |       |        |            |            |
--------------------------------------------------------------------------------
| Inventories                       | 423.0 |  350.4 |            |      398.2 |
--------------------------------------------------------------------------------
| Trade and other receivables       | 418.7 |  419.7 |            |      476.3 |
--------------------------------------------------------------------------------
| Cash funds                        | 154.5 |   93.8 |            |      250.1 |
--------------------------------------------------------------------------------
| Total                             | 996.2 |  863.9 |            |    1,124.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Assets, total                     | 1,302 | 1,149. |            |    1,413.3 |
|                                   |    .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               |  -2.3 |   -0.3 |            |       -1.7 |
--------------------------------------------------------------------------------
| Translation differences           |  -4.3 |   -0.3 |            |       -4.7 |
--------------------------------------------------------------------------------
| Retained earnings                 | 265.4 |  224.8 |            |      224.8 |
--------------------------------------------------------------------------------
| Profit/loss for the period        | -15.0 |  -10.0 |            |       55.9 |
--------------------------------------------------------------------------------
| Shareholders' equity              |       |        |            |            |
--------------------------------------------------------------------------------
| before minority interest          | 283.5 |  253.9 |            |      314.0 |
--------------------------------------------------------------------------------
| Minority interest                 |  25.7 |   21.5 |            |       27.8 |
--------------------------------------------------------------------------------
| Shareholders' equity, total       | 309.2 |  275.4 |            |      341.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current liabilities           |       |        |            |            |
--------------------------------------------------------------------------------
| Deferred tax liabilities          |  18.5 |   13.7 |            |       18.7 |
--------------------------------------------------------------------------------
| Pension liabilities               |   0.2 |    0.6 |            |        0.2 |
--------------------------------------------------------------------------------
| Provisions                        |   2.3 |    2.0 |            |        2.2 |
--------------------------------------------------------------------------------
| Financial liabilities             | 118.4 |  140.5 |            |      118.8 |
--------------------------------------------------------------------------------
| Other liabilities                 |   1.9 |    1.9 |            |        1.3 |
--------------------------------------------------------------------------------
| Total                             | 141.2 |  158.7 |            |      141.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current liabilities               |       |        |            |            |
--------------------------------------------------------------------------------
| Accounts payable and other        | 358.2 |  368.9 |            |      455.6 |
| liabilities                       |       |        |            |            |
--------------------------------------------------------------------------------
| Provisions                        |   7.0 |    5.7 |            |        7.1 |
--------------------------------------------------------------------------------
| Financial liabilities             | 486.7 |  340.2 |            |      467.7 |
--------------------------------------------------------------------------------
| Total                             | 851.9 |  714.8 |            |      930.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders' equity and          | 1,302 | 1,149. |            |    1,413.3 |
| liabilities, total                |    .3 |      0 |            |            |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 4) CONSOLIDATED CASH FLOW STATEMENT                                          |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR  |        |         |         | 03/20 | 03/200 |            |    12/2008 |
| mill |        |         |         |    09 |      8 |            |            |
| ion  |        |         |         |       |        |            |            |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit/loss before taxes          | -18.4 |  -11.6 |            |       91.0 |
--------------------------------------------------------------------------------
| Depreciation                      |   4.7 |    4.9 |            |       34.9 |
--------------------------------------------------------------------------------
| Other adjustments                 |   8.2 |    4.7 |            |       26.7 |
--------------------------------------------------------------------------------
| Cash flow before change           |       |        |            |            |
--------------------------------------------------------------------------------
| in working capital                |  -5.5 |   -2.0 |            |      152.6 |
--------------------------------------------------------------------------------
| Change in working capital         | -64.4 |  -48.6 |            |      -45.3 |
--------------------------------------------------------------------------------
| Financial items                   |  -9.3 |   -4.7 |            |      -31.4 |
--------------------------------------------------------------------------------
| Direct taxes paid                 |  -6.2 |   -6.9 |            |      -51.2 |
--------------------------------------------------------------------------------
| Cash flow from operating          | -85.4 |  -62.3 |            |       24.6 |
| activities                        |       |        |            |            |
--------------------------------------------------------------------------------
| Cash flow provided by investing   |   0.2 |    3.0 |            |       15.2 |
| activities                        |       |        |            |            |
--------------------------------------------------------------------------------
| Cash flow used in investing       | -11.3 |  -12.4 |            |      -43.2 |
| activities                        |       |        |            |            |
--------------------------------------------------------------------------------
| Change in non-current receivables |  -0.4 |   -0.5 |            |       -1.6 |
--------------------------------------------------------------------------------
| Drawings of loans                 |  89.3 |  637.9 |            |    1,740.4 |
--------------------------------------------------------------------------------
| Repayments of loans               | -71.8 | -517.4 |            |   -1,528.9 |
--------------------------------------------------------------------------------
| Dividends paid                    | -13.9 |  -32.4 |            |      -32.6 |
--------------------------------------------------------------------------------
| Cash flow from financing          |   3.1 |   87.6 |            |      177.3 |
| activities                        |       |        |            |            |
--------------------------------------------------------------------------------
| Change in cash funds              | -93.5 |   16.0 |            |      174.0 |
--------------------------------------------------------------------------------
| Cash funds at beginning of period | 250.1 |   78.5 |            |       78.5 |
--------------------------------------------------------------------------------
| Translation difference of cash    |  -2.2 |   -0.7 |            |       -2.4 |
| funds                             |       |        |            |            |
--------------------------------------------------------------------------------
| Cash funds at end of period       | 154.5 |   93.8 |            |      250.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 5) CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY             |   |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|         |         |         |         |       |            |        | Sh |   |
|         |         |         |         |       |            |        | ar |   |
|         |         |         |         |       |            |        | e- |   |
--------------------------------------------------------------------------------
|         |         |   Share |  Trans- | Reval |            |        | ho |   |
|         |         |         |         |    u- |            |        | ld |   |
|         |         |         |         |       |            |        | er |   |
|         |         |         |         |       |            |        | s' |   |
--------------------------------------------------------------------------------
|         |   Share | premium |  lation | ation |   Retained | Minori | eq |   |
|         |         |         |         |       |            |     ty | ui |   |
|         |         |         |         |       |            |        | ty |   |
|         |         |         |         |       |            |        |  , |   |
--------------------------------------------------------------------------------
| EUR     | capital | account | differe | reser |   earnings | intere | to |   |
| million |         |         |     nce |    ve |            |     st | ta |   |
|         |         |         |         |       |            |        |  l |   |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareho |         |         |         |       |            |        |    |   |
| lders'  |         |         |         |       |            |        |    |   |
| equity  |         |         |         |       |            |        |    |   |
--------------------------------------------------------------------------------
| 1.1.200 |    34.0 |     5.8 |     0.1 |   0.2 |      255.4 |   23.7 | 31 |   |
| 8       |         |         |         |       |            |        | 9. |   |
|         |         |         |         |       |            |        |  2 |   |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Dividen |         |         |         |       |      -30.6 |   -1.7 | -3 |   |
| d       |         |         |         |       |            |        | 2. |   |
| distrib |         |         |         |       |            |        |  4 |   |
| ution   |         |         |         |       |            |        |    |   |
--------------------------------------------------------------------------------
| Change  |         |         |         |       |            |   -1.1 | -1 |   |
| in      |         |         |         |       |            |        | .1 |   |
| minorit |         |         |         |       |            |        |    |   |
| y       |         |         |         |       |            |        |    |   |
| interes |         |         |         |       |            |        |    |   |
| t       |         |         |         |       |            |        |    |   |
--------------------------------------------------------------------------------
| Compreh |         |         |         |       |            |        |    |   |
| ensive  |         |         |         |       |            |        |    |   |
| income  |         |         |         |       |            |        |    |   |
| for     |         |         |         |       |            |        |    |   |
--------------------------------------------------------------------------------
| the     |         |         |    -0.4 |  -0.5 |      -10.0 |    0.6 | -1 |   |
| account |         |         |         |       |            |        | 0. |   |
| ing     |         |         |         |       |            |        |  3 |   |
| period  |         |         |         |       |            |        |    |   |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareho |         |         |         |       |            |        |    |   |
| lders'  |         |         |         |       |            |        |    |   |
| equity  |         |         |         |       |            |        |    |   |
--------------------------------------------------------------------------------
| 31.3.20 |    34.0 |     5.8 |    -0.3 |  -0.3 |      214.8 |   21.5 | 27 |   |
| 08      |         |         |         |       |            |        | 5. |   |
|         |         |         |         |       |            |        |  4 |   |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|         |         |         |         |       |            |        | Sh |   |
|         |         |         |         |       |            |        | ar |   |
|         |         |         |         |       |            |        | e- |   |
--------------------------------------------------------------------------------
|         |         |   Share |  Trans- | Reval |            |        | ho |   |
|         |         |         |         |    u- |            |        | ld |   |
|         |         |         |         |       |            |        | er |   |
|         |         |         |         |       |            |        | s' |   |
--------------------------------------------------------------------------------
|         |   Share | premium |  lation | ation |   Retained | Minori | eq |   |
|         |         |         |         |       |            |     ty | ui |   |
|         |         |         |         |       |            |        | ty |   |
|         |         |         |         |       |            |        |  , |   |
--------------------------------------------------------------------------------
| EUR     | capital | account | differe | reser |   earnings | intere | to |   |
| million |         |         |     nce |    ve |            |     st | ta |   |
|         |         |         |         |       |            |        |  l |   |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareho |         |         |         |       |            |        |    |   |
| lders'  |         |         |         |       |            |        |    |   |
| equity  |         |         |         |       |            |        |    |   |
--------------------------------------------------------------------------------
| 1.1.200 |    34.0 |     5.8 |     0.1 |   0.2 |      255.4 |   23.7 | 31 |   |
| 8       |         |         |         |       |            |        | 9. |   |
|         |         |         |         |       |            |        |  2 |   |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Reversa |         |         |         |       |            |        |    |   |
| l of    |         |         |         |       |            |        |    |   |
--------------------------------------------------------------------------------
| dividen |         |         |         |       |        0.0 |        | 0. |   |
| d       |         |         |         |       |            |        |  0 |   |
| liabili |         |         |         |       |            |        |    |   |
| ty      |         |         |         |       |            |        |    |   |
--------------------------------------------------------------------------------
| Dividen |         |         |         |       |      -30.6 |   -2.9 | -3 |   |
| d       |         |         |         |       |            |        | 3. |   |
| distrib |         |         |         |       |            |        |  6 |   |
| ution   |         |         |         |       |            |        |    |   |
--------------------------------------------------------------------------------
| Change  |         |         |         |       |            |        |    |   |
| in      |         |         |         |       |            |        |    |   |
| minorit |         |         |         |       |            |        |    |   |
| y       |         |         |         |       |            |        |    |   |
--------------------------------------------------------------------------------
| interes |         |         |         |       |            |   -0.6 | -0 |   |
| t       |         |         |         |       |            |        | .6 |   |
--------------------------------------------------------------------------------
| Compreh |         |         |         |       |            |        |    |   |
| ensive  |         |         |         |       |            |        |    |   |
| income  |         |         |         |       |            |        |    |   |
| for     |         |         |         |       |            |        |    |   |
--------------------------------------------------------------------------------
| the     |         |         |    -4.8 |  -1.9 |       55.9 |    7.6 | 56 |   |
| account |         |         |         |       |            |        | .8 |   |
| ing     |         |         |         |       |            |        |    |   |
| period  |         |         |         |       |            |        |    |   |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareho |         |         |         |       |            |        |    |   |
| lders'  |         |         |         |       |            |        |    |   |
| equity  |         |         |         |       |            |        |    |   |
--------------------------------------------------------------------------------
| 31.12.2 |    34.0 |     5.8 |    -4.7 |  -1.7 |      280.7 |   27.8 | 34 |   |
| 008     |         |         |         |       |            |        | 1. |   |
|         |         |         |         |       |            |        |  8 |   |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|         |         |         |         |       |            |        | Sh |   |
|         |         |         |         |       |            |        | ar |   |
|         |         |         |         |       |            |        | e- |   |
--------------------------------------------------------------------------------
|         |         |   Share |  Trans- | Reval |            |        | ho |   |
|         |         |         |         |    u- |            |        | ld |   |
|         |         |         |         |       |            |        | er |   |
|         |         |         |         |       |            |        | s' |   |
--------------------------------------------------------------------------------
|         |   Share | premium |  lation | ation |   Retained | Minori | eq |   |
|         |         |         |         |       |            |     ty | ui |   |
|         |         |         |         |       |            |        | ty |   |
|         |         |         |         |       |            |        |  , |   |
--------------------------------------------------------------------------------
| EUR     | capital | account | differe | reser |   earnings | intere | to |   |
| million |         |         |     nce |    ve |            |     st | ta |   |
|         |         |         |         |       |            |        |  l |   |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareho |         |         |         |       |            |        |    |   |
| lders'  |         |         |         |       |            |        |    |   |
| equity  |         |         |         |       |            |        |    |   |
--------------------------------------------------------------------------------
| 1.1.200 |    34.0 |     5.8 |    -4.7 |  -1.7 |      280.7 |   27.8 | 34 |   |
| 9       |         |         |         |       |            |        | 1. |   |
|         |         |         |         |       |            |        |  8 |   |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Dividen |         |         |         |       |      -15.3 |   -1.9 | -1 |   |
| d       |         |         |         |       |            |        | 7. |   |
| distrib |         |         |         |       |            |        |  2 |   |
| ution   |         |         |         |       |            |        |    |   |
--------------------------------------------------------------------------------
| Change  |         |         |         |       |            |        |    |   |
| in      |         |         |         |       |            |        |    |   |
| minorit |         |         |         |       |            |        |    |   |
| y       |         |         |         |       |            |        |    |   |
--------------------------------------------------------------------------------
| interes |         |         |         |       |            |   -0.6 | -0 |   |
| t       |         |         |         |       |            |        | .6 |   |
--------------------------------------------------------------------------------
| Compreh |         |         |         |       |            |        |    |   |
| ensive  |         |         |         |       |            |        |    |   |
| income  |         |         |         |       |            |        |    |   |
| for     |         |         |         |       |            |        |    |   |
--------------------------------------------------------------------------------
| the     |         |         |     0.4 |  -0.6 |      -15.0 |    0.4 | -1 |   |
| account |         |         |         |       |            |        | 4. |   |
| ing     |         |         |         |       |            |        |  8 |   |
| period  |         |         |         |       |            |        |    |   |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareho |         |         |         |       |            |        |    |   |
| lders'  |         |         |         |       |            |        |    |   |
| equity  |         |         |         |       |            |        |    |   |
--------------------------------------------------------------------------------
| 31.3.20 |    34.0 |     5.8 |    -4.3 |  -2.3 |      250.4 |   25.7 | 30 |   |
| 09      |         |         |         |       |            |        | 9. |   |
|         |         |         |         |       |            |        |  2 |   |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 6) CONSOLIDATED INCOME STATEMENT, QUARTERLY   |            |        |    |   |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|            |    7-9/ |  10-12/ | 1-3/ |  4-6/ |       7-9/ | 10-12/ | 1- |   |
|            |         |         |      |       |            |        | 3/ |   |
--------------------------------------------------------------------------------
| EUR        |    2007 |    2007 | 2008 |  2008 |       2008 |   2008 | 20 |   |
| million    |         |         |      |       |            |        | 09 |   |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales  |   655.7 |   638.5 | 444. | 645.9 |      648.5 |  742.5 | 33 |   |
|            |         |         |    9 |       |            |        | 6. |   |
|            |         |         |      |       |            |        |  9 |   |
--------------------------------------------------------------------------------
| Other operating      |         |      |       |            |        |    |   |
--------------------------------------------------------------------------------
| income and |  -585.8 |  -607.0 | -445 | -599. |     -582.5 | -697.7 | -3 |   |
| expenses   |         |         |   .3 |     4 |            |        | 40 |   |
|            |         |         |      |       |            |        | .6 |   |
--------------------------------------------------------------------------------
| Depreciati |    12.3 |     8.1 |  4.9 |   9.3 |       13.5 |    7.2 | 4. |   |
| on         |         |         |      |       |            |        |  7 |   |
--------------------------------------------------------------------------------
| Share of   |         |         |      |       |            |        |    |   |
| the        |         |         |      |       |            |        |    |   |
| results    |         |         |      |       |            |        |    |   |
--------------------------------------------------------------------------------
| of         |     0.7 |     0.3 | -0.2 |   0.4 |        1.1 |   -0.1 | -0 |   |
| affiliated |         |         |      |       |            |        | .2 |   |
| companies  |         |         |      |       |            |        |    |   |
--------------------------------------------------------------------------------
| Operating  |    58.3 |    23.6 | -5.5 |  37.6 |       53.6 |   37.5 | -8 |   |
| profit/los |         |         |      |       |            |        | .6 |   |
| s          |         |         |      |       |            |        |    |   |
--------------------------------------------------------------------------------
| Financial  |     6.3 |     6.7 |  7.8 |   9.8 |        5.2 |   27.9 | 20 |   |
| expenses   |         |         |      |       |            |        | .0 |   |
--------------------------------------------------------------------------------
| Financial  |     0.6 |     2.7 |  1.7 |   3.3 |        0.2 |   13.4 | 10 |   |
| income     |         |         |      |       |            |        | .3 |   |
--------------------------------------------------------------------------------
| Profit/los |    52.6 |    19.6 | -11. |  31.0 |       48.6 |   23.0 | -1 |   |
| s before   |         |         |    6 |       |            |        | 8. |   |
| taxes      |         |         |      |       |            |        |  4 |   |
--------------------------------------------------------------------------------
| Income     |   -12.3 |    -9.2 |  2.2 |  -7.6 |      -11.8 |  -10.3 | 3. |   |
| taxes      |         |         |      |       |            |        |  9 |   |
--------------------------------------------------------------------------------
| Profit/los |         |         |      |       |            |        |    |   |
| s for      |         |         |      |       |            |        |    |   |
--------------------------------------------------------------------------------
| the        |    40.3 |    10.4 | -9.4 |  23.4 |       36.8 |   12.7 | 14 |   |
| accounting |         |         |      |       |            |        | .6 |   |
| period     |         |         |      |       |            |        |    |   |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Distribution of profit/loss for the   |       |            |        |    |   |
| accounting period                     |       |            |        |    |   |
--------------------------------------------------------------------------------
| To   |        |         |             |       |            |        |    |   |
| pare |        |         |             |       |            |        |    |   |
| nt   |        |         |             |       |            |        |    |   |
| comp |        |         |             |       |            |        |    |   |
| any  |        |         |             |       |            |        |    |   |
--------------------------------------------------------------------------------
| shar |   38.7 |     7.8 |       -10.0 |  22.1 |       34.5 |    9.3 | -1 |   |
| ehol |        |         |             |       |            |        | 5. |   |
| ders |        |         |             |       |            |        |  0 |   |
--------------------------------------------------------------------------------
| To   |    1.6 |     2.6 |         0.6 |   1.4 |        2.3 |    3.4 | 0. |   |
| mino |        |         |             |       |            |        |  4 |   |
| rity |        |         |             |       |            |        |    |   |
| inte |        |         |             |       |            |        |    |   |
| rest |        |         |             |       |            |        |    |   |
| s    |        |         |             |       |            |        |    |   |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EPS calculated from profit/loss attributable to parent company           |   |
| shareholders                                                             |   |
--------------------------------------------------------------------------------
| Earnings per share, diluted    |          |            |        |        |   |
| and undiluted,                 |          |            |        |        |   |
--------------------------------------------------------------------------------
| EUR  |   2.27 |    0.46 | -0.5 |     1.30 |       2.03 |   0.55 |  -0.88 |   |
|      |        |         |    9 |          |            |        |        |   |
--------------------------------------------------------------------------------
|      |        |         |      |          |            |        |        |   |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 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 |          |  Operating | Financ | before |   |
|      |        |         |      |          |            |    ial |        |   |
--------------------------------------------------------------------------------
| EUR  |        |         | sale | Deprecia | profit/los |  items |  taxes |   |
| mill |        |         |    s |     tion |          s |        |        |   |
| ion  |        |         |      |          |            |        |        |   |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1-3/ |        |         |      |          |            |        |        |   |
| 2009 |        |         |      |          |            |        |        |   |
--------------------------------------------------------------------------------
| Buil |        |         | 198. |      0.7 |        9.7 |   -2.1 |    7.5 |   |
| ding |        |         |    7 |          |            |        |        |   |
| cons |        |         |      |          |            |        |        |   |
| truc |        |         |      |          |            |        |        |   |
| tion |        |         |      |          |            |        |        |   |
--------------------------------------------------------------------------------
| Infr |        |         |      |          |            |        |        |   |
| astr |        |         |      |          |            |        |        |   |
| uctu |        |         |      |          |            |        |        |   |
| re   |        |         |      |          |            |        |        |   |
--------------------------------------------------------------------------------
| cons |        |         | 71.9 |      3.7 |      -17.8 |   -4.2 |  -22.0 |   |
| truc |        |         |      |          |            |        |        |   |
| tion |        |         |      |          |            |        |        |   |
--------------------------------------------------------------------------------
| Tech |        |         |      |          |            |        |        |   |
| nica |        |         |      |          |            |        |        |   |
| l    |        |         |      |          |            |        |        |   |
| buil |        |         |      |          |            |        |        |   |
| ding |        |         |      |          |            |        |        |   |
--------------------------------------------------------------------------------
| serv |        |         | 55.3 |      0.2 |        2.5 |    0.2 |    2.7 |   |
| ices |        |         |      |          |            |        |        |   |
--------------------------------------------------------------------------------
| Buil |        |         | 18.6 |      0.6 |       -2.5 |   -0.2 |   -2.7 |   |
| ding |        |         |      |          |            |        |        |   |
| prod |        |         |      |          |            |        |        |   |
| ucts |        |         |      |          |            |        |        |   |
--------------------------------------------------------------------------------
| Othe |        |         |  2.5 |      0.2 |       -0.2 |   -2.3 |   -2.5 |   |
| r    |        |         |      |          |            |        |        |   |
| oper |        |         |      |          |            |        |        |   |
| atio |        |         |      |          |            |        |        |   |
| ns   |        |         |      |          |            |        |        |   |
--------------------------------------------------------------------------------
| Group         |         | -9.6 |          |            |        |        |   |
| eliminations  |         |      |          |            |        |        |   |
--------------------------------------------------------------------------------
| Segm |        |         | 337. |      5.4 |       -8.3 |   -8.6 |  -16.9 |   |
| ents |        |         |    5 |          |            |        |        |   |
| ,    |        |         |      |          |            |        |        |   |
| tota |        |         |      |          |            |        |        |   |
| l    |        |         |      |          |            |        |        |   |
--------------------------------------------------------------------------------
| Reconciling items       | -0.6 |     -0.7 |       -0.4 |   -1.2 |   -1.5 |   |
--------------------------------------------------------------------------------
| Group total,  |         | 336. |      4.7 |       -8.6 |   -9.8 |  -18.4 |   |
| IFRS          |         |    9 |          |            |        |        |   |
--------------------------------------------------------------------------------


The reconciling items for net sales stem from the equity share treatment of     
affiliated companies (EUR -0.2 million) and other operating income recognised as
net sales in segment reporting.                                                 
							                                                                         
The reconciling items for operating profit comprise EUR -1.8 million in         
personnel expenses, EUR 1.2 million from the IFRS treatment of finance leasing, 
and EUR 0.2 million in other closing entries.                                   
							                                                                         
The reconciling items for financial items are EUR - 0.4 million in finance      
leasing interest, as well as exchange rate differences, interest timing         
differences, and unrealised gains and losses on derivatives.                    


--------------------------------------------------------------------------------
|              |      |       |      |         |         |        | Profit |   |
|              |      |       |      |         |         |        |  /loss |   |
--------------------------------------------------------------------------------
|              |      |       |  Net |         | Operati | Financ | before |   |
|              |      |       |      |         |      ng |    ial |        |   |
--------------------------------------------------------------------------------
| EUR million  |      |       | sale | Depreci | profit/ |  items |  taxes |   |
|              |      |       |    s |   ation |    loss |        |        |   |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1-3/2008     |      |       |      |         |         |        |            |
--------------------------------------------------------------------------------
| Building     |      |       | 277. |     0.8 |    10.3 |   -1.8 |        8.6 |
| construction |      |       |    1 |         |         |        |            |
--------------------------------------------------------------------------------
| Infrastructu |      |       |      |         |         |        |            |
| re           |      |       |      |         |         |        |            |
--------------------------------------------------------------------------------
| construction |      |       | 95.1 |     3.7 |   -16.4 |   -0.6 |      -17.1 |
--------------------------------------------------------------------------------
| Technical    |      |       |      |         |         |        |            |
| building     |      |       |      |         |         |        |            |
--------------------------------------------------------------------------------
| services     |      |       | 56.6 |     0.2 |     1.7 |    0.5 |        2.2 |
--------------------------------------------------------------------------------
| Building     |      |       | 25.0 |     0.6 |    -1.2 |   -0.1 |       -1.3 |
| products     |      |       |      |         |         |        |            |
--------------------------------------------------------------------------------
| Other        |      |       |  2.9 |     0.2 |    -1.1 |   -1.6 |       -2.7 |
| operations   |      |       |      |         |         |        |            |
--------------------------------------------------------------------------------
| Group eliminations  |       | -11. |         |         |        |            |
|                     |       |    5 |         |         |        |            |
--------------------------------------------------------------------------------
| Segments,    |      |       | 445. |     5.5 |    -6.7 |   -3.7 |      -10.4 |
| total        |      |       |    2 |         |         |        |            |
--------------------------------------------------------------------------------
| Reconciling items           | -0.3 |    -0.5 |     1.1 |   -2.4 |       -1.3 |
--------------------------------------------------------------------------------
| Group total, IFRS   |       | 444. |     4.9 |    -5.5 |   -6.1 |      -11.6 |
|                     |       |    9 |         |         |        |            |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

The reconciling items for net sales stem from the equity share treatment of     
affiliated companies (EUR -0.2 million) and other operating income recognised as
net sales in segment reporting.                                                 

The reconciling items for operating profit comprise EUR 0.4 million in personnel
expenses, EUR 0.5 million from the IFRS treatment of finance leasing, EUR -0.2  
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 -0.4 million in finance       
leasing interest, as well as exchange rate differences, interest timing         
differences, and unrealised gains and losses on derivatives.                    


--------------------------------------------------------------------------------
| NET SALES    |      |       |       |       |        |             |         |
--------------------------------------------------------------------------------
|              |      |       |  1-3/ |  1-3/ | Change |    Change,  |   1-12/ |
--------------------------------------------------------------------------------
| EUR million  |      |       |  2009 |  2008 |        |           % |    2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Building     |      |       | 198.7 | 277.1 |  -78.4 |      (28.3) | 1 207.5 |
| construction |      |       |       |       |        |             |         |
--------------------------------------------------------------------------------
| Infrastructu |      |       |       |       |        |             |         |
| re           |      |       |       |       |        |             |         |
--------------------------------------------------------------------------------
| construction |      |       |  71.9 |  95.1 |  -23.2 |      (24.4) |   920.3 |
--------------------------------------------------------------------------------
| Technical    |      |       |       |       |        |             |         |
| building     |      |       |       |       |        |             |         |
--------------------------------------------------------------------------------
| services     |      |       |  55.3 |  56.6 |   -1.3 |       (2.3) |   269.9 |
--------------------------------------------------------------------------------
| Building     |      |       |  18.6 |  25.0 |   -6.4 |      (25.6) |   156.0 |
| products     |      |       |       |       |        |             |         |
--------------------------------------------------------------------------------
| Other        |      |       |   2.5 |   2.9 |   -0.4 |      (13.8) |    13.5 |
| operations   |      |       |       |       |        |             |         |
--------------------------------------------------------------------------------
| Group eliminations  |       |  -9.6 | -11.5 |    1.9 |        16.5 |   -65.7 |
--------------------------------------------------------------------------------
| Segments,    |      |       | 337.5 | 445.2 | -107.7 |      (24.2) | 2 501.5 |
| total        |      |       |       |       |        |             |         |
--------------------------------------------------------------------------------
| Reconciling items           |  -0.6 |  -0.3 |   -0.3 |  (over 100) |   -19.7 |
--------------------------------------------------------------------------------
| Group total, IFRS   |       | 336.9 | 444.9 | -108.0 |      (24.3) | 2 481.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| OPERATING    |      |       |       |       |        |             |         |
| PROFIT       |      |       |       |       |        |             |         |
--------------------------------------------------------------------------------
|              |      |       |  1-3/ |  1-3/ | Change |     Change, |   1-12/ |
--------------------------------------------------------------------------------
| EUR million  |      |       |  2009 |  2008 |        |           % |    2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Building     |      |       |   9.7 |  10.3 |   -0.6 |       (5.8) |    69.7 |
| construction |      |       |       |       |        |             |         |
--------------------------------------------------------------------------------
| Infrastructu |      |       |       |       |        |             |         |
| re           |      |       |       |       |        |             |         |
--------------------------------------------------------------------------------
| construction |      |       | -17.8 | -16.4 |   -1.4 |       (8.5) |    26.2 |
--------------------------------------------------------------------------------
| Technical    |      |       |       |       |        |             |         |
| building     |      |       |       |       |        |             |         |
--------------------------------------------------------------------------------
| services     |      |       |   2.5 |   1.7 |    0.8 |        47.1 |    16.3 |
--------------------------------------------------------------------------------
| Building     |      |       |  -2.5 |  -1.2 |   -1.3 |  (over 100) |    10.5 |
| products     |      |       |       |       |        |             |         |
--------------------------------------------------------------------------------
| Other        |      |       |  -0.2 |  -1.1 |    0.9 |        83.3 |    -3.3 |
| operations   |      |       |       |       |        |             |         |
--------------------------------------------------------------------------------
| Segments,    |      |       |  -8.3 |  -6.7 |   -1.6 |      (23.9) |   119.4 |
| total        |      |       |       |       |        |             |         |
--------------------------------------------------------------------------------
| Reconciling items           |  -0.4 |   1.1 |   -1.5 |  (over 100) |     3.8 |
--------------------------------------------------------------------------------
| Group total, IFRS   |       |  -8.6 |  -5.5 |   -3.1 |      (56.4) |   123.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NET SALES, QUARTERLY        |       |       |        |             |         |
--------------------------------------------------------------------------------
|              |      |       |  1-3/ |  4-6/ |   7-9/ |      10-12/ |    1-3/ |
--------------------------------------------------------------------------------
| EUR million  |      |       |  2008 |  2008 |   2008 |        2008 |    2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Building     |      |       | 277.1 | 295.7 |  207.8 |       426.9 |   198.7 |
| construction |      |       |       |       |        |             |         |
--------------------------------------------------------------------------------
| Infrastructu |      |       |       |       |        |             |         |
| re           |      |       |       |       |        |             |         |
--------------------------------------------------------------------------------
| construction |      |       |  95.1 | 256.4 |  346.6 |       222.3 |    71.9 |
--------------------------------------------------------------------------------
| Technical    |      |       |       |       |        |             |         |
| building     |      |       |       |       |        |             |         |
--------------------------------------------------------------------------------
| services     |      |       |  56.6 |  68.0 |   68.8 |        76.5 |    55.3 |
--------------------------------------------------------------------------------
| Building     |      |       |  25.0 |  45.8 |   51.0 |        34.2 |    18.6 |
| products     |      |       |       |       |        |             |         |
--------------------------------------------------------------------------------
| Other        |      |       |   2.9 |   3.6 |    3.3 |         3.7 |     2.5 |
| operations   |      |       |       |       |        |             |         |
--------------------------------------------------------------------------------
| Group eliminations  |       | -11.5 | -17.3 |  -19.7 |       -17.2 |    -9.6 |
--------------------------------------------------------------------------------
| Segments,    |      |       | 445.2 | 652.1 |  657.8 |       746.3 |   337.5 |
| total        |      |       |       |       |        |             |         |
--------------------------------------------------------------------------------
| Reconciling items           |  -0.3 |  -6.3 |   -9.3 |        -3.8 |    -0.6 |
--------------------------------------------------------------------------------
| Group total, IFRS   |       | 444.9 | 645.9 |  648.5 |       742.5 |   336.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| OPERATING PROFIT, QUARTERLY |       |       |        |             |         |
--------------------------------------------------------------------------------
|              |      |       |  1-3/ |  4-6/ |   7-9/ |      10-12/ |    1-3/ |
--------------------------------------------------------------------------------
| EUR million  |      |       |  2008 |  2008 |   2008 |        2008 |    2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Building     |      |       |  10.3 |   9.2 |   14.6 |        35.5 |     9.7 |
| construction |      |       |       |       |        |             |         |
--------------------------------------------------------------------------------
| Infrastructu |      |       |       |       |        |             |         |
| re           |      |       |       |       |        |             |         |
--------------------------------------------------------------------------------
| construction |      |       | -16.4 |  17.1 |   30.3 |        -4.8 |   -17.8 |
--------------------------------------------------------------------------------
| Technical    |      |       |       |       |        |             |         |
| building     |      |       |       |       |        |             |         |
--------------------------------------------------------------------------------
| services     |      |       |   1.7 |   5.6 |    5.4 |         3.7 |     2.5 |
--------------------------------------------------------------------------------
| Building     |      |       |  -1.2 |   4.6 |    5.9 |         1.2 |    -2.5 |
| products     |      |       |       |       |        |             |         |
--------------------------------------------------------------------------------
| Other        |      |       |  -1.1 |  -0.8 |   -1.3 |        -0.1 |    -0.2 |
| operations   |      |       |       |       |        |             |         |
--------------------------------------------------------------------------------
| Segments,    |      |       |  -6.7 |  35.6 |   54.8 |        35.6 |    -8.3 |
| total        |      |       |       |       |        |             |         |
--------------------------------------------------------------------------------
| Reconciling items           |   1.1 |   2.0 |   -1.2 |         1.9 |    -0.4 |
--------------------------------------------------------------------------------
| Group total, IFRS   |       |  -5.5 |  37.6 |   53.6 |        37.5 |    -8.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ASSETS       |      |       |       |       |        |             |         |
--------------------------------------------------------------------------------
| EUR million  |      |       |       | 3/200 | 3/2008 |             | 12/2008 |
|              |      |       |       |     9 |        |             |         |
--------------------------------------------------------------------------------
|              |      |       |       |       |        |             |         |
--------------------------------------------------------------------------------
| Building     |      |       |       | 382.5 |  432.4 |             |   467.5 |
| construction |      |       |       |       |        |             |         |
--------------------------------------------------------------------------------
| Infrastructu |      |       |       |       |        |             |         |
| re           |      |       |       |       |        |             |         |
--------------------------------------------------------------------------------
| construction |      |       |       | 274.7 |  242.6 |             |   294.5 |
--------------------------------------------------------------------------------
| Technical    |      |       |       |       |        |             |         |
| building     |      |       |       |       |        |             |         |
--------------------------------------------------------------------------------
| services     |      |       |       |  29.2 |   28.0 |             |    33.0 |
--------------------------------------------------------------------------------
| Building     |      |       |       |  44.0 |   49.8 |             |    46.3 |
| products     |      |       |       |       |        |             |         |
--------------------------------------------------------------------------------
| Other        |      |       |       |  42.0 |   41.6 |             |    41.0 |
| operations   |      |       |       |       |        |             |         |
--------------------------------------------------------------------------------
| Segments,    |      |       |       | 772.4 |  794.3 |             |   882.2 |
| total        |      |       |       |       |        |             |         |
--------------------------------------------------------------------------------
| Assets unallocated to segments      |       |        |             |         |
--------------------------------------------------------------------------------
| and Group eliminations, total       | 529.9 |  354.7 |             |   531.1 |
--------------------------------------------------------------------------------
| Group total, |      |       |       | 1,302 | 1,149. |             | 1,413.3 |
| IFRS         |      |       |       |    .3 |      0 |             |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES  |      |       |       |       |        |             |         |
--------------------------------------------------------------------------------
| EUR million  |      |       |       | 3/200 | 3/2008 |             | 12/2008 |
|              |      |       |       |     9 |        |             |         |
--------------------------------------------------------------------------------
|              |      |       |       |       |        |             |         |
--------------------------------------------------------------------------------
| Building     |      |       |       |  28.7 |   46.6 |             |    57.6 |
| construction |      |       |       |       |        |             |         |
--------------------------------------------------------------------------------
| Infrastructu |      |       |       |       |        |             |         |
| re           |      |       |       |       |        |             |         |
--------------------------------------------------------------------------------
| construction |      |       |       |  32.0 |   33.2 |             |    55.9 |
--------------------------------------------------------------------------------
| Technical    |      |       |       |       |        |             |         |
| building     |      |       |       |       |        |             |         |
--------------------------------------------------------------------------------
| services     |      |       |       |   6.5 |    6.3 |             |    10.0 |
--------------------------------------------------------------------------------
| Building     |      |       |       |   3.1 |    4.5 |             |     5.8 |
| products     |      |       |       |       |        |             |         |
--------------------------------------------------------------------------------
| Other        |      |       |       |   0.3 |    1.1 |             |     0.7 |
| operations   |      |       |       |       |        |             |         |
--------------------------------------------------------------------------------
| Segments,    |      |       |       |  70.6 |   91.6 |             |   129.9 |
| total        |      |       |       |       |        |             |         |
--------------------------------------------------------------------------------
| Liabilities unallocated to segments |       |        |             |         |
--------------------------------------------------------------------------------
| and Group eliminations, total       | 922.5 |  781.9 |             |   941.6 |
--------------------------------------------------------------------------------
| Group total, |      |       |       | 993.1 |  873.6 |             | 1,071.5 |
| IFRS         |      |       |       |       |        |             |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 8) ECONOMIC TRENDS AND FINANCIAL INDICATORS |        |             |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|              |      |       |       | 3/200 | 3/2008 |             | 12/2008 |
|              |      |       |       |     9 |        |             |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Return on equity, %                 |  -4.6 |   -3.2 |             |    19.2 |
--------------------------------------------------------------------------------
| Return on investment, %             |   0.2 |   -0.5 |             |    17.7 |
--------------------------------------------------------------------------------
| Operating profit/loss, % of net     |  -2.6 |   -1.2 |             |     5.0 |
| sales                               |       |        |             |         |
--------------------------------------------------------------------------------
| Equity ratio, %                     |  25.7 |   26.3 |             |    26.2 |
--------------------------------------------------------------------------------
| Gearing, %                          | 145.7 |  140.5 |             |    98.4 |
--------------------------------------------------------------------------------
| Interest-bearing net debt, EUR      | 450.6 |  386.9 |             |   336.4 |
| million                             |       |        |             |         |
--------------------------------------------------------------------------------
| Gross investments, EUR million      |       |        |             |         |
--------------------------------------------------------------------------------
| (incl. leasing purchases)           |  10.3 |   15.2 |             |    60.2 |
--------------------------------------------------------------------------------
| Order book, EUR mill.               | 1,122 | 1,644. |             | 1,064.5 |
|                                     |    .2 |      2 |             |         |
--------------------------------------------------------------------------------
| - of which foreign orders, EUR      | 341.4 |  425.6 |             |   263.1 |
| mill.                               |       |        |             |         |
--------------------------------------------------------------------------------
| Average number of employees         | 8,098 |  8,753 |             |   9,776 |
--------------------------------------------------------------------------------
| Employees at end of period          | 7,998 |  8,948 |             |   8,910 |
--------------------------------------------------------------------------------
| Net sales, EUR mill.                | 336.9 |  444.9 |             | 2,481.8 |
--------------------------------------------------------------------------------
| - of which operations abroad, EUR   |  73.2 |  107.2 |             |   676.7 |
| mill.                               |       |        |             |         |
--------------------------------------------------------------------------------
| % of net sales                      |  21.7 |   24.1 |             |    27.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 9) SHARE-SPECIFIC           |       |       |        |             |         |
| INDICATORS                  |       |       |        |             |         |
--------------------------------------------------------------------------------
|              |      |       |       | 3/200 | 3/2008 |             | 12/2008 |
|              |      |       |       |     9 |        |             |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share, EUR             | -0.88 |  -0.59 |             |    3.28 |
--------------------------------------------------------------------------------
| Equity per share, EUR               | 16.66 |  14.90 |             |   18.45 |
--------------------------------------------------------------------------------
| Dividend per share, EUR             |       |        |             |    0.90 |
--------------------------------------------------------------------------------
| Dividend to earnings ratio, %       |       |        |             |    27.4 |
--------------------------------------------------------------------------------
| Market capitalisation, EUR mill.    | 268.9 |  597.3 |             |   222.1 |
--------------------------------------------------------------------------------
| Share price at end of period, EUR   | 15.80 |  35.09 |             |   13.05 |
--------------------------------------------------------------------------------
| Trading volume during period, 1 000 |   433 |  1 660 |             |   3 185 |
| shares                              |       |        |             |         |
--------------------------------------------------------------------------------
| Number of issued shares, 1 000      | 17,02 | 17,021 |             |  17,021 |
| shares                              |     1 |        |             |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 10) GUARANTEES AND CONTINGENT       |       |        |             |         |
| LIABILITIES                         |       |        |             |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR million  |      |       |       | 3/200 | 3/2008 |             | 12/2008 |
|              |      |       |       |     9 |        |             |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Securities for own commitments      |       |        |             |         |
--------------------------------------------------------------------------------
| Property mortgages                  |   0.0 |    1.5 |             |     1.5 |
--------------------------------------------------------------------------------
| Business mortgages                  |  39.9 |   95.3 |             |    40.6 |
--------------------------------------------------------------------------------
| Bonds pledged as security           |   0.3 |    0.8 |             |     0.3 |
--------------------------------------------------------------------------------
| Deposits     |      |       |       |   0.1 |    0.0 |             |     0.2 |
--------------------------------------------------------------------------------
| Total                               |  40.3 |   97.7 |             |    42.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Guarantees                          |       |        |             |         |
--------------------------------------------------------------------------------
| On behalf of affiliated companies   |  18.8 |    0.1 |             |    49.1 |
--------------------------------------------------------------------------------
| On behalf of others                 |  19.9 |    8.5 |             |    19.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Minimum lease payments of irrevocable lease |        |             |         |
| agreements                                  |        |             |         |
--------------------------------------------------------------------------------
| One year or less                    |  13.1 |    6.5 |             |     9.9 |
--------------------------------------------------------------------------------
| One to five years                   |  27.5 |   26.2 |             |    26.6 |
--------------------------------------------------------------------------------
| Over five years                     |  27.7 |   17.3 |             |    18.9 |
--------------------------------------------------------------------------------
| Total                               |  68.3 |   50.0 |             |    55.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Purchase commitments of investments |  23.8 |   10.7 |             |    13.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Derivative contracts                |       |        |             |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Forward foreign exchange contracts  |       |        |             |         |
--------------------------------------------------------------------------------
| Nominal value                       | 130.6 |   55.4 |             |    81.2 |
--------------------------------------------------------------------------------
| Fair value                          |   4.4 |    0.1 |             |     5.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Currency options, calls purchased   |       |        |             |         |
--------------------------------------------------------------------------------
| Nominal value                       |   6.8 |    0.0 |             |     0.0 |
--------------------------------------------------------------------------------
| Fair value                          |   0.4 |    0.0 |             |     0.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Currency options, puts written      |       |        |             |         |
--------------------------------------------------------------------------------
| Nominal value                       |   6.8 |    0.0 |             |     0.0 |
--------------------------------------------------------------------------------
| Fair value                          |  -0.2 |    0.0 |             |     0.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest rate options, calls        |       |        |             |         |
| purchased                           |       |        |             |         |
--------------------------------------------------------------------------------
| Nominal value                       |   1.6 |    3.4 |             |     1.4 |
--------------------------------------------------------------------------------
| Fair value                          |   0.0 |    0.0 |             |     0.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest rate options, puts written |       |        |             |         |
--------------------------------------------------------------------------------
| Nominal value                       |   1.6 |    3.4 |             |     1.4 |
--------------------------------------------------------------------------------
| Fair value                          |   0.0 |    0.0 |             |     0.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest rate swaps                 |       |        |             |         |
--------------------------------------------------------------------------------
| Nominal value                       |  71.9 |   95.6 |             |    71.9 |
--------------------------------------------------------------------------------
| Fair value                          |  -3.9 |   -1.6 |             |    -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.	                     

						                                                                          
11) 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, where the case is pending. The Supreme Administrative     
Court 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.