PANOSTAJA GROUP INTERIM REPORT 1 November 2008 - 31 January 2009


Panostaja Oyj        Stock Exchange bulletin 12.3.2009 10.00 a.m 


PANOSTAJA GROUP INTERIM REPORT 1 November 2008 - 31 January 2009                

Net turnover stood at EUR 28.8 million (EUR 26.0 million), equivalent to 11%    
growth.                                                                         
There was an operating loss of EUR -0.6 million (EUR 0.5 million).              
Earnings per share (basic) were -1.2 cents (1.5 cents).                         
Equity per share was EUR 0.76 (EUR 0.71).                                       
The equity ratio was 33.0% (34.5%).                                             
The speedy downturn in the global economy weakened the Group's profitability    
despite the corrective measures taken.                                          
The Group's net turnover and operating profit for the financial year are        
expected to surpass that for the previous financial year, despite a weaker first
quarter.                                                                        

This Interim Report was prepared in compliance with the recognition and         
measurement principles of the International Financial Reporting Standards (IFRS)
and in accordance with the same accounting policies as the financial statements 
for 2008.                                                                       

GROUP                                                                           

FINANCIAL PERFORMANCE                                                           


Panostaja Group's net turnover for the quarter just ended was EUR 28.8 million  
(EUR 26.0 million). Growth in net turnover resulted from acquisitions made      
during the previous financial year, accounting for EUR 4.5 million of the       
turnover for the reporting period. Turnover for the Group's largest segment in  
terms of turnover (Wholesale Trade) during the first quarter fell by EUR -0.8   
million, as that segment's corporate customers adjusted their purchases to the  
poorer levels of demand. The fall in turnover for the joinery industry segment  
(EUR -0.6 million) was affected by the slowdown in (private) house building.    

The Group's operating loss was EUR -0.6 million (EUR 0.5 million), while profit 
before taxes was EUR -1.0 million (EUR 0.2 million). The operating margin was   
-2.0% (2.1%). The speedy downturn in the global economy weakened the Group's    
profitability despite the corrective measures taken. The normal season          
fluctuation associated with Panostaja's reporting periods increased because     
several corporate customers discontinued their activities around the end of the 
year. Profitability was mainly down in the Other Business segment, where the    
operating loss grew by EUR -0.8 million. Most of the increase in that segment's 
loss was due to the investment in Lukkoexpert Security Oy's enterprise resource 
planning system, whose delay slowed down the completion of the company's        
delivery projects and delayed billing for them.                                 

The Group's net financial expenditure was about EUR -0.4 million (EUR 0.4       
million). It employed an average of 761 (727) staff during the reporting period.


INVESTMENTS AND FINANCING                                                       

The Group's gross capital expenditure during the first quarter was EUR 2.8      
million (EUR 8.8 million). The most important investment during the reporting   
period was the acquisition of Puztec Oy.                                        


The Group's cash flow during the reporting period fell by EUR -0.4 million. Its 
liquidity, despite negative cash flow and the investments made, was good.       
Furthermore, storage development work is under way in the Group, being organised
by Vallog Oy, which aims at optimising the value of inventories in Panostaja's  
five business segments (subgroups). The Group's cash and cash equivalents and   
short-term investments of EUR 40.5 million (EUR 33.9 million) enabled the       
realisation of the growth strategy.                                             

The Group's equity ratio was 33.0% (34.5%) and interest-bearing net liabilities 
stood at EUR 21.0 million (EUR 18.3 million). Panostaja Oyj's convertible       
subordinated loan accounted for EUR 17.2 million (EUR 18.7 million) of the net  
liabilities.                                                                    

The Annual General Meeting on 26 January 2009 adopted a proposal on a           
distribution of dividends. Dividends were distributed at EUR 0.12 per share. The
record date for dividend distribution was 29 January 2009 and the payment date  
would be from 5 February 2009. A total of EUR 5.6 million was paid in dividends 
to the parent shareholders.                                                     


CHANGES TO THE GROUP STRUCTURE                                                  

During the reporting period Panostaja Oyj bought the entire share capital of    
Puztec Oy, which supplies tube conveyor systems. A total of 64% of the share    
capital became owned by Panostaja on 2 January 2009 and the rest will transfer  
by 1 May 2009. With the acquisition, Panostaja expanded its business segment    
that specialises in environmental technology. Puztec Oy designs, manufactures   
and markets community and bio-waste tube conveyor systems and disposal shafts.  
The company's turnover in the financial year 2008 was around EUR 2 million and  
its premises are located in Kivenlahti, in Espoo.                               

In the reporting period Panostaja Oyj reported that Digital Printing Services   
was a new segment. It is formed from the Kopijyvä Group. Kopijyvä Oy is one of  
Finland's biggest companies providing digital printing services. In the         
financial year 2008 the Kopijyvä Group was reported as part of the Other        
Business segment. Following the change, Panostaja's six business segments are   
now: Industrial Services, the Joinery Industry, Wholesale Trade, Takoma, Digital
Printing Services, and Other Business.                                          

In the preliminary ruling on the Equity Rebate in respect of Takoma Oyj shares  
in spring 2008, the Tax Office for Major Corporations decided on the basis of an
overall assessment that Panostaja was a capital investor (venture capital       
company) within the meaning of section 6 of the Finnish Business Tax Act. In its
regular taxation practices in 2007 the Tax Office for Major Corporations        
regarded Panostaja Oy as the capital investor alluded to and taxed the company  
on certain profits from the sale of shares in fixed assets.                     

Panostaja Oyj disputes the interpretation by the tax authorities and during the 
reporting period submitted a claim for rectification over the matter to the Tax 
Rectification Board.                                                            

As part of its chosen strategy for growth and focus on core activities,         
Panostaja Oyj on 23 October 2008 announced that it was exploring the possible   
cash realisation of the properties owned by the Group, although the Group's     
current cash flows are adequate for creating growth. The exploratory work was   
meant to end in December 2008, but because of the situation in the financial    
markets, it will continue into 2009.                                            


EVENTS SUBSEQUENT TO THE REPORTING PERIOD                                       

None.                                                                           



ADMINISTRATION, ANNUAL GENERAL MEETING AND MANAGEMENT                           

At an extraordinary general meeting on 10 November 2008 it was decided to       
combine the A and B share series into one. At the same time, Panostaja Oyj      
organised a bonus share issue for A series shareholders, in which one (1) new   
Panostaja share would be issued free for every 13 A shares held. After the      
series were combined and after the share issue an A series shareholder would    
thus own 14 Panostaja shares for each 13 A shares previously held, instead of   
the A shares. Each share would now carry one vote and the same shareholder      
rights. The new shares were entered in the Trade Register on 14 November 2008   
and trading in the combined shares began the same day.                          

At the extraordinary general meeting on 10 November 2008 it was decided to amend
the Articles of Association. The new Articles of Association were recorded in   
the Trade register on 14 November 2008.                                         

Panostaja Oyj's Annual General Meeting was held on 16 January 2009. Mr. Matti   
Koskenkorva, Mr. Jukka Ala-Mello, Mr. Hannu Tarkkonen, Mr. Hannu Martikainen and
Mr. Hannu Ketola were re-elected to Panostaja Oyj's Board of Directors. As soon 
as the Annual General Meeting was concluded, the Board of Directors convened for
their organisational meeting and appointed Mr. Matti Koskenkorva Chairman of the
Board and Mr. Jukka Ala-Mello Deputy Chairman of the Board. As auditors, the AGM
elected Mr. Eero Suomala, APA, and PricewaterhouseCoopers Oy, APA, with Mr.     
Janne Rajalahti, APA, as the responsible auditor.                               

The AGM approved the financial statements presented for the financial year 1    
November 2007 - 31 October 2008 and the Board's proposal to transfer the profit 
for the period to retained earnings and to distribute EUR 0.12 per share in     
dividends. The record date for dividend distribution was 29 January 2009 and the
payment date was as from 5 February 2009. In addition, the AGM granted discharge
in respect of the members of the Board of Directors and the Chief Executive     
Officer.                                                                        

In addition, the Annual General Meeting revoked the authorisation regarding the 
acquisition of its own shares given at its General Meeting on 18 December 2007  
and authorised the Board of Directors to decide on the acquisition of its own   
shares, with the maximum number to be acquired set at 4,740,311 or less, which, 
together with the other shares held by or pledged to the company or its         
subsidiaries, would be a maximum of one tenth of all the company shares, i.e.   
4,740,311.                                                                      

The shares are to be acquired at the going market price in public trading       
organised by NASDAQ OMX Helsinki Oy not in proportion to shareholders' holdings.
The acquisition of shares will be consistent with NASDAQ OMX Helsinki Oy and APK
Finnish Central Securities Depository rules.                                    

The authorisation will be in effect for 18 months from the date it was          
announced.                                                                      

The Board exercised the authority it was given at the General Meeting of 18     
December 2007 and acquired 222,109 of the company's own shares during the       
reporting period. It also received 37,160 of the company's own shares in the    
bonus share issue organised when the share series were combined.                


SHARE CAPITAL AND OWN SHARES                                                    

At the end of the reporting period, Panostaja Oyj's share capital stood at EUR  
5,529,081.60. The numbers of shares amounted to 47,403,110.                     

In accordance with the decisions taken at the AGM on 18 December 2007 and by the
Board of Directors, on 19 December 2008 Panostaja Oyj distributed a total of    
7,430 shares to the Board members as payment of their attendance allowance.     

The number of own shares held by the company at the end of the reporting period 
was 991,590. The number of own shares was equivalent to 2.1% of the total number
of shares and votes at the end of the reporting period.                         

SUBORDINATED LOAN                                                               

The amount of the 2006 convertible subordinated loan outstanding at the end of  
the reporting period was EUR 17,212,500, entitling holders to subscribe for a   
total of 10,125,000 new shares. The convertible subordinated loan was not used  
to subscribe for any new shares during the reporting period.                    


SHARE PERFORMANCE AND HOLDINGS                                                  

Panostaja Oyj share prices varied during the reporting period between EUR 1.00  
and EUR 1.25. The equity turnover for shares was 2,669,671, equivalent to 5.9%  
of the share capital. The price at the end of January was EUR 1.01. The market  
value of the company's share capital was EUR 47.9 million at the end of January,
when the company had 3,005 (1,962) shareholders.                                

Panostaja Oyj's holdings altered when the new (shares) issued in the bonus issue
were recorded in the Trade Register. On 14 November Panostaja Oy received the   
following notifications in connection with the change in share ownership:       

Matti Koskenkorva's holding went under 15% of the votes carried by the shares of
Panostaja Oyj. His holding is 6,124,453 shares, which is 12.9% of Panostaja     
Oyj's equity capital and votes. Maija Koskenkorva's holding exceeded 10% of the 
votes carried by the shares of Panostaja Oyj. Her holding is 5,071,742 shares,  
which is 10.7% of Panostaja Oyj's equity capital and votes. Olli Halmevuo's     
holding went under 5% of the votes carried by the shares of Panostaja Oyj. His  
holding is 2,013,715 shares, which is 4.2% of Panostaja Oyj's equity capital and
votes.                                                                          


SHORT-TERM RISKS AND UNCERTAINTIES                                              

Panostaja Group's most significant risks were described in the previous         
financial statements. Short-term risks relate in particular to the successful   
integration of acquired companies. The dramatic economic downturn is causing    
customer demand to weaken and a risk of bad debts in some segments.             

OUTLOOK FOR THE REST OF THE FINANCIAL YEAR                                      
The Panostaja Group will continue to focus on the business idea in line with its
core business strategy and on the development of existing business areas. The   
retirement of the baby-boomers, the ever more dramatic changes in the business  
environment and internationalisation will result in a large number of business  
purchases over the next few years. Panostaja's operating conditions, available  
capital resources and liquid assets are a good basis for intense expansion of   
operations. The increasing number of SMEs operating in traditional industries   
will enable both further expansion into new business areas and growth in        
existing business areas.                                                        

The dramatic global economic downturn is having its effect on Finland.          
Expectations for the current business sectors are closely tied to the economic  
outlook for corporate customers. The prospects for the different business areas 
in the Panostaja Group vary from weakening to cautiously positive. The downturn 
in the building sector is having an effect on some of the Panostaja Group       
business areas, although the company has begun to take corrective action in good
time. The investments in reporting and monitoring systems made in the previous  
financial year will make us more able to respond and react. The current economic
climate is also an opportunity for acquisitions and the Panostaja Group strategy
for growth is intended to be realised through controlled acquisitions,          
especially in existing business areas. The Group's turnover and profit this     
financial year are expected to surpass that for the previous financial year,    
despite a weaker first quarter.                                                 



Panostaja Oyj                                                                   

Board of Directors                                                              


For further information, please contact Mr. Juha Sarsama, CEO, on (tel.) 040 774
2099.                                                                           

Panostaja Oyj                                                                   


Juha Sarsama                                                                    
CEO                                                                             


All forecasts and estimates in this Interim Report are based on the current     
views of the management of the Group and the managers of the business areas on  
the economic climate and developments and the actual results may be             
significantly different. The data provided in this Interim Report is unaudited. 







FINANCIAL INFORMATION                                                           


CONSOLIDATED INCOME STATEMENT                                                   

--------------------------------------------------------------------------------
|                                 | 11/08-1/09   | 11/07-1/08   | 11/07-10/08  |
--------------------------------------------------------------------------------
| (EUR 1,000)                     | 3 months     | 3 months     | 12 months    |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net turnover                    |       28,769 |       25,970 |      121,133 |
--------------------------------------------------------------------------------
| Other operating income          |          224 |          177 |          757 |
--------------------------------------------------------------------------------
| Total expenses                  |       28,698 |       24,931 |      111,881 |
--------------------------------------------------------------------------------
| Depreciation, amortisation and  |          872 |          670 |        3,602 |
| impairment                      |              |              |              |
--------------------------------------------------------------------------------
| Operating profit/loss           |         -577 |          546 |        6,407 |
--------------------------------------------------------------------------------
| Financial income and expenses   |         -414 |         -394 |       -2,058 |
--------------------------------------------------------------------------------
| Share of profit of associates   |            0 |            0 |           45 |
--------------------------------------------------------------------------------
| Profit before taxes             |         -991 |          152 |        4,394 |
--------------------------------------------------------------------------------
| Income taxes                    |            0 |           70 |        1,635 |
--------------------------------------------------------------------------------
| Profit/loss from continuing     |         -991 |          222 |        2,759 |
| operations                      |              |              |              |
--------------------------------------------------------------------------------
| Profit/loss from discontinued   |            0 |          742 |       11,038 |
| operations                      |              |              |              |
--------------------------------------------------------------------------------
| Profit for the period           |         -991 |          964 |       13,797 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Attributable to:                |              |              |              |
--------------------------------------------------------------------------------
| Equity holders of the parent    |         -909 |          674 |       12,694 |
| company                         |              |              |              |
--------------------------------------------------------------------------------
|  Minority interest              |          -82 |          290 |        1,103 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share on           |       -0.020 |       -0.002 |        0.037 |
| continuing operations, EUR -    |              |              |              |
| basic                           |              |              |              |
--------------------------------------------------------------------------------
| Earnings per share on           |       -0.012 |        0.002 |        0.046 |
| continuing operations, EUR -    |              |              |              |
| diluted                         |              |              |              |
--------------------------------------------------------------------------------
| Earnings per share on           |        0.000 |        0.017 |        0.247 |
| discontinued operations, EUR -  |              |              |              |
| basic                           |              |              |              |
--------------------------------------------------------------------------------
| Earnings per share on           |        0.000 |        0.014 |        0.201 |
| discontinued operations, EUR -  |              |              |              |
| diluted                         |              |              |              |
--------------------------------------------------------------------------------
| Earnings per share on           |       -0.020 |        0.015 |        0.284 |
| continuing and discontinued     |              |              |              |
| operations, EUR - basic         |              |              |              |
--------------------------------------------------------------------------------
| Earnings per share on           |       -0.012 |        0.016 |        0.247 |
| continuing and discontinued     |              |              |              |
| operations, EUR - diluted       |              |              |              |
--------------------------------------------------------------------------------
	                                                                               

CONSOLIDATED BALANCE SHEET                                                      
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (EUR 1,000)                                  | 01/2009 | 01/2008  | 10/2009  |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ASSETS                                       |         |          |          |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current assets                           |         |          |          |
--------------------------------------------------------------------------------
|   Intangible assets                          |  29,689 |   18,135 |   29,519 |
--------------------------------------------------------------------------------
|   Property, plant and equipment              |  19,192 |   20,359 |   18,770 |
--------------------------------------------------------------------------------
|   Interests in associates                    |   1,810 |      973 |    1,787 |
--------------------------------------------------------------------------------
|   Other non-current assets                   |   7,274 |      365 |    4,797 |
--------------------------------------------------------------------------------
|   Interest-bearing receivables               |      69 |        0 |       65 |
--------------------------------------------------------------------------------
| Total non-current assets                     |  58,034 |   39,832 |   54,938 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets                               |         |          |          |
--------------------------------------------------------------------------------
|   Stocks                                     |  24,119 |   21,958 |   22,991 |
--------------------------------------------------------------------------------
| Trade and other non-interest-bearing         |  18,921 |   18,811 |   22,552 |
| receivables                                  |         |          |          |
--------------------------------------------------------------------------------
|   Short-term investments                     |       0 |    1,806 |        0 |
--------------------------------------------------------------------------------
|   Cash and cash equivalents                  |  40,534 |   32,133 |   46,081 |
--------------------------------------------------------------------------------
| Total current assets                         |  83,574 |   74,708 |   91,561 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total assets                                 | 141,607 |  114,540 |  146,499 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES                       |         |          |          |
--------------------------------------------------------------------------------
|  Share capital                               |   5,529 |    5,424 |    5,529 |
--------------------------------------------------------------------------------
|  Other equity                                |  29,858 |   26,102 |   36,712 |
--------------------------------------------------------------------------------
| Total                                        |  35,387 |   31,526 |   42,241 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Minority interest                            |  11,234 |    7,771 |   11,562 |
--------------------------------------------------------------------------------
| Total equity                                 |  46,621 |   39,297 |   53,803 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Liabilities                                  |         |          |          |
--------------------------------------------------------------------------------
|  Deferred tax liabilities                    |   1,753 |    1,582 |    1,729 |
--------------------------------------------------------------------------------
|  Convertible loan                            |  16,906 |   18,113 |   16,878 |
--------------------------------------------------------------------------------
|  Non-current liabilities                     |  41,160 |   31,971 |   41,119 |
--------------------------------------------------------------------------------
|  Current liabilities                         |  35,166 |   23,577 |   32,970 |
--------------------------------------------------------------------------------
| Total liabilities                            |  94,986 |   75,243 |   92,696 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total equity and liabilities                 | 141,607 |  114,540 |  146,499 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------


CASH FLOW STATEMENT                                                             
--------------------------------------------------------------------------------
|                                              | 01/2009 | 01/2008  | 10/2008  |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from operating activities          |    -433 |    2,719 |    3,751 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow used in investing activities       |  -2,660 |   -1,533 |   -4,470 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Increase in creditors                        |     696 |   15,700 |   30,400 |
--------------------------------------------------------------------------------
| Decrease in creditors                        |  -2,818 |  -19,371 |  -20,574 |
--------------------------------------------------------------------------------
| Dividends paid                               |     -24 |   -4,399 |   -4,263 |
--------------------------------------------------------------------------------
| Other changes in equity                      |    -244 |     -450 |      -99 |
--------------------------------------------------------------------------------
| Total cash flow from financing activities    |  -2,389 |   -8,520 |    5,464 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in cash and cash equivalents          |  -5,482 |   -7,335 |    4,745 |
--------------------------------------------------------------------------------


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY                                     
--------------------------------------------------------------------------------
| (EUR 1,000)      | Sha | Shar | Inves | Tran | Reta | Minor | Total  |       |
|                  | re  | e    | ted   | s­la | ined | ity   |        |       |
|                  | cap | prem | unres | tion | earn | inter |        |       |
|                  | ita | ium  | trict | diff | ings | est   |        |       |
|                  | l   | acco | ed    | er­e |      |       |        |       |
|                  |     | unt  | equit | nces |      |       |        |       |
|                  |     |      | y     |      |      |       |        |       |
|                  |     |      | fund  |      |      |       |        |       |
--------------------------------------------------------------------------------
| Shareholders'    | 5,4 | 4,64 | 12,82 |   35 | 12,3 | 4,290 | 39,560 |       |
| equity as at 1   |  24 |    7 |     5 |      |   39 |       |        |       |
| November 2007    |     |      |       |      |      |       |        |       |
--------------------------------------------------------------------------------
| Share-based      |     |      |    21 |      |      |       |     21 |       |
| incentive        |     |      |       |      |      |       |        |       |
| schemes          |     |      |       |      |      |       |        |       |
--------------------------------------------------------------------------------
| Profit for the   |     |      |       |      |  674 |   290 |    964 |       |
| period           |     |      |       |      |      |       |        |       |
--------------------------------------------------------------------------------
| Total income and |     |      |    21 |      |  674 |   290 |    985 |       |
| expenses         |     |      |       |      |      |       |        |       |
| recorded for the |     |      |       |      |      |       |        |       |
| financial year   |     |      |       |      |      |       |        |       |
--------------------------------------------------------------------------------
| Dividends paid   |     |      |       |      | -3,9 | -,429 | -4,399 |       |
|                  |     |      |       |      |   70 |       |        |       |
--------------------------------------------------------------------------------
| Acquisition of   |     |      |  -450 |      |      |       |   -450 |       |
| own shares       |     |      |       |      |      |       |        |       |
--------------------------------------------------------------------------------
| Currency         |     |      |       |  -19 |      |       |    -19 |       |
| translation      |     |      |       |      |      |       |        |       |
| differences      |     |      |       |      |      |       |        |       |
--------------------------------------------------------------------------------
| Acquisition of   |     |      |       |      |      | 3,620 |  3,620 |       |
| minority         |     |      |       |      |      |       |        |       |
| interests        |     |      |       |      |      |       |        |       |
--------------------------------------------------------------------------------
| Shareholders'    | 5,4 | 4,64 | 12,39 |   16 | 9,04 | 7,771 | 39,297 |       |
| equity as at 31  |  24 |    7 |     6 |      |    3 |       |        |       |
| January 2008     |     |      |       |      |      |       |        |       |
--------------------------------------------------------------------------------
| Shareholders'    | 5,5 | 4,64 | 12,40 |   -6 | 19,6 | 11,56 | 53,804 |       |
| equity as at 1   |  29 |    7 |     3 |      |   69 |     2 |        |       |
| November 2008    |     |      |       |      |      |       |        |       |
--------------------------------------------------------------------------------
| Share-based      |     |      |    23 |      |      |       |     23 |       |
| incentive        |     |      |       |      |      |       |        |       |
| schemes          |     |      |       |      |      |       |        |       |
--------------------------------------------------------------------------------
| Profit for the   |     |      |       |      | -909 |   -82 |   -991 |       |
| period           |     |      |       |      |      |       |        |       |
--------------------------------------------------------------------------------
| Total income and |     |      |    23 |      | -909 |   -82 |   -968 |       |
| expenses         |     |      |       |      |      |       |        |       |
| recorded for the |     |      |       |      |      |       |        |       |
| financial year   |     |      |       |      |      |       |        |       |
--------------------------------------------------------------------------------
| Dividends paid   |     |      |       |      | -5,5 |  -260 |  5,829 |       |
|                  |     |      |       |      |   69 |       |        |       |
--------------------------------------------------------------------------------
| Acquisition of   |     |      |  -252 |      |      |       |   -252 |       |
| own shares       |     |      |       |      |      |       |        |       |
--------------------------------------------------------------------------------
| Sale of own      |     |      |     8 |      |      |       |      8 |       |
| shares           |     |      |       |      |      |       |        |       |
--------------------------------------------------------------------------------
| Currency         |     |      |       | -155 |      |       |   -155 |       |
| translation      |     |      |       |      |      |       |        |       |
| differences      |     |      |       |      |      |       |        |       |
--------------------------------------------------------------------------------
| Acquisition of   |     |      |       |      |      |    13 |     13 |       |
| minority         |     |      |       |      |      |       |        |       |
| interests        |     |      |       |      |      |       |        |       |
--------------------------------------------------------------------------------
| Shareholders'    | 5,5 | 4,64 | 12,18 | -161 | 13,1 | 11,23 | 46,621 |       |
| equity as at 31  |  29 |    7 |     2 |      |   90 |     4 |        |       |
| January 2009     |     |      |       |      |      |       |        |       |
--------------------------------------------------------------------------------




KEY INDICATORS                                                                  
--------------------------------------------------------------------------------
|                                              | 01/2009 | 01/2008  | 10/2008  |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity per share, EUR                        |    0.76 |     0.71 |     0.93 |
--------------------------------------------------------------------------------
| Average number of shares during the period   |  46,343 |   44,113 |   44,760 |
| (000's)                                      |         |          |          |
--------------------------------------------------------------------------------
| Number of shares at end of period (000's)    |  47,403 |   44,113 |   46,076 |
--------------------------------------------------------------------------------
| Share issues / convertible during the period |       0 |        0 |      875 |
| (000's)                                      |         |          |          |
--------------------------------------------------------------------------------
| Average number of shares (000's)- diluted    |  56,468 |   55,142 |   54,885 |
--------------------------------------------------------------------------------
| Return on equity (ROE), %                    |    -7.9 |      9.8 |     29.6 |
--------------------------------------------------------------------------------
| Return on investment (ROI), %                |     0.3 |      8.9 |     18.5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Gross capital expenditure                    |         |          |          |
--------------------------------------------------------------------------------
| on non-current assets (MEUR)                 |     2.8 |      8.8 |     24.2 |
--------------------------------------------------------------------------------
| % of net turnover                            |     3.5 |     27.7 |     19.9 |
--------------------------------------------------------------------------------
| Interest-bearing liabilities                 |  62,024 |   52,361 |   64,189 |
--------------------------------------------------------------------------------
| Equity ratio, %                              |    33.0 |     34.5 |     36.8 |
--------------------------------------------------------------------------------
| Average number of employees                  |     761 |      727 |      646 |
--------------------------------------------------------------------------------

Key indicators have been calculated eliminating own shares held by the company. 


GROUP'S QUARTERLY PERFORMANCE                                                   
--------------------------------------------------------------------------------
| (EUR         | IFRS  | IFRS  | IFRS  | IFRS  | IFRS  | IFRS  | IFRS  | IFRS  |
| million)     |       |       |       |       |       |       |       |       |
--------------------------------------------------------------------------------
|              | Q2/07 | Q3/07 | Q4/07 | Q1/08 | Q2/08 | Q3/08 | Q4/08 | Q1/09 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net turnover |  10.2 |  23.1 |  25.7 |  26.0 |  28.4 |  31.0 |  35.8 |  28.8 |
--------------------------------------------------------------------------------
| Other        |   0.1 |   0.2 |   0.4 |   0.2 |   0.1 |   0.1 |   0.4 |   0.2 |
| operating    |       |       |       |       |       |       |       |       |
| income       |       |       |       |       |       |       |       |       |
--------------------------------------------------------------------------------
| Total        |    10 |  21.1 |  24.0 |  24.9 |  26.6 |  28.3 |  31.9 |  28.7 |
| expenses     |       |       |       |       |       |       |       |       |
--------------------------------------------------------------------------------
| Depreciation |   0.2 |   0.4 |   0.7 |   0.7 |   0.7 |   1.2 |   1.0 |   0.9 |
| and          |       |       |       |       |       |       |       |       |
| amortisation |       |       |       |       |       |       |       |       |
--------------------------------------------------------------------------------
| Operating    |   0.1 |   1.8 |   1.4 |   0.5 |   1.2 |   1.6 |   3.2 |  -0.6 |
| profit       |       |       |       |       |       |       |       |       |
--------------------------------------------------------------------------------
| Financial    |  -0.2 |  -0.4 |  -0.5 |  -0.4 |  -0.6 |  -0.7 |  -0.4 |  -0.4 |
| items        |       |       |       |       |       |       |       |       |
--------------------------------------------------------------------------------
| Profit       |  -0.1 |   1.4 |   0.9 |   0.1 |   0.6 |   0.9 |   2.8 |  -1.0 |
| before taxes |       |       |       |       |       |       |       |       |
--------------------------------------------------------------------------------
| Taxes        |   0.0 |   0.3 |   0.2 |  -0.1 |   0.9 |   0.6 |   0.2 |   0.0 |
--------------------------------------------------------------------------------
| Minority     |   0.6 |   0.4 |   0.3 |   0.3 |   0.7 |  -0.4 |   0.5 |  -0.1 |
| interest     |       |       |       |       |       |       |       |       |
--------------------------------------------------------------------------------
| Profit from  |  -0.6 |   1.8 |   0.7 |   0.0 |  -0.7 |   1.9 |   1.6 |  -0.9 |
| continuing   |       |       |       |       |       |       |       |       |
| operations   |       |       |       |       |       |       |       |       |
--------------------------------------------------------------------------------
| Profit from  |   2.0 |   0.7 |   0.7 |   0.7 |   1.7 |   8.1 |   0.5 |   0.0 |
| discontinued |       |       |       |       |       |       |       |       |
| operations   |       |       |       |       |       |       |       |       |
--------------------------------------------------------------------------------
| Profit for   |   1.4 |   2.5 |   1.4 |   0.7 |   1.0 |  10.0 |   2.1 |  -0.9 |
| the period   |       |       |       |       |       |       |       |       |
--------------------------------------------------------------------------------



                                                                                
CONTINGENT LIABILITIES                                                          
EUR 1,000                                 01/2009      01/2008      2008        
Collateral given on behalf of Group                                             
companies                                                                       
Mortgages 		                      8,234         9,317      8,621                
Floating charges                            30,955        21,540     30,905     
Pledges given                               48,182        31,078     48,734     
Other liabilities	                         93         3,936         93          

Amounts payable under lease contracts                                           
Payable within one year                      2,044           679      1,716     
Payable after one year                                                          
but within five years                        3,939           726      4,505     
Total 	                                     5,983          1,405     6. 221     
                                                                                
Liabilities have been measured at the nominal or book value of collateral.      

SEGMENT INFORMATION                                                             

The Group's primary reporting segment is the business segment. The Group        
reported on six business segments for the financial year. The Group does not    
have a secondary reporting segment.                                             









--------------------------------------------------------------------------------
| EUR 1,000                                            |   1/2009 |     1/2008 |
--------------------------------------------------------------------------------
| NET TURNOVER                                         |          |            |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Industrial services                                  |    4,736 |      4,569 |
--------------------------------------------------------------------------------
| Joinery industry                                     |    1,360 |      1,982 |
--------------------------------------------------------------------------------
| Wholesale trade                                      |    9,304 |     10,113 |
--------------------------------------------------------------------------------
| Takoma                                               |    4,581 |      4,639 |
--------------------------------------------------------------------------------
| Digital services                                     |    3,079 |          0 |
--------------------------------------------------------------------------------
| Other                                                |    5,996 |      4,846 |
--------------------------------------------------------------------------------
| Eliminations                                         |     -287 |       -179 |
--------------------------------------------------------------------------------
| Total                                                |   28,769 |     25,970 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| OPERATING PROFIT/LOSS                                |          |            |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Industrial services                                  |      146 |        381 |
--------------------------------------------------------------------------------
| Joinery industry                                     | -161     |        -72 |
--------------------------------------------------------------------------------
| Wholesale trade                                      |      336 |        594 |
--------------------------------------------------------------------------------
| Takoma                                               |       16 |         36 |
--------------------------------------------------------------------------------
| Digital services                                     |      278 |          0 |
--------------------------------------------------------------------------------
| Other                                                |   -1,192 |       -393 |
--------------------------------------------------------------------------------
| Total                                                |     -577 |        546 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

SEGMENT INFORMATION BY QUARTER                                                  
--------------------------------------------------------------------------------
| (EUR million)      | Q3/07 | Q4/07 | Q1/08 | Q2/08 | Q3/08 | Q4/08  | Q1/09  |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net turnover       |       |       |       |       |       |        |        |
--------------------------------------------------------------------------------
| Industrial         |   5.0 |   5.2 |   4.6 |   5.2 |   6.3 |    6.3 |    4.7 |
| services           |       |       |       |       |       |        |        |
--------------------------------------------------------------------------------
| Joinery industry   |   2.2 |   2.5 |   2.0 |   2.2 |   1.6 |    1.7 |    1.4 |
--------------------------------------------------------------------------------
| Wholesale trade    |  10.1 |  12.6 |  10.1 |  11.3 |  11.7 |   12.3 |    9.2 |
--------------------------------------------------------------------------------
| Takoma             |   0.0 |   0.0 |   4.6 |   4.6 |   4.1 |    5.1 |    4.6 |
--------------------------------------------------------------------------------
| Digital printing   |   0.0 |   0.0 |   0.0 |   0.0 |   2.7 |    3.2 |    3.0 |
| services           |       |       |       |       |       |        |        |
--------------------------------------------------------------------------------
| Other              |   5.8 |   5.2 |   4.6 |   5.1 |   4.6 |    7.2 |    5.9 |
--------------------------------------------------------------------------------
| Total              |  23.1 |  25.7 |  26.0 |  28.4 |  31.0 |   35.8 |   28.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating          |       |       |       |       |       |        |        |
| profit/loss        |       |       |       |       |       |        |        |
--------------------------------------------------------------------------------
| Industrial         |   1.0 |   0.5 |   0.4 |   0.2 |   0.7 |    1.0 |    0.1 |
| services           |       |       |       |       |       |        |        |
--------------------------------------------------------------------------------
| Joinery industry   |   0.2 |   0.3 |  -0.1 |   0.2 |   0.0 |    0.1 |   -0.2 |
--------------------------------------------------------------------------------
| Wholesale trade    |   0.6 |   0.8 |   0.6 |   0.0 |   1.6 |    0.6 |    0.3 |
--------------------------------------------------------------------------------
| Takoma             |   0.0 |   0.0 |   0.0 |   0.4 |   0.2 |    0.5 |    0.0 |
--------------------------------------------------------------------------------
| Digital printing   |   0.0 |   0.0 |   0.0 |   0.0 |   0.1 |    0.6 |    0.3 |
| services           |       |       |       |       |       |        |        |
--------------------------------------------------------------------------------
| Other              |   0.0 |  -0.2 |  -0.4 |   0.4 |  -1.0 |    0.4 |   -1.1 |
--------------------------------------------------------------------------------
| Total              |   1.8 |   1.4 |   0.5 |   1.2 |   1.6 |    3.2 |   -0.6 |
--------------------------------------------------------------------------------

Panostaja Oyj is a multi-sector holding company. The company invests in Finnish 
small and medium-sized enterprises operating in traditional industries.         
Investments are mostly carried out through acquisitions. The Panostaja Group    
invests business resources and strategic know-how in companies. The objective is
to raise the target company to become a major player in its field according to a
pre-determined schedule. Once this schedule has elapsed, the enterprise         
continues to operate as an independent growth company.                          


At present, the company operates in 13 business areas. Oy Alfa-Kem Ab           
manufactures and markets industrial chemicals, cleaning agents and institutional
kitchen detergents. Ecosir Oy, Kospa Oy and Puztec Oy are companies specialising
in solutions for waste management and property maintenance equipment. The       
Heatmasters Group delivers metal heat treatment services in Finland and         
internationally and manufactures, develops and markets heat treatment           
technology. Fittings companies Suomen Helakeskus Oy and Seinäjoen               
Rakennustarvike ja Lukko Oy are key wholesalers of construction and furniture   
fittings in Finland. Fastenings companies Helsingin Laaturuuvi Oy, Porin Pultti 
Oy and Ruuvipojat Oy serve retailers throughout Finland. KL-Varaosat specialises
in the import, wholesale and retail of OEM spare parts and accessories for      
Mercedes-Benz and BMW cars. Kopijyvä Oy is one of Finland's biggest companies   
providing digital printing services. LukkoExpert Security Oy is an expert in    
locks, door automation and security technology and services. Lämpö-Tukku Oy     
specialises in wholesale heating, plumbing and ventilation equipment. Suomen    
Puunjalostus Oy operates in the joinery industry, solid wood interior doors and 
wooden staircases being its main products. Takoma Oyj is a listed mechanical    
engineering Group based on an entrepreneur-driven business model. Toimex Oy     
manufactures and sells heating, plumbing and ventilation supports. Vallog Oy    
specialises in Finnish metal industry manufacturing and logistics services.