Restructuring paves the way for Uponor's improved profit performance

2/2/2005, 10:24 AM (Source: GlobeNewswire)
Uponor Corporation Stock exchange release 2 Feb. 2005 11:15

* Net sales came to EUR 1,072.8m (1,021.0m), up 5.1% in spite of
divestments - comparable growth of 11.0%
* Operating profit EUR 97.9m (30.7m) - comparable growth of 22.2%
* Profit after financial items EUR 92.3m (20.8m)
* Cash flow before financing EUR 189.8m (146.8m) and gearing 5% (18%)
* The Board proposes a EUR 0.70 dividend payment as well as buying
back own shares at a value of ca EUR 20m in 2005
* Group profitability is expected to improve in 2005, supported by
further organic growth

(Comparable figures have been adjusted to take account of the impact
of restructuring, exchange rate fluctuations and divestments.)


CEO, Jan Lång, commented on the 2004 financial statements as follows:
- Our focus on our strategic priorities bore fruit in 2004. The
commitment and efforts of our personnel helped produce clear
profitability gains, both in relative and absolute terms.
- We take most pleasure from our robust organic growth, based in
particular on our performance in North America, as well as that in
Central Europe.
- Our extensive restructuring programme, largely completed as
planned by the year-end, formed one of our key themes in 2004. Thanks
to this far-reaching, ambitious programme, we clarified our core
competencies and achieved greater production efficiency, giving us an
excellent platform on which to build.


Dividend proposal

The Board proposes to the AGM that a dividend of EUR 0.55 + EUR 0.15,
or EUR 0.70 per share, be paid for the 2004 financial year.

The Chairman of the Board, Pekka Paasikivi, commented on the Board's
proposal as follows:
- Our withdrawal from the domestic Real Estate business, carried
out last year, clarified Uponor's focus and increased its
transparency, while strengthening the Group's financial basis. The
Board thus proposes to the AGM that a dividend of EUR 0.70 be
approved, to consist of two elements: EUR 0.55 based on normal
business and profitability improvements, and EUR 0.15 based on the
return to the shareholders of funds released from the divestment of
non-core business operations.
- In addition, the Board plans to request authorisation from the
AGM to reacquire own shares and plans a share buyback programme of ca
EUR 20m in 2005, thus returning the capital to the shareholders.

The Board will decide on any other proposals to the AGM later.


The presentation material on the financial statements 2004 is
available on the company's website at
http://www.uponor.com/investors/investors_10.html.



Further information:
President and CEO, Jan Lång, Tel +358 40 508 7223
Deputy CEO and CFO, Jyri Luomakoski, Tel +358 40 515 4498



Uponor Corporation

Tarmo Anttila
Vice President, Communications



ANNEX:
Review by the Board of Directors
Tables




DISTRIBUTION:
Helsinki Stock Exchange
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www.uponor.com
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