EXEL OYJ?S Q4 PERFORMANCE AND FINANCIAL STATEMENTS BULLETIN

EXEL OYJ  STOCK EXCHANGE RELEASE   27.2.2006 at 9.25am  1
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EXEL  OYJ’S Q4 PERFORMANCE AND FINANCIAL STATEMENTS BULLETIN
2005

Summary

- Net sales for the financial year increased to EUR 91.3
(83.9) million or 8.9% over the previous year
- Net sales in Q4 were EUR 21.9 (19.8) million
- Operating profit for the financial year was EUR 12.4
(13.7) million, down 9.6% over the previous year,
representing 13.6% (16.3%) of net sales
- Operating profit in Q4 was EUR 2.2 (3.3) million,
representing 9.9% (16.8%) of net sales
- Earnings per share were EUR 0.76 (0.80) adjusted for full
dilution
- Net interest-bearing liabilities increased to 8.2 (7.4)
million, whilst net gearing improved to 30.2% (36.0%)
- Industrial profiles market very active
- Industry Division experienced excellent growth in
operating profit in 2005, up 37.8% to EUR 10.8 (7.8) million
as a result of increased volumes and improved efficiency
- Operating profit in Sport Division decreased to EUR 1.6
(5.9) million as a result of increased competition and
oversupply in the Nordic Walking segment in the Central
European markets
- The Board of Directors proposes to increase the dividend
to EUR 0.40 (0.35) per share
- Exel becomes the world’s first global pultrusion company
by acquiring Pacific Composites


CONSOLIDATED KEY FIGURES, EUR million

                 1.10.  1.10.   Change   1.1. -  1.1.   Change %
                     -      -        %              -
                31.12. 31.12.            31.12. 31.12           
                                                    .
EUR million       2005   2004              2005  2004  
                                                       
Net sales         21.9   19.8    11.0%     91.3  83.9       8.9%
Operating          2.2    3.3   -34.5%     12.4  13.7      -9.6%
profit
% of net sales    9.9%  16.8%             13.6% 16.3%           
Profit for the     1.7    2.3   -23.7%      8.9   9.1      -2.5%
period
                                                       
Equity            27.0   20.7    30.6%     27.0  20.7      30.6%
Net interest-      8.2    7.4     9.8%      8.2   7.4       9.8%
bearing
liabilities
Invested          41.0   33.3   23.2 %     41.0  33.3      23.2%
capital
Return on        26.8%  47.6%             37.3% 47.8%           
equity, %
Return on        21.3%  39.9%             34.0% 45.2%           
investment, %
Solvency         50.0%  44.9%             50.0% 44.9%           
ratio, %
Net gearing, %   30.2%  36.0%             30.2% 36.0%           
                                                       
Earnings per      0.15   0.20   -26.2%     0.78  0.84      -6.0%
share, EUR
Earnings per      0.14   0.19   -26.3%     0.76  0.80      -5.0%
share
(diluted), EUR
Equity per        2.34   1.84    27.2%     2.34  1.84      27.2%
share, EUR


IFRS REPORTING

Exel has applied IFRS reporting since the beginning of 2005,
and this interim report has been prepared in accordance with
the recognition and measurement principles of IFRS. The
reconciliation statement for the opening IFRS balance sheet
for 2004 was presented in the financial statements bulletin
released on 24 February 2005. The effects of IFRS transition
on 2004 financial statements on a quarterly basis were
explained in more detail in a stock exchange release
published on 3 May 2005. In the present interim report, the
figures published on that occasion have been used as
comparative information.


Q4 1 October-31 December 2005

Net sales

Net sales for the Exel Group increased in the last quarter
of 2005 by 11.0% to EUR 21.9 (19.8) million. The Industry
Division accounted for 68.7% or EUR 15.1 (11.7) million of
Group net sales in Q4 and the Sport Division for 31.3% or
EUR 6.9 (8.1) million.

The Industry Division continued to experience strong growth
in the last quarter, increasing net sales by 29.0%. The
Sport Division, however, suffered from weak demand for
Nordic Walking poles in the Central European markets in the
second half of the year, which could be seen in the number
of deliveries in the last quarter. The primary reason for
lower sales in this area was excessive supply among
retailers, who made a big effort to sell off stocks.
Consequently, net sales for the Sport Division decreased in
the last quarter by 15.0%.

Profit

The Exel Group’s operating profit decreased in the last
quarter by 34.5% to EUR 2.2 (3.3) million. The comparative
figures for the last quarter in 2004 include the positive
effect of a one-time release of pension provisions of EUR
471 thousand due to the transfer of employee disability
pensions to a payment-based system.

Operating profit for the Industry Division in the last
quarter of 2005 increased by 39.1% to EUR 3.2 (2.3) million.
Operating profit for the Sport Division was negative at EUR
-1.1 (+1.0) million.

FINANCIAL STATEMENT 1 January-31 December 2005

NET SALES

Net sales for the Exel Group grew in 2005, ending the year
at EUR 91.3 (83.9) million. This represents growth on the
previous year of 8.9%. The share of net sales from exports
and international operations was 85%.

The Group’s main line of business, the Industry Division,
experienced strong growth; net sales for 2005 amounted to
EUR 56.8 (48.3) million, an increase of 17.5%. The majority
of this growth was organic and resulted from an increase in
demand for new and existing customer applications. The
inclusion of the Austrian subsidiary Faserprofil as of April
2005 increased net sales for the Industry Division by EUR
3.1 million. The Industry Division accounted for 62.2% of
total Group sales.

Net sales for the Sport Division in 2005 fell by 2.9% from
the previous year to EUR 34.5 (35.5) million. The Sport
Division accounted for 37.8% of total Group sales. The
market for Nordic Walking products in Central Europe
stagnated towards the end of the year. New markets are still
in the process of being commercialised. Floorball products
and laminates sales both grew over 10%.

PROFIT

Operating profit for the Exel Group in 2005 fell by 9.6% to
EUR 12.4 (13.7) million but remained at a good level.
Operating profit represented 13.6% (16.3%) of net sales.

Operating profit for the Industry Division continued to
improve clearly from the previous year to EUR 10.8 (7.8)
million. Increased volumes, improved efficiency and
stringent cost control are the main reasons behind this
improvement.

Operating profit for the Sport Division fell noticeably
short of the previous year, amounting to EUR 1.6 (5.9)
million. During 2005 the organisation of the Sports Division
was strengthened, and major investments were undertaken in
opening new markets (North America, Far East, new European
countries). These investments, combined with increased
competition and oversupply in the main Central European
markets affected profit negatively.

The availability of carbon fibre was exceptionally scarce
throughout 2005. The lack of supply also increased raw
material price levels, although it was possible to transfer
some of the increase to product prices.

The Group’s net financial expenses in 2005 were EUR 342
(467) thousand. The Group’s profit before taxes was EUR 12.0
(13.2) million and profit for the financial year EUR 8.9
(9.1) million.

BALANCE SHEET AND FINANCIAL POSITION

The consolidated balance sheet total at the end of the
financial year stood at EUR 54.6 (46.3) million. The
increase was caused by the acquisition in Austria combined
with the working capital demand due to the increase in sales
volumes.

Equity at the end of the financial year was EUR 27.0 (20.7)
and solvency ratio 50.0% (44.9%). Interest-bearing net
liabilities amounted to EUR 14.0 (12.6) million, of which
short-term liabilities accounted for EUR 4.3 (4.1) million.
Net interest-bearing liabilities were EUR 8.2 (7.4) million,
and net gearing amounted to 30.2 % (36.0%).

Cash flow from business operations was positive at EUR +7.9
(+15.9) million. The decrease from the previous year was due
to the exceptionally low working capital at the turn of the
previous year resulting mainly from accounts receivable. In
addition, due to the good result in the 2004 financial year,
taxes were paid at the start of 2005 for the previous year
amounting to EUR 1.5 million. Operative capital expenditure
was financed with cash flow from business operations. To
fund the acquisition, interest-bearing liabilities were
increased. At the end of the financial year, the Group’s
liquid assets stood at EUR 5.8 (5.1) million.

CAPITAL EXPENDITURE AND DEPRECIATION

Group capital expenditure on fixed assets amounted to EUR
4.1 million, of which operative capital investments
accounted for approximately EUR 2.3 million. The most
significant investment was the acquisition of the operations
of Faserprofil GmbH in Austria at the beginning of April
2005. The acquisition accounted for an estimated EUR 2.1
million, of which fixed assets inclusive of goodwill was EUR
1.8 million. This sum includes a surplus payment based on
the development of operations that will likely be paid in
the future. In addition, investments in maintenance and
productivity were continued, and the capacity of the
Industry Division was increased by investing in new
production lines at both the German and Austrian factories.

Total depreciation of non-current assets during the year
under review amounted to EUR 3.6 (3.2) million. Goodwill is
not amortized under IFRS. According to impairment tests that
have been performed, no write-downs were required.

PERSONNEL

The number of Exel Group employees on 31 December 2005 was
466 (419), of whom 315 (297) worked in Finland and 151 (122)
in other countries. The average number of personnel during
the financial year was 467 (441). The increase over the
previous year was due to the acquisition of the Austrian
unit and an increase in personnel in the Sport Division in
Finland.

BUSINESS SEGMENTS

Group operations are divided according to primary reporting
segment into two parts represented by the Industry Division
and Sport Division.

Industry Division

Key figures for the Industry Division for the reporting
period were as follows:

                   1.10.   1.10. Change  1.1. -  1.1.-   Change
                       -       -
                  31.12.  31.12.      %  31.12. 31.12.        %
EUR million         2005    2004           2005   2004         
                                                        
Net sales           15.1    11.7  29.0%    56.8   48.3    17.5%
Operating profit     3.2     2.3  39.0%    10.8    7.8    37.8%
% of net sales     21.5%   19.9%          19.0%  16.2%         
Average personnel    241     218  10.6%     236    224     5.4%

Net sales in Industry Division increased by 17.5% over the
previous year to EUR 56.8 million. Operating profit improved
further to EUR 10.8 (7.8) million. Increased volumes,
improved efficiency and stringent cost control are the main
reasons behind this improvement.

Exel achieved its strategic goal of becoming the global
leader in the pultrusion industry. To be able to serve our
customers who operate globally, the decision was taken to
establish a factory in China. All measures connected with
establishing the new unit were carried out during the
financial year so that the prerequisites exist for beginning
the construction project.

Due to increased demand in Europe and new application areas,
new production lines were opened at the profiles factory in
Germany and at the Austrian unit that was acquired in the
spring.

Sport Division

Key figures for the Sport Division for the reporting period
were as follows:


                 1.10. -   1.10.   Change   1.1.  1.1.-  Change
                               -        %      -              %
                  31.12.  31.12.           31.12  31.12        
                                               .      .
EUR million         2005    2004            2005   2004        
                                                         
Net sales            6.9     8.1   -15.0%   34.5   35.5   -2.9%
Operating profit    -1.1     1.0  -208.0%    1.6    5.9  -73.0%
% of net sales    -15.5%   12.2%            4.6%  16.5%        
Average              228     206    10.7%    231    217    6.5%
personnel

Net sales for the Sport Division decreased 2.9% on the
previous year to EUR 34.5 (35.5) million. The Nordic Walking
markets weakened and competition intensified in the German-
speaking markets towards the end of the year. Exel invested
heavily in opening new markets, particularly in North
America, China and Japan. These efforts, however, did not
offset the decrease in sales in traditional markets.

Floorball operations have developed strongly with new
products and strengthened marketing efforts. Exel also
signed an agreement to be the main sponsor of the 2006
Floorball World Championships.

Operating profit for the Sport Division decreased to EUR 1.6
million from the previous year’s EUR 5.9 million due to
heavy marketing investments, intensified competition and
Nordic Walking stock clearance of retailers in Germany and
Austria. Major efforts to open new Nordic Walking markets
will continue, alongside work to strengthen the organisation
and develop the Nordic Fitness Sports concept.

Significant efforts are being made to open new markets in
North America, where a new subsidiary, Exel USA, Inc., is
working to spread the sport, and in China, where joint
marketing with our partner CISS is progressing. During the
last quarter, the necessary business licenses were granted
by Chinese officials, and operations in China began.

The market for OEM products (windsurfing masts and laminate
components) was stable. Sales of laminates have increased
over the previous year, and new industrial applications are
being developed.

SHARES AND SHARE CAPITAL

The Annual General Meeting of Exel Oyj held on 14 April 2005
approved the Board’s proposal to distribute a dividend of
EUR 0.35 per share (0.70 before split), representing a total
of EUR 3,930,500, for the financial year 2004.

The AGM approved the proposal of the Board of Directors to
double the number of shares of the company and to increase
the share capital of the company with a bonus issue of EUR
56,150. After the increase the share capital of Exel Oyj
increased to EUR 2,021,400 divided between 11,230,000
shares, each with a counter-book value of EUR 0.18. At the
same time the AGM authorised the Board of Directors to
increase share capital by a maximum of EUR 100,000, to
acquire the company’s own shares representing no more than
10% of the Company’s total share capital, and to convey the
company’s own shares.

The subscription for the first part (A) of the 2001 warrant
programme for key employees commenced on 1 June 2002, and
95,800 subscriptions were made in 2005. Employees have the
right to subscribe for a total of 55,400 company shares
through 27,700 option rights by the end of 2005 with unused
option rights. The subscription for the second part (B) of
the 2001 warrant programme for key employees commenced on 1
October 2003, and 74,150 subscriptions were made in 2005.
Employees have the right to subscribe for a total of 57,100
company shares through 28,550 option rights by the end of
2005 with unused option rights. The subscription period for
all option rights ends on 30 April 2006.

Exel’s share capital has increased during the year due to
subscriptions made under the warrant programme by EUR 81,372
to EUR 2,069,802, and the number of shares registered in the
Trade Register has increased to 11,498,900.

During the financial year the highest share price quoted was
EUR 14.80 (12.00 and the lowest EUR 11.35 (5.87). At the end
of the year, the share price was EUR 13.05 (11.50). The
average share price during the financial year was EUR 12.73
(9.02).

A total of 4,114,242 (7,924,940) shares were traded during
the year, which represents 35.7% (73.2%) of the average
number of shares. On 31 December 2005, Exel’s market
capitalisation was EUR 150.1 (127.0) million.

SHAREHOLDERS AND DISCLOSURES

On 31 December 2005, 4.9% of the shares and votes of Exel
were owned or controlled, directly or indirectly, by the
President & CEO and the members of the Board.

At the end of 2005 the company had a total of 2,967 (2,380)
shareholders. During the year under review, Exel received no
disclosures under Chapter 2, section 9 of the Securities
Market Act.

CORPORATE GOVERNANCE

Exel complies with the general insider trading guidelines
issued by the Helsinki Stock Exchange on 1 January 2006, as
well with official regulations related to the governance of
public joint stock companies. Exel’s corporate governance
principles are available on the company website
www.exel.net.

Exel Oyj’s wholly owned subsidiary Exel Sports Oy began
operations on 1 April 2005. The new company incorporated the
marketing, sales, logistics and product development
operations of the Sport Division’s consumer products, and 25
personnel transferred to the new company from the parent
company. Exel board member Mika Sulin was appointed Managing
Director of Exel Sports Oy.

MANAGEMENT AND AUDITORS

On 14 April 2005 the Annual General Meeting appointed Kari
Haavisto, Peter Hofvenstam, Vesa Kainu, and Ove Mattsson to
continue on the Board of Directors. Torgny Eriksson, Esa
Karppinen and Matti Virtaala were elected as new members.
Ove Mattsson was re-elected Chairman of the Board. Ari
Jokelainen is President & CEO and Vesa Korpimies Deputy
Managing Director.

PricewaterhouseCoopers Oy, Authorised Public Accountants,
with Christian Savtschenko-Alexandroff, APA, as principal
auditor, and Johan Kronberg, APA, served as company
auditors.

EVENTS AFTER THE FINANCIAL YEAR

The decision was made at the end of January 2006 to
subcontract all finishing, assembly and packaging operations
for poles and floorball products to China. This transfer
will take place in phases throughout the year with the goal
of having all these operations handled completely in China
by the beginning of 2007. This will necessitate the
restructuring of operations at the Mäntyharju factory. Due
to the reorganisation, negotiation procedure with personnel
began on 1 February 2006. As a result of these negotiations,
the number of personnel is estimated to be decreased by 60-
70 persons. The restructuring is estimated to cause non-
recurring costs amounting approximately to EUR 2 million
during the year 2006. Based on the current sales volume it
is estimated to increase the profit before taxes annually
with minimum EUR 2 million starting from 2007.

The strategic focus for the Group is the Industry Division,
which continues to expand. At the end of February the
Australian company Pacific Composites Pty. Ltd will be
acquired. Through the acquisition of Pacific Composites,
Exel establishes itself as the world’s first global
pultrusion company. The acquisition will extend the product
range and reinforce Exel’s leading positions. The
acquisition helps Exel serve international clients globally.
At the same time the establishment of operations in China
and the Far East markets gathers pace, and the range of
products is expanding. Net sales of Pacific Composites
during July 2004 – June 2005 were EUR 19.8 million and
profit before taxes EUR 1.8 million. Net sales during July –
December 2005 were EUR 12.0 million, an increase of 25%
compared to the corresponding period previous year. The
profit before taxes for the same period amounted to EUR 1.4
million.

The cash consideration for Pacific Composites’ shares
amounts to EUR 17.5 million (AUD 28 million). In addition,
pursuant to the authorization by the AGM on 14 April 2005,
Exel’s share capital will be increased by a new share issue
to Lemarne Corporation Limited of 230,743 shares, with an
estimated market value of EUR 2.8 million (AUD 4.5 million).

OUTLOOK FOR THE FUTURE

Pacific Composites will significantly increase net sales for
the Industry Division. During 2006 the operations of Pacific
Composites will be integrated into the Group. The
acquisition strengthens and speeds up the growth of business
operations particularly in the Far East markets. The lack of
supply of carbon fibre will continue in 2006, which will
limit growth opportunities.

The main markets for Nordic Walking products in Central
Europe will remain weak during the spring as retail chains
continue to sell off existing stocks. Demand is expected to
recover by the summer. Efforts to open new Nordic Walking
markets continue. New markets are expected to add to sales
during the end of the year. The partial subcontracting of
pole and floorball products to the Far East will cause non-
recurring costs during 2006 but will improve the
profitability of the Sport Division from 2007.

Based on the above, Group net sales are expected to increase
significantly. Due to major restructuring of sports
production and the acquisition of Pacific Composites, the
profit will be influenced by a number of non-recurring
items, meaning that the profit before taxes is expected to
be slightly lower than 2005.

BOARD PROPOSAL FOR DIVIDEND DISTRIBUTION

Exel’s strategic goals include distributing dividends equal
to at least 40% of the profit for the financial year unless
otherwise required by growth and liquidity.

On 31 December 2005 the Group's distributable funds totalled
EUR 19,530 thousand and those of the parent company EUR
19,023 thousand.

The Board proposes to the Annual General Meeting that a
dividend be paid for the 2005 financial year of EUR 0.40
(0.35) per share for a total of EUR 4,720,257, which
represents 53% of the profit for the financial year.

FINANCIAL REPORTING IN 2006

The 2005 Annual Report will be published on the company’s
website and in printed format during week 10.

The Annual General Meeting will be held on Thursday 6 April
2006 beginning at 10.00 am in the banqueting hall of
Satakuntatalo at Lapinrinne 1 A, Helsinki, Finland.

The Group will issue quarterly interim reports on 5 May
2006, 26 July 2006 and 26 October 2006.

PRESS CONFERENCE

Exel will hold a press conference regarding the financial
statements today Monday 27 February 2006 for the media and
analysts at 11.00am in the Pavilion Cabinet of the Scandic
Hotel Simonkenttä at Simonkatu 9, Helsinki, Finland. The
acquisition of Pacific Composites will also be handled in
the press conference.


Mäntyharju, 27 February 2006


EXEL OYJ                 Ari Jokelainen
Board of Directors       President


Further information:
Ari Jokelainen, President, tel. +358 (0)50 590 6750
Ilkka Silvanto, CFO and Administrative Director, tel. +358
(0)50 598 9553






CONDENSED CONSOLIDATED INCOME STATEMENT, EUR 1000

                     1.10.-     1.10.-    Change    1.1.-      1.1-    Change
                     31.12      31.12             31.12.    31.12.
                         .
                      2005       2004         %     2005      2004         %
                                                                   
                                                                   
Net sales           21,945     19,776     11.0%   91,288    83,857      8.9%
                                                                   
Other                  -34         33   -203.0%      186       111     67.6%
operating
income
Operating          -18,727    -15,538    -20.5%  -75,502   -67,085    -12.5%
expenses
Depreciation        -1,015       -958     -5.9%   -3,584    -3,181    -12.7%
and
impairment
                                                                   
Operating            2,169      3,313    -34.5%   12,388    13,702     -9.6%
profit
                                                                   
Net                   -112       -131     13.7%     -342      -467     26.8%
financial
items
                                                                   
Profit               2,057      3,182    -35.4%   12,046    13,236     -9.0%
before tax
                                                                   
Income taxes          -332       -922     64.0%   -3,144    -4,110     23.5%
                                                                   
Profit for           1,725      2,260    -23.7%    8,902     9,126     -2.5%
the period
                                                                   
Earnings per          0.15       0.20    -26.2%     0.78      0.84      -6.0
share, EUR
Earnings per          0.14       0.19    -26.3%     0.76      0.80      -5.0
share
(diluted),
EUR


CONDENSED BALANCE SHEET, EUR 1000

                                   31.12.200 31.12.200  Change
                                           5         4
                                                        
                                                        
ASSETS                                                  
Non-current assets                                      
Goodwill                               3,877     3,188      689
Other intangible assets                  880       926      -46
Tangible assets                       15,395    13,742    1,653
Deferred tax assets                    1,070       310      760
Other non-current assets                 103       100        3
Total non-current assets              21,325    18,266    3,059
                                                        
Current assets                                          
Inventories                           15,361    13,269    2,092
Trade receivables and other           11,697     9,568    2,129
receivables
Income tax receivables                   460         0      460
Cash in hand and at bank               5,778     5,150      628
Total current assets                  33,296    27,987    5,308
                                                        
Total assets                          54,621    46,253    8,368
                                                        
LIABILITIES AND SHAREHOLDERS’ EQUITY                    
Equity                                                  
Share capital                          2,070     1,932      138
Rights issue                             287       817     -530
Premium fund                           5,142     3,390    1,752
Retained earnings                     10,628     5,427    5,201
Profit for the financial period        8,902     9,126     -224
Equity attributable to the equity     27,029    20,692    6,337
holders of parent company
Minority interest                         11         0       11
Equity total                          27,040    20,692    6,348
                                                        
Non-current liabilities                                 
Non-current interest bearing           9,611     8,456    1,155
liabilities
Deferred tax liabilities                 407       297      110
                                                        
Current liabilities                                     
Current interest bearing               4,346     4,141      205
liabilities
Trade payables and other              13,217    12,666      551
liabilities
                                                        
Total liabilities                     27,581    25,560    2,021
                                                        
Total liabilities and                 54,621    46,253    8,368
shareholders’ equity


STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY, EUR 1000

                   Share     Rights  Premium  Retained  Total
                   Capital   Issue   Fund     Earnings  
                                                        
Equity on 1 Jan.      1,870     135    3,028     12,429  17,462
2004
Rights issue             62     682      357              1,101
Exchange rate differences                             1       1
Other items                                5         -5        
Dividend distributed                             -6,998  -6,998
Profit for the financial                          9,126   9,126
year
                                                        
Equity 31 Dec.        1,932     817    3,390     14,553  20,692
2004
                                                        
Equity 1 Jan. 2005    1,932     817    3,390     14,553  20,692
Rights issue            138    -530    1,752              1,360
Exchange rate differences                             6       6
Dividend distributed                             -3,931  -3,931
Profit for the financial                          8,902   8,902
year
                                                        
Equity 31 Dec.        2,070     287    5,142     19,530  27,029
2005


CONSOLIDATED CASH FLOW STATEMENT, EUR 1000

                                     1.1.–31 1.1.–31.    Change
                                        .12.      12.
                                        2005     2004  
                                                       
                                                       
Cash flow from business operations                     
Profit for the financial year          8,902    9,126      -224
Total adjustments                      6,935    7,623      -688
Change in net working capital         -2,760    1,657    -4,417
Cash flow from business                                
Operations                            13,077   18,406    -5,329
Financial expenses paid                 -498     -409       -89
Financial income received                162       50       112
Income taxes paid                     -4,823   -2,136    -2,687
Net cash flow from business                            
operations                             7,918   15,911    -7,993
                                                       
Cash flow from investing activities                    
Acquisitions                          -2,056   -7,181     5,125
Investments in tangible and                            
intangible assets                     -2,377   -3,187       810
Proceeds from sales of fixed              62       44        18
assets
                                                       
Cash flow from investing              -4,371  -10 324     5,953
activities
                                                       
Cash flow from financing                               
Share issue                            1,360    1,102       258
Proceeds from long term borrowings     2,000    5,100    -3,100
Repayments of long term borrowings    -2,011   -2,588       577
short-term loans
Change in short term borrowings          -30      345      -375
Repayment of finance leases             -307     -157      -150
Dividend distributed                  -3,931   -6,998     3,067
Net cash flow from financing          -2,919   -3,196       277
                                                       
Change in liquid funds                   628    2,391    -1,763
                                                       
Liquid funds at the beginning of       5,150    2,759     2,391
the period
Change in liquid funds                   628    2,391    -1,763
Liquid funds at the end of the         5,778    5,150       628
period


QUARTERLY INFORMATION, EUR million

                  IV/20  III/20  II/20  I/200  IV/200  III/200 II/200  I/200 I-IV
                  05     05      05     5      4       4       4       4     /2004
                                                                             
                                                                             
Net sales by segment                                                         
Industry           15.1     13.8   15.5   12.5   11.7     11.5   13.4   11.7     48.3
Sport               6.9      8.6    9.7    9.2    8.1      8.9    9.8    8.8     35.3
Total net sales    21.9     22.4   25.2   21.7   19.8     20.4   23.2   20.5     83.9
                                                                             
Operating profit by segment                                                  
Industry            3.2      2.5    3.3    1.8    2.3      2.0    2.5    1.0      7.8
Sport              -1.1      0.5    1.7    0.4    1.0      1.3    2.7    1.0      5.9
Total operating     2.2      3.0    5.0    2.2    3.3      3.3    5.2    1.9     13.7
profit
                                                                             
                                                                             
Financial income   -0.1     -0.1   -0.1   -0.1   -0.1     -0.1   -0.1   -0.1     -0.5
and expenses
Profit before       2.1      2.9    4.9    2.1    3.2      3.2    5.1    1.8     13.2
taxes
Income taxes       -0.3     -0.9   -1.3   -0.6   -0.1     -1.0   -1.6   -0.6     -4.1
Profit for the      1.7      2.1    3.6    1.5    2.3      2.2    3.5    1.2      9.1
financial year
                                                                             
Earnings per       0.15     0.18   0.32   0.14   0.21     0.20   0.32   0.11     0.84
share, EUR
Earnings per       0.14     0.17   0.31   0.13   0.19     0.19   0.31   0.11     0.80
share (diluted),
EUR
Average number of shares,                                                    
undiluted, 1000   11521    11302  11230  11230  10998    10768  10766  10766    10826
shares
Average number of shares,                                                    
diluted, 1000     11611    11574  11393  11524  11464    11268  11162  11136    11464
shares
Average number      469      498    485    417    424      456    453    406      441
of personnel


COMMITMENTS AND CONTINGENCIES, EUR 1000


                          31.12. 31.12.
                            2005   2004
                                 
On own behalf                    
Mortgages                  2,953  2,954
Corporate mortgages       12,500 12,500
                                 
Lease liabilities                
 - falling due in less than
 1 year
                             216    223
-  falling due in 1-5        263  1,563
years
                                 
Other commitments             66     67


DERIVATIVE CONTRACTS, NOMINAL VALUES, EUR 1000


                 31.12.2005  31.12.2004
                             
                             
Currency derivatives         
Forward                   0         877
contracts
Purchased                 0         750
currency options
Sold currency             0         371
options
                             
Interest swaps (NPV)         
Interest swaps        1,748       2,636


CONSOLIDATED KEY FIGURES, EUR 1000

                                                      
                                      1.1.-     1.1.-  Change %
                                     31.12.    31.12.
                                       2005      2004 
                                                      
Net sales                            91,288    83,857      8.9%
Operating profit                     12,388    13,702     -9,6%
% of net sales                        13.6%     16,3%          
Profit before taxes                  12,046    13,236     -9.0%
% of net sales                        13.2%     15.8%          
Profit for the financial year         8,902     9,126     -2.5%
% of net sales                         9.8%     10.9%          
                                                      
Equity                               27,040    20,692     30.6%
Interest-bearing liabilities         13,957    12,597     10.8%
Liquid funds                          5,778     5,150     12.2%
Net interest-bearing liabilities      8,179     7,447      9.8%
Capital employed                     40,997    33,290     23.2%
Return on equity, %                   37.3%     47.8%          
Return on investment, %               34.0%     45.2% 
Solvency ratio, %                     50.0%     44.9%          
Net gearing, %                        30.2%     36.0%          
                                                      
Capital expenditure                   4,119     5,803    -29.0%
% of net sales                         4.5%      6.9%          
R & D expenses                        2,323     1,956     18.8%
% of net sales                         2.5%      2.3%      9.1%
                                                      
Order Stock of the Group             12,381    13,798    -10.3%
                                                               
Earnings per share, EUR                0.78      0.84     -7.0%
Earnings per share (diluted),          0.76      0.80     -4.0%
EUR
Equity per share, EUR
 Number of shares, 1000                                 
 -         undiluted, average         11,359     10,826      4.9%
 -         diluted, average           11,550     11,464      0.8%
                                                        
 Average number of personnel             467        441      5.9%
 

About Us

Exel Composites (www.exelcomposites.com) is a leading composite technology company that designs, manufactures and markets composite products and solutions for demanding applications. Exel Composites provides superior customer experience through continuous innovation, world-class operations and long-term partnerships. The core of the operations is based on own, internally developed composite technology, product range based on it and strong market position in selected segments with a strong quality and brand image. Profitable growth is pursued by a relentless search for new applications and development in co-operation with customers. The personnel’s expertise and high level of technology play a major role in Exel Composites’ operations. Exel Composites Plc share is listed in Nasdaq Helsinki Ltd.

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