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Exel interim report for 1 January - 30 September 2006

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EXEL INTERIM REPORT FOR 1 JANUARY – 30 SEPTEMBER 2006

First nine months in brief

Group
- Net sales in the first nine months rose to EUR 82.0 million, up 18.3 per cent on the previous year’s EUR 69.3 million
- Net sales were EUR 28.5 (22.4) million in the third quarter
- Operating loss in the first nine months was EUR -0.3 (10.2) million including EUR -6.3 million of non-recurring items
- Operating loss in the third quarter was EUR –1.0 (3.0) million or -3.6 (13.4) per cent of net sales including EUR -2.8 of non-recurring items
- Earnings per share were EUR -0.06 (0.62) based on the number of shares at the end of the reporting period
- Ari Jokelainen, President & CEO, resigns from Exel as of 20 November 2006. Göran Jönsson appointed interim President & CEO.

Industry Division
- Industry Division reported continued growth in net sales, net sales in the first nine months increased to EUR 60.8 (41.7) million, an increase of 45.6 per cent, increase mainly due to Pacific Composites acquisition
- Third quarter net sales up 60.4 per cent to EUR 22.1 (13.8) million
- Deliveries for industrial profiles affected by shortage of carbon fibre
- Operating profit in the first nine months was EUR 6.9 (7.6) million including EUR -1.6 million non-recurring items
- Operating profit in the third quarter was EUR 2.8 (2.5) million
- The integration of Pacific Composites is proceeding as planned

Sport Division
- Sport Division’s net sales in the first nine months were EUR 21.3 (27.6) million
- Net sales decreased in the third quarter by 25.2 per cent to EUR 6.5 (8.6) million
- Nordic Walking markets in German-speaking Central Europe are significantly down from the record year 2005
- Operating loss in the first nine months was EUR –7.1 (2.6) million including EUR -4.7 million of non-recurring items
- Personnel reductions connected to the restructuring of production operations were implemented at the end of September
- Additional measures in sales, marketing and logistics to adjust the cost level to present market conditions being performed throughout the rest of the year


The interim report in its entirety can be read in the attached PDF file.

Further information:
Ari Jokelainen, President & CEO, tel. +358 50 590 6750
Ilkka Silvanto, CFO, tel. +358 50 598 9553

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