Vacon Plc Financial Statement Bulletin 1 January - 31 December 2011 - Seite 2

|Operating profit excluding one-time items|5.7 |12.6 |-54.7 |
+-----------------------------------------+----------+----------+---------+
|% of revenues |6.5 % |12.2 % |  |
+-----------------------------------------+----------+----------+---------+
|Profit before taxes |-1.4 |9.5 |  |
+-----------------------------------------+----------+----------+---------+

+-----------------------------------------+---------+---------+---------+
|MEUR |1-12/2011|1-12/2010|Change, %|
+-----------------------------------------+---------+---------+---------+
|Order intake |365.3 |358.2 |2.0 % |
+-----------------------------------------+---------+---------+---------+
|Order book |36.6 |52.1 |-29.9 % |
+-----------------------------------------+---------+---------+---------+
|Revenues |380.9 |338.0 |12.7 % |
+-----------------------------------------+---------+---------+---------+
|Operating profit |24.7 |28.6 |-13.4 % |
+-----------------------------------------+---------+---------+---------+
|% of revenues |6.5 % |8.5 % |  |
+-----------------------------------------+---------+---------+---------+
|Operating profit excluding one-time items|34.8 |32.4 |  |
+-----------------------------------------+---------+---------+---------+
|% of revenues |9.1 % |9.6 % |  |
+-----------------------------------------+---------+---------+---------+
|Profit before taxes |27.0 |27.5 |  |
+-----------------------------------------+---------+---------+---------+
|Net cash flow from operating activities |26.8 |15.9 |  |
+-----------------------------------------+---------+---------+---------+
|Earnings per share, EUR |1.10 |1.22 |  |
+-----------------------------------------+---------+---------+---------+
|Return on equity, % |18.7 % |22.1 % |  |
+-----------------------------------------+---------+---------+---------+
|Interest-bearing net liabilities |12.4 |9.8 |  |
+-----------------------------------------+---------+---------+---------+
|Gearing, % |12.7 % |10.7 % |  |
+-----------------------------------------+---------+---------+---------+
|Gross capital expenditure |18.7 |15.9 |17.5 % |
+-----------------------------------------+---------+---------+---------+

General review

According to Vacon´s assessment, growth in the global AC drive market slowed
down especially in Europe in the fourth quarter of 2011 compared to the strong
first half of the year and the corresponding period in the previous year. Looked
at as a whole, for Vacon 2011 had two very distinct phases. In the first half of