NELES CARVE-OUT INFORMATION - INCOME STATEMENT

EUR million	H1/2019	H1/2018	2018	2017	2016

Sales	323	279	593	522	528
Sales, Metso Group Sales total	0 323	0 279	0 593	0 522	0 528

Cost of goods sold	-212	-183	-391	-345	-344
Gross profit	111	96	202	176	184
Selling and marketing expenses	-38	-35	-69	-69	-66
Administrative expenses	-15	-15	-30	-30	-38
Research and development expenses	-9	-8	-16	-14	-15
Other operating income and expenses, net	-1	-1	-3	-1	3
Share of results of associated companies	0	0	0	0	0
Operating profit	48	37	83	62	68
Finance income	0	0	1	1	0
Finance income, Metso Group	1	0	1	1	0
Foreign exchange gains/losses	0	0	0	-1	0
Finance expenses	-1	0	0	0	-1
Finance expenses, Metso Group	-2	-2	-6	-8	-10
Finance expenses, net	-3	-1	-4	-7	-10
Profit before taxes	45	36	80	56	59
Income taxes	-13	-9	-20	-24	-20
Profit for the period	32	27	60	32	39
Attbributable to
Shareholders of the parent company	32	27	60	32	39
Non-controlling interests	0	0	0	0	0
	32	27	60	32	39

EUR million	Jun 30, 2019	Jun 30, 2018	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016

Non-current assets Intangible assets
Goodwill	63	21	63	21	22
Other intangible assets	19	9	19	10	11
Total intanbigle assets	82	30	82	30	33
Property, plant and equipment
Land and water areas	6	5	6	5	6
Buildings and structures	21	18	22	19	23
Machinery and equipment	28	28	28	29	34
Asset under construction	4	2	2	1	2
Total property, plan, equipment	59	53	59	54	64
Right-of-use assets	47	0	0	0	0
Other non-current asset
Deferred tax asset	21	19	21	19	22
Other non-current receivables	1	1	1	1	1
Other non-current receivables, Metso Group	6	6	6	6	6
Total other non-current asset	28	26	27	26	29
Total non-current assets	216	109	168	110	126
Current assets
Inventories	179	152	159	138	154
Trade receivables	91	81	92	81	82
Trade receivables, Metso Group	4	5	1	1	8
Cash pool receivables, Metso Group	80	52	81	136	151
Derivative financial instruments	0	0	1	2	0
Income tax receivables	1	1	1	1	1
Other current receivables	32	31	32	30	18
Other current receivables, Metso Group	0	0	0	1	0
Deposits and securities, maturity
more than three months	10	18	19	31	22
Cash and cash equivalents	85	84	82	94	141
Liquid funds	95	102	101	125	163
Total current assets	483	424	468	515	577
TOTAL ASSETS	699	533	636	625	703

NELES CARVE-OUT INFORMATION - BALANCE SHEET, EQUITY AND LIABILITIES

EUR million	Jun 30, 2019	Jun 30, 2018	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016

Equity
Share capital	51	51	51	51	51
Cumulative translation adjustments	53	51	52	51	60
Fair value and other reserves Retained earnings	127 6	120 -24	121 9	117 63	116 31
Equity attributable to shareholders	237	199	233	282	258
Non-controlling interests	0	0	0	0	0
Total equity	237	199	233	282	258
Liabilities
Non-current liabilities
Interest bearing leabilities, Metso Group	25	48	49	70	106
Lease liabilities	35	0	0	0	0
Post-employment benefit obligations	13	10	11	9	18
Provisions	2	2	2	2	2
Deferred tax liability	4	1	5	1	0
Other non-current liabilities	0	0	0	0	0
Other non-current liabilities, Metso Group	138	84	137	83	104
Total non-current liabilities	217	145	205	165	230
Current liabilities
Interest bearing leabilities	16	0	6	0	1
Interest bearing leabilities, Metso Group	29	24	33	23	27
Lease liabilities	12	0	0	0	0
Cash pool liabilities, Metso Group	18	33	20	27	39
Trade payables	63	53	57	44	42
Trade payables, Metso Group	8	9	8	8	23
Provisions	12	9	11	8	5
Advance received	25	26	19	26	21
Derivative financial instruments	0	0	2	1	1
Income tax liabilities	5	5	3	3	2
Other current liabilities	56	30	38	35	54
Other current liabilities, Metso Group	1	0	1	0	1
Total current liabilities	244	189	198	178	215
Total liabilities	461	334	403	343	445
TOTAL EQUITY AND LIABILITIES	699	533	636	625	703

EUR million	H1/2019	H1/2018	2018	2017	2016
Net cash flow from operating activities
before financial items and taxes	60	24	75	30	75
Net cash flow from operating activities	40	18	70	16	63
Net cash flow from investing activities	-7	-3	-8	-4	-4
Net cash flow from financing activities	-41	-39	-86	-47	-61
Net change in liquid funds	-8	-24	-24	-35	-2
Effect from changes in exchange rates	0	1	0	-3	-1
Liquid funds at beginning of period	101	125	125	163	166
Liquid funds at end of period	93	102	101	125	163

EUR million, %	Jun 30, 2019	Jun 30, 2018	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016
Net debt and gearing
Interest bearing leabilities, Metso Group	54	72	82	93	133
Lease liabilities	46	0	0	0	0
Cash pool liabilities, Metso Group	18	33	20	27	39
Gross debt	134	106	108	121	173
Cash pool receivables, Metso Group	80	52	81	136	151
Loan receivables total	80	52	81	136	151
Liquid funds	95	102	101	125	163
Net debt	-41	-48	-74	-141	-141
Gearing	-17.1%	-24.3%	-31.6%	-50.0%	-54.6%
Equity to asset ratio
Total equity	237	199	233	282	258
Balance sheet	699	533	636	625	703
Advances received	-24	-25	-19	-26	-21
Equity to asset ratio	35.2 %	39.2 %	37.8 %	47.1 %	37.9 %