Published: 2009-05-05 08:00:00 CEST
Glaston Oyj Abp - Interim report
Glaston Interim Report 1 January - 31 March 2009
GLASTON CORPORATION   Stock Exchange Release	    5 May 2009 9.00 a.m.          


Glaston Interim Report 1 January - 31 March 2009                                

- Orders received in January-March totalled EUR 24.5 (68.3) million.            
- Glaston's order book on 31 March 2009 was EUR 45.9 (96.9) million.            
- Consolidated net sales in January-March totalled EUR 39.2 (63.1) million.     
- The operating result in January-March was a loss of EUR 9.0 (1.6 profit)      
  million, representing -22.9 (+2.6)% of net sales. 
- Return on capital employed (ROCE) was -17.1 (+4.1)%                           
- January-March earnings per share were EUR -0.10 (0.01).                       
- Due to a weak order book for the beginning of 2009 and exceptionally low      
  demand, Glaston expects 2009 net sales to fall short of the 2008 level and
  the operating result to remain loss-making in the second quarter of the year. 

President & CEO Mika Seitovirta:                                                
“The glass processing machine market came to a halt in the final quarter of     
2008. The inactive market situation continued in the first quarter in nearly all
the market areas. The economic downturn and the dysfunctional financial markets 
influenced customers' investment needs and decisions.                           

The sharp decline in net sales affected Glaston's very weak financial           
performance. The cost-cutting measures initiated have not yet had a             
corresponding impact during the review period.                                  

In April we began to adjust our structure, in addition to the efficiency        
programmes already under way. The restructuring is directed particularly at the 
machine business. The Pre-processing and Heat Treatment business areas will be  
merged to the Machines business area. In addition to this, the product portfolio
and manufacturing footprint will be rationalised. As part of the re-structuring,
our factory in Cinnaminson, USA will be closed.                                 

The cost savings from the efficiency measures initiated this year and last are  
estimated to total EUR 15 million. The savings will be implemented mainly during
2009. The cost savings of the first quarter (excluding material expenses)       
totalled EUR 3.7 million compared with the corresponding period the previous    
year.                                                                           

The architectural and insulating glass processing operations of the heavily     
loss-making Tamglass Glass Processing were sold during the review period.”      

Markets                                                                         
The sharp weakening of demand that began in the final quarter of 2008 continued 
during the review period. All market areas, except for South America, came to a 
halt. The emphasis of machine sales was on sales of single machines. There was  
no demand for extensive One-Stop-Partner sales.                                 

Pre-processing                                                                  
The strong slowing of the Pre-processing market that began at the end of 2008   
continued during the early part of the year. Demand for glass pre-processing    
machines weakened in all market areas, except for South America.                

To boost sales, a customer event was arranged in Italy in March. The event was  
attended by more than 300 customers from around 30 different EMEA countries.    

During the review period, the strengthening of the global tool sales            
organisation continued.  New cooperation and agency agreements were signed, for 
example, in the EMEA area and the United States.                                

The weak market situation affected the business area's new orders and result.   
Orders received in January-March totalled EUR 8.0 (19.4) million. January-March 
net sales totalled EUR 11.1 (22.9) million.                                     

Heat Treatment                                                                  
The strong weakening of demand that began in the final quarter of 2008          
intensified during the review period. The economic downturn and the unstable    
financial markets influenced customers' investment decisions.                   

Demand in the South American market continued to be good. The biggest proportion
of orders in the review period continued to come, however, from the main market 
area, EMEA. Overall, however, the volume of orders received was significantly   
below the level for the corresponding period in 2008.                           

Measures to strengthen market position were continued. Development of           
manufacturing operations was continued by localising manufacturing of           
continuously operating flat tempering machines in China. The first sale of a CHF
machine manufactured in China was signed in January. The building of a global   
sourcing organisation was continued by increasing resources in Finland and in   
Italy.                                                                          

In product development, the development of flat tempering was in focus and the  
product development of solar energy glass tempering was continued. The product  
development and manufacturing of Uniglass products was transferred to Glaston's 
Tampere factory and measures initiated to merge the sales organisations.        

The Heat Treatment business area's January-March net sales totalled EUR 22.2    
(32.9) million. In the review period, orders received totalled EUR 14.1 (44.0)  
million. Profitability weakened compared with the previous year, despite the    
initiated cost-cutting measures. Due to the weakened market situation, new      
measures were initiated to lower costs by increasing adjustment measures and by 
extending them to cover a wider group of employees than before.                 

The restructuring of Tamglass Glass Processing continued in the review period.  
On 31 March, Glaston sold the insulation and architectural glass business of    
Tamglass Glass Processing to INTERPANE Glass Oy.                                


Software Solutions                                                              
Economic downturn had a substantial impact on the activity of the Software      
Solutions business area in the first quarter. Demand in the United States and in
China came to a halt. The Central European market remained stable.              

The product development priorities were a higher degree of automation as well as
integration and flexibility. The Panorama line control system, which enables    
control and observation of entire production lines on a network, was developed  
further. In China a major pilot project, with a fully integrated software system
beeing implemented, was started during the review period.                       
January-March net sales totalled EUR 6.0 (7.3) million. Licence orders received 
totalled EUR 2.4 (4.8) million.                                                 


One-Stop-Partner                                                                
Demand for extensive One-Stop-Partner projects dried up during                  
the final quarter of 2008 and there has been no recovery during the review      
period. Customers' interest was directed at capacity expansion and upgrade      
projects.                                                                       

Total sales of One-Stop-Partner deliveries totalled EUR 1.2 (2.1) million in    
January-March. The unit's earnings are included in Glaston's reporting segments.

The market for solar energy One-Stop-Partner projects still exists and Glaston's
position in this customer segment is strong. The economic downturn and the      
uncertainty in the financial markets have postponed customers' investment       
decisions, however.                                                             


Orders received                                                                 
Glaston's order intake during the first quarter was EUR 24.5 (68.3) million. Of 
orders received, Heat Treatment accounted for 57.5%, Pre-processing 32.7% and   
Software Solutions 9.8%.                                                        


Geographical distribution of orders received, EUR million                       
--------------------------------------------------------------------------------
|                  |          1-3/2009 |          1-3/2008 |         Change, % |
--------------------------------------------------------------------------------
| EMEA             |              13.3 |              42.4 |             -68.6 |
--------------------------------------------------------------------------------
| America          |               7.3 |              11.3 |             -35.4 |
--------------------------------------------------------------------------------
| Asia             |               3.8 |              14.5 |             -73.7 |
--------------------------------------------------------------------------------
| Total            |              24.5 |              68.3 |             -64.1 |
--------------------------------------------------------------------------------

Order book                                                                      
Glaston's order book on 31 March, 2009 was EUR 45.9 (96.9) million. The Heat    
Treatment business area accounted for EUR 28.7 million of the order book,       
Pre-processing for EUR 13.5 million and Software Solutions for EUR 3.7 million. 

--------------------------------------------------------------------------------
| Order book, EUR million          |      31.3.2009 |                31.3.2008 |
--------------------------------------------------------------------------------
| Pre-processing                   |           13.5 |                     21.0 |
--------------------------------------------------------------------------------
| Heat Treatment                   |           28.7 |                     66.4 |
--------------------------------------------------------------------------------
| Software Solutions               |            3.7 |                      9.5 |
--------------------------------------------------------------------------------
| Total                            |           45.9 |                     96.9 |
--------------------------------------------------------------------------------


Net sales and operating result                                                  
Glaston's net sales in the review period were EUR 39.2 (63.1) million.          
Pre-processing's net sales in January-March were EUR 11.1 (22.9) million, Heat  
Treatment's net sales EUR 22.2 (32.9) million and Software Solutions' net sales 
EUR 6.0 (7.3) million.                                                          

Exceptionally weak demand affected net sales in the financial period. The       
prevailing uncertainty in the market influenced customers' investment decisions 
and led to the postponement of projects.                                        



--------------------------------------------------------------------------------
| Net sales, EUR million     |      1-3/2009 |    1-3/2008 |         1-12/2008 |
--------------------------------------------------------------------------------
| Pre-processing             |          11.1 |        22.9 |              89.7 |
--------------------------------------------------------------------------------
| Heat Treatment             |          22.2 |        32.9 |             152.9 |
--------------------------------------------------------------------------------
| Software Solutions         |           6.0 |         7.3 |              28.2 |
--------------------------------------------------------------------------------
| Parent company, elim.      |           0.0 |         0.0 |              -0.3 |
--------------------------------------------------------------------------------
| Total                      |          39.2 |        63.1 |             270.4 |
--------------------------------------------------------------------------------

The operating result in January-March was a loss of EUR 9.0 (1.6 profit)        
million, representing -22.9 (+2.6)% of net sales. Of the first-quarter operating
loss, the Pre-processing business area accounted for EUR -4.4 million, Heat     
Treatment for EUR -2.6 million and Software Solutions for EUR -0.4 million.     

Pre-processing's weaker than expected operating result was due to very weak     
demand and tightened price competition.                                         

Tamglass Glass Processing's operating loss of EUR 2.2 (1.6 loss) million        
significantly weakened the result of the Heat Treatment business area. The      
figure also includes the operating loss for the business operations sold at the 
end of the review period. The Heat Treatment business area's operating result   
was also weakened by a sharp decline in sales.                                  

Operational adjustment and efficiency measures were insufficient to balance the 
significantly declining net sales.                                              


--------------------------------------------------------------------------------
| Operating result, EUR million |     1-3/2009 |      1-3/2008 |     1-12/2008 |
--------------------------------------------------------------------------------
| Pre-processing                |         -4.4 |           0.6 |          -3.0 |
--------------------------------------------------------------------------------
| Heat Treatment                |         -2.6 |           1.9 |          13.0 |
--------------------------------------------------------------------------------
| Software Solutions            |         -0.4 |           1.0 |           3.7 |
--------------------------------------------------------------------------------
| Parent company, elim.         |         -1.6 |          -1.8 |          -7.5 |
--------------------------------------------------------------------------------
| Operating result, total       |         -9.0 |           1.6 |           6.2 |
--------------------------------------------------------------------------------
| Non-recurring items           |            - |             - |         -12.3 |
--------------------------------------------------------------------------------
| Operating result after        |         -9.0 |           1.6 |          -6.1 |
| non-recurring items           |              |               |               |
--------------------------------------------------------------------------------

The result for the financial period was a loss of EUR 8.1 (0.6 profit) million. 
Return on capital employed (ROCE) was -17.1 (+4.1)% and earnings per share were 
EUR -0.10 (0.01).                                                               

Efficiency programme                                                            
To improve profitability, Glaston initiated efficiency measures in all units in 
September 2008. The objective of the efficiency programme is to improve the     
profitability of the whole group and of the Pre-processing business area in     
particular, as well as to adjust the operations to the market situation.        

In January-March Glaston continued the measures it had initiated. Negotiations  
held with personnel representatives in Finland were completed in March. The     
outcome was that all Glaston Finland Oy personnel excluding maintenance staff, a
total around 200 people, were decided to be temporarily laid off for 10-18      
weeks.                                                                          

In the Pre-processing business area, 25% of personnel, i.e. 100 people, have    
been regularly temporarily laid off since December 2008. Personnel reductions   
and adjustments will also be made in a number of the Group's other units, and   
these will be implemented mainly during the first half of the 2009.             

During the first quarter, Glaston announced the redundancy of 155 employees, and
of these the employment relationship of 65 has already ended. In addition,      
temporary subcontracted workers were reduced by 44.                             

In the review period, Glaston initiated a rationalisation programme, the        
emphasis of which was on the restructuring of machine operations. A production  
unit situated in Mexico was closed in March, and in April Glaston announced that
it will close its factory in Cinnaminson in the USA. The streamlining of the    
Group structure will also continue.                                             

The cost savings from the efficiency measures initiated now and earlier are     
estimated to total EUR 15 million. Related one-off costs for the year 2009 are  
estimated to EUR 3.7 million. The savings will be implemented mainly during     
2009. The cost savings of the first quarter (excluding material expenses)       
totalled EUR 3.7 million compared with the corresponding period in the previous 
year.                                                                           

Financing                                                                       
The Group's financial position remained reasonable, even though net gearing     
continued to grow during the review period. In addition to dividends paid during
the financial period, the Group's financial position was affected mainly by     
changes in net working capital and cash flow from operating activities.  Net    
working capital was reduced as part of the initiated efficiency programme       
(EUR +4.4 million), but cash flow from operating activities excluding the change
in net working capital was negative (EUR -8.1 million) in the period under      
review. Cash flow from investing activities was EUR -2.9 (-3.1) million. Cash   
flow from financing activities in January-March was EUR 3.2 (8.4) million,      
including dividends paid in the review period of EUR 3.6 (7.2) million.         

The equity ratio on 31 March, 2009 was 44.3 (52.2)%.                            

The Group's liquid funds at the end of the period totalled EUR 8.8 (16.4)       
million. Interest-bearing net debt totalled EUR 66.2 (20.6) million and net     
gearing was 58.7 (15.7)%. To ensure liquidity, the Group has a EUR 65 million   
committed revolving credit facility. At the end of March, EUR 32.2 million of   
the facility was in use.                                                        

Capital expenditure and depreciation                                            
Glaston's gross capital expenditure totalled EUR 4.1 (3.3) million. The most    
significant capital expenditure was related to the global ERP project as well as
to a joint venture founded in connection with the sale of the glass processing  
operations.                                                                     

During the financial period, depreciation and amortisation of property, plant   
and equipment as well as intangible assets totalled EUR 2.2 (2.0) million. In   
addition, impairment losses totalling EUR 0.4 (0.0) million on property, plant  
and equipment as well as intangible assets were recognised in the period.       

Group structural changes                                                        
As part of an efficiency programme initiated last year, operations of Uniglass  
Engineering Oy were transferred to Glaston's factory in Tampere, Finland.       
Operations at the Uniglass factory in Ylöjärvi, Finland ended on 31 March, 2009.

Glaston's Tamglass Glass Processing Ltd. sold its insulation and architectural  
glass processing operations to INTERPANE Glass Oy in March. Around 90 people    
were employed in the sold operations. The net sales of the sold operations      
totalled around EUR 14 million in 2008. As of 1 April, 2009, glass processing   
operations consists only of solar reflector production at Akaa, Finland, where  
around 30 people are employed. INTERPANE Glass Oy is a joint venture company of 
Glaston.                                                                        

Personnel                                                                       
On 31 March, 2009, Glaston had a total of 1,480 (1,489) employees, including the
93 Tamglass Glass Processing Ltd.'s employees who transferred to INTERPANE Glass
Oy on 1 April, 2009. Of the Group's employees, 28% were in Finland and 48%      
elsewhere in Europe, mainly in Germany and Italy. The proportion of Group       
employees working in Asia was 10% and in the Americas 14%. The average number of
employees was 1,490 (1,462). Personnel reductions resulting from the adjustment 
of operations will be implemented mainly during the second quarter of the year. 

Shares and share prices                                                         
Glaston Corporation's paid and registered share capital                         
on 31 March, 2009 was EUR 12.7 million and the number of issued shares totalled 
79,350,000. The company has one series of share. At the end of March, the       
company held 813,906 of the company's own shares (treasury shares),             
corresponding to 1% of the total number of issued shares and votes. The counter 
book value of treasury shares is EUR 130,225. Every share that the company does 
not hold itself entitles its owner to one vote at the Annual General Meeting.   
The share has no nominal value. The counter book value of each share is EUR     
0.16.                                                                           
On 31 March, 2009, the market capitalisation of the company's shares, treasury  
shares excluded, was EUR 78.5 (251.0) million.                                  
During the first quarter of the year, a total of around 2.2 million of the      
company's shares were traded, representing 2.8% of the total number of shares.  
The lowest price paid for a share was EUR 0.92 and the highest price EUR 1.15.  
The volume- weighted average price of shares traded during the review period was
EUR 1.02.                                                                       
The equity per share attributable to the owners of the parent was EUR 1.43      
(1.68).                                                                         
Decisions of the Annual General Meeting                                         
The Annual General Meeting of Glaston                                       
Corporation was held in Helsinki on 17 March, 2009. The Annual General Meeting  
approved the financial statements and consolidated financial statements for 2008
and released the Board of Directors and the President & CEO from liability for  
the financial period 1 January-31 December, 2008.                               

The Annual General Meeting approved a dividend of EUR 0.05 per share,           
representing a maximum total sum of around EUR 4.0 million.                     

The Annual General Meeting confirmed that the following will continue on the    
Board of Directors for a year-long term of office: Claus von Bonsdorff, Klaus   
Cawén, Jan Lång, Carl-Johan Rosenbröijer, Christer Sumelius and Andreas         
Tallberg. The Annual General Meeting decided to maintain the Chairman of the    
Board's annual remuneration at EUR 40,000 and the Deputy Chairman's annual      
remuneration at EUR 30,000. It was also decided to maintain the remuneration of 
the other Members of the Board at EUR 20,000 per year. The Board of Directors   
elected in its meeting on 17 March, 2009, Andreas Tallberg to continue as the   
Chairman of the Board and Christer Sumelius to continue as the Deputy Chairman  
of the Board.                                                                   

The Annual General Meeting re-elected as auditor the authorised public          
accounting firm KPMG Oy Ab, with the responsible auditor being Sixten Nyman,    
APA.                                                                            

The Annual General Meeting approved amendments to the Articles of Association,  
as follows: (i) that Section 2 of the Articles of Association be amended by     
removing energy production from the field of operations; (ii) that Section 11 of
the Articles of Association be amended such that notice to the General Meeting  
be delivered no later than 21 days before the General Meeting; (iii) that       
Section 12 of the Articles of Association be amended such that advance notice of
participation in an Annual General Meeting shall be given no later than a given 
date, not to be earlier than 10 days before the Annual General Meeting.         

Authorisations given by the Annual General Meeting                              
The Annual General Meeting of Glaston Corporation held on 17 March, 2009        
authorised the Board of Directors to decide on the acquisition of the Company's 
own shares up to a maximum of 7,000,000 shares. The shares may be acquired to   
improve the capital structure of the Company and/or to be used as consideration 
in future acquisitions or other arrangements that are part of Company's business
or as part of the Company's share-based incentive scheme, or to finance         
investments. The shares acquired for the Company may be held, cancelled or      
conveyed. The authorisation is valid for 18 months from the decision of the     
Annual General Meeting.                                                         

The Annual General Meeting also authorised the Board of Directors to decide on  
the issue of new shares and/or the conveyance of the own shares held by the     
Company. By virtue of the authorisation, the Board of Directors is entitled to  
decide on the issuance of a maximum of 7,800,000 new shares and on the          
conveyance of a maximum of 7,800,000 own shares held by the Company. However,   
the total number of shares to be issued and/or conveyed may not exceed 7,800,000
shares. The new shares may be issued and own shares held by the Company conveyed
either against payment or without payment. The new shares may be issued and/or  
own shares held by the Company conveyed to the Company's shareholders in        
proportion to their existing shareholdings in the Company, or by means of a     
directed share issue, waiving the pre-emptive subscription right of the         
shareholders, if there is a weighty reason for the Company to do so, such as the
shares to be used to improve the capital structure of the Company or as         
consideration in future acquisitions or other arrangements that are part of the 
Company's business or as part of Company's or its subsidiaries' incentive       
schemes. Shares can be issued or conveyed without payment in exception to the   
pre-emptive subscription right of shareholders only if there is an especially   
weighty reason for the Company to do so, taking the interests of all            
shareholders into account.                                                      

The Board of Directors may decide on the issue of shares without payment also to
the Company itself. The number of shares to be issued to the Company combined   
with the number of shares acquired for the Company under the share acquisition  
authorization may not exceed 1/10 of the total number of shares of the Company. 

The subscription price of new shares issued and the consideration paid for the  
conveyance of the Company's own shares shall be credited to the reserve for     
invested unrestricted equity. By virtue of the share issue authorisation, the   
Board of Directors shall decide on other matters relating to the issuing and    
conveyance of shares. The authorisation is valid until the end of the 2011      
Annual General Meeting.                                                         
The Board of Directors has no other authorisations.                             

Conveyance of own shares                                                        
The 2007 Annual General Meeting authorised the Board                            
of Directors to decide on the conveyance of own shares in the Company's         
possession (treasury shares). The authorisation was valid until the end of the  
2009 Annual General Meeting. During January-March, the company did not convey   
any of its own shares.                                                          

Events after the review period                                                  
Henrik Reims was appointed Senior Vice President, Sales and Marketing as of     
1 April, 2009. The Senior Vice President, Sales and Marketing's area of         
responsibility includes One-Stop-Partner deliveries.                            

Glaston announced in a stock exchange release published on 22 April, 2009 that  
it will merge the Pre-processing and Heat Treatment business areas into a single
new business area: Machines. Topi Saarenhovi, SVP of the Heat Treatment business
area was appointed SVP of the Machines business area. At the same time, Paolo   
Ceni, SVP of the Pre-processing business area, resigned from Glaston's service. 

The cost-savings generated by combining the business areas and improving        
productivity are estimated to be around EUR 3.5 million on an annual basis.     
These will be realised in full from 2010. The combining of the business areas   
will cause estimated non-recurring costs of EUR 3.7 million, which will be      
recognised mainly in the second quarter 2009.                                   

The merger of the business areas will change Glaston's reporting segments. The  
second interim report of 2009, to be published on 12 August, 2009, will be      
reported according to the new business structure.                               

Uncertainties in the near future                                                
As the global financial crisis and the economic                                 
downturn continue, Glaston's current markets have substantially changed. The    
world's economic situation has had a significant adverse effect on the          
opportunities for Glaston's customers to invest. The instability had a          
particularly strong impact on large One-Stop-Partner orders.                    

Owing to the recession, demand for glass processing machines will continue to be
weak. Customers' financing difficulties mean that orders might be postponed and 
those already confirmed may be cancelled. Customers' financial situation also   
impacts on the collection of receivables and on credit losses.                  
Risks relating to raw materials have decreased. Raw material prices have        
levelled off and subcontracting capacity problems have nearly disappeared.      

Outlook                                                                         
The inactive market will have a considerable impact on Glaston's                
business in 2009. Adjusting operations to the prevailing market situation will  
continue.                                                                       
The cornerstones of Glaston's business remain the architectural glass segment   
and the solar energy market. In the economic downturn, the significance of      
service and maintenance business will increase.                                 

Market prospects for the first part of the year were very weak, and no signs of 
a recovery in the market are perceptible. Prospects for service and maintenance 
business are reasonable. The emphasis of new machine business will be on sales  
of single machines. No significant demand for One-Stop-Partner projects is      
perceptible in the second quarter of the year. Demand for glass processing      
machines in the latter part of the year is very difficult to forecast in the    
present uncertain economic climate.                                             

Due to a weak order book for the beginning of 2009 and exceptionally low demand,
Glaston expects 2009 net sales to fall short of the 2008 level and the operating
result to remain loss-making in the second quarter of the year.                 

Helsinki, 5 May 2009                                                            
Glaston Corporation                                                             
Board of Directors                                                              




Sender:                                                                         
Glaston Corporation                                                             
Kimmo Lautanen                                                                  
Chief Financial Officer                                                         
Tel. +358 10 500 500                                                            


Agneta Selroos                                                                  
IR and Communications Manager                                                   
Tel. +358 10 500 6105                                                           



Further information:                                                            
President & CEO Mika Seitovirta, tel: +358 10 500 500                           
Chief Financial Officer Kimmo Lautanen, +358 10 500 500                         



Glaston Corporation                                                             

Glaston Corporation is a growing, international glass technology company.       
Glaston is the global market leader in glass processing machines, and a         
comprehensive One-Stop-Partner supplier to its customers. Its product range and 
service network are the widest in the industry. Glaston's well-known brands are 
Bavelloni in pre-processing machines and tools, Tamglass and Uniglass in safety 
glass machines, and Albat+Wirsam Software in glass industry software.           


Glaston's share (GLA1V) is listed on the OMX Nordic Exchange Helsinki Mid Cap   
List.                                                                           
                                                                                
www.glaston.net                                                                 


Distribution:                                                                   
OMX                                                                             
Main media                                                                      
www.glaston.net                                                                 

GLASTON CORPORATION                                                             

CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES 1 JANUARY - 31 MARCH 2009      

These condensed interim financial statements are not audited.                   
As a result of rounding differences, the figures presented in the tables may not
add up to the total.                                                            


CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION                          

--------------------------------------------------------------------------------
| EUR million                         |   31.3.2009 |  31.3.2008 |  31.12.2008 |
--------------------------------------------------------------------------------
| Assets                              |             |            |             |
--------------------------------------------------------------------------------
| Non-current assets                  |             |            |             |
--------------------------------------------------------------------------------
| Property, plant and equipment       |        29.7 |       34.0 |        35.0 |
--------------------------------------------------------------------------------
| Goodwill                            |        66.2 |       67.6 |        66.2 |
--------------------------------------------------------------------------------
| Other intangible assets             |        23.5 |       19.1 |        22.5 |
--------------------------------------------------------------------------------
| Joint ventures and associates and   |         1.8 |        0.8 |         0.9 |
| loan receivables from joint         |             |            |             |
| ventures                            |             |            |             |
--------------------------------------------------------------------------------
| Available-for-sale assets           |         0.3 |        0.2 |         0.3 |
--------------------------------------------------------------------------------
| Deferred tax assets                 |         9.0 |        4.2 |         7.9 |
--------------------------------------------------------------------------------
| Total non-current assets            |       130.4 |      125.8 |       132.9 |
--------------------------------------------------------------------------------
| Current assets                      |             |            |             |
--------------------------------------------------------------------------------
| Inventories                         |        51.9 |       52.0 |        53.9 |
--------------------------------------------------------------------------------
| Receivables                         |             |            |             |
--------------------------------------------------------------------------------
| Trade and other receivables         |        75.7 |       84.5 |        83.3 |
--------------------------------------------------------------------------------
| Assets for current tax              |         3.4 |        1.5 |         4.4 |
--------------------------------------------------------------------------------
| Total receivables                   |        79.1 |       86.0 |        87.6 |
--------------------------------------------------------------------------------
| Cash equivalents                    |         8.8 |       16.4 |        11.5 |
--------------------------------------------------------------------------------
| Assets held for sale                |           - |        0.3 |           - |
--------------------------------------------------------------------------------
| Total current assets                |       139.8 |      154.7 |       153.1 |
--------------------------------------------------------------------------------
| Total assets                        |       270.2 |      280.5 |       285.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|                                     |   31.3.2009 |  31.3.2008 |  31.12.2008 |
--------------------------------------------------------------------------------
| Equity and liabilities              |             |            |             |
--------------------------------------------------------------------------------
| Equity                              |             |            |             |
--------------------------------------------------------------------------------
| Share capital                       |        12.7 |       12.7 |        12.7 |
--------------------------------------------------------------------------------
| Share premium account               |        25.3 |       25.3 |        25.3 |
--------------------------------------------------------------------------------
| Other reserves                      |         0.0 |          - |           - |
--------------------------------------------------------------------------------
| Reserve for invested unrestricted   |         0.2 |        0.3 |         0.2 |
| equity                              |             |            |             |
--------------------------------------------------------------------------------
| Treasury shares                     |        -3.5 |       -3.9 |        -3.5 |
--------------------------------------------------------------------------------
| Fair value reserve                  |         0.0 |          - |         0.0 |
--------------------------------------------------------------------------------
| Hedging reserve                     |           - |        0.0 |           - |
--------------------------------------------------------------------------------
| Retained earnings and exchange      |        85.8 |       96.7 |        98.2 |
| differences                         |             |            |             |
--------------------------------------------------------------------------------
| Net result attributable to owners   |        -8.1 |        0.6 |        -9.1 |
| of the parent                       |             |            |             |
--------------------------------------------------------------------------------
| Equity attributable to owners of    |       112.4 |      131.6 |       123.7 |
| the parent                          |             |            |             |
--------------------------------------------------------------------------------
| Non-controlling interest            |         0.4 |        0.0 |         0.0 |
--------------------------------------------------------------------------------
| Total equity                        |       112.8 |      131.7 |       123.8 |
--------------------------------------------------------------------------------
| Non-current liabilities             |             |            |             |
--------------------------------------------------------------------------------
| Non-current interest-bearing        |        16.3 |        1.9 |        16.4 |
| liabilities                         |             |            |             |
--------------------------------------------------------------------------------
| Non-current interest-free           |         7.6 |        8.7 |         8.0 |
| liabilities and provisions          |             |            |             |
--------------------------------------------------------------------------------
| Deferred tax liabilities            |         8.5 |        8.6 |         8.4 |
--------------------------------------------------------------------------------
| Total non-current liabilities       |        32.4 |       19.2 |        32.9 |
--------------------------------------------------------------------------------
| Current liabilities                 |             |            |             |
--------------------------------------------------------------------------------
| Current interest-bearing            |        58.7 |       35.1 |        53.0 |
| liabilities                         |             |            |             |
--------------------------------------------------------------------------------
| Current provisions                  |         8.9 |        2.7 |        10.6 |
--------------------------------------------------------------------------------
| Trade and other payables            |        56.4 |       90.2 |        63.8 |
--------------------------------------------------------------------------------
| Liabilities for current tax         |         1.0 |        1.6 |         1.9 |
--------------------------------------------------------------------------------
| Total current liabilities           |       125.0 |      129.6 |       129.3 |
--------------------------------------------------------------------------------
| Total liabilities                   |       157.4 |      148.8 |       162.2 |
--------------------------------------------------------------------------------
| Total equity and liabilities        |       270.2 |      280.5 |       285.9 |
--------------------------------------------------------------------------------



CONDENSED CONSOLIDATED INCOME STATEMENT                                         

--------------------------------------------------------------------------------
| EUR million                             |      1-3/ |     1-3/ |       1-12/ |
|                                         |      2009 |     2008 |        2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales                               |      39.2 |     63.1 |       270.4 |
--------------------------------------------------------------------------------
| Other operating income                  |       0.4 |      0.2 |         0.4 |
--------------------------------------------------------------------------------
| Expenses                                |     -46.0 |    -59.6 |      -265.8 |
--------------------------------------------------------------------------------
| Share of associates and joint ventures' |         - |      0.0 |         0.0 |
| result                                  |           |          |             |
--------------------------------------------------------------------------------
| Depreciation, amortization and          |      -2.6 |     -2.0 |       -11.2 |
| impairment                              |           |          |             |
--------------------------------------------------------------------------------
| Operating profit / loss                 |      -9.0 |      1.6 |        -6.1 |
--------------------------------------------------------------------------------
| Gains from assets held for sale         |         - |        - |         0.1 |
--------------------------------------------------------------------------------
| Other financial items, net              |       0.0 |     -0.5 |        -2.1 |
--------------------------------------------------------------------------------
| Result before income taxes              |      -9.0 |      1.1 |        -8.1 |
--------------------------------------------------------------------------------
| Income taxes                            |       0.9 |     -0.5 |        -1.1 |
--------------------------------------------------------------------------------
| Profit / loss for the period            |      -8.1 |      0.6 |        -9.2 |
--------------------------------------------------------------------------------
| Attributable to:                        |           |          |             |
--------------------------------------------------------------------------------
| Non-controlling interests               |       0.0 |      0.0 |         0.0 |
--------------------------------------------------------------------------------
| Owners of the parent                    |      -8.1 |      0.6 |        -9.1 |
--------------------------------------------------------------------------------
| Total                                   |      -8.1 |      0.6 |        -9.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share, EUR, basic and      |     -0.10 |     0.01 |       -0.12 |
| diluted                                 |           |          |             |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit / loss, as % of net    |     -22.9 |      2.6 |        -2.3 |
| sales                                   |           |          |             |
--------------------------------------------------------------------------------
| Profit / loss for the period, as % of   |     -20.6 |      0.9 |        -3.4 |
| net sales                               |           |          |             |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-recurring items included in         |         - |        - |       -12.3 |
| operating profit / loss                 |           |          |             |
--------------------------------------------------------------------------------
| Operating profit / loss, non-recurring  |      -9.0 |      1.6 |         6.2 |
| items excluded                          |           |          |             |
--------------------------------------------------------------------------------
| Operating profit / loss, non-recurring  |     -22.9 |      2.6 |         2.3 |
| items excluded, as % of net sales       |           |          |             |
--------------------------------------------------------------------------------


CONSOLIDATED STATEMENT OF COMPEREHENSIVE INCOME                                 

--------------------------------------------------------------------------------
| EUR million                              |      1-3/ |     1-3/ |      1-12/ |
|                                          |      2009 |     2008 |       2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit / loss for the period             |      -8.1 |      0.6 |       -9.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other comprehensive income               |           |          |            |
--------------------------------------------------------------------------------
| Total exchange differences on            |       0.6 |     -1.0 |        0.7 |
| translating foreign operations           |           |          |            |
--------------------------------------------------------------------------------
| Effective portion of fair value changes  |         - |      0.0 |          - |
| of cash flow hedges                      |           |          |            |
--------------------------------------------------------------------------------
| Fair value changes of cash flow hedges   |         - |        - |        0.0 |
| reclassified in profit or loss           |           |          |            |
--------------------------------------------------------------------------------
| Fair value changes of available-for-sale |       0.0 |        - |        0.0 |
| shares                                   |           |          |            |
--------------------------------------------------------------------------------
| Other reclassifications                  |       0.0 |        - |        0.0 |
--------------------------------------------------------------------------------
| Income tax on other comprehensive income |       0.0 |      0.0 |        0.0 |
--------------------------------------------------------------------------------
| Other comprehensive income for the       |       0.6 |     -1.0 |        0.7 |
| reporting period, net of tax             |           |          |            |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total comprehensive income for the       |      -7.4 |     -0.4 |       -8.5 |
| reporting period                         |           |          |            |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Attributable to                          |           |          |            |
--------------------------------------------------------------------------------
| Owners of the parent                     |      -7.4 |     -0.4 |       -8.5 |
--------------------------------------------------------------------------------
| Non-controlling interest                 |       0.0 |      0.0 |        0.0 |
--------------------------------------------------------------------------------
| Total comprehensive income for the       |      -7.4 |     -0.4 |       -8.5 |
| reporting period                         |           |          |            |
--------------------------------------------------------------------------------


CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS                                  

--------------------------------------------------------------------------------
| EUR million                              |      1-3/ |     1-3/ |      1-12/ |
|                                          |      2009 |     2008 |       2008 |
--------------------------------------------------------------------------------
| Cash flows from operating activities     |           |          |            |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow before change in net working   |      -8.1 |      0.4 |        7.2 |
| capital                                  |           |          |            |
--------------------------------------------------------------------------------
| Change in net working capital            |       4.4 |     -0.6 |      -30.4 |
--------------------------------------------------------------------------------
| Net cash flow from operating activities  |      -3.8 |     -0.2 |      -23.3 |
--------------------------------------------------------------------------------
| Cash flow from investing activities      |           |          |            |
--------------------------------------------------------------------------------
| Business combinations                    |         - |        - |        0.7 |
--------------------------------------------------------------------------------
| Other purchases of non-current assets    |      -2.3 |     -3.1 |      -14.5 |
--------------------------------------------------------------------------------
| Investment in shares in joint ventures   |      -1.8 |        - |          - |
--------------------------------------------------------------------------------
| Other                                    |       0.1 |        - |          - |
--------------------------------------------------------------------------------
| Proceeds from sale of non-current assets |       1.0 |      0.0 |        0.4 |
--------------------------------------------------------------------------------
| Net cash used in investing activities    |      -2.9 |     -3.1 |      -13.4 |
--------------------------------------------------------------------------------
| Cash flow before financing               |      -6.7 |     -3.2 |      -36.7 |
--------------------------------------------------------------------------------
| Cash flow from financing activities      |           |          |            |
--------------------------------------------------------------------------------
| Changes in non-current liabilities       |         - |        - |       17.5 |
| (increase + / decrease -)                |           |          |            |
--------------------------------------------------------------------------------
| Changes in non-current loan receivables  |       0.0 |        - |        0.3 |
| (increase - / decrease +)                |           |          |            |
--------------------------------------------------------------------------------
| Short-term financing, net (increase + /  |       5.6 |     15.6 |       27.9 |
| decrease -)                              |           |          |            |
--------------------------------------------------------------------------------
| Dividends paid                           |      -3.6 |     -7.2 |       -7.8 |
--------------------------------------------------------------------------------
| Other financing                          |       1.2 |        - |        0.0 |
--------------------------------------------------------------------------------
| Net cash used in financing activities    |       3.2 |      8.4 |       37.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Effect of exchange rate changes          |       0.8 |     -0.2 |       -1.0 |
--------------------------------------------------------------------------------
| Net change in cash and cash equivalents  |      -2.7 |      5.0 |        0.1 |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the         |      11.5 |     11.4 |       11.4 |
| beginning of period                      |           |          |            |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the end of  |       8.8 |     16.4 |       11.5 |
| period                                   |           |          |            |
--------------------------------------------------------------------------------
| Net change in cash and cash equivalents  |      -2.7 |      5.0 |        0.1 |
--------------------------------------------------------------------------------



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY                                     


--------------------------------------------------------------------------------
| EUR million        |  Share |  Share |  Other |  Reserve | Treasu  |    Fair |
|                    | capital| premiu | reser- |      for |      ry |   value |
|                    |        | m acc. |    ves | invested |  shares | reserve |
|                    |        |        |        | unrestr. |         |         |
|                    |        |        |        |   equity |         |         |
--------------------------------------------------------------------------------
| Equity at 1        |   12.7 |   25.3 |      - |      0.3 |    -3.9 |       - |
| January, 2008      |        |        |        |          |         |         |
--------------------------------------------------------------------------------
| Equity at 31       |   12.7 |   25.3 |      - |      0.3 |    -3.9 |       - |
| March, 2008        |        |        |        |          |         |         |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
|                 |   Share |  Share |    Other |  Reserve | Treasury |   Fair |
|                 | capital | premiu | reserves |      for |  shares  |  value |
|                 |         | m acc. |          | invested |          | reser- |
|                 |         |        |          | unrestr. |          |     ve |
|                 |         |        |          |   equity |          |        |
--------------------------------------------------------------------------------
| Equity at 1     |    12.7 |   25.3 |        - |      0.2 |     -3.5 |    0.0 |
| January, 2009   |         |        |          |          |          |        |
--------------------------------------------------------------------------------
| Total           |       - |      - |      0.0 |        - |        - |    0.0 |
| comprehensive   |         |        |          |          |          |        |
| income for the  |         |        |          |          |          |        |
| period          |         |        |          |          |          |        |
--------------------------------------------------------------------------------
| Other changes   |       - |      - |        - |      0.0 |      0.0 |      - |
| in treasury     |         |        |          |          |          |        |
| shares          |         |        |          |          |          |        |
--------------------------------------------------------------------------------
| Equity at 31    |    12.7 |   25.3 |      0.0 |      0.2 |     -3.5 |    0.0 |
| March, 2009     |         |        |          |          |          |        |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
|               | Hedging | Retained|   Exch.   |  Equity  | Non-cont | Total  |
|               | reserve |         |   diff.   | attrib.  | rolling  | equity |
|               |         | earnings|           | to owners| interest |        |
|               |         |         |           |  of the  |          |        |
|               |         |         |           |  parent  |          |        |
--------------------------------------------------------------------------------
| Equity at 1   |     0.0 |   106.8 |      -1.2 |    139.9 |      0.0 |  139.9 |
| January, 2008 |         |         |           |          |          |        |
--------------------------------------------------------------------------------
| Total         |     0.0 |     0.6 |      -1.0 |     -0.4 |      0.0 |   -0.4 |
| comprehensive |         |         |           |          |          |        |
| income for    |         |         |           |          |          |        |
| the period    |         |         |           |          |          |        |
--------------------------------------------------------------------------------
| Share-based   |       - |     0.0 |         - |      0.0 |        - |    0.0 |
| incentive     |         |         |           |          |          |        |
| plan          |         |         |           |          |          |        |
--------------------------------------------------------------------------------
| Share-based   |       - |     0.0 |         - |      0.0 |        - |    0.0 |
| incentive     |         |         |           |          |          |        |
| plan, tax     |         |         |           |          |          |        |
| effect        |         |         |           |          |          |        |
--------------------------------------------------------------------------------
| Dividends     |       - |    -7.8 |         - |     -7.8 |        - |   -7.8 |
| paid          |         |         |           |          |          |        |
--------------------------------------------------------------------------------
| Equity at 31  |     0.0 |    99.5 |      -2.2 |    131.6 |      0.0 |  131.7 |
| March, 2008   |         |         |           |          |          |        |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| EUR million      | Hedging| Retained|  Exch.  | Equity  | Non-cont |  Total  |
|                  |        |         |  diff.  | attrib. | rolling  | equity  |
|                  | reser- | earnings|         |   to    | interest |         |
|                  |   ve   |         |         | owners  |          |         |
|                  |        |         |         | of the  |          |         |
|                  |        |         |         | parent  |          |         |
--------------------------------------------------------------------------------
| Equity at 1      |      - |    89.6 |    -0.5 |   123.7 |      0.0 |   123.8 |
| January, 2009    |        |         |         |         |          |         |
--------------------------------------------------------------------------------
| Total            |      - |    -8.1 |     0.6 |    -7.4 |      0.0 |    -7.4 |
| comprehensive    |        |         |         |         |          |         |
| income for the   |        |         |         |         |          |         |
| period           |        |         |         |         |          |         |
--------------------------------------------------------------------------------
| Other changes in |      - |       - |       - |       - |      0.4 |     0.4 |
| non-controlling  |        |         |         |         |          |         |
| interest         |        |         |         |         |          |         |
--------------------------------------------------------------------------------
| Other changes in |      - |       - |       - |       - |        - |       - |
| treasury shares  |        |         |         |         |          |         |
--------------------------------------------------------------------------------
| Share-based      |      - |     0.0 |       - |     0.0 |        - |     0.0 |
| incentive plan   |        |         |         |         |          |         |
--------------------------------------------------------------------------------
| Share-based      |      - |     0.0 |       - |     0.0 |        - |     0.0 |
| incentive plan,  |        |         |         |         |          |         |
| tax effect       |        |         |         |         |          |         |
--------------------------------------------------------------------------------
| Dividends paid   |      - |    -3.9 |       - |    -3.9 |        - |    -3.9 |
--------------------------------------------------------------------------------
| Equity at 31     |      - |    77.6 |     0.1 |   112.4 |      0.4 |   112.8 |
| March, 2009      |        |         |         |         |          |         |
--------------------------------------------------------------------------------


KEY RATIOS                                                                      
--------------------------------------------------------------------------------
|                                      |  31.3.2009 |  31.3.2008 |  31.12.2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EBITDA, as % of net sales (1         |      -16.2 |        5.7 |         1.9 |
--------------------------------------------------------------------------------
| Operating profit / loss (EBIT), as % |      -22.9 |        2.6 |        -2.3 |
| of net sales                         |            |            |             |
--------------------------------------------------------------------------------
| Net result, as % of net sales        |      -20.6 |        0.9 |        -3.4 |
--------------------------------------------------------------------------------
| Gross capital expenditure, EUR       |        4.1 |        3.3 |        18.4 |
| million                              |            |            |             |
--------------------------------------------------------------------------------
| Gross capital expenditure, as % of   |       10.4 |        5.2 |         6.8 |
| net sales                            |            |            |             |
--------------------------------------------------------------------------------
| Equity ratio, %                      |       44.3 |       52.2 |        45.8 |
--------------------------------------------------------------------------------
| Gearing, %                           |       66.5 |       28.1 |        56.1 |
--------------------------------------------------------------------------------
| Net gearing, %                       |       58.7 |       15.7 |        46.8 |
--------------------------------------------------------------------------------
| Net interest-bearing debt, EUR       |       66.2 |       20.6 |        57.9 |
| million                              |            |            |             |
--------------------------------------------------------------------------------
| Capital employed, end of period, EUR |      187.8 |      168.7 |       193.2 |
| million                              |            |            |             |
--------------------------------------------------------------------------------
| Return on equity, %, annualized      |      -27.3 |        1.7 |        -7.0 |
--------------------------------------------------------------------------------
| Return on capital employed, %,       |      -17.1 |        4.1 |        -2.3 |
| annualized                           |            |            |             |
--------------------------------------------------------------------------------
| Number of personnel, average         |      1,490 |      1,462 |       1,519 |
--------------------------------------------------------------------------------
| Number of personnel, end of period   |      1,480 |      1,489 |       1,541 |
--------------------------------------------------------------------------------


(1 EBITDA = Operating profit / loss + depreciation, amortization and impairment.

--------------------------------------------------------------------------------
| PER SHARE DATA                      |            |             |             |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
|                                        |     31.3. |     31.3. |      31.12. |
|                                        |      2009 |      2008 |        2008 |
--------------------------------------------------------------------------------
| Number of shares, end of period,       |    78,536 |    78,437 |      78,540 |
| treasury shares excluded (1,000)       |           |           |             |
--------------------------------------------------------------------------------
| Number of shares, average, treasury    |    78,536 |    78,437 |      78,507 |
| shares excluded (1,000)                |           |           |             |
--------------------------------------------------------------------------------
| EPS, EUR (*                            |     -0.10 |      0.01 |       -0.12 |
--------------------------------------------------------------------------------
| Equity attributable to owners of the   |      1.43 |      1.68 |        1.58 |
| parent per share, EUR                  |           |           |             |
--------------------------------------------------------------------------------
| Price per earnings per share (P/E)     |      -9.2 |     430.5 |        -7.8 |
| ratio                                  |           |           |             |
--------------------------------------------------------------------------------
| Price per equity attributable to       |      0.66 |      1.91 |        0.58 |
| owners of the parent per share         |           |           |             |
--------------------------------------------------------------------------------
| Market capitalization, EUR million     |      74.6 |     251.0 |        71.5 |
--------------------------------------------------------------------------------
| Share turnover, % (number of shares    |       2.8 |       1.0 |         5.1 |
| traded, % of the average number of     |           |           |             |
| shares)                                |           |           |             |
--------------------------------------------------------------------------------
| Number of shares traded, (1,000)       |     2,193 |       781 |       3,965 |
--------------------------------------------------------------------------------
| Closing price of the share, EUR        |      0.95 |      3.20 |        0.91 |
--------------------------------------------------------------------------------
| Highest quoted price, EUR              |      1.15 |      3.30 |        3.33 |
--------------------------------------------------------------------------------
| Lowest quoted price, EUR               |      0.92 |      2.70 |        0.87 |
--------------------------------------------------------------------------------
| Volume-weighted average quoted price,  |      1.15 |      3.06 |        2.07 |
| EUR                                    |           |           |             |
--------------------------------------------------------------------------------


(* Glaston Corporation has not issued options or warrants or similar instruments
which would dilute the earnings per share.                                      

DEFINITIONS OF KEY RATIOS                                                       

Financial ratios                                                                

EBITDA = Profit / loss before depreciation, amortization and impairment, share  
of joint ventures' and associates' results included                             

Operating profit (EBIT) = Profit / loss after depreciation, amortization and    
impairment, share of joint ventures' and associates' results included           

Cash and cash equivalents = Cash + other financial assets                       

Net interest-bearing debt = Interest-bearing liabilities - cash and cash        
equivalents                                                                     

Financial expenses = Interest expenses of financial liabilities + fees of       
financing arrangements + foreign currency differences of financial liabilities  

Equity ratio, % = Equity (Equity attributable to owners of the parent +         
non-controlling interest) x 100 / Total assets - advance payments received      

Gearing, % = Interest-bearing liabilities x 100 / Equity (Equity attributable to
owners of the parent + non-controlling interest)                                

Net gearing, % = Net interest-bearing debt x 100 / Equity (Equity attributable  
to owners of the parent + non-controlling interest)                             

Return on investments, % (ROCE) = Profit / loss before taxes + financial        
expenses x 100 / Equity + interest-bearing liabilities  (average of 1 January   
and end of the reporting period)                                                

Return on equity, % (ROE)=  Profit / loss for the reporting period x 100 /      
Equity (Equity attributable to owners of the parent + non-controlling interest) 
(average of 1 January and end of the reporting period)                          

Per share data                                                                  

Earnings per share (EPS) = Net result attributable to owners of the parent /    
Adjusted average number of shares                                               

Equity attributable to owners of the parent per share = Equity attributable to  
owners of the parent at end of the period / Adjusted number of shares at end of 
the period                                                                      

Average trading price = Shares traded (EUR) / Shares traded (volume)            

Price per earnings per share (P/E) = Share price at end of the period /         
Earnings per share (EPS)                                                        

Price per equity per share = Share price at period end / Equity attributable to 
owners of the parent per share                                                  

Share turnover = The proportion of number of shares traded during the period to 
average number of shares                                                        

Market capitalization = Number of shares at end of the period x share price at  
end of the period                                                               

Number of shares at period end = Number of issued shares - treasury shares      


ACCOUNTING POLICIES                                                             

These condensed consolidated interim financial statements have been             
prepared in accordance with the IFRS recognition and measurement principles but 
not complying with all the requirements of IAS 34 Interim Financial Reporting.  
The consolidated interim financial statements do not include all of the         
information required for annual financial statements.                           

The accounting principles applied in these condensed interim                    
consolidated financial statements are the same as in the previous financial     
statements, with the exception of the following                                 
new or revised or amended standards and interpretations, which have             
been applied from 1 January, 2009:                                              

- IAS 23 (revised) Borrowing Costs                                              
- IFRS 8 Operating Segments                                                     
- IFRIC 13 Customer Loyalty Programs                                            
- Amendments to IFRS 2 Share-based Payments: Vesting Conditions and             
Cancellations                                                                   
- Amendments to IAS 32 Financial Instruments: Presentation and IAS 1            
Presentation of Financial Statements - Puttable Financial Instruments and       
Obligations Arising on Liquidation                                              
- IFRIC 15 Agreements for the Construction of Real Estate                       
- Amendment to IAS 39 Financial Instruments: Recognition and Measurement -      
Eligible Hedged Items                                                           
-  Amendments to IFRS 1 First-time Adoption of International Financial Reporting
Standards and IAS 27 Consolidated and Separate Financial Statements  - Cost of  
an Investment in a Subsidiary, Jointly Controlled Entity or Associate.          
- Amendments to IFRS 7 Financial Instruments: Disclosures - Improving           
Disclosures about Financial Instruments                                         
- Amendments to IFRIC 9 and IAS 39: Embedded Derivatives                        

In addition, Glaston applies the annual Improvements to IFRSs issued in May     
2008.                                                                           

Applying revised IAS 23 Borrowing Costs changed Glaston's accounting principles 
from 1 January 2009. From that date on the borrowing costs that are directly    
attributable to the acquisition, construction or production of a qualifying     
asset are capitalized to the acquisition cost of the asset. The capitalization  
will apply mainly to property, plant and equipment and intangible assets.       

Applying IFRS 8 Operating Segments did not have any material effect on the      
financial information of Glaston.                                               

Other new or amended standards or interpretations are not material for Glaston  
Group.                                                                          

DIVESTMENTS                                                                     

Glaston's subsidiary Tamglass Glass Processing Ltd. sold in March its           
insulated and architectural glass processing operations to INTERPANE Glass Oy.  
INTERPANE Glass Oy began its operations on April, 2009. The divested operations 
had net sales of approximately EUR 14 million in 2008 and 93 employees at the   
end of March. The personnel were transferred to INTERPANE Glass Oy.             

The transaction was an asset deal, consisting of, among others, tangible assets 
and inventory. The deal was financed mainly through vendor financing given by   
Glaston. Glaston also invested EUR 1.8 million in the equity of INTERPANE Glass 
Oy. In addition, Glaston is committed to invest additional EUR 1.0 million in   
INTERPANE's equity.                                                             

INTERPANE Glass Oy is a company owned jointly by Georg F. Hesselbach through his
company A A A Glass & Design Finland Oy, and a subsidiary of Glaston            
Corporation. The shareholders of INTERPANE Glass Oy have entered into a         
shareholders' agreement which incorporates put and call options enabling the    
shareholders to rearrange their ownership shares in the company in the future.  
                                                                                
The transaction has no material effect on Glaston's result.                     

INTERPANE Glass Oy is a joint venture of Glaston, and it is consolidated in     
Glaston's consolidated financial statements using the equity method.            
                                                                                

Glaston continues its production of solar reflectors in Akaa, Finland, employing
approximately 30 persons.                                                       
                                                                                
CHANGES IN JOINT VENTURES                                                       

The Chinese company Sanhe AAA Tools Co. was consolidated in 2008 as a joint     
venture using the equity method and not as a subsidiary despite of the 70 per   
cent ownership of Glaston, because Glaston was not considered to have control of
the company. From 1 January, 2009, Sanhe AAA Tools Co. has been consolidated as 
a subsidiary as Glaston has gained control of the company.  				                

INTERPANE Glass Oy became a joint venture of Glaston on 31 March, 2009.         


SEGMENT INFORMATION                                                             

The Pre-processing segment includes glass pre-processing machines, maintenance  
and service operations, as well as tool manufacturing. The Heat Treatment       
segment includes tempering, bending and laminating machines, maintenance and    
service operations, as well as the glass processing operations of Tamglass Glass
Processing. The Software Solutions segment's product offering covers enterprise 
resource planning systems for the glass industry, software for windows and door 
glass manufacturers, and software for glass processor's integrated line         
solutions.                                                                      

Glaston announced in a stock exchange release on 22 April, 2009 that it changes 
the reporting segments. The second quarter interim report of Glaston will be    
prepared in accordance with the new segments.                                   

EUR million                                                                     

--------------------------------------------------------------------------------
| Net sales                              |      1-3/ |       1-3/ |      1-12/ |
|                                        |      2009 |       2008 |       2008 |
--------------------------------------------------------------------------------
| Pre-processing                         |      11.1 |       22.9 |       89.7 |
--------------------------------------------------------------------------------
| Heat Treatment                         |      22.2 |       32.9 |      152.9 |
--------------------------------------------------------------------------------
| Software Solutions                     |       6.0 |        7.3 |       28.2 |
--------------------------------------------------------------------------------
| Parent company and eliminations        |       0.0 |        0.0 |       -0.3 |
--------------------------------------------------------------------------------
| Total                                  |      39.2 |       63.1 |      270.4 |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| Operating profit / loss, excluding     |      1-3/ |       1-3/ |      1-12/ |
| non-recurring items                    |      2009 |       2008 |       2008 |
--------------------------------------------------------------------------------
| Pre-processing                         |      -4.4 |        0.6 |       -3.0 |
--------------------------------------------------------------------------------
| Heat Treatment                         |      -2.6 |        1.9 |       13.0 |
--------------------------------------------------------------------------------
| Software Solutions                     |      -0.4 |        1.0 |        3.7 |
--------------------------------------------------------------------------------
| Parent company and eliminations        |      -1.6 |       -1.8 |       -7.5 |
--------------------------------------------------------------------------------
| Total                                  |      -9.0 |        1.6 |        6.2 |
--------------------------------------------------------------------------------
| Non-recurring items                    |         - |          - |      -12.3 |
--------------------------------------------------------------------------------
| Operating profit / loss                |      -9.0 |        1.6 |       -6.1 |
--------------------------------------------------------------------------------
| Net financial items                    |       0.0 |       -0.5 |       -2.0 |
--------------------------------------------------------------------------------
| Income taxes                           |       0.9 |       -0.5 |       -1.1 |
--------------------------------------------------------------------------------
| Net result for the period              |      -8.1 |        0.6 |       -9.2 |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| Operating profit / loss, excluding     |      1-3/ |       1-3/ |      1-12/ |
| non-recurring items, as % of net sales |      2009 |       2008 |       2008 |
--------------------------------------------------------------------------------
| Pre-processing                         |    -39.4% |      -2.5% |      -3.3% |
--------------------------------------------------------------------------------
| Heat Treatment                         |    -11.7% |       5.7% |       8.5% |
--------------------------------------------------------------------------------
| Software Solutions                     |     -6.0% |      13.2% |      13.3% |
--------------------------------------------------------------------------------
| Total                                  |    -22.9% |       2.6% |       2.3% |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| Depreciation, amortization and   |        1-3/ |         1-3/ |        1-12/ |
| impairment                       |        2009 |         2008 |         2008 |
--------------------------------------------------------------------------------
| Pre-processing                   |         0.5 |          0.4 |          2.1 |
--------------------------------------------------------------------------------
| Heat Treatment                   |         1.1 |          0.9 |          6.5 |
--------------------------------------------------------------------------------
| Software Solutions               |         0.8 |          0.4 |          1.7 |
--------------------------------------------------------------------------------
| Parent company and eliminations  |         0.3 |          0.2 |          0.9 |
--------------------------------------------------------------------------------
| Total                            |         2.6 |          2.0 |         11.2 |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| Net working capital               |   31.3.2009 |   31.3.2008 |   31.12.2008 |
--------------------------------------------------------------------------------
| Pre-processing                    |        34.1 |        26.0 |         31.8 |
--------------------------------------------------------------------------------
| Heat Treatment                    |        41.5 |        37.6 |         54.9 |
--------------------------------------------------------------------------------
| Software Solutions                |         7.1 |         5.3 |          5.8 |
--------------------------------------------------------------------------------
| Parent company and eliminations   |        -0.5 |        -0.8 |         -0.4 |
--------------------------------------------------------------------------------
| Total                             |        82.2 |        68.0 |         92.1 |
--------------------------------------------------------------------------------

In segment reporting net working capital consists of inventory, external trade  
receivables and trade payables and advances received.                           

--------------------------------------------------------------------------------
| Orders received                      |       1-3/ |       1-3/ |       1-12/ |
|                                      |       2009 |       2008 |        2008 |
--------------------------------------------------------------------------------
| Pre-processing                       |        8.0 |       19.4 |        68.6 |
--------------------------------------------------------------------------------
| Heat Treatment                       |       14.1 |       44.0 |       135.5 |
--------------------------------------------------------------------------------
| Software Solutions                   |        2.4 |        4.8 |        13.9 |
--------------------------------------------------------------------------------
| Total                                |       24.5 |       68.3 |       218.0 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Order book                        |   31.3.2009 |   31.3.2008 |   31.12.2008 |
--------------------------------------------------------------------------------
| Pre-processing                    |        13.5 |        21.0 |         13.0 |
--------------------------------------------------------------------------------
| Heat Treatment                    |        28.7 |        66.4 |         46.0 |
--------------------------------------------------------------------------------
| Software Solutions                |         3.7 |         9.5 |          3.5 |
--------------------------------------------------------------------------------
| Total                             |        45.9 |        96.9 |         62.5 |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| Net sales by market area              |       1-3/ |       1-3/ |      1-12/ |
|                                       |       2009 |       2008 |       2008 |
--------------------------------------------------------------------------------
| EMEA                                  |       26.2 |       43.2 |      175.6 |
--------------------------------------------------------------------------------
| America                               |        9.3 |       11.9 |       56.0 |
--------------------------------------------------------------------------------
| Asia                                  |        3.8 |        8.0 |       38.8 |
--------------------------------------------------------------------------------
| Total                                 |       39.2 |       63.1 |      270.4 |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| Net sales by market area, %           |       1-3/ |       1-3/ |      1-12/ |
|                                       |       2009 |       2008 |       2008 |
--------------------------------------------------------------------------------
| EMEA                                  |      66.8% |      68.5% |      55.8% |
--------------------------------------------------------------------------------
| America                               |      23.6% |      18.9% |      28.0% |
--------------------------------------------------------------------------------
| Asia                                  |       9.6% |      12.7% |      16.2% |
--------------------------------------------------------------------------------
| Total                                 |     100.0% |     100.0% |     100.0% |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|              1-3/ |             1-3/ |             change, % |         1-12/ |
|              2009 |             2008 |                       |          2008 |
--------------------------------------------------------------------------------
| Geographical distribution   |                                                |
| of orders received          |                                                |
--------------------------------------------------------------------------------
| EMEA                        |      13.3 |      42.4 |       -68.6% |   144.8 |
--------------------------------------------------------------------------------
| America                     |       7.3 |      11.3 |       -35.4% |    45.9 |
--------------------------------------------------------------------------------
| Asia                        |       3.8 |      14.5 |       -73.7% |    27.3 |
--------------------------------------------------------------------------------
| Total                       |      24.5 |      68.3 |       -64.1% |   218.0 |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| Personnel at the end of the period  |  31.3.2009 |  31.3.2008 |   31.12.2008 |
--------------------------------------------------------------------------------
| Pre-processing                      |        584 |        625 |          614 |
--------------------------------------------------------------------------------
| Heat Treatment                      |        615 |        600 |          640 |
--------------------------------------------------------------------------------
| Software Solutions                  |        253 |        239 |          262 |
--------------------------------------------------------------------------------
| Parent company                      |         27 |         25 |           26 |
--------------------------------------------------------------------------------
| Total                               |      1,480 |      1,489 |        1,541 |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| Personnel, average                  |        1-3/ |       1-3/ |       1-12/ |
|                                     |        2009 |       2008 |        2008 |
--------------------------------------------------------------------------------
| Pre-processing                      |         600 |        602 |         591 |
--------------------------------------------------------------------------------
| Heat Treatment                      |         608 |        590 |         647 |
--------------------------------------------------------------------------------
| Software Solutions                  |         256 |        246 |         255 |
--------------------------------------------------------------------------------
| Parent company                      |          27 |         24 |          26 |
--------------------------------------------------------------------------------
| Total                               |       1,490 |      1,462 |       1,519 |
--------------------------------------------------------------------------------

NET SALES, OPERATING RESULT AND ORDER BOOK BY QUARTER                           

--------------------------------------------------------------------------------
| Net sales              |    1-3/ |   10-12/ |     7-9/ |     4-6/ |     1-3/ |
|                        |    2009 |     2008 |     2008 |     2008 |     2008 |
--------------------------------------------------------------------------------
| Pre-processing         |    11.1 |     23.7 |     20.0 |     23.2 |     22.9 |
--------------------------------------------------------------------------------
| Heat Treatment         |    22.2 |     38.8 |     37.2 |     44.0 |     32.9 |
--------------------------------------------------------------------------------
| Software Solutions     |     6.0 |      6.6 |      7.8 |      6.4 |      7.3 |
--------------------------------------------------------------------------------
| Parent company and     |     0.0 |     -0.2 |      0.8 |     -1.0 |      0.0 |
| eliminations           |         |          |          |          |          |
--------------------------------------------------------------------------------
| Total                  |    39.2 |     68.9 |     65.8 |     72.6 |     63.1 |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| Operating profit / loss |    1-3/ |  10-12/ |     7-9/ |     4-6/ |     1-3/ |
| excluding non-recurring |    2009 |    2008 |     2008 |     2008 |     2008 |
| items                   |         |         |          |          |          |
--------------------------------------------------------------------------------
| Pre-processing          |    -4.4 |    -1.1 |     -1.6 |     -0.7 |      0.6 |
--------------------------------------------------------------------------------
| Operating profit /      |  -39.4% |   -4.8% |    -8.4% |    -3.1% |     2.5% |
| loss, %                 |         |         |          |          |          |
--------------------------------------------------------------------------------
| Heat Treatment          |    -2.6 |     2.5 |      3.3 |      5.3 |      1.9 |
--------------------------------------------------------------------------------
| Operating profit /      |  -11.7% |    6.4% |     8.9% |    12.0% |     5.7% |
| loss, %                 |         |         |          |          |          |
--------------------------------------------------------------------------------
| Software Solutions      |    -0.4 |     0.1 |      1.4 |      1.2 |      1.0 |
--------------------------------------------------------------------------------
| Operating profit /      |   -6.0% |    1.8% |    18.1% |    19.3% |    13.2% |
| loss, %                 |         |         |          |          |          |
--------------------------------------------------------------------------------
| Parent company and      |    -1.6 |    -1.8 |     -2.0 |     -2.0 |     -1.8 |
| eliminations            |         |         |          |          |          |
--------------------------------------------------------------------------------
| Total                   |    -9.0 |    -0.3 |      1.1 |      3.8 |      1.6 |
--------------------------------------------------------------------------------
| Operating profit /      |  -22.9% |   -0.4% |     1.6% |     5.2% |     2.6% |
| loss, %                 |         |         |          |          |          |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| Operating profit / loss |    1-3/ |  10-12/ |     7-9/ |     4-6/ |     1-3/ |
|                         |    2009 |    2008 |     2008 |     2008 |     2008 |
--------------------------------------------------------------------------------
| Pre-processing          |    -4.4 |    -6.6 |     -1.6 |     -0.7 |      0.6 |
--------------------------------------------------------------------------------
| Operating profit /      |  -39.4% |  -27.7% |    -8.4% |    -3.1% |     2.5% |
| loss, %                 |         |         |          |          |          |
--------------------------------------------------------------------------------
| Heat Treatment          |    -2.6 |    -3.8 |      3.3 |      5.3 |      1.9 |
--------------------------------------------------------------------------------
| Operating profit /      |  -11.7% |   -9.8% |     8.9% |    12.0% |     5.7% |
| loss, %                 |         |         |          |          |          |
--------------------------------------------------------------------------------
| Software Solutions      |    -0.4 |    -0.4 |      1.4 |      1.2 |      1.0 |
--------------------------------------------------------------------------------
| Operating profit /      |   -6.0% |   -6.5% |    18.1% |    19.3% |    13.2% |
| loss, %                 |         |         |          |          |          |
--------------------------------------------------------------------------------
| Parent company and      |    -1.6 |    -1.8 |     -2.0 |     -2.0 |     -1.8 |
| eliminations            |         |         |          |          |          |
--------------------------------------------------------------------------------
| Total                   |    -9.0 |   -12.6 |      1.0 |      3.8 |      1.6 |
--------------------------------------------------------------------------------
| Operating profit /      |  -22.9% |  -18.3% |     1.6% |     5.2% |     2.6% |
| loss, %                 |         |         |          |          |          |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| Order book       | 31.3.2009 | 31.12.200 | 30.9.2008 | 30.6.2008 | 31.3.2008 |
|                  |           |         8 |           |           |           |
--------------------------------------------------------------------------------
| Pre-processing   |      13.5 |      13.0 |      19.1 |      21.9 |      21.0 |
--------------------------------------------------------------------------------
| Heat Treatment   |      28.7 |      46.0 |      60.8 |      72.4 |      66.4 |
--------------------------------------------------------------------------------
| Software         |       3.7 |       3.5 |       4.5 |       6.0 |       9.5 |
| Solutions        |           |           |           |           |           |
--------------------------------------------------------------------------------
| Total            |      45.9 |      62.5 |      84.4 |     100.3 |      96.9 |
--------------------------------------------------------------------------------


CONTINGENT LIABILITIES                                                          

--------------------------------------------------------------------------------
| EUR million                         |  31.3.2009 |  31.3.2008 |   31.12.2008 |
--------------------------------------------------------------------------------
| Mortgages                           |            |            |              |
--------------------------------------------------------------------------------
| On own behalf                       |        0.2 |        0.2 |          0.2 |
--------------------------------------------------------------------------------
| Guarantees                          |            |            |              |
--------------------------------------------------------------------------------
| On own behalf                       |        0.4 |        1.4 |          0.8 |
--------------------------------------------------------------------------------
| On behalf of others                 |        0.1 |        0.3 |          0.1 |
--------------------------------------------------------------------------------
| Lease obligations                   |       18.2 |       17.5 |         19.3 |
--------------------------------------------------------------------------------
| Repurchase obligations              |        0.4 |        2.7 |          0.5 |
--------------------------------------------------------------------------------
| Other obligation on own behalf      |        0.2 |        0.3 |          0.3 |
--------------------------------------------------------------------------------
| Capital commitments in relation to  |        1.0 |          - |            - |
| interests in joint ventures         |            |            |              |
--------------------------------------------------------------------------------


A customer of the US subsidiary Glaston USA, Inc. had made a claim of           
approximately USD 22 million due to a sale of a machine in 2004. The arbitration
proceeding initiated by the customer against the US subsidiary Glaston USA, Inc.
has been concluded in April. Majority of the customer's claim were denied. The  
matter has no effect on Glaston's 2009 result, but the compensation to be paid  
by Glaston will affect Glaston's cash flow.                                     

The Group recognized a tax refund of approximately EUR 2 million in 2006 after  
having received an affirmative decision according to which the expenses arising 
from the management incentive scheme of the Group are deductible in taxation.   
The tax authorities of the Tax Office for Major Corporations appealed against   
the decision to the Administrative Court of Helsinki. Administrative Court of   
Helsinki decided the case on Glaston's favour in January 2009. The decision was 
subject to appeal until late March 2009.                                        

Glaston Group has international operations and can be a defendant or plaintiff  
in a number of legal proceedings incidental to those operations. The Group does 
not expect the outcome of any unmentioned legal proceedings currently pending,  
either individually or in the aggregate, to have material adverse effect upon   
the Group's consolidated financial position or results of operations.           

DERIVATIVE INSTRUMENTS                                                          

--------------------------------------------------------------------------------
| EUR million    | 31.3.2009 |      | 31.3.2008 |        | 31.12.2008 |        |
--------------------------------------------------------------------------------
|                | Nominal   | Fair | Nominal   | Fair   | Nominal    | Fair   |
|                | value     | valu | value     | value  | value      | value  |
|                |           | e    |           |        |            |        |
--------------------------------------------------------------------------------
| Currency       |           |      |           |        |            |        |
| derivatives    |           |      |           |        |            |        |
--------------------------------------------------------------------------------
| Currency       |       5.8 |  0.0 |      13.6 |    0.6 |        6.2 |   -0.1 |
| forwards       |           |      |           |        |            |        |
--------------------------------------------------------------------------------


Derivative instruments are used only for hedging purposes. Nominal              
values of derivative instruments do not necessarily correspond with             
the actual cash flows between the counterparties and do not therefore give a    
fair view of the risk position of the Group. The fair values are based on market
valuation on the date of reporting.                                             


RELATED PARTY TRANSACTIONS                                                      

Glaston Group's related parties include the parent, subsidiaries, associates and
joint ventures. Related parties also include the members of the Board of        
Directors and the Group's Executive Management Group, the CEO and their family  
members.                                                                        

Glaston follows the same commercial terms in transactions with associates and   
joint ventures and other related parties as with third parties.                 

During the review period Glaston's related party transactions included sales to 
joint ventures. In addition, the Group has leased premises from companies owned 
by individuals belonging to the management. The lease payments were in January -
March EUR 0.2 (0.2) million.                                                    

During the review period there were no related party transactions whose terms   
would differ from the terms in transactions with third parties.                 


Transactions with joint ventures and associates                                 

In January - March 2009 or 2008 Glaston had no material transactions with the   
joint venture. Glaston did not have transactions with the associate.            

--------------------------------------------------------------------------------
| EUR million                            |      1-3/ |      1-3/ |       1-12/ |
|                                        |      2009 |      2008 |        2008 |
--------------------------------------------------------------------------------
| Sales to joint ventures                |         - |         - |         0.0 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
|                                          |    1-3/ |      1-3/ |       1-12/ |
|                                          |    2009 |      2008 |        2008 |
--------------------------------------------------------------------------------
| Receivables from joint ventures          |         |           |             |
--------------------------------------------------------------------------------
| Current receivables                      |       - |         - |         0.0 |
--------------------------------------------------------------------------------
| Non-current loan receivables             |     1.7 |         - |           - |
--------------------------------------------------------------------------------
| Loan receivables                         |     5.4 |         - |           - |
--------------------------------------------------------------------------------


q1 2009 engl.pdf