Stock exchange release November 12, 2013 03:00 PM EEST

Metso publishes carve-out and pro forma figures for Valmet Corporation for January-September 2013

Metso Corporation's stock exchange release on November 12, 2013 at 2:00 p.m. local time

Metso's Extraordinary General Meeting approved a demerger plan on October
1, 2013, pursuant to which Metso's Pulp, Paper and Power businesses will
transfer, without liquidation, from Metso to Valmet Corporation. The completion
of the partial demerger is expected to be registered in the Finnish Trade
Register on or about December 31, 2013. The trading of Valmet's shares on NASDAQ
OMX Helsinki is expected to commence on or about January 2, 2014.

Carve-out and pro forma key figures and essential accounting principles for
Valmet are shown below. More extensive information can be found in the
attachment.


Valmet's Carve-out Financial Information

The interim carve-out financial information for the nine month period ended
September 30, 2013 has been prepared by combining the income statements,
comprehensive income statements, balance sheets, and cash flows of the legal
entities and operating units attributable to the Pulp, Paper and Power
businesses in Metso's historical consolidated financial statements and that will
be carved out from Metso to form the Valmet Group. This includes the income,
expenses, assets, liabilities, and cash flows of certain overseas holding
companies owned by the Parent Company and Metso that will either be transferred
to Valmet or that have been allocated to Valmet for the purpose of preparing the
carve-out financial statements and interim carve-out financial information. As
the Valmet Group does not comprise a group of entities under the control of a
parent as defined by IAS 27, "Consolidated and Separate Financial Statements",
consolidated financial statements for the businesses have not been prepared
historically for internal or external reporting purposes.

The interim carve-out financial information for the nine month period ended
September 30, 2013 has been prepared in compliance with the recording and
valuation principles of the IFRS standards as adopted by the European Union and
take account of, the accounting basis and accounting principles used in
preparing the carve-out financial statements for the years ended December
31, 2012, December 31, 2011, and December 31, 2010 and the carve-out financial
information for the six month period ended June 30, 2013.

The interim carve-out financial information is unaudited and should be read
together with the audited carve-out financial statements for the years ended
December 31, 2012, 2011, and 2010 together with the unaudited carve-out
financial information for the six month period ended June 30, 2013 included in
the demerger prospectus dated September 20, 2013 and released on September
23, 2013.



                         As at and for the  As at and for the  As at and for the
                         nine months ended  nine months ended     year ended
KEY CARVE-OUT DATA       September 30, 2013 September 30, 2012 December 31, 2012

                                            (EUR in millions)

Net sales                             1,946              2,089             3,014

EBITA     before    non-               78.8              138.8             192.0
recurring items

% of net sales                          4.1                6.6               6.4

Operating profit                        7.0              116.4             138.3

% of net sales                          0.4                5.6               4.6

Non-recurring items:

Capacity      adjustment
expenses

in  cost of goods sold                -21.9                  -              -8.5


in  selling, general and               -9.2                  -              -2.1
administrative  expenses


in    other    operating              -15.1                  -             -13.1
income and expenses, net


Cost related to demerger
process

in selling, general and                -5.6                  -                 -
administrative expenses


Total      non-recurring              -51.8                  -             -23.7
items

Amortization                          -20.0              -22.4             -30.0

Depreciation                          -43.0              -44.1             -59.5

Gross            capital                -44                -41               -64
expenditure   (including
acquisitions)

Non-cash write-downs                    -27                 -4               -17

Capital employed                      1,155              1,324             1,290

Orders received                       1,754              1,767             2,445

Order  backlog at end of              1,658              2,534             2,249
period





Valmet's Pro Forma Financial Information

Basis of Compilation of Unaudited Pro Forma Financial Information

The following unaudited pro forma financial information is presented to
illustrate the financial impacts of the demerger and certain transactions
related to the formation of Valmet on Valmet's results of operations and
financial position had the demerger taken place at an earlier point in time.
This unaudited pro forma financial information is presented for illustrative
purposes only. Because of its nature, this unaudited financial information
illustrates what the hypothetical impact would have been if the demerger and
certain transactions related to the formation of Valmet had taken place at the
dates assumed in the pro forma financial information and does not represent
Valmet's actual results of operations or financial position. This financial
information is not intended to project Valmet's results of operations or
financial position for any future period or as at any future date and does not
represent the results of operations or financial position had Valmet been an
independent publicly traded company during the periods presented. In addition,
it should be noted that the corporate headquarter costs allocated to Valmet for
historical carve-out purposes may not necessarily represent what these costs
would have been if Valmet had operated as an independent legal entity.
Additional costs may be incurred by Valmet following the effective date to
enable it to operate as an independent listed company and as a result of
reorganizing its administrative and headquarter functions.

The pro forma adjustments are based upon available information and assumptions,
which are described in the accompanying unaudited pro forma notes. There can be
no assurance that the assumptions used in the preparation of the unaudited pro
forma financial information will prove correct.

The pro forma adjustments that have been made to reflect the effects of the
demerger and certain transactions related to the formation of Valmet are based
on Valmet's unaudited interim carve-out financial information as at and for the
nine months ended September 30, 2013, unaudited carve-out financial information
as at and for the year ended December 31, 2012, and management's estimate of the
transactions that have been completed or are to be completed to effect the
demerger and form Valmet in accordance with the demerger plan. The final amounts
of assets and liabilities transferred to Valmet in the demerger may materially
differ from those presented in the pro forma financial information, as such
balances will be determined on the effective date. This could result in a
significant variation from the results of operations and financial position
presented for Valmet in the pro forma financial information.

Pro Forma Periods

The pro forma statement of income and pro forma statement of comprehensive
income for the year ended December 31, 2012 and for the nine months ended
September 30, 2013 have been compiled assuming that the demerger and certain
transactions related to formation of Valmet had been completed on January
1, 2012, while the pro forma balance sheet as at September 30, 2013 has been
compiled assuming that the demerger and certain transactions related to the
formation of Valmet had been completed on September 30, 2013.

The pro forma financial information presented here should be read in conjunction
with the unaudited carve-out financial information for the nine month period
ended September 30, 2013, the historical carve-out financial information for
Valmet, and other information included in the demerger prospectus mentioned
above.



                              As at and for the nine    As at and for the year
                              months ended September        ended December
                                     30, 2013                  31, 2012

KEY PRO FORMA DATA                               (unaudited)

                                (EUR in millions, unless otherwise indicated)



Net sales                                        1,946                     3,014

Operating profit                                    13                       122

Profit before taxes                                  8                       118

Amortization                                       -20                       -30

Depreciation                                       -43                       -60

Non-recurring items:

Capacity adjustment expenses
                                                   -46                       -24

Costs related to the
demerger                                             0                       -16

EBITA((1))                                          33                       152

EBITA before non-recurring
items((2))                                          79                       192

% of net sales                                     4.1                       6.4



Earnings per share,((3))
EUR                                               0.04                      0.52

Shares (outstanding shares
of Metso as at September
30, 2013)                                  149,864,206               149,756,034



Balance sheet total                              2,427                       n/a

Equity                                             824                       n/a

Interest-bearing liabilities
                                                   207                       n/a

Net debt                                             4                       n/a

Net gearing,((4)) %                                0.5                       n/a

ROCE before taxes,((5)) %
                                                   2.5                       n/a

ROCE after taxes,((6)) %
                                                   2.2                       n/a

Equity to asset ratio,((7))
%                                                 40.8                       n/a


___________
(1)   EBITA = operating profit + amortization
(2)    EBITA before non-recurring items = operating profit + amortization + non-
recurring items
                                                     Profit
(3) Earnings per share               =-------------------------------------
                                         Number of outstanding shares in
                                                      Metso

                                        Net interest-bearing liabilities
(4) Net gearing                      =-------------------------------------x 100
                                                  Total equity

                                       Profit before taxes + interest and
    Return on capital employed              other financial expenses
(5) (ROCE) before taxes              =-------------------------------------x 100
                                       Balance sheet total - non-interest-
                                               bearing liabilities

                                           Profit + interest and other
    Return on capital employed                 financial expenses
(6) (ROCE) after taxes               =-------------------------------------x 100
                                       Balance sheet total - non-interest-
                                               bearing liabilities

                                                  Total equity
(7) Equity to asset ratio            =-------------------------------------x 100
                                         Balance sheet total - advances
                                                    received



Disclaimer

This release does not constitute an offer to sell or a solicitation of an offer
to buy any securities in any jurisdiction. In particular, no securities are
being offered or sold, directly or indirectly, in or into the United States
pursuant to this release and no shares or other securities of Valmet have been,
or will be, registered under the U.S. Securities Act of 1933, as amended (the
"Securities Act"), or under the securities laws of any state of the United
States and, accordingly, may not be offered or sold, directly or indirectly, in
or into the United States, unless registered under the Securities Act or
pursuant to an exemption from the registration requirements of the Securities
Act and in compliance with any applicable state securities laws of the United
States.

The distribution of this release may, in certain jurisdictions, be restricted by
law. This release may not be sent to any jurisdiction in which it would not be
permissible to do so.

This release includes forward-looking statements within the meaning of the
securities laws of certain applicable jurisdictions. These forward-looking
statements include, but are not limited to, all statements other than statements
of historical facts contained in this release, including, without limitation,
those regarding the demerger plan and its execution. By their nature, forward
looking statements involve known and unknown risks, uncertainties and other
factors because they relate to events and depend on circumstances that may or
may not occur in the future. Metso cautions you that forward-looking statements
are not guarantees of future performance and are based on numerous assumptions
and that Valmet's actual results of operations, including its financial
condition and liquidity and the development of the industries in which Valmet
and the members of its group operate, may differ materially from (and be more
negative than) those made in, or suggested by, the forward-looking statements
contained in this release.



Metso's pulp, paper and power professionals specialize in processes, machinery,
equipment, services, paper machine clothing and filter fabrics. Our offering and
experience cover the entire process life cycle, including new production lines,
rebuilds, and services.

As  of  January  2014, Metso's  Pulp,  Paper  and  Power business will serve its
customers  with an even more focused and competitive approach as an independent,
listed company, Valmet Corporation.


Metso is a global supplier of technology and services to customers in the
process industries, including mining, construction, pulp and paper, power, and
oil and gas. Our 30,000 professionals based in over 50 countries contribute to
sustainability and deliver profitability to customers worldwide. Metso's shares
are listed on the NASDAQ OMX Helsinki Ltd.

www.metso.com, www.twitter.com/metsogroup



Further information, please contact:

Markku Honkasalo, CFO, Future Valmet Corporation, tel +358 20 484 100



Metso Corporation



Harri Nikunen

CFO



Juha Rouhiainen

VP, Investor Relations



Distribution:

NASDAQ OMX Helsinki Ltd

Media

www.metso.com